Most Popular
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Opposition mulls delay of financial investment income tax
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Immigration policy must go beyond labor supply: experts
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‘Korea crossed the line too far’ disgraced singer’s lawyer cries foul after 3rd visa denial
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Nasrallah's killing reveals depth of Israel's Hezbollah penetration
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S. Korea to showcase Hyunmoo-5 ballistic missile on Armed Forces Day ceremony for 1st time
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Park Zi-a, the actor who played 'The Glory' heroine's mother, dies
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Korean American documentary ‘Free Chol Soo Lee' wins Emmy
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KMA chief under pressure after surveyed doctors refuse to back him
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Meditation brings calm to Gwanghwamun
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KT and Microsoft to develop AI models for Korea
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Nuclear reactor shuts down over technical glitch
A nuclear reactor in South Korea‘s southwestern nuclear complex temporarily stopped operation Saturday due to a technical glitch, an official said, but it does not pose any radiation risks. The 950,000-kilowatt “Hanbit 1” reactor stopped operating at around 5:16 a.m. due to a problem in a device that condenses a steam into water, according to Min Sung-mok, an official of the Korea Hydro and Nuclear Power, the operator of South Korea’s nuclear power plants. The device, which is required to mainta
IndustryFeb. 27, 2016
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U.S., Russia-brokered cease-fire goes into effect across Syria
BEIRUT (AP) — A cease-fire brokered by the United States and Russia went into effect across Syria on Saturday, marking the biggest international push to reduce violence in the country‘s devastating conflict, but the Islamic State group and al-Qaida’s branch in Syria, the Nusra Front, were excluded.The cease-fire aims to bring representatives of the Syrian government and the opposition back to the negotiating table in Geneva for talks on a political transition. The U.N.‘s envoy, Staffan de Mistur
World NewsFeb. 27, 2016
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New N. Korean rocket turns enemy tanks into ‘boiled pumpkin’
SEOUL (AFP) - North Korea on Saturday boasted of a newly developed anti-tank weapon that its leader said was so powerful it could turn the most heavily armoured enemy tanks into “boiled pumpkin”. Pyongyang‘s state media said leader Kim Jong-Un had watched tests of the portable, laser-guided rocket and declared it had the “longest firing range in the world”, and was “as accurate as a sniper’s rifle”. “He noted with great satisfaction that even the special armoured tanks and cars of the enemies wh
North KoreaFeb. 27, 2016
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Samsung wins U.S. appeal in Apple patent case
A U.S. appeals court on Friday handed Samsung a win over Apple in a long-running patent fight, overriding a jury verdict ordering it to pay $119.6 million to the iPhone maker.The court ruled that two Apple patents at issue were not valid, according to a copy of the decision posted online.Samsung Electronics' booth at the Mobile World Congress in Barcelona, Spain (Yonhap)“We are delighted with the resounding victory from the US Court of Appeals for the Federal Circuit, which found that two of App
TechnologyFeb. 27, 2016
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SK moves to bolster pharma business
SK Holdings, the parent company of South Korea’s third-largest conglomerate SK Group, said Friday it has acquired a 100 percent stake in SK Biotek, a contract manufacturer of active pharmaceutical ingredients (API) used to produce chemical drugs. At the same time, SK Biotek will issue new shares worth 40 billion won ($32.38 million) to expand its production facilities. The decisions were made during a company board meeting on Thursday. SK’s holding company, at the apex of the group’s governance
IndustryFeb. 26, 2016
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Chinese sailor makes illegal entry to S. Korea
South Korea's immigration office said Friday it is searching for a Chinese sailor who illegally entered the country from a port located in western Seoul, marking the third time for immigration security to be breached this year at the area. A 33-year-old Chinese crewman allegedly crossed over a 2.7-meter security fence at the western port city of Incheon at 12:56 a.m. using a 3-meter ladder. Investigators said while the fences have alarms that sound when physical contact is made through infrared
Social AffairsFeb. 26, 2016
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S. Korea's military to send anti-N. Korean leaflets
South Korea's military plans to send anti-Pyongyang leaflets across the border into North Korea for the first time in more than a decade, an official said Friday, the latest in a series of punitive measures against North Korea over its recent provocations."The anti-North flyers could be scattered from around March when the wind starts to blow northward," the official said, without elaborating on the scale of the leaflet campaign.The resumption of the psychological warfare -- the first since 2004
North KoreaFeb. 26, 2016
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[Weekender] Online ‘salty-tech’ communities spice up thrifty consumerism
The word “frugality” has long had a poor reputation as its association with a similar word “stingy” has often bestowed a negative connotation on its meaning. However, in 2016, the word “frugality” has been rising in importance due to the prolonged economic difficulties that consumers are facing. The Bank of Korea’s consumer sentiment index hit an eight-month low in February, indicating that Korean consumers have become more frugal to adjust to the sluggish economy. Faced with cold hardship, comm
IndustryFeb. 26, 2016
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[Weekender] An era of prosumers
People have transitioned from being consumers to prosumers more than ever today.Infact, the term prosumers -- coined by Alvin Toffler -- is now considered the apex of consumerism.The American writer and futurist noted in his 1980 book, “The Third Wave,” that prosumers -- people who produce many of their own goods and services -- will replace the declining number of pure consumers in the future.They truly influence the products, rather than bluntly picking up what the producers offer. Consumers b
IndustryFeb. 26, 2016
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[Weekender] Moving away from brand consciousness
For Kim Min-sun, being a stylish person does not mean owning luxury designer bags. The 35-year-old office worker in Seoul does not feel a need to purchase high-end purses anymore, not just because of the hefty price tags but also because she no longer sees much value in them. “I think the time has come, when logo plays are not cool anymore,” she said. “It is the value of the product that matters now. I think more about what I really want instead of how to impress others by showing off luxury ite
IndustryFeb. 26, 2016
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[Weekender] Rise of new consumers
For a long time, the needs of consumers have been overshadowed by technological improvements, conspicuous marketing strategies and other factors. Finally, they have returned to the center of business activities.But they are a rather new breed. Amid the global economic slowdown, consumers now opt for pragmatism. They do not opt to be stingy in their spending, but they are ditching spending on impractical things. When they shop, they calculate the cost efficiency of products. They swap “prettiness
IndustryFeb. 26, 2016
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Foreigner-only casino to be built on Yeongjongdo Island by 2020
A consortium proposing the development of a casino-driven integrated resort on Yeongjongdo Island in Incheon has won the business license to do so, the Ministry of Culture, Sports and Tourism said Friday. The island is where Incheon International Airport is located. Inspire Integrated Resort, a special purpose company, jointly set up by U.S.-based casino operator Mohegan Sun, Incheon Airport and KCC, a leading Korean construction materials maker, won the heated bid, the ministry added. The compa
Feb. 26, 2016
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Affordable yet stylish, quality cars matter for millennials
Tivoli, Ssangyong's compact SUV, was selected as the best family car in Belgium. For marketers, the car industry is one of the most difficult sectors as no single factor determines customers’ decision to buy one of their biggest assets. While some consumers focus on the design of a car, others are obsessed with the emblem of luxury car brands. For those in their 20s and 30s whose wallets are relatively slim, price has been one of key factors that affects their car buying decision. However, mill
MobilityFeb. 26, 2016
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Cheil Worldwide hires Goldman Sachs for stake sale to Publicis
Cheil Worldwide, the advertising unit of Samsung Group, has recently hired Goldman Sachs as lead financial advisor for its planned stake sale to French ad giant Publicis Groupe, industry sources said Friday. Cheil has not yet officially confirmed the talks. But the company said last week in a regulatory filing: “We are discussing partnerships with global ad companies but nothing has been decided.”Sources said Publicis is considering acquiring a controlling stake, or 28.28 percent shares owned by
TechnologyFeb. 26, 2016
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CJ HelloVision shareholders approve merger with SK Broadband
Shareholders of CJ HelloVision, the nation’s No. 1 cable TV operator, on Friday approved the company’s planned merger with SK Broadband, the IPTV unit of SK Telecom. More than 97 percent of the participating investors voted in favor of the 1 trillion won ($823 million) deal despite heightened resistance from minority shareholders, rival companies and advocacy groups. CJ HelloVision CEO Kim Jin-seok responds to reporters after a shareholders meeting in Seoul on Friday. Yonhap“The two companies wi
TechnologyFeb. 26, 2016
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Filibuster thrusts National Assembly into public spotlight
With legislative standoff persisting over the disputed counterterrorism bill, opposition lawmakers staging filibuster continued to make headlines on Friday for poignant speeches that resonated with their supporters. The unlimited speech relay serves as a rare opportunity to make their case before the national audience, particularly for political rookies and those excluded from their parties’ nomination list for the April general elections. Among them was Rep. Kim Hyun of The Minjoo Party of Kore
PoliticsFeb. 26, 2016
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Draft U.N. resolution pushes for tighter sanctions on N.K.
The U.N. Security Council is pushing for mandatory cargo inspections, comprehensive arms embargo and a limited ban on mineral exports in the latest bout of measures designed to tighten its sanctions on North Korea over its latest nuclear and missile tests. Following nearly two months of grueling negotiations between Washington and Beijing, U.S. Ambassador to the U.N. Samantha Power presented a draft resolution on Thursday in New York. After circulating it to all 15 member states, the council is
North KoreaFeb. 26, 2016
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Household spending grew at slowest pace in 2015
South Korea’s household income grew at the slowest pace in six years in 2015, with spending growth hitting a new record low, government data showed Friday. Average household monthly income increased 1.6 percent to 4.37 million won ($3,538) last year from a year earlier, said Statistics Korea in a report. It was the slowest growth since 2009 when the figure was 1.2 percent in the aftermath of the global financial crisis. Household monthly spending, excluding tax and social security-related paymen
BusinessFeb. 26, 2016
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Over half of Koreans negative about migrant workers
(Yonhap)More than half of Koreans have a negative attitude towards foreign workers residing here, a recent survey showed. In a survey by local pollster Gallup Korea, 54 percent of respondents said that the migration of foreign workers to Korea is “not a good thing.” The study was conducted on 1,500 Koreans aged 19 and above. Thirty-nine percent said that it is a “good thing,” which is significantly lower than the 57 percent average across the 69 countries that participated in this global survey.
Social AffairsFeb. 26, 2016
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[Editorial] Candidate nomination
Political parties are rushing to speed up the process of nominating candidates for the April 13 general election as they face a tight schedule due to a long delay in fixing constituency boundaries. The main opposition Minjoo Party of Korea has already announced the list of 10 incumbent lawmakers who will be denied nomination in the coming elections. The party’s candidate screening committee, consisting of outside experts, has undertaken a thorough vetting of its 108 lawmakers to remove the botto
EditorialFeb. 26, 2016