Most Popular
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No plan to let doctors with foreign licenses practice here anytime soon: PM
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Ador CEO's dismissal to be decided on last day of May
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[Graphic News] Beer the most favored alcoholic drink by Koreans
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Science Ministry expresses regret over Japan’s pressure on Naver
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Haeundae Beach to become sand art museum in late May
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Medical professors set to take day off amid protracted walkouts by junior doctors
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Hostilities get out of hand as YouTuber murders another outside courthouse
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Police officer jumps barefoot into drainage tunnel to save man
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Lee Sun-kyun's posthumuous film to hit theaters in August
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State-led adoption system to be established to ensure adoptees' well-being, minimize overseas adoption
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[Editorial] FTA with China
Negotiations will reportedly start on a Korean-Chinese free trade agreement in the near future, possibly as early as in June. A senior Blue House official is quoted as saying that Korea and China will hold a summit this month and declare the launch of negotiations next month.As the official said, China has a strong desire to conclude negotiations on a free trade deal with Korea. But Korea has not
May 1, 2011
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[Editorial] New town plans
A dictionary definition of “new town” is a “planned urban community designed for self-sufficiency and providing educational, commercial and recreational facilities for its residents.” As such, it differs from “settlements that evolve in more ad hoc fashion.”Britain began to build new communities under the New Towns Act of 1946. Many other countries, borrowing from Britain, have since launched simi
May 1, 2011
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[Editorial] Empty slogan
The government is renewing its efforts to advance the service industry. The Ministry of Strategy and Finance has disclosed a new action plan that called for, among other things, a basic law on the promotion of the service industry, the introduction of for-profit hospitals and allowing sales of nonprescription drugs at supermarkets and convenience stores.The renewed push for the service sector is w
April 29, 2011
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[Editorial] Reform of the FSS
The Financial Supervisory Service is in need of drastic reform. The recent series of problems at financial companies and corruption cases involving FSS officials have shown the regulator is not only ineffectual in promoting stability and soundness of the financial market but is corrupt to the bone. In his inaugural address on March 28, FSS Chairman Kwon Hyuk-se disclosed his vision of making the r
April 29, 2011
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[Editorial] Enhancing looks
Veteran singer Yoon Bok-hee said in an interview last week that she was afraid of watching TV these days because she sees so many entertainers who have undergone cosmetic surgery. “With your skin yanked and bone carved, can you correctly express your emotion? With your mouth reconstructed, can you sing normally?” she asked.The 65-year-old singer insists that a truly dedicated actor or singer shoul
April 28, 2011
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[Editorial] Post-poll plans
The electorate in the Bundang B district said no to the status quo and, instead, endorsed a call for change when it elected Sohn Hak-kyu, leader of the main opposition Democratic Party, in the April 27 parliamentary by-election. Of great concern to the conservative ruling party and the liberal opposition party is whether the electoral outcome will prove to be a tempest in a teacup or a prelude to
April 28, 2011
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[Editorial] Pension fund voting
Few would question the “one-share, one-vote” rule as the basic principle behind corporate governance. Nothing would be wrong if the National Pension Service exercises its voting rights, mandated by the number of common shares it possesses, at a listed company’s meeting of shareholders.The National Pension Service is one of the largest institutional investors, which holds more than 5 percent of sto
April 27, 2011
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[Editorial] Trust betrayed
No sane person would deposit a large sum of money with a financial institution if he had no conviction that he would be able to withdraw the deposit at maturity. This depositor trust was betrayed when the Financial Services Commission suspended operations at Busan Savings Bank on Feb. 17.Worse still, what had reportedly happened at the savings bank before it was ordered to suspend operations calls
April 26, 2011
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[Editorial] At the polls
Balloting starts at 6:00 a.m. on Wednesday for the by-elections in three parliamentary districts, one gubernatorial district and several districts for municipal mayors. Though the electoral districts are small in number, the polls have good reason to draw more attention than they would normally deserve.First of all, public attention will focus on the vote in the Bundang B district in Seongnam, Gye
April 26, 2011
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[Editorial] Smartphone suits
A week after Apple Inc. filed a patent lawsuit with a California court against Samsung Electronics, the latter came up with countersuits against Apple at courts in Korea, Japan and Germany. While the battle between the two global giants will cost both sides huge legal, the suits could generate enough consumer interests in the products of both parties to more than compensate the costs of litigation
April 25, 2011
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[Editorial] Rain tops Time 100
Singer and actor Rain was chosen as the most influential person in the world in a Time magazine poll for the third time since 2006. Rain, 28, with the Korean name Jung Ji-hoon, took the top spot in the Time 100 reader poll for the third year, trouncing competitors from Barack Obama to Lady Gaga, the U.S. news magazine said. Calling him “the unstoppable South Korean superstar,” Time reviewed how Ra
April 25, 2011
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[Editorial] Localization of parts
Domestic companies are stepping up efforts to localize some of the parts and materials they import from Japan as their suppliers in the neighboring country are in trouble due to the March 11 earthquake.For instance, LG Electronics has decided to develop a microcontroller unit for its home appliances as Toshiba Corp., which accounts for 60 percent of the global MCU supply, has still not fully norma
April 24, 2011
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[Editorial] Card crisis deja vu
Korea suffered a severe credit card crisis in 2003 that not only disrupted the financial system but hit the real economy with a body blow. The crisis followed a massive credit card lending boom, which was fueled by the government’s misguided bid to boost consumption. As the government eased regulations on the credit card business, card issuers pulled out all the stops to recruit new cardholders. T
April 24, 2011
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[Editorial] Union demand
If a company is to prosper, one of the first things it must do is hire people with skills, knowledge, capacity and other qualifications that can be put to good use. It goes without saying that no restrictions should be placed on the process of selecting qualified persons from among job applicants.But Hyundai Motor Co.’s unionized workers demand their children be given favors when they apply for em
April 22, 2011
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[Editorial] Reform in jeopardy
Cronyism in the legal profession is set to be weakened, if not removed, with the National Assembly scheduled to act on a bill to restrict the practice of law by judge- and prosecutor-turned lawyers this month. Given a bipartisan accord, its passage is almost assured.If the bill is approved, lawyers will be banned for one year from serving as counsel on cases tried or investigated by the court or t
April 22, 2011
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[Editorial] Checks on reactors
Concerns about the safety of the nuclear reactors in Korea are growing as problems arise in succession at the reactors of the Gori nuclear power plant near Busan. The Gori-1 reactor, the oldest in Korea, which started operation in 1978, shut down on April 12 after a fire destroyed one of its circuit breakers. At first, Korea Hydro & Nuclear Power Co. said a defective power switch caused the power
April 21, 2011
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[Editorial] Defusing debt bomb
The Korean economy is sitting on a ticking time bomb ― household debt that has topped 800 trillion won. To figure out the risks that this huge debt bomb poses to the national economy, one has only to remember that one percentage point hike in interest rates would increase the interest payment burden on households by 8 trillion won a year. No wonder the Bank of Korea has been hesitant to raise the
April 21, 2011
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[Editorial] Bad bank
The proposed establishment of a bad bank is set in motion by the financial regulators, who are worried that soured project financing loans, if not dealt with appropriately, could cause a financial crisis. At the request from the regulators, creditor banks will sooner or later discuss the details, including how much of money each of them will chip in to set up a bad bank and how much of toxic loans
April 20, 2011
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[Editorial] Overeducating
The number of people who are highly educated but economically inactive has been increasing at an alarmingly high rate during the past decade ― surely an unwelcome reminder to parents that the costly efforts to send their children to university may not pay off.As opposed to the economically active population, those economically inactive are people who do not work and, at the same time, do not meet
April 20, 2011
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[Editorial] 6 parties, 6 dreams
The six-party talks for the denuclearization of North Korea may be resumed sometime this spring after a hiatus of more than two years. South Korean Foreign Minister Kim Sung-hwan and U.S. Secretary of State Hillary Clinton agreed in Seoul last week that they would pursue direct inter-Korean talks as a prelude to reopening the six-way talks. This concurs with China’s recent proposal for a three-sta
April 19, 2011