Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Graphic News] More Koreans say they plan long-distance trips this year
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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Farming households dip below 1m for first time in 2023
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S. Korea, Mercosur bloc hold 5th round of FTA talks
South Korea on Monday held the fifth round of free trade talks with a group of South American countries, including Brazil, with a goal of striking the deal this year. The two parties kicked off the five-day talks in Montevideo, Uruguay, to exchange ideas on ways to achieve a mutually beneficial bilateral pact, according to the Ministry of Trade, Industry and Energy. The previous meeting was held in South Korea's southern port city of Busan in October last year. South Korea agreed with the f
Feb. 10, 2020
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Foreigners buy Seoul stocks for 2nd straight month in Jan.
Foreign investors became net buyers of South Korean stocks for the second straight month in January and increased their investment in local bonds, data showed Monday. Foreigners bought a net 408 billion won ($342 million) worth of local stocks in January, according to the data from the Financial Supervisory Service. As of end-January, local stocks held by foreign investors came to 581.5 trillion won, accounting for 33.8 percent of the country's market capitalization. By country, investors fr
Feb. 10, 2020
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Korea’s growth outlook hit hard as coronavirus outbreak prolongs
The new coronavirus outbreak that originated in China is affecting South Korea as global investment banks and research institutes are drastically lowering their economic growth outlook for this year. While the government still maintains its forecast of 2.4 percent growth, some skeptical research institutes have slashed the figure -- with the lowest estimate at 1.5 percent. According to the latest survey conducted by Bloomberg on key investment banks and institutes, respondents predicted that
Feb. 9, 2020
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[News Focus] Korea’s economy underperforms among emerging nations
SEJONG -- South Korea’s economy advanced only 2 percent in 2019, despite the government’s pump-priming measures coupled with the central bank’s monetary easing policies. The figure stayed below the economic growth rates, posted by two of the world’s largest. The US and China marked 2.3 percent and 6.1 percent economic growth, respectively, last year. Korea also lagged behind major emerging countries in Europe in GDP growth -- Poland (4 percent), Lithuania (3.9 percent)
Feb. 9, 2020
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S. Korea strengthens crackdown on smuggling face masks out of country
South Korea has strengthened its crackdown on travelers' attempts to smuggle out face masks in bulk to fight the new coronavirus, officials said Saturday, with the customs office confiscating the protective goods and imposing fines when perpetrators are found. Since Thursday, people who seek to take face masks from the country for purposes beyond that of their own use are required to report to the customs office at airports and seaports. The strict rule is aimed at preventing travelers and me
Feb. 9, 2020
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Korea to hold K-pop concert in Russia to celebrate 30 years of diplomatic ties
The South Korean government will hold a large cultural event, including a K-pop concert and food exhibition in Russia to commemorate the 30th anniversary of the two countries’ diplomatic ties, according to the nation’s fiscal policy chief on Friday. "The government will host KCON as well as a trade fair in Russia this year,” said Finance Minister Hong Nam-ki during a meeting held to develop state-backed events for diplomatic ties. An official fro
Feb. 7, 2020
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[News Focus] Korea’s national debt up 107 trillion won since 2016
SEJONG -- The Moon Jae-in administration has drawn up and approved a series of supplementary budgets in a bid to stimulate GDP growth and create jobs amid a tough employment market. Officials say the stimulus measures, including the active use of tax money and the issuance of treasury bonds, have benefited the overall economy. But opponents question their efficacy, pointing to a sharp increase only in nonregular jobs and to disappointing GDP growth -- 2 percent in 2019, the lowest rate in 10 y
Feb. 6, 2020
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Public jobs account for 9.1% of labor market in 2018
Jobs offered by the government and state-run companies accounted for 9.1 percent of South Korea's labor market in 2018, government data showed Thursday. A total of 2.45 million people were employed in 2018 by the public sector, including the central and provincial governments and state-run financial and non-financial firms, compared with 2.43 million people in 2017, according to the data by Statistics Korea. Government ministries and agencies had 2.09 million employees in 2018, with the comp
Feb. 6, 2020
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S. Korea vows deregulation in 10 sectors
South Korea's finance ministry said Thursday it has designated 10 industrial sectors for deregulation, including artificial intelligence and biotechnology, to help them develop technologies and services with fewer regulatory hurdles. Other industrial sectors include mobility service, new medical technologies, biotechnology, fintech, tourism and e-commerce, the Ministry of Economy and Finance said in a statement. Companies in the industrial sectors are expected to develop products without re
Feb. 6, 2020
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S. Korea vows swift budget spending amid growing virus concerns
SEJONG -- South Korea will swiftly implement its fiscal spending as China's rapidly spreading coronavirus epidemic is expected to cast a shadow on the nation's fragile economic recovery, a senior official said Thursday. The spread of the virus is likely to have an "unexpected" impact on the nation's economic growth, Vice Finance Minister Koo Yun-cheol said in a meeting with relevant economic officials earlier in the day. South Korea has planned to spend 62 percent of its budget in t
Feb. 6, 2020
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Korea's current account surplus narrows in Dec.
South Korea's current account surplus narrowed sharply in December as its exports fell at a faster rate than imports, central bank data showed Thursday. The country's current account surplus came to $4.33 billion in the month, down $1.64 billion from the month before, according to preliminary data from the Bank of Korea. The reading also marks a $580 million drop from the same month in 2018. The country's current account balance has been in the black for eight consecutive months since May 201
Feb. 6, 2020
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Seoul to offer tax benefits to SMEs with virus losses
The South Korean government said Wednesday that it will offer special tax benefits to owner-operators and small businesses, in an effort to minimize the economic impact of the new coronavirus outbreak. It also vowed to prevent mass outbound shipments of face masks and hand sanitizers, of which supplies are running low amid the increasing number of confirmed cases here. “(The government) will prescreen the mass outbound shipments by changing export procedures for masks and hand sanitiz
Feb. 5, 2020
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S. Korea unveils aid package worth W820b for new ships
South Korea on Wednesday unveiled a financial package worth 820 billion won ($690 million) to help modernize aging passenger boats and cargo vessels. The package is meant to help smaller shipping companies build 59 new ships -- 21 passenger boats and 38 cargo vessels, the Financial Services Commission said. Under a plan, a shipping company can receive financial help, up to 60 percent of costs needed for building a ship, from banks, and South Korea's state-run Korea Ocean Business Corp. guaran
Feb. 5, 2020
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S. Korea’s forex reserves hit record high in Jan.
South Korea’s foreign exchange reserves surged to a record high of $409.6 billion in January, surpassing its previous record from December, the nation’s central bank data showed Wednesday. The increase in reserves came despite a strong US dollar trend, which weakened the dollar value of other foreign currencies held by Korea, the Bank of Korea said. But a rise in profits and investment returns of other foreign assets under the country’s management contributed to the la
Feb. 5, 2020
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S. Korea eyes further economic cooperation with Russia, Azerbaijan
South Korea said Wednesday it will hold a series of meetings with counterparts in Russia and Azerbaijan this week as part of the country's drive to forge deeper ties with emerging countries of Eastern Europe and Central Asia. A South Korean delegation of trade officials plans to discuss ways to promote exchanges of goods and services, according to the Ministry of Trade, Industry, and Energy. South Korea has been seeking to expand cooperation with Russia, especially in materials, parts, and eq
Feb. 5, 2020
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Concerns grow over S. Korean exports amid coronavirus crisis
Concerns are escalating over South Korea's export performance down the road amid the new coronavirus crisis, but officials say no serious fallout has been reported yet. It is widely feared that the outbreak and spread of the novel coronavirus, which is believed to have originated in the Chinese city of Wuhan, will dampen China's economic growth in the first quarter. China is South Korea's leading export market, with slightly over 25 percent of its overseas shipments going to the world's secon
Feb. 5, 2020
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Big firms sharply cut performance pay, dividends on dismal earnings
Major South Korean companies sharply cut payments of performance-based pay and dividends for 2019 due to abysmal earnings, industry sources said Wednesday. Top-cap Samsung Electronics Co. recently decided to lower the maximum amount of performance pay for workers at its semiconductor division to 29 percent of their annual salary from 50 percent in 2018. Samsung's operating income tumbled 53 percent on-year to 27.7 trillion won ($23.4 billion) last year due mainly to a protracted slump in chip
Feb. 5, 2020
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BOK board members see slow but clear signs of improvement: minutes
A majority of South Korea's monetary policy board members apparently see gradual but definite signs of improvements in economic conditions surrounding the country, minutes from their latest rate-setting meeting showed Tuesday, possibly indicating the board may stand pat on rate cuts for some time. "The local economy continues to face an overall slump but is showing signs of improvement in certain sectors," one of the board's seven members told the meeting held Jan. 17, according to t
Feb. 4, 2020
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S. Korea set to approve tougher penalties against hoarding of protective masks
South Korea is set to approve tougher penalties Tuesday against those who engage in hoarding of protective masks, as China's coronavirus outbreak has sparked a sharp rise in demand for such masks, officials said. Under the tougher penalties, a person who engages in hoarding of protective masks will face a prison sentence of a maximum two years or a maximum fine of 50 million won ($42,108), the Ministry of Economy and Finance said in a statement. Such penalties will go into effect Wedne
Feb. 4, 2020
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Authorities to provide liquidity to coronavirus-hit firms
South Korea's financial authorities said Tuesday that they are working on a plan to provide emergency liquidity to smaller firms and self-employed people hit hard by a new coronavirus. The plan includes extension the maturity of debts and provision of fresh loans to eligible smaller firms and self-employed people, officials said. Businesses that could be eligible for the financial assistance are likely to include restaurants, lodging facilities and others in the tourism sector. The authoriti
Feb. 4, 2020