Most Popular
-
1
1 in 3 Koreans live alone, family types becoming diverse
-
2
Korea, Japan finance chiefs vow to tame rampant FX market volatility
-
3
K-pop singer lost consciousness after being hit by foul ball, cancels show
-
4
K-pop group's manager dismissed for setting up spycam in theater dressing room
-
5
Contentious grain bill put directly to plenary meeting for vote
-
6
Korean Muslim YouTuber's plan to build mosque in Incheon goes viral
-
7
Why is Apple Pay struggling to get purchase in Korea?
-
8
Yoon's office denies considering liberal figures for key posts
-
9
Trilateral talks acknowledge ‘serious’ slumps of won, yen
-
10
[Today’s K-pop] BTS pop-up event to come to Seoul
-
S. Korea's jobless rate stands at 2.9 pct in Dec.
South Korea's jobless rate remained under 3 percent for the fourth straight month in December, but job growth sharply slowed down, suggesting the labor market conditions remain tough for many job seekers, a government report showed Wednesday.According to the report by Statistics Korea, the jobless rate stood at 2.9 percent last month, slightly up from the previous month's 2.8 percent. The rate has been in the 2-percent range since September.The number of jobs added to the economy, however, decli
Jan. 9, 2013
-
Samsung expects to post W200tr in sales
Samsung Electronics is expected to post up to 200 trillion won in annual sales based on a record-breaking year in 2012, the company said in a statement Tuesday.Last year, the company estimates that it recorded 201 trillion won of sales, while operating profit reached 29 trillion won. This was because in the fourth quarter, Samsung Electronics is seen to have posted sales of 56 trillion won and an operating profit of 8.8 trillion won. This indicates that sales rose by more than 7 percent compared
IndustryJan. 8, 2013
-
Korea’s exports to emerging nations soar
Korea now may have to pay more attention to emerging countries given that the nation’s exports to them have soared over the past decade.According to government data released Tuesday, Korea’s exports to emerging countries accounted for 72.8 percent of its total exports while outbound shipments to advanced economies declined to 27.2 percent last year.Officials attributed the changing trend to emerging countries’ relatively fast economic growth and advanced nations’ protracted economic slump.But th
Jan. 8, 2013
-
Foreigners planning start-ups invited to workshop next week
Nonprofit organization the TIDE Institute is hosting a three-day workshop in English for foreigners planning start-up ventures at Kyungil University next week.Developers, designers and entrepreneurs are invited to come together to share ideas, form teams, build prototypes and find out if their start-up ideas are viable at the “Start-up Springboard” to be held from Jan. 16 through 18 at the university in Gyeongsan, North Gyeongsang Province.The event begins with an open pitch session on Jan. 16 i
IndustryJan. 8, 2013
-
Samsung Electronics takes up 20% of stock market cap: data
South Korea’s tech giant Samsung Electronics Co. has increased its presence in the local stock market with its value reaching nearly 20 percent of the total market capitalization, data showed Tuesday.The market cap of Samsung Electronics reached 223.8 trillion won ($210.5 billion) as of Monday, or 19.26 percent of the market total and up 4.3 percentage points from end-2011, according to data compiled by the bourse operator Korea Exchange.Samsung’s market cap had stayed below 20 percent after rea
CompaniesJan. 8, 2013
-
Seoul to overhaul operator of scandals-hit nuclear power plant
The government announced a set of measures Tuesday to overhaul the country’s state-run nuclear power plant operator that seeks to enhance the safety of nuclear reactors and public confidence.The move comes as public confidence over the safety of nuclear power plants plunged from 71 percent in January 2010 to only 34.8 percent at the end of last year, according to the Ministry of Knowledge Economy, which oversees the country’s energy affairs.Such a large drop was largely caused by a nuclear accid
Jan. 8, 2013
-
Dongbu Group inks deal to buy Daewoo Electronics
South Korean conglomerate Dongbu Group signed a contract to take over Daewoo Electronics Corp. on Tuesday, ending a decade-long search for a buyer for the country’s No. 3 electronics firm.The group said its consortium inked the deal with Daewoo Electronics creditors to purchase the appliance maker for 272.6 billion won ($256.4 million).The move comes five months after Dongbu Group was tapped as the preferred bidder of Daewoo Electronics, a former unit of Daewoo Group, one of South Korea’s larges
Jan. 8, 2013
-
KT reports LG Uplus to watchdog for ‘irregularities’
KT Corp., the country’s top fixed line and No. 2 mobile carrier, on Tuesday reported rival LG Uplus Corp. to the communications watchdog for illegally luring subscribers.“KT has submitted a report to the Korea Communications Commission requesting a strict measure on LG Uplus, which has been receiving subscribers through illegal means despite its business suspension stemming from excessive subsidy payments,” KT said in a press release.Since Monday, LG Uplus has been under a 24-day business suspen
Jan. 8, 2013
-
Banks’ foreign-currency deposits dip in Dec.
Foreign currency deposits at South Korean banks fell for the second straight month in December as local firms withdrew money to cover import bills, the central bank said Tuesday.Outstanding foreign currency-denominated deposits held by local residents reached $36.03 billion as of the end of December, down $2.35 billion from the previous month, according to the Bank of Korea.The December data marked the lowest level since August when such deposits hit $35.83 billion, it added. In October, the dep
Jan. 8, 2013
-
Shares down on weak Q4 earnings outlook
South Korean stocks finished 0.66 percent lower Tuesday as rising concerns over a weak corporate earnings outlook dented investor sentiment, analysts said. The local currency gathered ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index dropped 13.30 points to 1,997.94. Trading volume was moderate at 489.3 million shares worth 3.91 trillion won ($3.67 billion), with decliners outnumbering gainers 427 to 369.“Although Samsung Electronics boasted all-time high quarterly e
Jan. 8, 2013
-
Park not to raise taxes on wealthy bracket
President-elect Park Geun-hye’s transition team is poised to rule out tax hikes in the coming administration’s policy to secure funds for social welfare, committee members said Tuesday.Under Park’s full-fledged welfare project, which will cost the nation more than 90 trillion won ($83.3 billion) over five years, some economists had expected that the high-income bracket and major business groups would ultimately be the main target of tax authorities.But in contrast to market prediction, a member
Jan. 8, 2013
-
Household debt, aging weigh on growth
President-elect Park Geun-hye is faced with many economic challenges ahead as Korea is about to enter a low-growth period, further weighed down by rising household debt and a rapidly aging society.With her transition team in order, Park and her advisers are set out to improve the country’s financial soundness by first extending a support mechanism that aims to alleviate the growing debt of middle-income earners and credit delinquents.As pledged, the incoming administration is expected to set up
Jan. 8, 2013
-
Target emerging nations’ middle class: KOTRA
The Korea Trade-Investment Promotion Agency said that local export firms should target the middle class in emerging countries in order to tide over the protracted global economic slump.The state-run agency held its yearly presentation on local companies’ overseas market expansion strategy at InterContinental Seoul COEX on Tuesday.The three-day event kicked off with opening speeches by KOTRA CEO Oh Young-ho and Knowledge Economy Minister Hong Suk-woo, as well as reports from directors of nine reg
Jan. 8, 2013
-
TV makers battle for spotlight at CES
LAS VEGAS ― The world’s top TV makers are battling for attention at one of the biggest international tech trade show with screens getting bigger and clearer compared to the previous years.The world’s top TV manufacturer Samsung Electronics on Tuesday showed off the biggest TV at the show ― its 110-inch display Ultra High Definition television ― and its rival LG Electronics pointed to its 55-inch organic light-emitting diode TV.They both held global press conferences at the show, highlighting the
Jan. 8, 2013
-
Extreme weather pumps up sales of sundry, winter supplies
Office worker Bae Ji-won couldn’t get a cab one snowy night after a late night drinking session last week.After 20 minutes of trying past 2 a.m., she decided to spend the rest of the night at a nearby jjimjilbang, a dry sauna where people bathe and often sleep.On her way, she stopped by a 24-hour convenience store to pick up some emergency commodities.She first bought a can of warm honey water and a pair of socks as her boots and socks were soaked with snow.She also bought thermal underwear, pla
Jan. 8, 2013
-
POSCO launches new social enterprise
POSCO, the nation’s top steelmaker, launched a new social enterprise named POSCO HUMANS on Wednesday after merging POSWITH and Poseco Housing, both of which were social enterprises under the steel group, POSCO HUMANS said in a press release. “The merger deal came for synergy effect and management efficiency. The newly established social enterprise will focus on offering jobs for socially disadvantaged people, including disabled and multicultural family members,’’ the company said. POSWITH, estab
Jan. 8, 2013
-
Religious tax to be introduced this month
The Ministry of Strategy and Finance is reportedly pushing for a revised income taxation law that allows the government to collect taxes from religious groups.It plans to reintroduce the ordinance this month that has been controversial since 2006 when the National Tax Service suggested the religious tax to the Finance Ministry.Clergy and monks had been granted tax exemptions, and the ministry had been seriously contemplating whether to introduce the tax system faced with opposition and resistanc
Jan. 8, 2013
-
Even in Roman times, cool shoes were a must
Children living in Roman times showed off their social status through the shoes they wore, a recent research suggested.According to a study led by Elizabeth Greene of the University of Western Ontario, Roman children were dressed to reveal their place in society. “The role of dress in expressing status was prominent even for children of the very youngest ages,” Livescience.com quoted Greene as saying. Greene and her colleagues looked at over 4,000 shoes found at Vindolanda, a Roman army fort in
TechnologyJan. 8, 2013
-
U.S. Supreme Court leaves stem cell research alone
The U.S. Supreme Court declined Monday to enter the emotionally-charged debate over stem cell research, refusing to hear an appeal centered on the issue of federal government funding.The top U.S. court did not give a reason for its decision, which ends the long judicial saga over President Barack Obama's 2009 executive order lifting restrictions on financing imposed by his predecessor George W. Bush.The appeal had come from two researchers working with adult cells rather than embryonic stem cell
TechnologyJan. 8, 2013
-
Samsung puts Q4 operating profit at 8.8 trillion won
Samsung Electronics Co., the world's biggest technology firm by revenue, estimated Tuesday it had posted a record operating profit of 8.8 trillion won ($8.3 billion) in the fourth quarter of 2012, and is poised to log record annual earnings on the back of its smartphone dominance.The preliminary estimate represents an 88.8 percent jump from a revised operating profit of 4.66 trillion won a year earlier, Samsung said in a regulatory filing. It is also a 9.2 percent increase from the previous thre
IndustryJan. 8, 2013