Most Popular
-
1
Key suspects grilled over alleged abuse of power in Marine death inquiry
-
2
S. Korean children, teens grow taller, mature faster than before: study
-
3
Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
-
4
Army takes group action against Hybe for neglecting BTS
-
5
Some junior doctors are returning: Health Ministry
-
6
Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
-
7
Debate rages over ‘overly fatty’ samgyeopsal
-
8
Naver will consider company benefits in deciding on selling Line shares: CEO
-
9
Woman dangling from power lines rescued by residents holding blanket
-
10
[Weekender] Korean psyche untangled: Musok
-
Seoul shares open higher on U.S. hope
South Korean stocks opened higher Monday tracking gains on the Wall Street in the previous trading session, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) moved up 2.18 points, or 0.11 percent to 1,926.03 in the first 15 minutes of trading. Shares gathered ground across the board, with No. 1 carmaker Hyundai Motor adding 0.48 percent and its smaller affiliate Kia Motors advancing 0.17 percent. Top chipmaker SK hynix added 3.54 percent. U.S. stocks gained ground on Friday
June 10, 2013
-
Kakao Talk users to exceed 100m users
The number of Kakao Talk users is expected to break the 100 million mark this month, three years and three months after its launch in 2010.There were some 95 million Kakao Talk users as of June 4. The number of Kakao Talk users exceeded 1 million just six months after the service was introduced and hit 10 million in April 2011. The number increased by 10 million every two to four months ever since.The growth appeared to slow down for a while, but recently regained momentum after the service was
IndustryJune 10, 2013
-
Citroen DS5 cars recalled in S. Korea for problem with brake system
The local importer of Citroen vehicles has been told to recall certain model year DS5 units for problems with the car's brake system, the transportation ministry said Monday.According to the Ministry of Land, Infrastructure and Transport, the car's brakes may get stuck due to a problem in its brake system.The recall affects 54 DS5 vehicles produced between Sept. 12, 2012 and March 8, 2013.Owners of vehicles subject to the recall will be provided with free repair services from Monday at any servi
IndustryJune 10, 2013
-
Government likely to raise GDP outlook
The Finance Ministry is reportedly considering revising its outlook for 2013 GDP growth up from the current projection of 2.3 percent in reflection of possibly positive effects from the supplementary budget and a cut in the benchmark interest rate.While the ministry lowered the economic growth projection from 3 percent to 2.3 percent in March, government officials have worried that the state-led gloomy stance is hampering investor and consumer sentiment.“In late June, contemplating policy effect
June 9, 2013
-
Nuclear authority OKs resumption of reactor in Yeonggwang
A government nuclear watchdog has approved the resumption of a long-suspended nuclear power plant, the Ministry of Trade, Industry and Energy said Sunday, providing some relief to the nation struggling with a power shortage amid the sizzling summer heat wave.According to the ministry, the Nuclear Safety and Security Commission approved the re-operation of the Hanbit Reactor 3 in Yeonggwang in the southwestern province of South Jeolla as its months-long repair works have been completed.Following
June 9, 2013
-
Daewoo Shipbuilding to go up for sale
Financial authorities are poised to put the state-funded Daewoo Shipbuilding & Marine Engineering up for auction, following their recent policy to privatize Woori Financial Group.To recoup taxpayers’ money injected into Daewoo Shipbuilding, the Financial Services Commission has launched a process to sell its 17.1 percent stake in the company, regulatory officials at the FSC said Sunday.According to officials, the FSC’s initial goal is to reduce the government’s shares in the shipbuilding giant b
June 9, 2013
-
Online press firm to unveil more suspected offshore tax evaders
An independent online press company said Sunday it plans to unveil the list of 30 more South Koreans who are suspected of setting up shell companies in offshore tax havens to evade taxes.Since late May, the Korea Center for Investigative Journalism has released names of 18 high-profile South Koreans, including a son of a former president, who set up paper companies in tax haven regions for alleged tax evasion or stashing away slush funds.“We’ve identified additional names of 30 suspected Koreans
June 9, 2013
-
POSCO ranks 5th in global crude steel output in 2012
POSCO, South Korea’s biggest steelmaker, became the world’s fifth-largest crude steel producer in 2012, dropping by one notch from a year ago, data showed Saturday. According to data by World Steel Association, India’s ArcelorMittal retained its top ranking with 93.6 million tons of crude steel, followed by Japan’s Nippon Steel & Sumitomo Metal Corp. with 47.9 million tons. POSCO’s crude steel production came to 39.9 million tons last year, down from 39.1 million tons in 2011, it said. POSCO’s d
June 9, 2013
-
21 firms seek to be listed on new venture-driven market
South Korea’s bourse operator said Friday it has received applications from 21 firms wishing to be listed on the new Korea New Exchange market catering to smaller industry players.The Korea Exchange said 10 brokerage houses, which were selected as authorized supervisors in March to evaluate and supervise firms to be listed on the envisioned market, handed in the list of candidates on Friday. Slated to open on July 1, the KONEX market aims to foster growth of small and mid-sized firms, and add to
June 9, 2013
-
Stock assets of chaebol heads decrease nearly 7%
Stock assets owned by heads of South Korea’s top-10 conglomerates, or chaebol, have shrunk by nearly 7 percent this year due to the prolonged stock market slump, an online media site reported Sunday.According to Chaebul.com, shares owned by the chairpersons of the nation’s 10 largest conglomerates, excluding public corporations, were worth 25.6 trillion won ($22.91 billion) as of Friday, down 6.6 percent, or 1.8 trillion won, from the beginning of the year.Lee Kun-hee, the chairman of Samsung El
June 9, 2013
-
Shares likely to rebound late this week
South Korean stocks are expected to gain ground late this week after moving sideways early in the week before the central banks of South Korea and Japan hold their respective rate-setting meetings, analysts said. The benchmark Korea Composite Stock Price Index closed on Friday at 1,923.85, down 3.85 percent from 2,001.05 a week ago. Analysts said that if the Bank of Korea confirms its policy to boost up the ailing economy at its June rate-setting meeting slated for Thursday, the KOSPI will botto
June 9, 2013
-
Exports, trade surplus in tech products hit record highs
South Korea’s exports of tech products and its IT-related trade surplus rose to record highs in May as global demand for Korea’s smartphones and semiconductors remained firm, government data showed Sunday.Korea’s exports in tech products amounted to a record $15.15 billion last month, up 17.2 percent from a year earlier, according to data by the Ministry of Science, ICT and Future Planning and the trade ministry.The country’s trade surplus in the tech sector also hit an all-time high of $8.27 bi
June 9, 2013
-
Bibigo at the vanguard of hansik’s globalization
Korean cuisine, or hansik, is on the front burner in major cities around the globe, with kimchi and bulgogi adorning the menus of top, modern restaurants in New York.But it is still rare for non-Koreans to cook or eat hansik at home as they might with Japanese or Chinese. As part of efforts to add hansik to the carte du jour of cosmopolitans, CJ CheilJedang exports Korean food products such as traditional fermented condiments and frozen dumplings under the brand Bibigo to the U.S. the U.K., Chin
IndustryJune 9, 2013
-
SM5 TCE boasts more efficient power
Carmakers are devoting considerable resources today to engine downsizing and coaxing more power from fewer cylinders. In Korea where most local brands have yet to fully embrace the downsizing trend, Renault Samsung Motors aims to take the lead with the newly launched SM5 TCE. In its response to the push for efficient power, the Korean unit of France-based Renault Group has recently adopted a 1.6-liter engine in its best-selling midsize sedan SM5. It is the first time that a Korean carmaker has i
MobilityJune 9, 2013
-
BMW unveils 3 Series Gran Turismo
BMW Korea said Friday that the 3 Series Gran Turismo would be sold in Korea starting July 1 following its Asian premiere at Seoul Motor Show in March. The BMW 3 Series Gran Turismo is a coupe-like four-door hatchback that is a split between a sedan and a wagon. Two models ― the new 320d Gran Turismo and the new 320d Gran Turismo Luxury ― are scheduled to hit the market next month. The high-riding sedans, similar in stance and style to the 5 Series Gran Turismo, feature a higher seating position
MobilityJune 9, 2013
-
Patent office opens service center in New York
Amid the growing importance of intellectual property, the Korean Intellectual Property Office opened a special office in New York in an aim to help Korean companies respond to intellectual property protection issues overseas.The KIPO, jointly with the Korea Trade-Investment Promotion Agency, held the opening ceremony of a new Intellectual Property Desk, or IP-Desk in New York on Friday.Since 2006, the office has been running the IP-Desk system to provide Korean firms with intellectual property i
June 9, 2013
-
POSCO ranks 5th in global crude steel output in 2012
POSCO, South Korea's biggest steelmaker, became the world's fifth-largest crude steel producer in 2012, dropping by one notch from a year ago, data showed Saturday.According to data by World Steel Association (WSA), India's ArcelorMittal retained its top ranking with 93.6 million tons of crude steel, followed by Japan's Nippon Steel & Sumitomo Metal Corp. with 47.9 million tons.POSOCO's crude steel production came to 39.9 million tons last year, down from 39.1 million tons in 2011, it said.POSCO
IndustryJune 8, 2013
-
No tolerance on nuke corruption: P.M.
In an attempt to appease the public’s anxiety and fury over corruption within the nuclear power business, the government pledged a “zero-tolerance response” to all those who were involved in the scheme.“We will track down all acts of irregularity and make sure that those who are found to be responsible face the due legal punishment,” Prime Minister Chung Hong-won said in a press briefing held at the Central Government Complex on Friday.The government’s three-step countermeasure plans will first
IndustryJune 7, 2013
-
STX Pan Ocean files for court receivership
STX Pan Ocean Co., the shipping unit of cash-strapped STX Group, said Friday that it filed for court receivership, dealing a further blow to the shipbuilding and shipping conglomerate which is currently facing a cash shortage.STX Group, the 13th biggest conglomerate, has seen its major affiliates struggling from liquidity shortages and mounting debt due to the downturn in the shipbuilding and shipping sectors.“We have faced a liquidity crisis due to mounting debts and losses that stem from falli
IndustryJune 7, 2013
-
Woori sale open to foreigners: FSC head
The sale of Woori Finance Holdings is open to foreign investors as well, Korea’s top financial regulator said Friday, amid the government’s stern move to wrap up the long-pending privatization of the country’s largest banking group.Shin Je-yoon, the chairman of the Financial Services Commission, stressed that there is “no discrimination against foreign banks” concerning the sale.“We’ll announce the plan (of Woori sale) at the end of this month, and (we) don’t have any intention to discriminate (
June 7, 2013