Most Popular
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Debate rages over ‘overly fatty’ samgyeopsal
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40 flights canceled on Jeju Island due to bad weather
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[Weekender] Korean psyche untangled: Musok
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Pandemic left Korea more depressed than before: report
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Gov't appears to shelve punitive measures against mass walkout by doctors
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[Eye Interview] 'If you live to 100, you might as well be happy,' says 88-year-old bestselling essayist
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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Missing S. Korean traveler in Paris found safe after 2 weeks
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S. Korea, China, Japan in talks to hold trilateral summit May 26-27: official
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Korea extends tax cut on fuel for 4 more months
The Korean government will extend the current tax cut imposed on fuel until the end of August, the Finance Ministry announced Tuesday. Fuel tax reductions -- namely a 25 percent cut for gasoline, and 37 percent cuts for diesel and the liquefied petroleum gas butane -- which were to end in April, will last for another four months, considering the rising prices of oil, the ministry said. The cut pulls down gasoline prices by cutting tax worth 205 won ($0.16) from 820 won to 615 won per liter, di
April 18, 2023
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Imports of Japanese seafood jump 21 % in Q1 amid tainted water concerns
South Korean imports of Japanese seafood swelled nearly 21 percent in the first quarter of 2023 despite concerns over Tokyo's planned release of contaminated water from its crippled nuclear power plant, government data showed Tuesday. Seoul imported $48.6 million worth of fishery products from the neighboring country in the January-March period, up 20.9 percent from a year earlier, according to the data from the Korea Customs Service. It marked the largest first-quarter value of Japanese se
April 18, 2023
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China’s reopening has limited impact on S. Korea: BOK
China's reopening has shown limited effects on the South Korean economy, dampening expectations that it would reignite tourism and export industries, a report by the Bank of Korea showed Monday. The trade balance with China, which had been worsening since April last year due to China's lockdowns, failed to make a rebound despite the easing of COVID-19 measures in December, the report said. The trade deficit with China stood at $7.85 billion in the first three months of 2023, following
April 17, 2023
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Finance minister rules out extra budget
South Korea was not considering planning a supplementary budget, its finance minister has said, despite a looming decline in this year's tax income. "We are not mulling a supplementary budget at this point," Finance Minister Choo Kyung-ho said during a meeting with reporters in Washington on Thursday (U.S. time), where he attended the G20 Finance Ministers and Central Bank Governors' meeting. The comment came as South Korea's tax income declined 15.7 trillion won ($12 billion) as of Fe
April 16, 2023
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S. Korean finance minister to meet Japanese counterpart next month amid thawing relations
WASHINGTON -- South Korean Finance Minister Choo Kyung-ho has said he will meet with his Japanese counterpart, Shunichi Suzuki, next month, the first meeting between the finance ministers of the two neighbors in nearly seven years in the latest sign of a thaw in diplomatic relations. The agreement was made in Washington where the two attended the G20 Finance Ministers and Central Bank Governors' meeting, Choo said last Thursday. "Since the two leaders initiated a watershed moment (for
April 16, 2023
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BOK chief says don't expect a rate cut 'any time soon'
Bank of Korea Gov. Rhee Chang-yong underlined that is “too early” to discuss a rate cut, issuing a warning on growing expectations that the central bank may start to cut its base rate soon. With the BOK deciding to hold the rate at 3.5 percent for a second consecutive time on Tuesday, market expectations have grown that the rate hike cycle has ended and a pivot on the BOK’s rate stance could come within the year. Rhee, however, drew a line, saying it is premature to discuss a
April 14, 2023
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Uncertainties remain for S. Korean economy but conditions will improve from second half of year: finance minister
The South Korean economy continues to face uncertainties amid global price hikes but conditions are expected to improve from the second half of the year, the country's finance minister said Thursday. Choo Kyung-ho, who is double-hatted as deputy prime minister, also said the country will work to keep prices down. Economic conditions for South Korea "are believed to gradually show signs of improvement," Choo told reporters. The South Korean finance minister is currently on a trip t
April 14, 2023
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[Photo News] Snack binge
April 13, 2023
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[KH Explains] When will BOK pivot come?
Expectations on a base rate cut is growing as the Bank of Korea kept the benchmark rate steady for a second consecutive time Tuesday. The central bank’s decision to hold the rate at 3.5 percent in light of the eased inflationary pressure strengthened market expectations that the BOK’s rate hike cycle has ended and a pivot on its rate stance could come soon. Some even expect a rate cut to come within the year. “The Bank of Korea's terminal rate will stand at 3.5 percent. It
April 12, 2023
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Global investors welcome Seoul's efforts to revamp financial regulations
Global investors have hailed South Korea's latest efforts to revamp its financial regulations, such as the extension of trading hours, pointing out they will help the country attract more investment, the finance ministry said Wednesday. The assessment came during Finance Minister Choo Kyung-ho's meetings with representatives from major US investors, including Blackstone, the Bank of New York Mellon, and Goldman Sachs, earlier this week in New York on Monday and Tuesday, according to th
April 12, 2023
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BOK freezes rate once again
The Bank of Korea kept the base rate unchanged for a second consecutive time, as inflation appears to be somewhat on the wane while the economy remains slow. The central bank decided to hold the rate at 3.5 percent at its rate-setting meeting on Tuesday, matching market expectations that the BOK's rate hike cycle of 1 1/2 years has come to a halt. “Inflation is projected to continue slowing down although it will remain above the target level for a considerable time. Uncertainties su
April 11, 2023
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Big firms' borrowing costs soar in 2022 on high interest rates
Large South Korean firms saw their interest expenses spike more than 50 percent in 2022 from a year earlier due to rising interest rates, a corporate tracker said Tuesday. The combined interest cost of 377 out of the country's top 500 firms by sales stood at 39.9 trillion won ($30.2 billion) last year, up 50.2 percent from a year earlier, according to the Leaders Index. The surge came as South Korea's central bank has remained hawkish in an effort to curb persistently high inflation. T
April 11, 2023
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Exports down 8.6 % during first 10 days of April
South Korea's exports fell 8.6 percent on-year in the first 10 days of April, data showed Tuesday, due to the continued downcycle in the global chip industry. The country's outbound shipments stood at $14 billion in the April 1-10 period, compared with $15.3 billion a year earlier, according to the data from the Korea Customs Service. Imports shed 7.3 percent on-year to $17.4 billion during the cited period, resulting in a trade deficit of $3.41 billion. In March, outbound shipments fe
April 11, 2023
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S. Korea not likely to enjoy strong trade surplus with China anymore: Choo
South Korea's trade surplus with China is expected to be weaker than in the past down the road, although it is unlikely to result in a deficit, the finance minister has said. "It is clear that China will not give our economy a chance to rebound as quickly as it has in the past," Finance Minister Choo Kyung-ho said during a meeting with South Korean reporters in New York on Monday. Exports to China, South Korea's top trading partner, plunged 33.4 percent on-year in March to re
April 11, 2023
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Falling revenue threatens tax cuts
The South Korean government may dial back the scale of tax cuts aimed at curbing inflation, as tax revenue for this year is likely to fall below the estimate. According to the Ministry of Economy and Finance, Korea’s tax revenue amounted to 54.2 trillion won ($41 billion) in the first two months of this year, marking a 15.7 trillion won drop from the 69.9 trillion won recorded in the same period last year. If the tax revenue from March to December is similar to the year before, the total
April 10, 2023
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S. Korea posts current account deficit for 2nd straight month in Feb.
South Korea posted a current account deficit for the second straight month in February as exports remained sluggish amid global recession woes, central bank data showed Friday. The country's current account shortfall came to $520 million in February, following a record deficit of $4.21 billion a month earlier, according to the preliminary data from the Bank of Korea. It also swung from a surplus of $5.87 billion a year earlier. February's deficit came as the goods balance worsened due
April 7, 2023
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[KH Explains] BOK likely to freeze rate again
Local market watchers expect the Bank of Korea to keep the base rate unchanged once again at its rate-setting meeting on Tuesday, in light of the recent slowdown in inflation. However, the recent decision to cut oil production by global oil cartel OPEC+ could complicate the situation, exacerbating inflationary pressures. Recent figures show that inflation has passed its worst peak in Korea, easing the pressure on the central bank, which has repeatedly stressed it prioritizes price stabilization.
April 6, 2023
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[Contribution] Korea’s Treasury bond market to take big leap through WGBI inclusion
By Choi Sang-dae Vice Minister of Economy and Finance In the history of Korea’s treasury bond market development, 2002 is remembered as the year that marked a significant milestone -- inclusion into the Bloomberg-Barclays Global Aggregate Index, one of the world's three major bond indices. It was the first step toward globalization of the nation’s treasury market that led to more than a fivefold increase in foreign investment in just one year. For several years into 2002, th
April 6, 2023
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FSC urges banks to intensify competition, improve services for customers
South Korea's financial regulator on Thursday urged banks to beef up competition and provide better services amid criticism that they sought easy profits from loan-deposit margins without making sufficient efforts to diversify income sources. Banks have been under fire for reaping record profits from interest income last year and handing out hefty bonuses to employees while people are suffering from high borrowing costs caused by the central banks' monetary tightening to tame inflation
April 6, 2023
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Foreign reserves grow in March on dollar's descent
South Korea's foreign reserves grew in March as the dollar's descent increased the conversion value of holdings in other currencies, central bank data showed Wednesday. The country's foreign reserves had come to $426.07 billion as of end-March, up $780 million from the previous month, according to the data from the Bank of Korea. The dollar's fall last month boosted the converted value of holdings denominated in other currencies, the BOK explained. The dollar index that gauge
April 5, 2023