Most Popular
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Debate rages over ‘overly fatty’ samgyeopsal
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[Weekender] Korean psyche untangled: Musok
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40 flights canceled on Jeju Island due to bad weather
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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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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Pandemic left Korea more depressed than before: report
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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Missing S. Korean traveler in Paris found safe after 2 weeks
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Defense chiefs of US, Australia, Japan decry NK-Russia military cooperation
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Jaguar XJ goes irresistibly light
Namhae ― Dieting is all the rage among luxury carmakers today, from slimmed-down bodies to smaller engines. Jaguar’s take on the trend was to put the 2.0-liter turbocharged four-cylinder petrol engine from the Range Rover Evoque into its flagship XJ sedan. The British luxury carmaker, whose presence has been growing recently in Korea, believes the lighter, cheaper engine lineup ― priced at 190 million won ($175,000) ― will enable it to access new customers. (Korea is the fourth-largest market fo
MobilityMarch 10, 2013
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Eximbank, IIAC could join forces for Yangon airport project
The Export-Import Bank of Korea could assist Incheon International Airport Corp to finance Myanmar’s new airport project as the state-run airport operator is currently looking into ways to fund the potential deal worth some $600 million, said sources familiar with the situation.IIAC could seek Korea Eximbank, which has a non-binding agreement with IIAC to support the export of its airport operation know-how, to back its consortium through the policy bank’s Economic Development Cooperation Fund o
BusinessMarch 10, 2013
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Flights from NY airport fueled by cooking oil
A Dutch airliner is flying from New York to Amsterdam on a fuel mix that includes leftover oil from frying Louisiana‘s Cajun food.The KLM flights from Kennedy Airport are powered by a combination of 25 percent recycled cooking oil and 75 percent jet fuel.After the first such flight Friday, the concept will be tested on 24 round-trip trans-Atlantic trips every Thursday for the next six months.KLM executive Camiel Eurlings jokingly told the New York Post that “it smelled like fries” while the pla
IndustryMarch 10, 2013
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Samsung tops China‘s smartphone market in 2012
Electronics Co. claimed the top spot in the Chinese smartphone market for the first time in 2012 by nearly tripling its sales in the world’s largest market, industry data showed Sunday. Samsung Electronics sold 30.06 million smartphones in China last year, up from 10.90 million units a year earlier, garnering a 17.7 percent market share, according to the data by market researcher Strategy Analytics.Last year‘s market share represents a 5.3 percentage point increase from the previous year. It als
IndustryMarch 10, 2013
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S. Korea prepared to take necessary steps to stabilize market
South Korea will take necessary steps to stabilize its markets in case any additional provocations by North Korea result in heightening geopolitical risks, a senior finance ministry official said Saturday.The steps will be part of what is specified in contingency plans the government came up with to prepare for all stages of situations, Vice Finance Minister Shin Je-yoon told a meeting with other policymakers."The government is seeing that the U.N. Security Council's decision to impose sanctions
March 9, 2013
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Canada's glaciers could shrink by a fifth by 2100
A fifth of Canada's glaciers could be gone by the end of the century, a casualty of global warming that would drive a 1.4-inch (3.5-centimeter) rise in sea levels, a study found Thursday."Even if we only assume moderate global warming, it is still highly likely that the ice is going to melt at an alarming rate," lead author Jan Lenaerts said in a statement.And "the chances of it growing back are very slim," emphasized the meteorologist at Utrecht University in the Netherlands.He said the process
TechnologyMarch 8, 2013
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Hyundai Motor’s cumulative sales in U.S. top 8 million
Hyundai Motor Co., South Korea’s leading automaker, said Friday that its cumulative sales in the U.S. surpassed the 8 million mark in February, 27 years after its made inroads into the world’s second-largest automotive market.Hyundai Motor began selling cars in the U.S. in 1986, with a single model, the Hyundai Excel. In that year, some 168,00 Excels were sold.Hyundai Motor, now the world’s fifth-largest automaker along with its affiliate Kia Motors Corp., achieved the 5 million sales mark in th
March 8, 2013
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Korea’s effective jobless rate hits 5.8%: report
SEJONG (Yonhap News) ― South Korea’s jobless rate for 2012 could rise to 5.8 percent if “underemployed” people and other at-risk populations were counted, a report showed Friday, showing a large gap with the government’s official figures.According to the report compiled by the Woori Finance Research Institute, the country’s effective jobless rate could rise sharply if counting such people deemed to face almost the same tough working conditions as those technically remaining out of work.The rate
March 8, 2013
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Homeplus mulls merger with Homeplus Tesco
Homeplus Co., the South Korean unit of British retail giant Tesco Plc, is considering merging its unit Homeplus Tesco Co. to increase its sales volume, industry sources said Friday. Homeplus, the second largest discount retailer in South Korea, bought a whole stake in Homever, the country’s No. 4 discount chain operator in May 2008 from E-Land Group, a local fashion retailing group which acquired the discount chain from French retailer Carrefour SA in 2006.“After the acquisition, Homeplus has op
March 8, 2013
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Female CEOs scarce among listed firms
The ratio of female CEOs at local listed firms reached 0.7 percent, data showed Friday, raising concerns over the severe gender imbalance in the country’s business world.Among the country’s 1,787 companies listed on the main bourse and the tech-heavy KOSDAQ market, only 13 women currently serve as CEOs at 14 firms, according to the data compiled by research firm CEO Score.The number hovers far below 4.2 percent posted by the world’s top 1,000 companies tallied by the U.S. business magazine Fortu
March 8, 2013
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KORAIL to support Yongsan project to avoid bankruptcy
State-run rail operator KORAIL has decided to inject 6.4 billion won ($5.9 million) of emergency funds into the faltering massive project to develop Yongsan in a desperate effort to avoid bankruptcy.KORAIL officials said Friday that the financial support will be made in the form of an advance payment guarantee on part of the 25.7 billion won compensation the project developer Dream Hub is supposed to receive from the Korea Post.Dream Hub, led by KORAIL and Lotte Tour, had faced bankruptcy as its
March 8, 2013
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ITC delays ruling on Samsung-Apple case
The U.S. International Trade Commission has postponed to next week its ruling on patent infringement claims filed by Samsung Electronics Co. against Apple Inc., a decision that may lead to an import ban on iPhones.The ITC was originally scheduled to rule Thursday, but said it would delay its decision until March 13, according to its website.In June 2011, Samsung Electronics filed a complaint with the U.S. government agency, claiming Apple products infringed on four of its technology patents, inc
TechnologyMarch 8, 2013
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Korea to streamline distribution of farm goods
The government will step up efforts to streamline the country’s distribution structure for farming products in a bid to ease their price hikes and keep inflation under control, the Finance Ministry said Friday.South Korea’s consumer prices remain quite stable, but fresh food and other daily necessity costs have been rising in recent months, hurting the livelihoods of the ordinary working-class population.In a move to induce price cuts, the government plans to shorten the overall distribution pro
March 8, 2013
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Korea, China, Japan to launch free trade talks this month
Korea, China, and Japan will kick off their official negotiations on a trilateral Free Trade Agreement in Seoul this month, said officials of the Ministry of Foreign Affairs and Trade.The trade pact, if properly effectuated as planned, would become the first one to be clinched by the new Park Geun-hye administration. It would also form the world’s third-largest economic bloc, following the North American Free Trade Agreement and the European Union.President Park received related reports from the
March 8, 2013
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Escalating N.K. threats may sway stocks and currency markets
Local financial policymakers said that the stock and foreign exchange markets may be swayed by the recent situation involving the intentional community’s disciplinary measures against North Korea.As the U.N. Security Council decided to impose additional sanctions Thursday on North Korea for its Feb. 12 nuclear test, Korea’s financial regulators and economic policymakers have embarked on closer monitoring of the financial market.Though provocative actions from the North had minimal impact on the
March 8, 2013
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Park gets third term as head of Korea-China Friendship Association
Kumho Asiana Group chairman Park Sam-koo will lead the Korea-China Friendship Association for a third term, the business group said in a statement Friday.During a periodical gathering of KCFA in downtown Seoul on Saturday, Park’s four-year term as chief of the association for promotion of bilateral relations was extended until 2016, the group said.After being initially recommended to the post in 2005, the Kumho chairman has led the association for another four years from 2009 to 2012.The associa
IndustryMarch 8, 2013
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Penguins go cold to warm up
Emperor penguins allow their outer feathers to actually become colder than the surrounding air in order to minimize heat loss, European researchers say.French and British scientist studying thermal images of penguins in Antarctica said they were surprised to discover the outer feathers that cover most of the penguin's body were actually 7 to 10 degrees Fahrenheit colder than the surrounding air."We didn't think a warm-blooded animal could ever have an outer surface temperature that was colder th
TechnologyMarch 8, 2013
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Unidentified life pulled from frozen lake
Water samples from an ancient lake buried under ice near the South Pole contain a type of life not found anywhere else on Earth, Russian researchers say.Bacteria found in probes of water from sub-glacial Lake Vostok do not match any of the 40-plus known subkingdoms of bacteria, Sergei Bulat of the Laboratory of Eukaryote Genetics at the St. Petersburg Nuclear Physics Institute said.“After excluding all known contaminants ... we discovered bacterial DNA that does not match any known species liste
TechnologyMarch 8, 2013
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Price hike likely to accelerate drop in smoking rate
South Korea's smoking rate has steadily declined over the years, indicating that a large price increase currently sought by the government may help significantly cut the rate, government and market sources said Friday.According to the health ministry and the statistics service, the amount of money spent on tobacco by each household of more than two persons came to an average of 18,351 won (US$16.91) per month last year, or 0.75 percent of the average income of such households.The proportion drop
March 8, 2013
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British court rejects Samsung patent claim against Apple
A British court Thursday rejected a claim by Samsung Electronics that Apple stole its technology, in the latest round of a global legal battle over patents between the smartphone giants.The district court in London ruled that Samsung has no rights over technology that transfers data over the third-generation mobile network, which has been adopted by some of Apple's smartphones, according to Samsung officials.Similar lawsuits were heard in Japan, the United States and South Korea, with the Japane
TechnologyMarch 7, 2013