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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Fitch cuts Lotte Shopping's outlook to 'negative'
Fitch Ratings said Wednesday it has downgraded the outlook on Lotte Shopping Co. from "stable" to "negative", expecting slow recovery from last year's sluggish earnings due to tougher competition at home and abroad.The key retail unit of South Korean conglomerate Lotte Group saw its operating profit fall 30 percent on-year to 688 billion won (US$541.5 million) in 2015, marking a consolidated net loss of 346 billion won.While its 2015 earnings were hampered by the outbreak of the Middle East Resp
IndustryFeb. 24, 2016
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Elliott faces probe over Samsung merger-related disclosure breach
South Korea's financial authorities on Wednesday referred U.S. hedge fund Elliott Associates to state prosecutors for allegedly violating local disclosure rules when it tried to prevent a merger of two Samsung Group affiliates last year.The Securities and Futures Commission said Elliott abused the total return swap (TRS) system to covertly increase its holdings. This marks the first time that the commission has taken issue with TRS and is expected to set an important precedence in the market.It
Feb. 24, 2016
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Kuwait marks Korea ties on National Day
The following article was contributed by the Embassy of Kuwait. – Ed. Modern KuwaitAs the bitterly cold winter nears its end to give way to the warm spring bloom, the people of the State of Kuwait work busily with excitement in preparation for the nation’s joyous 55th National Day on Feb. 25 and the 25th anniversary of Liberation Day the following day, Feb. 26.It is my great pleasure and honor to extend warmest greetings to the people and the government of the Republic of Korea. I am most gratef
Foreign AffairsFeb. 24, 2016
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China, US prepare N.K resolution
The United States and China made progress Tuesday toward a draft UN sanctions resolution to punish North Korea for its recent nuclear tests and push it to the negotiating table.After talks in Washington, China's Foreign Minister Wang Yi and US Secretary of State John Kerry said the draft was still being "evaluated" by officials before being submitted to the UN Security Council.But both powers vowed that they would not accept a nuclear-armed North Korea and expressed confidence the resolution wou
World NewsFeb. 24, 2016
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Mental health more important than ‘saving face’
With a high level of stigma, low public awareness and poor provisions of treatment, mental health is a tricky area for Koreans and foreign residents alike, but visa and language barriers, as well as cultural issues, can make it a particularly difficult area for expats. Lack of balance between work and other activities, alcoholism and the negative stigma attached to psychiatric medication are making mental health issues worse, according to counselor Yvon Malenfant. 123rfOverseas studies also conf
Expat LivingFeb. 24, 2016
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Filmmaker examines factory life of ’70s and ’80s
What’s in a word? Quite a lot for Nils Clauss, a video artist and documentary filmmaker who has used terms coined during Korea’s industrial rise to study the turbulent period in his latest work, “Bikini Words.” The film shows people who worked in factories during the period, who playfully yet plaintively illustrate the terms while giving explanations of their meaning and recollections of that time via voice-over. A still from “Bikini Words” by Nils ClaussClauss made the video for the Geumcheon D
Expat LivingFeb. 24, 2016
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SIWA honors charity bazaar contributors
The Seoul International Women’s Association honored key participants in its 2015 charity bazaar at a morning coffee social at the Conrad Hotel in Seoul on Wednesday.The bazaar was held in partnership with local firms, members of the diplomatic community and other groups. Last year, it raised 81 million ($65,700) won for SIWA’s welfare fund, which helps charities in Korea.The association awarded the Israeli Embassy first prize for its participation, followed by the Japanese Embassy and the embass
Expat LivingFeb. 24, 2016
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Seoul Players takes entries for 10-Minute Play Fest
Expat theater group Seoul Players has opened submissions for its annual 10-Minute Play Festival.The festival is a competition for plays by Korean- and foreign-based writers fitting the time limit, run in two rounds each autumn. There are cash prizes of 100,000 won ($81), 60,000 won and 40,000 won for the top three plays.Play submissions will be accepted until June 30, with the selected plays announced in August.Submissions are free until Monday and 5,000 won or $5 thereafter.For more information
Expat LivingFeb. 24, 2016
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Seoul seeks ‘quality of life’ volunteers
Seoul Metropolitan Government is recruiting foreign volunteers to help make suggestions to improve life as an expat in the city. The “Quality of Life Monitors” will be asked to identify problems in everyday life and make suggestions on how to improve things. Areas of interest include multicultural family affairs, legal and government policy. Last year 70 people from 29 countries took part in the project.Applications close on March 7. They require a photo ID and a completed application form, whic
Expat LivingFeb. 24, 2016
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Seoul Shakespeare to host free screening
Seoul Shakespeare Company will be screening a video of last year’s main performance, “Titus Andronicus,” on March 5. It will be the first time the video is shown, even to many of the cast. The screening is free but donations are welcome for the company’s upcoming production “Much Ado About Nothing” this spring. Drinks and light refreshments will also be on sale.Doors open at 5:30 p.m. and the screening begins at 6 p.m. with a 15-minute intermission. It will take place at the Camarata Music Compa
Expat LivingFeb. 24, 2016
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[Graphic News] Coffee can reduce risk of osteoporosis: study
Drinking up to two cups of coffee a day can significantly reduce the risk of osteoporosis, a bone disease that can lead to higher risk of fractures, a South Korean study showed Wednesday. Organized and published by the Seoul National University Hospital, the research only analyzed symptoms among menopausal women. It conducted research on 4,066 menopausal women who had been tested for bone density between 2008 and 2011. According to the study, those who drank less than a single cup of coffee dail
Social AffairsFeb. 24, 2016
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Household debt tops W1,200tr
South Korea’s household debt in the fourth quarter last year surged at its fastest pace in nearly nine years due to cheap borrowing costs and recovery in the property market, official data showed Wednesday.During the September-December period, household debt rose by 41.1 trillion won ($33 billion) -- the biggest quarterly gain on record -- to reach a total of 1,207 trillion won, according to provisional data by the Bank of Korea.This is the first time that household debt -- which includes loans
Feb. 24, 2016
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[Howard Davies] Why is U.K. reluctant to join EU banking union?
When I became the head of banking supervision in the United Kingdom in the mid-1990s, my friends did not see it as a glamorous or exciting career move. Banking regulation was an obscure task, like cleaning sewers: essential, perhaps, but hardly front-page news. Expressions of curiosity about how I spent my working hours were typically a sign of friendly politeness rather than genuine interest. Twenty years later, the structure of banking regulation in Europe has risen to the top of the political
ViewpointsFeb. 24, 2016
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Korea to nurture SME exporters
KOTRA CEO Kim Jae-hong The Korea Herald Korea will shift its focus from conglomerates to small and medium enterprises for reviving falling exports along with structural changes, the head of the state-run investment and export promotion agency said Wednesday.“The outlook for the nation’s outbound shipments this year looks grim not only because of the prolonged global economic downturn but also due to structural issues,’’ said Kim Jae-hong, CEO of Korea Trade-Investment Promotion Agency, during
BusinessFeb. 24, 2016
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Indian chamber names new secretary general
The Indian Chamber of Commerce in Korea has named Yoon Sock-joong, a former presidential secretary and public affairs minister at the Korean Embassy in the U.S., as its new secretary general. Yoon, 57, will take over the chamber’s secretary general post formerly held by Chang Kook-hyun, the founding secretary general of the ICCK, starting from Feb. 1. Chang will continue to serve ICCK as senior advisor. Yoon Sock-joong (ICCK) Yoon served as the embassy minister in the U.S. from 2005-2008 after w
IndustryFeb. 24, 2016
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Telecom rivals clash over SKT’s merger plan
Korea’s three major telecom firms -- SK Telecom, KT and LG Uplus -- clashed again over SKT’s controversial merger and acquisition plan Wednesday. SKT announced last year that it would take over CJ HelloVision, a CJ Group subsidiary that runs mobile virtual network operator, broadband and cable TV businesses, and merge it with the firm’s wholly owned subsidiary SK Broadband, a broadband and an IPTV services firm.The announcement sparked a backlash from the mobile and pay TV markets. KT and LG Upl
TechnologyFeb. 24, 2016
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KT set sights on global mobile leadership
Korean telecom operator KT is accelerating its efforts to become a dominant global player by rolling out advanced network technologies and seeking partnerships with overseas firms, its chief executive said Tuesday at the Mobile World Congress in Barcelona, Spain.“Becoming the global No.1 is not a far-fetched dream, but a goal that we must achieve in the future,” KT CEO Hwang Chang-gyu said in a press meeting at the trade fair, adding that the Korean firm also aims to introduce its vision of “GiG
TechnologyFeb. 24, 2016
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Direct fuel purchase service shuts down
A U.S.-based start-up claiming it can enable South Korean consumers to directly purchase gasoline and diesel fuel from overseas vendors has terminated its beta service one day after its official launch. Jirm had opened its beta website -- www.jirm.com -- in Korea on Monday, referring to itself as the world’s first company to help consumers order fuel directly from Saudi Arabia at lower-than-market prices.Following legal issues raised by state authorities and industry officials, the firm shut dow
IndustryFeb. 24, 2016
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[Photo News] KakaoNavi makes debut
Mobile messenger operator Kakao on Wednesday launched navigation app KakaoNavi, which allows users to share locations, destinations, and travel time with their friends on the KakaoTalk messenger. The new app is the upgraded version of Kimgisa that the Korean IT giant acquired for 62.6 billion won ($50 million) last year. (Kakao)
TechnologyFeb. 24, 2016
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SKT seeks partnership for global business expansion
SK Telecom CEO Jang Dong-hyun, who is participating in the Mobile World Congress underway in Barcelona, said teaming up with global network operators will be a key strategy for the firm to make inroads in global markets.The chief of South Korea’s largest telecom operator is meeting with chiefs of global device makers and telecom firms at the trade show. SK Telecom CEO Jang Dong-hyun (left) and Deutsche Telekom CEO Timotheus Hoettges pose at the press meeting in Barcelona on Tuesday. (SKT)Network
TechnologyFeb. 24, 2016