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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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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[Kim So-hyun] The quiet taxi driver from Paris
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Hollywood awaits Korean CG: ILM artist
Hollywood is the next destination for Korean computer graphics, as the American market is ready to embrace a new partner in action, says Lee Seung-hun, one of the few, talented Koreans at Industrial Light & Magic, a Lucasfilm company. “But to enter the vast U.S. market, tax and other forms of incentives are imperative. American film producers are looking to cut down the costs while maintaining the quality, which is possible by working with Korean counterparts,” Lee said in an interview with The
TechnologyApril 17, 2013
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KT drops bid for Moroccan telecom firm
KT Corp., South Korea’s top fixed line and No. 2 mobile operator, said Monday that it will not participate in a final bid for a stake in a Moroccan telecom operator due to differences over price.In a regulatory filing, KT said it has decided not to bid for the 53-percent stake in Maroc Telecom, which is controlled by French multimedia giant Vivendi SA.“But we will seek various cooperation with Morac Telecom depending on the situation,” it said.KT has been seeking to expand its global business in
TechnologyApril 17, 2013
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Watchdogs to announce measures to tackle stock price rigging
South Korean financial authorities plan to announce a set of measures to expand their surveillance of price rigging on the country's stock markets, sources said Wednesday.The Financial Services Commission is to hold a meeting with governmental authorities, including the Ministry of Justice, the National Tax Service, the Financial Supervisory Service (FSS), and the Korea Exchange, on Thursday to prepare countermeasures against price manipulations.Sources said the envisioned plan includes giving i
April 17, 2013
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Seoul shares end tad higher on institutional buying
South Korean stocks closed slightly higher Wednesday in a volatile session as institutions' net buying of local equities offset losses from a foreign selloff, analysts said. The local currency fell against the U.S. dollar.In a choppy trading session, the benchmark Korea Composite Stock Price Index finished up 1.63 points, or 0.08 percent to 1,923.84. Trading volume was moderate at 408.1 million shares worth 5.29 trillion won (US$4.75 billion) with gainers outpacing losers 414 to 394."Institution
April 17, 2013
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The origin of “hobbits” is revealed: study
The brain size of extinct “hobbits” is bigger than previously thought, suggesting a new theory for identifying its ancestors, scientists suggested. An 18,000-year-old fossil of a “Homo floresiensis” was first unearthed on an Indonesian island. The species was dubbed “hobbit” because of its height of less than 1 meter. Scientists had mixed views upon its origins. Some claimed that it was a unique branch of the Homo erectus or Homo habilis, some of the earliest ancestors of modern humans. The othe
TechnologyApril 17, 2013
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Seoul shares down 0.25 pct in late-morning trade
South Korean stocks turned lower late Wednesday morning after opening higher, as foreigners opted to dump local shares on a net selling mode, analysts said. The Korea Composite Stock Price Index (KOSPI) fell 4.88 points to 1,917.33 as of 11:20 a.m. Heavy industries and construction companies plunged, with Doosan Heavy Industries nosediving more than 10 percent and No. 1 Hyundai Engineering & Construction tumbling around 6 percent. In contrast, utilities and telecom shares trended in positiv
April 17, 2013
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Samsung's Q2 operating profit seen to top record 10 tln won
Samsung Electronics Co., the world's top maker of smartphones, memory chips and flat-panel TVs, is projected to reap a record 10 trillion won ($8.98 billion) in operating profit in the second quarter thanks to its latest Galaxy smartphone, market analysts said Wednesday.Samsung Electronics' operating profit in the April-June period is expected to jump 62.2 percent on-year to 10.3 trillion won, according to the data compiled by financial information provider FnGuide. The second-quarter sales are
IndustryApril 17, 2013
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Gov't debt from bond sales reaches 765.6 tln won in April
South Korea's debt from bond issuance reached 765.6 trillion won (US$687.8 billion) this month, raising concerns over increasing tax burdens down the road, data showed Wednesday.According to the data compiled by Korea Financial Investment Association, the combined amount of state bonds needing to be repaid by the South Korean government reached 436.1 trillion won on Monday, up 5.5 percent from the end of 2012.The amount of special bonds, which refer to debt sales floated by state-owned enterpris
April 17, 2013
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Wireless data traffic in S. Korea almost doubles
South Korea's wireless data traffic almost doubled in January from a year earlier in line with explosive growth in the country's smartphone-using population, data showed Wednesday.According to the data compiled by the Ministry of Science, ICT and Future Planning, wireless data traffic totaled 58,262 terabytes in January, compared with 29,748 terabytes a year earlier. One terabyte equals 1,024 gigabytes.The figure includes traffic on the third-generation network and WiFi offered by telecom operat
TechnologyApril 17, 2013
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Seoul shares open higher on extra budget
South Korean stocks got off to a strong start Wednesday, cheered by the government's supplementary budget unveiled a day before to boost the slowing economy, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) gained 8.19 points, or 0.43 percent to 1,930.40 in the first 15 minutes of trading. Tech and auto blue-chips drove up the main index, with market behemoth Samsung Electronics climbing 0.8 percent and Kia Motors, a smaller affiliate of Hyundai Motor, jumping 1.8 percent.
April 17, 2013
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IMF revises down Korea’s growth at 2.8%
The International Monetary Fund revised down Korea’s gross domestic product growth forecast Tuesday to 2.8 percent this year, from the 3.2 percent it estimated earlier this year.But the IMF said it expected Korea’s economy to progress toward the trend of 4 percent next year, when it would grow 3.9 percent on the back of improvements in exports and increased private investment.The IMF’s revised economic outlook came after Deputy Prime Minister and Finance Minister Hyun Oh-seok told lawmakers that
April 16, 2013
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[Photo News] Buy Korean
IndustryApril 16, 2013
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Cabinet passes 20 trillion won stimulus package
The Cabinet on Tuesday approved the Finance Ministry’s stimulus package worth 20.3 trillion won ($17.9 billion) to revitalize the sluggish economy and boost exporters hit hard by the weaker yen caused by Japan’s monetary easing.The package highlights economic policymakers’ project to draw a supplementary budget totaling 17.3 trillion won, which marks the second-highest figure in history following the record of 28.4 trillion won in 2009 under the Lee Myung-bak administration.The other 3 trillion
April 16, 2013
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Big businesses confused over policy directions
Korea’s private conglomerates, domestically known as chaebol, are caught in the middle of policy confusion as they face tougher yet inconsistent regulations, while being urged to increase investments by the government.The incumbent administration is asking the corporate sector to lead in increasing investments and employment this year amid economic uncertainties.On the other hand, the big businesses are being targeted as part of economic democratization efforts for regulatory measures by agencie
IndustryApril 16, 2013
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[Graphic News] Weak yen deals blow to Korean exports
Concerns over the impact of the weakening yen on the nation’s exports are proving well founded. About 40 percent of Korean-made products that compete against Japanese goods in the global market posted reduced export figures for the first two months in 2013 compared with the same period a year ago, the Korea International Trade Association said in a press release. In a KITA survey of the nation’s 49 export items in competition with Japanese goods, including cars, ships and petroleum products, exp
IndustryApril 16, 2013
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Regulators vow crackdown on unlisted firms’ accounts fraud
Financial regulators pledged to enhance accounting oversight of non-listed big enterprises during its report to the National Policy Committee of the National Assembly on Tuesday.The policy is a development from an earlier movement by the Finance Services Commission and the Financial Supervisory Service to take stern punitive measures against stock manipulators.“Financial authorities will secure legal and systematic grounds to weed out fraudulent accounting practices,” said FSC chairman Shin Je-y
April 16, 2013
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Large business delegation to accompany Park on U.S. trip
Some 50 South Korean business leaders are likely to accompany President Park Geun-hye on her first trip to Washington as president next month in what could be the largest business delegation meant to ease possible jitters among American investors amid tensions with North Korea, officials said Tuesday.The delegation will likely include Lee Kun-hee, the chairman of Samsung Electronics Co., the world’s top maker of smartphones, memory chips and flat-panel TVs, as well as other heads of conglomerate
IndustryApril 16, 2013
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Hyundai Mobis signs $530m deal with Chrysler
Hyundai Mobis, an auto parts maker affiliated with Hyundai Motor, said Tuesday that it signed a $530 million deal to provide head and tail lamps to Chrysler. The company has provided automotive lamps to Chrysler since 2007 and the latest, fifth deal is the largest to date, it said in a statement. Hyundai Mobis has also proven its technical prowess in automotive lights as it has signed several deals with global carmakers such as BMW, Volkswagen and Subaru in 2009 and Mitsubishi in 2011.This year,
IndustryApril 16, 2013
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Korea to toughen rules on big retailers’ biz hours
The Cabinet decided Tuesday to slap higher fines on large retailers for violating rules on reduced operating hours as part of efforts to protect struggling mom-and-pop stores.Under the new Distribution Industry Development Act which came into effect in March, big-box discount chains including so-called super-supermarkets operated by giant retailers should close their shops twice a month on Sundays or public holidays, and limit their operations to between 10 a.m. and 12 a.m. To better enforce the
IndustryApril 16, 2013
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Whiskey consumption down 11% in Q1
A prolonged economic slump pulled whiskey consumption in South Korea down 11 percent in the first three months of the year, industry data showed Tuesday. According to the data, whiskey consumption reached 450,934 boxes in the January-March period, sharply down from 506,449 boxes a year ago. A box contains 18 0.5-liter bottles.Diageo Korea Co., the South Korean unit of the British liquor company, saw its flagship whiskey brand Windsor’s sales fall 18.1 percent to 180,947 boxes from a year ago, bu
IndustryApril 16, 2013