Most Popular
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Opposition mulls delay of financial investment income tax
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Immigration policy must go beyond labor supply: experts
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‘Korea crossed the line too far’ disgraced singer’s lawyer cries foul after 3rd visa denial
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S. Korea to showcase Hyunmoo-5 ballistic missile on Armed Forces Day ceremony for 1st time
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Nasrallah's killing reveals depth of Israel's Hezbollah penetration
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Park Zi-a, the actor who played 'The Glory' heroine's mother, dies
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Psy's touch or new trend in music? P Nation’s solo stars lose their shine
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Korean American documentary ‘Free Chol Soo Lee' wins Emmy
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KMA chief under pressure after surveyed doctors refuse to back him
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Meditation brings calm to Gwanghwamun
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Korea’s corporate debts carry severe risks
Warnings have been repeatedly raised on the danger mounting household and government debts are posing to the country’s sluggish economy.Corporate debt problems have been considered less severe. A recent report from a local research institute, however, showed that this perception was far from reality.Korean companies’ debt-servicing capacity was near the bottom among those in the 41 nations surveyed in the report released by the LG Economic Research Institute earlier this month. Their cash flow c
Feb. 18, 2016
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Would eliminating $100, 500 euro banknotes beat crime?
Drug czars and terrorists could find their operations tougher -- or at least their gym bags heftier -- if proposals to eliminate high-value US and European banknotes gain traction.The world's bad guys, from South America's cocaine cowboys to the Islamic State jihadist group to tax evaders smuggling riches into Switzerland, are often depicted shouldering sacks or toting briefcases jammed with bundles of $100 or 500 euro banknotes.If those large bills were eliminated, argues a new Harvard Universi
Feb. 18, 2016
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Standard and Poor's cuts Saudi Arabia's rating by two notches
Standard and Poor's cut Saudi Arabia's credit rating by two notches on Wednesday, saying low oil prices would have a considerable impact on the country's finances and economy."In our view, the decline in oil prices will have a marked and lasting impact on Saudi Arabia's fiscal and economic indicators given its high dependence on oil," said the ratings agency in a statement.Global oil prices have crashed by some 70 percent from peaks above $100 per barrel in mid-2014, hurting the finances of oil-
Feb. 18, 2016
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Japan swings back to trade deficit as China exports plunge
Japan swung back to a trade deficit in January as exports to China plunged, official data showed Thursday, underscoring the impact of a slowdown in one of Tokyo's biggest trade partners.The disappointing figures come after Japan's economy shrank 0.4 percent in the October-December quarter -- or an annualised 1.4 percent drop -- owing to weak demand for big-ticket items like cars and home appliances.That was Japan's second quarterly contraction in 2015, and dealt another blow to Prime Minister Sh
Feb. 18, 2016
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Korean banks' FX turnover hits 7-year high in 2015
Daily foreign exchange turnover by Korean banks reached a seven-year high in 2015 due largely to proactive won-yuan transactions, the central bank said Thursday.The daily FX turnover came to $48.43 billion last year, up 8 percent from the previous year's $44.84 billion, according to the Bank of Korea (BOK). Bank of Korea (Yonhap)The 2015 figure marks the highest since 2008 when the volume stood at $48.65 billion won, it noted."The growth was largely attributable to growth in trading between the
Feb. 18, 2016
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Korea's intellectual property trade deficit hits record low in Q3
Korea's trade balance from intellectual property rights remained in the red in the third quarter of last year, but the deficit shrank to an all-time low on the back of a cut in deficits from industrial property rights, data showed Thursday.In the July-September period, Asia's fourth-largest economy posted a trade deficit of $400 million in the intellectual property sector as it exported $2.83 billion and imported $3.23 billion, according to the Bank of Korea (BOK).Bank of Korea (Yonhap)The Q3 t
Feb. 18, 2016
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1 out of 4 companies consider layoffs this year: survey
One out of four Korean companies plan to reduce their workforces this year to save costs, bracing for the grim reality of sluggish exports and dull domestic consumption, a poll showed Thursday. According to the survey by online recruiting agency Saramin on 307 human resource officials, 23.8 percent said they plan to cut their staffs this year. Among them, 41.1 percent reduced their workforces last year as well.Job seekers at a job fair in Seoul (Yonhap)With nearly half of the respondents opting
Feb. 18, 2016
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Kia Motors faces class-action suit for defect in Sorento
Nearly 340 people have joined a class-action lawsuit against Kia Motors Corp. for a defect in its Sorento sport utility vehicle, demanding compensation for cost and losses caused by rust in its seat frame, their legal representatives said Thursday.After the Sorento model subject to the lawsuit, which was produced in 2014, drew complaints from its customers, Kia Motors provided free repair for cars brought to its service centers. However 192 owners took legal action in late October, claiming that
IndustryFeb. 18, 2016
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Hyundai Motor's sales in India up 9.3% in January
Hyundai Motor, Korea's leading automaker, saw its January sales in India grow over 9 percent on-year thanks in part to robust demand for the Creta crossover SUV, industry data showed Thursday.According to the data by the Society of Indian Automobile Manufacturers, Hyundai Motor sold a total of 38,016 cars in India last month, up 9.3 percent from a year earlier. Its market share there also increased by 1.3 percentage points to 16.5 percent over the same period, the data showed. The brisk January
IndustryFeb. 18, 2016
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Flexible display market to leap forward in 2016
The global market for flexible displays is expected to grow sharply in 2016, data showed Thursday, as more industry players are rushing to jump into the curved and foldable electronics panel market.According to the data compiled by industry tracker IHS, the world's flexible display market is estimated at $5.36 billion in 2016, soaring from $2.4 billion last year. The shipment by volume is also set to rise twofold to 122 million units from the 55 million posted last year. Samsung flexible display
IndustryFeb. 18, 2016
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K-culture supporters group organized in Russia
A group of local Russians has launched an organization to introduce and support the Korean culture wave of hallyu, which has been earning widespread popularity in Russia.The newly organized "K-culture supporters" have begun full-fledged activities after a launching ceremony at a Russian hotel on Tuesday (local time) in a bid to assist cultural exchanges between South Korea and Russia while supporting the spread of hallyu.The 17-member organization includes figures representing the Russian cultur
CultureFeb. 18, 2016
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Korean banks' profit nearly halves in 2015
Korean banks saw their earnings almost halve in 2015 from the previous year as they earned less interest income and had to set aside more loan-loss reserves, the financial watchdog said Thursday.The combined net income of 18 commercial and state-run banks stood at 3.5 trillion won ($2.85 billion) last year, down 42.6 percent from 6 trillion won the previous year, according to the Financial Supervisory Service (FSS). Financial Supervisory Service in Seoul (Yonhap)The 2015 figure was their weakest
Feb. 18, 2016
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Presidential office reviews tasks amid security threats
Cheong Wa Dae said Thursday it is reviewing 16 government-wide tasks to better cope with persistent threats posed by North Korea's nuclear and missile programs.The tasks are a follow-up measure to President Park Geun-hye's order during a Cabinet meeting Tuesday when she asked officials to establish a readiness posture amid security threats.The detailed tasks will be elaborated further during a vice minister-level official meeting later in the day, officials at the presidential office said.The ta
PoliticsFeb. 18, 2016
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Almost 2 years after disaster, question of memorializing classrooms looms
After a disaster sweeps away three quarters of a high school class, an unusual question arises: What should be done with the abandoned classrooms?For nearly two years after April 16, 2014, when more than 300 students perished in a capsized ferry, the answer, albeit out of administrative negligence more than anything else, had been to preserve them.Now, with the entering class of Danwon High School in Ansan, south of Seoul, numbering more than the existing four classrooms, the question is being r
Social AffairsFeb. 18, 2016
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Navy, Coast Guard hold joint training on defense against North Korean terror threats
The Navy held a joint exercise with the Coast Guard Thursday to counter potential terrorist attacks on the sea by North Korea, the Navy said Thursday.The Navy-led joint drill was held in the East Sea with the participation of nine warships and patrol vessels, including the Navy's 3,200-ton destroyer Gwanggaeto the Great and the 1,500-ton patrol ship Je-min from the Coast Guard.The Navy's UH-60 Black Hawk helicopter and a joint anti-terror team composed of Navy SEALs and the maritime police speci
North KoreaFeb. 18, 2016
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Top court orders retrial for former judge convicted of bribery
The Supreme Court on Thursday returned to a lower court a ruling that sentenced a former judge to three years in prison for taking bribes from a private money lender in return for legal favors.The 44-year-old, identified only by his surname Choi, was indicted last year over allegations he received some 269 million won ($220,400) from 2009 to 2012, in exchange for helping a notorious loan shark receive reduced sentences for crimes related to drugs and blackmail.The usurer had multiple trials betw
Social AffairsFeb. 18, 2016
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Park meets with Palestinian leader
South Korean President Park Geun-hye met with visiting Palestinian President Mahmoud Abbas Thursday to discuss bilateral ties, presidential officials said."The two leaders exchanged opinions on their mutual interests, including the Palestinian situation," Presidential spokesman Jeong Yeon-guk said before the meeting.Abbas arrived in South Korea earlier in the day for a three-day visit after traveling to Japan.It marks the second visit by the leader to South Korea after the previous one in 2010.A
Foreign AffairsFeb. 18, 2016
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Ruling party policy chief calls for nuke capability
A ruling party policy chief said Thursday that South Korea should be able to reprocess spent nuclear fuel -- a procedure banned under an accord with the U.S. -- to gain potential capabilities to build nuclear bombs.The remarks by Rep. Kim Jung-hoon of the Saenuri Party came amid intense public debate over whether Seoul should opt for nuclearization to effectively counter Pyongyang's evolving nuclear and missile threats."In preparation against Pyongyang's possession of nuclear arms, (South Korea)
PoliticsFeb. 18, 2016
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GM Korea strengthens ties with Incheon for growth
GM Korea said Thursday it has signed an agreement with six organizations of Incheon City, including the city government and the Incheon Chamber of Commerce and Industry, to jointly promote the economic growth of the nation’s third largest city. The Korean unit of the U.S. automaker that runs a production line in Incheon is one of the major businesses contributing to the local economy. The key role of GM Korea in the partnership is to strengthen its support of the city’s automotive industry by in
MobilityFeb. 18, 2016
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North Korean threats call for closer defense ties
South Korea and Japan should bolster their defense ties in response to growing threats from North Korea, Japan's defense minister said, citing advances in the North's missile development.Japan believes North Korea's missiles could have a range of more than 10,000 kilometers, Gen Nakatani said, making them capable of striking targets in South Korea, Japan and the U.S. mainland."Assuming that a warhead weighs under 1 ton, we presume that it will be possible for (the missiles) to have a range excee
North KoreaFeb. 18, 2016