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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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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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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BOK Gov. Lee to attend BIS meeting
The head of South Korea's central bank will head to Switzerland this week to attend a Bank for International Settlement meeting, the Bank of Korea said Thursday.BOK Gov. Lee Ju-yeol will head to Basel on Friday for the meeting of governors from 60 BIS member central banks. The bimonthly meeting will be held Sunday and Monday."During the meeting, Gov. Lee will discuss current conditions facing the global economy and financial market," the bank said."Also as a member of the BIS Boar
Jan. 9, 2020
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S. Korea faces more trade barriers amid growing protectionism
South Korea faced more trade barriers last year amid growing protectionism around the globe spearheaded by the US-China trade war, with steel and chemical industries being primary victims, data showed Thursday.The number of newly added import regulations targeting South Korean goods reached 41 cases in 2019, doubling from just 20 cases a year earlier, according to the data compiled by the Korea International Trade Association.The trade barrier includes anti-dumping tariff, countervailing duty an
Jan. 9, 2020
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Iran's retaliation dents Korean financial market
To combat economic fears stemming from the escalating geopolitical tensions, the financial authorities have bolstered their monitoring and reiterated their commitment on Wednesday to swiftly stabilize the market via contingency plans if necessary.Global markets were rattled by escalating tensions in the Middle East, as Iran fired more than a dozen ballistic missiles at a US air base in Iraq early Wednesday in retaliation for last week’s American drone strike to kill a top Iranian commander
Jan. 8, 2020
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Minister confirms frontloading of public spending
South Korea has allocated more than 60 percent of its state budget for the first half of the year, in a rush to revitalize the stalled economy through active fiscal spending, the finance minister said Wednesday.Though this latest figure was down from an earlier suggested target of 71 percent, the government said the front-loading policy was crucial to achieve an economic rebound. “(The government) will make all-out efforts to execute the economic revitalizing budget as swiftly as poss
Jan. 8, 2020
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Tax revenue tallied at W276.6tr through Nov. last year
South Korea's state tax income reached 276.6 trillion won ($234.8 billion) in the first 11 months of last year, 3.3 trillion won less than the previous year, the finance ministry said Wednesday.Tax revenue was tallied at 16.2 trillion won in November last year, 300 billion won less compared with a year earlier. Income tax revenue amounted to 10.9 trillion won in November last year, 1 trillion won more than a year earlier, due to a rise in wages. Dues collected by companies were unchanged at 1.5
Jan. 8, 2020
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Mideast tension to have limited impact on S. Korea: ministry
Dispelling concerns about the economic ramifications of the latest US-Iran conflict, the Ministry of Economy and Finance said Tuesday that the geopolitical tensions would have limited impact on domestic oil supplies.Acknowledging the increased level of volatility, however, it said it would consider the release of the country’s strategic oil reserves if necessary. “So far, there have been no setbacks in trade and shipments of Middle Eastern crude oil (for South Korea),” sai
Jan. 7, 2020
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Foreigners subject to tightened mortgage rules: regulator
South Korea said Tuesday that foreigners are also subject to tightened mortgage rules in a move to plug any possible loopholes in its efforts to stabilize home prices.The Financial Supervisory Service said the tightened mortgage rules are being applied to both South Koreans and foreigners.Under last year's measures, mortgage loans will be banned when buying a house worth over 1.5 billion won ($1.3 million) in "speculative and overheated speculative" areas, and the loan-to-value ratio f
Jan. 7, 2020
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S. Korea’s current account surplus grows to $6b in Nov.
South Korea’s current account surplus came to $5.97 billion in November, marking a surplus for the seventh consecutive month, amid sluggish exports, data from the Bank of Korea showed Tuesday.The central bank’s preliminary data showed that the nation’s current account surplus in November grew $840 million. It recorded a surplus in May 2019 after posting a deficit in the previous month. The surplus in November marks the first on-year surplus growth in nine months. The grow
Jan. 7, 2020
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Net assets of ETFs jump 26% in 2019: data
South Korea's exchange traded fund market posted solid growth last year, with net assets of ETFs surpassing 50 trillion won ($42.9 billion) for the first time, the bourse operator said Tuesday.The net asset value of the country's ETFs increased 26.1 percent last year from a year earlier to amount to 51.7 trillion won, according to the Korea Exchange .Representing a basket of stocks that reflect an index, an ETF can be traded on stock exchanges, allowing more flexibility in making investments and
Jan. 7, 2020
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S. Korea in close talks with ASEAN for mega Asia-Pacific trade deal
South Korea will spare no efforts to help conclude a mega Asia-Pacific trade deal by the end of this year by forging deeper ties with the Association of Southeast Asian Nations, as the country strives to revitalize its ailing exports, Seoul's trade ministry said Tuesday.In line with the efforts, Yeo Han-koo, deputy minister for trade negotiations, plans to visit the headquarters of ASEAN in Indonesia on Wednesday to meet the regional bloc's Secretary-General Lim Jock Hoi, according to the Minist
Jan. 7, 2020
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Korea's current account surplus widens to $5.97b in Nov.
South Korea's current account surplus grew from a year earlier in November as its service account deficit narrowed, while its primary income account surplus expanded, central bank data showed Tuesday.The country's current account surplus came to $5.97 billion in the month, up $840 million from the same month last year, according to preliminary data from the Bank of Korea.November marks the seventh consecutive month the country's current account has been in black. The figure, however, marks a dro
Jan. 7, 2020
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Financial watchdog to give more time to banks over dispute settlement
South Korea's financial watchdog said Monday that it will give more time to six banks to decide whether to accept a proposal meant to resolve disputes over currency-related derivatives.The move came two days before a deadline by which the six banks are required to decide whether to accept and honor the arbitration proposal by the dispute settlement board of the Financial Supervisory Service.The watchdog has said the deadline can be extended if requested by the relevant parties. So far, none of t
Jan. 6, 2020
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Debt of households, self-employed estimated to exceed W2,000tr
Debt incurred by households and self-employed businesses in South Korea is estimated to surpass 2,000 trillion won ($1,713 billion) as of September last year, according to central bank data on Sunday. Outstanding household loans came to 1,481 trillion won at the end of last September, up 13.6 trillion won from three months earlier, the Bank of Korea data showed. Debt incurred by self-employed businesses reached 670 trillion won at the end of last September, up 16.3 trillion won from three months
Jan. 5, 2020
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Finance minister urges financial firms to focus on risk this year
Finance Minister Hong Nam-ki on Friday called for banks and other financial firms to improve their risk management processes and channel more funds into the real economy. Hong made the remarks at a meeting for the new year with heads of economic and financial institutions, including Bank of Korea Gov. Lee Ju-yeol and Finance Services Commission Chairman Eun Sung-soo. "The trend of an economic recovery is anticipated for this year, but we must remain vigilant due to uncertainties over the gl
Jan. 3, 2020
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Demographic change will bring new, bigger challenges to financial sector: BOK chief
The head of South Korea's central bank on Friday called for efforts by the financial industry to prepare for the fourth industrial revolution, as well as imminent demographic changes that he said will increasingly become bigger and more serious."It is not easy to predict changes that will come over the next decade. But it is easy to expect that the impact of changes in population and technological developments will become much greater while this trend of a new normal continues," Bank o
Jan. 3, 2020
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BOK chief sees modest economic recovery in 2020
South Korea's economy is expected to experience a modest recovery this year, helped by the easing of trade tensions between the United States and China and rising global demand, the country's central bank chief said Thursday."I anticipate that growth and inflation could rebound this year, compared with last year," Bank of Korea Gov. Lee Ju-yeol told reporters, while adding that a sharp increase is unlikely due to global economic uncertainties.Hit by a lengthy US-China trade war and a c
Jan. 2, 2020
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Hyundai Mobis to select outside director for shareholders' rights
Hyundai Mobis Co., South Korea's biggest auto parts maker and a key affiliate of Hyundai Motor Group, said Thursday it will select an outside director dedicated to enhancing shareholder value.Hyundai Mobis plans to have shareholders recommend potential outside directors and select one of them who will be in charge of protecting shareholders' rights and interests, the company said in a statement. The move is aimed at strengthening the transparency of Hyundai Motor Group's governance structure and
Jan. 2, 2020
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Credit card use at restaurants declines for first time in 7 years
South Korea’s credit card spending in restaurants fell 0.3 percent on-year in September 2018, marking the first on-year decline in nearly seven years, data from the Bank of Korea showed Wednesday.The decline reflects a deterioration in consumer sentiment which plunged to a two-year low in August, a month before the latest drop observed in credit card spending. According to the nation’s central bank, the combined credit card spending for eating out here came to nearly 4.7 trillio
Jan. 1, 2020
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Financial chiefs look toward new growth momentum in 2020
Gearing up for the new year, South Korea’s top financial officials steeled themselves to face persistent external challenges and to spark new momentum for growth.Given the current trend toward low interest rates, which is likely to last for a while, policymakers vowed further efforts to steady the consequent overheating of the real estate market, saying this excessive liquidity needs to be diverted to innovative businesses. “We need to maintain an easing monetary policy as the domest
Dec. 31, 2019
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Korea's consumer prices rise 0.7% in December
South Korea's consumer prices rose 0.7 percent on-year in December, marking the fastest growth in six months, the statistics agency said Tuesday. The country's inflation also gained 0.2 percent on-month this month on the back of increased prices of agricultural and industrial products, Statistics Korea said in a statement. Core inflation, which excludes agricultural and petroleum products, rose 0.7 percent from a year earlier. Utility prices were unchanged on-ye
Dec. 31, 2019