Most Popular
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Slew of top K-pop stars ready to return from military
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S. Korea, US clinch 2026-30 defense cost-sharing deal in pre-election push
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N. Korean leader's sister derides Seoul's Hyunmoo-5 missile as 'useless'
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Military aircraft evacuating S. Koreans in Lebanon returns home
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Controversial cult leader’s sentence reduced to 17 years
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Concerns raised over chronic labor shortage at state-run center for digital sex crime victims
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BTS-themed moon jar to be unveiled on Hangeul Day
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1,430 minors investigated for drug offenses from 2018 to 2023: police
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[Robert Fouser] Why the US election looks so close
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Market uncertain on Korea's October rate cut despite slowed inflation
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Hyosung profit jumps as heavy industry improves
Hyosung Corp. on Tuesday posted a massive jump in operating profits for the second quarter of the year, setting a new quarterly record for the company. According to the company, its second quarter operating profits soared 30.9 percent from a year ago to come in at over 255 billion won ($219 million).The company’s sales rose 3.4 percent over the same period to clock in at about 3.2 trillion won. “(The second quarter performance) is the result of improving profitability of the heavy industries bus
IndustryJuly 28, 2015
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[Kim Seong-kon] The Second Cold War and Korea’s future
A few days ago, I met a renowned expert on Chinese, Japanese and Korean relations. He was genuinely concerned about recent radical developments in East Asia: increasing Chinese and American rivalry as the former engages in territorial disputes; the sudden upswing of the right wing in Japan, and her alliance with America; and the conflicts between Korea and Japan over Dokdo island and the atrocities the latter committed during the colonial period. In the expert’s eyes, South Korea was misunderst
ViewpointsJuly 28, 2015
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[Lee Jae-min] Road rage punished and soothed
Driving in Seoul is never easy. It requires constant attention. Buses and taxies abruptly cut in and motorcycles zigzag through the traffic at high speed. When asked to list the memories of their life in Seoul, foreigners tend to put driving way down the list. Over time, however, you realize that there are certain rules on the road, and once you understand them things are not actually as hectic as they seem. There is one thing, however, that is becoming a new threat on the road: road rage and th
ViewpointsJuly 28, 2015
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[Editorial] NIS investigation
The National Intelligence Service chief Lee Byung-ho’s closed-door briefing at the National Assembly produced, as expected, very different responses from the legislators attending the meeting. Lee asserted that the spy agency never conducted illegal surveillance of South Korean citizens, according to Won Yoo-chul, the ruling Saenuri Party floor leader. The NIS chief vowed to step down from his post if there was any spying on South Korean nationals. The briefing was held in response to the recen
EditorialJuly 28, 2015
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[Editorial] Iran deal a lesson for N.K.
A flurry of talks are taking place over North Korean denuclearization following the recent conclusion of the Iranian nuclear deal.On Monday, Sydney Seiler, U.S. special envoy for the six-party talks on North Korean denuclearization, met with his South Korean counterpart Kim Gunn, director general for North Korean nuclear affairs at the Foreign Ministry. From Seoul, Seiler traveled to Beijing where he is to hold talks with his Chinese counterpart. From there, he will go on to Tokyo to hold bilate
EditorialJuly 28, 2015
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Eased mortgage rules extended to July 2016
Regulators have decided to extend a set of deregulations on mortgages or housing-collateralized loans -- introduced on Aug.1, 2014 -- by a year from the scheduled expiry date of end-July.The Financial Supervisory Service on Tuesday said in a statement that it would extend the eased home loan-application rules by another year until the end of July 2016.But the extension of eased rules is raising questions about the consistency in policies as only weeks ago authorities pledged to curb the record h
July 28, 2015
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Lotte founder Shin Kyuk-ho sacked by son
Lotte Group founder and general chairman Shin Kyuk-ho on Tuesday was sacked from the post of CEO of Lotte Holdings in Japan by his heir and second son Shin Dong-bin.The junior Shin, chairman of Lotte Group in Korea, called an emergency meeting of the board of directors of the holding company in Tokyo and dismissed his father from the top post.Lotte Group said in a statement that the senior Shin will be positioned as an honorary chairman instead of general chairman. Executives will still report t
IndustryJuly 28, 2015
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[Graphic News] Investments in start-ups increase 40 percent this year
Investments in start-ups increased by 40 percent after the government announced various support policies last year, data showed Tuesday. The Small and Medium Business Association said that investments amounting to 956.9 billion won were made for venture funds from January to June in 2015, a 38.4 percent increase from the same period last year. The number of venture capital firms also increased to 517 in the first half of this year, a 23.7 percent increase from a year ago. An SMBA official said
IndustryJuly 28, 2015
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Ruling party's labor reform committee kicks off
The ruling Saenuri Party's special labor reform committee held its first meeting Tuesday, as part of efforts to push ahead with revamping the nation's rigid labor market.Last week, President Park Geun-hye's chief of staff, top government officials and party's senior leaders created the special committee in line with Park's drive to reform the structure of the labor sector. "The 19th National Assembly's regular session is the last chance for reform," Rep. Rhee In-je, chief of the committee, said
PoliticsJuly 28, 2015
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Part-time pay higher in Gangnam
The average hourly pay for part-time jobs in Seoul City stands at 6,188 won ($5.31), with the wage gap between the northern and southern part of the city as high as 400 won.These and other facts on part-time jobs were released by Alba Cheonguk, a part-time job portal site, with the Seoul Metropolitan Government and Korea Labor and Society Institute on Tuesday, analyzing 743,481 cases of registered job opening posts during the first half of this year. The average hourly pay showed a slight surge
Social AffairsJuly 28, 2015
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S. Korea to hold info session on doing business with Iran
South Korea said Tuesday it will hold an information session next week to help local businesses make inroads into Iran after the lifting of international sanctions on the Middle Eastern nation.The Ministry of Foreign Affairs and the Ministry of Trade, Industry and Energy plan to hold a joint session on Aug. 5 to help firms better understand the details of Iran's recent nuclear deal with the U.S. and five other global powers, according to a government press release.After years of tough negotiatio
InternationalJuly 28, 2015
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Tighter lending rules may stunt Korea's 2016 growth: Moody's
South Korea's move to tighten lending rules to curb ballooning household debt will likely improve its long-term financial stability, but it may drag down next year's growth by denting private consumption, Moody's Investors Service said Tuesday. The government last week announced a set of measures to manage the nation's rapidly rising household debt, prodding banks to extend fixed-rate, amortized loans and adopt tougher screening rules on borrowers starting from the latter half of 2016. The lates
July 28, 2015
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S. Korean cinema chain CGV opens six 4DX theaters in Japan
A subsidiary of South Korea's largest cinema chain, CJ CGV, has added six 4DX movie theaters in Japan, the company said Tuesday.The six recently opened at multiplex theaters in six cities, including Sapporo, Maebashi and Himeji, CJ 4DXPlex Co. said in a release. The 4DX auditoriums in Sapporo and Himeji were the first such theaters in those cities. The move brought to 17 the total number of CJ-run 4DX theaters in Japan.Japan is the fastest growing market among the 34 countries where CJ's 4DX the
IndustryJuly 28, 2015
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S. Korea's top food delivery app to go free
South Korea's leading food delivery application said Tuesday it will abolish commissions imposed on every order handled through its platform in order to focus on expanding the number of users.The app dubbed "Baedal Minjok," which means "Delivery Nation" in English, currently charges shop owners a commission of around 5.5 percent to 9 percent of the price per order made through its direct-payment system."Such fees will be abolished starting in August," said app operator Woowahan Brothers. "We fou
Social AffairsJuly 28, 2015
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Ruling party chief calls for candid apology from Abe
South Korea's ruling party chief said Monday he told U.S. government officials and congressional leaders that Japan should offer a candid apology for its wartime atrocities if the frayed relations between Seoul and Tokyo are to improve.Rep. Kim Moo-sung, chairman of the Saenuri Party, said he also told U.S. officials and congressmen that it is unacceptable for Japanese Prime Minister Shinzo Abe to issue a statement backtracking from previous statements of apology. "One of the things that U.S. of
InternationalJuly 28, 2015
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Lotte Holdings in Japan discharges founder Shin Kyuk-ho: report
Lotte Holdings of Japan, the de facto holding company of Lotte Group, held an emergency shareholder meeting on Tuesday, voting to remove General Chairman Shin Kyuk-ho from his post, Japanese media reported.Following the decision, the 93-year-old, who founded the retail-focused conglomerate in 1948, was named honorary chairman of Lotte Holdings. Shin Kyuk-ho, seated on the right. (Yonhap)In a shareholder meeting held on July 16, Shin Dong-bin, the founder's younger son, Shin Dong-bin, was appoint
IndustryJuly 28, 2015
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Gasoline prices hit 6-year low in H1
Gasoline prices in South Korea dipped to the lowest level in six years in the first half of this year due to falling crude oil prices, the state-run oil company said Tuesday. The average gasoline price stood at 1,514.5 won ($1.29) per liter in the January-June period, the lowest since early 2009, when it was 1,514.4 won, according to the Korea National Oil Corporation. The retail price hovered over 2,000 won in the first half of 2012 as crude prices shot up to over $100 a barrel, but it came dow
July 28, 2015
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Daewoo E&C earnings soar over 2.5-fold in Q2
Daewoo Engineering & Construction Co., one of South Korea's major builders, said Tuesday that its second-quarter earnings surged more than 2.5 times from a year earlier on a recovery in the local housing market. Net profit came to 83.55 billion won ($71.41 million) during the April-June period, up 162.83 percent from the 31.79 billion won posted a year earlier, the company said in a regulatory filing. Operating income, however, dropped 10.3 percent to 92.4 billion won over the cited period, whil
IndustryJuly 28, 2015
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N. Korea says no interest in talks on freezing its nuclear program 'unilaterally first'
North Korea is not interested in reopening talks with the United States on freezing or dismantling its nuclear program "unilaterally first," the country's ambassador to China said Tuesday, dashing hopes that Pyongyang may follow the path of Iran in dealing with its nuclear ambition. The North Korean Ambassador to China, Ji Jae-ryong, also declined to comment on China's role in resolving the North's nuclear issue, apparently reflecting strained political ties between the allies. "We are not inter
North KoreaJuly 28, 2015
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S. Korea, Russia seek to boost ties
Top diplomats of South Korea and Russia met in Moscow this week as the countries seek to expand their ties in a key anniversary year, the Foreign Ministry said Tuesday.First Vice Foreign Minister Cho Tae-yong and his Russian counterpart, First Deputy Foreign Minister Vladimir Titov, met Monday to discuss their countries' ties as they mark the 25th anniversary of diplomatic relations this year, the ministry said in a press release.Cho thanked Titov for Russia's cooperation on the Eurasia Express
InternationalJuly 28, 2015