Most Popular
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[AtoZ into Korean mind] Humor in Korea: Navigating the line between what's funny and not
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Yoon seeks rebound, taps 5-term lawmaker as chief of staff
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Korean, Romanian leaders discuss defense tech, nuclear energy
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Medical standoff deepens as doctors reject new med school plan, talks
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[Graphic News] 77% of young Koreans still financially dependent
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[Herald Interview] Why Toss invited hackers to penetrate its system
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S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
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N. Korea sends economic delegation to Iran amid suspected military cooperation
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S. Korean envoys convene to navigate strategy amid Middle East tensions
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[Photo News] Offroad experience
MobilityMay 16, 2013
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Hanwha General sanctioned for hiding info leak
The Financial Supervisory Service said Thursday that it issued a caution against Hanwha General Insurance for allegedly seeking to conceal the leakage of customers’ information in the aftermath of hacker attacks.Though the nonlife insurance unit of Hanwha Group saw personal information totaling about 157,000 cases leaked due to an hacking incident between March and May 2011, it hid the fact at least for one year until September 2012, said FSS officials.Further, it has been found that Hanwha Gene
May 16, 2013
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STX Group chief under pressure to relinquish assets
Financial authorities and creditors of the debt-saddled STX Group are considering seizing the assets of the conglomerate’s chairman Kang Duk-soo.Creditors agreed to offer STX Corp., the group’s holding firm, bailout funds totaling 300 billion won ($270 million) last Tuesday. A regulatory official said the STX Group chief should give up his assets if he wanted to see the group attain management normalization. “His properties including his house could be placed under attachment,” the official said
May 16, 2013
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KNOC to join Vietnam oil storage project
The state-run Korea National Oil Corp. will join Vietnam’s underground oil storage facility construction project, company officials said. “KNOC has decided to join the project to build an underground facility to store up to 3.8 million barrels of oil in Dung Quat, Vietnam, in cooperation with Vietnam-based PVOS,” the officials said, adding that the project would be KNOC’s first oil storage project overseas. Petro Vietnam Oil Stockpile embarked on the project to accommodate the needs of the oil a
May 16, 2013
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Asiana Airlines protects heritage sites in Vietnam
Asiana Airlines, in partnership with UNESCO Korea, will install solar-powered street lamps for the protection of heritage sites in Vietnam as part of its ongoing social contribution activities in the country, officials said Thursday. The air carrier held the groundbreaking ceremony for the installation of the 40 environment-friendly street lamps near two world heritage sites ― the ancient town of Hoi An and the My Son holy land ― in Da Nang, a Vietnamese port city. Some 400 participants attended
IndustryMay 16, 2013
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Halla Group out to recapture market’s trust
Halla Group this week said it would give no further support for its faltering construction arm, to enhance the credibility and value of the company.“We understand the investors’ concerns surrounding the paid-in capital increase for Halla Engineering and Construction last month, and will now on work together to gain the market’s trust and recover governance,” said group chairman Chung Mong-won to executives and board members of Mando, a central affiliate of Halla that manufactures car parts. On
IndustryMay 16, 2013
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FSS to launch consumer-initiated probe system
The Financial Supersory service will implement consumer-initiated inquiries in the coming weeks, officials said Thursday.Over the past two months under initiative of Governor Choi Soo-hyun, the FSS has mapped out details of the system, under which consumers are entitled to request the regulator to conduct probes into financial firms.“We will soon unveil measures to effectively introduce the system,” an official said. “Its implementation date will also be publicized as soon as a deliberative boar
May 16, 2013
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Markets subdued despite upbeat Japanese growth
Financial markets were subdued Thursday despite encouraging growth figures out of Japan, as investors paused for breath a day after the main U.S. stock indexes struck record highs.Stocks have been buoyant for most of this year amid hopes over the U.S. economy, an easing of concerns over Europe's debt crisis and an expectation that central banks will continue with their super-easy monetary policies for a while longer.``This rally is not dead, it's just resting,'' said Alastair McCaig, market anal
May 16, 2013
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Park aims for fiscal balance within her term
President Park Geun-hye called for the government to achieve a fiscal balance within her five-year term, stressing the need to promote efficient yet sound fiscal spending and management.Presiding over her first meeting with ministers on the nation’s fiscal management, Park said the government needs to make fiscal reforms by first redesigning its spending so that the government can bring the national debt ratio under the mid-30 percent level of the gross domestic product. The nation’s debt-to-GDP
May 16, 2013
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Foreigners purchase net 6.2 tln won worth of S. Korean bonds
Foreigners have continued to expand investment in the South Korean bond market this year despite heightened geopolitical risks from North Korea's nuclear programs, the finance ministry said Thursday.Foreigners have made a net investment of 6.2 trillion won ($5.6 billion) in the bond market here so far this year, bringing their total bond holdings to 97.4 trillion won as of end-April, according to a report by the ministry.Foreign investment made up 7.2 percent of the total outstanding Korean bond
May 16, 2013
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Cancer is No.1 cause of death in S. Korea
Cancer is the No. 1 cause of death among South Koreans, the Korean Medical Association's institute said Thursday, citing data by the Organization for Economic Cooperation and Development (OECD).The Research Institute for Healthcare Policy said in a report that for every 100,000 South Koreans, 193.7 died from cancer in 2010. This is less than the 211.6 cancer deaths on average among the 34 member states of the OECD.South Korea ranked as the fifth-lowest country in terms of the cancer mortality ra
TechnologyMay 16, 2013
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Seoul shares gain 0.79 pct on eased yen fear
South Korean stocks closed 0.79 percent higher Thursday, as a stabilizing yen offset concerns over the negative impact the currency may bring to the local economy, analysts said. The Korean won inched down against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 15.55 points to finish at 1,986.81. Trading volume was moderate at 309.5 million shares worth 4.43 trillion won (US$3.96 billion) with gainers outstripping losers 445 to 369. "The yen has been stabilizing a
May 16, 2013
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S. Korea reports first suspected death by killer tick
An elderly man suspected of being bitten by a killer tick died on Jeju Island on Thursday, the first such case in the country following recent reports of deaths in Japan, local health authorities said.The 73-year-old farmer, identified as his surname Kang, died earlier in the day of blood poisoning after showing symptoms similar to those of SFTS, or severe fever with thrombocytopenia syndrome.Kang had been in the intensive care unit since last week after suffering from high fever, diarrhea, vomi
TechnologyMay 16, 2013
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Seoul shares up 0.63 pct in late-morning trade
South Korean stocks traded 0.63 percent higher late Thursday morning, led by gains in IT companies and logistics firms, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 12.42 points to 1,983.68 as of 11:20 a.m.NHN, the No. 1 Internet portal service provider, spiked more than 7 percent on foreign buying in spite of an unfair trading probe launched by the anti-trust watchdog. Hyundai Merchant Marine, a leading logistics firm, rose more than 8 percent. In contrast, Daew
May 16, 2013
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Samsung grabs 95% of global Android smartphone profit in Q1
Samsung Electronics Co., the world's largest smartphone maker, captured a whopping 95 percent of all Android smartphone profits in the first quarter of the year, data showed on Thursday.According to the data compiled by Strategy Analytics, global Android smartphone profits reached $5.3 billion in total in the January-March period. Samsung dominated and captured an impressive 95 percent share with $5.1 billion during the cited period."An efficient supply chain, sleek products and crisp marketing
TechnologyMay 16, 2013
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Seoul shares open higher on eased Greece woes
South Korean stocks got off to a strong start Thursday, as a sharp fall of Greek bond yields lifted worries over the protracted slump in Europe, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) shot up 14.92 points, or 0.76 percent, to 1,986.18 in the first 15 minutes of trading. Top listed firms drove up shares, with tech heavyweight Samsung Electronics gaining 0.8 percent and chipmaker SK hynix rising 0.7 percent. Greece's bond yields declined to a three-year low, spurrin
May 16, 2013
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Stem cells recovered from cloned human embryos
Scientists have finally recovered stem cells from cloned human embryos, a longstanding goal that could lead to new treatments for such illnesses as Parkinson's disease and diabetes.A prominent expert called the work a landmark, but noted that a different, simpler technique now under development may prove more useful.Stem cells can turn into any cell of the body, so scientists are interested in using them to create tissue for treating disease. Transplanting brain tissue might treat Parkinson's di
TechnologyMay 16, 2013
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U.S. gov't urges N. Korea to free jailed American
The U.S. government called Wednesday for North Korea to release an American citizen jailed there, saying Washington's top priority is to secure the safety of its nationals."We urge the DPRK (North Korea) authorities to grant Mr. Bae amnesty and immediate release," Patrick Ventrell, deputy spokesman for the State Department, told reporters. "There is no greater priority for us than the welfare and safety of our U.S. citizens abroad."The 44-year-old Korean-American man, Kenneth Bae, was arrested i
May 15, 2013
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FTC expands antitrust probe into companies
The Fair Trade Commission is zeroing in on the nation’s major advertising agencies and portal operators in its extensive probe into conglomerates’ alleged unfair business practices in deals with small firms.The antitrust regulator said Wednesday that it had launched an inquiry into Cheil Worldwide Inc., an advertising unit of Samsung Group, on suspicions that it forced price cuts or delayed payment in deals with its subcontractors.On Tuesday, the FTC sent a team of inspectors to the headquarters
IndustryMay 15, 2013
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Korea unveils measures to boost start-ups
The government plans to offer better tax breaks and incentives for investors and entrepreneurs investing and launching innovative start-ups as part of efforts to sustain the economy.The Ministry of Strategy and Finance announced a package of measures to boost venture investments and support mergers and acquisitions after holding a meeting of economy-related ministries Wednesday. The ministry said that it would allow investors and entrepreneurs to push back payments of capital gains tax when re-i
May 15, 2013