Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Golden chance to liquidate babies’ gold rings?
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Inflation eases in April, continues bumpy ride
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Seoul to more than double military drones by 2026 to counter NK threats
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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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Seoul alerts overseas missions to NK terror threats
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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International bio industry expo kicks off in Osong
A large-scale international bio industry exposition opened in a central South Korean city on Friday to display state-of-the-art biotechnologies and to promote the city as a global mecca in the field.Hosted by the government of North Chungcheong Province, the Ministry of Trade, Industry and Energy and the local municipal government, the Osong International Bio Industry Exposition began its 17-day run after a brief opening ceremony in Osong, some 120 kilometers south of Seoul.Under the theme of “T
IndustrySept. 26, 2014
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N. Korea years away from APG membership
It will take North Korea more than five years to become a member of the Asia-Pacific Group on Money Laundering, as the nation may find it difficult to comply with the group’s terms of reference, according to a former head of the Financial Action Task Force. The Asia Pacific Group on Money Laundering is the Asia-Pacific unit of the Financial Action Task Force ― an intergovernmental organization that develops policies for combating money laundering and terrorism financing. “In order for North Kore
IndustrySept. 26, 2014
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SK hynix begins flash chip production in Chongqing
SK hynix CEO Park Sung-wook (third from left) and others pose in its new memory chip plant in Chongqing, China, Friday. (SK hynix)SK hynix, the world’s second-largest memory chip maker, said Friday that it had completed the construction of a plant for flash memory chip packaging and testing in Chongqing, southwest China.The $250 million plant, which has some 1,200 workers, is capable of assembling and testing 80 million 16-gigabyte NAND flash chips for mobile devices a month, the Korean company
TechnologySept. 26, 2014
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KB Financial to name new chief in mid-Nov.
KB Financial Group Inc., South Korea‘s No. 2 banking group, said Friday that its new chief will be picked at a shareholders’ meeting slated for mid November. The Chairman Candidate Recommendation Committee held its second meeting on Friday and decided on the procedure to shortlist candidates, the banking group said. The committee plans to pick about 100 candidates first and then choose 10 of them in the third round of its meeting to be held on Oct. 2, it said. After drawing up a shortlist of fou
Sept. 26, 2014
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Samsung takes shot at new iPhone
Samsung Electronics Co., the South Korean tech firm going to the mat with U.S. archrival Apple Inc., took a jab Friday at its main competitor's newest smartphone that is receiving complaints for bending under force.Samsung's official Twitter account, @SamsungMobile, posted a photo its own Galaxy Note Edge with the innuendoed comment "Curved. Not bent." The Note Edge caused a buzz when it was showcased in Berlin earlier this month for its curved side screen that can, for instance, display incomin
IndustrySept. 26, 2014
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S. Korean firms pressed to disclose dividend payout plans
South Korea's financial watchdog is seeking to revise corporate disclosure rules to require publicly-traded firms to reveal their dividend payout plans and the maximum dividend amount, industry sources said Friday.The government in July had unveiled plans aimed at encouraging companies to distribute more of their profits in wages and dividends, blaming them for holding on to too much cash, cutting the money flow to households and in turn weakening their spending.The new economic team led by Fina
Sept. 26, 2014
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S. Korea moves to levy anti-dumping duties on ethanolamine imports
South Korea's trade commission said Friday it has decided to impose punitive duties of up to 21.79 percent on ethanolamine imports from four countries, including the United States and Japan.The decision followed a 10-month probe into allegations of dumping by a local importer of the chemical compound that is widely used to produce detergent, plasticizer and various other products. The products from Malaysia and Thailand were also named for punitive duties."The Trade Commission has come to rule i
Sept. 26, 2014
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[Graphic News] Rents grow far faster than income
The price-to-income ratio of “jeonse” rental deposits reached 6-to-1 in Seoul from 2004 to hit a decade high, according to data from Statistics Korea. The PIR of rental deposits is a ratio of median house rental prices to annual average household income. The latest numbers indicate that to pay a rental deposit in Seoul, households must spend up to six times their annual income. The data was based on the rental deposit prices of 8.9 million households as of last month, and the average nationwide
Sept. 25, 2014
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Is chest pain always angina?
Chest pain refers to various pains in the chest, which can be due to a wide range of causes. Chest pain or discomfort in the chest is a relatively common condition found in 1-2 percent of all patients, and 1.9 percent of all emergency presentations. Its causes vary widely and the clinical significance and progress differs for each cause. Therefore chest pain should be diagnosed carefully. The main causes of chest pain include problems in the lungs, heart, esophagus or ribs. Of these causes, ches
TechnologySept. 25, 2014
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Allergic rhinitis occurs most in autumn season
Allergic rhinitis, an inflammation of the nasal airways, occurs most often among Koreans in the fall, especially in the months of September and October, according to the Health Ministry.Some 601,000 Koreans were treated for the condition last year, and most patients ― 206,261 ― developed the allergic reaction in September, according to a study conducted by the National Health Insurance Service.Allergic rhinitis is often triggered by pollen from seasonal plants, including weeds, trees and grasses
TechnologySept. 25, 2014
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U.S. fines Shire $56.5m over drug promotion
NEW YORK (AP) ― The U.S. Department of Justice said Wednesday that Irish drugmaker Shire will pay $56.5 million to settle allegations it broke the law in promoting five different drugs, including its attention deficit disorder drugs Adderall XR and Vyvanse.According to a whistleblower lawsuit, Shire said ADHD patients who took Adderall XR would be “indistinguishable” from people who don’t have the condition. It also suggested that the drug would prevent patients from getting bad grades, losing t
TechnologySept. 25, 2014
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Hanjin chairman honored for sports contributions
Hanjin Group chairman Cho Yang-ho (right) receives a plaque from the International Sports Press Association for his contribution to promoting sports. (Hanjin Group)Hanjin Group chairman Cho Yang-ho was recognized this week for his contributions toward promoting global athletic events, the company said Thursday. Cho was given an appreciative plaque from Gianni Merlo, president of the International Sports Press Association, who lauded the Hanjin head for his efforts to help global sports events ta
IndustrySept. 25, 2014
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Hyundai Oilbank, Shell jointly
The lubricant plant that Hyundai Oilbank completed on Thursday in a joint project with Shell. (Hyundai Oilbank)Hyundai Shell Base Oil, a joint venture between South Korean refiner Hyundai Oilbank and U.S. oil company Shell, said Thursday that it has completed construction of a new lube base oil plant to tap into the growing Asian lubricant market. The lube base oil plant, with an annual capacity of 650,000 tons, was built in Daesan, some 140 kilometers south of Seoul, following 1 1/2 years of co
IndustrySept. 25, 2014
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Shinhan included in DJSI for 2nd time
Shinhan Financial Group, the nation’s largest financial holding firm by assets, has been included in the Dow Jones Sustainability World Index for the second consecutive year, officials said on Thursday.Shinhan was recognized for its long-standing efforts in creating shared value, or CSV, to become the first South Korean financial firm to be included on the list two years in a row. The DJSI is a global indicator tracking the financial performance of companies in all industries that outperform in
Sept. 25, 2014
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Subsidies expected to boost midsize hybrid car sales
Planned government subsidies for midsize hybrid electric vehicles are predicted to push up sales by giving them a price edge over gasoline-powered vehicles, industry watchers said Thursday.The prediction comes after the government announced its plan to give 1 million won ($960) subsidies to those buying one of eight types of midsize HEVs sold on the market starting next year.“In the case of the Sonata YF and K5 hybrids that already get 2.5 million won cuts from the carmaker, the cost difference
IndustrySept. 25, 2014
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KITA gives leg up to vendors eyeing Canada
Korean manufacturers present products to Canadian retailers at an export consultation session hosted by the Korea International Trade Association, in Toronto on Thursday. (KITA)Local small and mid-sized enterprises are busy trying to enter Canada, the nation’s eight-largest export market, which just became more attractive following the latest signing of a free trade pact with South Korea. Once the deal goes into effect, tariffs on almost all products traded between the two countries will be elim
IndustrySept. 25, 2014
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‘KB shareholders must use rights’
The unprecedented leadership strife that has put KB Financial Group under government sanctions has sounded an alarm in the industry about the critical flaws in the current financial holding company system. In order to extricate financial companies, shareholders are urged to more actively exercise their rights, according to Kim Sang-jo, chief of Solidarity for Economic Reform and professor of trade at Hansung University.“The financial holding company in Korea is largely out of order,” he said at
Sept. 25, 2014
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Major import shoe brands fined for exaggerating health benefits
South Korea’s antitrust watchdog said Thursday that it has fined seven shoe importers and local brands a combined 1.07 billion won ($1.02 million) for exaggerating the health benefits of their products in their ads.The Fair Trade Commission also issued correction orders to the makers of three foreign brands ― Reebok, Fitflop and New Balance.Importers of these three brands, along with Skechers and local brands Fila, Lecaf and Ellesse, were ordered to pay fines. Two others ― Asics and Prospecs ― w
IndustrySept. 25, 2014
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Incheon IFEZ rises as global business hub
There was nothing but mud in Songdo, Incheon, some 60 kilometers south of Seoul, when South Korea ambitiously set out to reclaim the land and transform it into a free economic zone in 2003.Now with high-rise buildings, inflows of foreign capital and infrastructure linking it with major roads, ports and an international airport, the Incheon Free Economic Zone, which also includes Yeongjongdo Island and Cheongna International City, seeks to make another leap by becoming a global hub for businesses
IndustrySept. 25, 2014
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Yeongjongdo to turn into Korea’s Las Vegas
A 2.3 trillion-won ($2.2 billion) casino resort project in Midan City on Yeongjongdo Island within the Incheon Free Economic Zone is expected to launch before the opening of the PyeongChang 2018 Winter Olympics.The project, which LOCZ Korea ― a consortium formed by China’s Lippo and Caesars Entertainment of the U.S., which received a preliminary casino license from the Seoul government in March ― includes the construction of a 7,700-square-meter site with a casino, hotels, dining spaces, shoppin
Sept. 25, 2014