Most Popular
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[Exclusive] Democratic Party of Korea forms US election task force
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NewJeans has few options after Ador rejects group's request to reinstate Min Hee-jin as CEO
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Seoul seeks to improve foreign nanny program after two abscond
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Samsung, top banks to create W2tr green growth fund for SMEs
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An increasing number of K-pop idols are breaking free from big agencies. Why?
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Malnutrition cases nearly triple in last 5 years
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KFA Chair denies unfair hiring of national coach
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Couple welcoming quintuplets to receive over W170m in childbirth grants
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College is expensive? In S. Korea, English preschools cost much more
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[Exclusive] Texas development exec shuts down layoff rumors at Samsung chip plant
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Court says rally can be held near foreign embassies
A court on Monday said it is legal to hold rallies within the vicinity of foreign missions in the country if the event does not pose a risk of spreading or becoming violent. By law, outdoor rallies are currently banned within 100 meters from embassies and foreign diplomatic missions.The Seoul Administrative Court ruled in favor of civic group Solidarity for Peace and Reunification of Korea, who sought the cancellation of a ban against rallies near the U.S. Embassy in central Seoul. The group was
Social AffairsJune 20, 2016
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Kolmar Korea under tax investigation
[THE INVESTOR] Beauty and pharmaceutical company Kolmar Korea is under investigation by tax authorities in what appears to be a targeted probe into the controlling family.Dozens of employees of the National Tax Service raided the firm‘s headquarters on June 9, seizing financial records.The NTS investigation comes a year before Kolmar Korea’s scheduled regular tax audit. Industry watchers say the sudden investigation is closely linked to allegations that CEO Yoon Dong-han misappropriated the hold
June 20, 2016
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[DECODED] Shin Dong-bin’s battle wages on
[THE INVESTOR] In front of a phalanx of flashing cameras, Lotte Group chairman Shin Dong-bin took to the witness stand for a parliamentary audit for the first time as a chaebol chief on Sept. 17 last year. The five-hour grilling took place just as the public’s hostility toward Lotte -- including for its national identity, murky governance and bitter fraternal war -- was reaching its climax. Lawmakers were eager to drive him into a corner. But Shin remained outwardly calm even then, though his h
IndustryJune 20, 2016
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[Editorial] Joint efforts
It is laudable for South Korea and China’s respective private sectors to take the initiative in coordinating on resolving the fine dust problem. A large part of the fine dust that swept over the Seoul metropolitan area and some major cities over the past two months came from ChinaOver the weekend, a group of Korean and Chinese business leaders agreed to work together to try to reduce dust in the air.Ultrafine dust is too small to be seen by the naked eye and is difficult to filter. Trapped in th
EditorialJune 20, 2016
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[Editorial] Depositors’ frustration
The Bank of Korea’s cut in the benchmark rate has lowered commercial banks’ interest rate offering on deposits to a record-low level.Commercial banks say they -- as well as depositors -- are also suffering low profitability as a result of the BOK’s all-time low base rate of 1.25 percent. Over the past two years, the central bank has lowered the rate by 125 basis points from 2.5 percent in July 2014.A savings product offered by a commercial bank provides customers with only a 0.01 percent rate pe
EditorialJune 20, 2016
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Depositors’ frustration
[THE INVESTOR] Bank of Korea’s cut in the benchmark rate has lowered commercial banks’ interest rate offering on deposits to a record-low level.Commercial banks say they -- as well as depositors -- are also suffering low profitability as a result of the BOK’s all-time low base rate of 1.25 percent. Over the past two years, the central bank has lowered the rate by 125 basis points from 2.5 percent in July 2014. A savings product offered by a commercial bank provides customers with only a 0.01 per
June 20, 2016
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WeMade struggles to launch next big hit
[THE INVESTOR] WeMade Entertainment, once a dominant game developer and publisher, is facing a slowdown as it struggles to release a game that can be a hit at home and abroad. The KOSDAQ-listed gamer, which brought fans blockbuster games such as “Candy Pang” and “Wind Runner,” performed below expectations in the first half of this year, with its highly anticipated role-playing action game “Soul & Stone” flopping early this year.Wemade‘s “Wind Runner” (WeMade)The company spent about 6 billion won
June 20, 2016
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Brexit coverage
You know we love you over there and we know that you love us and thank you.However, we don’t really like the language in the headlines saying Brexit “looms” -- it sounds so ominous and a bad thing.Brexit is a good thing and nothing to be worried about.Would you be kind enough to use another word apart from “looms.” Something like “coming up” -- the thesaurus probably knows better than me.We so don’t want people to get the wrong impression of us leaving.We are looking forward to working with the
ViewpointsJune 20, 2016
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Saenuri urges more chaebol controls
The ruling Saenuri Party on Monday called for strengthened supervision on conglomerates’ lax management and tax-evading power succession practices as part of a long-term vision to achieve social compromise and lessen inequality.By prioritizing distribution over growth and advocating the rights of irregular workers, the conservative party gestured at expanding its political horizon to the centrist-reformist zone.“A nation that is not just may not stand straight,” said floor leader Rep. Chung Jin-
PoliticsJune 20, 2016
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Coreana signs W285b supply deal with Chinese retailer
[THE INVESTOR] Korean cosmetics maker Coreana on June 20 signed a 285 billion won (US$ 245 million) supply deal with China’s Y&F.Under the contract, the Chinese firm will import and market Coreana’s Orthia brands cosmetics products over the next five years. Korean retailer Songjung will act as Y&F’s import channel for the cosmetics. Coreana said that the deal will provide the company with diverse marketing channels in China. By Choi He-suk (cheesuk@heraldcorp.com)
June 20, 2016
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[FROM THE SCENE] Hansen's patients testify at on-site court hearing
GOHEUNG, South Jeolla Province -- The South Korean appeals court visited Sorokdo Island on Monday to hear a case involving people with Hansen disease who were allegedly forced to undergo sterilizations and abortions by the government.In a compensation suit filed against the government by 139 leprosy patients, judges from the Seoul High Court traveled to the island off the southern coast to conduct an on-site inspection and hear the victims and witnesses testify. The courtroom temporarily set up
Social AffairsJune 20, 2016
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Railway-related stocks surge on national railroad network plan
[THE INVESTOR] Railway-related stocks surged on June 20 as the Korean government confirmed its national railroad network plan . Shares in Hyundai Rotem, the country’s train manufacturer, rose 6.69 percent to close at 18,350 won (US$15.79). The company’s first vendor Daeho AL closed at 2,750 won, up a whooping 21.41 percent. Stocks listed on the secondary market KOSDAQ including Woowon Development and DAEATI hit the upper price limit. Korea Train Express.On June 17, the Ministry of Land, Infrastr
June 20, 2016
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Opposition camp demands dismissal of veterans affairs minister
The three opposition parties said Monday they would ask for the dismissal of Park Sung-choon, minister of patriots and veterans affairs, for attempting a controversial march at an upcoming national commemoration day.“The three opposition parties will motion within this week a joint resolution to dismiss Minister Park,” said Rep. Woo Sang-ho, floor leader of The Minjoo Party of Korea at the Supreme Council meeting.The ministry, whose mission is to honor war veterans and patriots, recently came un
PoliticsJune 20, 2016
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South Korean politicians play hide-and-seek
In South Korea’s raucous politics, there has been one well-known gimmick favored by the nation’s power brokers to prove their point and turn things around: Going into hiding until someone finds you. Over the weekend, the ruling Saenuri Party’s interim leader Kim Hee-ok vacated his seat and stayed home to protest against the party’s decision to accept its defectors. The former justice threatened to leave his post, saying that the decision-making process was “undemocratic” and “offensive” to his l
PoliticsJune 20, 2016
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Pantech to release new smartphone
[THE INVESTOR] Smartphone-maker Pantech will release a new model on June 30, its first after being acquired by a consortium led by telecom equipment firm Solid in December last year.The firm, once the third largest in Korea after Samsung Electronics and LG Electronics, was on the brink of bankruptcy due to decreasing sales and financial constraints in 2015.After it was acquired by the consortium, the firm has focused on rolling out connected devices for automotive, defense and home automation in
TechnologyJune 20, 2016
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N.K. warns against Seoul-UNC crackdown in neutral waters
North Korea on Monday lambasted the South’s joint crackdown with the U.N. Command on Chinese boats illegally fishing in neutral waters, threatening another provocation similar to the 2002 scuffle in the West Sea. In its first reaction to the operation, Pyongyang’s state media condemned it as a “military provocation,” saying it will never accept such a “reckless maritime intrusion.” Calling it a “vicious, evil plot,” the official Korean Central News Agency said that the campaign is aimed at escal
North KoreaJune 20, 2016