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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[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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S. Korea votes in favor of Palestinian bid for UN membership
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Farming households dip below 1m for first time in 2023
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Car exports to Africa soar on rising demand
Shipments of South Korean vehicles to African countries rose sharply in the first nine months of the year thanks to rising demand with the region’s political situations stabilized, a trade association said Wednesday.According to the Korean Automobile Manufacturers Association, a total of 146,976 cars were exported to Africa through September this year, up 21.4 percent from 121,030 units shipped to the region last year.However, car exports to Asian countries plunged 18.2 percent on-year to 129,07
Nov. 21, 2012
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Samsung Card demands more commission from Costco
Samsung Card, the local credit card exclusively used at Costco Wholesale, has demanded higher commission from Costco, industry sources said on Wednesday.Samsung reportedly demanded Costco to double the commission rate to up to 1.9 percent from the current 0.7 percent. The rate imposed on Costco had been significantly lower than the industry average, which is about 1.6 percent, according to the Financial Services Commission. Aside from Costco, Samsung Card notified its decision to raise rates for
IndustryNov. 21, 2012
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Lee’s leadership, innovative thinking behind Samsung’s 25 years of growth
Samsung Electronics chairman Lee Kun-hee had said one genius can feed millions of others, stressing the significance of creativity of employees.“We have to hire the best. A genius person is worth more than $1 billion,” said Lee, who has been leading Samsung Group since 1987.As the third son of Samsung founder Lee Byung-chull, the 70-year-old business leader had instructed his staff to “change everything except your wife and kids.”While Samsung Group in the late 1980s was overly focused on mass p
IndustryNov. 21, 2012
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[Newsmaker] Dong-A Pharm owner in disgrace over probes
Kang Shin-ho, chairman of the nation’s top pharmaceutical company Dong-A Pharmaceutical, is being hit with a barrage of criticism over scandals that have hit him and his company.The most recent charge against the company is that it sought to create slush funds worth tens of billions won by purchasing gift cards ― a type of prepaid card ― and reselling them for cash. The prosecution is investigating allegations that Dong-A created the funds to offer kickbacks to local hospitals. The pharmaceutica
IndustryNov. 21, 2012
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Hana Bank to raise funds by collecting used cell phones
Hana Bank kicked off on Monday a fundraising event to help out children in impoverished Asian nations by collecting used cell phones. Hana accumulates 1,000 won every time someone donates a used cell phone to the bank. It plans to raise more funds by selling rare metals found in the phones. The raised fund will be used to support children and schools in Asian countries including Vietnam, Myanmar and Mongolia. “It can also support the low-income class as new jobs are created in the process of dis
IndustryNov. 21, 2012
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ZTE sees Korean market test bed for global match
China’s No. 1 smartphone maker ZTE Corp. said it will target the Korean niche-market of smartphones, calling its Korean operation a screen-test for the global war against Korean tech titans such as Samsung and LG.Currently the Chinese handset firm targets the low-cost, third-generation device sector of the Korean smartphone market. In contrast to public opinion that Korea has completely switched over to Long Term Evolution devices, about 10 percent of customers in Korea are still willing to purc
TechnologyNov. 21, 2012
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Big-box retailers take on Internet
Big-box retailers are confronting their Internet competition head-on this holiday season.As the peak shopping period kicks off this week, Target and Best Buy will be leading the charge against Amazon and other Internet rivals by matching prices that shoppers find online.“The holiday is evolving,” said Marshal Cohen, chief industry analyst at NPD Group. “It’s a paramount issue and retailers had to respond.”The first-time offer is a reaction to the practice known as “showrooming,” in which consume
TechnologyNov. 21, 2012
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Samsung’s smartphone shipments forecast to top 60m in Q4
HONG KONG (Yonhap News) ― Samsung Electronics Co.’s smartphone shipments will likely exceed 60 million units in the fourth quarter of this year, proving its prowess in the world’s mobile phone market despite its ongoing patent war with Apple Inc., an investment bank said Wednesday.UBS estimated that Samsung Electronics will sell 61.5 million units of smartphones in the October-December period, up 5 percent from an estimated 58 million in the previous quarter. The number could reach as high as 63
TechnologyNov. 21, 2012
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SK Hynix profits from Samsung-Apple spat
SK Hynix, the world’s No. 2 memory chip maker, appears to be enjoying its heyday on the back of a legal battle between Samsung Electronics and Apple Inc., as the U.S.-based company attempts to diversify its suppliers. Along with Samsung and LG Display, SK Hynix ranks as one of Korea’s biggest parts suppliers to Apple.SK Hynix supplies mobile dynamic random access memory (DRAM) and NAND flash memory chips for Apple’s wireless devices such as the iPhone 5 and iPad Mini. Under pressure in its paten
IndustryNov. 21, 2012
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Samsung pulls controversial ‘puppy abuse’ video
IT giant Samsung Electronics is in hot water after it depicted people beating puppy-shaped computers in a controversial online video clip.Samsung posted a promotional video titled “Don’t Give Up On Puppy Love” on YouTube for its latest solid-state storage “840” series.The video portrayed computers as puppies with imaginary ears, eyes and mouth. In the video, owners of these “puppy” computers beat them with a shoe, throw them off a cliff or shoot them with a bow and arrow when the computers get s
TechnologyNov. 21, 2012
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Poll: Entrepreneurs may have better health
U.S. entrepreneurs are less likely to report chronic health problems such as high cholesterol, high blood pressure or diabetes, a survey indicates. The findings are based on more than 273,175 interviews conducted Jan. 2, 2011, to Sept. 30, 2012, with U.S. adults as a part of the Gallup-Healthways Well-Being Index. Gallup classified 6,896 of these respondents as entrepreneurs if they self-identified themselves as both self-employed and as a business owner.Entrepreneurs report better health habits
Nov. 21, 2012
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SSD is expected to be more popular next year
The next-generation storage device, solid-state drive, or SSD, is expected to become more popular next year thanks to its rapidly falling price, a report said.The report by iSuppli, a U.S.-based market researcher, said the global SSD sales volume in the third quarter of 2012 reached 15.5 million units, a 137 percent increase from the same period last year.SSDs have better stability and speed compared to conventional hard disk drives. Since these specifications are most important for storage devi
TechnologyNov. 21, 2012
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Facebook users going to secure connections
Facebook says it is moving all users to secure HTTPS browser connections to help block attacks over WiFi networks.HTTPS, a secure version of the Hypertext Transfer Protocol with which browsers connect with websites, encrypts data as it is transferred, making it harder to see for potential attackers on the same wireless network.First adopted by financial institutions and on-line shopping sites, HTTPS is becoming widespread among Web services, PC World reported.Facebook offered HTTPS as an option
TechnologyNov. 21, 2012
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HP says acquired company lied about finances
NEW YORK (AP) -- Hewlett-Packard Co. said Tuesday that a British company it bought for $10 billion last year lied about its finances, resulting in a massive write-down of the value of the business.HP is avoiding calling it a fraud, but it said there were ``serious accounting improprieties, disclosure failures and outright misrepresentations at Autonomy Corporation PLC.''HP is taking an $8.8 billion charge in its latest quarter to align the accounting value of Autonomy with its real value. It sai
IndustryNov. 20, 2012
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AIDS recedes as home-grown funding exceeds international aid
Spending on AIDS by the countries hit hardest by the disease exceeded foreign aid for the first time last year, as developing nations lessened their dependence on rich countries that curbed donations to battle deficits.Low- and middle-income countries have doubled spending on AIDS to $8.6 billion since 2005, compared with international funding for the disease that stalled at $8.2 billion last year, the Joint United Nations Programme on HIV/AIDS, or UNAIDS, said in its annual report on the epidem
TechnologyNov. 20, 2012
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Donga Pharmaceutical under probe for slush fund
The Seoul prosecution service said Tuesday that it was investigating allegations that South Korea's largest drug manufacturer, Donga Pharmaceutical Co., has created slush funds by buying and selling gift cards.Donga Pharmaceutical is suspected of buying tens of million dollars of gift cards by corporate credit cards and resold them to secure cash, prosecution officials said.A gift card is exchanged for cash at a discount at the local black markets.Prosecutors said they were trying to find out th
IndustryNov. 20, 2012
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Samsung gets second bite at Apple ITC case
Samsung Electronics has won another chance to convince a U.S. trade agency that Apple Inc.’s flagship products such as the iPhone 4S and iPad 2 have infringed the firm’s patents.The U.S. International Trade Commission announced on Monday that it will review “in its entirety” its initial determination by Judge James Gildea in September that Apple violated none of the four Samsung patents in question.“Having examined the record of this investigation, including the initial determination, the petiti
IndustryNov. 20, 2012
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Daewoo wins $239.9 mln deal from Saudi Arabia
Daewoo Engineering & Construction Co., a major South Korean shipbuilder, said Tuesday that it has won a $239.9 million deal to build industrial tank farms in Saudi Arabia.Under the deal with Sadara Chemical Co., Daewoo E&C will construct chemical storage tanks and other facilities for Saudi Arabia's new tank farms at the Jubail petrochemicals complex on the Persian Gulf coast, the company said in a filing.Sadara Chemical is a joint venture between Saudi Aramco and Dow Chemical Co. of the United
IndustryNov. 20, 2012
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Shares gain on optimism over U.S. fiscal cliff
South Korean stocks closed 0.64 percent higher Tuesday on abated concerns over the U.S. fiscal cliff and improving economic data, analysts said. The local currency gained against the U.S. dollar. The benchmark Korea Composite Stock Price Index rose 12.08 points to finish at 1,890.18. Trading volume was light at 367.0 million shares worth 3.62 trillion won ($3.34 billion) with advancers outnumbering decliners 481 to 330. “Political reassurance gave a boost to investor sentiment, though it’s likel
Nov. 20, 2012
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Korean economy to grow over 3% next year: JPMorgan
HONG KONG (Yonhap News) ― The South Korean economy will likely grow more than 3 percent in 2013 from this year amid improving external and internal macro environments, JPMorgan said Tuesday.The U.S. investment bank predicted South Korea’s real gross domestic product will recover to the 3 percent level next year, compared to an estimated 2.3 percent in 2012, with exports to rise and fiscal policy to turn more supportive.“On a quarterly basis, real GDP growth has slowed for three straight quarters
Nov. 20, 2012