Most Popular
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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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First-ever meeting of president, opposition chief set to finally happen
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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Ship linked to NK arms shipments to Russia is moored in China: State Dept.
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[Kim So-hyun] The quiet taxi driver from Paris
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Income growth dwindles for 20s, 30s
Annual income growth for households headed by those in their 20s and 30s has been waning as the economic slowdown casts a shadow over young adult employment.According to Korea’s statistics bureau and financial data, the average annual salary increase for young employees decreased to 2.67 percent in the third quarter of 2012, from 5.31 percent in the fourth quarter of 2011.Meanwhile, households headed by those in their 40s and 50s, Korea’s main workforce, saw their annual income increase about 6
Jan. 2, 2013
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Reactor resumes operation after fake parts scandal
South Korea on Wednesday restarted the operation of a nuclear reactor that was shut down early last month for an emergency safety check following reports that thousands of substandard parts had been used under fake warranties in at least two reactors.The Younggwang 6 reactor resumed operation earlier in the day after the Nuclear Safety and Security Commission approved its restart on Monday.The safety commission earlier said a total of 13,794 substandard parts had been supplied to the Korea Hydro
IndustryJan. 2, 2013
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Derivatives trading volume plunges 17.7% in 2012
The trading volume of financial derivatives on the local bourse fell last year due to the protracted economic slowdown amid rising uncertainties in the eurozone and the United States, data showed Wednesday.The daily average trading volume of the derivatives including futures and options fell 17.7 percent on-year in 2012 to 54.6 trillion won ($51.2 billion), compared with 66.3 trillion tallied a year earlier, according to the data compiled by the Korea Exchange.The average number of daily contrac
IndustryJan. 2, 2013
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Retailers downbeat over Q1 biz: poll
South Korean retailers’ sentiment for the first quarter hit the lowest level since the second quarter of 2009 due to jitters over future business conditions, a poll showed Wednesday. The Korean Chamber of Commerce and Industry said its retail business survey index fell to 87 for the January-March period from 98 for the fourth quarter of last year, well below the benchmark level.A reading below 100 means that pessimists outnumber optimists.The index had been above the benchmark 100 since the seco
IndustryJan. 2, 2013
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Nonlife insurers to suffer loss for fiscal 2012
South Korean nonlife insurers are expected to post poor business performances for the 2012 fiscal year due to increased loss rates amid the country’s cold weather, industry data showed Wednesday.The average loss rate for the country’s top four nonlife insurers hovered above 90 percent in December, surpassing the industry’s break-even point of 77 percent, according to the data.The loss rate refers to the proportion of coverage a nonlife insurer pays to its policyholders from insurance premiums. T
IndustryJan. 2, 2013
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SKT, KT, LG Uplus to face FSS investigation
Korea’s three largest telecom operators ― SK Telecom, KT and LG Uplus ― could possibly to be hit with more disciplinary measures as the country’s financial regulator plans to launch an investigation into alleged malpractice concerning credit card transaction fees.The Financial Supervisory Service is expected to begin an investigation into the so-called “big three” telecom companies this week as they may have unfairly demanded that card issuers lower transactions fees below the standard market ra
TechnologyJan. 2, 2013
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‘Fiscal cliff’ deal bodes well for Korean economy
A resolution to the drawn-out fiscal cliff negotiations in the United States will lift the fog of uncertainty currently hanging over the global economy and bodes well for the future of the South Korean economy, which greatly depends on overseas demand for growth, experts said Wednesday.The fiscal cliff is a self-imposed massive automatic increase in taxes and drastic spending cuts to prevent deadlock between the two parties and encourage a compromise in reducing the fiscal deficit. There have be
Jan. 2, 2013
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Carmakers’ yearly sales up 5.7%
Major automakers in Korea effectively weathered negative factors involving the eurozone fiscal crisis last year, posting robust sales in the overseas market despite a slump at home.The five companies saw their collective sales climb by 5.65 percent in 2012 to about 8.19 million units, from 7.75 million units a year before.Hyundai Motor reported year-on-year sales growth of 8.6 percent. Its vehicle sales increased by about 350,000 units to around 4.4 million units ― an all-time high ― in 2012, fr
IndustryJan. 2, 2013
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Tycoons set firms’ direction for 2013
Chiefs of chaebol and the nation’s largest financial groups on Wednesday underscored efforts to keep above water through better risk management and more global talent as they enter a year full of economic uncertainties.Samsung Electronics chairman Lee Kun-hee called for more world leading products and services, 20 years after urging Samsung Group to “change everything but your wife and children.”“The difference in companies’ competitive power clearly unfolds during an economic slump, and only th
IndustryJan. 2, 2013
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Apple Japan exec to lead Apple Korea: source
Apple’s California headquarters is unlikely to pick a new general manager for Apple Korea for the time being amid reports that Apple Japan’s operating executive will be leading Korean operations.Industry sources said that Colin Greene, senior director of operations of Apple Japan, will be overseeing Apple Korea, and that this proxy system may continue indefinitely. Greene reports to the Cupertino headquarters of Apple, as is the case for most operation executives at regional offices. Apple Korea
IndustryJan. 2, 2013
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LG starts sales of world’s first 55-inch OLED television
LG Electronics launched the world’s first 55-inch high-definition television with organic light-emitting diode display, or OLED high-definition television, in Seoul on Wednesday, and began receiving pre-orders.Model 55EM9700 is 4 millimeters thick ― thinner than a smartphone ― and weighs about 10 kilograms. With anti-reflection technology, the contrast stays consistent regardless of the viewing angle or lighting. The device is priced at 11 million won, or about $10,000.In contrast to traditional
TechnologyJan. 2, 2013
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Sony stops making PlayStation 2 in Japan
TOKYO (AFP) ― Japanese electronics giant Sony said it has stopped producing its PlayStation 2 consoles in Japan, fuelling online rumours a PlayStation 4 is in the pipeline.Since launching in 2000 the PlayStation 2, which has a Blu-ray player, has sold more than 150 million units worldwide, making it the best selling console of all time and was so popular it outsold the its replacement for the first three years.Shipments have been “completed” for the hardware of PS2, the Japanese website of Sony
TechnologyJan. 2, 2013
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Global carmakers flock to CES 2013
It’s that time of the year when the world’s top television and home appliance makers come together in Las Vegas to show off their new lineups at the Consumer Electronics Show.However, what is different for 2013 is that the carmakers are betting big on the show, much bigger than the previous shows, with a record number of seven of the top 10 carmakers choosing to showcase their latest technologies at the international annual consumer electronics’ trade show.Global big names in the auto industry s
TechnologyJan. 2, 2013
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How to escape from the grip of an approaching attacker
1. A bulky adult is approaching with arms wide open to grab a child in picture 1. We already know that children are inferior to full grown adults in terms of strength, height, weight and more. Therefore, there is no good way when it comes to a child confronting an adult. When an opponent is approaching with arms wide open in an attempt to grab you, you should crouch as low as possible to make it difficult for the adult to grab you. This is to turn the opponent’s advantage in height to your advan
TechnologyJan. 2, 2013
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Nam takes helm of KT Capital
Nam Byung-ho, former general director of KT’s synergy development unit, took office as the head of KT Capital Co. on Wednesday.An affiliate capital firm of KT Group, KT Capital said that Nam was selected in recognition of his rich experience as a finance specialist. A Seoul National University graduate, Nam has served in the public sector since 1994, and built his career in major finance-related government agencies, including the Fair Trade Commission, the Financial Supervisory Service and the F
TechnologyJan. 2, 2013
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Antidepressants don't raise pregnancy risks: study
The use of antidepressants during pregnancy is not linked to a higher overall risk of stillbirth and death in newborns, a study said Tuesday, confounding a long-held opposing view of such drugs.The Swedish study of more than 1.6 million births in five Nordic countries included nearly 30,000 women who had filled in a prescription for an SSRI (selective serotonin reuptake inhibitor) during pregnancy.The researchers found that the 1.79 percent of mothers exposed to an SSRI had higher rates of still
TechnologyJan. 2, 2013
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Apple Japan exec to lead Apple Korea: source
Apple’s California headquarters is unlikely to pick a new general manager for Apple Korea for the time being amid reports that Apple Japan’s operating executive will be leading Korean operations.Industry sources said that Colin Greene, senior director of operations of Apple Japan, will be overseeing Apple Korea, and that this proxy system may continue indefinitely. Greene reports to the Cupertino headquarters of Apple, as is the case for most operation executives at regional offices. Apple Korea
TechnologyJan. 2, 2013
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LG rolls out 55-inch OLED TV on home turf
South Korean home appliance giant LG Electronics Inc. said Wednesday it has started receiving orders for its 55-inch organic light-emitting diode (OLED) TVs in South Korea.Consumers can apply for pre-orders of the 11 million won ($10,319) TV at 1,400 retail outlets across the country, with delivery set to start in early February, the company said in a press release.LG plans to expand sales to major markets in Asia, Europe and the U.S. in the first quarter, an LG spokesman said, without further e
TechnologyJan. 2, 2013
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Mom-and-pop shop protection bill passed
A revised bill to put limits on operations of large supermarkets passed the plenary session of the National Assembly on Tuesday.Under the ruling named the Retail Industry Development Act, aimed at protecting mom and pop shops, chains of large supermarkets, including E-Mart, Lotte Mart and Homeplus, have to stop their operations between midnight and 10 a.m. The ruling also forces supermarket chains to close their shops two days a month, including a Sunday. It is the first bill to limit operations
Jan. 1, 2013
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Half of new businesses disappear in two years
Only about half of new firms in the country survive through their first two years, data from Statistics Korea showed.The smaller they were the faster they perished. Only three out of 10 businesses run by individuals with zero regular employees carried on after five years, whereas those with at least one regular employee showed a higher survival rate of 45.2 percent.Accommodation and restaurant businesses, many of which are run on a shoestring, showed the lowest survival rate of 17.9 percent afte
Jan. 1, 2013