Most Popular
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Ex-presidential official’s leaked phone call rattles conservative bloc
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Pay debate plagues foreign nanny pilot
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K-pop star lip-syncing controversy flares up again
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Man escapes DUI charges by downing bottle of soju while pulled over
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35% of S. Koreans view unification 'unnecessary'
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Pianist Lim Yunchan double winner at Gramophone Awards
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[Reporter’s Notebook] Was Netflix film opening BIFF really a bad thing?
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N. Korean leader's sister derides Seoul's Hyunmoo-5 missile as 'useless'
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S. Korea, US clinch 2026-30 defense cost-sharing deal in pre-election push
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Controversial cult leader’s sentence reduced to 17 years
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‘Expensive weapons purchases to burden next government’
By Shin Hyon-heeThe Park Geun-hye government is pushing to bring in advanced, pricey military assets without a budget commensurate with the size of the projects, heaping a financial burden of billions of dollars onto its successor, a report said Monday.After analyzing 22 weapons acquisition programs each worth 500 billion won ($415 million) or more, Rep. Baek Kun-ki of the New Politics Alliance for Democracy said the incumbent administration is expected to spend some 13.6 trillion won for defens
DefenseSept. 7, 2015
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KDB kicks off sale of Daewoo Securities
The state-run Korea Development Bank announced the appointment of PwC Korea and Credit Suisse as the advisers for selling its controlling stake in KDB Daewoo Securities, KDB Asset Management and KDB Capital.PwC Korea will also be acting as accounting adviser for the deal, while Lee&Ko will take charge of the legal consultation.The value of the divestment is expected to exceed 3 trillion won ($2.5 billion), a large part of which is attributable to KDB Daewoo Securities.The brokerage house achieve
Sept. 7, 2015
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[Jeffrey Frankel] China confronts the market
China’s current economic woes have largely been viewed through a single lens: the government’s failure to let the market operate. But that perspective has led foreign observers to misinterpret some of this year’s most important developments in the foreign-exchange and stock markets.To be sure, Chinese authorities do intervene strongly in various ways. From 2004 to 2013, the People’s Bank of China bought trillions of dollars in foreign-exchange reserves, thereby preventing the yuan from appreciat
ViewpointsSept. 7, 2015
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[Rana Mitter] China’s history parade key to understanding its future
The grand parade in the center of Beijing on Sept. 3 to commemorate the end of World War II in China highlighted two contradictory narratives, both immensely important for understanding the country’s future path. The first story is about China’s newfound strength. In the past two decades of rapid economic growth, China’s military budget has increased sharply — last year by more than 12 percent. By publicly displaying its latest military hardware, China’s leadership has made it clear that it will
ViewpointsSept. 7, 2015
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Pianist Paik going nationwide with Russian classics
Considered one of the most influential pianists of his generation, 69-year-old Paik Kun-woo will be making his way back to the public eye with the launch of his upcoming “Kun-woo Paik Piano Recital” nationwide tour this month.After giving his first public performance at the tender age of 10 with the Korean National Orchestra. The child prodigy later went on to perform at Lincoln Center and Carnegie Hall, in his orchestral debut, at the age of 15. Since then, Paik has performed on some of the wor
PerformanceSept. 7, 2015
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[Editorial] Syrian exodus
The photographs of Aylan Kurdi, a 3-year-old Syrian boy who washed up on a Turkish shore after drowning in the sea, tore at the hearts and consciences of people around the world and got several European countries to take immediate action. More than 4 million Syrians have left their homeland to flee the four-year civil war there while some 7 million Syrians are displaced internally. According to the U.N. High Commissioner for Refugees Antonio Gutteres, this is the biggest refugee population from
EditorialSept. 7, 2015
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Search operations reinforced for 8 missing from capsized boat
The Coast Guard, Navy and civilians combined their efforts Monday to search for eight people still missing from a capsized fishing boat off the country's south coast, officials said. The death toll from the accident stood at 10, with eight people still unaccounted for and three others rescued, the Korea Coast Guard said. The 9.77-ton boat called the Dolgorae, or Dolphin, was found about 6:25 a.m. Sunday near Chuja Island, north of the southern resort island of Jeju, the maritime security agency
Social AffairsSept. 7, 2015
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[Editorial] Another tragedy at sea
What started out as a weekend fishing trip ended in a tragedy when a small boat carrying some 21 passengers capsized on Saturday evening near Jejudo island. Only three have survived, with 10 bodies recovered so far. The lack of safety precautions and the Coast Guard’s inability to rescue passengers bear eerie similarity to the Sewol ferry disaster that claimed more than 300 lives. The latest accident showed that we have learnt very little from the disaster more than a year ago, which resulted in
EditorialSept. 7, 2015
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Milk industry taps Malaysian halal market
Actor Lee Min-ho poses with Binggrae’s banana-flavored milk. (Binggrae)After a year of regulatory consultations, South Korean dairy maker Binggrae will export its first commercial batch of banana-flavored milk to the Malaysian halal market, government officials said Monday. According to South Korea’s Agriculture Ministry and Food Safety Ministry, 14.4 tons of the all-Korean flavored milk will be shipped to Malaysia on Sept. 12. Biggrae aims at exporting a total of 50 tons of banana-flavored milk
IndustrySept. 7, 2015
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China sidesteps question on meeting between Xi, N. Korean official
China's foreign ministry on Monday sidestepped a question on whether Chinese President Xi Jinping held a one-on-one meeting with a senior North Korean official who attended last week's military parade marking the end of World War II. Choe Ryong-hae, secretary of the Central Committee of North Korea's ruling Workers' Party, attended the Chinese military parade Thursday, along with about 30 heads of state, including South Korean President Park Geun-hye and Russian President Vladimir Putin. Choe sh
InternationalSept. 7, 2015
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KT&G launches Zippo limited edition
This Africa Zippo Rula (left) and This Africa Zippo Mola. (KT&G)KT&G Corp., the nation’s largest tobacco maker by market share, Monday rolled out its latest limited edition “This Africa Zippo” in collaboration with U.S. lighter maker Zippo. Available for sale for one month, the This Africa Zippo edition applies to two “This” categories: This Africa Rula and This Africa Mola. The two Zippo editions bring out a wild-and-strong image through metallic colors and illustrations of a roaring lion and
IndustrySept. 7, 2015
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Eight still missing in capsized boat
Eight passengers were still missing as of Monday afternoon from a fishing boat that capsized off the country’s south coast over the weekend, killing at least 10, as debate continued over whether the rescue mission was slipshod.A 9.77-ton fishing boat named Dolgorae carrying 21 anglers and crew capsized near Chuja Island, north of Jejudo Island on late Saturday. Only three were saved by a passing boat 11 hours after the incident. A probe is underway, but high waves are suspected to be the cause,
Social AffairsSept. 7, 2015
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[IFA 2015] LG to expand presence in premium built-in appliances
BERLIN -- LG Electronics said Saturday it would be expanding its presence in the European premium built-in appliances market after its success story in the U.S. over the past years. “We will enter the Russian market first. Even though the economy is struggling now, the market still has the full potential to explode,” said Cho Seong-jin, head of LG’s home appliance and air solution business division, at a news conference held on the sidelines of the IFA electronics trade show in Berlin. “We aim t
TechnologySept. 7, 2015
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Rain parts ways with agency
South Korean singer and actor Rain has decided to part ways with his agency Cube Entertainment. (OSEN)“After a long discussion with Hong Seung-sung, head of the agency, I decided to leave Cube Entertainment. I want to thank him for all the support he has given, and I will announce my future plans as soon as I can,” said Rain on his Instagram on Monday.After finishing his mandatory military service, the 34-year-old joined Cube Entertainment in 2013.He is currently starring in the Chinese TV drama
Sept. 7, 2015
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Dollar finishes above W1,200
South Korea’s currency further weakened Monday ahead of the interest rate-setting meeting of the Federal Open Market Committee, slated for Sept. 16-17 in Washington, D.C.Amid the growing investor sentiment toward non-risky assets, the U.S. dollar and Japanese yen showed stronger position against the Korean won.The dollar rose by 10.8 won from a trading session before to close at 1,204.2. The won fell to its cheapest versus the greenback in more than five years. Currency dealers look at indices
Sept. 7, 2015
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Itaewon sees rise of sidewalk drinking
On a seasonably warm late summer evening after work, 27-year-old Choi Min-ji sat on the stoop of Magpie, a popular pub in the Gyeongnidan neighborhood, with a glass of pale ale in her hands.“It feels so carefree and exotic,” she said, gesturing at the clusters of people who, rather than sitting indoors, were enjoying their drinks while standing outside the establishment. “It’s liberating to be outdoors after a long day at the office,” said Choi, who works in advertising. “And it would be a shame
CultureSept. 7, 2015
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MBK Partners buys Tesco's Korean unit for 7.2 tln won
A consortium led by Seoul-based private equity fund MBK Partners Ltd. clinched a 7.2 trillion won ($5.98 billion) deal to acquire U.K.-based retail giant Tesco Plc's Korean unit, marking the nation's largest takeover deal. MBK said it struck the stock purchase agreement with Tesco in Hong Kong a week after being chosen as a preferred bidder, beating KKR and Affinity Equity Partners. The MBK-led consortium involves Canada's two pension funds and Singapore sovereign wealth fund Temasek.Homeplus is
IndustrySept. 7, 2015
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Won hits 5-year low on Fed, China
The Korean won plunged to the lowest level in five years against the U.S. dollar on Monday as demand for safer assets grew amid lingering uncertainties about China and a much-awaited rate hike in the U.S.The local currency dipped below the psychologically significant 1,200-won level to close at 1,203.7 to the greenback, down 10.3 won from the previous close, falling for a fourth straight session.Monday's closing price marks the lowest level since 1,204 on July 22, 2010. The won has been under
Sept. 7, 2015
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Monsta X returns with ‘Rush’
Rookie hip-hop boy group Monsta X of Starship Entertainment was blessed with a crew of the most in-demand names in hip-hop for their second EP “Rush.”The six-track EP includes songs worked on by Mad Clown, Crybaby and Rhymer, as well as the lead track “Rush” produced by Giriboy. Monsta X’s rapper Jooheon took part in writing the lyrics for five of the six tracks, with fellow rapper I.M joining him on four, including “Rush.”The lead track “Rush” is a pounding hip-hop track with cute, witty lyrics
PerformanceSept. 7, 2015
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AIIB president-designate to visit Seoul to boost ties
The president-designate of the Asian Infrastructure Investment Bank will visit South Korea this week to help lay the groundwork for closer ties between Seoul and the multilateral institution, the government said Monday.Jin Liqun is scheduled to visit Seoul on Tuesday and Wednesday for meetings with government policymakers and leading businessmen as the Beijing-based multilateral development bank gets ready to start funding infrastructure projects, the finance ministry said.Jin's trip is his firs
InternationalSept. 7, 2015