Most Popular
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Who's lying? Hybe vs. Min conflict continues to intensify
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Seoul should engage Kim Jong-un’s elites for change, ex-North Korean diplomat says
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Thousands rally in Seoul to call for Yoon's resignation
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Most teen sex offenders get away with slap on wrist
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FM champions multilateralism, stresses S. Korea's vision as 'global pivotal state'
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Man sentenced to 1 year, 8 months for stealing from elementary school classrooms
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Same-sex couple denied insurance clearance despite landmark ruling
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Hezbollah leader Hassan Nasrallah is killed in Beirut strike, Israel's military says
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Panmunjom tours for select Korean nationals may resume in October
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Suicide attempts spike among youth in Korea
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China exports jump 11.5%
BEIJING (AFP) -- China's exports surged 11.5 percent year-on-year in March to $160.8 billion, authorities said Wednesday, in a positive sign for the world’s second-largest economy. Imports fell for the 17th consecutive month, dropping 7.6 percent on-year to $131 billion, Customs said, while the trade surplus leaped to $29.9 billion, nearly 10 times the dollar figure for the same month last year.The data beat expectations, with a Bloomberg poll of economists predicting a 10 percent increase in ex
World BusinessApril 13, 2016
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Asian markets track global surge on oil deal hope
HONG KONG (AFP) -- Energy firms led an Asian stock market rally Wednesday as a strong trade report from China and news of a deal between Russia and Saudi Arabia to limit oil output injected traders with much-needed optimism.The renewed confidence also saw the safe-haven yen retreat against the dollar, having soared more than 5 percent since the start of the month.U.S. and European equities provided a perfect lead with healthy gains after Russian news agency Interfax said that Moscow and Riyadh h
World BusinessApril 13, 2016
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Arsonist gets 2 yrs for burning down ex-company
A man was sentenced to two years in jail on Wednesday for setting his workplace ablaze in the belief that his boss was intentionally avoiding him to not pay him.According to the Seoul High Court, the 37-year-old was working at a sofa manufacturing company in Gyeonggi Province when he decided to quit his job following a dispute between him and a coworker. He naturally requested the boss pay him for the work he had done so far, but was enraged when the boss, after saying he would first make other
Social AffairsApril 13, 2016
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North Korea-China trade up 12.7% despite sanctions
Trade volume between North Korea and China posted double-digit growth in the first quarter of 2016 from a year earlier despite the United Nations' punitive economic sanctions imposed on the reclusive country, official data showed Wednesday.The size of bilateral trade stood at 7.79 billion yuan ($1.2 billion) in the January-March period, up 12.7 percent from the same period last year, Huang Songping, spokesman of China's General Administration of Customs, said during a press briefing on the count
North KoreaApril 13, 2016
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[Market Now] Dasan Networks acquires Zhone Technologies
Dasan NetworksDasan Networks said that it will acquire Zhone Technologies through share swaps by June this year.Dasan is a KOSDAQ-listed telecommunications equipment maker, while Zhone is a NASDAQ-listed telecommunications equipment maker. Under the deal, Dasan Networks will acquire new shares of Zhone, or a 58 percent stake, for 89 billion won ($78 million). Zhone will merge with Dasan Networks’ U.S. subsidiary Dasan Network Solutions, and own a 42 percent stake in Dasan’s U.S. company, accordi
April 13, 2016
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IKEA disciplined to revise refund terms
(Yonhap)South Korea's antitrust watchdog said Wednesday that it has recommended global furniture giant IKEA revise its terms regarding refunds for canceled deliveries.IKEA, which opened its first store in southern Seoul in 2014, is running a delivery service for South Korean customers who are familiar with free packaging and door-to-door delivery.The service costs between 19,000 won and 159,000 won depending on the distance from its store in Gwangmyeong to the destination.IKEA has never refunded
IndustryApril 13, 2016
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'Small Stores Festival’ flea market in Seoul
Seoul city will invite 200 teams of small business owners from all over Korea to a flea market at Cheonggye Plaza in Seoul on May 28. The event will run between noon and 6 p.m. with busking performances, interactive games and more.Designed to help invigorate the small business ecosystem, a wide range of items including handcrafted clothes, artisan accessories, homemade food, interior design props and stationary will go on sale at the market. (Naver)By Lim Jeong-yeo (kaylalim@heraldcorp.com)
CultureApril 13, 2016
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SC Bank Korea's high-interest savings products draw interest
Standard Chartered Bank Korea’s savings products are getting renewed interest from savers seeking higher return on their money in this era of abysmal interest rates. The U.K. banking group’s Korean unit offers up to 3.1 percent of interest on holders of its My Wallet Account, whereas similar savings account products offered by local peers carry interest of around 2 percent. SC Bank Korea CEO Park Jong-bokThe applicable rate varies, depending on deposit balance and whether predefined conditions a
April 13, 2016
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Voter turnout 37.9 at 1 p.m.
Voter turnout in South Korea’s parliamentary election stood at 37.9 percent as of 1 p.m., eight hours after polls opened Friday, according to the National Election Commission.In the last general election, the voter turnout recorded 32.4 percent as of 1 p.m. The country saw the highest voter turnout in South Jeolla Province at 46.6 percent, while Daegu recorded the lowest turnout of 33.8 percent. Seoul's turnout was 37.2 percent. Some 42.1 million voters are casting ballots at nearly 14,000 polli
PoliticsApril 13, 2016
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Will weather effect election outcome?
As of 11 a.m., rain sprinkled across the country as voters headed to polls to elect the 20th National Assembly, with speculation whether the weather will have a notable impact on the turnout and outcome.Korea Meteorological Administration said that rain will continue until early afternoon, to be followed by a wave of yellow dust.Weather has often been associated with the voter turnout in the past elections. An official counting exit polls questions citizens at a polling station in Ulsan on Wedne
PoliticsApril 13, 2016
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Nomura to close Europe business, cut jobs
Nomura Holdings, Japan’s largest brokerage, said it will close certain businesses in Europe and “nationalize” parts of its operations in the Americas.Operations in Asia won’t be affected by the changes, the Tokyo-based securities firm said Tuesday in a statement. The firm will release a full strategic plan outlining the changes when it reports earnings on April 27, it said.Nomura will shutter equity research, sales, trading and underwriting for European stocks, a person with knowledge of the mat
World BusinessApril 13, 2016
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Korea’s fundamentals remain strong: finance minister
Finance Minister Yoo Il-ho said that South Korea’s national debt in proportion to its gross domestic product is relatively low compared with other major economies. Finance Minister Yoo Il-ho (Yonhap)Its largest trading partner China, which is undergoing structural changes to focus on spurring domestic consumption rather than exports, will have a positive effect on Asia’s fourth-largest economy. Korea’s benchmark interest rate of 1.5 percent is also higher than most other economies, he noted.“Ko
April 13, 2016
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Korea's ICT exports drop for 7th consecutive month in March
South Korea's exports of information communication technology (ICT) products fell for the seventh consecutive month in March as weak global demand and a Chinese slowdown weighed heavily on the country's key industries, government data showed Wednesday.Outbound shipments of ICT products reached $13.97 billion last month, down 5 percent from $14.7 billion tallied a year before, according to the data compiled by the Ministry of Trade, Industry and Energy. (Yonhap)ICT exports extended their losing s
April 13, 2016
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Exports of industrial parts, materials sink in Q1
South Korea's exports of industrial parts and materials fell for the fourth straight quarter in the first quarter of this year amid weak global demand and low oil prices, the trade ministry said Wednesday.Outbound shipments of industrial parts and materials fell 10.7 percent on-year to $59.4 billion in the January-March period, accounting for 51.2 percent of the country's overall exports, according to the Ministry of Trade, Industry and Energy.The first-quarter figure marked the fourth consecuti
April 13, 2016
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[ELECTION] Voter turnout 16.1% as of 11 a.m.
Voter turnout in South Korea’s parliamentary election stood at 16.1 percent as of 11 a.m., six hours after polls opened Friday, according to the National Election Commission.The voter turnout does not include early voting, overseas voting and absentee voting. (Yonhap)In the last general election, the voter turnout recorded 24.9 percent as of 11 a.m. The country saw the highest voter turnout in Gangwon Province at 19.8 percent, while Daejeon recorded the lowest turnout of 14.3 percent. The voter
PoliticsApril 13, 2016
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Magnitude-2.1 quake hits southern city in S. Korea
A 2.1-magnitude earthquake struck areas near South Korea's southern city of Gimcheon on Wednesday, the weather agency said. The quake was recorded at 5:28 a.m. some 28 kilometers southwest of Gimcheon, North Gyeongsang Province, located in the lower center of South Korea, the Korea Meteorological Administration said."No damage is expected from the tremor," the weather agency said. (Yonhap)
Social AffairsApril 13, 2016
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[Photo News] LG Signature Experience Zone
LG SIGNATURE EXPERIENCE ZONE – LG Electronics said Wednesday it plans to increase the number of experience zones for its new premium appliance brand LG Signature to some 160 nationwide by the end of this year. LG Electronics
TechnologyApril 13, 2016
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Foreigners continue to visit N.K. despite sanctions: report
Despite the United Nations slapping punitive sanctions on North Korea about a month ago, foreigners are still heading to the Asian country, a radio report said Wednesday.The report by the Washington-based Radio Free Asia quoted Paul Tjia, the head of the Netherlands firm GPI Consultancy, as saying that a group of Dutch businessmen plan to visit North Korea from May 23-28 to discuss joint ventures in various sectors like agriculture, garments, comic books and tourism. They will seek joint project
North KoreaApril 13, 2016
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Korean economy to expand 3% in 2016: finance minister
South Korea's finance minister said Wednesday the country's economy is expected to grow 3 percent on-year in 2016, adding it boasts enough capabilities to cope with short-term uncertainties."South Korea is able to post 3 percent level growth as the government is rolling out measures to vitalize investment and exports, as well as structural innovations," Finance Minister Yoo Il-ho said. The South Korean government currently aims to post an on-year growth of 3.1 percent.The International Monetary
April 13, 2016
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Korean watchdog clears Oracle of bundling sales
South Korea's antitrust watchdog said Wednesday that it has cleared U.S. tech giant Oracle Corp. of unfair trading practices related to bundling its new softwares with maintenance services.Oracle has been under the Fair Trade Commission (FTC) investigation as the company sold its latest database management system (DBMS) with repair patches to deal with possible bugs and receive major upgrades. Its customers were not given the choice to switch to other companies' maintenance systems.The so-calle
IndustryApril 13, 2016