Most Popular
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‘Drag lawmakers out’: Yoon’s chilling order to commander
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Korean millennials, Gen Z make presence felt at protests
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NewJeans manager files workplace harassment complaint against Ador CEO Kim Ju-young
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Speak or not to speak? K-pop stars face dilemma amid national crisis
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Joint investigation team on Yoon launched
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Yoon refuses to resign, defends martial law against 'monstrous' opposition
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Prosecutors tighten grip on Kim
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Will ruling party lawmakers change course?
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Milwaukee Tools launches small yet powerful impact wrench
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Assembly passes reduced budget plan, special counsel
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Major banks' interest margin up for 3rd straight month despite BOK's rate cut
The interest margins of major South Korean banks have increased for the third consecutive month in October, data showed Sunday, despite the Bank of Korea's rate cut in the month that marked its first policy pivot in over three years. The average interest margin of five major banks -- KB Kookmin, Shinhan, Hana, Woori and NH Nonghyup -- came to 1.04 percentage points in October, up from 0.73 percentage point tallied the previous month, according to the data compiled by the Korea Federation of
Dec. 1, 2024
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S. Korea's exports grow for 14th month in Nov. on record shipments of chips
South Korea's exports posted year-on-year growth for the 14th consecutive month in November, driven by record semiconductor shipments, data from the Ministry of Trade, Industry and Energy showed Sunday. Outbound shipments rose 1.4 percent from a year earlier to $56.3 billion last month, while imports fell 2.4 percent on-year to $50.7 billion, resulting in a trade surplus of $5.61 billion. The country has maintained a trade surplus for 18 consecutive months. By sector, exports of semiconduct
Dec. 1, 2024
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Most foreign-owned land held by US citizens, houses by Chinese
The amount of property and land owned by foreigners in Korea has inched up this year, with Chinese nationals owning the majority of homes, but Americans owned the majority of land. The Ministry of Land, Infrastructure and Transport released Friday a report on foreign-owned real estate, which showed that approximately 93,000 foreign nationals owned 95,058 homes in Korea as of the end of June, accounting for 0.49 percent of the total housing stock. This represents a 3.9 percent increase -- by 3,60
Nov. 30, 2024
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[Contribution] Fair taxation in era of global economy
By Choi Jae-bong The presence of global brands, such as for automobiles, footwear and food products, has become an inseparable part of our daily lives. From consumer goods to global platform corporations, multinational enterprises have firmly embedded themselves into the global economy, which is now entirely ordinary to us living in this era. MNEs play a pivotal role in the global economy, driving technological innovation, creating jobs and fostering industrial development across various sec
Nov. 29, 2024
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Chinese account for 56 % of homes owned by foreigners in S. Korea
Chinese nationals accounted for 56 percent of all housing units owned by foreigners in South Korea, data showed Friday. According to the data from the Ministry of Land, Infrastructure and Transport on the home ownership of foreigners, Chinese nationals owned 52,798 out of the 95,058 housing units registered under foreign nationals in the country as of the end of June. The number of homes owned by Chinese nationals grew 4.9 percent from six months earlier. Following Chinese, Americans owned 21,36
Nov. 29, 2024
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Finance minister hails BOK's surprise back-to-back rate cut
South Korea's top economic policymaker on Thursday welcomed the central bank's unexpected decision to cut its benchmark interest rate for the second time in a row, reaffirming the government's commitment to revitalizing economic growth. In a surprise move, the monetary policy committee of the Bank of Korea (BOK) slashed its key rate by 25 basis points to 3 percent, one month after it cut the rate by a quarter percentage point in the first pivot in its policy stance in over three y
Nov. 28, 2024
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BOK makes surprise 2nd rate cut to boost growth
The Bank of Korea slashed the base interest rate for the second consecutive time Thursday, amid heightened uncertainties and slow growth. The cut surprised the market as the local currency has weakened against the dollar in recent weeks. The Bank of Korea’s monetary policy board trimmed the base rate by 25 basis points, bringing it down to 3 percent. Four of the other six monetary policy board members, not including BOK Gov. Rhee Chang-yong, agreed to the rate cut, while the remaining two
Nov. 28, 2024
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S. Korean firms reviewing measures in response to Trump's tariff threat on Mexico-made goods
South Korean companies with manufacturing bases in Mexico are reviewing countermeasures in response to US President-elect Donald Trump's plan to impose a 25 percent tariff on imports from Mexico at the start of his second term. Trump announced on social media Monday that he plans to issue an executive order to levy tariffs on goods made in Mexico and Canada on his first day in office, as part of his campaign to incentivize firms to relocate production to the United States. Mexico has long b
Nov. 27, 2024
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[India Forum] Herald joins hands with India's FISME to empower SMEs
NEW DELHI -- Herald Media Group has inked an agreement with India's largest organization of micro, small and medium enterprises to promote the exchange and cooperation of Indian and Korean SMEs. Herald Media Group CEO Choi Jin-young and Sandeep Kishore Jain, the president of the Federation of Indian Micro and Small & Medium Enterprises, signed a memorandum of understanding during a business roundtable at Yashobhoomi, a convention and exhibition center in Dwarka, Delhi, on Friday. The
Nov. 26, 2024
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[India Forum] KoINDEX offers glimpse into Korea's commitment to India
NEW DELHI -- Indian employees at Korean conglomerates, including LG Electronics, Hyundai Motors and Orion, enthusiastically showcased their new technology and latest products at an industrial exhibition commemorating the 51st anniversary of diplomatic ties between Korea and India. KoINDEX, with G-FAIR 2024, gathered more than 600 exhibitors with over 3,000 booths from India and Korea to create new business opportunities at the Yashobhoomi convention center in Delhi, India, from Nov. 21-23. LG El
Nov. 26, 2024
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[India Forum] Korea, India seek to maximize synergy at Delhi business forum
NEW DELHI -- South Korea and India have significant untapped potential for developing trade and economic cooperation in a wide range of areas, experts said at a forum in India on Friday. To commemorate the 51st anniversary of diplomatic relations between Korea and India, the Korea-India Business Partnership Forum took place at Yashobhoomi in New Delhi, with more than 600 government officials, business leaders, and cultural and artistic figures from both countries in attendance. A complementary m
Nov. 26, 2024
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Kakao Bank aims to boost customer base, non-interest income
Top online lender Kakao Bank said Tuesday that it aims to further jack up its customer base, thus achieving 100 trillion won ($71 billion) in assets by 2027. The internet-only bank said it also plans to boost the portion of its non-interest income to 40 percent of its operating income by 2027 via mergers and investments. As of end-September, its number of customers stood at 24.43 million, up 2.15 million from a year earlier. It aims to achieve 30 million customers by 2027. Its assets stood at 62
Nov. 26, 2024
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Business sentiment for December pessimistic over external risks, weak demand
South Korea's business sentiment index remained pessimistic for December due to concerns of weak domestic demand and external risks, a poll showed Tuesday. The business survey index (BSI) for the country's top 600 companies by sales stood at 97.3 for next month, according to the monthly poll by the Federation of Korean Industries. A reading below 100 means pessimists outnumber optimists, while a figure above the benchmark means the opposite. The index has remained below 100 for 33 cons
Nov. 26, 2024
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Insurance firms' Jan.-Sept. net rises 13 pct on increased sales, investment returns
Insurance companies in South Korea saw their combined net profit surge 13 percent in the first nine months of the year on the back of increased sales and investment returns, data showed Tuesday. The combined net profit of 22 life insurers and 31 non-life insurance companies in the country came to 13.4 trillion won ($9.53 billion) in the January-September period, up 1.56 trillion won, or 13.2 percent, from the same period last year, according to the data from the Financial Supervisory Service. Th
Nov. 26, 2024
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Consumer sentiment falls in Nov. on slowing export growth, Trump uncertainty
South Korea's consumer sentiment fell in November as concerns have risen over slowing exports and uncertainties stemming from expected policy changes of the new Donald Trump administration, a central bank poll showed Tuesday. The composite consumer sentiment index stood at 100.7 this month, down from the previous month's 101.7, according to the survey conducted by the Bank of Korea (BOK). A reading above 100 means optimists outnumber pessimists. As for inflation, ordinary people expect
Nov. 26, 2024
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Korean banks head to CES amid AI push
South Korean banks will head to Las Vegas next January for CES 2025, with some set to showcase their latest artificial intelligence-driven financial technologies at the world’s largest consumer electronics event. Among the participants will be Shinhan Bank, returning for a third consecutive year to host its own booth at the global expo. This year, the bank will highlight two of its newest innovations -- "AI Investment Mate" and "AI Branch." "AI Investment Mate,&quo
Nov. 25, 2024
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S. Korean business presence in China fading amid local competition, weakened sales
The business presence of South Korean companies in China has withered palpably in recent years amid toughened competition from local rivals and sluggish domestic demand in the neighboring country, industry watchers said Monday. In September, LG Display Co. sold its liquid-crystal display (LCD) factory in China's Guangzhou to a local company for around 2 trillion won ($1.43 billion), effectively ending China operations of South Korean LCD manufacturers following a similar move by industry
Nov. 25, 2024
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S. Korean, Japanese biz chambers agree to strengthen energy, supply chain ties
The Korea Chamber of Commerce and Industry, a major South Korean business lobby, held a meeting with its Japanese counterpart on Monday and agreed to strengthen ties in areas of energy, supply chains, and advanced technologies. According to the KCCI, the 13th meeting of the business chamber leaderships of South Korea and Japan was held in Osaka in collaboration with the Japan Chamber of Commerce and Industry. Their last meeting took place in Busan, South Korea, in June 2023. The South Korean sid
Nov. 25, 2024
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Govt. hosts roundtable with S. Korean firms in Vietnam on US trade policy
The trade ministry hosted a roundtable with South Korean businesses operating in Vietnam on Monday to discuss strategies for addressing potential changes in US trade policies under the incoming administration. The meeting, held in Seoul, came amid potential shifts under the second Donald Trump administration, including the implementation of blanket tariffs on all imports, which are expected to impact South Korean firms operating overseas as well, according to the Ministry of Trade, Industry and
Nov. 25, 2024
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Job creation lowest on record among under-30s
The number of newly hired workers in their teens and 20s marked the lowest figure since an official tally has been kept since 2018, a government data showed Sunday. A total of 1.45 million new hires among people under the age of 30 occurred in the second quarter of this year, down 8.6 percent from 1.59 million in the same quarter in last year, according to the Korean Statistical Information Service data by the Statistics Korea. The number of existing jobs held by the same worker for Q2 marked
Nov. 24, 2024