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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[Robert J. Fouser] AI changes rationale for learning languages
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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Woman dangling from power lines rescued by residents holding blanket
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Korea to closely monitor economic conditions amid uncertainties
South Korea will closely monitor economic conditions at home and abroad amid heightened uncertainties over the eurozone debt crisis and a possible global slowdown, the Finance Ministry said Tuesday.“Uncertainties remain high as the eurozone fiscal crisis deepens and there is a chance that the global economy could slip into a slowdown,” the ministry said in its monthly report on the latest economic conditions. “It is necessary (for us) to closely monitor changes in economic conditions at home and
Dec. 6, 2011
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Cable TV operators‘ agree to retransmit HD programs
Cable television operators have started to re-air high-definition terrestrial TV programs late Monday following the government’s mediation efforts.“We have decided to accept the recommendations made by the national broadcasting watchdog and started the retransmission... and agreed to engage in earnest dialogue to resolve outstanding differences in the coming week,” cable operators said in a joint statement.This view was echoed by the three local terrestrial channels -- KBS2, MBC and SBS -- which
Dec. 6, 2011
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Foreign IBs say BOK may cut rate next year
A growing number of major foreign investment banks have forecast South Korea’s central bank will lower its key interest rate next year as inflationary pressure loses steam, a report showed Tuesday.The Bank of Korea froze the seven-day repo rate at 3.25 percent for the fifth straight month in November, citing downside growth risks such as Europe’s sovereign debt crisis and continued global financial market jitters.While some foreign investment banks were still betting the BOK will stand pat on th
Dec. 6, 2011
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P&G looks to partnerships in Korea
Procter & Gamble is seeking to beef up ties with Korean firms to develop new technologies and reinforce its footing in the growing market here, government officials said Tuesday.The world’s largest manufacturer of consumer products held an investment seminar in Seoul to discuss collaboration with local small businesses and think tanks to jointly develop cosmetics and beauty products. P&G is the latest participant in the Korean government’s program to help small but promising local firms find inv
IndustryDec. 6, 2011
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Galaxy Tab tops consumer survey
Korean consumers picked Samsung’s Galaxy Tab as the most satisfying tablet PC on sale here, a recent consumer satisfaction survey found Tuesday. The National Council of the Green Consumers’ Networks in Korea said that the 10.1-inch tablet PC of Samsung Electronics scored the highest at 3.78, followed by iPad 2 of Apple Inc. with 3.77 and K-Pad of KT Corp. with 3.65. The consumer rights advocacy group, sponsored by the Fair Trade Commission, questioned 522 people on their use of five tablet PCs:
IndustryDec. 6, 2011
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Korea’s growth slows to 0.8 percent in Q3
South Korea’s economy grew a seasonally adjusted 0.8 percent in the July-September period from the previous quarter, marking the slowest pace in three quarters amid growing worries over weakening domestic demand, revised central bank data showed Tuesday.Growth of the country’s gross domestic product, a key gauge of economic performance, was up from an earlier estimate of 0.7 percent, according to the Bank of Korea, but extended its downward trend for the second straight quarter after 1.3 percent
Dec. 6, 2011
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Chaebol scions climb toward top management
Grandsons and great grandsons of chaebol founders are awaiting promotion in upcoming regular management reshuffles. GS Group chairman Huh Chang-soo’s only son Yoon-hong, general manager at GS Engineering and Construction, is set to be promoted to executive-level Wednesday, company officials said Tuesday. Thirty-two-year-old Huh Yoon-hong joined GS Caltex in 2002 and moved to GS E&C three years later. He currently heads the company’s financial affairs team and will do the same job after promotion
IndustryDec. 6, 2011
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Hyundai Oilbank donates to families of fallen firemen
Hyundai Oilbank said it will offer money from a fund raised by its employees to the families of two firefighters and a police officer who were killed on duty last weekend. Lee Jae-man and Han Sang-yoon of the Songtan firefighting squad in Pyeongtaek, Gyeonggi Province, were killed in a fire at a furniture exhibition hall on Saturday. Bae Geun-sung, assistant inspector at the police station in Hwacheon, Gangwon Province, died Sunday while trying to save a person who was electrocuted after his car
IndustryDec. 6, 2011
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Car exports to EU jump 40% this year
Korea’s automakers saw their exports to European countries surge 40.1 percent on a year-on-year basis, which could be interpreted as an outcome of the Korea-EU Free Trade Agreement that took effect in early July.Five carmakers including Hyundai Motor posted 347,207 units in exports to EU countries for the first 10 months of 2011, compared to 247,909 units over the same period last year.The 40.1 percent growth is noteworthy, considering the growth of their total exports around the world was 13.2
MobilityDec. 6, 2011
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LG Electronics launches donation campaign
LG Electronics said Tuesday it launched a yearend gift donation campaign this month with the World Food Program for the underprivileged in Ethiopia.Dubbed the “Matching gift campaign,” the company is encouraging people to make donations to people affected by natural disasters such as drought in Ethiopia. The company then plans to match the donations.“This is one of our newest social contribution efforts,” said an LG Electronics official. “The firm plans to offer up to 500 million won ($441,345)
IndustryDec. 6, 2011
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Shares drop on eurozone woes
South Korean stocks slid 1.04 percent on Tuesday as investor sentiment was muted after Standard & Poor’s said it may downgrade the credit ratings of 15 eurozone countries, analysts said. The local currency fell against the U.S. dollar.The benchmark KOSPI lost 20.08 points to 1,902.82. Trading volume was moderate at 379.3 million shares worth 4.58 trillion won ($4.04 billion) with losers outnumbering gainers 579 to 252.“The threat of a downgrade made investors reluctant to increase risky assets a
Dec. 6, 2011
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Brokerages blast capital gains tax plan
Securities companies claim new tax could drive away investorsAs the country’s policymakers began to discuss imposing a capital gains tax on shares to increase tax revenues, domestic brokerages expressed concerns about its negative impact on Tuesday.Although the debate is just getting started among politicians, securities houses are voicing their worries as the stakes couldn’t be higher if the current system is modified. The key point of contention is whether the fallout of a capital gains tax wo
Dec. 6, 2011
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Samsung inks new biopharmaceutical tie-up
Group’s Biologics unit signs agreement with Biogen Idec to develop biosimilarsSamsung Group announced Tuesday that its affiliate Samsung Biologics signed an agreement with U.S.-based Biogen Idec to set up a biosimilar joint venture by March.With plans to build the biosimilar research and development center in Songdo, Incheon, next year, the two firms have agreed to invest $300 million for the joint venture. The joint venture has already hired 100 employees who will work at the new R&D center and
IndustryDec. 6, 2011
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Building globally competitive SMEs priority: KOTRA
Building globally competitive small and medium enterprises is key to pushing up South Korea’s trade volume to the next level, the new head of the country’s export promotion agency said Monday.Korea Trade-Investment Promotion Agency President Oh Young-ho said that in order for Seoul to double its annual export volume from $1 trillion reached this month, the capabilities of its SMEs must be enhanced.South Korea’s annual trade volume exceeded the landmark $1 trillion mark for the first time in its
Dec. 6, 2011
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Pantech CEO offers to resign
Pantech CEO and vice chairman Park Byeong-yeop said Tuesday that he will resign from the top post by the end of this year, citing health issues. “I’ll step down from Pantech management on Dec. 31,” he said in an urgent press conference at the company’s headquarters in northern Seoul. “Over the past five years since the company came under a debt management program, I have worked without holidays and can no longer bear the chronic fatigue.” Pantech and its affiliate have been under a debt reschedu
IndustryDec. 6, 2011
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Samsung begins full operation of Austin plant
Samsung Electronics Co., the world’s second-biggest semiconductor maker, said Tuesday it has begun full production at its new Austin semiconductor plant earlier than planned, at a time when demand for smartphones and tablet PCs is booming. The company’s new plant in Austin, Texas, reached its target capacity of 40,000 wafers per month in October, a month prior to its initial target, Samsung said in a statement. Samsung produced the first silicon wafer in May on the S2 line in Austin, an automate
IndustryDec. 6, 2011
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S. Korean workers most vulnerable to unemployment risk in OECD bloc
South Korean workers turned out to be most vulnerable to an economic crisis compared with their counterparts in other OECD countries, due to the country's extraordinarily low levels of unemployment benefits, a report showed Tuesday.Local labor authorities provided unemployed workers with financial a
Dec. 6, 2011
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Scientists find monster black holes, biggest yet
CAPE CANAVERAL, Florida (AP) _ Scientists have found the biggest black holes known to exist _ each one 10 billion times the size of our sun.A team led by astronomers at the University of California, Berkeley, discovered the two gigantic black holes in clusters of elliptical galaxies more than 300 mi
TechnologyDec. 6, 2011
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Planet in sweet spot of Goldilocks zone for life
WASHINGTON (AP) -- A newly discovered planet is eerily similar to Earth and is sitting outside Earth's solar system in what seems to be the ideal place for life, except for one hitch. It is a bit too big.The planet is smack in the middle of what astronomers call the Goldilocks zone, that hard to fin
TechnologyDec. 6, 2011
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S. Korean economy grows revised 0.8 pct in Q3
The South Korean economy grew slightly faster than previously estimated in the third quarter on sustained exports, but the growth momentum slowed from three months earlier amid global economic uncertainty, the central bank said Tuesday.Korea's gross domestic product (GDP), the broadest measure of ec
Dec. 6, 2011