Most Popular
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Heavy snow alerts issued in greater Seoul area, Gangwon Province; over 20 cm of snow seen in Seoul
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Seoul blanketed by heaviest Nov. snow, with more expected
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Seoul snowfall now third heaviest on record
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Samsung shakes up management, commits to reviving chip business
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NewJeans to terminate contract with Ador
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Heavy snow of up to 40 cm blankets Seoul for 2nd day
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How $70 funeral wreaths became symbol of protest in S. Korea
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Hybe consolidates chairman Bang Si-hyuk’s regime with leadership changes
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Why cynical, 'memeified' makeovers of kids' characters are so appealing
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BOK makes surprise 2nd rate cut to boost growth
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Prime minister out of sight in Sejong
Commuting between Seoul and the new administrative city of Sejong is turning out to be a much more difficult task for Prime Minister Chung Hong-won than initially expected.The prime minister, who took office in February, was given an official residence in Sejong as a means of reducing the amount of time spent in long commutes.However, one cannot say that he has led a “dual life” of managing national affairs and policies both in Seoul and Sejong, as he has rarely stayed in the new city since his
Dec. 13, 2013
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Housing market in Sejong City heats up in 2013
Home-owners in the new city of Sejong are among the few groups of real estate purchasers enjoying high returns on their investments this year.“Despite the prolonged slump in the nation’s real estate market, winter has never come to the housing market in Sejong City,” Kwon Il, the research team manager of Dr. APT, a local real estate market information provider, said by phone. According to a recent survey released on Dec. 3 by Dr. APT on price increases of newly built apartments nationwide this y
Dec. 13, 2013
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Relocation to Sejong sparks dating woes for single officials
Park Jin-young, an administrator at the Ministry of Employment and Labor, has been experiencing some difficulties in her love life ever since her workplace was scheduled for relocation to Sejong City by the end of this year. For the 30-year-old public servant, finding love and getting married remain important goals. But relocating to Sejong, 120 kilometers south of Seoul, has become a deal breaker in the eyes of single men she meets in the capital city.“Guys hesitate to get to know me better whe
Dec. 13, 2013
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Market principles should drive urbanization: expert
The Korean cities of Seoul, Busan and Ulsan enjoyed successful growth when the government aggressively implemented economic and land development policies in the 1960s and ’70s.Government investment in these cities, backed by international aid, helped them to develop new industries and infrastructure and also fostered the essential human capital needed for economic growth.Seoul has become a globally competitive city alongside Tokyo and Singapore, Busan is among the world’s top five port cities, a
Dec. 13, 2013
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Sejong City offers chance to realize urban dream: Lee
The controversial Sejong City is neither a needless extension of Seoul nor a dispersion of its administrative functions, but rather a golden opportunity to strategically create an ideal future-oriented city, according to the chief conductor of the project.Lee Choong-jae is the chairman of the Multifunctional Administrative City Construction Agency, the special organization in charge of mapping out the development of the new Sejong government complex and its surrounding area.“Sejong City, with se
Dec. 13, 2013
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Hyundai Mipo gets W600b shipbuilding order
Hyundai Mipo Dockyard Co., a South Korean shipbuilder, announced Friday it has secured a 602.7 billion won ($572.6 million) deal with Britain’s BP Shipping Ltd. to provide 14 petrochemical carriers. The vessels will be delivered by July 2017, the South Korean firm said in a regulatory filing. The latest deal is an addition to orders announced Monday by Hyundai Mipo, a subsidiary of Hyundai Heavy Industries Co., for six PC carriers worth about $44 million per unit from foreign shipping companies
Dec. 13, 2013
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Cutler says S. Korea's entry into current TPP talks 'very difficult'
A top U.S. trade official said it would be "very difficult" for South Korea to join the ongoing Trans-Pacific Partnership (TPP) negotiations, which are on the verge of a deal."We think we are in the end game ... I think it will be very, very difficult for any country, including (South) Korea, to join the ongoing negotiations if you just look at the timetable and the clock," Acting Deputy U.S. Trade Representative Wendy Cutler said at a forum here.After months of taking a wait-and-see stance, the
Dec. 13, 2013
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[Photo News] Salvation Army campaign
Dec. 12, 2013
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[Newsmaker]TPP to be hot potato in Korea-U.S. ties
The participation in the Trans-Pacific Partnership, a proposed free trade agreement among countries in Asia-Pacific nations, is likely to be a hot economic issue between Korea and the United States next year, given the two countries’ bilateral FTA.The United States seemingly welcomes Korea’s announcement of its interest in the TPP participation, but at the same time it is apparently building up pressure for Korea to prioritize the bilateral FTA.Tami Overby, vice president for Asia at the U.S. Ch
Dec. 12, 2013
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KNOC to import crude oil produced by its overseas unit
The state-run Korea National Oil Corp. said Thursday that it has successfully supplied crude oil produced by its own subsidiary from abroad to a top domestic refinery for the first time.The crude, known as Forties, is the leading oil reserve in the North Sea region.KNOC has sold 2 million barrels of such crude to GS Caltex, the nation’s oldest private oil refiner, through Dana Petroleum, its British subsidiary acquired in September 2010, where 300,000 barrels were directly produced by the subsid
Dec. 12, 2013
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BOK freezes key rate for 7th straight month in Dec.
South Korea's central bank froze the key interest rate for the seventh consecutive month on Thursday as the local economy is showing signs of a moderate recovery amid tame inflation.Bank of Korea (BOK) Gov. Kim Choong-soo and his six fellow policymakers held steady the benchmark seven-day repo rate, dubbed the base rate, at 2.5 percent, as widely anticipated.The decision came as a set of data pointed to a moderate recovery of the Korean economy while the timing of the Federal Reserve's monetary
Dec. 12, 2013
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No 'free pass' for S. Korea into TPP: Overby
South Korea should not be granted a 'free pass' to enter the U.S.-led Trans-Pacific Partnership (TPP) unless it fully implements the bilateral free trade agreement called "KORUS FTA," a representative from the U.S. business community said Wednesday.Speaking at a forum, Tami Overby, vice president for Asia at the U.S. Chamber of Commerce, said her organization is "excited" about South Korea's announcement of its interest in the TPP talks, which she expects to be completed in January.Realistically
Dec. 12, 2013
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FTC reveals overcharging by 9 travel agencies
Nine travel agencies were found to have overcharged consumers fuel adjustment fees, which are calculated on the basis of oil prices, in their proxy sales of air tickets, the Fair Trade Commission said Wednesday.The companies are Hana Tour, Interpark Tour, Online Tour, Mode Tour, Yellow Balloon Tour, Web Tour, Tour Baksa, Naeil Tour and Very Good Tour.They were also found to have engaged in inflating flight usage taxes when they publicized tour products on their cyber homepages, according to the
Dec. 11, 2013
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Korea's import prices fall for 15th month in Nov.
South Korea's import prices declined for the 15th straight month in November as oil prices fell and the local currency gained against the U.S. dollar, the central bank said Wednesday.In local currency terms, the country's import prices declined 4.9 percent in November from a year earlier, smaller than the 7.3 percent on-year fall in October, according to the Bank of Korea (BOK).It marked the 15th consecutive month of on-year declines in import prices since September last year when such prices di
Dec. 11, 2013
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S. Korea's jobless rate drops in Nov. with job creation picking up
South Korea's jobless rate slightly dropped in November from a month earlier as job creation picked up speed, raising hopes that labor market conditions are improving, a government report showed Wednesday.According to the report by Statistics Korea, the jobless rate stood at 2.7 percent last month, down from 2.8 percent in October.The jobless rate adjusted for inflation also inched down to 2.9 percent from the previous month's 3 percent.Job creation accelerated sharply. The number of employed pe
Dec. 11, 2013
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[Graphic News] New KTX routes
A new corporation to be established under KORAIL will operate the new high-speed KTX routes expected to open in 2015. The line, which will connect to the nation’s southern region, will start in Suseo, southeastern Seoul. The existing KTX service starts in Yongsan, central Seoul. The new section is are expected to make access easier for people in eastern Seoul and Gyeonggi Province.
Dec. 10, 2013
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[Newsmaker] Leadership of rail chief put to test
Choi Yeon-hye, CEO of the state-run rail operator KORAIL, is taking a chance on her leadership by adopting a zero-tolerance policy on the hard-line unionized rail workers’ strike.“I shall deal (with the walkout) with a mother’s heart,” Choi said through an official statement on Monday, apologizing for the inconveniences caused by the KORAIL labor union’s nationwide strike.Despite her seemingly soft-hearted words, the rail operator’s first-ever female chief has largely been stern and forthright s
Dec. 10, 2013
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26 percent of divorces involve elderly couples
The number of divorce cases among elderly or middle-aged Koreans surpassed 30,000 for the first time in 2012, according to Statistics Korea data released on Tuesday.According to the state statistics agency, the number of divorces among people whose married life exceeded 20 years reached about 30,200 last year. This comprised 26.4 percent of the total number of divorces in 2012 among couples of all ages.Further, this marked the first time that the number of divorces among elderly couples surpasse
Dec. 10, 2013
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Korea to rely on nuclear plants for 29% of power supply by 2035
The government plans to rely on nuclear power plants for 29 percent of the total electricity supply by 2035, in an apparent move to uphold the controversial policy to expand its nuclear energy.The former administration had sought to boost the supply ratio of nuclear power plants to over 30 percent to cope with rising demand for electricity. But the Japanese nuclear disaster in Fukushima in 2011 has stoked global concerns about the use of nuclear energy, prompting some countries to change or scra
Dec. 10, 2013
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Overseas construction orders likely to grow in next four years
Despite the slump in the domestic construction market, overseas orders in the sector have risen this year and are expected to grow further over the next four years.The Export-Import Bank held a seminar Tuesday with the Korea Development Bank, Korea Trade Insurance Corp., and the Korea Finance Corp., seeking to improve the financial support for firms engaged in overseas construction projects.As of the end of November, overseas construction orders totaled $79 billion this year, up 5 percent from 2
Dec. 10, 2013