Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Med schools expect 1,500+ new admission slots next year
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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S. Korea needs additional W4.6tr to give relief handouts to every household
SEJONG -- South Korea needs an additional 4.6 trillion won ($3.8 billion) to give coronavirus relief handouts to every household, Finance Minister Hong Nam-ki said Tuesday, as part of the government's plans to ease the economic fallout from the coronavirus pandemic. South Korea had originally planned to give relief handouts to households that rank in the bottom 70 percent of gross income, but it changed the plans to provide the handouts to every household. Hong told a parliamentary meeting
April 28, 2020
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Korea's consumer sentiment hits over decade low in April
South Korea's consumer sentiment hit the lowest in more than a decade in April, central bank data showed Tuesday, amid concerns over the new coronavirus. The country's composite consumer sentiment index came to 70.8 in the month, down 7.6 points from a month earlier, according to the data from the Bank of Korea (BOK). A reading below 100 means pessimists outnumber optimists. The reading for April marks the lowest since December 2008, but the rate of drop slowed from an 18.5-point on-month pl
April 28, 2020
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[News Focus] South Korea outstrips Japan in 2019 per capita GDP: OECD
SEJONG -- South Korea’s per capita gross domestic product as of 2019, assessed by the Organization for Economic Cooperation and Development, is drawing attention in terms of gauging the current level of ordinary Koreans’ purchasing power on the global stage. The France-based organization has estimated that the nation’s per capita GDP reached $43,426 (50.59 million won, based on the 2019 average exchange rate against the US dollar) last year, which far exceeds the “nomi
April 28, 2020
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Finance minister holds meeting with heads of economic organizations
Finance Minister Hong Nam-ki held a meeting with heads of economic organizations on Monday to discuss economic relief packages for companies hit by the coronavirus pandemic, the finance ministry said Monday. The meeting is aimed at hearing opinions from experts as South Korea seeks to stimulate economic growth after apparently bringing the coronavirus outbreak under control. Heads of economic organizations called for the government to swiftly implement financial aid programs for virus-hit bu
April 27, 2020
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S. Korea expands foreign aid, offers ‘K-quarantine’ boost
To shore up the global economy and contain the fallout from COVID-19, South Korea will provide $400 million for health projects in developing countries and postpone the maturity of debts worth $110 million, the country’s fiscal chief said Monday. Also, to keep up the momentum of the Moon Jae-in administration’s New Southern Policy and New Northern Policy, the government will double the volume of its official development assistance to $7 billion over the next three years. “
April 27, 2020
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Insurers' risk-based capital ratio falls in Q4
Insurance companies in South Korea saw their risk-based capital ratio fall in the fourth quarter of last year, data showed Monday. The risk-based capital (RBC) ratio -- the actual solvency capital divided by the minimum solvency capital required -- of insurance firms stood at 269.5 percent at the end of December, down 17.4 percentage points from three months earlier, according to the data from the Financial Supervisory Service (FSS). The RBC ratio is required to stay above the regulatory stan
April 27, 2020
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BOK offers additional $1.2b to banks via US currency swap
The Bank of Korea (BOK) said Monday it will deliver an additional $1.26 billion to local banks under its currency swap deal with the US Fed in a move to help stabilize the local foreign exchange market. The BOK held its fifth online auction to provide up to $4 billion. Bids undershot the target amount, possibly indicating the stabilization of the local market, the BOK noted. "Considering that bids fell short of those of last week (at $2.12 billion), the recent drop in the London Interba
April 27, 2020
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4 in 10 listed firms log Q1 earnings surprises despite virus
Four in 10 major listed firms in South Korea pulled off earnings surprises in the first quarter of this year despite the coronavirus pandemic, market data said Monday. Fourteen out of the 35 companies listed on the country's main and secondary stock markets posted first-quarter operating income that were more than 10 percent higher than market consensuses, according to the data from Yonhap Infomax, the financial news arm of Yonhap News Agency. The firms covered the ones that unveiled first-qu
April 27, 2020
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Korea's April exports tipped to dip 25%: poll
South Korea's exports are expected to have plunged by a whopping 25 percent in April from a year earlier, a poll showed Monday, as the new coronavirus pandemic has dealt a harsh blow to global trade and corporate activities. Outbound shipments are estimated at $36.4 billion this month, according to the poll by Yonhap Infomax, the financial news arm of Yonhap News Agency. The survey was carried out on nine local brokerage houses. The sharp decrease was also attributable to the falling global o
April 27, 2020
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S. Korea to offer over $400m to emerging nations for coronavirus-related health projects
South Korea will offer more than $400 million to emerging nations this year to help them push for health projects against the novel coronavirus, Finance Minister Hong Nam-ki said Monday. Hong made the remarks at a meeting with economy-related ministers earlier in the day as South Korea seeks to share coronavirus information with the world. The money will be offered through the nation's Economic Development Cooperation Fund, Hong said. South Korea will also postpone debt payments worth $110 m
April 27, 2020
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Safeguarding mask supplies at border
Soon after South Korea reported the first novel coronavirus infection here, the government moved swiftly to contain its spread. Not only health authorities, but each public office had its own role to play. The Korea Customs Service, a government agency under the Ministry of Economy and Finance, was assigned to prevent the possible outflow of masks, considered fundamental sanitary gear, to secure public safety. To stabilize South Korea’s face mask supply, the KCS embarked on
April 26, 2020
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[Herald Interview] ‘Preemptive customs actions have minimized COVID-19 impact’
South Korea has grabbed global attention for its early-stage prevention handling of the novel coronavirus pandemic with relatively little impact on the economy. Driving such innovation, along with the public health authorities, was the country’s customs agency, which promptly adjusted the clearance system to deal with the supply issues caused by the crisis. “Dedicated to safeguard the global supply chain, we have established and operated special customs clearance centers around th
April 26, 2020
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[News Focus] ‘Debt-based’ stock purchases surge 34% in one month
SEJONG -- Stock investments are often likened to a zero-sum game, as winners take the money of losers. It is impossible for every participant in the capital market to see capital gains even if the market is bullish, as their buying and selling timing is various. Further, the probability of becoming losers grows when individuals use credit-based purchase, which is dubbed the “leverage” investment. This allows investors to buy more stocks beyond their cash deposit
April 26, 2020
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S. Korea's economy to shrink 0.3% in 2020
South Korea's economy is expected to contract 0.3 percent this year, a private research institute said Sunday, as the coronavirus pandemic crippled economic activities worldwide. The forecast by Hyundai Research Institute, however, is higher than the International Monetary Fund (IMF), which has predicted that Korea's economy will shrink 1.2 percent this year as the global economy is expected to hit its worst year since the Great Depression of the 1930s over the pandemic. The world economy is
April 26, 2020
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S. Korea offers coronavirus-related patent information in English
South Korea will provide international community its COVID-19-related technologies, ranging from the recognized test kits and “walk-thru” test booths, according to the country’s intellectual property agency. The Korean Intellectual Property Office on Friday expanded the range of the COVID-19 patent information navigation service of its webpage (https://www.kipo.go.kr/ncov) and also started to provide the English version of the uploaded information. Last month, KIPO kic
April 26, 2020
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S. Korea logs trade surplus of $16.4b with FTA partners in Q1
SEJONG -- South Korea posted a trade surplus of $16.4 billion with its free trade agreement (FTA) partners in the first quarter of the year, while posting a deficit with non-FTA partners, data showed Friday. Exports to FTA partners came to $96.3 billion and imports totaled $79.9 billion in the January-March period, with the trade volume inching down 0.1 percent on-year, according to the data compiled by the Korea Customs Service. South Korea registered the largest trade surplus of $10.5 billi
April 24, 2020
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S. Korea to issue state bonds for coronavirus relief payouts
The government announced Thursday it will sell additional state bonds to finance blanket payouts for all South Koreans in a proposed coronavirus relief package. The finance ministry also said those who choose not to apply for the handout -- set up to help those in dire straits due to the COVID-19 pandemic -- or who donate their share will receive tax deductions. The ministry said political parties and the government have reached a consensus on this particular measure, designed to encourage
April 24, 2020
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S. Korea to face further market shock in Q2 amid COVID-19 pandemic
After marking the steepest contraction in more than a decade amid the new coronavirus fallout, South Korea’s economy is likely to confront further shocks over the upcoming months, financial authorities warned Thursday. “The production indexes for private consumption and service industries have hit their worst level since the (global) financial crisis,” Deputy Prime Minister and Finance Minister Hong Nam-ki said in a meeting of economy-related ministers in Seoul. “The
April 23, 2020
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[News Focus] 1.27 million young Koreans de facto out of work
SEJONG -- The COVID-19 disaster has added to mass youth unemployment, which had already been a critical social issue over the past few years. According to the Supplementary Index for Employment III, held by Statistics Korea, de facto unemployment for those aged 15-29 reached 1.272 million among the extended-based economically active population of 4.785 million. This figure means a surge by about 225,000 people in only two months, compared to January, when the tally stood at 1.047 million. T
April 23, 2020
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Listed firms' dividend payouts drop 2.9% in 2019
South Korean listed firms' dividend payouts fell nearly 2.9 percent from a year earlier in 2019 amid sluggish earnings, the bourse operator said Wednesday. Combined dividend payments by 528 out of the 761 companies closing their books in December came to 20.7 trillion won last year, down 2.88 percent from the previous year, according to the Korea Exchange (KRX). The number of companies that paid cash dividends was down from the 545 recorded the previous year. Their average payout ratio, refe
April 23, 2020