Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Medical reform committee kicks off despite boycott from doctors
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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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Over 9,000 hotline calls made by stalking victims in 2023
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[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
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Monthly users on local streaming platforms outpace Netflix, Disney+
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US will take steps for three-way engagement on nuclear deterrence with S. Korea, Japan: Campbell
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Korea to launch SME productivity drive
The government and the business community agreed to promote a campaign to boost productivity of small and medium-sized suppliers for sustainable growth, officials said on Thursday.The agreement was reached at a meeting between Industry Minister Yoon Sang-jick and leaders of the nation’s five business associations.“The initiative, dubbed the ‘industry innovation movement 3.0’ and aimed at raising the capability of SME suppliers to seek innovation, will be launched in June,’’ Minister Yoon told th
May 2, 2013
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Regulators warn insurers against overpricing
Financial regulators warned insurance companies to not purposefully over-charge customers on insurance fees.The Financial Supervisory Service said Thursday that it will hold chief executives accountable for such practices and impose tougher disciplinary measures against them and their companies, such as business suspension or higher fines.The financial regulatory enforcement agency also plans to deeply scrutinize whether insurers are fairly pricing their products for their policyholders in the s
May 2, 2013
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Expensive air purifiers no better: watchdog
The Korea Consumer Agency said Thursday that not all premium air purifiers were functional, high-quality products.The consumer watchdog evaluated the performance, efficiency, noise and maintenance requirements of 22 air purifier models made by six companies. The air purifier makers were LG Electronics, Samsung Electronics, Coway, Chungho Nais, Kyowon L&C and Whirlpool.It said that Chungho Nais’ CHA-310BA had many functional options, but fell short in terms of efficiency, and that its maintenance
IndustryMay 2, 2013
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SKT Q1 net jumps 15% on LTE boost, equity gain
SK Telecom Co., the country’s top mobile operator, said Thursday its first-quarter net profit increased 15.2 percent from a year earlier gains from equity ties with its chipmaking affiliate and its market leadership in the long-term evolution market.Net profit came to 346 billion won ($314 million) on a consolidated basis in the January-March period, compared with 300 billion won a year earlier, SK Telecom said in a regulatory filing.Revenue rose 3.6 percent on-year to 4.1 trillion won, while op
May 2, 2013
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LG to roll out Optmus G Pro in United States next week
South Korean tech giant LG Electronics Inc. said Thursday it plans to roll out the Optimus G Pro, the latest version of the Optimus G smartphone line-up, in the U.S. next week.U.S. customers can preorder the smartphone on AT&T’s Web site starting Friday, and can purchase the device at local retail stores from May 10, it said.In February, the South Korean smartphone maker launched its 5.5-inch Optimus G Pro in its home country, joining the race of smartphones with bigger and brighter displays.In
May 2, 2013
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Ultra HDTV shipment to reach 3.9m units next year
The global market for Ultra HDTVs is forecast to grow rapidly down the road with worldwide shipments expected to reach 3.9 million units next year, data showed Thursday.Worldwide shipments of Ultra HDTVs are expected to hit 6.88 million units in 2015 and 9.87 million units in 2016, according to the data by DisplaySearch. For this year, around 930,000 Ultra HDTVs are expected to be shipped, it said.Ultra HDTVs have four times the resolution of the Full HDTVs. Global manufacturers are ramping up e
May 2, 2013
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Watchdog to delay suppliers’ loan repayments
South Korea’s watchdog said Thursday that it will delay loan repayments by subcontractors of big firms under debt rescheduling for nearly four months starting this month in a bid to help the small firms avoid cash shortages.The Financial Supervisory Service said it will have creditor banks defer debt repayments by a subcontractor for up to 130 days if its prime contractor company is under a restructuring process. The measure is set to take effect from May 20. “Prime contractors’ debt reschedulin
May 2, 2013
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Korea-based carmakers see mixed performance in April
Car sales in April showed mixed results across the nation’s five carmakers, with Hyundai and Kia leading the pack, largely boosted by their newest models. Hyundai Motor sold 407,666 vehicles globally in April, including 58,365 in Korea and 349,301 in overseas markets, up 9.7 percent from the same period last year. Despite reduced production following the union’s refusal to work on weekends, sport utility vehicles, such as the Santa Fe and Maxcruze, saw 5.2 percent growth in domestic sales. In ov
IndustryMay 2, 2013
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Hyundai Motor to turn factory rooftops into solar power plant
Hyundai Motor announced plans on Thursday to convert the rooftops of its Asan factory in South Chungcheong Province into a huge solar power plant by the end of this year. About 40,000 solar panels will be installed across 213,000 square meters on the rooftops of four factory buildings there, about 68 percent of the total rooftop area at the factory. Hyundai, which has teamed up with regional power generation company Korea Midland Power, said the new facilities would supply 11.5 million kilowatt-
IndustryMay 2, 2013
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Baby boomers’ quality of life falls in 2012: MetLife
South Korean baby boomers’ quality of life apparently deteriorated in 2012 from two years earlier, as they were forced to spend more on health care and children’s education despite decrease in income, data showed Thursday.According to the data by MetLife Mature Market Institute and Seoul National University, the baby boomers’ expenditures on children education jumped 27.2 percent over the cited period, while they spent 14.6 percent less on leisure activities.In contrast, their average monthly in
May 2, 2013
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LG Chem CEO outlines company’s core values
LG Chem’s chief executive Park Jin-soo on Thursday emphasized the company’s core values of a safe corporate environment, fair trade and mutual growth with smaller players.“In creating a safe working environment, (achieving) 99.9 percent is meaningless,” Park said at a quarterly executive meeting at the company’s headquarters in Yeouido, Seoul. “In this case, minus one does not equal 99, but zero. That’s how important a safe environment is.” The same priority applies to the corporate principles o
IndustryMay 2, 2013
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HiteJinro taps Indian market with soju
HiteJinro said Thursday that it will make inroads into India’s liquor market with its soju products next month.Its advancement into the country reflects the liquor producer’s vision to penetrate fresh markets overseas such as Southeast Asia and South Asia and expand its presence in East Asia, company officials said.“We embarked on the project of diversifying export destinations two years ago when Hite Brewery and Jinro merged,” said a spokesman.HiteJinro recently signed a contract with Advent Br
May 2, 2013
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East Sea FEZ aims to become high-tech materials industry hub
DONGHAE, Gangwon Province ― The new free economic zone to be established on the east coast will focus on attracting foreign materials and parts companies toward the goal of building an industrial cluster in Korea, officials said.The East Sea Free Economic Zone Authority, which will oversee the massive project, was launched on Tuesday with the aim of completing the construction of the East Sea (Donghae) FEZ by 2024.An FEZ refers to a specially designated economic zone intended to attract foreign
IndustryMay 2, 2013
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Conglomerates call on Park to help derail bills
Hyundai Motor Group chairman Chung Mong-koo said Thursday that he agrees with the “general frame” of the government’s economic democratization initiative, hinting that Hyundai is playing its part well.“We know the direction where Hyundai should be headed,” Chung told reporters ahead of a dinner he hosted for Prime Minister Chung Hong-won and the Federation of Korean Industries, the mouthpiece for local conglomerates. Hyundai recently decided to add more small and mid-sized suppliers to its list
May 2, 2013
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Seoul shares fall 0.34 pct on weak U.S., China data
South Korean stocks closed 0.34 percent lower Thursday, tracking its U.S. peers overnight as disappointing economic data in major countries dampened investor appetite, analysts said. The local currency edged down against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 6.74 points to finish at 1,957.21. Trading volume was moderate at 342.2 million shares worth 4.05 trillion won (US$3.67 billion) with decliners outpacing gainers 485 to 315. "U.S. markets saw
May 2, 2013
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Gas leak at Samsung plant injures three workers
Three people were injured Thursday after a toxic gas leaked again at Samsung Electronics Co.’s chip plant in Hwaseong, Gyeongggi Province, the company said.In January, one worker was killed and several others injured after they were exposed to poisonous hydrofluoric acid gas. At 11:30 on Thursday, a small amount of the gas leaked while the workers were replacing a pipeline inside the Central Chemical Supply System.They were slightly injured and treated at a nearby hospital, according to the comp
IndustryMay 2, 2013
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Facebook rejects anti-Zuckerberg ad
Facebook refused to put up an ad criticizing its founder Mark Zuckerberg on Wednesday, U.S. media reported.According to the San Francisco Chronicle, progressive mobile carrier CREDO Mobile requested Facebook to carry an ad critical of Zuckerberg for his advocacy of constructing the controversial Keystone XL pipeline that may harm the neighborhood environment. Facebook turned down the company’s request, saying the ad may confuse Facebook users to regard it as an actual message of the CEO. “Users
TechnologyMay 2, 2013
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Seoul shares down 0.39 pct in late-morning trade
South Korean stocks traded 0.39 percent lower late Thursday morning, as major banking firms and oil refiners widened losses, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) slid 7.67 points to 1,956.28 as of 11:20 a.m. Shinhan Financial Group, the 10th largest company by market cap, sank 2.4 percent, with leading oil refiner SK Innovation slumping 3 percent. In contrast, tech giant Samsung Electronics edged up 0.3 percent, with auto parts maker Hyundai Mobis gaining 1
May 2, 2013
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Kakao teams with Evernote for chat-memo service
Kakao, the operator of the country’s biggest mobile messenger Kakao Talk, announced Wednesday that it has formed a strategic partnership with Evernote for a service that will allow users to use the U.S.-based tech firm’s memo app while chatting. Under the agreement, Kakao Talk users will be able to not only make memos while using the app, but also to save the contents of their chats and share them with others. The Evernote app allows the users to record text or voice and send them online.The mov
TechnologyMay 2, 2013
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Seoul shares open lower on weak U.S., Chinese data
South Korean stocks opened a tad lower Thursday as weak economic indicators from the United States and China renewed worries over the global slowdown, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 1.1 points, or 0.06 percent, to 1,962.85 in the first 15 minutes of trading. Financial firms and steelmakers drove the shares down. No. 2 lender KB Financial Group shed nearly 1 percent and Dongkuk Steel Mill dropped more than 2 percent. The latest U.S. payroll data fell s
May 2, 2013