Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Korea’s homegrown nanosatellite successfully launches into space
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Medical reform committee kicks off despite boycott from doctors
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Hybe's multilabel system tested amid conflict with Ador
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SNU profs to suspend treatment for one day
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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SK hynix pledges W20tr to ramp up DRAM production at home
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[Editorial] Cyber attacks again
Korean businesses, financial institutions and government agencies have been frequently targets of hacking in the past. It is like an epidemic. The latest case involves SK Communications, which runs the Cyworld social networking website and the Nate online portal.The hackers, whose attacks reportedly originated in China, stole personal information of 35 million clients of Cyworld and Nate last week
July 31, 2011
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[Editorial] No extra session?
August, a sultry month for holidaymaking, may not be amenable to engaging in heated political deals. But that is what lawmakers are required to do, with the National Assembly statutorily required to open a special session on each even-numbered month prior to September when a 100-day regular session starts.Moreover, the National Assembly needs to act on as many pending bills as possible during the
July 31, 2011
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[Editorial] Folly or posturing?
Savings banks’ depositors are protected by deposit insurance, not in full but in part, from losses caused by the inability of the non-banking institutions to pay their liabilities when they are due. Deposit insurance is designed to promote financial stability by protecting depositors and, by doing so, forestalling bank runs.But the downside is the moral hazard it causes. It encourages depositors a
July 29, 2011
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[Editorial] Prices and growth
Growth is slowing and prices remain stubbornly high, sending economic experts scratching their heads and trying to figure out if it is a sign of forthcoming stagflation. But the administration and the central bank rule out the possibility of the economy slipping into stagflation, saying that growth will regain momentum and prices will be more stable in the months ahead.Gross domestic product grew
July 29, 2011
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[Editorial] Rain bombardment
Record downpours continued to bombard the central part of the nation for three consecutive days on Thursday, raising the death toll to 48. The “rain bombs” triggered landslides in Seoul, Chuncheon and Pocheon, killing more than 30 citizens. They also flooded thousands of houses and roads, leaving some 5,000 people homeless and causing traffic chaos and power outages.In Seoul, the precipitation bet
July 28, 2011
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[Editorial] Investment banks
The Financial Supervisory Commission has renewed its attempt to create homegrown investment banks. On Wednesday the commission unveiled a draft bill that would allow brokerages with equity capital exceeding 3 trillion won to become investment banks. The commission plans to submit the legislation to the National Assembly in October for passage within this year. If approved as planned, the bill will
July 28, 2011
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[Editorial] Mergers, liquidations
Talks on forced mergers and liquidations are under way. The targets are not corporations that have become insolvent or are nearing insolvency, but junior colleges and universities whose finances are in bad shape.One of the first steps to be taken in this regard is to pass a bill on restructuring private schools. The presidential office and the ruling Grand National Party agreed on the bill’s early
July 27, 2011
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[Editorial] ‘Gangnam leftists’
As Seoul Mayor Oh Se-hoon announces tomorrow the schedule for the Seoul residents’ referendum on free school meals which is likely to be held on Aug. 24, he will be most anxious about how the so-called “Gangnam leftists” would react to his policy of limiting the benefits to only children from low-income families. Gangnam leftists, according to Korea Herald columnist Kim Seong-kon, refer to leftist
July 26, 2011
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[Editorial] Japan lawmakers’ visit
Special Affairs Minister Lee Jae-oh and Grand National Party chair Hong Joon-pyo need to calm down from their irritation about Japanese lawmakers’ plan to visit Ulleung-do, an island in the East sea, next week. They rightly understand that the Japanese politicians’ ulterior motive is to raise controversy about the nearby Dokdo, but we should just treat them as some of the numerous Japanese tourist
July 26, 2011
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[Editorial] Chemical castration
As Korea introduces the use of “chemical castration” on sex offenders this week for the first time in Asia, many wonder how effective the controversial method will be in protecting our children from sexual deviants. “Chemical castration” is a misnomer because what will be implemented in Korea does not involve sterilization or removal of any specific organ. The law on the treatment of sexual offend
July 25, 2011
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[Editorial] Threats to global peace
A madman calling himself a Christian fundamentalist or an anti-Islam crusader can be as dangerous to global peace as al-Qaida. The horrible fact is that the man who killed 93 in a few hours on Friday hailed from Norway, reputedly the last place to spawn terrorism on earth.As investigation into Anders Breivik’s bombing of a government building in Oslo and his shooting at hundreds of youths on a pol
July 25, 2011
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[Editorial] Talks as a formality?
The inter-Korean nuclear talks held in Indonesia on Friday were the first step toward the resumption of full-fledged, six-way talks on Pyongyang’s nuclear weapons program. It had previously been agreed that Pyongyang would talk first with Seoul and later with Washington before the six-way talks, stalled since December 2008, would resume.Given the affirmative assessment of the Friday talks by the S
July 24, 2011
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[Editorial] Koreans overeducated
Few would dispute that high school education is enough for the lowest two administrative positions on the one-to-nine scale. Nor would anyone deny that it does not take much formal education to sweep streets. But this common sense does not prevail in Korea, as shown by examples below.Last year, the Seoul metropolitan government selected 415 recruits to fill the vacant positions of grades eight and
July 24, 2011
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[Editorial] Nonregular workers
Remedying discrimination against nonregular workers has emerged as a burning issue as political parties are competing to win their hearts and minds to ensure victory in next year’s parliamentary and presidential elections. Irregular workers are a political force to be reckoned with. As of March, they accounted for 5.77 million or 33.8 percent of the nation’s 17.06 million paid workers. When daily
July 22, 2011
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[Editorial] GNP’s new vision
The Youido Institute, the think tank of the ruling Grand National Party, has released a report to outline a new vision for the party. The document, unveiled Wednesday, signals the beginning of a major debate within the ruling party over the revision of its platform in preparation for the general and presidential elections slated for next year. Thus far, the GNP’s vision has been “the advancement o
July 22, 2011
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[Editorial] New renegotiations?
It was assumed that the ratification of the free trade agreement with the United States would be the focal point of contention when the National Assembly opens its August extraordinary session. The ruling Grand National Party had selected the motion for ratification as one of the main bills to act on in the face of fierce resistance from the opposition Democratic Party.The ruling party had apparen
July 21, 2011
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[Editorial] Quixotic war on prices
Shortly after he was inaugurated in February 2008, President Lee Myung-bak selected 52 daily necessities and put their prices under tight control. Still, items whose prices gained continued to outnumber those whose prices fell.Since inflationary pressure started to build appreciatively during the second half of last year, the Lee administration has been monitoring changes in their prices around th
July 21, 2011
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[Editorial] Scary bullet trains
It’s really past time for Korea Railroad Corp. to stop the operations of its problem-ridden bullet trains and make a comprehensive safety check. This year alone, KTX high-speed trains have stopped 36 times for various reasons, including derailment and equipment malfunctions. This is an unmistakable sign that something is seriously wrong with Korail’s high-speed trains. In a latest incident that to
July 20, 2011
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[Editorial] Unification tax
On Aug. 15 last year, President Lee Myung-bak proposed the introduction of a unification tax to secure the funds that would be needed to finance reunification with North Korea. Given that the North is, for all intents and purposes, an economic basket case, it is impossible to dispute the need for the South to prepare for reunification. But this does not necessarily mean that the public would welco
July 20, 2011
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[Editorial] Rival’s assessment
It may be pleasing for our manufacturing giants to hear a major Japanese business newspaper admit Korea’s overtaking or close chase of Japanese rivals in the global market with such top-line products as cars, ships and appliances. But what is important is paying attention to how they assess the factors of success and failure in the intense rivalry between the two neighbors.In an article titled “So
July 19, 2011