Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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[Music in drama] Rekindle a love that slipped through your fingers
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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On May Day, labor unions blast Yoon's foreign nanny proposal
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Seoul Metro to seek legal action against malicious complaints
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Illit, mired in controversy, remains on Billboard charts for 5th week
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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S. Korea lowers COVID-19 warning level, lifts last-remaining antivirus mandates
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Cold spell pushes power demand to new peak
Electricity demand surged to a record high of 76.6 million kilowatts on Wednesday morning due to the frigid temperatures, officials said.During the morning peak between 10 a.m. and 11 a.m., it was 75.9 million kilowatts on average. Soaring demand amid the cold spell took electricity reserves to below 4 million kilowatts at 10:44 a.m., leading the power control agency to issue an “attention” warning.It was the sixth time the attention light has lit up in December. The attention warning goes off w
Dec. 26, 2012
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President-elect urged to engage more of Asia
Following is the sixth in a series of articles on President-elect Park Geun-hye’s key policies. ― Ed. Korea is compelled to broaden its horizon as far as its business relations with overseas partners goes to more actively woo its Asian neighbors, experts said this week, as President-elect Park Geun-hye is poised to take over the government control tower. In particular, the nation should be ready to form stronger economic partnerships within the Asian region, whose members are likely to favor Kor
Dec. 26, 2012
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SK Innovation supplies energy to poor neighbors
SK Innovation, the holding company which manages the energy-related business of SK Group, has run a charity program to deliver coal briquettes for the needy every winter since 2005. This year, executives and employees of SK Innovation joined the race on a voluntary basis to deliver 110,000 coal briquettes to about 370 low-income families living in Seoul, Incheon and Ulsan where the company’s head office or production lines are located. Coal briquettes, a cheaper energy source than oil or gas, is
Dec. 26, 2012
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DSME wins $1.56 billion submarine order
Daewoo Shipbuilding & Marine Engineering won a $1.56 billion order to build two 3,000-ton KSS-III submarines from the nation’s Defense Acquisition Program Administration.The submarines will be built based on DSME’s own technology and be delivered to the Korean Navy by the end of 2022, the company said in a statement. DSME started building submarines in 1987 through technology transferred from Germany and has strengthened its market leadership, with a total production of 17 submarines. Three of t
IndustryDec. 26, 2012
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Fila Korea to start golf apparel biz in China
HONG KONG (Yonhap News) ― Fila Korea Ltd., a South Korean sportswear maker, will start its golf apparel business in China next year in a bid to tap into China’s growing population of golfers, company officials said Wednesday.Fila Korea, which together with Mirae Asset Private Equity Fund acquired global golf equipment maker Acushnet Company last year, will introduce a golf clothing line for Chinese consumers in the second half of 2013, they said. Acushnet, established in 1910, is the world’s lea
Dec. 26, 2012
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Consumer sentiment stays below par for 5th month
South Korean consumers’ confidence stayed below par for the fifth straight month in December as the economy loses steam on weak domestic demand, the central bank said Wednesday.The consumer sentiment index ― a gauge of consumers’ overall economic outlook, living conditions and future spending ― came in at 99 for December, unchanged from the previous month, according to a monthly survey by the Bank of Korea.A reading below the benchmark 100 means pessimists outnumber optimists. The survey, based
Dec. 26, 2012
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Shinhan recognized for consumer protection efforts
Shinhan Bank has been shoring up customer service to live up to its banking philosophy of “compassionate finance” and brand slogan “companionship for a better tomorrow.”In May, Shinhan launched a customized program to provide customers with products and services tailored to their specific needs.Having centered its business on customers’ thoughts and actions from the very beginning, the bank continues to pursue change and innovation to meet the diverse needs of customers. In March, Shinhan became
Dec. 26, 2012
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Shares end almost flat on U.S. concerns
South Korean stocks inched up 0.02 percent on Wednesday as concerns about the U.S. fiscal cliff issue weighed on foreign and institutional buying, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index gained 0.43 points to 1,982.25. Trading volume was moderate at 419.6 million shares worth 3.48 trillion won ($3.24 billion), with gainers outnumbering decliners 457 to 365.“Foreigners and institutions picked up shares on ex-dividend demand,”
Dec. 26, 2012
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Tobacco exports surge 3.7-fold in decade
Korea’s tobacco exports have increased by 370 percent over the past 10 years while imports remained steady, resulting in a tobacco trade surplus since 2004.In 2002, the country’s tobacco imports amounted to more than double its exports. Last year, exports rose to 1.7 times the imports, data from the Korea Customs Service showed.“Much of the domestic demand for imported manufactured tobacco appears to have been replaced by demand for Korean-made products as their quality improved,” said a KCS off
IndustryDec. 26, 2012
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Korean liquors charm foreign consumers
Diluted soju, a cheap alcohol product, has been taking up a great portion of the nation’s liquor market over the past few decades.As Jinro and Lotte actively made inroads into the overseas market, more and more foreign drinkers could easily access the diluted soju along with makgeolli, a rice-based Korean drink.While soju ― cheap through mass production ― has been playing the role of “placating ordinary citizens,” the Korean Traditional Alcoholic Beverage Development Association expressed worrie
IndustryDec. 26, 2012
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Korea to focus on growth, integration
Korea’s national mid- and long-term strategies must buttress sustainable economic growth and social integration in order to pursue true co-prosperity, the Finance Ministry said on Wednesday.The government also must make investments into promoting advanced technology and improving human resources to adapt to the changing economic and demographic environment, the ministry said.The Finance Ministry this week announced the mid- and long-term strategies for Korea to pursue as President-elect Park Geu
Dec. 26, 2012
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Sony in talks to sell battery unit
Sony Corp. is in talks to sell its battery business to Japan’s state-backed investment fund, said a person with direct knowledge of the negotiations. Innovation Network Corp. of Japan hasn’t made an offer for the acquisition, said the person, who declined to be identified as the information isn’t public. Taiwan’s Hon Hai Precision Industry Co., the world’s largest contract maker of electronics, has also shown interest in the buyout, the Nikkei newspaper reported Dec. 22. Sony’s Chief Executive O
TechnologyDec. 26, 2012
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Online music costs to double in 2013
The monthly fee for freely listening to music online is expected to more than double next year.The nation’s largest online music service portal Melon has decided to raise its current 3,000 won monthly plan, which provides unlimited access to listen to its music, to 6,000 won, sources said. The price of Melon’s monthly plan to download up to 150 songs will also rise, from 9,000 won to 15,000 won, according to the sources. LOEN Entertainment Inc., which runs Melon, said on Tuesday that the new rat
TechnologyDec. 26, 2012
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Telepresence robots allow employees to ‘beam’ into work
PALO ALTO, California (AP) ― Engineer Dallas Goecker attends meetings, jokes with colleagues and roams the office building just like other employees at his company in Silicon Valley.But Goecker isn’t in California. He’s more than 2,300 miles (3,700 kilometers) away, working at home in Seymour, Indiana.It’s all made possible by the Beam ― a mobile video-conferencing machine that he can drive around his company’s offices and workshops in Palo Alto. The five-foot (1.5-meter)-tall device, topped wit
TechnologyDec. 26, 2012
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Suspension and fines blow to telecoms
It was no surprise that the state telecom watchdog on Monday handed business suspension penalties to the country’s three mobile carriers following their release of massive subsidies for smartphone purchases.The move had been widely expected as the subsidy war escalated in the latter half of this year, which left many early LTE handset buyers, who paid full price, complaining about the price fluctuations.The shipping prices of many LTE smartphones, which run on the fourth-generation communication
TechnologyDec. 26, 2012
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Apps that help you stick to new year’s resolutions
A wide range of smartphone applications can help make new year’s resolutions last longer, especially for popular health-related goals.For those who have decided to exercise more or lose weight in 2013, there are applications such as “RunKeeper” or “DietBet.” “RunKeeper” measures the running distance through GPS. It tracks not only the distance but also the speed and calculates the calories burned. “DietBet” offers a motivational tool with a four-week course designed to help users lose 4 percen
TechnologyDec. 26, 2012
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Large firms suffer from increased intellectual property violations in 2011
Violations of intellectual property rights held by South Korea‘s large conglomerates grew in 2011 though the overall number of intellectual property violations dropped from a year earlier, a report showed Wednesday.The portion of large companies whose intellectual property rights were infringed upon grew from 3.2 percent in 2010 to 5.3 percent last year, according to the report released by the Ministry of Knowledge Economy.The portion for all companies and institutes with intellectual properties
IndustryDec. 26, 2012
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Too much eating like jet lag to body clock
Excessive eating and drinking disrupts the body‘s clock similar to jet lag, U.S. researchers say.Dr. Louis Ptacek of the University of California, San Francisco, who is a Howard Hughes Medical Institute investigator, said the protein PKC is critical in resetting the food clock if eating habits change.The study, published in the journal Proceedings of the National Academy of Sciences, showed normal laboratory mice given food only during their regular sleeping hours would adjust their food clock o
TechnologyDec. 26, 2012
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Debit card issuance tops 100 mln this year
The number of debit cards issued in South Korea surpassed 100 million in the first 11 months of the year as a growing number of consumers used them because they offer more tax benefits than credit cards, industry sources said Wednesday.The number of debit cards issued in the January-November period reached 100.2 million, up 1.46 percent from 98.7 million for all of last year, according to the sources.The increase was attributed to greater tax incentives provided by debit cards. The income tax de
IndustryDec. 26, 2012
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Seoul shares open higher on exporter gains
South Korean stocks got off to a strong start on Wednesday, buoyed by gains in key exporters, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) climbed 13.48 points, or 0.68 percent, to 1,995.3 in the first 15 minutes of trading.Blue chips shored up the KOSPI, with market bellwether Samsung Electronics adding 0.75 percent and the country‘s top automaker Hyundai Motor rising 0.9 percent.The local currency was trading at 1,073.55 won to the U.S. dollar as of 9:15 a.m., up 0.65
Dec. 26, 2012