Most Popular
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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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More med professors to take day off each week while govt. urges them to stay
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Hyundai, Kia recall 19m cars in U.S.
The world’s fifth-largest automaker Hyundai Motor and its sister company Kia Motors will be recalling 1.9 million vehicles in the United States for malfunctioning brake light switches and airbags, the companies said on Thursday.There were no accidents or injuries due to the defects, but Hyundai said it is conducting the recall to ensure customer safety.“We hope to resolve the issue as soon as possible,” said Chung Jin-haeng, the Hyundai CEO. “We’ll do our best to prevent the situation from escal
IndustryApril 4, 2013
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Hyundai-Kia recalling nearly 1.9 million vehicles
DETROIT -- Korean automakers Hyundai and Kia are recalling almost 1.9 million vehicles to fix problems with air bags and brake light switches. The brake light recall covers the Hyundai Accent, Elantra, Genesis Coupe, Santa Fe, Sonata, Tucson and Veracruz. Also affected are Kia's Optima, Rondo, Sedona, Sorento, Soul and Sportage. The vehicles are from the 2007 through 2011 model years. U.S. safety regulators say a faulty switch can stop the brake lights from illuminating when drivers press t
IndustryApril 3, 2013
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Park urges swift execution on budget, stimulus plans
President Park Geun-hye urged economic policymakers to swiftly draw up plans to raise additional budget and seek National Assembly approval to spur employment, investment and the livelihoods of the middle class.“Foremost, a supplementary budget should be devised as soon as possible to revitalize the economy and that could help normalize (the government’s) tax revenue,” President Park said in an economic briefing by the Ministry of Strategy and Finance on Wednesday.“The budget should be drawn up
April 3, 2013
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KORAIL pressed to quit Yongsan
The state-run rail operator KORAIL is under pressure from the government to withdraw from the nation’s single largest but money-losing project to redevelop Yongsan, at the heart of Seoul, into an international business district.Government officials said the Ministry of Land, Infrastructure, and Transport had instructed KORAIL to open an exclusive account for the Yongsan development project, separate from its accounting business on rail operation.The instruction is tantamount to a call for giving
April 3, 2013
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‘Starcraft 2’ championships kick off
Online game developer Blizzard Entertainment launched the World Championship Series on Wednesday, featuring a showdown of top players of its “Starcraft 2.”The WCS will narrow down the best players in regional contests in Korea, the U.S. and Europe, who will then meet at the final round to be held in California in November this year, according to Blizzard.Among the three regions, Korea’s league will start first on Thursday, and GomTV and Ongamenet will alternate to operate WCS Korea seasons and w
IndustryApril 3, 2013
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Sales of Hyundai cars in U.S. up 30.6% in March
LOS ANGELES (Yonhap News) ― South Korea’s top automaker Hyundai Motor Co. said Tuesday that sales of its cars and those of its sister company Kia Motors Corp. showed signs of recovery in the United States last month.Hyundai Motor sold 68,306 vehicles in the United States in March, up 30.6 percent from a month ago. Kia Motors sold 49,125 units in the U.S. last month, up 18.4 percent from a month ago.Still, the two carmakers, the flagship companies of Hyundai Motor Group, the world’s fifth-largest
April 3, 2013
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LG Electronics to sponsor LA Dodgers
South Korean electronics giant LG Electronics Inc. said Wednesday it will sponsor the Los Angeles Dodgers, a U.S. Major League Baseball team, as part of its marketing strategy.The Los Angeles-based club signed South Korean left-handed pitcher Ryu Hyun-jin in December. It is also familiar to South Koreans for being the team that pitcher Park Chan-ho, who retired in November, played for the longest during his MLB career.As part of the sponsorship, LG Electronics plans to set up product showrooms a
April 3, 2013
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Hyundai E&C bags $1.89b deal from UAE
Hyundai Engineering & Construction, South Korea’s top builder, said Wednesday that it has clinched a $1.89 billion contract to build facilities in an oil field in the United Arab Emirates.Under the contract with state-owned Abu Dhabi Marine Operating Company on Monday, Hyundai E&C will build facilities on two artificial islands to gather and distribute crude oil produced in Sarb oilfield, 120 kilometers northwest of Abu Dhabi.The South Korean builder also said it will build facilities on nearby
April 3, 2013
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STX Group may face another liquidity crisis
STX Offshore & Shipbuilding’s request for help to creditors indicates that STX Group may be facing another liquidity crisis, analysts said on Wednesday. They said the future of STX Group, the nation’s 13th-largest conglomerate in terms of revenue, is seemingly murky as it faces a series of credit downgrades, following the self-restructuring plan proposed by the shipbuilding unit, its core affiliate, to its creditors on Tuesday. STX Offshore, the world’s fourth-largest shipbuilder, asked creditor
IndustryApril 3, 2013
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Lotte-Shinsegae war takes new turn
Retail archrivals Lotte and Shinsegae are clashing head-on all across the country ― in Busan, Incheon and regions northwest and southeast of Seoul. Shinsegae’s premium outlet in Paju, Gyeonggi Province, is scheduled to open its expanded section to host some 52 new brands next Friday, adding to its existing 167 labels.The suburban outlet was enlarged by about 30 percent to 40,182 square meters.“We cannot confirm the names of the new brands until our press conference next Thursday,” said Shinsegae
IndustryApril 3, 2013
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Will Peter Schreyer magic work again?
GYEONGJU, North Gyeongsang Province ― Kia Motors’ new Carens, significantly the last Kia car to benefit directly from the toughness of Peter Schreyer’s design philosophy, has made its Korean debut. The All New Carens, the newest generation of Kia’s flagship seven-seat minivan, comes seven years since its previous model launched in 2006. The Hyundai affiliate poured 220 billion won ($196.7 million) and 51 months into its development. Minivans are gaining popularity here with the rise in popularit
IndustryApril 3, 2013
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Hyundai Oilbank completes 2nd BTX plant
Hyundai Oilbank, the nation’s fourth-largest oil refiner, started operations of its second BTX plant, in Daesan, a coastal city 137 kilometers southwest of Seoul, on Wednesday, the company said. BTX is a composite mix of benzene, toluene and xylene.The company completed the plant construction with its Japanese partner Cosmo Oil. Back in 2008, the two companies created a strategic alliance to cooperate in various areas, including the BTX business. The two companies completed the first BTX product
IndustryApril 3, 2013
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Testing and research agency steps up globalization drive
The state-funded Korea Testing & Research Institute, or KTR, is stepping up globalization efforts based on its 40 years of experience in Korea by entering overseas markets and seeking outbound merger and acquisition deals. KTR offers testing, product certification and technology consulting services to the entire industrial field.KTR has recently announced that it will set up a joint testing laboratory with Chemical Inspection and Regulation Services, a chemical registration consultancy in China,
April 3, 2013
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‘Last cyber attack bigger threat than thought’
Advanced persistent threat, or APT, may sound unfamiliar to many people. The term is used to describe the cyber attacks that were recently conducted on major broadcast stations and financial institutions including KBS and NongHyup.What many of us don’t know is that this cyber threat, which could occur in many different forms including sending document files with malicious codes attached, can target any one of us.“The APT cyber attack is one that can turn the targeted person’s personal computer i
TechnologyApril 3, 2013
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Is your information secure?
With a large part of the global population using the Internet for vital aspects of their lives, cyber security has become just as important as physical security.Online bank accounts’ authentication codes stored on a laptop or desktop computer are the norm, and it’s common for Internet users to hold multiple email accounts. Websites offer increasingly more information and services, lending to a need for more passwords and IDs. All of it leads up to an obvious need to protect private or significan
TechnologyApril 3, 2013
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‘Next two iPhones designed by Steve Jobs’
The next two generations of iPhone may have been already designed by the late Steve Jobs, U.S. media reported. The rumor surfaced from a conversation on the safeguarding mechanism for mobile handsets between Apple’s government liaison Michael Foulkes and San Francisco district attorney George Gascon. Foulkes reportedly said the tech giant has a few options for the next two generations of iPhone because they had been already planned under Jobs, according to Fox News.The talk came as Gascon was co
TechnologyApril 3, 2013
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Electronic health records not up to task
Doctors are changing paper records to electronic health records, but data systems are not sophisticated enough for new types of data, U.S. researchers say.The study, published in the Journal of the American Medical Association, said as data becomes cheaper and more available to healthcare providers the ability to store large-scale raw data -- “big data” -- for future reference with patients is critical, and current EHRs are not up to the task.For example, genome sequencing -- the complete DNA se
TechnologyApril 3, 2013
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Moody's says S. Korea's credit remains strong despite military tensions
North Korea's bellicose rhetoric has highlighted geopolitical risks but stopped short of undermining South Korea's credit fundamentals, Moody's Investors Service said Wednesday.It cited defense commitments by the U.S. and optimism over South Korea's new government in terms of economic policy."North Korea's rhetoric highlights long-standing geopolitical event risk which, however, has not had material, adverse affects on market sentiment in Seoul or on South Korea’s economic fundamentals -- this i
April 3, 2013
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S. Korea's foreign reserves stay almost flat in March
South Korea's foreign exchange reserves stayed almost flat in March from the previous month as higher investment profits overshadowed the lower dollar conversion value of non-dollar assets, the central bank said Wednesday.The country's foreign reserves reached US$327.41 billion in March, up $10 million from the previous month, according to the Bank of Korea (BOK).The FX reserves reached $327.4 billion last month, the first fall in nine months after hitting a record high of $328.91 billion in Jan
April 3, 2013
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Korea’s big-business reliance grows
Korea’s economic dependency on top conglomerates has continued to rise, posing a challenge to the incumbent President Park Geun-hye administration seeking to restructure the country’s economic landscape.A report by Korea’s Fair Trade Commission showed that sales generated by the top four private conglomerates, or chaebol, accounted for more than 53 percent of the total in the first quarter of this year, up from 52 percent a year ago.The top four industrial groups sanctioned by the antitrust watc
IndustryApril 2, 2013