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Politics
Park Geun-hye loyalists clash in power struggle
Two key supporters of Rep. Park Geun-hye traded barbs over the term “economic democracy” Tuesday for a second day in a row, following the first round of the debate a day ago. The clash of ideas between Kim Jong-in and Rep. Lee Hahn-koo took the form of an ideological divide…
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South Asia
Kids May Feel Hungrier With Empty Dishes In Front
Flood affected children wait for food at a relief camp in Sootea about 250 kilometers (156 miles) east of Gauhati, India, Tuesday, July 3, 2012. Nearly half a million people took refuge in relief camps set up in government buildings after the devastating floods killed 95 people and left 14…
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Myeong-dong street vendors face crackdown for fake goods
Seoul’s central Jung-gu district announced Monday that it will crackdown on street vendors selling fake goods in the popular shopping district of Myeong-dong. The district said inspections will start July 16 jointly with the Korea Intellectual Property Office. It will notify and warn street vendors of the enforced measure against…
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Business
E-Mart under scrutiny
Fair Trade Commission (FTC) investigators raided the Seoul headquarters of E-Mart, the country’s largest grocery chain, Monday, on suspicions over whether the retail giant dishonored its promise to reduce sales commissions imposed on small suppliers. E-Mart officials confirmed Tuesday that 16 FTC inspectors visited the company’s offices a day earlier…
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Business
Seoul apartment prices fall steepest in 10 years
No rebound in sight for loal housing market The real estate market entered a deep slump following the global economic crisis in 2008 and still shows no sign of an imminent rebound. Homeowners, who borrowed money to buy houses during the property boom period from 2005 through 2007, are experiencing…
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Business
Kia Motors’ Rio wins major design award
Kia Motors has won the International Design Excellence Awards (IDEA), one of the world’s three biggest design awards. Sold under the different name of the Rio overseas, the automaker’s popular compact car Pride won a bronze in the transportation category at the 2012 IDEA organized by the Industrial Design Society…
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NTS rejects Lone Star’s refund demand
Tax authorities rejected Tuesday the demand by Lone Star Funds that they return 391.5 billion won (about $342 million) in capital gain taxes the U.S. buyout firm paid on earnings from its sale of the Korea Exchange Bank (KEB) earlier this year. The decision, which was widely expected, means the…
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Capitalism or feudalism?
Time to ponder how to rectify chaebol system The Fair Trade Commission released a chart Monday, which illustrates the shareholding structure of 63 family-controlled conglomerates and their subsidiaries. The diagram, which appears even more complicated than the Seoul subway map, drew attention to two things: how these families dominate huge…
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Central Asia
Major news in Kazakhstan on July 3 : Kazakhstan people have got about four hours of leisure time daily
Major news in <Tengri news> : Kazakhstan people have got about four hours of leisure time daily The Statistics Agency of Kazakhstan has conducted a research named Time budget implementation by population of Kazakhstan, Tengrinews.kz reports, citing the press-service of the Agency. The Agency has found out that Kazakhstan citizens…
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Society
UNESCO adds 26 new sites on World Heritage List
PARIS, July 2 (Xinhua) — A total of 26 new sites have been inscribed on the UNESCO’s World Heritage List this year, with Russia’s Lena Pillars Nature Park being the last to join in on Monday, the Paris-based UNESCO said in a statement. The inscriptions were approved during the 36th…
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