Most Popular
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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First-ever meeting of president, opposition chief set to finally happen
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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Ship linked to NK arms shipments to Russia is moored in China: State Dept.
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Toyota unshackled as Abe drives Japanese yen back to 100
Toyota Motor Corp.’s half-decade of fighting the yen is over, at least for now. The weakening yen breached 100 against the dollar in U.S. trading on Friday, paving the way for Japan to emerge from an unprecedented and largely uninterrupted five-year stretch where the currency’s appreciation beyond that level roiled exporters and their ability to sell cars and televisions overseas. The yen had last traded at 100 four years ago. While its return to that level may usher in an era in which Toyota an
MobilityMay 12, 2013
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Beijing Auto releases first Saab-based model ahead of listing
Beijing Automotive Group Co., which makes vehicles with Daimler AG and Hyundai Motor Co., started selling its first sedan based on Saab technology Friday as it prepares to list its BAIC Motor Corp. unit in Hong Kong. The Senova, with a 2-liter engine and a starting price of 139,800 yuan ($22,762), is the company’s first car developed using the technology it bought from Saab Automobile in 2009, Han Yonggui, president of BAIC Motor, said in an interview in Beijing. It is also the company’s first s
MobilityMay 12, 2013
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AMCHAM celebrates 60 years of commitment
The American Chamber of Commerce in Korea has walked the same road of history with Korea.Having entered the country amid the ashes of the Korean War, it would be no exaggeration to state that the chamber helped rebuild the nation. This year, the chamber marks its 60th anniversary here, a more significant date as in Korea, the 60th birthday, called “hwangap,” is considered one of the most important birthdays. Founded in 1953, the very year the two Koreas signed an armistice, the chamber was given
IndustryMay 12, 2013
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Chamber ups efforts to give back to communities
When Korea was hit by the 1997 financial crisis and many people lost their jobs, AMCHAM members and companies recognized the urgency of the situation. Then, they came up with the Partners for the Future Foundation in February 2000 with initial funds of about 1.2 billion won ($1.1 million). The foundation mainly aims to increases job opportunities and offer related education and training so that the beneficiaries can overcome their challenges on their own. “We believe a job with a stable income e
IndustryMay 12, 2013
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Samsung to offer 5G service by 2020
Samsung Electronics Co. said Sunday that it successfully developed a core technology of the fifth-generation network (5G) for the first time, aiming to enable users to access faster data services by 2020. The new wireless technology will enable customers to access a stream of data faster than the current fourth-generation network and download an entire movie in less than a second, the world's largest smartphone maker said. Under the new platform, users can download and upload data at speeds
TechnologyMay 12, 2013
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Small businesses lag in qualitative growth
The number of small and medium-sized enterprises (SMEs) in South Korea increased by more than 10 percent over the past years, but their contribution to the nation's exports dived, data showed Sunday. According to the data released by the Korea Federation of Small and Medium Business, 296,000 SMEs were operating here as of 2011, up 10.1 percent from 2006, with the number of their employees jumping 18.3 percent to 1.95 million. In the same period, the number of conglomerate affiliates contract
IndustryMay 12, 2013
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Seoul shares likely to move upwards next week
South Korean stocks are expected to gather ground next week, as the Bank of Korea (BOK)'s Thursday rate cut that kept step with the government stimulus will likely spark momentum in the market, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 1,944.75 on Friday, down 1.07 percent from the previous week. Poor Chinese manufacturing data released on Monday put downward pressure on the main index, dropping it to the early 1,960 level. The KOSPI then staye
May 11, 2013
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Fair trade finds feet in Korea
Children toiling at coffee, cacao or tobacco plantations in Africa and South America for a dollar or two for a day’s work: That is the image that comes to the mind of many who hear the phrase “unfair trade.” Recently, the collapse of a shoddily built garment factory in Bangladesh that killed hundreds of people drew international attention to the importance of ethical production, a key element of fair trade. The concept of “fair trade” has been around for over 40 years, but only a fraction of Kor
May 10, 2013
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iCOOP touts fair trade by selling quality food at affordable prices
Switzerland’s two largest supermarket chains Migros and Coop are consumer cooperatives, or enterprises owned by consumers and managed democratically to fulfill the needs of their members rather than seeking pecuniary profit.In Korea, there are four major consumer cooperatives ― Hansalim, iCOOP, Dure and a coop run by Womenlink ― which have nearly 600,000 households as members. ICOOP has about 170,000 members who pay an average monthly fee of 13,000 won to buy organic or pesticide-free agricultur
May 10, 2013
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Korea joins global currency war with surprise rate cut
The world economy is racing toward a global currency war following a flurry of benchmark rate cuts or hinted cuts by developed and developing countries to counter a prolonged economic sluggishness.Caught between a weaker yen ― which has breached 100 yen to the U.S. dollar for the first time since 2009 ― and government pressure, the Bank of Korea’s key base rate cut to 2.50 percent for May joined a list of other central bankers trying to avert further downturns through weaker currencies.Europe an
May 10, 2013
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Court rules in favor of tech firm in Citibank suit
A district court on Friday ruled in favor of semiconductor testing firm iTEST Co. in a lawsuit claiming Citibank Korea reaped unfair gains from transactions with the Korean company. The Seoul Central District Court decided that the Korean operation of multinational bank Citibank did not sufficiently notify iTEST, a listed tech firm, of the high risks of KIKO, or “knock-in knock-out,” a financial derivative product that is highly susceptible to exchange rate changes. The court ordered the bank to
May 10, 2013
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LG launches Optimus G Pro in U.S. market
LG Electronics, the world’s No. 3 smartphone maker, has released its Optimus G Pro smartphone in the U.S., the Seoul-based company said Friday. The launch follows the release of a 5.5.-inch Optimus G Pro at home in February, and the full HD smartphone launched by Japan’s NTT DoCoMo in March.The latest phone features an IPS display consuming 50 percent less energy, despite being twice as bright as AMOLED screens of the same size, the company said.U.S. customers can pick up the latest version of t
TechnologyMay 10, 2013
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BOK insider criticizes rate cut
The central bank’s latest rate cut, which was contrary to the market forecasts, appeared to be attracting backlash from not only the industry for yielding to government pressure, but also within the organization. A senior manager at the Bank of Korea blatantly criticized the central bank for lowering its key base rate, saying that it was an illogical decision that only damaged its credibility as an independent entity.The manager wrote that its rate cut on Thursday went against what BOK Gov. Kim
May 10, 2013
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Hyundai to add 4th plant in China
Hyundai Motor is planning to construct a fourth plant in China, a company executive said on Friday, to bring the number of the carmaker’s plants to a total of seven with a combined capacity of 2.1 million cars. “We are considering a fourth plant in China with an annual production capacity of 300,000 units,” said Seol Young-heung, Hyundai Motor’s vice chairman for the company’s Chinese operations. Explaining the rationale behind the move, Seol said the Chinese auto industry is embarked on a path
IndustryMay 10, 2013
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Korea to get leg-up with rate cut, frontloading
Korea’s economy is expected to get back on track and improve, thanks to a surprising ― and controversial ― rate cut this week by the Bank of Korea, and the passage of the supplementary budget bill at the National Assembly.Lee Suk-joon, vice finance minister for budget affairs, said Friday during an event that “Korea’s overall confidence in the economy will grow” on the back of the central bank’s rate cut and the government’s fiscal stimulus plan. Korea will be able to achieve its initial growth
May 10, 2013
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China's new loans exceed estimates in sign of growth support
China's new local-currency loans exceeded estimates last month while money supply expanded at a faster pace, as policy makers maintained credit support for the economy after first-quarter growth unexpectedly slowed.Lending was 792.9 billion yuan ($129 billion) in April, the People's Bank of China said today in Beijing, compared with the median estimate of 755 billion yuan in a Bloomberg News survey. M2 money supply rose 16.1 percent from a year earlier, following March's 15.7 percent advance.Inf
IndustryMay 10, 2013
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Tech research firm to hold conference on 3rd platform
International Data Corporation Korea will hold its annual conference to deliver an informative overview on issues reshaping the information technology, telecommunications and consumer technology markets at InterContinental Seoul COEX on May 15.Under the theme “Unlocking Value from the 3rd Platform: New Buyers, Offerings and Competitors,” the IT Directions 2013 Conference will provide insight into the industry’s transition to the next-generation computer platform -- built on big-data, cloud, mobi
TechnologyMay 10, 2013
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Seoul shares drop 1.75 pct on weak yen
South Korean stocks fell 1.75 percent Friday despite the central bank cutting its key interest rate this week as the weak yen dented investors' sentiment, analysts said.The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) shed 34.7 points to finish at 1,944.75. Trading volume was low at 277.7 million shares worth 4.1 trillion won (US$3.74 billion) with losers outnumbering gainers 560 to 248.Analysts said the decline came as the yen-dollar exchan
May 10, 2013
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S. Korea busy crafting measures to deal with impact of yen's fall
South Korea is busy crafting measures to deal with the impact of the continued descent of the Japanese yen against the dollar amid worries that its exporters will likely take the brunt of such currency risks, government officials said Friday.The move comes as the yen-dollar exchange rates earlier breached the 100 mark, raising concerns that the weak yen will take its toll on the South Korean economy whose companies have to compete with Japanese rivals in many areas on the global stage. The weak
May 10, 2013
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Seoul shares open lower on profit-taking
South Korean stocks opened lower Friday as investors opted for profit-taking after the market closed bullish in the previous trading session following the central bank's rate cut, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved down 11.68 points, or 0.59 percent, to 1,967.77 in the first 15 minutes of trading.Shares lost ground across the board, with No. 1 carmaker Hyundai Motor losing 2.07 percent and market behemoth Samsung Electronics moving down 1.06 percent. Lead
May 10, 2013