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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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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Seoul Metro to seek legal action against malicious complaints
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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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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Golden chance to liquidate babies’ gold rings?
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[News Focus] Construction policy risks undermining fiscal soundness
SEJONG -- Enterprises under the Moon Jae-in administration are investing less in construction and facilities, with 2018 data revealing year-on-year contraction in both areas.These are the first simultaneous drops in corporate investment in construction and facilities that South Korea has experienced in a decade. The last time was in 2008, when the nation was affected by the crisis that followed the US subprime mortgage collapse.Previously, when anti-speculation measures led the construction indu
Oct. 27, 2019
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Hyundai E&C Q3 net soars 72% on increased orders
Hyundai Engineering & Construction Co. said Friday its third-quarter net profit soared 72 percent from a year earlier on increased orders.Net profit for the three months that ended Sept. 30 jumped to 218.2 billion won ($186 million) from 126.6 billion won a year earlier, the company said in a statement. "In the past five to six years, Hyundai E&C has focused on improving profitability and selectively participated in bids to win projects overseas. It began to pay off this year,"
Oct. 25, 2019
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Asiana to halt San Francisco route for 45 days from March next year
Asiana Airlines Inc. will suspend the Incheon-San Francisco route for 45 days from March 1 following a Seoul court's ruling over its deadly crash landing in the US city five years ago, the transport ministry said Friday. Last week, the Supreme Court upheld the Ministry of Land, Infrastructure and Transport's 45-day suspension order on the San Francisco route in penalty for the accident.Flights on the route will be halted from March 1 through April 14, the ministry said in a statement.The 45-day
Oct. 25, 2019
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Seoul's trade terms further deteriorate in Sept.
South Korea's trade terms continued to worsen in September amid a steady decline in exports, central bank data showed Friday.The terms of trade index for products came to 91.8 in the month, down 4 percent from the same month last year, according to preliminary data from the Bank of Korea (BOK). The reading marks 22 consecutive months of on-year decline in the index.The trade terms index measures the amount of imports a country can purchase for each unit of exports. A reading below 100 means
Oct. 25, 2019
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S. Korea’s economy slows down in Q3
South Korea extended its run of positive growth in the third quarter but that growth was slower than expected, jeopardizing the country’s annual growth target, central bank data showed Thursday.The country’s quarterly real gross domestic product for the July-September period climbed 2 percent from a year earlier and 0.4 percent from a quarter earlier, according to preliminary data from the Bank of Korea.This latest figure was largely seen as disappointing, especially considering the
Oct. 24, 2019
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Korean economy grows 0.4% on-quarter in Q3: BOK
The South Korean economy continued to grow at a steady pace in the third quarter, partly helped by increased government spending and a slight rebound in exports from three months earlier, central bank data showed Thursday.In the three months ended Sept. 30, the country's real gross domestic product gained 0.4 percent from the previous quarter, according to the advance data from the Bank of Korea. The Q3 estimate marks a slowdown from a revised 1 percent on-quarter expansion in the April-June per
Oct. 24, 2019
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Court holds brokerage employees 50% liable for ‘fat finger’ scandal
South Korea’s local court has decided that the employees of Samsung Securities involved in the “fat finger” scandal in which nonexistent stocks were issued, should pay compensation for about half of the damage they caused the company.The Seoul Central District Court has recently ruled that the 13 employees of the local brokerage must compensate $4.7 billion won ($4 million) of the losses they caused the company by selling nonexistent stocks, officials said Wednesday.The company
Oct. 23, 2019
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Moon calls for S. Korean businesspeople to combine efforts for peace, prosperity
President Moon Jae-in on Tuesday called for South Korean businesspeople to share their networking capabilities and experience to help ongoing efforts to foster a lasting peace on the divided peninsula.Moon's remarks were read on his behalf at the 18th World Korean Business Convention (WKBC) in Yeosu, about 455 kilometers south of Seoul. The WKBC is an annual gathering of South Korean businesspeople from home and abroad."I trust the potential of the globe-trotting 'hansang,'" Moon said
Oct. 22, 2019
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S. Korea pushes housing price cap on private sector
South Korea’s government on Tuesday adopted a disputed presale price cap system on privately built apartments, extending its efforts to stabilize the bubble-prone real estate market here.With the forthcoming price regulation expected to take effect as early as this month, local builders are hastening to sell their newly built apartments.The Cabinet, chaired by Deputy Prime Minister and Finance Minister Hong Nam-ki, passed five legislative bills and 24 presidential decrees, including the en
Oct. 22, 2019
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S. Korea grapples with gender discrimination in workplace
South Korea has seen its female employment index improve steadily over the past 10 years, but continues to struggle with gender equality when it comes to parental leave and consequent career breaks, data showed Monday.Unlike in most developed economies which tend to see the employment rate of women in their 40s peak and start declining in the 50s, Korea has seen women in their late 30s and early 40s -- the prime age for childbirth and childcare -- being pushed out of the labor market. All seven
Oct. 21, 2019
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S. Korea's foreign currency deposits rise in Sept.
Foreign currency deposits held by banks in South Korea continued to rise for a second straight month in September, with deposits held both by individuals and companies growing, central bank data showed Monday.The overall amount of foreign currency savings here came to $72.64 billion as of end-September, up $1.67 billion from a month earlier, according to the data from the Bank of Korea. The reading marks an acceleration from August, when foreign currency deposits gained $1.13 billion, marking a
Oct. 21, 2019
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BOK’s base rate cut rings alarm on household debts
Concerns are mounting that the central bank’s latest base rate cut may encourage easy borrowing and aggravate the country’s household debt problem.But others suggest that the government’s enhanced loan regulations and slow economic growth pace will help prevent reckless borrowing.The total balance of household credit as of the end of June this year stood at 1,556.1 trillion won ($1,318 billion), according to data released by the Bank of Korea on Sunday.Household credit is a com
Oct. 20, 2019
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BOK expected to hold fire on rates until July next year: report
The Bank of Korea is expected to keep its key rate at a historic low until July next year as it maintained expectations of a modest economic recovery in 2020, according to a report Sunday. But the BOK may have no choice but to cut the key rate next July unless the United States and China agree to end their lengthy trade war by that time, Goldman Sachs said in the report.In a widely expected move, the BOK slashed the key rate to 1.25 percent from 1.5 percent last week, marking the second rate cut
Oct. 20, 2019
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Seoul stocks to move in tight range next week
South Korean stocks are expected to move in a tight range next week as investors remain wary over the US-China trade row, analysts said Saturday. On Friday, the benchmark Korea Composite Stock Price Index ended down 17.25 points, or 0.83 percent, at 2,060.69 as China's third-quarter growth slowed to a 27-year low of 6 percent.This week, the KOSPI gained 0.79 percent. In a widely expected move, the Bank of Korea slashed its key rate to 1.25 percent from 1.5 percent this week -- the second rate cu
Oct. 19, 2019
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US to consider S. Korea’s stance on looming auto tariffs: Mnuchin
As US President Donald Trump mulls a list of countries to impose auto tariffs on, US Treasury Secretary Steven Mnuchin said Washington will take South Korea’s stance on the matter into account, Korea’s Ministry of Economy and Finance said Friday. According to the ministry, Deputy Prime Minister and Finance Minister Hong Nam-ki requested the US Treasury support the exemption of South Korea from auto import tariffs on cars that the Trump administration deems a threat to national securi
Oct. 18, 2019
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US to take into account S. Korea's position over possible auto tariff
US Treasury Secretary Steven Mnuchin has said Washington will fully take into account South Korea's position on possible auto tariffs, South Korea's finance ministry said Friday.Mnuchin made the remarks in Washington on Thursday (local time) during a meeting with South Korean Finance Minister Hong Nam-ki, who called for an exemption from US tariffs on South Korean automobiles, according to the ministry.Hong is in Washington for the Group of 20 finance ministers and central bank governors' meetin
Oct. 18, 2019
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[News Focus] Korea to vitalize FTA talks with S. American countries
SEJONG -- South Korea has become the first Asian country to sign a free trade agreement with a Central American trade bloc, composed of five countries -- Honduras, Nicaragua, El Salvador, Costa Rica and Panama.The Korea-Central America FTA took effect on Oct. 1, as the initial effectuation with Honduras and Nicaragua. The deal with the other three will be implemented after ratification by their legislatures.Korea is pinning big hopes on its 16th FTA deal with the Central American countries, and
Oct. 17, 2019
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Moon urges more expansionary budget spending, signals no shift in key economic policy
President Moon Jae-in said Thursday his liberal administration is determined to maintain its expansionary fiscal policy and continue efforts to revitalize civilian investment in response to deepening woes facing Asia's fourth-biggest economy.Moon reiterated that South Korea, like many other countries, is suffering economic troubles due to such external factors as trade disputes and the sharp shrinking of the global manufacturing sector. He was apparently undaunted by attacks from political oppon
Oct. 17, 2019
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BOK slashes key rate to record-low 1.25%
South Korea’s central bank on Wednesday cut the country’s key interest rate to 1.25 percent, reflecting the sluggish economic growth, low inflation and declining exports.Its second rate cut in three months -- to the lowest ever level -- is in line with the global trend toward monetary easing.“We have cut the base rate considering the lower-than-expected growth outlook and low inflation,” said Bank of Korea Gov. Lee Ju-yeol in a press conference. The BOK’s rate-setti
Oct. 16, 2019
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Jobless rate hits 6-year low in September, job additions largest in 5 yrs
South Korea's jobless rate hit a six-year low in September and there were more new jobs added than at any time in the past five years, government data showed Wednesday. The unemployment rate fell 0.5 percentage point on-year to 3.1 percent last month from a year earlier, marking the lowest level for any September since 2013, Statistics Korea said in a statement.In particular, the unemployment rate for young adults -- those aged between 15 and 29 -- declined to 7.3 percent last month from 8
Oct. 16, 2019