Most Popular
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Korean, Romanian leaders discuss defense tech, nuclear energy
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[Graphic News] 77% of young Koreans still financially dependent
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S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
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Yoon’s jailed mother-in-law excluded from latest parole list
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Hybe and Min Hee-jin, CEO of Hybe sublabel Ador, lock horns
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[Pressure points] Leggings in public: Fashion statement or social faux pas?
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Yoo Jae-suk, Yoo Yeon-seok team up in 'Whenever Possible'
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Aging population to drive down Korea's housing prices from 2040: experts
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North Korea holds drills simulating nuclear counterattack against enemy
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SK Innovation profit tumbles
SK Innovation Co., South Korea’s top refiner, said Friday that its third-quarter net profit nosedived 72 percent from a year earlier due to decreased refining margins.Net income came to 509.7 billion won ($465 million) in the July-September period compared with 1.82 trillion won a year ago, the company said in a regulatory filing.Sales, however, rose 7.5 percent to 18.5 trillion won on-year in the period, while operating profit fell 24.7 percent to 648.7 billion won.Compared with the previous qu
IndustryOct. 26, 2012
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Hyundai Steel swings to black in Q3
Hyundai Steel Co., South Korea’s second-largest steelmaker, said Friday that it swung to a profit in the third quarter thanks to cost-cutting efforts.Net profit reached 232.9 billion won ($212.5 million) in the three months ended Sept. 30, compared with a net loss of 136.9 billion won a year ago, Hyundai Steel said in a regulatory filing.Sales, however, fell 9.06 percent on-year to 3.4 trillion won in the period and operating profit fell 19.4 percent to 230 billion won.Hyundai Steel said decreas
IndustryOct. 26, 2012
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LIG Group chairman pledges to compensate for fraud victims
Koo Cha-won, chairman of embattled LIG Group on Friday vowed to compensate for the victims of the latest fraud committed by LIG affiliates, indicating he may dip into his own pockets if necessary. “I deeply apologize to all the victims of the commercial paper fraud, and regardless of exactly who or what was the cause of this issue, I will take full responsibility,” said a teary Koo at a press conference held at the LIG Group headquarters in Seoul. He said he would establish detailed compensatio
IndustryOct. 26, 2012
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Seoul shares sink 1.72 percent on growth woes
South Korean stocks fell 1.72 percent Friday as the country’s weaker economic growth put a dent in investor sentiment amid a lack of market momentum, analysts said. The local currency gathered ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index fell 33.07 points to close at 1,891.43. Trading volume was moderate at 432.1 million shares worth 4.54 trillion won ($4.14 billion), with losers far outstripping gainers 680 to 171.“The market is taking the quarterly growth a li
Oct. 26, 2012
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LG Display logs first operating profit in 2 years
South Korean display giant LG Display Co. on Thursday reported its first operating profit in two years in the third quarter, driven by increasing sales of specialty products and seasonal demand growth.Net profit came to 158.2 billion won ($144.5 million) in the July-September period, reversing from a 687.5 billion won loss the previous year, the company said in a regulatory filing.Revenue rose 21.1 percent on-year to 7.6 trillion won, while operating profit came to 253.4 billion won, shifting fr
IndustryOct. 26, 2012
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Naro rocket launch delayed
Korea canceled the launch of the Korea Space Launch Vehicle-1, or the Naro rocket, on Friday after detecting a gas leak in the helium injection system.Officials of the Ministry of Education, Science and Technology and Korea Aerospace Research Institute said that it would have to postpone the launch by at least three days until engineers and researchers fixed the problem.Korea has until the end of this month to launch the Naro rocket.Otherwise, the country will need another clearance from global
TechnologyOct. 26, 2012
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Apple posts ’mini’ notice admitting Samsung didn’t copy design
Apple Inc. on Friday posted a notice on its U.K. website admitting that Samsung’s tablets do not infringe on its iPad design, but tucked it away in a hard-to-find place.To uphold a U.K. court’s ruling to post the notice, Apple inserted a line saying “Samsung/Apple UK judgment” at the very bottom of the website, next to “Terms of Use” and “Private Policy.” When users click onto it, it opens a page outlining the ruling that sided with Samsung. “On 9th July 2012, the High Court of Justice of Englan
TechnologyOct. 26, 2012
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Japan mulls manned space capsule by 2017
Japan intends to be launching astronauts into space aboard a manned capsule by 2017, officials with the Japan Aerospace Exploration Agency say.The proposed capsule or mini-shuttle would carry a crew of three and deliver up to 880 pounds of cargo into orbit to destinations such as the International Space Station.The capsule, which would be similar in capacity to the U.S. SpaceX Dragon spacecraft, is being proposed in two versions: a 15,400-pound design that would use parachutes for return to Eart
TechnologyOct. 26, 2012
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Korea's space rocket launch delayed due to technical glitch
South Korea postponed its launch of a space rocket Friday due to a problem that was detected only hours before its scheduled liftoff. Cho Yul-rae, vice minister of education, science and technology, said the launch of the Korea Space Launch Vehicle-1 (KSLV-1) will be delayed at least three days. "A leak has been detected from a connection between the first-stage rocket of the KSLV-1 and the launch pad," Cho told a press briefing. The problem was detected during a final inspection of the s
TechnologyOct. 26, 2012
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MS unveils new look with Windows 8
Microsoft launched a radical redesign of its world-dominating Windows operating system Thursday, introducing a touch-enabled interface that attempts to bridge the gap between personal computers and fast-growing mobile devices powered by the company's fiercest competitors.The debut of Windows 8 heralded the biggest change to the system since 1995, when the company first offered built-in Internet support. And with so much riding on it, the overhaul could be Microsoft's most important product since
TechnologyOct. 26, 2012
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Korea's consumer sentiment hits 9-month low in Oct.
South Korean consumers' confidence fell to the lowest level in nine months in October as the economic outlook remained bleak amid the eurozone debt crisis, the central bank said Friday.The consumer sentiment index -- a gauge of consumers' overall economic outlook, living conditions and future spending -- came in at 98 for October, down from 99 tallied for September, according to a survey by the Bank of Korea (BOK).The October figure marked the lowest level since the index hit an identical 98 in
Oct. 26, 2012
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Samsung Electronics breaks 8 trillion won mark in Q3
Samsung Electronics said Friday that it logged a record-breaking operating profit of 8.12 trillion won for the third quarter, boosted by its strong sales of mobile devices and display panels.The world’s top smartphone maker also achieved 52.18 trillion won in revenue, an increase of 26 percent year-on-year. Net profit also posted at 6.56 trillion won from July-September.The figures were similar to those released in its earnings guidance earlier this month which said the company’s consolidated re
Oct. 26, 2012
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Korean Economy grows at slowest pace in almost 3 years
The South Korean economy grew at the slowest pace in nearly three years in the third quarter in the face of the global economic downturn, the central bank said Friday, giving weight to the bank‘s recent rate cut.Korea’s gross domestic product, the broadest measure of economic performance, grew 0.2 percent in the July-September period from three months earlier, slowing from a 0.3 percent on-quarter gain tallied in the second quarter, according to an advance estimate by the Bank of Korea.The third
Oct. 26, 2012
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Hyundai Heavy Q3 net jumps 30%
Hyundai Heavy Industries Co., South Korea's leading shipbuilder, said Thursday its third-quarter earnings soared almost 30 percent from a year earlier on a one-time factor. Net profit reached 729 billion won ($666 million) on a consolidated basis in the July-September period, compared with a profit of 562 billion won a year earlier, the company said. Sales edged up 0.8 percent on-year to reach 13.1 trillion won, while operating income dropped 35 percent to 594 billion won over the cited perio
Oct. 25, 2012
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Retail giant chiefs edgy ahead of hearing
Korea’s major retail chaebol chiefs, or rather, their staff, are on pins and needles ahead of a parliamentary hearing early next month to which they were summoned to answer questions on retail giants’ “unfair trade practices.”The National Policy Committee said it will call on Lotte Group chairman Shin Dong-bin, Hyundai Department Store Group chairman Chung Ji-sun, Shinsegae Group vice chairman Chung Yong-jin and Shinsegae Co. vice president Chung Yu-kyung, who did not show up at the parliamentar
IndustryOct. 25, 2012
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U.S. accused of Apple protectionism
The U.S. International Trade Commission’s decision Thursday that Samsung infringed on four of Apple’s patents has led to accusations of protectionism.U.S. ITC Judge Thomas Pender said in a notice on the agency’s website that Samsung violated four patents, including a design patent and three other patents that include touch-screen technology.“We will immediately request a re-examination of the preliminary decision and we’re confident that our claim will be accepted in the final determination,” sa
Oct. 25, 2012
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Space rocket ready for lift-off Friday
The Korea Space Launch Vehicle-1 is scheduled for liftoff at 3:30 p.m. Friday with Koreans hoping it will open a new chapter in the nation’s space technology. The rocket known as the Naro-3 was placed on the launch pad next to the launch platform pointing straight to the sky at the Naro Space Center in Goheung, South Jeolla Province. Final preparations were performed from the control tower on Thursday.Naro-3 is a two-stage space launch vehicle. It stands 33.5 meters tall, has a maximum diameter
TechnologyOct. 25, 2012
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Pediatricians offer first report on organic foods
CHICAGO (AP) ― Parents who want to reduce their kids’ exposure to pesticides may seek out organic fruits and vegetables, but they aren’t necessarily safer or more nutritious than conventional foods, America’s leading pediatricians group says in its first advice on organics.Science hasn’t proven that eating pesticide-free food makes people any healthier, the American Academy of Pediatrics said.“Theoretically there could be negative effects, especially in young children with growing brains,’” but
TechnologyOct. 25, 2012
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Truth about depression
Concerns over depression are rising after a series of news reports associated the mental illness with recent random violent crimes. A number of reports highlighted the fact that some offenders had been suffering from depression, claiming that the crimes could have been prevented if they had had proper treatment to deal with their psychiatric problems. Experts also raised concerns that the number of people with symptoms of depression is growing due to complex personal, familial and social problem
TechnologyOct. 25, 2012
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Korean won hits over 1-year high to dollar, shares up
The South Korean currency on Thursday rose to the highest level against the U.S. dollar in more than one year amid foreign capital inflows, dealers said. The local currency ended at 1,098.20 won against the greenback, up 5.4 won from the previous session’s close. It marked the first time that the won appreciated to the 1,000-level since Sept. 9, 2011.So far this year, the Korean currency has appreciated 4.88 percent to the dollar amid sustained inflows of foreign capital and Korea’s relatively s
Oct. 25, 2012