Most Popular
-
1
[Exclusive] Korean military set to ban iPhones over 'security' concerns
-
2
Korean, Romanian leaders discuss defense tech, nuclear energy
-
3
S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
-
4
Yoon’s jailed mother-in-law excluded from latest parole list
-
5
Hybe and Min Hee-jin, CEO of Hybe sublabel Ador, lock horns
-
6
[Pressure points] Leggings in public: Fashion statement or social faux pas?
-
7
Korea’s homegrown nanosatellite successfully launches into space
-
8
[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
-
9
Rocket engine expert, ex-NASA exec to lead Korea's new space agency
-
10
Nicaragua shuts down Seoul embassy
-
KoFC to increase financial support to SMEs
The Korea Finance Corp. plans to increase its financial support to the nation’s small and medium companies in 2013, the state-run finance promoter said on Monday in a New Year’s press conference. The state-run agency plans to assign about 7.6 trillion won, or about two-thirds of the company’s 12.2 trillion won capital for this year, to support small and medium enterprises.“We will be spending 62 percent of our total budget to support small and medium-sized companies,” said KoFC president and chi
Jan. 21, 2013
-
Won’s gains most against yen in 14 years
The South Korean currency’s ascent to the Japanese yen hit a 14-year high last year, the central bank said Monday, spawning concerns about its impact on Seoul’s exports.The local currency reached 1,238.3 won per 100 yen as of the end of 2012, up 19.6 percent from a year earlier, according to the Bank of Korea.The 2012 numbers marked the strongest gain since the won appreciated 21.8 percent against the Japanese yen in 1998, it added.Last year, the local currency also appreciated 7.6 percent per t
Jan. 21, 2013
-
Wal-Mart to close last Korean branch
Wal-Mart has decided to suspend the operations of its remaining Korean operations as of the end of this month, according to industry sources on Monday.The brand had served as the purchasing department for the U.S.-based retailer that handled the purchase of Korean products.In 2006, Wal-Mart pulled out of Korea after selling its shares and stores to E-Mart, citing a difference in corporate and social cultures that prevented the company from expanding its operations here.But it had left behind a b
IndustryJan. 21, 2013
-
Samsung Life blasted for lack of dividends
Samsung Life Insurance is facing public criticism for not paying dividends to policyholders, reversing its earlier promise for payouts from stock gains.The situation comes after the company sold dividend-oriented life insurance products to a large number of individuals, according to a bulletin board on the website of the Korea Finance Consumer Federation.Angry consumers stress that Samsung Life salespeople “commented on dividend payments to policyholders” during their product sales promotion act
Jan. 21, 2013
-
Korean-brand cars sales jump in China this month
HONG KONG (Yonhap News) ― Sales of South Korean-brand passenger cars soared more than 30 percent in the first half of January from a month earlier, partly thanks to weaker shipments of rival Japanese brands, a market report showed Monday.During the first two weeks of January, South Korean cars sold in China numbered 6,646 units, up 31 percent from the same period a month earlier, according to the report by investment bank JPMorgan. South Korean carmakers’ market share was estimated at around 13.
MobilityJan. 21, 2013
-
Lottery ticket sales hit record
Korea’s lottery ticket sales hit an all-time high last year, exceeding the regulatory limit imposed by the country’s gambling watchdog for two consecutive years.Sales reached some 3.2 trillion won ($3 billion) in 2012, up about 3.4 percent from 3.08 trillion won a year earlier, according to the Lottery Commission, which is under the wing of the Ministry of Strategy and Finance, on Monday.An increase in consumer purchases of tickets for online lotteries, pension lotteries and traditional electron
Jan. 21, 2013
-
Seoul to set definite date for launch of Naro space rocket
South Korea will this week set a more definite date for the liftoff of its Korea Space Launch Vehicle-1 (KSLV-1), the government said Wednesday.The country's Launch Preparation Committee earlier set Jan.30-Feb. 8 as possible dates for what will be its third launch of KSLV-1, also known as Naro."The committee will be convened at 11 a.m. Thursday and select a launch date within the candidate dates after reviewing technical preparations and weather conditions," the Ministry of Education, Science an
TechnologyJan. 21, 2013
-
Shipbuilders eye double-digit growth
Despite the continued slump in shipbuilding orders overseas affected by the prolonged global economic downturn, the nation’s top three shipbuilders have set bold goals for winning orders in the beginning of the year, renewing their growth strategy, industry sources said. Hyundai Heavy Industries, the world’s largest shipbuilder, said it increased its order target steeply by 52.3 percent to $29.7 billion this year compared with order results in 2012. The other two shipbuilders also unveiled doubl
IndustryJan. 21, 2013
-
Seoul shares edge down 0.05 pct on earnings woes
South Korean stocks inched down 0.05 percent Monday as investors dumped large cap shares due to a pessimistic outlook on fourth-quarter earnings, analysts said. The local currency lost ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) shed 0.99 points to finish at 1,986.86. Trading volume was moderate at 440.75 million shares worth 3.76 trillion won (US$3.54 billion) with gainers outpacing decliners 459 to 352."The mood is quite positive in recent times. Chin
Jan. 21, 2013
-
‘Naked’ X-ray body scanners to be withdrawn from US airports
Naked-image scanners will be removed from airports in the United States, the BBC reported.The U.S. Transportation Security Administration decided to terminate its $5 million (5.29 billion won) contract with OSI Systems after the company failed to meet the deadline for producing less-revealing passenger images. Accordingly, “naked” X-ray scanners are set to be removed by June 2013, the agency said. The TSA, however, is not stopping the use of full-body scanners. Sixty full-body scanners from L-3
TechnologyJan. 21, 2013
-
'Engaged’ workers healthier, productive
U.S. workers who are engaged in their work and workplace are more likely than those who are not engaged to have a healthier lifestyle, a survey indicates.The Gallup Daily tracking interviews conducted January-December 2012 found engaged employees ate healthier, exercised more frequently and consumed more fruits and vegetables.The employee engagement index was based on research on actionable workplace elements with proven linkages to performance outcomes, including productivity, customer service,
TechnologyJan. 21, 2013
-
Cigarette sales drop on weaker demand
Sales of cigarettes in South Korea last year fell from a year earlier due mainly to an economic slowdown and widespread anti-smoking movements, industry data showed Monday.According to the data, Ministop Korea, the local operator of the Japan-based convenience chain store, saw its cigarette sales fall 7.6 percent on-year in 2012.Korea Seven Co. said cigarette sales at its 7-Eleven convenience stores dropped 4.3 percent on-year in 2012, and GS25 chains, run by local retail conglomerate GS Corp.,
IndustryJan. 21, 2013
-
LG to release Optimus G follow-up
South Korean handset maker LG Electronics Inc. on Monday confirmed plans to release the “Optimus G Pro,” a follow-up to its flagship smartphone “Optimus G.”The Optimus G Pro, which is likely to be launched locally in the first quarter, is set to pack a 5.5-inch full high-definition(HD) display and run on a quad-core application processor, the company said.LG said it plans to ramp up the user experience and hardware features of the Optimus G on the new device.The move comes as the handset maker i
TechnologyJan. 21, 2013
-
‘Quadruple helix’ found as new DNA structure: study
Scientists at Cambridge University said they have found four-stranded DNA in human cells for the first time, noting the finding might possibly relate to cancer treatment. Since the discovery of DNA structure by James Watson and Francis Crick, people have commonly thought its structure to be a double helix. However, researchers at the Cambridge’s Department of Chemistry told journal Natural Chemistry that they have captured the existence of a "quadruple helix" at their lab. The researchers named
TechnologyJan. 21, 2013
-
Seoul shares down 0.42 pct in late-morning trade
South Korean stocks traded 0.42 percent lower late Monday morning due to concerns over the further weakening of the Japanese yen, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) shed 8.28 points to 1,979.57 as of 11:20 a.m.Most exporters traded in negative territory, with top steelmaker POSCO dropping 0.7 percent and biggest shipyard Hyundai Heavy Industries sliding 0.22 percent.No. 1 carmaker Hyundai Motor fell 0.7 percent and its smaller affiliate Kia Motors lost 1.85 per
Jan. 21, 2013
-
Half of S. Koreans see themselves as poor: poll
More than half of South Koreans think they belong to the low-income bracket, a poll showed Monday, apparently reflecting their falling earnings due to the country‘s protracted economic slump.According to the nationwide survey of 1,000 people by the Korea Institute for Health and Social Affairs, 50.5 percent said their earnings hover below the nation’s median income.Another 36.9 percent responded they belong to the middle-income bracket, while only 10.5 percent believed themselves to be high-inco
Jan. 21, 2013
-
Savings banks' liquidity hits over 5-year low
South Korean savings banks' liquidity has hit the lowest point in more than five years as the ongoing restructuring of bankrupt players dampens deposits amid a still large amount of problem loans, data showed Monday. The average balance of savings banks' money supply, known as M2, came in at 41.1 trillion won ($38.8 billion) for local savings banks as of the end of November last year, the lowest since the 40.7 trillion won tallied in July 2007, according to data by the Bank of Korea and an indus
Jan. 21, 2013
-
Seoul shares trade lower after strong start
South Korean stocks started slightly higher but soon lost ground on Monday, led by losses in techs and carmakers, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) opened 0.01 percent higher but soon shifted to negative territory, losing 9.8 points, or 0.49 percent, to 1,978.05 in the first 15 minutes of trading.Market bellwether Samsung Electronics dropped 1.49 percent and LG Display, one of the biggest flat screen suppliers for Apple, fell 2.26 percent.Carmakers were also b
Jan. 21, 2013
-
Global companies use localization to win Korean hearts
It is a serene atmosphere with a Korean traditional teahouse-like interior where people sit down on top of flat cushions on a wooden floor. But the drinks served are Starbucks coffee.Korea’s first drive-through Starbucks opened in Gyeongju, capital of the ancient kingdom of Silla, in September, with Silla designs everywhere.The stair railing to the traditional tearoom on the upper floor is designed after the banisters around the historic Anapji pond where the royals and the upper class partied d
IndustryJan. 20, 2013
-
Jeong promoted to Woori Card CEO
Woori Financial Group senior executive director Jeong Hyun-jin has been appointed CEO of Woori Card, with the new firm to be launched in March, group officials said Sunday.Jeong will lead the credit card firm, which is scheduled to be spun off from the financial group’s bank unit as an independent subsidiary.Born in Uiseong, North Gyeongsang Province, in 1952, he has worked mainly for Woori Bank and Hanil Bank, a former entity of the commercial lender, for 30 years.Though Woori Card (formerly Wo
Jan. 20, 2013