Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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[Music in drama] Rekindle a love that slipped through your fingers
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Inflation eases in April, continues bumpy ride
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Golden chance to liquidate babies’ gold rings?
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Seoul Metro to seek legal action against malicious complaints
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Illit, mired in controversy, remains on Billboard charts for 5th week
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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On May Day, labor unions blast Yoon's foreign nanny proposal
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[Graphic News] LG Electronics beats Nokia in global mobile phone market
Apple and Samsung dominated the global market for mobile phones in the first quarter of this year, while LG Electronics reached a distant third for the first time, data showed on Monday.According to Strategy Analytics, Apple held a 34.2 percent global mobile phone market share based on sales, followed by two South Korean companies ― Samsung with 30.4 percent and LG Electronics with 4.2 percent. Sony was ranked fourth with 3.3 percent, narrowly ahead of Nokia. Chinese phone makers Xiaomi and Huaw
TechnologyMay 26, 2014
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Finance minister calls for more corporate spending
Deputy Prime Minister and Finance Minister Hyun Oh-seok on Monday urged the business community to increase its spending and scale up investment plans to revive waning domestic demand in the wake of the Sewol ferry disaster. “Consumption-related economic indicators, hit by the public’s continuing pain over the ferry disaster, are showing signs of decelerating contraction,” Hyun said during the meeting of the public-private consultation body for creative economy.But he said cooperation between the
May 26, 2014
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Gynecologist wins award for genital infection research
Dr. Ju Woong, who teaches at Ewha Womans University’s department of obstetrics and gynecology, won an award at an international conference for his latest research findings on genital infections. Ju’s thesis, which deals with how genital warts and other human papillomavirus (HPV)-related diseases impact patients psychologically, was given the best poster award at the conference organized by the Asia Oceania Research Organization on Genital Infections and Neoplasia. The event took place in Beijing
TechnologyMay 26, 2014
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Merck seeks growth with tie-up
Merck Korea said Monday that it expects Merck’s sales and revenue to jump dramatically after the acquisition of AZ Electronic Materials, a materials producer for displays and semiconductors, by its German headquarters in early May. “Merck will be able to record a double-digit increase in sales as well as revenue (this year) with the help of the acquisition of AZ Electronic Materials,” said Michael Grand, managing director of Merck Korea, at a press meeting in Seoul. Michael Grund, managing direc
TechnologyMay 26, 2014
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Aviation leaders call for enhanced runway safety
Aviation leaders on Monday called runway safety one of the high-priority issues in operating airports even though the number of runway accidents has been sharply reduced thanks to advanced technologies and heightened vigilance. A safety symposium was held on the sidelines of the General Assembly of the Airports Council International, one of the industry’s largest gatherings, which kicked off its three-day program on Monday in Seoul. The program was launched to discuss safety issues at an executi
IndustryMay 26, 2014
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KT&G rolls out limited edition SEASONS Summer Special
‘SEASONS Summer Special’KT&G will roll out limited edition SEASONS Summer Special cigarettes with a package designed for the season, the company announced Monday. The country’s leading tobacco maker said the special line will be available for sale for two weeks beginning Wednesday.The product is the latest in the SEASON series lineup, the only cigarette containing 2.0 milligrams of tar in the domestic market. It kept the lineup’s distinctive smooth taste and full-bodied flavor, the company said.
IndustryMay 26, 2014
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Seoul shares decline slightly on profit-hunting
South Korean stocks retreated 0.34 percent on Monday as investors indulged in profit-taking after a weeks-long strong performance of the market, analysts said. The local currency gained against the U.S. greenback.The benchmark Korea Composite Stock Price Index lost 6.82 points to 2,010.35, a drop from a five-month high of 2,017.17 in the previous session. Trading volume was thin at 191.7 million shares worth 2.65 trillion won ($2.59 billion), with losers slightly outnumbering gainers 413 to 370.
May 26, 2014
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Shinhan Bank employee sacked for embezzling W131m
An employee of the country’s third-largest bank was belatedly found to have misappropriated a massive amount of money from the bank last year, regulators said Monday.The entry-level employee was caught embezzling about 131 million won ($127,900) from the bank over the course of several months for personal use, the Financial Supervisory Service revealed. Shinhan Bank detected the case in December last year and immediately reported the case to the FSS, according to the bank officials. The bank dis
May 26, 2014
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Ford recalls over 2,200 Escape SUVs in Korea
Ford Sales and Service Korea, the local importer and distributor of U.S. automaker Ford Motor Co., is recalling more than 2,200 Escape sport utility vehicles for problems with their airbags, door handles and cooling systems, the transportation ministry said Monday.According to the Ministry of Land, Infrastructure and Transport, side airbags of the vehicle may fail to deploy due to a software problem.The problem has been identified in 859 Ford Escapes produced between May 22, 2012, and Jan. 31, 2
MobilityMay 26, 2014
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Consortium to survey N.K.-Russia economic project
A South Korean consortium plans to carry out a second inspection on a North Korea-Russia economic project in a bid to closely examine its business feasibility, an official of the consortium said Monday. “Details of the second inspection have yet to be determined, but we are in talks to visit the project site,” the official said.“The first inspection was no more than a look-through, so an additional survey is needed to assess closely the business feasibility of the project.” The consortium consis
IndustryMay 26, 2014
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Teachers’ pension fund to boost stock investment
The Korea Teachers Pension, the country’s No. 2 retirement fund, will boost its equities investment this year as the local stock market is widely expected to continue its upward march, its chief said Monday.Korea Teachers Pension has 11.7 trillion won ($11.43 billion) worth of assets under its management, about 45 percent of which is invested in risky assets such as stocks.“We are planning to increase the purchase of local stocks by 300 billion won this year, focusing on some 100 companies,” Kim
IndustryMay 26, 2014
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[SUPER RICH] Living with a secret
The health issues of company owners have recently, taken precedence above all else in the corporate world following the recent hospitalization of Samsung Group chairman Lee Kun-hee.From questions regarding who will succeed the Samsung chairman to whether or not other corporations are any better prepared for similar incidents, the corporate sector is astir with gossip. The company, on the other hand, adamantly denied that Lee was in critical condition, issuing statements that he is on the mend.Th
IndustryMay 26, 2014
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Korea Yakult’s crown prince Yoon has a lot to prove
Yoon Ho-jung, executive director of Korea Yakult, has been flying under the radar. Forbes Korea assumes that Yoon has 592.2 billion won ($578 million) in company stocks, which makes him the 45th-richest stockholder in the country. But his presence has been largely unnoticed both internally and externally. Yoon has long been seen as living in the shadows of his 87-year-old father, Yoon Deok-byeong, who founded the company as a joint venture with the Japanese beverage company Yakult in 1969. The p
IndustryMay 26, 2014
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More whales being hit by ships along U.S. coast
NEW YORK (AP) ― A cruise ship heading for New York this month struck and killed a whale and dragged it into the Hudson River, part of a higher-than-usual rate of strikes along the Eastern Seaboard for this time of year, a federal agency said.There were three recent whale strikes recently, including one in which a cruise ship hit a sei whale and did not discover it until it reached port, the National Oceanic and Atmospheric Administration said.In a similar case, a sei whale was found dead and att
TechnologyMay 26, 2014
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Australian researchers eye fighting fires with explosives
SYDNEY (AFP) ― Australian researchers are working on fighting out-of-control bushfires with explosives, likening the process of using the soundwave produced by a blast to blowing out a candle.Graham Doig of Sydney’s University of New South Wales has been examining how blasts can extinguish fires, a technique sometimes used on oil well blazes. In one test, Doig detonated an explosion inside a 4-meter steel tube to produce a shockwave and rush of air aimed at a meter-high flame fueled by a propane
TechnologyMay 26, 2014
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Daum, Kakao announce merger
Daum, Korea's second-largest Internet portal giant, announced Monday that it had decided to merge with Kakao, the country's top mobile messenger service provider, through a stock swap.“The deal could offer a new business opportunity to the both companies,” an anonymous stock analyst said.Daum Communications has sought to go mobile as a way out of the doldrums. Kakao has also wanted to secure more diversified contents for new revenue beyond its game platform, its dominant income source.Daum said
BusinessMay 26, 2014
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Samsung chairman regains consciousness
Samsung Electronics chairman Lee Kun-hee, being treated in hospital after a heart attack over the past two weeks, has regained consciousness, the company said Sunday.Lee, 72, was operated at Samsung Medical Center in southern Seoul on May 11 after a heart attack.He was transferred to VIP hospital room on May 19 from an intensive care unit at the hospital, according to the hospital. “Lee was transferred to the ordinary ward and has recovered from an unconscious state. His response to diverse stim
IndustryMay 25, 2014
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[Newsmaker] Internal strife simmering at KB Financial
The falling credibility of KB Financial Group shows no sign of abating, even appearing to further deteriorate amid escalating internal troubles.The country’s largest banking group by assets struggled in 2013 after its flagship unit, KB Kookmin Bank, was rattled by a series of scandals involving illegal loans, and irregularities at its overseas branches. It suffered another serious blow earlier this year after its credit card unit was involved in a massive data leak scandal. And now, the group an
May 25, 2014
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[Graphic News] Prolonged doubt over consumption growth
Both disposable income and consumption of South Korean households increased in the first quarter on-year, a data from Statistics Korea said. However, the outlook for the continued growth in household spending is not clear, given weakening consumer sentiment in the wake of the deadly ferry accident last month. The income of households consisting of two members or more averaged 4.4 million won ($4,300) per month during the January-March period, up 5 percent from 4.2 million won a year earlier. Whe
May 25, 2014
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World airport execs start meeting in seoul
The general assembly meeting of the Airports Council International, the world’s largest gathering of airports, kicks off in Seoul on Monday, with more than 800 airport executives and other air transport leaders from 73 countries in attendance.Incheon International Airport, which has been named as the world best airport for several years, will be hosting the three-day event at Coex in Samseong-dong, Seoul. It is the first time that the ACI’s annual general meeting will be held in Korea. “This yea
IndustryMay 25, 2014