Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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[Music in drama] Rekindle a love that slipped through your fingers
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Seoul Metro to seek legal action against malicious complaints
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Illit, mired in controversy, remains on Billboard charts for 5th week
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On May Day, labor unions blast Yoon's foreign nanny proposal
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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State pension fund logs 6.81% return rate through April
South Korea's state pension fund posted a return rate of 6.81 percent in the first four months of2019 on the back of solid performances in domestic and foreign stock markets, the fund's operator said Friday.The state pension logged a 9.97 percent investment return from the local stock market and a 20.34 percent yield from investments in overseas stocks, according to the National Pension Service. The NPS' return rates from investments in domestic and foreign bonds reached 1.42 percent and 6.
June 28, 2019
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Bank lending rates drop in May
The average lending rate for fresh loans extended by banks dropped in May from a month earlier on a large dip in the rates for businesses that more than offset a slight increase in rates for households, central bank data showed Friday.The average interest rate on all new bank loans came to 3.62 percent last month, down 0.03 percentage point from the previous month, according to the data from the Bank of Korea.The drop comes amid growing market expectation that the central bank may be poised to s
June 28, 2019
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Korea seeks stronger ties with young, fast-growing economies of Southeast Asia
South Korea is deepening ties with Southeast Asia in hopes of creating new growth engines in the region’s young, fast-growing economies and seeking a breakthrough amid growing uncertainties in global trade. In 2017, the Moon Jae-in administration launched the New Southern Policy as its key foreign economic policy, reflecting its strong commitment to prosper with ASEAN countries -- Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. As a f
June 27, 2019
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[News Focus] 2019 jobless rates exceed levels during decade-old crisis
SEJONG -- An election campaign pledge of President Moon Jae-in early 2017 was to create 1.31 million jobs -- 500,000 in the private sector and 810,000 in the public sector.At that time, he criticized the theory that employment should follow market principles, saying that “the (next) government (unlike past administrations) will be able to create up to 1.31 million jobs by taking the initiative (not by handing it over to the market).”In addition, he suggested that parents with prescho
June 27, 2019
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S. Korea to inject W70tr to foster underdeveloped service sector
The South Korean government said Wednesday it will inject 70 trillion won ($60.5 billion) into service industries over the next five years, centered on stimulating research and development and reducing the discrimination with the manufacturing sector.“The advancement of the service sector is a matter of vitality in order for our economy to take a leap forward,” said Deputy Prime Minister and Finance Minister Hong Nam-ki, citing the high potential of the service industries in terms of
June 26, 2019
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BOK chief takes prudence over ‘rate cut’ possibility
The chief of South Korea’s central bank on Tuesday underscored that the prolonged low inflation trend does not necessarily indicate an imminent cut of the nation’s key interest rate, while leaving the door open to “necessary measures.”The monetary policymaker’s defensive remark came amid recently mounting market speculations that the central bank is likely to soon take further easing actions to deal with aggravating external conditions, mostly caused by th
June 25, 2019
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[News Focus] Korea’s agricultural products to tap America after Paris
SEJONG -- South Korea is sparing no efforts to promote its agricultural products globally, including Korean traditional dishes, beverages and alcoholic drinks.According to the Ministry of Agriculture, Food and Rural Affairs, “K-food Fair” held in Paris earlier this month drew wide attention from European consumers and retailers.“Twenty-one Korean producers participated in the fair in France and signed export contracts worth $17 million (19.6 billion won),” said a ministry
June 25, 2019
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Average age of first-time homebuyers climbs in heated market
Escalating housing prices and tighter loan regulations have pushed up the average age of first-time homebuyers here, government data showed Monday.The average age of householders at the time of their first home purchase stood at 43.3 as of 2018, according to data submitted by the Korea Research Institute for Human Settlements to the Ministry of Land, Infrastructure and Transport.The data was based on a survey conducted from June to December last year targeting a random sample of 61,275 household
June 24, 2019
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S. Korea tipped to cut 2019 growth target next month
South Korea's finance ministry is expected to slightly cut its growth estimate for the year in the face of a delayed recovery in chip prices and the escalating trade dispute between the United States and China, sources said Sunday.The South Korean government has been adhering to the stance that Asia's fourth-largest economy will gather pace during the second half of the year on the back of an improvement in prices of chips, a major export item for the country, and expanded fiscal spending.But a
June 23, 2019
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S. Korea's ICT exports down for 7th straight month in May
South Korean exports of information and communication technology products fell for the seventh straight month in May on weak demand for semiconductors, mobile phones and displays, data showed Friday.Total outbound shipments reached $14.3 billion last month, a plunge of 22.6 percent from a year earlier, according to the data compiled by the Ministry of Science and ICT. Exports of semiconductors, one of the country's key export items, nose-dived 30 percent on-year to a little over $7.6 billion, ma
June 21, 2019
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Hyundai, Kia top J.D. Power's annual quality survey
South Korean carmakers Hyundai Motor and Kia Motors said Thursday they have garnered the three highest marks in J.D. Power’s annual automotive quality survey. The companies said they expected the achievements to help boost sales in the United States as J.D. Power’s closely followed Initial Quality Study is widely accepted as a barometer of automotive quality. In the 2019 IQS report released Wednesday, Hyundai Motor, its independent brand Genesis and Kia Motors, long regarded as
June 20, 2019
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[News Focus] Korea’s 2019 growth may fall to 10-year low
SEJONG -- Two major economic indices under the Moon Jae-in administration have plumbed to new lows since the nation was hit by the 2008-09 global financial crisis.Those are the growth of gross domestic product in the first quarter and the current account balance in April 2019.South Korea suffered a contraction of 0.4 percent in GDP during the January-March period on a quarter-to-quarter basis.This was the worst quarter-on-quarter GDP performance since the first year of the Lee Myung-bak governme
June 20, 2019
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S. Korea’s largest bills dominate cash market: BOK
Ten years since issuance, South Korea’s largest-denomination banknotes have solidified the position as the nation’s most essential form of paper money, accounting for a sweeping majority in money value and the highest proportion in volume, the central bank said Wednesday.As of the end of May, the 50,000 won banknotes accounted for 98.3 trillion won ($83.5 billion) or 84.6 percent of the total value of banknotes in circulation, while accounting for 1.97 billion in sheer number or 36.9
June 19, 2019
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South Korea to map out AI strategy this year, build 2,000 AI-based factories by 2030
South Korea announced its vision to create a “manufacturing renaissance” over a number of industries, viewing manufacturing as the nation’s economic foundation and a way of creating high-quality jobs and innovative growth. “The government has mapped out strategies for the nation to become an innovative manufacturing powerhouse over the next decade by being away from ‘quantitative and market follower strategies,’” a spokesperson for the Ministry of Trade,
June 19, 2019
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Fitch cuts growth outlook for S. Korea to 2 percent
Global credit appraiser Fitch Ratings has substantially slashed its growth outlook for South Korea‘s economy this year to 2 percent, citing weaker underlying momentum.The latest forecast, contained in its global economic outlook report posted on its website Monday, represented a sharp downward revision from its previous forecast of 2.5 percent in February. Fitch said the South Korean economy would grow 2.6 percent in both 2020 and 2021.The South Korean economy expanded 2.7 percent in 2018,
June 18, 2019
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Average spending by foreign tourists to Korea tumbles in Q1
Average spending by foreign tourists visiting South Korea has decreased to a level last seen 10 years ago, data showed Tuesday.According to the data from the Ministry of Culture, Sports and Tourism and the Korea Tourism Organization, foreign tourists coming to South Korea spent an average of $1,268 per person per trip in the first quarter of this year. The figure is down 12.1 percent from $1,442 a year ago and marks the fourth quarterly decrease in a row.Average spending hovered around $1,
June 18, 2019
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Corporate revenue, profit down in Q1 on sluggish exports
South Korean companies suffered a heavy loss in their sales and profits in the first quarter, central bank data showed Tuesday, apparently due to a sharp drop in exports and tepid local consumption.In the first three months of the year, the average sales of local businesses declined 2.4 percent from the same period last year, according to the data from the Bank of Korea. The figure follows a 6 percent on-year growth in their sales during the fourth quarter of last year. The country's exports dip
June 18, 2019
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[News Focus] Korea’s household debt-to-income to top 200%
SEJONG -- The record household debt in South Korea is an Achilles’ heel when it comes to economic growth, as the financial liability of citizens is putting a damper on private consumption.Some market analysts say that Korea’s collective household debt is estimated to have topped 2,000 trillion won ($1.68 trillion). They claim the latest figure of about 1,500 trillion won, released by the Bank of Korea, does not include loans extended to the self-employed.In any case, the outstanding
June 16, 2019
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Employment of males in 40s hit most by sluggish manufacturing industry
The number of employed men in their 40s shrank at the fastest pace in 27 years last month, attributable to the declining population and lackluster local manufacturing industry, government data showed Sunday.The number of employed males aged between 40 and 49 stood at 3.83 million in May, shedding 115,000 from a year earlier, according to the data by Statistics Korea. Employment of males in their 40s has kept sliding for 53 consecutive months since January 2015, but the latest figure was th
June 16, 2019
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Treasury bond yield hits new low, gold price surges amid uncertainties
Responding to mounting speculations that South Korea’s central bank may soon lower the policy rate amid uncertainties, Treasury bond interest rates hit a record-low this year, market observers noted Sunday.Gold price, in contrast, has remained strong and hit a new high, reflecting investors’ increasing appetite for low-risk assets.The yield on three-year Treasury bonds closed at 1.470 percent on Friday, marking the first case that the figure fell under 1.5 percent since November 2016
June 16, 2019