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Daily news updates provided by Joongang Daily
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May 16, 2013
- Welfare program to get overhaul
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The Ministry of Health and Welfare said yesterday it will overhaul the basic livelihood assistance program in a move to extend its coverage. With the revision in place, the number of program beneficiaries is expected to increase by 800,000 to reach 2.2 million. The revision centers on the eli...
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May 16, 2013
- Prosecutors raid 25 firms over four-rivers project
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Prosecutors yesterday raided the offices of 25 local construction companies over allegations of collusion to win bids for the four-rivers restoration project implemented under the Lee Myung-bak administration. The prosecutorial raid yesterday signaled the launching of a full-fledged investigat...
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May 16, 2013
- Parties pick floor leaders
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The ruling Saenuri Party and the largest opposition Democratic Party yesterday elected their new floor leaders, taking new postures ahead of the October by-elections. Representative Choi Kyung-hwan, a three-term lawmaker known to have a close relationship with President Park Geun-hye, was ele...
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May 16, 2013
- After scandal, Park vows better scrutiny of staff
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President Park Geun-hye yesterday vowed to modify the shortcomings in her appointment system in the aftermath of last week’s unsavory sexual abuse scandal involving her spokesman. “I will put forth efforts to have the appointment committee modify the system to conduct more thorough, multilev...
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May 16, 2013
- KEB starts growing its overseas network again
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Korea Exchange Bank became the first Korean bank to open a subsidiary in Turkey. With its Istanbul office now open for business, the bank say it has the largest overseas network with 53 offices and branches in 23 countries. Among Korean banks, KEB has the largest sales network in Europe, in...
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May 16, 2013
- Real estate sales up 17.5% in April
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Lee, a 39-year old owner of an apartment in Jamsil, southeastern Seoul, has been getting lots of calls from realtors these days. They want to know if he’s ready to sell his unit. Lee says he’s gotten calls in the past to ask if he was interested in letting the unit out on a long-term lease. ...
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May 16, 2013
- Chasing the start-up dream has a history
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Supporting start-ups, which have the potential of prospering on the basis of one good idea, may be the best option the Park Geun-hye administration has to achieve its key economic goal of giving Korea a “creative economy.” But this is not the first time a new government has come up with grand...
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May 16, 2013
- Koreans doing more of their banking on the fly
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Mrs. Kim, a 34-year old stay-at-home mom, spends her entire day fiddling with her smartphones while an iMac computer bought just last year sits in the other room collecting dust. The mother communicate with friends and family through the free mobile messenger app Kakao Talk, uploads pictures o...
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May 16, 2013
- Apple wants to add Galaxy S4 to U.S. lawsuit
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Apple told a U.S. judge it will seek permission to add Samsung Electronics’ Galaxy S4 smartphone to a list of 22 “accused products” Apple alleges infringes its patents. The disclosure came in a footnote to a filing on Tuesday with U.S. District Judge Lucy H. Koh in San Jose, California, res...
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May 16, 2013
- What use are economists?
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When the stakes are high, it is no surprise that battling political opponents use whatever support they can garner from economists and other researchers. That is what happened when conservative American politicians and European Union officials latched on to the work of two Harvard professors - C...
