Most Popular
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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S. Korean children, teens grow taller, mature faster than before: study
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Army takes group action against Hybe for neglecting BTS
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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Some junior doctors are returning: Health Ministry
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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Naver will consider company benefits in deciding on selling Line shares: CEO
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Woman dangling from power lines rescued by residents holding blanket
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2 cable channels punished for May 18 uprising reports
The nation’s telecom regulator took punitive action against two cable channels, TV Chosun and Channel A, for their recent false reportage in connection with the May 18 Gwangju civil uprising, officials said Thursday.The Korea Communications Commission held a general meeting and decided to issue a warning against the two broadcasters and punish officials at the companies involved in the reporting.On May 13, TV Chosun broadcast a panel’s claims that about 600 North Korean soldiers infiltrated into
IndustryJune 13, 2013
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Tax authorities probe BMW Korea
The National Tax Service is probing the Korean unit of the German automaker group BMW, sources said Thursday. The NTS is scavenging evidence to back up suspicions of tax evasion by the best-selling imported automaker in Korea, they said. The investigators are expected to focus on whether BMW Korea tried to evade taxes by intentionally distorting the prices of its automobiles that are transported from BMW’s German headquarters.A BMW Korea spokesperson, however, stressed that the probe was only a
June 13, 2013
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[Photo News] New K5
MobilityJune 13, 2013
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Samsung Heavy wins $3b order for oil storage facility
Samsung Heavy Industries Co., a South Korean shipbuilder, said Thursday that it has clinched a $3 billion deal to build an offshore oil storage facility for a Nigerian firm.Under the deal with an unnamed customer, Samsung will deliver the so-called floating production and storage offloading unit and will start operations during the second half of 2018, the company said.The FPSO is designed to process and store oil or natural gas, and can be maneuvered to serve different locations.The vessel, mea
June 13, 2013
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Bosch confident of continued success in electric vehicle era
BOXBERG, Germany ― For Bosch, it was like a divorce. “Bosch and Samsung SDI had different mid- and long-term strategic objectives. So we decided to divide the joint venture,” said Bernd Bohr, chairman of Bosch’s automotive group. Bosch is the world’s largest auto parts supplier in terms of sales. “The cell business goes to Samsung, while battery pack and management goes to Bosch. We are still in a kind of cooperation,” he added at a press conference here. Bosch realized Samsung had approached i
TechnologyJune 13, 2013
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Galaxy S4 can’t lose: market consensus
The Galaxy S4, the latest in line from the world’s largest smartphone maker Samsung Electronics, is at the center of a controversy over whether or not its sales will slow due to rumors and several unfavorable brokerage reports. But concerns of slowing sales seem to be far amiss from what is actually happening in markets all over the globe. Samsung’s Galaxy S4 has been selling briskly in markets all over except for Korea, where the Galaxy S3 and the Galaxy Note 2 are still going strong. In the U.
TechnologyJune 13, 2013
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Solar power heats up as alternative to nuclear energy
Attention is being paid to renewable energy again as the nation has suffered from electricity shortages caused by the shutdown of two nuclear reactors.Focus is being especially placed on solar energy, which is considered more sustainable and profitable than other options such as wind or tidal power.Following the growing attention on environment conservation and climate change, non-carbon energy sources have been an issue for the global community.The Ministry of Trade, Industry and Energy also in
June 13, 2013
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Bae named representative of FAO office in Vietnam
Bae Jong-ha, former president of the Korea National College of Agriculture and Fisheries, was named as representative of the Vietnam office of the Food and Agriculture Organization of the United Nations, according to the Ministry of Agriculture, Food and Rural Affairs. “Bae will be responsible for coordinating the FAO’s support programs to develop the agricultural sector in Vietnam,” a ministry official said. Bae, 56, had served the Agriculture Ministry between 1979 and 2009 before he moved to t
June 13, 2013
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Creditors decide to salvage troubled builder Ssangyong E&C
Creditors of Ssangyong Engineering & Construction Co. on Thursday agreed to put the troubled builder under a debt-rescheduling program in a bid to rescue it from a liquidity crunch, officials said.Creditors of Ssangyong E&C, led by Woori Bank, agreed to provide fresh liquidity worth 445 billion won (US$392.8 million) next month and seek a debt-to-equity swap in July, according to bank officials.The creditors had been at odds over whether to place the builder under the debt workout program, claim
IndustryJune 13, 2013
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Computer mouse delivers sensory info to users
South Korean researchers have developed a computer mouse that generates a sense of touch in cyberspace, the Ministry of Science, ICT and Future Planning said on WednesdayThe Center for Mass and Related Quantities in the Korea Research Institute of Standards and Science has developed the world’s first computer mouse that delivers touch information to users.The device allows users to feel coldness and the choppiness of a river on the screen by touching the pad attached to the mouse when they move
TechnologyJune 13, 2013
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Seoul shares down 1.42 pct on foreign selling
South Korean stocks fell 1.42 percent Thursday as foreign investors offloaded local shares amid concerns the U.S. Federal Reserve may reduce its quantitative easing, analysts said. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) shed 27.18 points to close at 1,882.73. Trading volume was low at 301.9 million shares worth 4.95 trillion won (US$4.36 billion) with losers outpacing gainers 550 to 257. It marked the first time for the index to
June 13, 2013
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Gov't to get tough on conglomerates' arm-twisting practice of 'forced' price cuts
The government unveiled a set of measures on Thursday to beef up its surveillance and punishment of conglomerates twisting the arms of smaller suppliers in order to push them to lower their product prices.The Fair Trade Commission (FTC), the Ministry of Trade, Industry and Energy and other related agencies will work together in monitoring large businesses to prevent the forcing of price cuts of supplies without any warranted reasons.The government added that it will toughen its request for firms
June 13, 2013
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Seoul shares down 1.12 pct in late-morning trade
South Korean stocks traded 1.12 percent lower late Thursday morning on the rising concerns over a possible reduction in the U.S. quantitative easing moves, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) shed 21.33 points to 1,888.58 as of 11:20 a.m. It marked the first time for the index to hover below the 1,900 mark since April 14. Tech shares traded lower, with market behemoth Samsung Electronics falling 1.16 percent and its smaller domestic rival LG Electronics mov
June 13, 2013
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[Photo] Hyundai Merchant Marine awarded for economic contribution in U.S.
MobilityJune 13, 2013
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[Photo] Jeep SUV wins 'most satisfying car'
MobilityJune 13, 2013
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BOK freezes key rate at 2.5%
The Bank of Korea’s monetary policy committee kept its key rate unchanged at 2.50 percent for June after the central bank’s surprising and controversial slash of its benchmark interest rate last month.BOK Gov. Kim Choong-soo said Thursday that brisk Korean exports in May led by strong sales of IT products, a positive outlook for global economic recovery and stable consumer prices led to the committee members’ unanimous decision to freeze the rate.Solid exports and revived investment in the const
June 13, 2013
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Ssangyong Motor union leader arrested
The union leader of Ssangyong Motor Co. has been detained pending trial on charges of interfering with officials' attempt to dismantle protest tents in central Seoul earlier this week, court officials said Thursday.The Seoul Central District Court approved the police request for an arrest warrant for Kim Jeong-woo, who leads Ssangyong's labor union affiliated with the Korea Metal Workers' Union, they said. Former employees of the country's smallest automaker and civic activists set up three tent
IndustryJune 13, 2013
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Seoul shares open lower on U.S. losses
South Korean stocks opened lower Thursday tracking losses on Wall Street in the previous trading session, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) moved down 7.57 points, or 0.4 percent, to 1,902.34 in the first 15 minutes of trading. Shares lost ground across the board, with tech giant Samsung Electronics falling 0.22 percent and top auto parts maker Hyundai Mobis losing 0.19 percent. Leading flat panel maker LG Display shed 0.64 percent.U.S. stocks closed lower We
June 13, 2013
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Communications costs continue steep rise
The average Korean household’s monthly spending on communications continued to climb despite years of governmental efforts to lower communication-related costs, data showed on Wednesday. According to data released by Statistics Korea, the average monthly spending for communications including mobile phone bills per household increased from 134,086 won ($118) in the last quarter of 2008 to 157,579 won in the first quarter of this year.Compared to 2008, a household paid 199 percent more on average
June 12, 2013
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Korea may set up foreign investment agency
Deputy Prime Minister and Finance Minister Hyun Oh-seok hinted that policymakers may devise measures to set up a special government agency in charge of attracting foreign investment.During his policy briefing to the National Assembly on Wednesday, Hyun said he did not believe the nation “has yet to establish a superb environment for foreign investment even though policymakers have put forth much effort.”Asked by lawmakers about the necessity of launching the foreign investment promotion-oriented
June 12, 2013