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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Psy's touch or new trend in music? P Nation’s solo stars lose their shine
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Park Zi-a, the actor who played 'The Glory' heroine's mother, dies
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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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Corporate investment to be boosted in new industries, services sector
President Park speaks during a meeting to boost trade and investment at Cheong Wa Dae on Wednesday. (Yonhap)Park calls for shifting to negative regulatory systemThe government Wednesday announced a package of measures aimed at helping promote corporate investment in new industries that can strengthen the country’s long-term growth potential and boost its sagging exports.Regulations will be drastically removed and an effective support system will be set up to encourage companies to carry out the
Feb. 17, 2016
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Foreign currency deposits dip to near 2-year low in Jan.
Foreign currency deposits at banks in South Korea dropped to the lowest level in over 20 months in January, central bank data showed Wednesday, amid a mass outflow of foreign capital.Outstanding foreign currency deposits held by local residents came to $55.6 billion as of end-January, down $2.93 billion from the previous month, according to the data from the Bank of Korea.The January tally marks the lowest reading since $51.1 billion posted in March 2014. From a year earlier, it marks a 12 perce
Feb. 17, 2016
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Short-term funds hit record high in 2015
Korea's short-term floating funds soared to a new all-time high in 2015, data showed Wednesday, as low interest rates and growing economic uncertainties left investors in a dither. Short-term floating money reached a record 931.3 trillion won ($764 billion) as of the end of last year, up 17.2 percent from a year earlier, according to the data compiled by the Bank of Korea and the Korea Financial Investment Association.Short-term floating funds refer to money moving in and out of investments in s
Feb. 17, 2016
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Oil prices recover ahead of Iran-Iraq talks
Crude prices recovered in Asia Wednesday ahead of a meeting between the Iranian and Iraqi oil ministers and following a Saudi Arabia-Russia agreement to freeze output.At around 3:30 a.m. GMT, U.S. benchmark West Texas Intermediate for March delivery was 18 cents, or 0.62 percent, higher at $29.22 and Brent for April was 33 cents, or 1.03 percent, higher at $32.51.Oil prices have tumbled about 70 percent since June 2014, hit by oversupply, sluggish demand and concerns over the global economic out
Feb. 17, 2016
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Samsung eyes VR ecosystem through smartphones
Samsung Electronics said Wednesday it plans to use its prowess in smartphones and close partnerships to build up an ecosystem in the virtual reality (VR) sector.The move comes as Samsung Group's top executives tested Gear VR devices during their weekly meeting in Seoul, reflecting the conglomerate's efforts to tap the VR segment as one of its next growth engines. Samsung Group's main headquarters in southern Seoul (Yonhap)"It is important to build an ecosystem for the VR market," said an officia
TechnologyFeb. 17, 2016
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Naver launches camera app reserved for foods
Korea's top portal operator Naver said Wednesday it released a new photo application through the LINE messenger platform, aiming at meeting users' growing need to post food photos on their social network accounts.The Foodie app provides 24 filters for food-related photos taken by users. Naver said it hopes the new service will follow the path of its selfie app, B612, which boasts more than 10 million downloads around the globe.Naver said the app provides various effects on different menus from c
TechnologyFeb. 17, 2016
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SK finalizes deal for supplying Mercedes EVs
Korean refiner SK Innovation said Wednesday that it has finalized a deal to supply batteries to Mercedes-Benz’s electric vehicles starting from 2017. SK Innovation, a latecomer to the EV battery business, did not reveal the value of the deal or other details. The refiner built its first battery plant in Seosan, 150 kilometers south of Seoul, in 2012 and recently doubled its capacity to 700 megawatts, which is capable of providing batteries for 15,000 vehicles a year. SK Innovation headquarters
IndustryFeb. 17, 2016
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Genesis’ brand value at 3rd highest among local cars
Genesis’ brand value rose in South Korea after it was renewed as a premium vehicle brand late last year, a report showed Wednesday.Local market research firm Brandstock said Hyundai Motor’s Genesis got 843.5 points on a scale of 1,000 in terms of its Brand Stock Top Index in January.The brand value was the third-highest among vehicles surveyed by the firm, and reflected a jump from 2015 when Genesis was at eighth place. Genesis used to be the name of a premium vehicle model for Hyundai, but was
IndustryFeb. 17, 2016
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Korea’s jobless rate higher in Jan.
Korea’s jobless rate was higher in January from a month earlier due mainly to seasonal factors, a government report showed Wednesday.The jobless rate reached 3.7 percent last month, up from 3.2 percent in December. Compared to a year earlier, the January figure was 0.1 percentage point lower. However, the seasonally adjusted jobless rate remained unchanged from a month earlier at 3.5 percent. Job seekers line up at a local job fair to submit their resumes. (Yonhap)In its report, Statistics Korea
Feb. 17, 2016
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Samsung to apply 14-nano tech to cheaper devices
Samsung Electronics on Wednesday introduced a new system chip utilizing advanced 14-nanometer technology that will be used in a broad range of devices including budget smartphones.Samsung Electronics said mass production of the Exynos 7 Octa 7870 will begin in the first quarter of 2016. The chip was produced using the 14 nanometer FinFET process technology and is the company’s latest system-on-chip integrating all components of a computer and other electronic systems onto a single integrated cir
IndustryFeb. 17, 2016
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Hotel Lotte shares estimated at 100,000 won
Hotel Lotte is expected to cut its estimated market value and initial public offering price due to a bearish stock market and uncertainties in the duty-free business, sources familiar with the matter said on Wednesday. “The offer price is being considered at around 100,000 won ($82.30) to allow more retail investors to participate in the IPO,” the source said on condition of anonymity, Lotte Hotel in downtown Seoul. (Yonhap)The hotel unit of South Korean retail giant Lotte Group has been prepari
IndustryFeb. 17, 2016
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Korean shares open higher on U.S. gains
Korean share prices opened slightly in the positive Wednesday following overnight gains on Wall Street.The benchmark Korea Composite Stock Price Index rose 0.9 point, or 0.05 percent, to 1,889.20 in the first 15 minutes of trading. An electronic board at the Korea Exchange displays Korean share prices. (Yonhap)The index was trading 0.32 percent higher at 1894.31 points as of 10:23 a.m. Overnight, the Dow Jones industrial average advanced 1.39 percent, while the tech-heavy Nasdaq rose 2.27 percen
Feb. 17, 2016
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Opposition party's floor leader calls for special law to reopen
The floor leader of South Korea's main opposition Minjoo Party vowed Wednesday to enact a special law to reopen the troubled inter-Korean joint factory park at the center of tensions on the Korean Peninsula.South Korea has shuttered the factory park in the North's western border city of Kaesong as part of its measures to punish North Korea for its recent nuclear test and long-range rocket launch.In return, North Korea expelled all South Koreans from the economic enclave and froze South Korean as
PoliticsFeb. 17, 2016
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China media warns more missiles against U.S. shield in Korea
China should deploy more missile systems in Northeast Asia if an advanced U.S. missile defense system is deployed in South Korea, a newspaper published by China's Communist Party warned Wednesday, although the U.S. missile system is aimed at strengthening Seoul's defense against Pyongyang's ballistic missile programs. In the wake of North Korea's latest nuclear test and long-range rocket launch this year, South Korea and the United States are poised to start formal talks on the deployment of a T
Foreign AffairsFeb. 17, 2016
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North Korean foreign minister to join U.N. meeting on human rights
North Korean Foreign Minister Ri Su-yong will attend a U.N. human rights meeting to open in Geneva later this month, an official of the organization said Wednesday.Ri plans to deliver a speech at the 31st session of the U.N. Human Rights Council on March 1, according to the official. The session is scheduled to begin on Feb. 29."North Korea has informed (us) that Ri will attend a high-level panel meeting," the official said.Ri participated in last year's session, during which he claimed that the
North KoreaFeb. 17, 2016
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Pentagon: THAAD deployment 'appropriate step' at this point
The United States believes that the deployment of the U.S. THAAD missile defense system to South Korea would be an "appropriate step to take at this point" as it will enhance security in the region, the Defense Department spokesman said Tuesday."The discussions about deploying a THAAD system will begin at some point this week. I don't have the exact day for you," Pentagon press secretary Peter Cook said at a briefing. "This is an effort to try and put in place a defensive system that will bolste
DefenseFeb. 17, 2016
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North Korean leader pays tribute to late father on anniversary
North Korean leader Kim Jong-un has paid tribute to his late father as the country celebrated the 74th birthday of the former leader, the North's state media said Wednesday.The North's young leader visited the Kumsusan Palace of the Sun with his wife Ri Sol-ju on Tuesday to mark the birthday of Kim Jong-il, known as the Day of the Shining Star, according to the Korean Central News Agency.The mausoleum honors Kim Jong-il and Kim Il-sung, the founding leader of the North and grandfather of Kim Jon
North KoreaFeb. 17, 2016
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ITU sends strong warning to North Korea for failing to provide satellite information
The International Telecommunciation Union has sent a warning to North Korea for failing to provide the frequency and other information about a satellite put into orbit in a widely condemned rocket launch, an official said.The U.N. agency sent a letter under the name of Radiocommunication Bureau Director Francois Rancy to the North's posts and telecommunications minister, Kim Kwang-chol, on Monday, saying it is "extremely concerned and alarmed" that Pyongyang has provided no information, ITU spok
North KoreaFeb. 17, 2016
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N.K. can conduct fifth nuclear test undetected at any time: 38 North
Recent satellite imagery shows little activity suggesting North Korea is preparing for yet another nuclear test, but the communist nation could conduct one undetected at any time, a North Korea-monitoring site said Tuesday.South Korea's main intelligence agency, National Intelligence Service, reported to lawmakers earlier this month that the North, which conducted its fourth nuclear test on Jan. 6, could carry out its fifth nuclear test explosion at any time.The website 38 North said, however, t
North KoreaFeb. 17, 2016
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U.S. lawmaker introduces resolution condemning North Korea's missile test
A U.S. House lawmaker has introduced a resolution condemning North Korea's long-range rocket launch and its restart of plutonium-producing nuclear reactor, congressional records showed Tuesday.Rep. Brad Ashford (D-NE) introduced the concurrent resolution (H.CON.RES.116) on Friday, when the House of Representatives overwhelmingly passed a North Korea sanctions bill in a demonstration of bipartisan support for a tough response to Pyongyang's provocations.The proposed resolution noted the North's f
North KoreaFeb. 17, 2016