Most Popular
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[AtoZ into Korean mind] Humor in Korea: Navigating the line between what's funny and not
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Yoon seeks rebound, taps 5-term lawmaker as chief of staff
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Medical standoff deepens as doctors reject new med school plan, talks
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[Herald Interview] Why Toss invited hackers to penetrate its system
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S. Korean envoys convene to navigate strategy amid Middle East tensions
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[Graphic News] 77% of young Koreans still financially dependent
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North Korea fires several short-range ballistic missiles into sea: JCS
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Samsung, SK hynix investors dump shares on Nvidia crash
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Suspect in murder of girlfriend's mugshot, name made public
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S. Korea, US to initiate early defense cost-sharing talks this week
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Eximbank launches Saudi desk to bolster support in Middle East
The state-run Export-Import Bank of Korea said Thursday that it has launched a Saudi Arabia desk to ramp up support for local firms expanding their businesses in the Middle East. According to the bank, the new desk will take charge of coordinating and supporting the private sector, not just within Saudi Arabia, but in the Middle East overall. While the team will be based in Seoul, an employee will be dispatched to Saudi Arabia's capital, Riyadh, and will collaborate closely to discover new
Jan. 25, 2024
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Korean tech is what world needs: Banga
World Bank President Ajay Banga stressed that South Korea can play a pivotal role in leading other developing countries with its experience in growth and development, during a media briefing Thursday as part of his visit to Seoul. "What Korea did in 30 years -- to go from being an underdeveloped, challenged country, to having come through a crisis to come out like this -- was quite remarkable,” he said at the Global Knowledge Exchange & Development Center in northern Seoul. &ldquo
Jan. 25, 2024
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W4tr of damaged notes, coins destroyed in 2023
The total face value of damaged bills and coins discarded by the Bank of Korea reached nearly 4 trillion won ($2.98 billion) last year, marking a sharp rise from previous years as more in-person business transactions occurred with the end of the pandemic, the central bank said Wednesday. A total of 483.85 million damaged bills and coins were pulled out of circulation by the central bank due to damage in 2023, up 71.17 million from 412.68 million tallied a year earlier. The face value of the de
Jan. 24, 2024
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Korea to expand tax benefits for advanced chips, OLED
The Korean government plans to expand tax incentives for the nation’s strategic technologies such as advanced chips and displays as part of a tax revision that takes effect next month. The Finance Ministry on Tuesday unveiled a set of tax reform plans, including tax cuts worth up to 950 billion won ($711 million) per year, in a bid to attract more investment into new growth drivers and boost the local economy. The chip and display sectors have already been protected as strategic industries
Jan. 23, 2024
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Producer prices rise 0.1% in December on higher agriculture goods, gas costs
South Korea's producer prices moved up 0.1% on-month in December due to the higher cost of agricultural products and gas, the central bank said Tuesday. The producer price index, a major barometer of consumer inflation, came to 121.19 last month, up from 121.02 tallied in November, according to the data from the Bank of Korea. It marked the first rebound in three months, as the index fell 0.1 percent and 0.4 percent on-month in October and November, respectively. From a year earlier, it gai
Jan. 23, 2024
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S. Korea to abolish mandated holiday breaks for large supermarkets
The South Korean government said on Monday that it has decided to abolish a policy mandating twice-a-month breaks for large discount stores, citing the change as one intended for the convenience of the people. The Office for Government Policy Coordination held a civic-government discussion in Dongdaemun-gu in Seoul, where it narrowed down a number of potential changes to be made. These included allowing large supermarkets to take their two monthly obligatory breaks on weekdays and allowing them
Jan. 22, 2024
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One in 10 Korean nationals work in large companies
More people work at large companies in South Korea, with the number of people employed by conglomerates reaching a record high last year. According to recent data from the Korean Statistical Information Service, the number of people working at companies with over 300 employees reached an all-time high of 3,087,000 last year. This is the first time that the figure reached the 3 million milestone since the statistics agency started compiling such data in 2004. The ratio of people working at large
Jan. 22, 2024
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Exports fall 1% in Jan. 1-20 due to fewer working days
South Korea's exports fell 1 percent on-year in the first 20 days of January due to a smaller number of working days, data showed Monday. Outbound shipments reached $33.3 billion in the Jan. 1-20 period, compared with $33.6 billion tallied a year earlier, according to the data from the Korea Customs Service. Imports fell 18.2 percent on-year to $35.9 billion during the period, resulting in a trade deficit of $2.6 billion. The number of working days came to 15.5 over the period, compared wit
Jan. 22, 2024
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3 carmakers to recall over 104,000 vehicles for faulty parts
Renault Korea Motors and two other carmakers will recall more than 104,000 vehicles due to faulty components, the government said Thursday. The three companies, including Kia Corp. and domestic electric van manufacturer Jeis Mobility, are voluntarily recalling a total of 104,120 units of three different models, the Ministry of Land, Infrastructure and Transport said in a statement. The problems that prompted the recall include a faulty component in the anti-lock braking system module in over 83,
Jan. 18, 2024
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Financial holding firms aim to curb growth of household debt to 2%: sources
Five financial holding firms in South Korea have submitted their plan to financial authorities to curb the growth of household debt to less than 2 percent this year, informed sources said Thursday. The financial holding firms set the voluntary goal in a recent meeting with financial authorities, according to the sources. The government "asked the financial holding firms to help maintain household debts within the economic growth rate, and they each said they will limit their household debt
Jan. 18, 2024
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Korea vows 'utmost efforts' to tame prices before Lunar New Year
The Korean government announced new measures to curb inflation ahead of the Lunar New Year holiday, including cutting price growth for fresh fruits and vegetables and postponing price hikes for electricity. With this year's four-day Lunar New Year holiday starting on Feb. 9, Finance Minister Choi Sang-mok announced a slew of measures aimed at stabilizing the livelihoods of ordinary people at a governmental meeting on Tuesday. “Though the Korean economy has been showing signs of a reco
Jan. 16, 2024
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S. Korea to invest W3tr in robot industry by 2030
South Korea's industry ministry unveiled a plan Tuesday to invest 3 trillion won ($2.26 billion) in the robot sector with private businesses by 2030, with a goal of supplying 1 million robots to local industries. The plan for intelligence robots will focus on securing 80 percent of key robot parts locally by 2030, compared with the current estimate of 44 percent, according to the Ministry of Trade, Industry and Energy. The country will also promptly lift around 50 regulations to pave the wa
Jan. 16, 2024
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ICT exports up 8.1% in Dec. on higher chip demand
South Korea's exports of information and communication technology products rose 8.1 percent in December from a year earlier mainly thanks to a recovery in global chip demand, government data showed Tuesday. Outbound shipments of ICT products came to $18.3 billion last month, compared with $16.9 billion a year earlier, according to the data compiled by the Ministry of Science and ICT. The December tally marked the highest monthly figure for 2023 and the second consecutive month of on-year ga
Jan. 16, 2024
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Complaint filed against Coupang over alleged unfair practices
11Street Co., a South Korean e-commerce company, said Tuesday it has filed a complaint with the anti-trust regulator over its bigger rival Coupang, Inc.'s alleged unfair practices. New York-listed Coupang has recently released the comparison between the maximum commission rates it receives from its product suppliers and competitors' rates to show its rates are lower than theirs. The comparison comes after a local newspaper report that Coupang receives hefty commissions from its supplie
Jan. 16, 2024
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China's exports rise 2.3% in December amid uneven recovery, while consumer prices edged lower
HONG KONG (AP) — China's exports grew slightly for a second consecutive month in December even as deflationary pressures persisted, according to official data released Friday that underscored the uneven nature of the country’s economic recovery from the pandemic. Demand for Chinese exports has been weak since the Federal Reserve and central banks in Europe and Asia began raising interest rates last year to cool inflation that was at multi-decade highs. Exports rose 2.3 p
Jan. 12, 2024
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Posco CEO, board members booked for investigation over luxurious overseas board meeting
Police have booked the CEO of South Korean steel titan Posco and a dozen other board members for investigations on charges of having subsidiary firms shoulder their overseas board meeting expenses worth some 700 million won ($532,244). The 16 board members of Posco holdings, includ ng its CEO Choi Jeong-woo, held a weeklong board meeting in Canada last year, which cost some 680 million won in total. Police suspect the expenses were shared by the company's subsidiaries, with Posco-Canada pay
Jan. 12, 2024
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Taeyoung receives 96% of support from creditors for debt restructuring
Troubled builder Taeyoung Engineering & Construction Co. has received 96.1 percent of support from creditors to move forward with a debt restructuring program, its main creditor said Friday. The level of support was higher than the 75 percent that Taeyoung was required to have for the debt rescheduling program, allowing the builder to postpone the repayment of its debts until April 11. Under the program, due diligence will be conducted to figure out the financial status of Taeyoung and its v
Jan. 12, 2024
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Creditors vote to allow troubled builder Taeyoung to move forward with debt restructuring
Creditors of debt-ridden Taeyoung Engineering & Construction Co. voted Thursday to allow the ailing builder to move forward with a debt restructuring program. Taeyoung, the 16th-largest builder in South Korea in terms of construction capacity, applied for a debt restructuring program late last month due to a liquidity shortage over real estate project financing (PF) loans. The state-run Korea Development Bank (KDB) and other creditors held a meeting earlier Thursday to vote on whether to all
Jan. 11, 2024
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Hana Bank to provide W356b in support for small businesses
Hana Bank announced Thursday that the company would provide 355.7 billion won ($270 million) in financial support for small business owners, who are struggling with high interest rates and the recent economic setback. Hana Bank said its support program will offer cashback on interest payments, subsidies on utility fees and consulting services to some 300,000 small business owners and self-employed individuals. Hana Bank has allocated 219.4 billion won for a cashback program on interest payments
Jan. 11, 2024
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BOK kicks off 2024 by keeping interest rate steady
The Bank of Korea maintained the key rate at 3.5 percent for the eighth consecutive session at its first rate-setting meeting of the year on Thursday, confirming its unwavering will to combat inflation. The monetary policy board of the central bank decided to hold the rate through a unanimous vote, keeping the rate steady for nearly a year since February 2023. Though potential fallout from project financing loans in the construction industry looms with Taeyoung Engineering & Construction fil
Jan. 11, 2024