Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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Rapper jailed after public street fight with another rapper
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[Weekender] How DDP emerged as an icon of Seoul
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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[KH Explains] No more 'Michael' at Kakao Games
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Woman gets suspended term for injuring boyfriend with knife
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Med schools expect 1,500+ new admission slots next year
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Hyundai Motor car sales in China, India up 8.2%
Hyundai Motor Group, the world’s fifth-largest automotive conglomerate, said Wednesday that its sales in China and India rose 8.2 percent on-year in June, fueled by solid demand for its popular models.The conglomerate said combined sales by its flagship companies Hyundai Motor Co. and Kia Motors Corp. in the two countries stood at 171,188 units last month, up from 158,225 a year earlier. China represents the largest market for Hyundai and Kia vehicles, even surpassing the U.S. market. India, whe
IndustryJuly 16, 2014
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BOK chief says downside risks are greater for Korean economy
The South Korean economy is expected to return to an above-par growth level during the second half of the year, but downside risks have been pronounced recently for Asia’s fourth-largest economy, the central bank chief said Wednesday.“The economic growth would recover after the third quarter of the year, but given a protracted contraction in domestic demand and investment, an increased volatility of the Korean won, downside risks are slightly greater (for the economy than upside ones),” Bank of
July 16, 2014
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[Herald Interview] Staying cool in summer
Winix, once a parts supplier for Samsung Electronics’ refrigerators and water dispensers in the 1980s, has grown into a leading dehumidifier manufacturer in South Korea, beating home appliance giants including LG Electronics.Dunstin Yoon, senior director of Winix’s management innovation, said the company will make all-out efforts to retain its leadership in the dehumidifier market, especially during July and August, the hottest and most humid months of year.“We will continuously forge ahead to m
IndustryJuly 16, 2014
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New ICT minister faces daunting task
Choi Yang-hee took office as South Korea’s minister of science, ICT and future planning on Wednesday after days of grilling by the political parties regarding his alleged real estate irregularities.The new minister faces a slew of policy issues to mend, resolve and carry out to meet expectations not only of the people and businesses, but also those of the president, who envisioned the ministry to play the lead role in finding the next big technological innovation.His most urgent priority is fine
TechnologyJuly 16, 2014
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ETRI invents sensors for flexible, transparent displays
Flexible and transparent displays have emerged as the next promising technology that could change the way consumers watch content on screens.A local researcher, however, said they require new components such as circuits and sensors that also need to be flexible and transparent before the displays can be fully commercialized.A team of South Korean researchers has recently developed flexible, transparent touch sensors which can better detect the intensity, direction and location of users’ fingers.
IndustryJuly 16, 2014
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Samsung may team up with Under Armour for wearable devices: sources
Samsung Electronics is expected to team up with U.S. sports clothing maker Under Armour Inc. in a move that would help the world’s No. 1 smartphone maker make inroads into the global wearable devices market, according to industry sources on Wednesday. The reports came following a meeting that reportedly took place between Samsung heir Lee Jay-yong and Kelvin Plank, the founder and chief executive officer of Under Armour here earlier this month.The two are said to have discussed ways of counterin
TechnologyJuly 16, 2014
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Hyundai Motor recalls early U.S. production 2015 Sonatas
Hyundai Motor Co., South Korea's largest carmaker, said Wednesday that it has ordered the recall of some 2,100 Sonata midsize sedans made at its Alabama plant after finding wiring related problems that can affect the power steering system.The problem with the wiring harness can require drivers to exert more physical effort to steer the car. In addition, drivers may have a harder time getting the gear shifter out of the "park" position."The problems were found in-house, and the company took actio
IndustryJuly 16, 2014
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Korea not to push for extra budget this year: minister
South Korea will not seek an extra budget this year, the new finance minister said Wednesday, adding that it will instead push for other fiscal alternatives to bolster economic recovery, including expanding its budget spending assigned for next year.Speaking to reporters after his inauguration, Choi Kyung-hwan also said he will downgrade the country's growth outlook for this year and draw up a policy management plan based on the revised assessment of the latest economic situations.Criticizing lo
July 16, 2014
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BOK chief says downside risks are greater for Korean economy
The South Korean economy is expected to return to an above-par growth level during the second half of the year, but downside risks have been pronounced recently for Asia's fourth-largest economy, the central bank chief said Wednesday."The economic growth would recover after the third quarter of the year, but given a protracted contraction in domestic demand and investment, an increased volatility of the Korean won, downside risks are slightly greater (for the economy than upside ones)," Bank of
July 16, 2014
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S. Korea's jobless rate stands at 3.5 percent in June
South Korea's jobless rate inched down in June from a month earlier, but job creation slowed for the fourth straight month, raising concerns that employment conditions are getting tough for many job seekers, a government report showed Wednesday.According to the report by Statistics Korea, the jobless rate stood at 3.5 percent last month, down from 3.6 percent tallied in May. The seasonally adjusted jobless rate also fell to 3.6 percent from the previous month's 3.7 percent. The number of employe
July 16, 2014
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[Graphic News] More than half of new temp workers are women aged 55 or above
Nearly 6 out of 10 new temporary workers in South Korea are women aged 55 and older, according to a report released by Statistics Korea on Tuesday. The report also showed that the number of South Korean female temporary workers above the age of 55 has increased by 14.4 percent from last year. This seems to be mainly due to the growing need to accumulate retirement savings, and also because more parents are supporting children who are struggling to find a job amid the sluggish job market conditio
July 15, 2014
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Samsung Group to scrutinize underperforming businesses
Samsung Group is said to be carrying out a sweeping “management assessment” on underperforming affiliates in the electronics sector in the wake of the second-quarter earnings shock of its cash cow Samsung Electronics.The audit division under Samsung’s Corporate Strategy Office, the conglomerate’s control tower, has recently began a review on Samsung Electro-Mechanics, a manufacturer of smartphone camera modules, according to Samsung Group.The latest move is just another in a series of management
TechnologyJuly 15, 2014
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GS Homeshopping likely to submit bid for KT Rental
GS Homeshopping, the country’s leading home shopping company, is preparing to make an offer to acquire a majority stake in the car rental firm KT Rental, a local daily said on Tuesday.Reports of GS’ intentions came about a month after KT Corp. publicly announced the sales of two nonmajor affiliates ― KT Rental and KT Capital ― as part of its efforts to regain financial soundness and focus on the ICT business. GS Homeshopping CEO Huh Tae-soo has reportedly been in talks with global investment ban
July 15, 2014
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Seoul shares rise nearly 1% on optimism over global market
South Korean shares rose almost 1 percent on Tuesday, buoyed by optimism that the global stock market may log a further rise on the back of improving earnings, analysts said. The local currency fell to its lowest in two months against the U.S. dollar, lending support to local exporters.The benchmark Korea Composite Stock Price Index gained 18.84 points to 2,012.72, after rising to as high as 2,015.54.Trading volume was moderate at 356 million shares worth 4.04 trillion won ($3.93 billion), with
July 15, 2014
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Korea’s housing price gap hits 5-year low in June
The price gap between luxury homes and cheaper houses fell to the lowest level in over five years in June as demand for smaller affordable homes increased from people opting to buy rather than pay rising rent, real estate data showed Tuesday.According to the data provided by Kookmin Bank, the house quintile share price dipped to 4.9 in June, the lowest since 8.4 in December 2008 when the bank began to release the index.The figure is down 0.1 percentage point from the previous month. The house pr
IndustryJuly 15, 2014
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Creditors to lend 160b won to ailing Dongbu Steel
Creditors of the ailing Dongbu Steel said Tuesday they will provide 160 billion won ($157 million) in loans to the company, whose foiled sale has put the parent group’s self-rescue efforts on hold.The Korea Development Bank, the main creditor of Dongbu Steel, said the loan approval process has begun for granting the loan to help the steelmaker cover its costs. A loan can be extended to a company undergoing restructuring if it is approved by creditors who control more than 75 percent of the compa
IndustryJuly 15, 2014
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Hankook Tires to equip new BMW Minis, Mercedes C-classes
Hankook Tire Co., South Korea’s No. 1 tiremaker, said Tuesday it has been tapped to equip the latest models of the iconic Minis made by BMW and Mercedes-Benz C-class vehicles.The latest original equipment deal comes as the company has steadily expanded its market portfolio to factory equip new cars made by top German carmakers. The company said shipments to Mercedes-Benz involve the high-end, run-flat and conventional Ventus S1 evo2 tires, which have won several awards in the past.For the BMW de
IndustryJuly 15, 2014
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Watchdog to intensify monitoring of asset managers
The financial watchdog said Tuesday that it will tighten its monitoring of wrongdoings and illegal practices by local asset management firms to protect retail investors. The Financial Supervisory Service said it has carried out in-depth on-site inspections of 86 asset management companies in June to check their compliance with regulations in selling funds and other financial instruments.The inspection results showed that fund managers at most asset management companies engaged in illegal practic
July 15, 2014
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Car production at Hyundai Motor’s Turkey plant tops 1m units
Hyundai Motor Co., South Korea’s largest carmaker, said Tuesday that its plant in Turkey rolled off its 1 millionth vehicle, a milestone in the company’s presence in the country and Europe.The plant in the port city of Izmit, which has the capacity to produce 200,000 cars per year, has been in operation since 1997, with vehicles including the i10 and i20 supermini cars currently being made there. Both cars are so-called strategic cars introduced by Hyundai Motor for the European market, whose co
IndustryJuly 15, 2014
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Janssen to sell Pfizer antidepressant
Janssen Korea and Pfizer Korea have launched the antidepressant Efexor XR, a serotonin norepinephrine reuptake inhibitor, in Korea.SNRI works in the brain to correct chemical imbalances caused by lack of neurotransmitters including serotonin, which plays a key role in mood control. The drug is used to treat major depression and symptoms of depressive illness, including anxiety, loss of interest in usual activities, sleep problems, changes in appetite, fatigue, feelings of worthlessness or guilt,
BusinessJuly 15, 2014