Most Popular
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1 in 3 Koreans live alone, family types becoming diverse
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Korea, Japan finance chiefs vow to tame rampant FX market volatility
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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Contentious grain bill put directly to plenary meeting for vote
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Korean Muslim YouTuber's plan to build mosque in Incheon goes viral
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Why is Apple Pay struggling to get purchase in Korea?
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Yoon's office denies considering liberal figures for key posts
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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Will tug-of-war between doctors, government end soon?
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[Today’s K-pop] BTS pop-up event to come to Seoul
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New coronavirus to strain Korean economy: finance minister
The accelerating spread of the novel coronavirus, unless terminated swiftly, is likely to weigh down on South Korea’s economy, the nation’s chief fiscal policymaker said Monday. With this latest stance, Seoul’s government tightened its guard from its earlier suggestion that the economic impact of the epidemic would remain limited. “Unless terminated in its early stage, the novel coronavirus will act as downside pressure on the economy” Deputy Prime Minister an
Feb. 3, 2020
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Government intervention helps quell exchange rate volatility in short term: BOK
The South Korean government’s intervention in the foreign exchange market, including the buying and selling of US dollars, has so far helped stabilize volatile exchange rates, a report released by the nation’s central bank showed Monday. According to the Bank of Korea’s recent report on the local foreign exchange industry, the government’s decision to purchase around $100 million from 2005 to 2018 helped rein in currency volatility by 0.003 percentage point in terms of
Feb. 3, 2020
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S. Korea to allocate W400b for exporters amid new coronavirus
South Korea said Monday it will chip in 400 billion won ($334 million) to support exporters potentially facing troubles due to the outbreak of the new coronavirus in China. "Concerns over South Korea's exports have been rising due mainly to the geopolitical tension in the Middle East and the latest spread of the novel virus," Industry Minister Sung Yun-mo said during a meeting with trade-related organizations in Seoul. "Although the new coronavirus has not yet had any impact on
Feb. 3, 2020
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Retailers in S. Korea close outlets due to new coronavirus
A string of major retailers, including duty-free shops and hypermarket chains, across the have temporarily shut down some of their stores, industry sources said Monday, stoking concerns that China coronavirus outbreak could affect consumer confidence in the sector. Shilla Duty Free, one of the country's leading duty-free operator, on Sunday closed its two outlets in central Seoul and on the southern resort island of Jeju after two coronavirus-infected people had each visited the shops. The co
Feb. 3, 2020
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S. Korea's debt-GDP ratio increases at 2nd-fastest pace worldwide
South Korea's ratio of private debt to gross domestic product grew at the second-fastest click among major economies in the third quarter of 2019, data showed Monday. Household debt in Asia's fourth-largest economy accounted for 95.1 percent of the country's GDP as of end-September last year, up 3.9 percentage points from a year earlier, according to the data by the Institute of International Finance. The growth rate was the second highest among 34 major countries in the world,
Feb. 3, 2020
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Novel coronavirus expected to weigh on S. Korea's economy: finance minister
The rapid spread of the novel coronavirus is expected to weigh on South Korea's economy unless the epidemic is contained swiftly, Finance Minister Hong Nam-ki said Monday. The coronavirus epidemic has had a limited impact on the Korean economy so far, but it is difficult to determine how the virus will affect the nation's economy, Hong told a meeting with economy-related ministers earlier in the day. "There is a high possibility that this situation could slow China's economy," Hong
Feb. 3, 2020
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[News Focus] Korea’s payouts for jobless people soar 103% in 5 years
SEJONG -- In the early and mid-2010s, the government’s yearly payouts for jobless people ranged between 3.3 trillion won ($2.7 billion) and 4.5 trillion won. Amid moderate growth in the volume of unemployment benefits, the figure recorded 4.67 trillion won in 2016 during the previous administration, according to the Korea Employment Information Service. But the situation began to change in 2017 in the aftermath of en masse business closures by self-employed people, who account
Feb. 2, 2020
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S. Korea joins efforts to conclude RCEP negotiations this year
South Korea said Sunday it will attend a high-level meeting on a mega Asia-Pacific trade pact this week as part of its efforts to expand its trade network around the globe. During the two-day meeting that kicks off in Bali, Indonesia, on Monday, the participants will set a detailed timeline of the Regional Comprehensive Economic Partnership (RCEP) and seek to hold the final signing ceremony later in 2020, according to the Ministry of Trade, Industry and Energy. It will be the first gathering
Feb. 2, 2020
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Korea's exports down for 14th straight month on extended chip slump
South Korea's exports fell at a slower-than-expected pace in January but extended the slump to a 14th consecutive month due to fewer working days and still weak demand for chips, data showed Saturday. Outbound shipments came to $43.35 billion last month, down 6.1 percent from $46.17 billion a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. The declining pace was slower than the median forecast of a 7.5 percent on-year drop as a fall in chip exports
Feb. 1, 2020
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S. Korea eases rules on extended work hours
South Korea introduced a new regulation Friday allowing an exemption from the 52-hour workweek restriction for institutes involved in crucial research projects or companies that see workloads unexpectedly surge. The Ministry of Employment and Labor proclaimed the revised enforcement rule of the Labor Standards Act, which loosened the requirements for granting special extended work hours. The rule went into effect immediately. The extended work hours system, which temporarily all
Jan. 31, 2020
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S. Korea ready to take action against economic fallout from new coronavirus
South Korea said Friday it is ready to take action to reduce the impact of the new coronavirus on Asia's fourth-largest economy. The country reported its seventh case of the novel virus earlier in the day despite enhanced quarantine efforts to stem its spread. "So far, the (outbreak) has not had a significant impact on our economy," Vice Finance Minister Kim Yong-beom said during a meeting with economy-related vice ministers. The remark came as the global financial market has been
Jan. 31, 2020
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Negative outlook prevails in Korean industry: KIS
The industrial outlook for 2020 is negative for eight of South Korea’s 11 major industries, in part due to the slowing global economy, according to credit rating agency Korea Investors Service on Thursday. Sectors that fell into the “negative industrial outlook” category were construction, steel, distribution, automotive, transportation, petrochemicals, life insurance and non-life insurance. The outlook for refiners, shipbuilders and securities rated neutral, according to t
Jan. 30, 2020
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BOK not mulling further rate cut over coronavirus: official
The nation’s central bank is not considering additional rate cuts to counter the potential impact of the Wuhan coronavirus on the Korean economy, a senior official said Thursday. “We need to keep monitoring the outbreak. Although it is expected to affect sentiment and the market, including the country’s economic growth, consumer prices and current account, it’s too early to predict the extent of its impact,” Yoon Myun-shik, senior deputy governor of the Bank of K
Jan. 30, 2020
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S. Korea enjoys trade surplus of $71.5b with FTA partners
South Korea enjoyed a surplus of $71.5 billion in trade with free trade agreement partners in 2019, data showed Thursday. The country suffered a deficit of $32.4 billion from trade with non-FTA partners, according to the data compiled by the Korea Customs Service. Last year, South Korea posted a trade surplus for the 11th consecutive year at $39.1 billion. Outbound shipments to FTA partners also decreased at a slower pace of 9.2 percent on-year to $398.4 billion in 2019, compared with the de
Jan. 30, 2020
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Banks' lending rates slightly up in Dec.
Lending rates on fresh loans extended by banks in South Korea slightly rebounded in December from a month earlier, central bank data showed Thursday. The average interest rate on all new loans extended by banks on households in the month came to 2.98 percent, up 0.02 percentage point from the month before, according to preliminary data from the Bank of Korea. The rate on all outstanding loans averaged 3.4 percent last month, down 0.02 percentage point from November. The average rate on fresh
Jan. 30, 2020
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[News Focus] North Korean defectors see household debt surge
SEJONG -- The number of defectors from North Korea over the past decades came to 33,300 in the South -- 9,300 men and 24,000 women -- as of December. The Ministry of Unification’s data showed that the number of North Korean defectors has increased since 2002, while the prior combined figure was 1,990. A noteworthy point is that the number of female refugees is far outstripping men’s tally at the current stage -- it was below 50 percent before 2002. The percentage of women poste
Jan. 30, 2020
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FSC vows to beef up risk assessment for financial firms
Eun Seong-soo, chairman of the Financial Services Commission, said Wednesday that the financial regulator will come up with measures to monitor risks of financial conglomerates in a comprehensive manner. “The FSC will keep trying to establish sophisticated risk assessment rules for financial conglomerates, which will not overlap with the existing regulations in the financial sector,” said the FSC chairman in a meeting jointly organized by financial think tanks Korea Institute of Fi
Jan. 29, 2020
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Korea's trade terms again dip in Dec.
South Korea's trade terms continued to worsen from a year earlier in December, largely due to export prices falling at a faster rate than import prices, but the rate of decline in export prices slowed to a 13-month low, central bank data showed Wednesday. The terms of trade index for products came to 91.09 in the month, down 2.6 percent from a year earlier, according to preliminary data from the Bank of Korea. The trade terms index measures the amount of imports a country can purchase for eac
Jan. 29, 2020
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Biz sentiment remains weak: survey
Business sentiment about the immediate future in South Korea remains weak due to uncertainties at home and abroad, a local think tank said Wednesday. The business survey index of the country's top 600 companies by sales came to 92 for February, slightly up from the 89.3 recorded for this month but below the benchmark 100, according to the Korea Economic Research Institute. A reading below 100 means pessimists outnumber optimists, while a figure above the benchmark means the opposite. "T
Jan. 29, 2020
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Brexit not to affect bilateral trade ties with S. Korea
Britain's separation from the European Union slated for later this week is unlikely to have a direct impact on its bilateral trade ties with South Korea, as the two have already signed a back-up agreement, industry watchers said Wednesday. London is widely expected to depart from the EU, the world's single largest economic bloc, on Friday. Major economies around the globe, including Asia's No. 4 economy, have been closely monitoring London's divorce from the EU, as the separation would mean
Jan. 29, 2020