Most Popular
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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First-ever meeting of president, opposition chief set to finally happen
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Experts raise concerns about Japan putting pressure on Naver over Line
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Samsung mobile chief, Google device head meet in Seoul
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Ship linked to NK arms shipments to Russia is moored in China: State Dept.
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Food exports rise 2.1% through Nov.
South Korea's exports of foodstuffs and related industrial products gained 2.1 percent on-year through November, data showed Friday, on the back of stronger demand for kimchi and instant noodles. Exports in the food segment have reached $10.9 billion as of November, according to the Ministry of Agriculture, Food and Rural Affairs. Over the period, exports of kimchi, a traditional Korean side dish typically made from fermented cabbage, climbed 9.9 percent to $142.4 million. Exports of instan
Dec. 15, 2023
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IMF chief calls for regulatory efforts to control crypto assets
Regulating digital currency is a major priority on the global agenda, International Monetary Fund Managing Director Kristalina Georgieva said at an international conference held in Seoul on Thursday. "We must consider the effects if crypto assets become widespread. The scenario is not far-fetched," Georgieva said in her opening speech at the event co-hosted by the Ministry of Finance, Bank of Korea, Financial Service Commission, and the International Monetary Fund. The event was held u
Dec. 14, 2023
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Gimbap, kimchi-jjigae prices go up, as cost of eating out keeps rising
State-run agency data showed Thursday that the average price for gimbap and kimchi-jjigae, two of the most popular eating-out options in South Korea, rose in November to 3,292 won ($2.50) and 7,923 won, respectively. The price for a roll of gimbap has been moving upward since breaking the 3,000-won mark for the first time in August of 2022, according to the Korea Consumer Agency, an affiliate of the Korea Fair Trade Commission. Price for a bowl of kimchi-jjigae -- conventionally served with a bo
Dec. 14, 2023
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Finance minister says to continue efforts to stabilize markets
Finance Minister Choo Kyung-ho said Thursday that the government will continue to make efforts to stabilize financial markets, citing high interest rates, anxiety in property financing and global economic uncertainties. Choo made the remarks at a meeting with heads of financial authorities, after the US Federal Reserve held its benchmark lending rate steady for a third consecutive time and signaled at least three rate cuts next year. "Recently, the local financial market, including the stoc
Dec. 14, 2023
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US Fed keeps key lending rate unchanged for 3rd straight time
The US Federal Reserve held its benchmark lending rate steady for a third consecutive time during a monetary policy meeting on Wednesday, saying inflation has eased over the past year though it still remains elevated. After the two-day Federal Open Market Committee meeting, the central bank announced the decision to keep the rate between 5.25 and 5.50 percent, and hinted that its hiking campaign -- launched in March 2022 -- may be near or at an end. FOMC members' latest median economic proj
Dec. 14, 2023
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Korea to improve market access for foreign investors
South Korea is lowering the bar considerably for foreign investors to enter the local capital market with several new measures -- including the abolishment of a cumbersome registration policy -- set to come into effect Thursday. The new measures are being implemented in around a year since local financial regulators announced them in January, as part of their efforts to attract more overseas investment and meet global standards. Among the reforms is the abolition of a 30-year-old registration po
Dec. 13, 2023
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S. Korea pushing to require shrinkflation signs on products for downsizing
The finance ministry said Wednesday the government will push to make it mandatory for companies to put shrinkflation warning signs on their products if they reduce packet contents without a price fall to match. The measure is in response to growing public complaints about shrinkflation practices, where companies downsize their products while keeping prices unchanged without any notice, shifting a rise in production costs to consumers amid high inflation. After a monthlong investigation, the gove
Dec. 13, 2023
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Korea's trade to turn around in 2024 on tech recovery
While South Korea's trade balance is likely to record a surplus next year after three years of struggle, experts warned that the country should brace for worsening global economic instability and geopolitical complications. At a seminar held by the Korea International Trade Association on Tuesday in Seoul, experts presented outlooks for next year's export environment and trade issues related to the US presidential election, along with geopolitical risks. Overall, Korea's trade is
Dec. 12, 2023
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[Herald Interview] 'Reunification could damage S. Korea’s sovereign rating'
North Korea is the only potential trigger for a downgrade of South Korea’s current sovereign rating of AA -- the third-highest level on the S&P Global Ratings table, an expert from the credit appraiser said. If reunification of the Korean Peninsula is to happen -- though it is a very “unlikely scenario” -- South Korea’s sovereign rating could take a hit, according to Kim Eng Tan, senior director for the sovereign ratings team in Asia-Pacific. "(Reunification) i
Dec. 12, 2023
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Exports gain 3.3% from Dec. 1-10 on solid demand for cars, ships
South Korea's exports rose 3.3 percent on-year in the first 10 days of December despite the fall in sales of semiconductors, data showed Monday. Outbound shipments reached $15.79 billion in the Dec. 1-10 period, compared with $15.29 billion tallied a year earlier, according to the data from the Korea Customs Service. Per-day exports jumped 18 percent on-year to $2.26 billion. The number of working days during the cited period came to seven days, compared with eight days from a year earlier.
Dec. 11, 2023
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S. Korea to launch pan-govt commission on enhanced supply chain management
South Korea will establish a government-wide commission for the comprehensive management of supply chains of items necessary for major industries and the people's everyday lives amid growing supply chain risks, the finance ministry said Monday. The government also plans to create a fund to secure critical items and support investment in relevant facilities as the country seeks to reduce dependence on China and other nations to better ensure stable supply chains of key items, according to th
Dec. 11, 2023
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Banks mull W2tr in cash back for small-business owners
Local banks are considering a financial support program worth 2 trillion won ($1.52 billion) for owners of small businesses by giving back a part of their loan payments, amid prolonged inflation and high interest rates. The measure was discussed Thursday during a task force meeting of local financial institutions and regulatory bodies aimed at finding means to support the public livelihood, industry sources said Sunday. The first of the collective efforts is set to be a cash-back rewards scheme
Dec. 10, 2023
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S. Korea's exports of dried seaweed hit new record in 2023
South Korea's exports of dried seaweed hit a new record on the back of growing awareness of healthy food around the globe, data showed Sunday. Outbound shipments of dried seaweed, called "gim" in Korean, reached $670 million over the January-October period, up 20.4 percent from a year earlier, according to the Ministry of Oceans and Fisheries. The ministry noted the combined export volume came to $700 million as of Nov. 10, surpassing the previous record of $690 million for the en
Dec. 10, 2023
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China's consumer prices hit 3-year low with factory cost decline
China's consumer prices experienced their fastest decline in three years this November, while factory-gate deflation deepened, indicating increasing deflationary pressures as weak domestic demand casts doubt on the economic recovery The consumer price index dropped 0.5 percent both from a year earlier and compared with October, data from the National Bureau of Statistics (NBS) showed on Saturday. That was deeper than the median forecasts in a Reuters poll, which predicted 0.1 percent declin
Dec. 9, 2023
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S. Korea logs current account surplus for 6th month in October
South Korea logged a current account surplus for the sixth straight month in October on the back of a trade surplus, a reduction in the service deficit and increased dividend income from overseas, central bank data showed Friday. The country's current account surplus reached $6.8 billion in October, widening from the surplus of $5.42 billion the previous month, according to preliminary data from the Bank of Korea. October's surplus came as the country's trade balance has remained
Dec. 8, 2023
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S. Korea to support corporate emergency urea imports
The South Korean government will push to pay for part of urea imports when companies need to buy the chemical from nations other than China as part of efforts to prevent a supply shortage and ensure a longer-term stable supply, the industry minister has said. Industry Minister Bang Moon-kyu made the remarks during a meeting with reporters Wednesday, as China's recent suspension of customs procedures for urea shipments to South Korea has raised concerns about a supply crisis. "We have enough
Dec. 7, 2023
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Twitch plans to shut down in S. Korea over high network costs
Twitch, a popular U.S.-based live game streaming platform, said Wednesday it plans to shut down its South Korean service in February next year due to high network usage fees in the country. In an announcement posted on its corporate blog, Twitch Interactive Inc. CEO Dan Clancy said the company "made the difficult decision to shut down the Twitch business in Korea on February 27, 2024." Clancy said the cost to operate Twitch in South Korea was "prohibitively expensive" and sai
Dec. 6, 2023
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Korea, Britain finance chiefs discuss economic dialogue, investment ties
The finance ministers of South Korea and Britain on Tuesday discussed the establishment of a bilateral economic dialogue and investment cooperation channels as follow-up measures to last month's summit of their leaders, Seoul's finance ministry said. During a video conference with Britain's Chancellor of the Exchequer Jeremy Richard Streynsham Hunt, South Korea's Finance Minister Choo Kyung-ho voiced expectations for stronger bilateral cooperation on energy, supply chains a
Dec. 5, 2023
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'Making economy more dynamic a top priority': finance minister nominee
South Korea's finance minister nominee on Tuesday said strengthening economic stabilization efforts for citizens' livelihoods while continuing the government's drive for reform would be the key priorities under his leadership. Choi Sang-mok, the nominee for the country’s top economic policymaker, made the remark during his first gathering with the local press Tuesday, following his nomination by the presidential office Monday. The former senior presidential secretary for eco
Dec. 5, 2023
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S. Korea's economy grows 0.6% in Q3, unchanged from earlier estimate
South Korea's economy grew 0.6 percent in the third quarter of the year, matching an earlier estimate, on the back of reviving exports and domestic demand, central bank data showed Tuesday. The country's real gross domestic product -- a key measure of economic growth -- increased 0.6 percent on-quarter in the July-September period, according to data from the Bank of Korea (BOK). The third-quarter expansion compares with the 0.6 percent on-quarter expansion in the second quarter and the
Dec. 5, 2023