Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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S. Korea votes in favor of Palestinian bid for UN membership
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Farming households dip below 1m for first time in 2023
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[Photo News] Paris Baguette in Manhattan
IndustryMay 6, 2015
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SKT aims to lead next-generation Internet standard
South Korea’s top mobile carrier SK Telecom said Wednesday that it has introduced its technological expertise for the next-generation Internet standard ― Internet Protocol version 6, or IPv6 ― in Hanoi, Vietnam.Participating in the Vietnam IPv6 Day 2015 held in the Vietnamese city on Wednesday (local time), officials from the Korean mobile network operator gave presentations on the first commercialization of IPv6 services in Korea.The SKT officials also talked about technologies and technical kn
TechnologyMay 6, 2015
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Galleria eyes 90 bln won in Jeju duty-free sales for 2015
South Korean retailer Hanwha Galleria said Wednesday it aims to raise sales at its Jeju duty-free branch to 90 billion won ($83 million) this year on a continued influx of Chinese shoppers to the country's southern resort island.The Hanwha affiliate began operations of its first duty-free store in Jeju last year after winning an operational license to run a 409-square-meter duty-free shop in the island's sole airport.The airport branch, which preliminary opened in April last year, has proven to
CompaniesMay 6, 2015
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Regulator set to allow banks to fund fintech firms
South Korea's top financial regulator said Wednesday that it will pave the way for local banks to invest in financial technology firms as part of its efforts to boost the integration of the two industries.According to current financial laws, financial institutions are allowed to buy stakes in or make contributions only to companies in the same business sector.In a report submitted to the presidential office, the Financial Services Commission said it will clarify the definition of "same business
May 6, 2015
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S. Korea keeps top spot in new shipbuilding orders in April
South Korean shipbuilders, led by industry leader Hyundai Heavy Industries Co., clinched the largest amount of new orders in April, retaining the top spot for a third consecutive month, data showed Wednesday.According to the data compiled by global researcher Clarkson Research Services, South Korean shipyards bagged new orders totaling 533,000 compensated gross tons last month.Chinese rivals took orders worth 295,000 CGTs, followed by Japanese ones with 149,000 CGTs, the data showed.South Korea
IndustryMay 6, 2015
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S. Korea's money market expands on policy, demand
South Korea's market for short-term financial instruments has grown in recent years, backed by policy efforts to nurture the market as well as increasing demand for new investment vehicles, a report showed Wednesday.The value of the local money market reached 338.9 trillion won($313.2 billion) as of the end of last year, increasing by 71.4 trillion won from the end of 2010, according to the report by the Bank of Korea. From the end of 2013, the market expanded by 15.9 trillion won.With the incre
May 6, 2015
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SK Telecom Q1 net soars 66 pct
SK Telecom Co., South Korea's top mobile carrier, said Wednesday its first-quarter net profit hiked 65.6 percent from a year earlier, mainly due to the absence of one-off costs. Net income reached 442.8 billion won ($409.5 million) in the January-March period, compared with 267.3 billion won the previous year, the company said in a regulatory filing.The figure, however, falls far short of the median consensus of 512 billion won in a poll conducted by Yonhap Infomax, the financial news arm of Yon
CompaniesMay 6, 2015
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Strict online game regulation for youth incurs 1.16 tln won loss
A strict regulation that bans nighttime online gaming for children has led to a 1.16 trillion won($1.07 billion) loss in the South Korean games industry, a report showed Wednesday. Also known as the "forced shutdown system," online game operators are currently prohibited from providing services to children under 16 from midnight to 6 a.m. For those under 18 years of age, parents have the option to request such a ban.Since the regulation took effect in 2012 to reduce gaming addiction, the size of
IndustryMay 6, 2015
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FTC to work with EU on Qualcomm's alleged abuse of market power
South Korea's antitrust watchdog said Wednesday that it has agreed to cooperate with the European Union on the possible abuse of essential patents by Qualcomm Inc., a dominant player in the global wireless telecommunications chip market.The understanding reached at meeting between Shin Young-son, the Fair Trade Commission's secretary general and Cecilio Madero Villarejo, the deputy director-general of antitrust at the EU's Competition Directorate earlier in the week in Sejong, touches on problem
IndustryMay 6, 2015
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Samsung to unveil VR device for Galaxy S6 smartphones
South Korea's top tech giant Samsung Electronics Co. said Wednesday it will release its new virtual-reality device later this week that works on its latest Galaxy S6 smartphones.The new Samsung Gear VR device, which will be slightly smaller than the previous version that links with the Galaxy Note 4 through a micro USB port, will be available for purchase with a price tag of 249,000 won ($230.19) starting Thursday. It will come in one color, white.The first version of the Samsung Gear VR was sho
CompaniesMay 6, 2015
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Stock short-selling soars amid bull run
More investors in South Korea are opting to short stocks as they took bearish bets on local equities following a recent strong rally, data showed Wednesday. Daily stock short-selling averaged 360.5 billion won ($333.5million) in the main KOSPI and secondary KOSDAQ markets in April, 68 percent more than December's 214.6 billion won, according to the data compiled by the Korea Exchange. Stock short-selling is a trading technique in which investors sell stocks they borrowed on the belief that shar
May 6, 2015
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Banks fare well in Q1
Despite the impact on net interest margins of the central bank’s key rate cut in March, major banking groups saw their net earnings spike in the first quarter of this year from a year earlier.But they are up against a harder challenge in the second quarter, as the prolonged low rate and the recently implemented loan transfer program is expected to cut into banks’ profits in the coming months.Financial observers pointed out that banks will soon lose most of their momentum as it was mostly trigger
May 5, 2015
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SUVs lead domestic vehicle sales
A continued sports utility vehicle boom increased the total domestic sales of five Korean carmakers in April, according to industry data released by each company on Monday. The five locally operating car manufacturers are Hyundai Motor, Kia Motors, GM Korea, Renault Samsung Motors and Ssangyong Motor.Their combined domestic sales grew 2.9 percent to 133,935 units last month from the same period a year ago, with overseas shipments shrinking 1.3 percent to 663,904 units, the data said. “Behind the
MobilityMay 5, 2015
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Dongkuk Steel considers closing another plate mill
Dongkuk Steel Mill, the country’s third-largest steelmaker, is considering closing down a shipbuilding plate factory as part of its restructuring efforts, the company said Tuesday.According to its regulatory filing, Dongkuk is reviewing a plan to stop its factory operation in Pohang, North Gyeongsang Province. The line has an annual production capacity of 1.9 million tons.If the factory closes, it will follow the first plate mill’s closure in 2012, and only one plate mill with a 1.5 million-ton
IndustryMay 5, 2015
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[Photo News] Korea-Vietnam free trade pact
Korean Trade Minister Yoon Sang-jick (left) and his Vietnamese counterpart Vu Huy Hoang sign a bilateral free trade agreement in Hanoi, Vitenam, Tuesday. The trade pact is expected to take effect this year. (Yonhap)
May 5, 2015
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Shopping channels refuse banned-herb refunds
South Korea’s major TV shopping companies are refusing to provide unconditional refunds for a popular traditional herb product found to contain an illegal substance, sparking an uproar from customers seeking compensation. Last week, the Ministry of Food and Drug Safety announced that Korean biotech firm Natural Endotech ― which specializes in making health products using a medicinal herb called Cynanchum wilfordii or “Baeksuho” in Korean ― used a cheaper, toxic ingredient, Cynanchum auriculatum
IndustryMay 5, 2015
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[SUPER RICH] Superrich of the toy world
Toys hold a special place in children’s hearts. Children beg their parents and save pocket money for them. They sometimes hold onto them until adulthood.Although there are only a few globally renowned toy companies, their presence is felt all over the world.Some companies have sold their stocks after the founders’ death and have been operating under professional managers. Others have continued to run under the founder’s family. Kjeld Kirk Kristiansen, former president and CEO of Lego Group. (Blo
IndustryMay 5, 2015
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[SUPER RICH] Gates, Slim, Buffett find fun in traditional toys
People tend to think of yachts, supercars or private jets when they imagine billionaires’ toys. But some superrich have been shown spending their leisure time with unexpectedly common items that can be easily found in local stores.Microsoft founder Bill Gates and Berkshire-Hathaway Inc. chairman Warren Buffett are known to enjoy table tennis in their down time. The two were seen playing a peculiar game of ping pong on one occasion at the annual Berkshire Hathaway Inc. shareholders meeting in Neb
IndustryMay 5, 2015
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S. Korea's tax benefit for married at bottom among OECD
Married couples in South Korea received one of the smallest tax breaks among other advanced economies, a study showed Tuesday, although the government has been trying to promote marriage to tackle low birth rates. The effective income tax rates for singles ranged between 0.9 and 13 percent in 2013, which was 0.2-0.6 percentage point more than those for married couples, Ahn Jong-seok, a researcher at the Korea Institute for Public Finance, said in a report.The effective tax rate is the average ra
May 5, 2015
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China's growing trade power hurting S. Korean exports: report
China's growing competitiveness in international trade is causing South Korean exports to lose market share, which can spell trouble for Asia's fourth-largest economy, a report said Tuesday.Chinese products with good export potential are forcing South Korean goods to surrender market share, the Korea Development Institute (KDI) said in the report based on the assessment of how a country's emergence on the global trade arena affects others among South Korea, Japan and China.Such developments are
May 5, 2015