Most Popular
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Yoon warns North Korea against nuclear attack attempt
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81-year-old model awarded ‘best dressed’ in Miss Universe Korea
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Seoul mayor suggests shift in immigration policy
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'Smart pill'? ADHD treatment prescriptions spike this year
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NewJeans fans corner Hybe amid PR backlash, looming National Assembly audit
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[KH Explains] Korea pursues ‘fire-free’ batteries amid EV fears
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Man calls 119, found dead 1 week later because officials went to wrong place
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Court rules Itaewon tragedy was 'foreseeable'
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[Herald Review] One of Netflix's most expensive Korean originals returns, but at what cost?
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Wellness Seoul 2024 to highlight healthier, balanced living
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Ssangyong E&C bags $1.6 bln construction deals in Dubai
Ssangyong Engineering & Construction Co., a South Korean builder, said Wednesday it has clinched $1.6 billion worth of orders to construct a luxury hotel, as well as apartment and office buildings, in Dubai. Ssangyong E&C said that it will lead the construction of a 47-story hotel and a 37-story apartment building in Palm Jumeirah for $840 million, a contract secured from the Investment Corporation of Dubai, a local sovereign wealth fund. In a separate deal inked with a subsidiary of the ICD
IndustryDec. 16, 2015
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Seoul shares up 1.6% in late morning trade
South Korean stocks surged 1.63 percent late Wednesday morning as investors picked up battered blue chips amid hopes for eased woes on an imminent rate hike in the U.S. The benchmark Korea Composite Stock Price Index added 31.57 points to 1,964.54 as of 11:20 a.m. The U.S. Federal Reserve is widely expected to raise its target rates for the first time since June 2006. Overnight, the Dow Jones industrial average and the Nasdaq index surged 0.9 percent, each. Local stocks traded bullish a
Dec. 16, 2015
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Low-cost mobile carriers expand presence in Korea
South Korea's ICT Ministry said Wednesday mobile virtual network operators accounted for more than 10 percent of the local mobile market as of November, amid the booming popularity of budget handsets in the country. According to the data compiled by the Ministry of Science, ICT and Future Planning, the number of users subscribing to MVNO's service plans came to 5.84 million as of end-November, taking up 10.1 percent of the country's 57.78 million subscribers of mobile networks. MVNOs refer to
IndustryDec. 16, 2015
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Park calls for economic contingency plan
President Park Geun-hye called for an economic contingency plan Wednesday to brace for a possible crisis, citing potential instability in emerging countries. She also said South Korea's economy could face uncertainty if a potential Fed rate hike increases fluctuations in international financial markets. "We should put our economy back on track to ensure people can feel economic recovery next year," Park said in a meeting with officials about next year's economic policy. (Yonhap)
PoliticsDec. 16, 2015
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‘Proud’ Saudi women win seats
RIYADH (AFP) ― At least 14 women won municipal council seats in Saudi Arabia’s first ever election open to female voters and candidates, officials said Sunday, far exceeding expectations in the ultra-conservative kingdom.“Even if it was only one woman, we’re really proud of that. Honestly, we weren’t expecting anyone to win,” said Sahar Hassan Nasief, a women’s rights activist in the Red Sea city of Jeddah.But with 2,106 seats up for election in Saturday’s polls, the 14 women will comprise less
World NewsDec. 16, 2015
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Economic policy directions for 2016 unveiled
The government Wednesday disclosed 2016 economic policy directions aimed at revitalizing the economy by boosting domestic demand and strengthening support for exporters.It expected Korea’s gross domestic product to grow by 3.1 percent in real terms next year, a modest improvement from this year’s growth, which is estimated to reach 2.7 percent.(Yonhap)Under the policy directions finalized at a meeting of economy-related ministers, drastic deregulation will be pursued to help promote private-sect
Dec. 16, 2015
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‘Long way’ to reforms, but Saudi vote a start for women
RIYADH (AFP) ― The election of at least 20 women to local councils in Saudi Arabia for the first time could indirectly lead to longer-term reforms in discriminatory policies, activists said Monday.They said Saturday’s vote in the ultraconservative Islamic kingdom is a step toward improving the rights of the Gulf nation’s roughly 10 million females.But it will not directly help end a ban on women driving ― the only prohibition of its kind in the world ― or the “guardianship” system, they said.Mal
World NewsDec. 16, 2015
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BOK cuts inflation target for 2016-2018
South Korea's central bank said Wednesday it set the country's annual inflation rate at an average 2 percent over the next three years, sharply lower than the current target band, calling it an optimal target to support growth while also ensuring stability. "The inflation target has been set after considering recent movements in the country's underlying inflation, optimal inflation level and outlook on future consumer prices," the Bank of Korea said in a press release, adding the target rate ha
Dec. 16, 2015
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Korea's 2016 economic policy plans
The following are key economic policy plans unveiled by the finance ministry on Wednesday for 2016. The measures are centered on fueling the country's growth momentum and reaping the rewards of economic innovation undertaken in the past three years.▲Economic forecasts - Annual growth forecast downgraded from 3.3 percent to 3.1 percent in 2016 to reflect economic uncertainties, and weaker-than-expected growth in global trade that can hurt industrial production, consumption and investment. Growt
Dec. 16, 2015
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Korea to focus on fueling economic recovery momentum in 2016
South Korea will focus on fueling economic recovery momentum in 2016 and strive to push forward meaningful reforms as it moves past a disappointing year full of difficult challenges, the government said Wednesday. In its 2016 economic directives, the finance ministry made clear it will push forward policies that can prop up growth in the short term and improve the overall competitiveness of Asia's fourth largest economy down the line. It said 2016 will also be the year that reform measures pu
Dec. 16, 2015
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New USFK assistant chief of staff named
The commanding general of the Army's 1st Cavalry Division at Fort Hood, Texas, was named as assistant chief of staff of U.S. Forces Korea, the Pentagon announced Tuesday. The appointment of Maj. Gen. Michael Bills to the new job came as some 4,500 troops from the 1st Cavalry Division's 1st Armored Brigade Combat Team are preparing to deploy to South Korea early next year as part of a regular rotation of forces. The troops will replace the 2nd Armored Brigade Combat Team that was deployed in Ju
DefenseDec. 16, 2015
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Foreigners turn to net sellers of Korean stocks in Nov.
Foreign investors turned to net sellers of local stocks in November amid rising global uncertainties stemming from an imminent U.S. rate hike and a slowdown in the Chinese economy, the financial watchdog said Wednesday. Offshore investors sold a net 1.17 trillion won ($989.4 million) worth of local stocks last month, shifting from 584 billion won in net buying the previous month, according to the Financial Supervisory Service. They had shifted into a net-buying position in September, when the
Dec. 16, 2015
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Pyongyang puts off party congress till Oct. 10
North Korea has postponed a major communist party congress until Oct. 10 next year, according to Pyongyang's state media Wednesday. During a report on leader Kim Jong-un's inspection of a catfish farm, the Korean Central News Agency said the 7th Congress of the Workers' Party will be held on Oct. 10. The KCNA said earlier the event, which would be the first of its kind in 36 years, would take place in early May. The reason for the delay is not yet known. (Yonhap)
North KoreaDec. 16, 2015
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Samsung to launch faster 128GB SD card for UHD contents
Samsung Electronics Co. said Wednesday it will roll out a new micro secure digital memory card with 128GB capacity that comes with a faster data transmission speed to handle Ultra HD video content. The South Korean tech giant, which released 32GB and 63GB editions of the PRO Plus SD cards in May. The data transmission speed stands at 90MB per second, which is around four times faster than other rival models, Samsung added. The company said the release came amid the booming popularity of UHD c
TechnologyDec. 16, 2015
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Hyundai, Kia log double-digit sales growth in Europe
Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. logged double-digit sales growth in Europe last month, but their combined market share inched down, industry data showed Wednesday. According to the data by a local automotive association in Europe, the two South Korean carmakers sold a combined 66,517 vehicles there, up 10.7 percent from a year earlier. Hyundai Motor sold 35,897 units, up 12 percent from a year earlier, while Kia Motors logged 9.2 percent growth to 30,620 units.
IndustryDec. 16, 2015
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Seoul shares start higher ahead of imminent Fed rate hike
South Korean stocks got off to a strong start Wednesday on hopes that uncertainties tied to the U.S. rate hike will soon be eased. The benchmark Korea Composite Stock Price Index added 26.5 points, or 1.37 percent, to 1,959.47 in the first 15 minutes of trading. The Federal Open Market Committee kicked off its two-day meeting on Tuesday (U.S. time), which is expected to end the near-zero borrowing costs after nearly a decade. The results are to be available on Wednesday. On the back of expec
Dec. 16, 2015
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Korea's jobless rate stays pat at 3.1% in November
South Korea's unemployment rate stayed pat in November compared with the month before as gains in the manufacturing and hospitality sectors were offset by losses in the agrofisheries and retail segments, a government report showed Wednesday. According to the report by Statistics Korea, the rate stood at 3.1 percent last month, unchanged from October and the year before. The seasonally adjusted unemployment rate for last month reached 3.4 percent, also flat from the 3.4 percent figure tallied f
Dec. 16, 2015
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Business leaders, officials pledge family-friendly corporate culture
In tune with the government’s recent plan to tackle the nation’s record-low birthrate, business leaders said Tuesday that they would help firms create a family-friendly culture for their employees.“We share the view that the problem of marriage and births no longer belongs to individuals only, but is an urgent task that needs to be solved together with the government, businesses and individuals,” said representatives from South Korea’s five major business lobby groups in a declaration read durin
IndustryDec. 15, 2015
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S. Korea floats yuan-denominated FX stabilization bonds in China
South Korea finance ministry said Tuesday that it has successfully issued yuan-denominated foreign exchange stabilization bonds in the world's No. 2 market.The move comes after the People's Bank of China (PBOC) approved the issuing of upwards to 3 billion yuan (US$463 million) worth of bonds on Dec. 8.The sale marks the first time ever that a foreign government has floated yuan-based bonds in China."The sale took place at 5:30 p.m. Korea time with the bonds that mature in three years having an i
Dec. 15, 2015
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Former lawmaker arrested over accepting bribe
Prosecutors said Tuesday they have formally arrested a former lawmaker on charges of accepting a bribe in return for a business favor.The district court in the southeastern city of Daegu issued a warrant to arrest Sim Hag-bong, citing considerable reason to believe he committed the crime and concerns that he may try to flee or destroy evidence.Sim is accused of accepting 40 million won (US$34,000) from a company by arranging a public official so that the company could be selected in a government
Social AffairsDec. 15, 2015