Most Popular
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Who's lying? Hybe vs. Min conflict continues to intensify
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Seoul should engage Kim Jong-un’s elites for change, ex-North Korean diplomat says
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Most teen sex offenders get away with slap on wrist
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Ex-Trump official calls for S. Korea to raise defense spending to 3 or 3.5% of GDP
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Man sentenced to 1 year, 8 months for stealing from elementary school classrooms
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Same-sex couple denied insurance clearance despite landmark ruling
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FM champions multilateralism, stresses S. Korea's vision as 'global pivotal state'
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Panmunjom tours for select Korean nationals may resume in October
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Young Poong says no better offer for Korea Zinc
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Korea's first global webtoon festival lights up Seongsu-dong
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[Market Now] Yongpyong Resort to finance real estate development with IPO
Yongpyong Resort said Monday that it is seeking to raise 135.4 billion won ($118.8 million) by issuing 16.7 million common shares for an initial public offering.In a regulatory filing, Korea’s third largest resort and hotel operator by sales said it will use the IPO proceeds to finance the construction of a condominium, apartments for Olympic athletes at the 2018 PyeongChang Winter Olympics and a budget hotel, as well as repay its debt to state-run Korea Development Bank. Yongpyong Resort (Yonha
May 2, 2016
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Subway station staff busted for filming women’s toilet
A subway station employee was busted for taking videos of women inside the station’s toilets. The man, 28, had worked at the Gangnam Subway Station since 2013. Although he had been reported for suspicious acts on multiple occasions in the past, he was only arrested after being caught in the act while filming through the gap between the floor and the toilet partition in February. This is a stock image. (123RF)The victim, 25, said she spotted the camera lens pointing up at her from the ground and
Social AffairsMay 2, 2016
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Tech giants lock horns over Korean cloud market
Tech giants from home and abroad are battling to garner a larger slice of the Korean market for cloud computing solutions, industry watchers said Monday, as local demand for the services is expected to grow sharply down the road.The Korean market for cloud computing solutions is expected to reach $1.2 billion in 2019, up from the $540 million posted in 2014, according to the data compiled by industry tracker Gartner.Cloud computing solutions allow users to access their photos, documents and othe
TechnologyMay 2, 2016
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Korean firms shifting overseas business focus to Vietnam
Korea's consumer goods firms are shifting their overseas focus to Vietnam as their business in China reaches its limits, increasing investment and aggressively opening new branches, according to industry watchers on Monday.With a population of over 90 million and 60 percent in their 30s or younger, Vietnam stands out as a market promising robust growth. A recent report by the Korea Trade-Investment Promotion Agency said the Korean government is pursuing expansion of consumer goods exports to Vie
May 2, 2016
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Boys less affected by video games if close to dad: research
Students’ academic performance are less affected by video games if they are close with the parent of the same gender, according to research published by a Yonsei University’s sociology team onMonday. Led by professor Youm Yoo-sik, the team conducted a survey on 5,220 male and female students attending middle and high schools. (123RF)The research was based on the average time the students spent playing games and the level of their self-assessed addiction on a grade of one to five. The games inc
Social AffairsMay 2, 2016
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SK Telecom wins bid for 2.6 GHz band
South Korea’s largest mobile carrier SK Telecom has won its bid for two new bandwidths intended for faster and broader data services, the government said Monday.The company secured a pair of bandwidth blocs in the 2.6 GHz band for 950 billion won ($832 million) and 327 billion won, respectively, according to the Ministry of Science, ICT and Future Planning.Its main rival KT has won a bid for the 1.8 GHz band for 451 billion won and the country’s smallest mobile carrier LG Uplus took the 2.1 GHz
TechnologyMay 2, 2016
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Banks' bad loans surge to 15-year high in 2015
The amount of bad loans extended by local banks surged to a 15-year high last year, largely due to a rise in the amount and rate of soured corporate loans, industry data showed Monday.As of the end of 2015, the total amount of bad loans held by local banks came to 29.98 trillion won ($26.21 billion), up from 24.21 trillion won a year earlier, according to the data from the Financial Supervisory Service (FSS). Lending section of a commercial bank branch in Seoul (Yonhap)The 2015 figure marks the
May 2, 2016
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[Graphic News] Korea Securities Depository pays highest salary among public institutions
The Korea Securities Depository pays the highest salary among public institutions, according to a report by Alio, an online information provider on public agencies, on Monday. Out of the 321 domestic public institutions, employees of KSD, an affiliate with the Financial Services Commission, received an average of 104.9 million won ($91,950) last year, a 4.2 percent increase from 100.7 million won in 2014.Second place went to those who work for the Korea Investment Corp. where they receive an ave
May 2, 2016
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Korea posts 1st deficit for diesel vehicle trade
Korea posted the first deficit ever for its diesel car trade last year as imports expanded sharply despite the fake emission scandal involving some popular models of Volkswagen, industry data showed Monday.According to the data by the Korean Automobile Importers and Distributors Association, the country's trade deficit for diesel passenger cars came to $1.42 billion last year, a turnaround from a surplus of about $870 million a year earlier. This marked the first ever deficit that the country ha
MobilityMay 2, 2016
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BOK chief vows support for restructuring, but cautions against misunderstandings
The head of South Korea's central bank vowed full support for corporate restructuring Monday, but warned against what he called public misunderstanding."The bank has repeatedly stressed that corporate restructuring is a very important task for our economy and that it will actively fulfill its necessary role in the process," Bank of Korea Gov. Lee Ju-yeol said while meeting with senior BOK officials. BOK chief Lee Ju-yeol (Yonhap)"As discussions on corporate restructuring are now seriously underw
May 2, 2016
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'Severed body’ case investigation ongoing
The lower-half of a man’s body was found on Daebudo Island, Ansan, on Sunday, and a police investigation is ongoing to locate the missing half. According to the Gyeonggi Provincial Police Agency, more than 900 policemen are currently combing through the area with two drones. The Pyeongtaek Marine Police is also participating in the search with 26 members. (Yonhap)The police said, “The drainage where the severed body was found leads to the sea. We presume the body could have been deserted where h
Social AffairsMay 2, 2016
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Korean banks' FX turnover hits all-time high in Q1
Daily foreign exchange turnover by Korean banks hit a new quarterly high in the first three months of the year, partly due to an increase in non-deliverable forward (NDF) trading, the central bank said Monday.The daily FX turnover came to $52.99 billion in the three months ended March 31, up $6.32 billion from the previous quarter, according to the Bank of Korea (BOK).The Q1 reading marks the highest level, replacing the previous quarterly high of $52.85 billion tallied in the first quarter of 2
May 2, 2016
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Female doctors arrested for drug abuse
Two female doctors and two nurses’ aides were arrested on Monday for abusing psychotropic drugs for their appetite suppressant effects. According to the Busan Police’s narcotics investigation team, the female obstetricians and their aides had consumed more than 3 million won ($2,600) worth of phentermine tablets between 2013 and 2016.This is a stock image. The doctors in this photo are not the ones mentioned in the article. (123RF)“Although the pill is known for its weight-watch effects, it is a
Social AffairsMay 2, 2016
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More firms subject to strict antitrust rules in April
The number of Korean business groups' affiliates subject to restrictions on mutual investments and loan guarantees rose in April from the previous month, the antitrust watchdog said Monday.The Fair Trade Commission (FTC) said the number of firms on its monthly watch list came in at 1,741 on Monday, up five from the previous month. Fair Trade Commission in Sejong City (Yonhap)Such affiliates are owned by the country's 66 largest business groups.Last month, the FTC added six companies including Ka
May 2, 2016
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LG's new smartwatch sales going smooth after AlphaGo marketing
LG Electronics said Monday it has sold more than 10,000 units of its latest smartwatch less than a month since its release, after a top Korean Go player wore the device during his historical battle in March with an artificial intelligence program designed to play the Asian board game.The Korean firm said it has been making efforts to expand the supply of the LG Watch Urbane 2nd Edition both at home and abroad as the demand remained above its earlier expectations. First released in April, daily a
TechnologyMay 2, 2016
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Pet industry grows diverse with more firms entering market
From a cosmetics company to a ginseng maker and mobile carrier, local enterprises are competing for a portion of the pet industry that is expected to soon grow to an annual 6 trillion won ($5.26 billion), retail market officials said Monday.Aekyung, a leading producer of cosmetics and household care goods, is due to launch a specialized pet care brand "Whistle" in mid-May. Working with Irion, an already-established firm in the pet business, Aekyung will highlight its 60-year corporate experience
IndustryMay 2, 2016
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Ssangyong Motor's April sales up 7.4%
Ssangyong Motor, the local unit of Indian auto giant Mahindra & Mahindra, said Monday that its April sales grew 7.4 percent on-year driven mostly by strong domestic demand.Ssangyong Motor sold 13,462 units last month, compared to 12,531 units a year earlier, the company said in a press release. The figure does not include complete knockdown kits that are assembled abroad. Ssangyong Tivoli Air (Yonhap)Domestic sales jumped 12.3 percent to 9,133 units over the cited period, helped by the continued
MobilityMay 2, 2016
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Housing market shows signs of slowdown: KDI
Korea's housing market showed some signs of a slowdown in the first quarter of 2016 due mainly to the government's move to tighten rules on household lending, a state-run think tank said Monday.The average price of homes rose 2.9 percent on-year in the January-March period, slowing down from a 3.5 percent on-year gain in the previous quarter, the Korea Development Institute (KDI) said in its latest report. Apartment complex in Seoul (Yonhap)On a seasonally adjusted basis, the first-quarter price
IndustryMay 2, 2016
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SK Telecom wins bid for 2.6 GHz band
Korea's largest mobile carrier SK Telecom has won its bid for two new bandwidths intended for faster and broader data services, the science ministry said Monday.The company secured a pair of bandwidth blocs in the 2.6 GHz band for 950 billion won ($832 million) and 327 billion won, respectively, according to the Ministry of Science, ICT and Future Planning. SK headquarters in Seoul (Yonhap)Its main rival KT has won a bid for the 1.8 GHz band for 451 billion won and the country's smallest mobile
IndustryMay 2, 2016
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Jazz fest’s last day finishes soggy, but strong
NEW ORLEANS (AP) -- Wind, rain and a lightning strike beside the stage where Bonnie Raitt was singing didn’t stop the soggy last day of the New Orleans Jazz and Heritage Festival from rollicking to a close. Lightning hit the scaffolding for a giant TV screen showing fans close-ups of Raitt and the band performing “Keep Your Mouth Shut.” People nearby jumped backward at the bright flash at the screen’s top outer corner. Then came a thunderclap, sounding like a brief explosion. Raitt kept singing
PerformanceMay 2, 2016