Most Popular
-
1
Key suspects grilled over alleged abuse of power in Marine death inquiry
-
2
Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
-
3
Army takes group action against Hybe for neglecting BTS
-
4
Debate rages over ‘overly fatty’ samgyeopsal
-
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
[Weekender] Korean psyche untangled: Musok
-
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
Hankook Tire takes over control of Hanon Systems
-
Seoul stocks retreat on profit-taking
South Korean stocks finished lower Tuesday on profit-taking, after the key index hit a record high in the previous session, analysts said. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index shed 11.63 points, or 0.47 percent, to close at 2,439.90. Trade volume was moderate at 270 million shares worth 5.3 trillion won ($4.7 billion), with losers outnumbering gainers 499 to 300.The local stock market opened nearly flat as investors sought profit-taking after
MarketJuly 25, 2017
-
New ICT minister urge researchers to face various challenges
South Korea's new chief ICT policymaker made a visit to the state-run science laboratory on Tuesday, stressing that both the government and researchers should push forward reform to face various challenges under the fourth industrial revolution. You Young-min, who took office earlier this month, made his first official visit to the Korea Institute of Science and Technology located in northern Seoul. (Yonhap)"I will make visits as much as possible to communicate more with field researchers," Yoo
TechnologyJuly 25, 2017
-
Consumer sentiment in ‘phase of adjustment’: BOK
South Korea’s composite consumer sentiment index inched up 0.1 point to 111.2 this month from June, indicating a phase of adjustment in anticipation for President Moon Jae-in’s new policies, the Bank of Korea said Tuesday.The CCSI has moved upward six straight months and been in optimistic terrain for four consecutive months, inching closer to the 111.4 recorded in January 2011. However, the increase in July was close to “insignificant,” Park Sang-woo, an official at the
EconomyJuly 25, 2017
-
Seoul counteroffers on Washington’s FTA amendment call
As part of his first duties in office, the newly appointed Minister of Trade, Industry and Energy Paik Un-gyu sent a letter to his US counterpart agreeing to hold a joint committee on the two countries’ free trade agreement, but with a different timeline, venue and agenda, the ministry said Tuesday. Making no mention of trade revision deliberations, the Seoul government suggested instead that the committee be used to discuss how to objectively analyze and assess the effects of the KORUS F
EconomyJuly 25, 2017
-
LG Chem apologizes over alleged wire-tapping of union members
South Korea’s leading chemical firm LG Chem on Tuesday sent out a statement apologizing for the alleged wire-tapping of its labor union members at its Iksan plant in North Jeolla Province. LG Chem said that it has requested a full-scale investigation with the authorities to find the facts surrounding the scandal.The wire-tapping issue broke out Thursday as an LG Chem union member reportedly found a wire-tapping device in their staff lounge. (Yonhap)Upon finding the device, LG Chem union members
IndustryJuly 25, 2017
-
Korean government to unveil tax hike plan next week: finance minister
The South Korean government will unveil its plan to increase taxes for the super rich and biggest businesses next week to secure funds for expanded welfare costs over the next five years, the country's top economic policymaker said Tuesday."The tax-hike issue has been raised in government policy meetings, with the ruling party calling for it," Finance Minister Kim Dong-yeon said at a press conference on the new Moon Jae-in government's economic policy plan. "The ministry is consid
EconomyJuly 25, 2017
-
CJ Cheiljedang to build production base in Vietnam
CJ Cheiljedang Corp., South Korea's leading processed foods maker, said Tuesday it will spend 70 billion won ($63 million) on building a new production complex in Vietnam to expand its presence in the Southeast Asian market.The Korean firm said it held a groundbreaking ceremony Monday for the 66,000 square meter base in Ho Chi Minh City.When the construction is complete by July next year, the new base is expected to produce up to 60,000 tons of foodstuffs, including both refrigerated and frozen
CompaniesJuly 25, 2017
-
Pizza chain founder to stand trial for embezzling W15b
The founder of a local pizza franchise will face trial on charges of embezzlement and breach of trust worth 15 billion won ($13.4 million), prosecutors said Tuesday. The Seoul Central District Prosecutors' Office has indicted Chung Woo-hyun, ex-head of MP Group, for misappropriating company funds, breach of duty and obstruction of business, it said. The indictment comes nearly three weeks after Chung was arrested early this month following the court approval on the writ.The prosecution also indi
IndustryJuly 25, 2017
-
Fine dust decreases 15.4% after temporary shutdown of coal power plants
Fine dust levels have decreased some 15 percent in the central region of South Korea following the temporary shutdown of eight old coal-fired power plants last month as part of the government's efforts to reduce the country's air pollution levels, a study showed Tuesday.Starting June 1, the thermal power plants, including four in central Chungcheong Province, were closed for 30 days. The plants have a combined generation capacity of 2.8 gigawatts, or some 2.5 percent of the country's total.Durin
IndustryJuly 25, 2017
-
Senior employment rate up 1.1% in May
The employment rate of senior citizens in South Korea gained ground in May from a year earlier as a growing amount remained in the job market or sought work amid the rapidly aging population, government data showed Tuesday.The employment rate of those aged between 55 and 79 reached 54.8 percent as of May, up 1.1 percentage points from a year ago, according to the data compiled by Statistics Korea.The number of the employed in the age group rose 424,000 to 7.08 million over the cited period, whil
EconomyJuly 25, 2017
-
Korea to cut credit-card processing fees for small merchants
South Korea will cut credit card processing fees for small merchants starting later this month, in the latest move to push forward pro-consumer regulations against commission fees charged by financial service providers, the financial regulator said Tuesday. The move is in line with a campaign pledge by President Moon Jae-in that the new administration aims to ease financial burdens on consumers by assessing "propriety" of commission fees charged on banking and financial services.
EconomyJuly 25, 2017
-
Korean stocks down late Tuesday morning
South Korean stocks traded lower late Tuesday morning, as investors opted to cash in recent gains after the market closed at a fresh-high level in the previous session.The benchmark Korea Composite Stock Price Index shed 3.83 points, or 0.16 percent, to 2,447.70 as of 11:15 a.m.Market kingpin Samsung Electronics fell 0.98 percent, while major chipmaker SK hynix declined 1.92 percent.LG Chem, the country's top chemical company, fell 1.19 percent, while AmorePacific, the No. 1 cosmetics maker, was
MarketJuly 25, 2017
-
Moon urges swift execution of extra budget for maximum output
President Moon Jae-in on Tuesday urged swift execution of the extra budget recently approved by the parliament, also stressing the need to maximize the efficiency and effectiveness of the additional spending."Regarding the supplementary budget, the issue is now to execute it with speed. I want you to now show that the extra budget will in fact lead to new jobs, a reduction in the youth jobless rate and economic growth with actual proof," the president said at the start of a weekly Cabi
EconomyJuly 25, 2017
-
Chinese visitors in Korea drop for 4 straight months on THAAD spat
The number of Chinese tourists in South Korea more than halved last month on-year, marking a decline for four straight months following China's ban on sales of Korea-bound trips amid a diplomatic row over a US anti-missile system here, government data showed Tuesday.The tally of Chinese visitors came to 254,930, down 66.4 percent from 758,534 recorded the previous year, according to the data by the Korea Tourism Organization. The combined number of Chinese visitors in the January-June period sto
IndustryJuly 25, 2017
-
Kia wins 2,500 orders for Stonic subcompact SUV
Kia Motors Corp., South Korea's No. 2 carmaker by sales, has received 2,500 orders for its new subcompact SUV since its launch two weeks ago, the company said Tuesday.Kia Motors came up with the Stonic subcompact SUV to absorb growing demand for recreational vehicles amid a global economic recovery and low oil prices.The B-segment SUV market has grown more than five times in the past five years since 2013 to 110,000 units in South Korea, the carmaker said. Kia Motors` Stonic subcompact SUV (Yonh
MobilityJuly 25, 2017
-
Govt. to keep better track of migratory birds to help prevent avian influenza
The state quarantine agency said Tuesday it will work with a number of different organizations that monitor migratory birds for systematic prevention of avian influenza.The Animal and Plant Quarantine Agency said it signed memorandums of understanding with the National Institute of Biological Resources, the National Science Museum and other related organizations to share their studies and research results. (Yonhap)Migratory birds are believed to bring in AI strains to South Korea, causing a majo
TechnologyJuly 25, 2017
-
Refiners' exports hit record high in H1
Exports of oil and related goods by South Korean refiners reached an all-time high in the first half of the year on firm demand and higher oil prices, industry data showed Tuesday.According to the data compiled by the Korea Petroleum Association, oil and petrochemical goods exported by SK Innovation Co., GS-Caltex Co., S-Oil Corp., Hyundai Oilbank Co. and others reached 229 million barrels in the January-June period, rising 0.4 percent from a year earlier.In terms of volume, the tally marks the
IndustryJuly 25, 2017
-
Department stores see sales to Chinese drop amid THAAD row
South Korean department stores saw Chinese customers drop in the first half of the year, industry data showed Tuesday, following a sharp decline in the number of Chinese visitors amid Seoul's diplomatic tension with Beijing over a missile deployment. Lotte Department Store, the country's leading retailer, said its revenue from Chinese customers at its main store in central Seoul plunged 49 percent on-year in the first half of 2017. Shoppers are seen at Lotte Department Store in central Seoul on
IndustryJuly 25, 2017
-
Effective corporate tax rate falls under official rate, data shows
The effective corporate tax rate for the country's largest companies fell below the official rate of 22 percent last year due to various adjustments, data from a conglomerate research firm showed Tuesday.Chaebul.com analyzed 131 companies who earned over 200 billion won ($179.37 million) in pre-tax profits and found their average corporate tax rate came to 18.9 percent after deductions.The selected companies included 11 affiliates of Hyundai Motor Group, nine from Samsung Group, seven under SK,
EconomyJuly 25, 2017
-
Fed‘s move to cut asset holdings to increase rates in emerging markets
The move by the US Federal Reserve to reduce its massive asset holdings is expected to increase interest rates in emerging markets as a strong US dollar could spark equities fund outflows, a local think tank said Tuesday. The Fed is widely predicted to begin gradually scaling back the size of $4.5 trillion in Treasury bonds and other bond assets from September, as it has already raised interest rates from record lows set following the 2008 financial crisis. According to a report by local think t
EconomyJuly 25, 2017