Most Popular
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[AtoZ into Korean mind] Humor in Korea: Navigating the line between what's funny and not
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Yoon seeks rebound, taps 5-term lawmaker as chief of staff
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Korean, Romanian leaders discuss defense tech, nuclear energy
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Medical standoff deepens as doctors reject new med school plan, talks
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[Graphic News] 77% of young Koreans still financially dependent
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[Herald Interview] Why Toss invited hackers to penetrate its system
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S. Korean envoys convene to navigate strategy amid Middle East tensions
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North Korea fires several short-range ballistic missiles into sea: JCS
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Samsung, SK hynix investors dump shares on Nvidia crash
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OPEC raises 2015 oil demand forecast despite bearish markets
VIENNA (AFP) -- OPEC on Tuesday revised upward its growth forecast for global oil demand in 2015 and maintained projected record levels of world consumption next year, despite turbulent market conditions spurred by financial instability in Greece and China.In its August monthly report, the Organization of the Petroleum Exporting Countries said it was expecting world oil demand to grow by 1.38 million barrels per day -- some 90,000 more than announced in its July estimates.The cartel also stuck t
Aug. 11, 2015
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Greece agrees on broad terms of new bailout package
ATHENS (AP) -- Greece has agreed on the broad terms of a new three-year bailout package with international creditors, with a few last details expected to be ironed out Tuesday.Finalizing quickly the deal for about 85 billion euros ($93 billion) in new loans would prevent the country from defaulting on its debts next week and secure its future in the euro."We are very close. Two or three very small details remain,'' Finance Minister Euclid Tsakalotos said as he emerged Tuesday morning from all-ni
Aug. 11, 2015
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China starts anti-dumping probe into electrical steel imports
China's commerce ministry said Thursday that it has started an anti-dumping investigation into imports of grain-oriented electrical steel from South Korea, Japan and the European Union. The Chinese authorities will investigate whether the imports of grain-oriented flat-rolled electrical steel from the three economies hurt the Chinese local industry, the ministry said in a brief notice. Electrical steel is used to make transformers, reactors, small electric precision motors, magnetic switches
July 23, 2015
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[Newsmaker] Apple under pressure even after record profit
Apple Inc., after posting its best fiscal third-quarter profit ever, is facing fresh questions over whether it can keep making hit products.An attendee takes a photograph with an iPhone of the Apple Watches during the Apple Inc. Spring Forward event in San Francisco, California. (Bloomberg)Even though iPhone sales climbed 35 percent to 47.5 million units in the period that ended in June, the result fell short of the 48.8 million shipments projected by analysts. That, plus a revenue forecast for
July 22, 2015
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Greek bailout moves ahead after Germany gives its backing
The bailout of Greece cleared some further key hurdles Friday after German lawmakers overwhelmingly gave their backing to another financial rescue and the European Union said it would release an interim loan that will ensure Athens avoids an imminent debt default.The developments, along with Greek parliamentary approval early Thursday of creditor-demanded austerity measures, prompted a positive assessment from Europe's bailout fund, which approved a “decision to grant, in principle, stability s
July 18, 2015
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EU leaders reach Greek bailout deal
EU President Donald Tusk said Monday that eurozone leaders had reached a unanimous deal to offer Greece a third bailout and keep it in the euro after 17 hours of marathon talks. “EuroSummit has unanimously reached agreement. All ready to go for ESM programme for Greece with serious reforms and financial support,” Tusk said, referring to the EU‘s bailout fund that will oversee the third Greek bailout since 2010. German Chancellor Angela Merkel (left), French President Francois Hollande (center) a
July 13, 2015
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Greece vows pension, tax reforms in return for loan
ATHENS (AFP) - Greece on Wednesday promised it would start pension and tax reforms next week, as demanded by creditors, in return for a three-year eurozone loan to drag its financial system back from the brink of collapse."We propose to immediately implement a set of measures as early as the beginning of next week including: tax reform related measures; pension related measures" if the loan from the European Stability Mechanism (ESM) was forthcoming, the finance ministry said in a letter to the
July 8, 2015
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Asian stocks sink on China sell-off
HONG KONG (AFP) ― Asian equities tumbled Wednesday as a collapse in Chinese shares began to contaminate other markets, and after European leaders slapped Greece with a deadline to submit fresh bailout reform proposals. A man speaks in front of monitors showing market movements at the Taiwan Stock Exchange in Taipei on Wednesday. (AFP-Yonhap)With markets buffeted by two global crises, traders ran for the cover of investments considered safe in times of upheaval such as the yen.Shanghai plunged 5
July 8, 2015
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[Newsmaker] Greece’s discreet new finance minister
ATHENS ― Greece’s new finance minister Euclid Tsakalotos is as discreet and tight-lipped as his predecessor Yanis Varoufakis was flamboyant and confrontational. Tsakalotos, a 55-year-old leftist economist who had been a pointman in Greece’s bailout talks, was named as Varoufakis’ replacement hours after his resignation on Monday.He is far less likely to irritate Athens’ exasperated creditors.Euclid Tsakalotos, Greece’s finance minister, addresses journalists during a handover ceremony in Athens,
July 7, 2015
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EU summit should discuss humanitarian aid for Greece: Germany
BERLIN (AFP) -- Eurozone leaders gathering for an emergency summit Tuesday should discuss humanitarian aid for the debt-mired country, German Economy Minister Sigmar Gabriel said."We must now cover their needs very quickly, the people there need help and we should not refuse it just because we're unhappy with the result of the referendum (Sunday on creditors' bailout terms)," Gabriel, who is also Germany's vice chancellor, told reporters Monday. "I hope this can happen quickly. I assume it will
July 6, 2015
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All eyes on ECB after Greek 'No' vote
FRANKFURT (AFP) -- All eyes turned to the European Central Bank Monday following the resounding 'No' in Greece's referendum, as it is seen as the only institution capable of stemming market panic and preventing the Greek economy from collapsing.In Sunday's referendum, more than 61 percent of Greeks rejected creditor demands for further austerity in return for more bailout funds, sending Greece's eurozone partners scrambling to respond. Until now, the ECB has agreed to keep Greek banks -- and, by
July 6, 2015
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Merkel says unaware of new EU proposal on Greece
BERLIN (AFP) - German Chancellor Angela Merkel said Tuesday she was not aware of any new EU debt deal proposal to Greece after European Commission chief Jean-Claude Juncker raised the prospect of a last-minute solution.Asked about an 11th-hour offer to Athens, Merkel told reporters: "The only thing I know is that the last offer I am aware of is the one from last Friday. There is nothing more I can say."Juncker revealed his surprise proposal just hours before Greece's bailout program expires at 2
June 30, 2015
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Greece to miss IMF debt payment and bailout to expire
ATHENS (AP) - Greece is set to become the first developed nation to not pay its debts to the International Monetary Fund on time, as the country sinks deeper into a financial emergency that has forced it put a nationwide lockdown on money withdrawals.Greece owes the IMF about 1.6 billion euros ($1.9 billion) by the end of Tuesday but has run out of money and after five months of talks with creditors, has no prospect of getting new rescue loans. Finance Minister Yanis Varoufakis, asked whether Gr
June 30, 2015
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EU leaders urge Greeks to vote 'yes' to stay in euro as default nears
European leaders Monday pleaded with Greek voters to back hotly disputed bailout proposals in a crunch referendum or face leaving the euro as bank closures left many in Greece scrambling to find cash. On the eve of an expected debt default that could set Greece on the path to a euro exit, Prime Minister Alexis Tsipras sought to calm nerves by leaving the door open to talks, saying the July 5 plebiscite on creditors' latest cash-for-reform plans would leave the country "better armed" in the figh
June 30, 2015
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EU to make latest proposals on Greek crisis on Monday
The president of the European Commission will make his latest proposals later on Monday to try to avoid a Greek default, the EU commissioner of economic affairs said, adding that there was still room to negotiate over the crisis. Jean-Claude Juncker "will indicate the route to follow, I hope everyone will commit themselves to a way of compromise," Pierre Moscovici told French radio, adding there was still "room for negotiation" between Athens and its international creditors. (AFP)
June 29, 2015
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57 countries hold signing ceremony to set up China-led bank
The 57 countries who are founding members of the China-led Asian Infrastructure Investment Bank began signing the articles of association setting up the new institution on Monday. Australia became the first country to sign the document in the Great Hall of the People in Beijing, an AFP journalist at the ceremony saw. (AFP)
June 29, 2015
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Greek banks shut until July 6, ATM withdrawal limit 60 euros a day
Greek banks will remain closed until July 6 -- the day after a referendum on bailout proposals -- and ATM withdrawals will be limited to 60 euros ($65) a day in the same period, according to an official decree published early Monday. The decree on capital controls, published in the official government gazette and entitled "Bank Holiday break", lists the measures imposed on financial institutions lasting from June 28 to July 6 and was signed by President Prokopis Pavlopoulos and Prime Minister A
June 29, 2015
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Greece awaits European Central Bank decision on liquidity
ATHENS, Greece ― Greece was anxiously awaiting a decision Sunday by the European Central Bank on whether it will increase the emergency liquidity assistance that Greek banks can draw upon. Worried Greeks continued lining up at ATM machines Sunday morning, the day after the Prime Minister Alexis Tsipras called for a referendum on creditors' financial proposals in return for rescue loans. While some machines were running out of cash, others were being replenished. Tsipras' move for a national vote
June 28, 2015
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Elliott 'firmly' believes Samsung merger plan unfair
U.S. hedge fund Elliott Management said Friday it still "firmly" believes a planned merger between two key Samsung Group units is not in the best interests of shareholders, continuing its tense war of nerves ahead of a crucial shareholder meeting next month. Samsung C&T shareholders are scheduled to meet on July 17 to vote on the firm's proposed merger with Cheil Industries Co., the de facto holding company of South Korea's top family-controlled conglomerate. Strongly opposing the move, Elliot
June 26, 2015
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Samsung, Elliott all out to win support ahead of showdown
Samsung Group, South Korea's top conglomerate, and a U.S. hedge fund opposing the group's plan to merge its key units, are expected to ramp up their efforts to gain more support from shareholders ahead of a showdown slated for next month, industry source said Sunday. In a court battle with Samsung Group over the proposed merger between Samsung C&T and Cheil Industries Inc., U.S. activist hedge fund Elliott claimed last week that the merger deal is designed to help the group's owner family facili
June 21, 2015