Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Korea enters full election mode
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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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Immigrant woman stabbed to death by Korean husband
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[Kim Seong-kon] The April 2024 election will decide our future
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Seoul’s bus union prepares for strike
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BAT cuts Dunhill Finecut Superslim by 200 won
British American Tobacco Korea said Monday that it would reposition the price of its Dunhill Finecut Superslim product to 2,500 won ($2.30) from the current 2,700 won. The company said the reduction would take effect on Jan. 17. “The decision to reposition the price reflects current market trends. Superslim segment accounts for about 30 percent of the total tobacco market,” it said.BAT Korea CEO Guy Meldrum said, “We believe the price change will provide wider choice for consumers who are seekin
Jan. 7, 2013
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Imported car sales jump 24.6% in 2012
Sales of imported cars in South Korea jumped 24.6 percent on-year to a record high last year as foreign brand vehicles have successfully made their presence felt in the country, a trade association said Monday.A total of 130,858 foreign-made cars were sold in 2012, compared with 105,037 units tallied a year ago, topping the 130,000 mark for the first time, according to the Korea Automobile Importers and Distributors Association. Its earlier sales target for last year was 120,000 units.The sales
MobilityJan. 7, 2013
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Korea targets closer financial tie-ups with Middle East
South Korea’s financial authorities will dispatch a delegation to the Middle East this week, aiming at vitalizing mutual investment in banking businesses, stocks and bonds.“The project reflects the idea of diversifying foreign direct investment sources, while the nation has mainly resorted to funds from Europe and the United States,” the delegation said in a statement.The planned cooperation with Muslim countries was initiated by the National Policy Committee of the National Assembly and the Fin
Jan. 7, 2013
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Transition team to study new tax on foreign exchange transactions
The transition committee of South Korean President-elect Park Geun-hye is expected to study introducing a new tax on foreign currency exchanges in an effort to keep speculative foreign funds from disturbing the local foreign exchange market, an official said Monday.Park’s campaign team had considered an introduction of what is known as the “Tobin Tax” as an election pledge, though the proposal was not adopted ultimately over concern it could be discriminatory.Named after Nobel Laureate economist
Jan. 7, 2013
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AllianceBernstein faces FSS probe for late filing
The Financial Supervisory Service is fine-tuning details to launch an investigation into the Korean operation of U.S.-based asset management firm AllianceBernstein Ltd., which made public its stock trading four years after the required timing, regulatory officials said Monday. While the financial regulator said it has yet to launch an official investigation, officials said the case has been under close watch. Its probe generally involves a paper-based review as a preliminary step. “At the presen
Jan. 7, 2013
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Samsung-LG rivalry heats up on EV batteries
The traditional rivalry between the two Korean conglomerates, Samsung and LG, has been rekindled on one of their crucial next growth engines ― batteries for electric cars. Electric component maker Samsung SDI, headed by Park Sang-jin, said Monday it has set up a new business division exclusively in charge of the development and sales of electric car batteries. The company’s No. 2 man ― executive vice president Park Je-seung ― was named the division chief. The new establishment comes as part of t
IndustryJan. 7, 2013
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Hotels take top spot in customer satisfaction survey
Yeungjin College scored the highest points once again in the annual consumer satisfaction survey by the Korea Productivity Center on 288 companies and institutions last year.By industry, hotels made notable advances this time, pushing apartment builders to second place.The two-year technical college in Daegu received 89 points in the National Customer Satisfaction Index survey jointly conducted by the KPC and the University of Michigan, and sponsored by the Ministry of Knowledge Economy each yea
IndustryJan. 7, 2013
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Overseas orders for Korean industrial plants drop in 2012
Overseas orders for industrial plants won by South Korean companies inched down from a year earlier in 2012, largely due to a drop in demand from Middle Eastern countries, the government said Monday.Orders grabbed by South Korean builders amounted to $64.8 billion last year, down 0.3 percent from $65 billion in 2011, according to the Ministry of Knowledge Economy.The annual figure marks a significant recovery from a 9.7 percent on-year drop posted in the first nine months of last year.“Orders fo
Jan. 7, 2013
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Over 500,000 foreigners pay tax here
The National Tax Service estimated Monday that the number of non-Korean taxpayers would surpass 500,000 in 2012, up from 465,000 in 2011 and 403,000 in 2010.The NTS released the figure as it is preparing for the year-end tax settlement. Responding to the growing population of foreign workers here, the NTS unveiled a set of guidelines for foreigners who are to file for the year-end tax settlement.Foreign residents are to submit their tax forms on the same schedule as Korean nationals, but their t
Jan. 7, 2013
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Auto, mobile tech star at CES 2013
LAS VEGAS ― The 2013 International Consumer Electronics Show kicked off for a four-day run Tuesday, with global tech firms eager to show off their most updated technologies and devices to U.S. consumers.Ranging from “smart” televisions and home appliances, which have been the mainstream items of the annual show for numerous years, this year’s show will also be covering automobiles and mobile technology. With Microsoft officially out of the show in 2013, Qualcomm has come to fill the space as wel
IndustryJan. 7, 2013
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Two die of H1N1 flu in Beijing
Two people died of H1N1 flu in Beijing recently, but Chinese health officials said the situation is not as threatening as it was in 2009.The deaths occurred since late December after the patients contracted the virus, previously called swine flu, China Daily reported.The report quoted the Beijing Centers for Disease Control and Prevention that despite its potential to cause harm, the virus is not as threatening and can be contained.The report said both the victims of influenza A, or H1N1, virus
TechnologyJan. 7, 2013
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Melting glaciers could rise sea levels by 3 feet by 2100
Global sea levels may rise more than 3 feet by 2100 due to melting glaciers in Antarctica and Greenland, according to glaciologists. Such a rise in sea levels could displace millions of people in low-lying countries such as Bangladesh, swamp atolls in the Pacific Ocean, cause dikes in Holland to fail and cost coastal mega cities from New York to Tokyo billions of dollars for construction of sea walls and other infrastructure. Glaciologist Jonathan Bamber and his colleague Willy Aspinall used a s
TechnologyJan. 7, 2013
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Bedbugs no reason to skip library books
Despite recent reports speculating on bed bugs in library books, a U.S. entomologist and bed bug experts says there is no need to skip library books.Jody Gangloff-Kaufmann, a Cornell University entomologist and New York state Integrated Pest Management Program field expert, said since bed bugs are transported by humans, on belongings and clothes, it made sense borrowed books could be a method or vehicle of bed bug movement.“Bed bugs will not stay on books on the shelf for very long -- they need
TechnologyJan. 7, 2013
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Giant squid filmed in Pacific depths: Japan scientists
Scientists and broadcasters said Monday they have captured footage of an elusive giant squid up to eight meters long that roams the depths of the Pacific Ocean.Japan‘s National Science Museum succeeded in filming the deep-sea creature in its natural habitat for the first time, working with Japanese public broadcaster NHK and the U.S. Discovery Channel.They spotted the squid at a depth of 630 meters using a submersible in July, some 15 kilometers east of Chichi island in the north Pacific Ocean.T
TechnologyJan. 7, 2013
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Protein early in the day keeps fat away
Eating a high-protein breakfast with nuts may lead to being leaner and less hungry during the rest of the day, a fitness expert says. Charles Poliquin said his single best dietary tip for optimal leanness, energy and sustained mental focus, is the meat-and-nuts breakfast, which allows for a gradual rise in blood sugar and results in decreased cravings throughout the entire day, AskMen.com reported. Examples of Poliquin’s high-protein breakfast are one to two lean turkey burgers and a handful of
TechnologyJan. 7, 2013
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Seoul shares open lower on tech, builder losses
South Korean stocks started lower Monday, led by losses in tech and construction shares, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 7.31 points, or 0.36 percent, to 2,004.63 in the first 15 minutes of trading.Tech blue chips led the market decline, with top-cap Samsung Electronics falling 1.11 percent and LG Display, the biggest panel supplier for Apple's iPad tablet computer, dipping 2.27 percent.Top chipmaker SK hynix shed 1.14 percent.Construction firms also tr
Jan. 7, 2013
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World Bank seeks cybersecurity center in S. Korea
The World Bank and Korea Communications Commission (KCC) will sign a deal next week on a joint project to establish a "Global Cybersecurity Center" in South Korea, officials said Sunday.The World Bank, headed by Korean-born physician Jim Yong Kim, proposed it set up the center in South Korea in late 2013, they said.The facility will be tasked with promoting cybersecurity and other information protection in developing nations."The World Bank and KCC plan to sign a memorandum of understanding on e
Jan. 7, 2013
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Korea suffers sharp decline in labor productivity
Korea posted the second-largest drop in labor productivity among members of the Organization for Economic Cooperation and Development during the third quarter of 2012.According to the OECD, Korea’s labor productivity fell by 0.4 percent in the July-September period from a quarter before, along with the Czech Republic and Portugal, both of which recorded the same figure.While Norway saw its labor productivity, or the rate of output per worker per unit of time, fall heaviest by 1.3 percent, two mo
Jan. 6, 2013
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Telecoms’ sales halted due to illegal subsidies
Excessive and illegal smartphone subsidies have led the country’s three mobile carriers to sequentially stop signing up new customers starting Monday.LG Uplus, the country’s smallest mobile carrier, will be the first to be prohibited by the government from recruiting new customers for 24 days beginning on Monday. SK Telecom will then follow suit from Jan. 31-Feb. 21 as well as KT from Feb. 22-March 13. The firms were also fined a total of about 11.9 billion won ($11 million).This is the first ti
IndustryJan. 6, 2013
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Firms’ entertainment spending continues to rise
Companies have increased their spending on entertainment despite the prolonged economic slump. A total sum of 460,614 companies’ annual entertainment spending in 2011 surpassed 8 trillion won ($7.5 billion), according to data from the National Tax Service. The figure is about 9 percent up from in 2010. By sector, finance and insurance spent the most, about 16 times more than that of the farm and fisheries sectors.The NTS added that firms with weak sales generally spent more money on entertainmen
IndustryJan. 6, 2013