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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Hezbollah leader Hassan Nasrallah is killed in Beirut strike, Israel's military says
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Suicide attempts spike among youth in Korea
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[Weekender] How Seongsu, once an industrial zone, has become ‘Seoul’s Brooklyn’
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Panmunjom tours for select Korean nationals may resume in October
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[Nirmal Ghosh] Thai military‘s grand design in politics
The shadow of the army in Myanmar is a long one, but, over the past five years, it has shrunk. Next door in Thailand, though, the shadow of the Royal Thai Army is lengthening. Public attention is veering to a referendum on a new proposed constitution, tentatively set for Aug. 7. It would be Thailand’s 20th constitution in 84 years since the abolition of absolute monarchy in 1932, during which time the country has also seen 12 successful and seven attempted coups by the armed forces. The referen
ViewpointsApril 7, 2016
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Allegations against Pakistan P.M.’s family
As the Panama Papers ricochet around the world, triggering political crises in countries far and wide and engulfing politicians in scandal, Prime Minister Nawaz Sharif and his Pakistan Muslim League have been unable to suppress the outcry in Pakistan. In this age of leaks in the era of digital journalism and social media, mere denials appear to no longer be an option -- the torrent of accusations overwhelms whatever weak denials and exculpatory evidence is offered. Ostensibly bowing to this pos
ViewpointsApril 7, 2016
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[Gulardi Nurbintoro] China and the Law of the Sea treaty
A Chinese proverb says “when reading, do not let a single word escape your attention, one word may be worth a thousand pieces of gold.” In the recent incident involving China’s coast guard in Indonesian waters, it seems that not only a single word, but instead numerous words of the 1982 U.N. Convention on the Law of the Sea have escaped the attention of the Chinese.A Chinese fishing vessel, the Kway Fey 10078, suspected of fishing illegally in Indonesia’s Exclusive Economic Zone, was boarded by
ViewpointsApril 7, 2016
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[Cass R. Sunstein] Ending Obama’s climate rules won’t be easy
Predicting the experience of his successor Gen. Dwight Eisenhower, President Harry Truman said this: “He’ll sit here, and he’ll say, ‘Do this! Do that!’ And nothing will happen. Poor Ike — it won’t be a bit like the Army. He’ll find it very frustrating.”Donald Trump and Ted Cruz have promised to get rid of a whole host of executive actions from the Barack Obama administration. (If the Republican convention produces a different nominee, expect similar promises.) But there’s good reason to doubt h
ViewpointsApril 7, 2016
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[David Ignatius] Moniz leads clean energy revolution
So much of America’s future is at stake in the 2016 presidential election. But let’s focus for a moment on just one area -- energy and the environment -- where the Obama administration has made startling progress that could be reversed if either of the GOP front-runners becomes president. Energy Secretary Ernie Moniz, arguably President Obama’s best Cabinet appointment, has been leading a quiet revolution in clean-energy technology. Innovation is transforming this industry, costs are plummeting
ViewpointsApril 7, 2016
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Future of Asia’s largest film fest uncertain
Preparations for the Busan International Film Festival have come to a standstill, following a yearlong conflict between the organizers of the global film event and the Busan Metropolitan Government, the event’s major sponsor. “We can’t stand by and not do anything,” said Lee Hyo-jin, a member of BIFF’s public relations team, in a phone interview Wednesday. “But compared to last year, preparations are not going as they normally would.” The two sides have been embroiled in a protracted dispute ove
FilmApril 7, 2016
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Lotte seeks to acquire global luxury houses
The duty-free unit of Hotel Lotte will seek to acquire global luxury brands as well as foreign tax-free operators as part of efforts to expand its presence and influence in the global retail market, according to reports on Thursday.Lotte Duty Free, the nation’s largest duty-free operator, believes that acquiring a foreign luxury house will have a synergy effect on its business, citing the success of foreign rivals that use the value of luxury brands as a negotiation tool for their global expansi
IndustryApril 7, 2016
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Korean stocks close higher on eased uncertainties
Korean shares closed slightly higher Thursday as the U.S. Federal Open Market Committee's (FOMC) March minutes met expectations, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 2.57 points, or 0.13 percent, to finish at 1,973.89. Trading volume was high at 424 million shares worth 4.57 trillion won ($3.97 billion), with gainers beating losers 427 to 369.Analysts said Seoul shares closed higher as the FOMC minute met
April 7, 2016
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Antitrust watchdog widens FX rigging probe
Korea’s antitrust watchdog has launched an investigation into foreign banks on speculation over collusions on foreign exchange swap bids, sources said Thursday. The Fair Trade Commission raided offices of a dozen foreign lenders, including Standard Chartered Cheil Bank Korea and Citibank Korea, and asked them to submit documentation related to bidding processes for foreign currency swap transactions in order to look into whether unfair business practices were involved.Fair Trade Commission in Se
April 7, 2016
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Tax change hits sales of luxury company cars
Tightened taxation rules affected sales of luxury company cars with price tags exceeding 100 million won ($86,600), most of which are foreign car brands, in the first quarter of this year, an industry source said. According to the Korea Automobile Importers & Distribution Association, the number of imported cars registered by companies fell to 19,564 units in the first three months, a 20.5 percent drop from the same period of last year. “Behind the sharp fall is the tightened tax deduction rule
MobilityApril 7, 2016
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13 Korean builders may face huge fine for collusion
The antitrust watchdog is likely to slap 13 Korean builders with combined fines of 500 billion won ($430 million) for collusion, industry sources close to the matter said Thursday. The sources said the construction companies, which include Hyundai E&C, Daewoo E&C and Daelim E&C are suspected of fixing prices for the liquefied natural gas tank project, which started in 2005. The project valued at around 1.3 trillion won was ordered by the state-run Korea Gas Corp. “We are making an investigation
IndustryApril 7, 2016
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[Herald interview] Andrea Bocelli talks Seoul concert, new album
Andrea Bocelli, the internationally acclaimed blind Italian classical crossover tenor, is gearing up for a solo concert in Seoul next month -- his first in Korea in six years. “I am excited and happy to come back. The love your people have shown me is hard to forget,” said Bocelli in an e-mail interview with The Korea Herald. Best known for his repertoire of classic operatic arias and classical-inspired contemporary pieces, the 57-year-old Grammy nominee last year released his 15th solo album,
PerformanceApril 7, 2016
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Soldier found guilty of molesting fellow soldier
A senior soldier was handed down a sentence of eight months in prison for assaulting and molesting a junior soldier of the same sex. The 23-year-old soldier surnamed Kwon was initially given a suspended sentence, but the Daejeon High Court reversed the decision Thursday and slapped Kwon with eight months in prison with two years of probation. (123RF)Kwon will also receive 40 hours of sex education and carry out 80 hours of volunteer work. According to the court, Kwon threatened his victim with
Social AffairsApril 7, 2016
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[Herald Interview] Shaping Korean start-up scene
Since its launch a decade ago, Pangyo Techno Valley in Pangyo, Gyeonggi Province, has grown to become the largest venture hub in South Korea. It houses more than 1,000 companies in different industrial categories -- ranging from information technology to biotechnology -- and employs about 70,000 people, generating 70 trillion won ($60 billion) in combined revenues last year. This accounts for more than 20 percent of the entire gross domestic product of the largest province in Korea.
TechnologyApril 7, 2016
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Mother-of-pearl art goes modern
Artist Jeong Hyun-sook is presenting her modern interpretation of traditional mother-of-pearl art from April 11-29 at the Korea Economic Daily gallery. The solo exhibition presents 23 works of the “Before and After” series that the artist has been working on for a decade. The series reinterprets the traditional mother-of-pearl art through contemporary works of art featuring geometric patterns and circles. “Before and After” by Jeong Hyun-sook (Courtesy of the artist) Jeong, trained in Western-st
PerformanceApril 7, 2016
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Jaguar Land Rover Korea expands used car business
Jaguar Land Rover Korea will strengthen its certified used car business by opening five more preowned car showrooms this year, the company said on Thursday. The firm started the business in 2014, opening the first showroom for its approved preowned cars in Seoul for the first time in the Asia Pacific region. Recently, it opened the second showroom in Janganpyeong where the nation’s biggest used-car market is located. The showroom for preowned Jaguar Land Rover cars in Janganpyeong, Seoul. (Jagu
MobilityApril 7, 2016
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S. Korean finance minister to attend IDB, G20 meetings
The South Korean finance minister will head to the Bahamas this week to attend the annual board meeting of the Inter-American Development Bank, where he will discuss bilateral and multilateral cooperation with his Central American counterparts, the finance ministry said Thursday.Yoo Il-ho, who is doubled-hatted as vice prime minister for economy, will depart late Friday on a 10-day trip that will also take him to the United States for a meeting of G20 finance ministers and central bank governors
InternationalApril 7, 2016
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Number of marriages sinks to 12-yr low in 2015: report
The number of South Koreans getting married dropped to a 12-year low in 2015, a government report showed Thursday, partly on a steady decline in the number of people in the marriage age group.In 2015, the number of marriages came to about 302,800, the lowest since 302,500 tallied in 2002, according to Statistics Korea.The annual figure represents a 0.9-percent drop from a year before, with 2015 marking the fourth consecutive year the number decreased.A drop in the number of marriages spells a pr
Social AffairsApril 7, 2016
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[Newsmaker] Anbang’s Allianz buy spurs Chinese deals
From hotels, movies, games and financial services to energy, manufacturing and information technology, there is not one sector across industries or markets that China is not involved in.China’s growth may be losing momentum a bit, but that does not mean Chinese companies do not have the capital to remain acquisitive for businesses that can help them generate more value. And finance is one of many services where they want to get their hands on and boost global competitiveness through acquisitions
April 7, 2016
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Korea's preliminary voting for parliamentary elections to begin
South Koreans can begin casting their ballots during the preliminary voting period for the April 13 parliamentary elections later this week, the state election office said Thursday.The preliminary voting will kick off on Friday for a two-day run at 3,511 polling stations across the country, the National Election Commission said.Voters are required to carry a valid form of photo identification and visit a nearby polling station between 6 a.m. and 6 p.m., the NEC said.The NEC additionally set up p
PoliticsApril 7, 2016