Most Popular
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Ex-presidential official’s leaked phone call rattles conservative bloc
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Pay debate plagues foreign nanny pilot
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K-pop star lip-syncing controversy flares up again
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Man escapes DUI charges by downing bottle of soju while pulled over
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35% of S. Koreans view unification 'unnecessary'
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Pianist Lim Yunchan double winner at Gramophone Awards
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[Reporter’s Notebook] Was Netflix film opening BIFF really a bad thing?
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N. Korean leader's sister derides Seoul's Hyunmoo-5 missile as 'useless'
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S. Korea, US clinch 2026-30 defense cost-sharing deal in pre-election push
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Controversial cult leader’s sentence reduced to 17 years
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[Newsmaker] Samsung’s 1st biosimilar drug approved
Samsung Group, South Korea’s leading conglomerate, has taken a significant step toward driving forward its newly-established biopharmaceuticals business, an emerging sector expected to become one of the company’s future growth engines. Samsung Bioepis, the conglomerate’s biotechnology research and development unit, said Monday that it had gained approval from the Ministry of Food and Drug Safety to begin selling Brenzys, its biosimilar copy of Amgen and Pfizer’s rheumatoid arthritis treatment E
IndustrySept. 8, 2015
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Korean fans prop up Maroon 5’s shaky Seoul concert
Maroon 5’s much-anticipated performance in Seoul was a letdown in terms of musical satisfaction. Lead singer Adam Levine’s voice remained unstable, with his trademark high-pitch tone often failing. It was the Korean fans who salvaged the strained performance with their over-the-top support for the band on Monday. Maroon 5’s “V tour“ in Seoul‘s Olympic Gymnastics Arena (Live Nation Korea)Signs of trouble were detected early on when the group abruptly postponed their concert in Daegu on Sunday,
PerformanceSept. 8, 2015
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Moon turns to business leaders
Main opposition party chief Rep. Moon Jae-in on Tuesday met with representatives of the country’s large businesses, praising their commitment to inter-Korean exchanges in a rare visit seemingly aimed at underscoring his security initiatives and assuaging the business community. In his first-ever visit to the Federation of Korea Industry, South Korea’s biggest business lobby group, the chairman of the New Politics Alliance for Democracy expressed his endorsement to the FKI’s recent initiative to
PoliticsSept. 8, 2015
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Japan's top court rules in favor or Korean A-bomb victims
Japan's highest court ruled Tuesday that South Korean A-bomb victims residing in their homeland are entitled to full compensation from local authorities in Japan.In a landmark decision, it upheld the ruling by lower courts, putting an end to a four-year lawsuit against the Osaka prefectural government by Lee Hong-hyun and the surviving family members of two other Korean victims of the Hiroshima and Nakasaki atomic bombings.Lee, 69, is the son of a Korean victim of the 1945 bombing and he was rep
InternationalSept. 8, 2015
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Dismissals emerge as key dispute between labor and management
Job dismissals have emerged as a key dispute between labor and management, casting a pall on the government's efforts to produce a deal on reforming South Korea's rigid labor market.At issue is whether companies should be allowed to let go of workers who are either negligent or underperforming.Under the current labor law, companies can terminate an employee's contract if they are either involved in a corruption or an embezzlement case. Companies are also allowed to layoff a number of workers at
Sept. 8, 2015
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Seoul shares edge down on weak data from China
South Korean stocks closed 0.24 percent lower on Tuesday as weak Chinese trade data spawned renewed concerns over a slowdown in the world's second-largest economy. The local currency gained ground against the U.S. dollar, snapping a four-day losing streak.The benchmark Korea Composite Stock Price Index shed 4.54 points to 1,878.68. Trading volume was light at 385.3 million shares worth 4.7 trillion won ($3.9 billion), with decliners outnumbering gainers 580 to 237.Foreigners remained net sellers
Sept. 8, 2015
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[Photo News] A punch of donation
Deloitte Korea CEO Ham Jong-ho hits the “donation punching” machine at the company’s Impact Day, an annual social contribution event initiated by its global headquarters, held at Yeouido IFC Mall in Seoul on Tuesday. This year, the accounting firm installed a punching machine so that every time any employee or citizen throws a punch, the corresponding points will be converted into a donation fund. Deloitte Korea
Sept. 8, 2015
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Incheon airport gets poor rating from local users: report
Incheon International Airport, one of the most highly rated air terminals in the world, has received a poor rating from local users for its expensive restaurants and overland traffic infrastructure, a report showed Tuesday.Incheon International Airport ranked last among the country's four major international airports checked for the 2014 aviation sector service evaluation, according to the report that the transportation ministry provided to Rep. Byun Jae-il ahead of the annual parliamentary audi
Social AffairsSept. 8, 2015
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S. Korea, China, Japan set for talks on group summit
South Korea, China and Japan will hold working-level talks next week on resuming a trilateral summit, a government official here said Tuesday.President Park Geun-hye and her Chinese counterpart Xi Jinping agreed last week to open the three-way meeting "at a convenient time," including in late October or early November.If held, it would be the first of its kind since 2012, when the annual group summit came to a halt amid historical and territorial spats among the regional powers.Japan welcomed th
InternationalSept. 8, 2015
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Moody's trims S. Korea's 2015 growth estimate
Global rating agency Moody's Investors Service on Tuesday sharply lowered its growth outlook on the South Korean economy for this year, citing the fallout from the slowing Chinese economy.In a report, the rating agency expected Asia's fourth-largest economy to grow 2.5 percent this year, sharply lower than its earlier estimate of a 3.1-percent expansion. Moody's also cut its 2016 projection on the economy to 2.5 percent from its previous 3.4 percent on-year gain. The downward revision comes as
Sept. 8, 2015
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With Tesco deal done, MBK faces real challenge at home
MBK Partners may be on cloud nine after striking a deal to buy British retail behemoth Tesco's Korean unit, but a rough road lies ahead for the Seoul-based private equity fund as it faces tough business conditions and negative public sentiment, industry watchers say. In South Korea's largest-ever buyout deal, MBK sealed a US$6.1 billion contract with Tesco on Monday to acquire Homeplus, the country's No. 2 discount chain, from the British company that wanted to dispose of its largest overseas op
IndustrySept. 8, 2015
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One-third of Lotte units foreign-invested firms: lawmaker
One-third of retail giant Lotte Group's affiliates operating in South Korea are classified as foreign-invested firms and enjoy special benefits, a lawmaker claimed Tuesday.Citing government data, Rep. Kim Ki-jun of the main opposition New Politics Alliance for Democracy said 28 of Lotte's 81 affiliates and most of its large units are foreign-invested companies. Lotte is South Korea's fifth-largest family-run conglomerate, or chaebol, with total sales hitting 112 trillion ($93.3 billion) won in 2
IndustrySept. 8, 2015
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Banks' foreign currency deposits sink to 14-month low
Foreign currency deposits at banks in South Korea tumbled to a 14-month low in August due mainly to an extended decline in Chinese yuan deposits, central bank data showed Tuesday.Outstanding foreign currency deposits held by local residents reached $59.69 billion as of end-August, down $1.18 billion from the previous month, according to the Bank of Korea.The August reading is the lowest since $58.95 billion posted in June 2014. It also marks the fourth straight month of decline.Residents include
Sept. 8, 2015
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FM Yun: China expected to put more focus on N. Korea nuclear issue
China has sent a clear signal that it would place more emphasis on resolving the North Korean nuclear issue, South Korea's top diplomat said Tuesday.Foreign Minister Yun Byung-se cited a summit deal last week between President Park Geun-hye and her Chinese counterpart, Xi Jinping.In the Beijing meeting, the leaders agreed to push for the resumption of "meaningful" six-party talks on the North's nuclear program. They also warned Pyongyang not to make any more provocative acts.Beijing's stance is
InternationalSept. 8, 2015
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Won rebounds from 5-year low vs dollar
The South Korean won ended slightly higher against the U.S. dollar on Tuesday, snapping a four-session losing streak that sent the currency tumbling to a five-year low in the previous session.The local currency, which weakened against the greenback in morning trade, recouped its losses to close up 2.8 won against the greenback at 1,200.9 won.On Monday, the local currency sank to the lowest level in more than five years in tandem with growing demand for safer assets amid lingering uncertainties a
Sept. 8, 2015
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Koreas agree to hold family reunions in late Oct.
The two Koreas agreed Tuesday to hold reunions of families separated by the border from Oct. 20-26 at Mount Geumgangsan, facilitating the reconciliatory mood that emerged after last month’s landmark agreement to defuse military tensions. After overnight Red Cross talks at the inter-Korean border village of Panmunjeom, they agreed to hold two sets of reunions of 100 family members from each side at the east coast resort. The reunions would be the first since February 2014.South and North Korea Re
North KoreaSept. 8, 2015
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Economy recovering from Q2 slump despite weak exports
South Korea's economy is recovering from the second-quarter slump triggered by the Middle East Respiratory Syndrome outbreak, but weak exports are weighing on its growth, the finance ministry said Tuesday.In its latest economic report called the Green Book, the ministry said consumer spending, business investment and hiring all showed signs of improvement in July as the MERS scare waned. The viral disease, first confirmed on May 20, has claimed 36 lives and infected 186 people, although no new c
Sept. 8, 2015
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Chinese party paper admits 'differences' with N. Korea over nuclear issue
A newspaper published by China's ruling Communist Party on Tuesday said there are "differences" between Beijing and Pyongyang over North Korea's nuclear ambitions, but their friendly relations are in the interests of the old allies.The editorial by the Global Times newspaper appeared to underscore how it is difficult for China to rein in North Korea's nuclear weapons program. At the same time, it indicated a desire to avoid acrimony with the unpredictable regime led by Kim Jong-un. China has sid
InternationalSept. 8, 2015
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S. Korea keeps fiscal expansion to fuel growth
South Korea has opted to maintain an expansionary fiscal policy stance for 2016 as the country seeks to prop up its economy struggling with sagging exports and anemic consumption, observers said Tuesday.The government's 2016 budget proposal calls for a 3 percent on-year rise with spending hitting 386.7 trillion won ($324.6 billion), compared with 375.4 trillion won in 2015. The increase comes despite a government projection that a drop in tax revenue and demand for more outlays will push up stat
Sept. 8, 2015
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19th-century Buddhist paintings for sale in Seoul auction
Two of the 11 Buddhist paintings that originally belonged to a temple in the southeastern city of Busan will be auctioned here, the temple and the auction house said Tuesday.The "Chilseong (Seven Stars)" paintings gained fame when three of them returned home from Switzerland in July after being illegally taken out of the country about 50 years ago.According to the Beomeo Temple and the Seoul Auction Corp., the two paintings from the 19th century Joseon Dynasty (1392-1910) will go on sale at the
Social AffairsSept. 8, 2015