Most Popular
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Criminals who drugged teens' drinks with meth sentenced to up to 18 years
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Rival parties unite to form 4-way body to break med school standoff
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Korea to certify safety of EV battery from October
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Wartime sexual slavery victims file for Japanese govt. asset disclosure
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S. Korea logs current account surplus for 3rd month in July
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Producer Teddy's girl group Meovv debuts, showcasing dual feline charms
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Farewell summit: Yoon, Kishida pledge to keep momentum in revitalizing ties
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Man to pay W727m for opening plane door before landing
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Two Korean women arrested for stealing tourist's bag in Turkey
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Frieze Seoul sees slower sales, yet confirms stronger art scene in Seoul
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[Graphic News] Local banks’ bad debt soars 13%
Some conglomerates’ financial woes and households’ growing difficulties in repaying debts are increasing local banks’ bad debt. The total sum of nonperforming loans from the country’s six largest banks has been snowballing, reaching 13.1 trillion won ($12 billion) as of the end of March, up 12.9 percent since December’s 11.6 trillion won. A nonperforming loan is one that appears unlikely or impossible to be repaid.The six banks ― Shinhan Bank, Hana Bank, Korea Exchange Bank, KB Kookmin Bank, Woo
May 8, 2013
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[Graphic News] Korea, Poland politically most stable of 30 nations
Korea and Poland were rated as the most politically stable among 30 emerging countries, according to a survey by Eurasia Group. In its latest Global Political Risk Index, the U.S.-based political and financial risk consulting firm gave Korea 77 out of 100. The index is based on how well the government, society, security and the economy can withstand political shocks.The high ranking indicates Korea’s ability to offset risks and uncertainties posed by North Korean threats and change of government
Social AffairsMay 7, 2013
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[Graphic News] IPTV subscribers surpass 7m mark
The number of Internet Protocol television subscribers surpassed 7 million on Friday, according to the Korea Digital Media Industry Association.Since its first appearance in January 2009, the IPTV penetration rate has been faster than any other paid TV broadcasting such as cable TV and satellite broadcasting. It took eight years for cable TV to pass 7 million subscriptions and nine years for satellite broadcasting to reach 3 million. Analysts said the fast rise in IPTV subscriptions is largely t
May 6, 2013
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[Graphic News] Hyundai-Kia making U.S. comeback in 2013 sales
Hyundai Motor and its sister automaker Kia Motors have revved up their presence in the U.S. market since early this year, recovering from last year’s lackluster sales dwarfed by Japanese carmakers.Hyundai and Kia sold a total of 110,871 units, gaining a combined market share of 8.6 percent as of last month, up from 7.3 percent in December.Although their combine market share is still short of the 9-plus percent achieved in April last year, the Korean auto giants are gradually recovering due to in
IndustryMay 5, 2013
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[Graphic News] Incheon Airport best-paying public firm for new staff
Incheon International Airport Corp. has been revealed to pay the highest starting salary among public corporations.The average yearly salary for new employees at the 30 top public corporations last year was 39.18 million won ($27,825), up 10.2 percent from the previous year, according to local employment portal Saramin on Thursday.The data was based on Alio (All Public Information In One), a public management information system run by the Ministry of Strategy and Finance.IIAC was followed by Uls
May 2, 2013
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[Graphic News] Korean, Japanese billionaires acquire wealth differently
Most of Korea’s billionaires accumulated their wealth through inheritance, while the Japanese superrich built up their wealth by creating their own business, according to a recent survey by CEO Score, a local online corporate management evaluator.In the survey of the top 50 richest people in Korea and Japan based on their stock ownership, 78 percent of Korea’s richest are second and third generation chaebol chiefs. In contrast, 60 percent of the top 50 richest Japanese are entrepreneurs. In Kore
May 1, 2013
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[Graphic News] Sungnyemun to open to great fanfare after more than five years of renovation
Sungnyemun, or the South Gate from the Joseon era (1392-1910), will be unveiled to the public on Saturday after 63 months of restoration. A lavish ceremony is planned to mark the return of the National Treasure No.1 in central Seoul. The restoration was the fruit of around 35,000 people’s dedication, from the selection of the best wood and stone to adhering to the most traditional method possible.The Cultural Heritage Administration said it reinforced fireproofing and the fire alarm system since
CultureApril 30, 2013
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[Graphic News] Turkey becomes Korea’s 9th FTA partner
The Korea-Turkey Free Trade Agreement, which comes into effect on Wednesday, is to be Korea’s ninth FTA, as well as the first to take effect under the new Park Geun-hye administration.Under the FTA, all tariffs on industrial goods, including automobiles, plastic and home appliances, will be eliminated within seven years, according to the Ministry of Trade, Industry and Energy and the Korea International Trade Association.As of last year, Turkey was Korea’s 25th-largest trading partner with $4.55
IndustryApril 29, 2013
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[Graphic News] Korea’s labor productivity still low
Korea’s labor productivity ranked 23rd among 34 members of the Organization for Economic Cooperation and Development in 2011, moving up one notch from 2010, the government said.In 2011, the total output by each Korean worker came to $62,185, which amounted to 79.9 percent of the OECD average but 60.6 percent of that of the U.S., according to the Ministry of Trade, Industry and Energy.The ministry noted that Korea’s labor productivity grew at an average annual rate of 2.92 percent, the sixth high
April 28, 2013
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[Graphic News] Seoul posts poor growth in equities
South Korea lagged far behind major countries in growth of stock prices this year due mainly to lackluster private consumption and a slowdown in export performance upon Japan’s weakening yen. According to an adjusted index unveiled by the U.S.-based Morgan Stanley Capital International, the country recorded minus 0.5 percent growth on-quarter of composite equity prices during the first quarter.The MSCI Index for the shares on the Korean bourse dropped from 575.311 at the end of 2012 to 572.151 a
April 25, 2013
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[Graphic News] Gay marriage around the globe
France became the 14th country in the world to legislate for gay marriage on Tuesday, following months of bitter debate over the socially divisive issue.Europe remains the stronghold of same-sex unions, with Spain, Portugal, Iceland, Sweden, Norway, Denmark, Belgium and the Netherlands all having relevant laws on the books. In North America, Canada and nine U.S. states recognize gay marriage. Argentina and Uruguay and parts of Brazil and Mexico fly the flag for same-sex unions in Central and Sou
Foreign AffairsApril 24, 2013
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[Graphic News] Cheaper yen benefits Japanese carmakers
The cheaper yen is improving the competitiveness of Japanese carmakers, while their Korean and German rivals are expected to struggle with falling profits. According to IBES earnings estimates on Tuesday, Toyota is estimated to log $4.79 billion in operating profit in the first quarter, a 60.5 percent increase from a year ago. Japan’s Nissan and Honda were also to see a 38 percent and 23.6 percent increase in profits, respectively. Despite their increased sales this year, however, Korea’s Hyunda
IndustryApril 23, 2013
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[Graphic News] Korea remains stable in food security
Korea ranked 21st for food security in a global survey of 105 countries, posting a score of 77.8 out of 100, according to the Korea Rural Economic Research Institute on Monday. The index was created by the U.K.-based Economist Intelligence Unit, using data on food affordability, availability, quality and safety of each country surveyed. The U.S. topped the index, securing a score of 89.5, followed by Denmark (88.1) and Norway (88.0). The survey, however, didn’t use food self-sufficiency data to
IndustryApril 22, 2013
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[Graphic News] Manhunt in Boston for bombing suspect
World NewsApril 21, 2013
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[Graphic News] 1 in 5 Korean men to die of illnesses linked to smoking
One out of 5 Korean men is projected to die of an illness linked to smoking, according to research by the state-run Korea Institute for Health and Social Affairs. The institute unveiled the study Thursday as the Ministry of Health and Welfare pushes to raise prices of cigarettes to help smokers kick the habit. The research claimed that 79,917, or 21.6 percent, of about 370,000 high school seniors in 2010 were likely to die of smoking-related illness by age 85.It added that 26.9 percent of adults
TechnologyApril 18, 2013
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[Graphic News] IMF revises down global economic outlook
The International Monetary Fund announced Tuesday that it had downgraded this year’s outlook for global economic growth, citing continued risks. In its most recent report on the global economic outlook, the IMF lowered this year’s global economic growth projection to 3.3 percent, 0.2 percentage point down from three months ago.The IMF also lowered Korea’s expected growth rate to 2.8 percent, 0.4 percentage point down from three months ago, citing the country’s weak exports and domestic consumpti
April 17, 2013
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[Graphic News] Weak yen deals blow to Korean exports
Concerns over the impact of the weakening yen on the nation’s exports are proving well founded. About 40 percent of Korean-made products that compete against Japanese goods in the global market posted reduced export figures for the first two months in 2013 compared with the same period a year ago, the Korea International Trade Association said in a press release. In a KITA survey of the nation’s 49 export items in competition with Japanese goods, including cars, ships and petroleum products, exp
IndustryApril 16, 2013
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[Graphic News] More Korean hospitals going abroad
The number of Korean medical institutions expanding overseas has nearly doubled in the last three years, a report showed Monday.According to the report released by the state-run Korea Health Industry Development Institute, 91 Korean hospitals had made inroads into foreign countries as of December, up 85 percent from 49 in 2009.The hospitals were operating in 16 countries in Asia and North America. The most popular countries were China, where 31 Korean hospitals provide medical services, and the
Social AffairsApril 15, 2013
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[Graphic News] Import car repair costs average $2,300
Repair costs for import cars produced by companies such as BMW and Mercedes-Benz average 2.6 million won ($2,300), far exceeding the average of 840,000 won for the five Korean-made brands.Over the weekend, the Korea Insurance Development Institute released the import car repair costs paid by nonlife insurance companies in 2011.The institute’s report showed that import car repair charges were three times higher than those for domestic cars.Further, components of import cars were five times more e
April 14, 2013
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[Graphic News] N. Korea ready to launch multiple missiles
North Korea has completed preparations for launching multiple missiles with various ranges that can put South Korea, Japan and U.S. bases in Guam within striking range, Seoul officials said.The communist state has positioned two Musudan missiles with ranges beyond 3,000 kilometers at a launch site on its east coast. The intermediate-range missiles can, in theory, reach Guam, a key strategic U.S. base in the Asia-Pacific. Seoul also spotted four to five transporter-erector-launchers around the Do
North KoreaApril 11, 2013