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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[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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On May Day, labor unions blast Yoon's foreign nanny proposal
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Illit, mired in controversy, remains on Billboard charts for 5th week
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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S. Korean economy grows 2.7% in 2018: BOK
The South Korean economy grew by a six-year low of 2.7 percent last year due to sluggish corporate investment, but its per capita income surpassed US$30,000 for the first time, preliminary data by the central bank showed Tuesday.The revised 2018 reading by the Bank of Korea (BOK) is on par with its earlier estimate of 2.7 percent growth released in January.But it is the slowest on-year gain since 2012, when the country pulled off 2.3 percent annual growth.For the fourth quarter of 2018, the econ
March 5, 2019
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S. Korean consumer prices rise 0.5% on-year in February
South Korea's consumer prices gained 0.5 percent in February from a year earlier on a rise in prices for utility and service charges, government data showed Tuesday.The reading marks the lowest since August 2016, when the comparable figure was 0.5 percent, Statistics Korea said.From a month earlier, the index rose 0.4 percent. "The biggest reason behind lower consumer prices is a decline in petrochemical products," said Kim Yun-sung, director of Statistics Korea's price statistics divi
March 5, 2019
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Korea marks BOP surplus for Hallyu-linked sectors on global success of games, K-pop
South Korea logged a record-high balance of payments surplus for Hallyu-related products and services last year, owing to the global success of Korea-made video games and K-pop, statistics from the Bank of Korea showed Sunday. Hallyu, or the Korean Wave, refers to the proliferation of Korean cultural content overseas, including K-pop, food, TV programs and movies as well as PC and mobile games produced by Korean firms. According to the Bank of Korea Economic Statistics System, Korea’s BOP
March 3, 2019
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Seoul shares set for sluggish trade next week amid slowing economic indexes
South Korean shares are expected to trade in a limited range next week, with investors set to take a wait-and-see stance on key economic indexes, analysts said Saturday.The benchmark Korea Composite Stock Price Index closed at 2,195.44 on Friday, down 1.57 percent from last week’s close. Earlier this week, South Korean shares were nearly flat ahead of the historic summit between U.S. President Donald Trump and North Korean leader Kim Jong-un, which took place in Hanoi on Wednesday and Thur
March 2, 2019
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[News Focus] Exports drop 7.9% so far this year amid gloomy GDP growth outlook
SEJONG -- South Korea’s export performance has remained sluggish since November, the last month that it posted a positive on-year growth figure.In November, exports recorded 4.1 percent growth compared with a year earlier. But exports fell 1.3 percent in December and 5.8 percent in January, according to the Korea Customs Service.Further, the nation saw exports plunge 11.7 percent on-year for the first 20 days of February, posting $23.33 billion for a difference of $3.09 billion (3.45 trill
Feb. 28, 2019
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S. Korea's industrial output rises 0.8% on-month in January
South Korea's industrial output edged up 0.8 percent in January from a month earlier due in part to increased production of cars and the service sector, government data showed Thursday.The data compiled by Statistics Korea showed the output of cars rose 3.5 percent in January from a month earlier as vehicle sales at home and abroad increased 4.2 percent and 9.8 percent, respectively, during the same period.Semiconductor output rose 7.5 percent in January from a year earlier, but its exports fell
Feb. 28, 2019
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S. Korea-India economic ties need more heft
It is now nine years since the South Korea-India Comprehensive Economic Partnership Agreement -- a de facto free trade agreement -- went into effect. However, while much progress has been made, there is still a long way to go for economic ties to reach their potential.It was widely anticipated that the CEPA, which came into effect in January 2010, would lead to more bilateral trade and investments. South Korea abolished tariffs on 93 percent of Indian imports and India has done the same on 75 pe
Feb. 27, 2019
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Seniors in bottom 20% income group to get more basic pension from April
Senior citizens with 50,000 won ($44.70) or less in monthly income will be eligible for increased basic pension from April, the welfare ministry said Wednesday.People aged 65 or older whose monthly earnings are in the lowest 20 percent range can receive 300,000 won in pension benefits per month, according to the ministry. The eligibility and the amount of the benefits are adjustments to the existing payouts of 250,000 won for those with monthly income in the lowest 70 percent, which began in Sep
Feb. 27, 2019
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[News Focus] Busan, North Jeolla in tug-of-war over financial hub title
With the next parliamentary election slated for April next year, some opposition lawmakers have recently rekindled long-stalled talks on relocating the nation’s key policy financing institutions -- the Bank of Korea and the three state-run banks -- to their respective constituencies.The two regions in apparent rivalry are Busan and North Jeolla Province, the former celebrating its 10th anniversary of being designated as the country’s No. 2 financial hub and the latter hoping to be na
Feb. 25, 2019
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Hyundai expands partnership with BTS
Hyundai Motor Co. is expanding its partnership with BTS by providing sponsorship to the South Korean boy band's global campaign in Britain, the company said Sunday. On Friday, BTS began to air a teaser of the K-pop band's global campaign in London's Piccadilly Circus aimed at informing its fans worldwide of its plan to launch the site www.armypedia.net. Hyundai Motor provided sponsorship for the campaign, Hyundai said in a statement. The same teaser video will also be released in six other
Feb. 24, 2019
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S. Korea to offer incentives to firms over job creation
South Korea on Thursday unveiled a wide range of incentives for companies if they create jobs in deals with municipal governments and other relevant parties.The incentives include an investment subsidy and tax cuts, as well as discounts in rental fees in industrial complexes, according to the Ministry of Trade, Industry and Energy. The ministry said a company can receive 9 billion won ($7.9 million) back from a municipal government if it invests 90 billion won.The move is part of South Korea's e
Feb. 21, 2019
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Korea's income gap hits record high in Q4
South Korea's household income inequality hit a record high in the fourth quarter of 2018, government data showed Thursday, prompting officials to step up efforts to carry out a series of measures to support low-income people.An average household earned 4.6 million won ($4,000) per month in the October-December period, up 3.6 percent from the previous year, according to the data compiled by Statistics Korea.The monthly average income of the bottom 20 percent income bracket dropped 17.7 percent o
Feb. 21, 2019
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Govt. picks two locations for smart industrial zones
South Korea's industry ministry on Wednesday announced its first batch of locations to establish what it calls smart industrial zones, which will utilize high-end information and communication technologies to improve companies' productivity.The Ministry of Trade, Industry and Energy said it decided to apply smart factory technologies in the industrial complex of Changwon, 398 kilometers south of Seoul, along with the Banwol-Sihwa complex southwest of the capital city.The announcement comes in li
Feb. 20, 2019
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Drivers use less gasoline in 2018 amid higher fuel prices
A gasoline-burning automobile consumed an average 1,159 liters last year, down 2.4 percent from a year earlier, as drivers cut back on spending probably to cope with high prices, industry data showed Wednesday.According to the Korea Petroleum Association, the figure marks the lowest since 2006, when the comparable figure was 1,153 liters of gasoline.The owners of gasoline-burning autos spent some 1.83 million won ($1,620) on average last year to run their vehicles and an average 153,000 won per
Feb. 20, 2019
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Koreans traveling more but spending less
South Koreans traveling overseas spent a record amount last year, but spending per person declined, central bank data showed Wednesday.The current account for last year showed travel expenditures of $31.97 billion, the highest since recordkeeping began in 2006. Past figures show increases from $15 billion in 2009 to $20 billion in 2012, $25 billion in 2015 and $31.69 billion won in 2017.The increase, however, was the smallest since the global financial crisis of 2009 at 0.9 percent, compared wit
Feb. 20, 2019
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Manufacturing sector crucial for economic growth: BOK chief
Citing mounting challenges in the global market, the chief of South Korea’s central bank on Tuesday urged for measures to improve the competitiveness of the manufacturing sector during a rare meeting with industry representatives.“The competitiveness of the manufacturing sector will determine the survival of our economy,” said Lee Ju-yeol, governor of the Bank of Korea, at an economic meeting with officials from industries. “We cannot guarantee sustainable growth without
Feb. 19, 2019
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[Herald Interview] SK Innovation’s participation to bring better understanding of EV in US city
SK Innovation’s decision to build a US production facility for electric vehicle batteries in Commerce, Georgia, will help raise public awareness and understanding of the next-generation vehicle technology according to the city’s mayor. Mayor Clark Hill visited Seoul for a weeklong trip that will involve a tour of SK Innovation’s EV battery plant in Seosan, South Chungcheong Province, and some learning about Korea’s cultural aspects. “SK’s participation in the
Feb. 19, 2019
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[News Focus] Gasoline prices set to bounce back amid reduced output
SEJONG -- The nation’s gasoline prices have seen a sharp drop over the past few months, and to a certain extent this eased the financial burdens of ordinary people and small business owners amid economic difficulties.After peaking at 1,690.31 won ($1.50) per liter on Nov. 4, gasoline prices fell below 1,350 won on Jan. 12 before sinking to 1,342.24 won on Feb. 15. This month’s low marked a 20.5 percent drop from three months earlier and the lowest level seen in 35 months. Gasoline pr
Feb. 19, 2019
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Coal imports set another record in 2018
South Korea's coal imports hit a new high last year despite government efforts to phase out the use of fine dust-emitting energy sources, industry data showed Tuesday.The country shipped in 131.52 million tons of coal last year, breaking the record for the second consecutive year. Coal imports in 2017 totaled 131.46 million tons. The figure for 2018 marks an 11 percent increase from 2016.The monetary value of the imports totaled US$14.65 billion last year, a gain of 8.7 percent from the year bef
Feb. 19, 2019
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US Commerce chief sends report to Trump on auto imports: reports
The US Commerce chief has submitted a report to US President Donald Trump on the topic of imported cars, news reports said Monday, as South Korea renews efforts to win exemption for its cars from possible tariffs.The Commerce Department did not make public any details on its recommendations to Trump.Commerce Secretary Wilbur Ross presented his recommendations to Trump, Bloomberg news reported, citing the department's statement. Reuters news agency carried a similar story, while the French news a
Feb. 18, 2019