Most Popular
-
1
First-ever meeting of president, opposition chief set to finally happen
-
2
Blinken calls on China to press N. Korea to end its 'dangerous' behavior
-
3
Naver’s Line ownership in jeopardy as Japan ups pressure
-
4
South Korea to launch space security center under spy agency
-
5
More med professors to take day off each week while govt. urges them to stay
-
6
Hybe refutes Ador CEO Min's denial of breach of trust
-
7
S. Korea, Japan could consider simplified entry agreement: Seoul official
-
8
[Weekender] How DDP emerged as an icon of Seoul
-
9
New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
-
10
[Today’s K-pop] NewJeans' single teasers release amid intrigue
-
SKT continues drive for smart city project in Busan
Busan’s posh seaside district of Haeundae is getting a hi-tech makeover, with smart streetlamps, GPS trackers for kids, smart parking solutions and traffic lights, and smart energy controllers for buildings and shops. The transformation is being led by Korea’s mobile network operator SK Telecom, which is set to showcase its smart-city technologies and services already up and running in the southern port city on Friday. Busan city government staffers work at a smart search center for missing chi
TechnologyDec. 10, 2015
-
Samsung C&T delivers first Roy Hill iron ore shipment
Marking the completion of a multibillion-dollar construction project in Australia by Samsung C&T, iron ore shipments have commenced from Port Hedland to Korea, the builder said Thursday. A total of 100,000 tons of iron ore from the Roy Hill mine in the Pilbara region were loaded on a ship at the port in Western Australia.The company launched the $5.8 billion project in April 2013, to build an iron ore processing plant, a rail network and a fully integrated port for processing and exporting iron
BusinessDec. 10, 2015
-
Megapixel security cameras required for new apartments
The government said Thursday that it would oblige builders to install high-definition security cameras at newly built apartment complexes as of Friday.According to the Ministry of Land and Transport, new apartments should have surveillance cameras of at least 1.3 megapixels to enhance the security level for residents. So far, cameras of a minimum 410,000 pixels have been required for residential complexes. Cameras with low-image quality have been blamed for failing to identify suspects and regis
IndustryDec. 10, 2015
-
Luxury compact cars subject to tax next year
The government said Thursday that it would levy an acquisition tax on pricey compact cars starting next year, to strengthen tax balance.Buyers of compact cars have been exempted from paying the tax so far, while purchases of regular cars are subject to a 4 percent acquisition tax. The tax deduction rate of a compact car priced at over 50 million won will be reduced to 85 percent from the current 100 percent. Smart Fortwo, manufactured by German carmaker Daimler AG, is the only compact car model
Dec. 10, 2015
-
Korea to allow brokerages, insurers to engage in FX trading
South Korea is seeking to allow local brokerages and insurers to engage in foreign exchange transactions starting in late February, the government said Thursday.The finance ministry said it will revise the country's Foreign Exchange Transaction Act to remove many restrictions, which will expand the scope of the financial market and create more business opportunities.In the past, only large commercial banks were allowed to engage in FX businesses, although non-financial companies were allowed res
Dec. 10, 2015
-
Incheon airport named world's best for 10th consecutive year
Incheon International Airport, Seoul's main gateway, has been named the world's best airport for the 10th consecutive year, officials said Thursday.Global Traveler, a U.S. magazine for business travelers, announced that the airport grabbed the 2015 GT Tested Reader Survey Award as the best in the business, extending its own record winning streak to 10 years, the Incheon International Airport Corporation said. Singapore Changi International Airport and Munich Airport were ranked second and third,
IndustryDec. 10, 2015
-
Samsung execs to discuss 'global biz strategy' for next year
Samsung Electronics Co., South Korea's top tech firm, said Thursday that its senior executives and overseas operations chiefs will gather in Seoul later this month to discuss next year's business strategy amid a slump in its mainstay business -- handsets.The business strategy meeting will include about 500 executives, according to Samsung."Participants will discuss ways to tide over a low growth trend," said a Samsung official.The company has scheduled two rounds of two-day meetings on Dec. 16-1
CompaniesDec. 10, 2015
-
Chinese ownership of Jeju land surges fivefold in 3 years
The amount of land owned by Chinese investors on the southern resort island of Jeju has surged nearly fivefold over three years, raising concerns that the rapid flow of Chinese money could further inflate real estate prices there.According to a report by the National Assembly based on recent data by the Ministry of Land, Infrastructure and Transport, Chinese investors owned 8.34 square kilometers of the island’s land last year, up from 1.42 square kilometers in 2011. The 2014 figure also showed
Dec. 10, 2015
-
Korea's ICT exports fall for second month in Nov.
South Korea's exports of information communication technology products contracted for the second month in a row in November due to weak global demand, government data showed Thursday.Outbound shipments of ICT products hit $14.34 billion last month, down a sharp 7 percent from the $15.42 billion tallied the year before, according to data compiled by the Ministry of Trade, Industry and Energy. Last month's number is also down 10.5 percent from the $16.03 billion reached in October, when outbound s
TechnologyDec. 10, 2015
-
HABSTORE, the fashion link between Korean designers and world
Online specialty retailer HABSTORE, which introduces new creative designers to the general public, opened its English site at www.habstore.com through cafe24’s Global E-Commerce platform (www.cafe24.com) last month.HABSTORE CEO Hong Seong-jo said they were concentrating on introducing more Korean designers to the world to better their business.“Although there is more worldwide interest in Korean fashion thanks due to the Korean wave, smaller Korean designers don’t have enough capital or infrastr
IndustryDec. 10, 2015
-
Foreigners dump Korean shares ahead of imminent Fed rate hike
Foreign investors have been in a selling binge of local stocks as they reduced risky bets ahead of a looming U.S. rate hike, market watchers said Thursday.Offshore investors offloaded 243 billion won ($207 million) worth of shares traded on the main KOSPI market on Wednesday, extending their selling spree to a sixth consecutive day, according to the Korea Exchange. Since the beginning of this month, they have sold a total of 1.38 trillion won of local stocks. Together with the shares listed on
Dec. 10, 2015
-
Bank of Korea holds key rate amid uncertainty
South Korea's central bank kept its benchmark interest rate steady Thursday for the sixth month in a row, extending its wait-and-see mode ahead of a looming U.S. rate hike.In a widely expected decision, the Bank of Korea froze its base rate at 1.5 percent after sending it to a record-low level through four rate cuts in less than a year since August 2014.The decision comes amid growing concerns over a possible U.S. rate hike, the first of its kind in nearly a decade, which could prompt a mass out
Dec. 10, 2015
-
330,000 Hyundai cars remain on road fuming out excessive emissions
Some 330,000 vehicles produced and sold by South Korea's leading carmaker Hyundai Motor Group are still running on the road here years after it promised a voluntary recall of the cars that were found to emit excessively high levels of hazardous gases into the air, industry sources said Thursday.The number is around three times larger than 125,000 Volkswagen automobiles that the environment ministry recently ordered to be recalled in South Korea in connection with the fake emissions scandal invol
IndustryDec. 10, 2015
-
Global sales of AMOLED panels hit record high in Q3
Global sales of active mode organic light-emitting diode display panels for smartphones and other mobile devices soared to a record high in the third quarter, industry data showed Thursday.Worldwide shipments of mobile displays stood at 79 million units in the third quarter, more than doubling from a year earlier and up 35 percent from three months earlier, according to the data by market tracker IHS.The value of such mobile displays sold also reached a record high of $3.29 billion, nearly doubl
IndustryDec. 10, 2015
-
Insurers' financial status improves in Q3
The financial health of South Korean insurance companies improved in the third quarter from three months earlier on higher returns from bond investments on the back of lower interest rates, the financial watchdog said Thursday.The risk-based capital ratio of 56 life and non-life insurers averaged 284.8 percent at the end of September, up 6.6 percentage points from the previous quarter, according to the Financial Supervisory Service.The latest figure marked a sharp rebound from a 23.9 percentage
Dec. 10, 2015
-
Korea-China FTA to take effect Dec. 20
Ending years of negotiations and political hurdles, a free trade pact between Korea and China will go into effect on Dec. 20, removing numerous trade barriers between both nations amid flagging exports. The two countries have agreed to officially implement the deal by exchanging diplomatic letters in Beijing on Wednesday, a week after the South Korean parliament ratified the bill in the midst of political confrontation between rival parties. (Yonhap)The bills on FTAs with China, New Zealand and
Dec. 9, 2015
-
Hyundai Motor gears for upmarket with EQ900
Prime Minister Hwang Kyo-ahn (right) and Hyundai Motor chairman Chung Mong-koo applaud Wednesday at the launch of the Genesis EQ900 in a Seoul hotel. Yonhap With the launch of EQ900, the first model of its newly launched luxury brand Genesis, Hyundai Motor is shifting gears to the luxury car market aiming to shed its image of a value carmaker and prop up falling profitability. “The company developed the premium sedan, targeting the global luxury car market. I believe that the flagship model of
MobilityDec. 9, 2015
-
Apple Korea under antitrust investigation
South Korea’s Fair Trade Commission said Wednesday it is investigating whether Apple Korea, the local unit of the Cupertino, California-based iPhone maker, had wielded undue influence over the repair policy of local service centers. Apple`s logo. (Yonhap)The latest probe came after six service firms ― all authorized by Apple ― recently revised their unfair repair policy following the recommendation of the antitrust watchdog. “We have found unfair business contracts between Apple Korea and its a
TechnologyDec. 9, 2015
-
Samsung makes big automotive push
Samsung Electronics on Wednesday announced it will set up a new team specializing in automotive parts to speed up its expansion into the lucrative market in an era of electric mobility. The plans were announced as part of the Korean tech giant’s annual business reshuffle that aims, among other things, to secure new growth engine businesses while restoring profitability in existing device sales. Park Jong-hwan, senior vice president and head of chip card and microcontrollers team, will lead the n
TechnologyDec. 9, 2015
-
Tokyo-based affiliate eyes major stake in Lotte Confectionery
Korean retail giant Lotte Group’s confectionary affiliate said Wednesday that Japan-based Lotte Holdings has offered to buy 259 billion won ($219.6 million) worth of shares in the firm, a move that will help the group chairman strengthen his control amid a prolonged succession dispute with his brother. The Japanese firm will buy 7.9 percent shares of Lotte Confectionary at 2.3 million won per share from the market during trading hours by Dec. 28, the company said in a regulatory filing. “By boos
IndustryDec. 9, 2015