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. Korea to tighten grip over stock short selling as emergency action
South Korea vowed Tuesday to tighten regulations on stock short selling to stabilize the market amid increased volatility caused by the spread of the new coronavirus, and also the sudden drop in global oil prices. “As a market stabilizing action, (the government) will alleviate the requisites for (designating) overheated short selling and expand the transaction ban period (for these stocks),” Deputy Prime Minister and Finance Minister Hong Nam-ki was quoted as saying in a minist
March 10, 2020
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Students' private education spending surges to 10-year high in 2019
Young South Korean students' spending on private education spiked to a 10-year high in 2019, data from the Ministry of Education and Statistics Korea showed Tuesday, reflecting undiminished parental enthusiasm for their children's academic achievements. Elementary, middle and high school students spent 20.99 trillion won ($17.6 billion) on private education last year, up 7.8 percent from the previous year's 19.48 trillion won and marking the largest amount since 2009, when 21.6 trillion won wa
March 10, 2020
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[Newsmaker] Basic income scheme of W51tr spurs controversy
With the novel coronavirus outbreak dealing a major blow to South Korea’s economy, a far-reaching welfare measure to give every citizen 1 million won ($839,00) is igniting a heated debate. Suggested as a temporary scheme, primarily designed to support citizens financially crippled by the rapid spread of COVID-19, politicians and liberal-leaning opinion leaders claim it could also stimulate the sluggish economy. There are mixed responses, with some questioning who the beneficiaries sho
March 10, 2020
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S. Korea incentivizes mask monopolizers to turn themselves in
In an effort to secure the supply of face masks and curb excessive profiteering, the government on Monday announced it will suspend punishment for monopolizers who voluntarily report themselves within a grace period. The action came on the sidelines of a rationing system that allows people to buy two protective masks per week from pharmacies on designated days. “We judged that the top priority is to secure as many (protective) masks as possible that may be distributed through p
March 9, 2020
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BOK names research head as new deputy governor
The Bank of Korea said Monday that it had appointed Lee Hwan-seok, the incumbent head of its research department, as its new deputy governor, a senior post within the central bank that had been vacant for nearly two months. Lee, 55, joined the BOK in 1991 and built his career in its policy departments, including research and monetary policy, the bank said. He also served as monetary policy board secretariat within the bank’s planning and coordination department and chief of staff withi
March 9, 2020
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New coronavirus leading to more jitters in Seoul-Tokyo trade row
South Korea and Japan plan to hold another meeting this week to discuss their monthslong trade dispute, but they are unlikely to reach a compromise anytime soon as the global outbreak of the new coronavirus has led to more jitters in the bilateral relationship. The two Asian neighbors are set to hold their first trade meeting in around three months on Tuesday, according to the Ministry of Trade, Industry and Energy. While the meeting was planned to be held in Seoul, it was later replaced with
March 9, 2020
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Persistent virus outbreak to further hurt Korea's growth: reports
The outbreak of the new coronavirus here may further undermine South Korea's economic growth if it is lasts for a significant amount of time, reports suggested Monday, while some said the virus may already have nearly halved the country's economic growth. "Household spending in Japan and Korea are set to weaken further and slower growth in the US and Europe will add to external headwinds," S&P Global Ratings said in an article titled "COVID-19 Now Threatens More Damage to As
March 9, 2020
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Korean economy could shrink 1% due to coronavirus outbreak: ADB
Assuming the worst-case scenario regarding the ongoing new coronavirus outbreak, South Korea could see its GDP contract by as much as 1 percent this year, according to the Asian Development Bank. In its latest report “The Economic Impact of the COVID-19 Outbreak on Developing Asia,” the multilateral agency suggested four possible scenarios to assess the economic fallout that the fast-spreading epidemic may have on major Asian economies. The categories were classified into
March 8, 2020
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Banks undermine watchdog, reject KIKO arbitration
The Financial Supervisory Service is finding itself under mounting strain as local banks are blatantly refusing or delaying their response to its mediation proposal over the disputed sales of currency-linked derivatives. As of Sunday, only one out of six lenders -- Woori Bank -- has consented to the FSS’ recommendations to pay indemnities for the alleged misselling of derivatives. The knock-in, knock-out -- KIKO -- products caused 723 local businesses to lose a combined 3.3 trillion won
March 8, 2020
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[News Analysis] BOK weighed by US rate cut, raising growth pessimism
Following the United States’ abrupt rate cut action and the escalating pessimism of global investors, South Korea finds itself with little choice but to bend prudence and lower its policy rate as soon as possible, according to market observers. Concerns are mounting, however, that Asia’s fourth-largest economy may already have missed the chance to take relevant monetary moves, considering the prolonged impact of the globally spreading COVID-19. The key agenda for Korea’s
March 5, 2020
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South Korean government takes full control of face mask supply, bans exports
The South Korean government said Thursday it will take full control of face masks distributed via public channels, and ban local companies from exporting them to cope with the severe supply shortage amid rising cases of coronavirus. “To distribute face masks swiftly and fairly to all citizens, the government has decided to fundamentally manage the entire process of production, logistics and distribution,” the Ministry of Economy and Finance and other agencies monitoring the COVID-
March 5, 2020
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Korea's current account surplus narrows sharply in Jan.
South Korea's current account surplus narrowed sharply in January on shrinking exports, central bank data showed Thursday. The country's current account surplus came to $1.01 billion in the month, compared with a surplus of $4.33 billion the previous month and a $3.3 billion surplus the same month last year, according to the data from the Bank of Korea (BOK). The drop was largely attributed to a dip in South Korea's goods account surplus, which shrank to $1.93 billion in January from $5
March 5, 2020
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FSS to impose sanctions on KT&G over alleged accounting fraud
South Korea’s financial watchdog is likely to slap sanctions on the tobacco giant KT&G over accounting fraud allegations, according to officials Wednesday. The Financial Supervisory Service sent a preliminary notice to KT&G last month, concluding that the firm violated financial reporting standards by reporting its Indonesian affiliate Trisakti in its consolidated financial statements even though it exerts no actual influence. The notice, which recommends prosecuto
March 4, 2020
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BOK hints at rate cut over Fed‘s emergency action
South Korea’s central bank on Wednesday decided to hold its base rate at 1.25 percent for the time being, but hinted at a possible rate cut following the US Federal Reserve’s emergency action on mounting COVID-19 fears. The US central bank cut its base rates to a target range of 1 percent to 1.25 percent earlier in the day, in a move prompted by risks stemming from the novel coronavirus outbreak. This marks the first such emergency move since the 2008 financial crisis. “The
March 4, 2020
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S. Korea drafts W11.7tr extra budget plan to fight coronavirus
South Korea’s government on Wednesday unveiled a supplementary budget bill amounting to 11.7 trillion won ($9.9 billion) to counter the prolonged economic fallout from the rapid spread of COVID-19. The bill, approved by the Cabinet on Wednesday, is set to be handed over to the National Assembly on Thursday for immediate effectuation. “The scale of the extra budget stands at 11.7 trillion won, of which revenue accounts for 3.2 trillion won and expenditure for 8.5 trillion won,&rdqu
March 4, 2020
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Korea's household debt growth faster than peers in 2019
The debt owed by households and small businesses in South Korea rose at one of the world's fastest rates in 2019 in terms of its ratio to the country's gross domestic product (GDP), data showed Wednesday. According to the data from the Bank for International Settlement, outstanding debt extended to households and small businesses here came to 1,790.5 trillion won ($1.5 trillion) as of the end of September, up 4.5 percent from a year earlier. The rate of increase was the 25th-highest am
March 4, 2020
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Suwon steps up efforts for sustainable urban growth
Under a 10-year drive to create a human-friendly and innovative environment in Suwon, Gyeonggi Province, the city with a population of 1.25 million has become a global green city. In its final year that wraps up the grand policy drive, Suwon Mayor Yeom Tae-yong has vowed to focus on creating jobs and enhancing the welfare system, while seeking new growth engines for the city’s fiscal independence. “To boost employment, the city government has decided to create 34,000
March 3, 2020
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Extra budget allocation amid virus outbreak to top W11.6tr
South Korea’s upcoming supplementary state budget to fight the ongoing spread of the new coronavirus is anticipated to exceed 11.6 trillion won ($9.7 billion), according to a senior policymaker Tuesday. “In addition to the already announced set of comprehensive measures, (the government) has drafted an extra budget bill that exceeds 11 trillion won in volume,” said Lee Nak-yon on Facebook. Former Prime Minister Lee presently serves as chairman of the ruling Democratic Par
March 3, 2020
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[Feature] Amid market transition, Korea’s bank unions want bigger role, power
The new chief executive officer of state-run Industrial Bank of Korea was unable to enter his office for nearly a month, and there was an obvious reason. Facing agitating unionized workers in January, IBK CEO Yoon Jong-won turned back, without a word, and headed home every morning. But the doors opened at the end of the month, after Yoon agreed to three key concessions, including the provision that labor would be allowed to recommend a board member. The 27-day protest, when workers blocked
March 3, 2020
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Korea's Q4 economic expansion faster than expected, annual growth unchanged
South Korea's economy grew slightly faster than expected in the fourth quarter of 2019, although this had no effect on the overall economic expansion for last year, central bank data showed Tuesday. Asia's fourth-largest economy grew 1.3 percent in the fourth quarter from three months earlier, 0.1 percentage point higher than earlier expected, according to preliminary data from the Bank of Korea (BOK). The country's annual growth, however, remained unchanged at 2 percent. The annual growth w
March 3, 2020