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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Monthly users on local streaming platforms outpace Netflix, Disney+
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[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
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Seoul to promote luxurious side of the city
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FSC chief offers to resign...for incoming government
Financial Services Commission chairman Kim Seok-dong has tendered his resignation to Cheong Wa Dae, the FSC said Wednesday. Kim’s decision to step down before his three-year term expires early next year reflects his philosophy that a new administration needs a new pool of people, an FSC official said. He had reportedly expressed his willingness to resign from his post before the presidential election in December.Since taking the helm of the FSC in January 2011, he has led the restructuring of tr
Feb. 13, 2013
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Korean employment weakens further in January
Korea’s employment rate continued to drop for the third straight month, hitting a one-year low of 57.4 percent in January, according to Statistics Korea.Data released Wednesday showed that Korea’s employment rate is below the OECD-member average of 63 percent.January’s job rate was unchanged from the same period a year ago, and the youth unemployment rate continues to show no signs of improvement.The jobless rate for those aged between 15 and 29 reached 7.5 percent in January for the second mont
Feb. 13, 2013
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Daewoo E&C-led group wins $765m order in Nigeria
Daewoo Engineering & Construction Co., one of South Korea’s leading builders, said Wednesday that its consortium has won a US$765 million order to build a fertilizer plant in Nigeria.Under the deal with Indorama Eleme Fertilizer and Chemicals Ltd. on Tuesday, Daewoo E&C and its consortium partner Toyo Engineering Corp. will build the facility at Port Harcourt in southern Nigeria.Daewoo said it expects to complete the plant 34 months after starting construction but did not specify when the projec
IndustryFeb. 13, 2013
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Samsung to bolster corporate compliance
Samsung Group, South Korea’s biggest family-owned conglomerate, plans to beef up compliance management at its affiliates as part of a group-wide strategy to better cope with risks and irregularities, an official said Wednesday.Samsung plans to adopt an index measuring compliance policies and chief executives’ efforts to put those plans into action, Samsung chief spokesman Rhee In-yong told reporters, citing the group’s chief compliance officer Kim Sang-kyun.The group will also introduce a system
Feb. 13, 2013
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Hyundai Sonata tops J.D. Power quality survey
Hyundai Motor’s flagship Sonata sedan has recently topped the J.D. Power vehicle quality study in the midsize car segment, the carmaker said Wednesday. According to study results by the U.S. marketing firm J.D. Power and Associates, the Sonata model received the fewest complaints on reliability, outpacing its Japanese rivals such as the Toyota Camry, Honda Accord and Nissan Altima. Hyundai’s Verna compact and the Soul box car of Hyundai’s affiliate Kia Motors came in third within their respectiv
IndustryFeb. 13, 2013
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Market slump weighs down on local builders
Some local mid-sized construction companies are experiencing severe financial difficulties due to the protracted slump in the housing market, stoking concerns that they may be forced to undergo workout programs or get delisted from the local stock market.The financially troubled companies include Hanil Engineering and Construction, Ssangyong Engineering and Construction, Doosan Engineering and Construction, and Keangnam Enterprises Ltd.Market sources said Hanil, under a debt workout program, pos
IndustryFeb. 13, 2013
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Apple seen showing signs of softening on war with Samsung
The complicated high-profile patent war between Samsung and Apple, the world’s leading electronics makers, may have turned a corner, at least for the Korean company.The most recent news on the issue is that Apple’s chief executive Tim Cook, who succeeded the iconic Steve Jobs, had been opposed to suing Samsung in the first place, according to reports citing people with knowledge of the matter.The main reason was because of the key role that Samsung plays as a major supplier of components for the
TechnologyFeb. 13, 2013
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Panasonic CEO attacks sprawl in bid for profit
In its 95-year history, Panasonic Corp. has grown into a consumer-electronics giant producing everything from TVs to eyelash curlers. New President Kazuhiro Tsuga is deciding what it can’t afford to make any more. Next month, the head of the company that lost more than 1.3 trillion yen ($14.1 billion) since April 2011 will explain which products he wants consigned to Panasonic’s past. He plans to cut the number of business units by a third to focus on those offering the best profit margins, such
TechnologyFeb. 13, 2013
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Global handset makers grab over 50% of Japanese market
Non-Japanese handset makers garnered over half of the Japanese market for the first time in the fourth quarter as consumers moved away from local manufacturers for a wider array of mobile devices, a report showed Wednesday.It marked the first time ever that foreign handset makers managed to surpass the 50-percent mark, with Apple Inc. leading the race with 16 percent in the October-December period, according to the report by Hong Kong-based researcher Counterpoint Technology Market Research. The
TechnologyFeb. 13, 2013
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SPC branches into online music service market
By Kim So-hyunSPC Group, which runs bakery brand Paris Baguette, is jumping into the online music service business.“We have reviewed the business for a long time in a bid to find new sources of profit, and we will start the service soon,” an SPC official said on Wednesday, a week after new restrictions against bakery franchises were announced.SPC Networks, a subsidiary that manages membership service points from the franchised bakeries, will run the online music service named Helium.Members can
IndustryFeb. 13, 2013
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Telecoms, handset makers brace for top global mobile trade show
The Mobile World Congress in Barcelona is coming in less than 10 days with global telecoms and handset makers prepping to present their innovative technologies and gadgets.Themed the “New mobile horizon,” local big names like Samsung Electronics and LG Electronics, as well as telecoms SK Telecom and KT, will take part in the world’s biggest mobile trade show from Feb. 25-28.According to market research firm Strategy Analytics, the official partner for the show, three major trends to watch are th
TechnologyFeb. 13, 2013
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Men try to look tough to impress women: study
Males’ tendency to take risks in order to attract females is a result of evolution, a recent study suggested.According to the study from the Journal of Risk Research, risk taking in prehistoric times was imperative in finding sexual partners, food, or shelter. As a result, men have evolved to be more willing to face danger.The study claims that even in modern times -- after the immediate need to take physical risks has long gone -- the instinct to act like a daredevil has survived, prompting men
TechnologyFeb. 13, 2013
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Seoul shares jump 1.56 pct on eased currency woes
South Korean stocks closed 1.56 percent higher on Wednesday as concern over a global currency row eased following a warning from major advanced economies against Japan's aggressive monetary easing, analysts said. The Korean won gathered ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) soared 30.28 points to finish at a three-week high of 1,976.07. Trading volume was moderate at 324.9 million shares worth 3.62 trillion won (US$3.33 billion) with gainers far o
Feb. 13, 2013
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Seoul shares up 1.14 pct in late-morning trade
South Korean stocks traded 1.14 percent higher late Wednesday morning, fueled by gains in brokerage firms and steelmakers, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) climbed 22.11 points to 1,967.90 as of 11:20 a.m.Major local brokerage firm Mirae Asset Securities spiked 4.5 percent and steelmaker Hyundai Steel soared nearly 3 percent. In contrast, telecom shares trended downward, with top mobile carrier SK Telecom falling 0.6 percent. The local currency was changing h
Feb. 13, 2013
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Seoul shares open higher on Wall Street rally
South Korean stocks began higher Wednesday, tracking overnight gains on Wall Street, as investors were buoyed by encouraging remarks by U.S. President Barack Obama before his State of the Union address, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) gained 5.58 points, or 0.29 percent, to 1,951.37 in the first 15 minutes of trading. Most shares trended upwards, with brokerage houses and insurance companies driving up the index. No. 2 brokerage firm KDB Daewoo Securities r
Feb. 13, 2013
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S. Korea's jobless rate rises to 3.4 pct in Jan.
South Korea's jobless rate rose above 3 percent in January for the first time in five months, but job growth quickened thanks in part to a hike in the manufacturing sector, a government report showed Wednesday.According to the report by Statistics Korea, the jobless rate stood at 3.4 percent last month, up from the previous month's 2.9 percent. The rate rose above 3 percent for the first time since August.Job creation, however, accelerated. About 322,000 jobs were created last month compared wit
Feb. 13, 2013
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Korean currency 2nd most volatile in Asia
The Korean won showed the highest volatility after the Japanese yen among Asian currencies last month, spurred by Tokyo’s outright monetary easing, data showed Tuesday. In January, the daily currency volatility rate of the won against the U.S dollar averaged 0.34 percent, according to the data compiled by the Bank of Korea. The rate roughly refers to the average daily variation compared to the previous session’s closing quotation.The Japanese yen topped at 0.7 percent, and the Korean won ranked
TechnologyFeb. 12, 2013
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New foreign investment rules to take effect in June
The Ministry of Knowledge and Economy said on Tuesday that the revised rules of the Foreign Investment Promotion Act that aimed to improve business services for foreign investors would take effect in June.The revised ordinances aimed at sorting out qualified foreign firms and providing them with benefits in terms of financing and services, officials said.Under the new system, access to state-owned or public land will only be allowed for firms that maintain a foreign investment proportion of 30 p
Feb. 12, 2013
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Samsung Display drops injunction against LG Display
Samsung Display Co. on Tuesday dropped an injunction seeking a ban on rival LG Display Co. using organic light-emitting diode technology, raising hopes the two companies are moving to settle their display technology dispute.The two companies have been involved in a legal tussle over display technology since July when 11 people affiliated with the Samsung unit were indicted on charges of leaking core technology to LG.In September, Samsung filed an injunction seeking a ban on use of 18 confidentia
TechnologyFeb. 12, 2013
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LG to feature new L Series smartphone lineup in Barcelona
LG Electronics said Tuesday it would introduce its new smartphone lineup called the Optimus L Series II at the Mobile World Congress in Barcelona, Spain, later this month.The three gadgets that belong in the new series ― Optimus L3 II, Optimus L5 II and Optimus L7 II ― feature four new design elements, which are a seamless layout, laser cut contours, radiant rear design and smart LED lighting on the home button. The devices, all running on Google’s Android mobile operating system, have 3.2-inch,
IndustryFeb. 12, 2013