Most Popular
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Psy's touch or new trend in music? P Nation’s solo stars lose their shine
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Seoul to hold grand military parade on Tuesday, disrupting major city routes
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Yoon warns North Korea against nuclear attack attempt
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Park Zi-a, the actor who played 'The Glory' heroine's mother, dies
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Miss Universe Korea names 80-year-old model 'best dressed'
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Shut up and dance
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NewJeans fans corner Hybe amid PR backlash, looming National Assembly audit
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Israel targets Palestinian group in first strike on Beirut center
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Seoul mayor suggests shift in immigration policy
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Brit pop legend Oasis to perform in Seoul next year
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Oil extends losses, nears $33 a barrel
SINGAPORE (AFP) - Oil prices plunged close to $33 a barrel on Thursday as crude extended losses on rising US energy stockpiles and China's weakening currency.At 0230 GMT, US benchmark West Texas Intermediate (WTI) for February delivery was down 60 cents at $33.37.Its close of $33.97 a barrel on the New York Mercantile Exchange on Wednesday marked the lowest settlement price since December 2008 during the global financial crisis.In London, Brent crude for February delivery, the European benchmark
World BusinessJan. 7, 2016
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Seoul shares, currency shrink
South Korean stocks traded 0.88 percent lower late Thursday morning due to a Chinese stock market crash coupled with new North Korean risks.The local currency was trading at 1,201.70 won against the U.S. dollar as of 11:20 a.m., down 3.80 won from the previous session's close.The benchmark Korea Composite Stock Price Index (KOSPI) lost 16.92 points to 1,908.51 as of 11:20 a.m.Shares lost ground across the board, with Samsung Electronics plunging 1.02 percent and No. 1 carmaker Hyundai Motor losi
Jan. 7, 2016
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Chinese stock markets closed after shares fall 7%
SHANGHAI (AFP) - China stock markets closed for the day less than half an hour after opening Thursday when shares fell more than seven percent, triggering an automatic "circuit breaker", after authorities lowered the yuan's value by the most since August.By 9.58am, when trading was halted, the benchmark Shanghai Composite Index had slumped 7.32 percent, or 245.95 points, to 3,115.89.The Shenzhen Composite Index, which tracks stocks on China's second exchange, had tumbled 8.35 percent, or 178.08
World BusinessJan. 7, 2016
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Park, Obama talk over N.K. nuke test
South Korean President Park Geun-hye and U.S. counterpart Barack Obama spoke over the phone about North Korea’s latest nuclear provocation for about 20 minutes Thursday morning, Cheong Wa Dae said.The two leaders shared the gravity of Pyongyang’s fourth nuclear test and the need for stern countermeasures in the phone call that was made at 09:55 a.m., sources said. President Park Geun-hye at the meeting of the National Security Council in Seoul on Wednesday. YonhapA day before, defense ministers
Foreign AffairsJan. 7, 2016
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U.S. remains committed to extended deterrence against N.K.
U.S. Secretary of Defense Ash Carter has condemned the North’s fourth nuclear test as an “unacceptable and irresponsible provocation,” reaffirming Washington’s commitment to the defense of the peninsula including through its extended deterrence, Seoul‘s Defense Minister Han Min-koo said Thursday.The two countries issued a statement after Han spoke with Carter late Wednesday on the phone, during which they said the latest experiment constitutes a flagrant violation of international law and threat
North KoreaJan. 7, 2016
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Korea to restrict entry into joint industrial park
South Korea said Thursday that it has decided to partially limit the entry of its citizens into a joint industrial park in North Korea following the North's claimed successful test of a hydrogen bomb.The Unification Ministry said that it will only permit South Korean businessmen directly involved in the operation of the factories at Kaesong Industrial Complex to enter the park "for the time being." It did not elaborate on how long its measure will be effective."The government sees the inter-Kore
North KoreaJan. 7, 2016
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China party paper urges North Korea to change 'nuclear path'
A newspaper published by China's ruling Communist Party on Thursday called on North Korea to change its "nuclear path," as the North's claimed test of a hydrogen bomb has drawn international condemnation. In an editorial, the state-run Global Times also warned of a unspecified "long-term negative impact" on bilateral ties between North Korea and China, saying that social stability in China's northeastern region bordering North Korea will be undermined by the nuclear test. "It is hard to say whet
North KoreaJan. 7, 2016
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Imported car sales in Korea jump 24.2% in 2015
Sales of imported cars in South Korea jumped 24.2 percent in 2015 from a year earlier, driven by a marked growth in demand for European car brands, industry data showed Thursday.According to the data by the Korea Automobile Importers and Distributors Association, 243,900 foreign vehicles were newly registered in the country last year, compared with the previous year's 196,359 units.European cars dominated the local market, with 80.9 percent of annual imports coming from the area, up 80.4 percent
IndustryJan. 7, 2016
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Netflix starts video-streaming service in Korea
U.S. video service provider Netflix said Thursday it has commenced its service in 130 additional countries, including South Korea, a move expected to change the landscape of the local online content industry.With Netflix also adding Korean, Chinese and Arabic to its services, the media giant currently provides the service in 21 languages.While China is excluded from Netflix's service areas, the company said it has been continuously making efforts for its operation there.The company currently boa
IndustryJan. 7, 2016
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Hyundai Motor unveils Ioniq hybrid aiming at market leader Prius
Hyundai Motor Co., South Korea's leading automaker, unveiled its first dedicated green car model on Thursday, targeting to take over market leader Prius.The Ioniq hybrid, scheduled to be officially launched in mid-January, was disclosed to media early in the day during a preview event held at its Namyang R&D Center southwest of Seoul."The Ioniq is the world's top-class environmentally friendly dedicated vehicle, which will be the beginning of the change in Hyundai Motor’s future mobility," the c
IndustryJan. 7, 2016
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FSC head urges thorough risk management for financial stability
South Korea's top financial regulator on Thursday stressed the need for careful risk management to maintain financial stability in the face of resurfacing geopolitical risks and external uncertainties.Financial Services Commission Chairman Yim Jong-yong made the remarks at a meeting held with officials from relevant government agencies and experts to check economic and financial risk factors and to explore ways to cope with them."Risk management for financial stability has become more important
Jan. 7, 2016
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Interest rate hike may pose challenges for households: BOK
An interest rate hike of just 0.25 percentage points will likely cause the household debt service burden to rise by 1.9 trillion won ($1.6 billion) per year, hurting consumer spending and affecting overall growth, the central bank said Thursday.In a report submitted to Rep. Park Won-suk of the minor opposition Justice Party, the Bank of Korea said if a quarter percentage point hike takes place, the biggest impact will be felt by households that make up the top 20 percent of the country's income
Jan. 7, 2016
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Korea's top 3 shipyards log 8 tln won operating loss in 2015
South Korea's big three shipbuilders probably posted a record operating loss in 2015, stung by a combination of a prolonged industry slump, a series of order cancellations and a delay in the construction of offshore facilities, data showed Thursday.According to the industry data, the top three shipyards -- Hyundai Heavy Industries Co., Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co. -- are estimated to have racked up a combined operating loss of more than 8 trillion
IndustryJan. 7, 2016
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Seoul shares open lower on North Korean woes
South Korean shares opened lower Thursday as investors' sentiment was dented by concerns over North Korea's nuclear test.The benchmark Korea Composite Stock Price Index lost 2.9 points, or 0.15 percent, to 1,922.53 in the first 15 minutes of trading.Tech shares traded lower, with Samsung Electronics falling 0.6 percent and top chipmaker SK hynix losing 0.65 percent. LG Display shed 0.43 percent.North Korea announced Wednesday it had succeeded in conducting a hydrogen bomb test, hours after what
Jan. 7, 2016
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Yun, Kerry condemn North Korea's nuclear test as unacceptable
South Korean Foreign Minister Yun Byung-se and U.S. Secretary of State John Kerry agreed that the North's fourth nuclear test is an unacceptable challenge to the international community, Seoul's Foreign Ministry said Thursday.The two top diplomats spoke by phone to discuss responses to the North's claims of an successful H-bomb test, denouncing the detonation as a threat to peace and security on the Korean Peninsula and around the world, the ministry said in a statement.They also agreed to respo
Foreign AffairsJan. 7, 2016
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U.S. assures 'ironclad' commitment to defending Korea
U.S. Defense Secretary Ashton Carter assured South Korea of his country's "ironclad" commitment to defending South Korea from North Korea's nuclear threats, the South Korean defense minister said Thursday following the communist country's nuclear test a day earlier."Secretary Carter reaffirmed the U.S.' ironclad defense commitment to South Korea, and this includes all kinds of extended deterrence assets," Defense Minister Han Min-koo said in a joint press release with Carter.The two defense chie
Foreign AffairsJan. 7, 2016
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Samsung head to mark 75th birthday at hospital
Lee Kun-hee, the de facto head of South Korea's top conglomerate Samsung Group, is set to celebrate his 75th birthday at a local hospital with his family later this week, sources said Thursday.Lee, the wealthiest man in South Korea, turns 75 on Saturday.After suffering a heart attack on May 10, 2014, he was rushed to Samsung Medical Center, a group hospital, where he underwent stent placement and has remained since.While various rumors surrounding his health continuously caused the local financi
IndustryJan. 7, 2016
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Home-backed bank loans rise at fast clip in 2015
Home-backed loans from major local banks increased at the fastest clip in five years in 2015 amid a surge in home transactions and home rental fees, market data showed Thursday.According to the data from local lenders, outstanding home-backed loans extended by six major banks here came to 349.5 trillion won ($291.3 billion) at the end of 2015, up 32.6 trillion won from a year earlier.In reality, however, the total grew by 60.4 trillion won on-year when considering 27.8 trillion won worth of bank
Jan. 7, 2016
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Volkswagen submits detailed recall plan to Korean gov't
German carmaking giant Volkswagen submitted a recall plan to the South Korean government on Wednesday for its vehicles whose emission results were found to have been faked, claiming that there will be no change in fuel efficiency and power even after removing the so-called "defeat device," officials and industry sources said. "Volkswagen submitted its detailed recall plan to the environment ministry today, which is focused mostly on rectifying problems found in vehicles," a company official said
IndustryJan. 7, 2016
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UN Security Council 'strongly condemns' N.K. test, vows to seek new resolution
The U.N. Security Council agreed Wednesday to immediately start work on a new sanctions resolution against North Korea, saying it "strongly condemns" Pyongyang's latest nuclear test.The 15-member council issued a press statement after an emergency meeting convened to discuss the North's announcement that it successfully carried out its first H-bomb test. UN Security Council president Elbio Rosselli Frieri makes a statement following the emergency council meeting following Pyongyang’s nuclear tes
North KoreaJan. 7, 2016