Most Popular
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Army takes group action against Hybe for neglecting BTS
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Debate rages over ‘overly fatty’ samgyeopsal
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[Weekender] Korean psyche untangled: Musok
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Hankook Tire takes over control of Hanon Systems
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[Eye Interview] 'If you live to 100, you might as well be happy,' says 88-year-old bestselling essayist
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S. Korea, Japan, China agree to create new financing facility against regional crises
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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Top prosecutor orders speedy investigation into first lady's alleged acceptance of luxury handbag
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Missing S. Korean traveler in Paris found safe after 2 weeks
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S. Korea's largest urban development project faces collapse
A company involved in South Korea's largest-ever urban development project failed to pay back debts worth 5.9 billion won ($5.3 million), company officials said Wednesday, raising concerns over the collapse of the 30-trillion-won project.Yongsan Development Co., the asset manager of Dreamhub Project Financing Vehicle Co. which was created for the development project, was required to pay the debts of an interest of asset-backed commercial papers worth about 200 billion won, by 9 a.m. Wednesday, s
IndustryMarch 13, 2013
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‘No Soup Day’ designated to cut salt intake
The Korea Food and Drug Administration declared every Wednesday of the third week of the month as “No Soup Day,” aiming to reduce the nation’s sodium intake. Koreans usually eat meals with soups including “jjigae,” or Korean-style stew, which contains large amounts of salt. The KFDA hopes that the designation of No Soup Day would encourage people to eat less salt.According to a national nutritional survey in 2011, Koreans consume the most salt -- approximately 30 percent of total intake -- from
TechnologyMarch 13, 2013
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Study notes sex role reversal in species
European scientists say they know why for some animal species it's fathers rather than mothers that take care of their young -- and it's all down to numbers.The role reversal in species such as sea horses and some others has evolved because of an imbalance in the numbers of males relative to females, the said.In 1871, Charles Darwin observed that in most animals, it is the females that spend most time looking after the young while males focus on competing with each other for females.However, in
TechnologyMarch 13, 2013
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NASA: Mars could have supported life
NASA says the Mars Curiosity rover's analysis of a rock sample confirms the Red Planet could have supported living microbes in its ancient past.The analysis identified sulfur, nitrogen, hydrogen, oxygen, phosphorus and carbon -- some of the key chemical ingredients for life -- in the sample Curiosity drilled out of a sedimentary rock near an ancient stream bed in Gale Crater, NASA announced at a news conference Tuesday."A fundamental question for this mission is whether Mars could have supported
TechnologyMarch 13, 2013
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S. Korea's jobless rate jumps to 4 pct in Feb.
South Korea's jobless rate jumped in February from a month earlier and job creation also slowed sharply, raising worries that labor market conditions will remain bleak down the road, a government report showed Wednesday.According to the report by Statistics Korea, the jobless rate stood at 4 percent last month, up from the previous month's 3.4 percent. This is the highest ever since February last year when it was 4.2 percent.The jobless rate adjusted for inflation also rose to 3.5 percent from J
March 13, 2013
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[Newsmaker] Galaxy S4: Will it justify the hype?
March 14 will be a big day for both Samsung and fans of the Galaxy lineup, as the Galaxy S4 is set for its first public appearance in New York City.The latest model will be unveiled less than a year after the previous S3 was launched. But the hype has built up so much since it was first rumored that Samsung would be releasing another model ― almost immediately after the S3 came out ― that, for some, the S4 may already seem old. Nevertheless, for those of us still scratching our heads about the s
TechnologyMarch 12, 2013
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KAIST team develops advanced wireless chip
A team of scientists from the Korea Advanced Institute of Science and Technology has developed a wireless chip that can transmit data nearly 50 times faster than Bluetooth wireless standards and comparable Wi-Fi speeds.Professor Park Chul-soon and his research team said they developed a new type of radio frequency chip that uses 60-gigahertz bandwidth, different from licensed 2.5GHz or 5.2GHz, to wirelessly transmit 10.7 gigabytes of uncompressed data per second.Downloading a 5-GB two-hour movie
TechnologyMarch 12, 2013
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Yongsan project developer faces default
The massive Yongsan development project came on the verge of bankruptcy as its developer is facing default under severe financial difficulties.The Dream Hub failed to the meet the deadline of payment of 5.9 billion won ($5.4 million) in interest on its asset-backed commercial paper as of 6:00 p.m.The developer would head toward bankruptcy if it could not repay its debt by Tuesday. KORAIL, the state-run rail operator and largest shareholder, had earlier pledged to inject 6.4 billion won in an eff
March 12, 2013
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Tariff revenue on U.S. imports falls: ministry
A free trade agreement with the U.S. has pushed down Korea’s tariff revenue on U.S. imports for the first time in seven years, despite an increase in trade with the world’s largest economy.The Ministry of Strategy and Finance said Tuesday that tariff revenue on U.S. imports sank to 9.8 trillion won ($8.9 billion) last year, down 10.7 percent from 10.9 trillion won a year ago.This is the first time Korea saw its customs revenue decline since 2005, the ministry noted, adding that its revenue fell
March 12, 2013
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Effect of rate cut would be marginal: IBs
More and more market participants are betting that the Bank of Korea will lower the benchmark interest rate in March ― the first monthly rate-setting under the Park Geun-hye administration.According to a poll of 132 bond traders conducted by the Korea Financial Investment Association, 46 percent of respondents predicted a rate cut at the meeting of the BOK’s monetary policy committee, slated for Thursday.Some economists and analysts, however, claimed that a rate cut from the current 2.75 percent
March 12, 2013
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LG Uplus offers full HD content
LG Uplus said Tuesday that it would offer high-definition content for its Internet protocol television subscribers beginning this month.The country’s smallest telecom service provider said that up to 32 channels would be provided on Uplus TV G in full high-definition this month even if subscribers did not own a pricey smart TV.The Uplus TV G service is an IPTV collaboration between the telecom and Google that was launched here last October. The number of channels in Full HD format will be increa
IndustryMarch 12, 2013
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Hankook Tire wins global CSR award
Hankook Tire said Tuesday it topped the world’s largest corporate social responsibility competition, Vision Awards, run by the League of American Communications Professionals.The LACP is an international forum in the public relations industry, and its Vision Awards recognize the outstanding annual performances of the past 12 months. This year, more than 5,500 companies in 24 countries competed for the industry’s top honor. Hankook Tire, Korea’s largest tire maker, won the top prize across indust
BusinessMarch 12, 2013
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Hite Jinro’s Max beer nabs global brewing award
Hite Jinro, Korea’s leading beer and soju producer, said Tuesday that its lager Max has won the top prize at one of the world’s three largest brewing contests in Britain.The Korean brewer was selected as a gold medalist in the 4.5―4.9 percent alcohol by volume lager sector, beating Singaporean lager Tiger and Japan’s Asahi Super Dry which took silver and bronze, respectively.The company was the only Korean winner of the International Brewing Awards 2013, hosted by the Brewing, Food & Beverage In
IndustryMarch 12, 2013
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Insurance firms scrap plans to raise fees
Local major insurance firms have decided to freeze premiums under regulatory instruction from the Financial Supervisory Service.Industry sources said Tuesday that life insurance firms, including Samsung Life, Kyobo Life and Hanwha Life, have dropped their stance to raise premiums on products sold to policyholders. These firms had abortively planned to raise the rates on insurance products in April, when the standard rate of interest is expected drop about 5 percent. Major nonlife insurance firms
March 12, 2013
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Shares down on foreign selling
Korean stocks ended 0.5 percent lower on Tuesday as foreigners extended their selling mode amid a weakening Japanese yen and North Korea’s multiple nuclear threats, analysts said. The local currency slipped against the U.S. dollar.The benchmark Korea Composite Stock Price Index fell 10.01 points to 1,993.34. Trading volume was moderate at 385.8 million shares worth 3.29 trillion won ($3 billion), with gainers outnumbering decliners 433 to 364.“Bad market sentiment, along with high volatility, is
March 12, 2013
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Korea-U.S. FTA seen as half success
Following is the first in a series of articles on the Korea-U.S. Free Trade Agreement which marks the first year after its effectuation on March 15, 2012. ― Ed.A year has passed since the controversial Korea-U.S. Free Trade Agreement took effect. But disagreements still exist on whether the free trade deal had a positive influence on Korea’s economy, as the government had guaranteed.The majority response from experts is that the trade pact has so far been a “half success,” as it has displayed po
March 12, 2013
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Korea’s outside directors suffer credibility gap
Board directors have been a crucial part of the corporate management system, monitoring companies and executives to ensure they are operating fairly and transparently.Outside independent directors have been especially relied upon and placed alongside inside directors to help and guide the decision-making process in the interest of shareholders to avert stock price losses or any other value depreciation.Korea implemented the outside director system in the aftermath of the 1997-98 Asian financial
BusinessMarch 12, 2013
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Incheon named best airport for eighth time
Incheon International Airport said Tuesday it won the World’s Best Airport title again this year for the eighth consecutive time.The non-profit Airport Council International conducted a survey of 350,000 passengers over the past year and Incheon Airport earned the highest scores in service quality. The airport also topped two other categories ― best airport in Asia-Pacific and best among those with 25-40 million users annually.It is unprecedented for an airport to win the industry’s top honor ei
IndustryMarch 12, 2013
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Foreign fast fashion brands neglect after-sales service
Despite their explosive sales growth here, foreign “fast fashion” brands do not offer after-sales service.Sales of five major imported SPA brands Uniqlo, Gap, Zara, H&M and Mango jumped over 50 percent each year to nearly 2 trillion won ($1.8 billion) in 2011, but none of them had an official after-sales service center, Consumer Research said on Tuesday.The stores did not take any calls for after-sales service, and offered no alteration or repair services except for hemming pants. Customers were
IndustryMarch 12, 2013
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Shunning goes both ways
People who give others the cold shoulder or deliberately shun another are equally distressed by the experience, U.S. researchers say.Study co-author Richard Ryan, professor of clinical and social psychology at the University of Rochester in New York, and Nicole Legate, a doctoral candidate at the University of Rochester, found having study subjects comply with instructions to exclude another person led most people to feel shame and guilt, along with a diminished sense of autonomy.The study, publ
TechnologyMarch 12, 2013