Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Graphic News] More Koreans say they plan long-distance trips this year
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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Farming households dip below 1m for first time in 2023
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Wine sales outpace soju sales for first time
Sales of wine at local discount chains outstripped those of soju for the first time, data showed Sunday, mirroring a changing trend in South Korea’s drinking culture.Wine sales surpassed those of the local alcoholic drink by 4.6 percent this year, according to the data by Lotte Mart, a discount chain arm of retail giant Lotte. Last year, sales of wine lagged behind those of soju by roughly 6 percent.Wine sales stood at around 25 percent of soju sales in the first half in the early 2000s, but jum
IndustryDec. 16, 2012
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Lottery sales exceed limit cap for 2nd year
Lottery sales in South Korea surpassed an annual government-set limit for the second straight year as more people bought tickets amid an economic recession, data showed Sunday.Sales of lottery tickets totaled 2.91 trillion won ($2.71 billion) in the January-November period, exceeding the 2.87 trillion won ceiling recommended by the National Gambling Control Commission, according to the data by government agencies.If the trend continues, this year’s lottery sales are expected to surpass 3 trillio
IndustryDec. 16, 2012
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Household debt rises at unsustainable rate
South Korea’s household debt has been rising at a faster rate than its economic growth, data showed Sunday, raising concern it could put the economy in jeopardy unless proper measures are taken.According to the data by the Bank of Korea, South Korea’s household credit totaled 937.5 trillion won ($873 billion) as of the end of September, up 5.6 percent from a year earlier.Household credit refers to credit purchases and loans for households extended by financial institutions, including commercial
Dec. 16, 2012
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Power shortage offers banks opportunity
Power shortages in the wintertime pose a risk to the nation’s energy security, but they also create business opportunities for banks, which seek a new sources of growth as interest rates stay low. Industry sources said South Korean banks’ top priority at year-end was to find new areas of growth amid deteriorating profitability. Korean banks, which depend heavily on the profits from loan-to-deposit interest differences, have been losing money as the protracted economic downturn has kept loan inte
Dec. 16, 2012
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KEB becomes first Korean bank to open branch in Abu Dhabi
Korea Exchange Bank opened a branch in Abu Dhabi, UAE, last week, the first time a Korean financial firm has done so in the Middle Eastern city.The bank said in a statement that the Abu Dhabi branch was an extension of the overseas marketing plans of KEB president and CEO Yun Yong-ro. “KEB Abu Dhabi is expected to play a key role in developing the economy of the UAE and supporting Korean companies to advance into countries with great potential such as (those in) Africa,” said Yun during a speech
Dec. 16, 2012
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U.S., U.K. oppose Internet supervision
The International Telecoms Union, the United Nations’ agency for information and communications technology, failed to draw consensus on bringing each country’s Internet regulations under the international community’s control. As Internet traffic has far surpassed telephone use, regulatory powers ― including taxation of cross-border cyber traffic, censorship and network neutrality ― have become key issues.The ITU hosted this year’s World Conference on International Telecommunications in Dubai bet
TechnologyDec. 16, 2012
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Unlocked iPhones could fuel fee competition
The release of the iPhone 5 as unlocked and contract-free form is being eyed as to whether it will stir up competition in the market of mobile virtual network operators, which offer more affordable wireless payment plans.Apple’s iPhone 5 handsets, without any kind of contract with mobile carriers, went on sale in Korea on Friday.“As Korea decided to implement a system that enables consumers to pick their own handset and mobile carrier as well as mobile payment scheme starting this year, Apple ha
IndustryDec. 16, 2012
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U.S. upgrades investigation into Ford Motor pedal problem
An investigation into complaints that loose floor mats in some Ford Motor Co. Fusion, Lincoln MKZ and Mercury Milan cars may jam accelerator pedals was upgraded by U.S. regulators. The National Highway Traffic Safety Administration, which regulates auto safety, today said it intensified a probe opened in May 2010 to an engineering analysis after receiving 52 complaints. The investigation covers about 480,000 cars from model years 2008 to 2010, NHTSA said today on its website. Accelerator pedals
MobilityDec. 16, 2012
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German firms lag in customer satisfaction
German automakers lagged behind their Japanese competitors in customer satisfaction in after-sales services in Korea, a vehicle research report showed Sunday.According to a yearly assessment by Marketing Insight based on a consumer survey on major carmakers, Volkswagen and BMW shared the lowest score of 746 out of 1,000 points in the after-sales sector.Audi and Mercedes-Benz posted 768 and 808 points, respectively, but none of the four German companies outperformed any of the five major Japanese
MobilityDec. 16, 2012
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New SM5 keeps Renault Samsung plant busier
BUSAN ― Resounding with K-pop music, the production lines at Renault Samsung Motors’ Busan plant were full of energy Friday. With the recent launch of its new SM5 sedan, the Korean unit of the France-based Renault Group resumed overtime work at the factory last month for the first time in 11 months.“After a long time, the new SM5 is revitalizing factory workers here. We have continued working overtime since November,” said Oh Jik-youl, manufacturing chief of Renault Samsung. Amid an almost 40
IndustryDec. 16, 2012
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ASEIC drives eco-innovation for Asian SMEs
The ASEM SMEs Eco-Innovation Center, established by South Korea’s Small and Medium Business Administration in 2011 to promote eco-innovation in the ASEM member countries, has offered its eco-business consulting services for small and medium enterprises in Asia for the past two years. Behind the drive is ASEIC’s belief that SMEs play a critical role as dynamic developers and adopters of eco-innovation in the global economy. According to the OECD, eco-innovation is defined as innovation that resul
IndustryDec. 16, 2012
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Korean, Chinese SMEs discuss green partnerships
Korean and Chinese SMEs discussed ways to expand bilateral green partnerships in a forum on Nov. 29 in Qingdao, Shandong province, China. The forum, hosted by ASEIC, was held after the Chinese government pledged to invest in projects that would move it toward a green economy in July.According to China’s green road map, China will invest more than 2 trillion yuan ($315 billion) over the next five years into opportunities in the country’s burgeoning energy-saving sector. Under the road map, China
IndustryDec. 16, 2012
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ASEIC tailors eco-technology for local needs
Technology transfer is one of the most sought-after forms of assistance for developing countries, but ASEIC thinks technology should be tailored for local needs to become more effective.ASEIC, which was established in 2011 with a mission of promoting eco-innovation at small and medium enterprises in Asia and Europe, adopts the concept of “appropriate technology” for its inclusive program. The program aims to provide technological aid to developing Asian countries, which will help raise their und
Dec. 16, 2012
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Research: Tiny robots may think as a group
A U.S. researcher says a swarm of tiny robots could be a better solution to accomplishing tasks than one big one and has made "ping-pong" ball-sized examples.University of Colorado at Boulder computer scientist Nikolaus Correll and his research team have developed a basic robotic "building block" which they hope to reproduce in large quantities to develop increasingly complex systems, the university reported Friday.They've created a swarm of 20 robots, each the size of a Ping Pong ball, which th
TechnologyDec. 16, 2012
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Lottery sales exceed gov't cap for 2nd year
Lottery sales in South Korea surpassed an annual government-set limit for the second straight year as more people bought tickets amid an economic recession, data showed Sunday. Sales of lottery tickets totaled 2.91 trillion won ($2.71 billion) in the January-November period, exceeding the 2.87 trillion won ceiling recommended by the National Gambling Control Commission (NGCC), according to the data by government agencies. If the trend continues, this year's lottery sales are expected to s
Dec. 16, 2012
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Samsung tablet market share doubles in Q3
Samsung Electronics Co. saw its market share in the tablet PC market nearly double in the third quarter from three months earlier as it moved to catch up with rival Apple Inc., data showed Sunday. The South Korean tech giant's global market share reached 18.1 percent in the July-September period, compared with 9.2 percent in the previous quarter, according to the data by research firm Strategy Analytics. Meanwhile, Apple's market share fell to 52.9 percent from 68.4 percent, narrowing the
TechnologyDec. 16, 2012
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Wine sales outrun soju shipments for first time
Sales of wine at local discount chains outstripped those of soju for the first time, data showed Sunday, mirroring a changing trend in South Korea's drinking culture. Wine sales surpassed those of the local alcoholic drink by 4.6 percent this year, according to the data by Lotte Mart, a discount chain arm of retail giant Lotte. Last year, sales of wine lagged behind those of soju by roughly 6 percent. Wine sales stood at around 25 percent of soju sales in the first half in the early 2000s, b
IndustryDec. 16, 2012
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SMEs' 2013 growth forecast hits lowest mark since 2008
South Korea's small and medium-sized enterprises (SMEs) forecast the country's economic growth to reach a record low next year since the 2008 financial crisis, a poll showed Saturday. According to a survey of 1,500 SMEs taken by the Korea Federation of Small and Medium Business (Kbiz), a majority of the companies polled predicted South Korea's economy will grow 2.9 percent in 2013, the lowest level since their 2009 prediction of 2.4 percent. Nearly 70 percent of the respondents regarded advanced
IndustryDec. 15, 2012
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Black boxes on cabs reduce accidents: data
Taxis run by companies caused fewer car accidents after most of them installed black boxes, while a bill that requires all vehicles to be equipped with black boxes awaits parliamentary approval.The number of accidents involving company-run cabs fell 17.7 percent from 2007 to 20,331 last year, when most cabs were equipped with black boxes, according to the General Insurance Association of Korea and the Korea Transportation Institute.Starting with Incheon in 2008, local governments had black boxes
IndustryDec. 14, 2012
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Mexican firm sues SK E&C, Siemens over refinery project
Petroleos Mexicanos, Mexico’s state- owned oil company, filed a $1.5 billion lawsuit against Siemens AG and South Korea-based SK Engineering & Construction Co., claiming the companies bribed Pemex officials to win and keep refinery construction projects.Siemens, which in 2008 paid $1.6 billion to settle a bribery investigation by the U.S. Securities and Exchange Commission, conspired with SK Engineering and a joint venture partner to bribe Pemex officials while bidding on a refinery modernizatio
Dec. 14, 2012