Most Popular
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Psy's touch or new trend in music? P Nation’s solo stars lose their shine
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Yoon warns North Korea against nuclear attack attempt
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Seoul to hold grand military parade on Tuesday, disrupting major city routes
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81-year-old model awarded ‘best dressed’ in Miss Universe Korea
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Shut up and dance
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Seoul mayor suggests shift in immigration policy
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NewJeans fans corner Hybe amid PR backlash, looming National Assembly audit
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'Smart pill'? ADHD treatment prescriptions spike this year
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Israel targets Palestinian group in first strike on Beirut center
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Brit pop legend Oasis to perform in Seoul next year
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Korean housing permits surge in Nov.
South Korea's new housing permits jumped 27.7 percent on-year in November, government data showed Wednesday, a sign that the country's real estate market is continuing to make headway.The number of new home permits issued came to 62,823 last month, up from 49,181 a year earlier, according to the Ministry of Land, Infrastructure and Transport.November marked the 11th consecutive month of an on-year increase, although the pace slowed from the 41.2 percent surge tallied for the previous month."The
Dec. 23, 2015
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Seoul shares up 0.6% in late morning trade
South Korean stocks traded 0.6 percent higher late Wednesday morning, led by gains in steel and chemical shares.The benchmark Korea Composite Stock Price Index added 1.87 points to 2,004.43 as of 11:20 a.m.Foreigners and institutions scooped up local shares across the board prior to the ex-dividend date.Steelmakers rallied on growing confidence in the U.S. and Chinese economies, with industry leader POSCO increasing 3.76 percent, and Hyundai Steel rising 5.89 percent.Petrochemicals traded bullis
Dec. 23, 2015
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Refugees from Myanmar arrive in Korea for resettlement
A total of 22 ethnic Karen refugees from Myanmar arrived in South Korea, officials said Wednesday, becoming the first beneficiaries of Seouls new resettlement program for refugees.The refugees, four different families, had been staying at refugee camps in Thailand to avoid suppression in Myanmar before being allowed to fly to South Korea. The refugees will be provided with F-2 residency visas, Justice Ministry officials said.Education, among other reasons, led them to choose South Korea as their
Social AffairsDec. 23, 2015
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Korea to frontload 29.2% of 2016 budget in Q1 to spur growth
South Korea will frontload 9.2 percent of next year's budget in the first quarter to help prop up economic growth, the government said Wednesday.The finance ministry said it made the decision as the effect of the 11.53 trillion won ($9.84 billion) extra budget will end this year and could cause a drying up of state funds reaching the market. The injection of money is also needed as the government will again mark up excise taxes levied on cars and large consumer appliances in the new year, which
Dec. 23, 2015
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FM Yun expects 'wise' court ruling on Korea-Japan ties
Foreign Minister Yun Byung-se expressed hope Wednesday for a "wise" verdict by the Constitutional Court, just hours before its ruling on a 1965 deal between South Korea and Japan.The court is scheduled to deliver a verdict later in the day on whether or not the bilateral Claims Settlement Agreement is constitutional.Japan claims that the deal, signed to normalize their diplomatic relations, settled all issues of compensation to victims of forced labor during Japan's colonial rule of Korea from 1
Foreign AffairsDec. 23, 2015
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Park urges parliamentary approval of labor reform bill
President Park Geun-hye renewed her calls on Wednesday for parliamentary approval of a labor reform bill, strongly voicing concern over the deadlock."I think (lawmakers) will not be able to deviate from the judgment of history if labor reform fails due to the National Assembly's noncooperation," Park said in a meeting meant to review progress in major policies this year. In September, labor, management and the government reached a landmark deal to ease labor restrictions and allow companies to d
PoliticsDec. 23, 2015
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Korea's childbirths edge up in Oct.
The number of childbirths in South Korea rose in October after falling for two straight months, a government report showed Wednesday, a positive development for a country struggling with an aging population.In October, some 36,900 babies were born, up 1.1 percent from the same month last year, according to the report from Statistics Korea.The rebound follows newborn numbers falling 3.6 percent and 3.7 percent in August and September, respectively. South Korea, whose population is expected to pea
Social AffairsDec. 23, 2015
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Korean households' excess cash holdings shrink in Q3
Excess cash held by households and non-profit organizations here continued to dwindle in the third quarter due to a rise in demand for homes and a surge in home rental fees, central bank data showed Wednesday.Excess funds held by local households and non-profit organizations came to 20.2 trillion won ($17.24 billion) as of the end of September, compared with 24.9 trillion won three months earlier, according to the Bank of Korea.In the second quarter, the amount had slipped 4.7 trillion won from
Dec. 23, 2015
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Top court orders gov't to disclose reports on Korea-China free trade deal
The nation's top court on Wednesday ordered the government to go public with reports and research results it created in the process of negotiating a free trade agreement with China.The Supreme Court, ruling in favor of the Lawyers for a Democratic Society, accepted the demand for the nullification of the non-disclosure decision on the reports, including content on the two countries' economic capabilities.The government had denied the claim of information disclosure in 2012, citing a possible imp
PoliticsDec. 23, 2015
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New climate deal could boost nuclear energy
As the new global climate accord reached in Paris earlier this month emphasized the role of nuclear energy in reducing greenhouse gas emissions, the state-run Korea Hydro & Nuclear Power Co. hosted a forum in Seoul on Tuesday to discuss the future of clean energy in preparation for the post-fossil fuel era. Organized by the Korea Atomic Industrial Forum, the discussion-driven event covered such agendas as the role of nuclear power in a low-carbon economy and Korea’s strategies to achieve its emi
IndustryDec. 23, 2015
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Kia Motors to showcase autonomous driving technology at CES
Kia Motors Corp., South Korea's second-ranked automaker, plans to showcase its autonomous driving technology at a major consumer electronics exhibition to be held in the U.S. early next year, industry sources said Wednesday.Kia Motors plans to hold a press conference during the Consumer Electronics Show 2016 to be held in Las Vegas on Jan. 6-9 where it will display its autonomous driving and IT connectivity technology. It will also make a presentation on future direction in the field, according
MobilityDec. 23, 2015
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Seoul shares start lower on lack of momentum
South Korean stocks opened marginally lower Wednesday due to a lack of buying momentum ahead of the holiday season. The benchmark Korea Composite Stock Price Index edged down 1.95 points, or 0.1 percent, to 1,990.61 in the first 15 minutes of trading.Petrochemicals were up as crude oil prices recovered slightly from a multi-year low.Top refiner SK Innovation increased 1.86 percent, and No. 3 refiner S-Oil edged up 0.74 percent. Engineering and builders were in negative terrain. Samsung Engineeri
Dec. 23, 2015
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IPOs to hit 13-year high in 2015
The number of newcomers to South Korea's stock market reached the highest in 13 years, with more standing in line for a market debut, data showed Wednesday.As of last Tuesday, a total of 119 companies went public on the main KOSPI market or the tech-laden KOSDAQ market this year, with another nine scheduled to make a stock market debut by year's end, according to data compiled by the Korea Exchange.By market, 17 firms made a debut on the KOSPI market, with two more to go public this year, and th
Dec. 23, 2015
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Korea to declare end to MERS threat 7 months after first outbreak
South Korea is to formally declare an end to the Middle East Respiratory Syndrome health threat at midnight Wednesday, more than seven months after the first case was confirmed in the country, the government said.The Ministry of Health and Welfare said the decision follows guidelines set by the World Health Organization that states an "end of transmission" can be declared 28 days after the death of the last MERS-infected patient.The 28 days takes into account the maximum incubation period for ME
Social AffairsDec. 23, 2015
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Cause of collective pneumonia outbreak identified in South Korea
Health authorities on Tuesday identified the bacteria that may have caused the collective pneumonia outbreak that took place at Konkuk University in Seoul and affected 55 students beginning from October. According to the Health Ministry, the bacteria was identified as Saccharopolyspora rectivirgula, which causes hypersensitivity pneumonitis, an inflammation of the alveoli within the lung triggered by inhaled organic dust. The sufferers are known to have been commonly exposed to the dust during t
Social AffairsDec. 23, 2015
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Volkswagen Korea to recall 28,957 cars for defects
Volkswagen Korea will voluntarily recall 28,957 cars it sold in the country for safety-related mechanical defects, the government said Wednesday.The local unit of German auto giant Volkswagen said eight models had problems with clock springs that can cause the vehicle horn to malfunction and inadvertently trigger air bag warning lights to go, the Ministry of Land, Infrastructure and Transport said.This defect, in addition, can damage the air bag cables and prevent them from deploying during an a
MobilityDec. 23, 2015
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Fed rate hike just one factor in BOK's rate policy: governor
The head of South Korea's central bank Wednesday ruled out the possibility of the recent U.S. rate hike immediately prompting his country to raise its own interest rate, saying that any change to the key rate depends on a number of factors."The United States' key rate is of course a very important factor to consider when deciding our key rate, but the Bank of Korea does not immediately raise its key rate simply because the U.S. does so," Lee Ju-yeol said in a monthly meeting with a group of econ
Dec. 23, 2015
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Foreign investment inflow hits record high in 2015: gov't
Foreign direct investment in South Korea surpassed the $15 billion mark this year for the first time ever, driven by a free trade pact with China and more favorable business conditions, the government said Wednesday.As of Tuesday, the amount of FDI that arrived in the country reached $15.19 billion, a surge of 28.6 percent from a year earlier, the Ministry of Trade, Industry and Energy said. Total FDI pledged from Jan. 1 onwards also rose 11.2 percent on-year to $20.43 billion. "Both numbers rep
Dec. 23, 2015
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Some creditors oppose financial aid for STX Shipbuilding
Some creditors of STX Offshore & Shipbuilding Co. are opposing financial aid for the troubled local shipyard, citing a negative outlook for the shipbuilding sector, industry sources said Wednesday, Last week, creditors of STX Offshore, led by the state-run Korea Development Bank, decided to provide 450 billion won ($384 million) in financial aid to the shipyard in return for thorough restructuring.But Woori Bank and KEB Hana Bank notified other creditors that they would not join the plan, citing
Dec. 23, 2015
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Over 2,500 North Koreans forced to work in Mongolia, Poland
More than 2,500 North Korean workers have been forced to work in Mongolia and Poland under poor working conditions with their human rights being violated, a South Korean civic group said Wednesday.About 1,800 North Korean workers are being forced to work mainly in Mongolia's construction sector or in sewing factories while around 800 North Koreans are employed in Poland in the shipbuilding and construction sectors, according to the Database Center for North Korean Human Rights.Marzuki Darusman,
North KoreaDec. 23, 2015