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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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Shinhan Bank sells $95m of yuan-denominated bonds
HONG KONG (Yonhap News) ― Shinhan Bank, South Korea’s third-largest commercial bank, said Wednesday it has raised 600 million yuan ($95 million) in so-called dimsum bonds to diversify funding sources amid the prolonged global downturn. The yuan-denominated bonds were priced to yield 3.5 percent and will mature in two years, the lender said. Dimsum bonds refer to bonds that are denominated in the yuan and issued in Hong Kong. The latest debt sale comes amid its efforts to diversify funding source
IndustrySept. 12, 2012
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Banks’ household loan growth picks up in Aug.
South Korean banks’ household loans grew at a faster pace in August than the previous month due to marginal gains in home-backed lending and a seasonal factor, the central bank said Wednesday.Local banks’ household loans, including home-backed and credit loans, amounted to 459.3 trillion won ($407.8 billion) as of the end of August, up 1.5 trillion won from the previous month, according to the Bank of Korea.The August growth accelerated from a 700 billion won gain tallied in July, when the month
IndustrySept. 12, 2012
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Samsung to build TV plant in Egypt
CAIRO (Yonhap News) ― Samsung Electronics Co., South Korea’s leading tech firm, on Tuesday signed an investment agreement with the Egyptian government to build its first TV plant in the country as part of efforts to bank on booming demand in Africa and the Middle East.Under the memorandum of understanding, Samsung will build a TV and monitor plant at Beni Suef Governorate, 90 kilometers south of Cairo. The Egyptian government agreed to provide the site free of charge, according to the company.Sa
IndustrySept. 12, 2012
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Shares close 1.56 percent up on U.S. optimism
Korean stocks jumped 1.56 percent Wednesday as investors scooped up local shares on hopes for U.S. stimulus measures and eased eurozone woes, analysts said. The local currency climbed against the U.S. dollar.The benchmark Korea Composite Stock Price Index gained 30.03 points to 1,950.03, snapping a two-session losing streak.Trading volume was heavy at 693.3 million shares worth 5.17 trillion won ($4.59 billion), with gainers far outstripping losers 541 to 278.“Led by optimism about a possible U.
Sept. 12, 2012
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More rich kids own stocks
Stocks owned by minors reached nearly 4 trillion won ($3.6 billion) as of last year, Korea Exchange and the National Tax Service reported on Wednesday. The total amount increased by fourfold over the previous year’s 1.12 trillion won. Among shareholders in South Korea, about 1.8 percent, or over 92,000, were minors under 19 years of age, according to the institutions. The under-19 shareholders owned on average 42.95 million won each. The number of minor shareholders has been on a steady rise sin
Sept. 12, 2012
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Kia to shorten working hours
Kia Motors said Wednesday that it has reached a tentative agreement with its labor union to shorten working hours and scrap the 40-year-old overnight shift system at local factories from March 2013. The deal came after Kia’s sister company Hyundai Motor and its union leaders agreed late last month on pay and working conditions, including the abolishment of the overnight shift system. If the deal is approved by union members in a planned vote on Friday, the overnight shift system will be abolishe
IndustrySept. 12, 2012
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iPhone 5 unlikely to affect Samsung-Apple patent war
Korean firm rumored to eye LTE patent lawsuit against AppleApple’s soon-to-be-announced iPhone 5 will not likely affect or change the course of the ongoing court battle with Samsung Electronics, the Korean manufacturer of Galaxy flagship smartphones.Industry sources and analysts said it is highly unlikely Apple will come out and show the world its new smartphone that would expose and make itself vulnerable to its rival Samsung or other handset makers.Based on its past performances and activities
IndustrySept. 12, 2012
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KT accessory turns phone into laptop
Say a salesman is on the road to meet a client who is hours away. Then he suddenly receives a call from his boss, who asks him to immediately take care of another client’s request that was made via email.But to do that, he may need to use a PC, meaning that he will have to lug around a laptop while he is out on call. KT’s new “spider” concept might make his job easier. KT’s Spider laptop is a dummy laptop with an 11.6-inch display screen that uses Samsung Electronics’ Galaxy S3 LTE to play the b
TechnologySept. 12, 2012
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Zuckerberg eyes mobile after Facebook IPO flop
SAN FRANCISCO (AFP) ― Facebook founder Mark Zuckerberg said Tuesday he was steering the social network giant to focus more on mobile, saying it would help ease concerns after a “disappointing” stock market debut.“The performance of the stock has obviously been disappointing,” Zuckerberg said during an on-stage interview at a TechCrunch Disrupt conference in San Francisco.Facebook has made a priority of following its more than 900 million members onto smartphones and tablet computers, tailoring s
TechnologySept. 12, 2012
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LTE handsets to flood local market ahead of iPhone 5 launch
Korea surpasses 10 million in LTE handset subscribesWith Apple slated to unveil the iPhone 5, three local handset makers are moving to rush the launch of their flagship smartphones in Korea ahead of the U.S.-based tech giant.Apple is featuring its new iPhone 5 on Sept. 12. However, it is not yet undecided when the Long Term Evolution model will be released in Korea.As the country has already surpassed the 10 million mark in terms of LTE subscribers, many are most likely to wait until the launch
TechnologySept. 12, 2012
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Vitamin C, beta-carotene may stem dementia
ULM, Germany (UPI) -- Vitamin C and beta-carotene may protect against dementia, researchers in Germany suggest. Epidemiologist Gabriele Nagel and the neurologist Christine von Arnim of the University of Ulm discovered the serum-concentration of the antioxidants vitamin C and beta-carotene were significantly lower in patients with mild dementia than in the control group.The study involved 74 patients with Alzheimer‘s disease and 158 healthy controls. The researchers investigated the serum-levels
TechnologySept. 12, 2012
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Mammoth fragments from Siberia raise cloning hopes
MOSCOW (AP) -- Scientists have discovered well-preserved frozen woolly mammoth fragments deep in Siberia that may contain living cells, edging a tad closer to the “Jurassic Park” possibility of cloning a prehistoric animal, the mission‘s organizer said Tuesday.Russia’s North-Eastern Federal University said an international team of researchers had discovered mammoth hair, soft tissues and bone marrow some 328 feet (100 meters) underground during a summer expedition in the northeastern province of
TechnologySept. 12, 2012
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Zuckerberg: Time to ‘double down’ on Facebook
SAN FRANCISCO (AP) -- Facebook CEO Mark Zuckerberg hasn’t enjoyed seeing his company‘s stock get pummeled on Wall Street this summer, but he is relishing the opportunity to prove his critics wrong. “I would rather be in a cycle where people underestimate us because I’d rather be underestimated,” Zuckerberg said Tuesday. “I think it gives us the latitude to go out and make some big bets.” Zuckerberg, 28, made his remarks before a standing-room-only audience at a tech conference in San Francisc
TechnologySept. 12, 2012
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Baby boomers account for 44 percent of small business bankruptcies
A growing number of the baby boomer generation, which refers to people born between 1955 and 1963 in Korea, is suffering bankruptcy of their small businesses, a financial data provider showed.According to the Korea Financial Telecommunications & Clearings Institute, the total number of micro-business owners with dishonored bills came to 237 for the first eight months of the year.The data showed that 104 individuals, or 44 percent, were baby boomers.This means the proportion of baby boomers out o
IndustrySept. 11, 2012
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Korea develops low-energy carbon capture system
A team of Korean scientists has developed a new carbon dioxide capture technology which they claim is the most energy-efficient among currently available methods. Carbon capture involves removing carbon dioxide from industrial waste gases released into the atmosphere to lower the industry’s impact on the environment. The team led by Yoon Yeo-il of the Korea Institute of Energy Research and uses potassium carbonate to extract carbon dioxide combustion gas released at industrial plants.The technol
TechnologySept. 11, 2012
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BOK head to chair BIS’ Asian Consultative Council
South Korea’s top central banker was appointed on Tuesday by the Bank for International Settlementsto chair the Asian Consultative Council starting in October for two years, the central bank said.Bank of Korea Gov. Kim Choong-soo will head the BIS regional consultative council in Asia, replacing the incumbent chair, Bank of Japan Gov. Masaaki Shirakawa, the BOK said in a statement.The ACC, comprising 12 central banks in the Asia-Pacific region, was established in March 2001 to promote cooperatio
Sept. 11, 2012
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KB launches panel to assess social contributions
KB Kookmin Bank on Tuesday launched a committee to assess and get advice on the bank’s various social contribution activities.The KB Social Contribution Committee is comprised of five outside experts such as professors and senior staff of the Korea YMCA and a network of advocacy groups for disabled people, as well as two KB executives.“We ask you to empathize with KB Kookmin’s efforts to give hope to the socially vulnerable as well as our customers and the entire Korean people,” the bank’s chief
Sept. 11, 2012
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SK E&C wins $380 million power plant deal in Kuwait
SK Engineering and Construction said Tuesday that it has won a $380-million deal from the state-run Kuwait Oil Company to refurbish some 60 power transmission plants there. With the new project, the construction unit of SK Group became the first Korean builder to see its combined orders in Kuwait exceed $5 billion, company officials said. SK E&C will repair 62 power transmission plants or build new ones that provide electricity to 30 oil-collecting and transport facilities in an oil field, some
IndustrySept. 11, 2012
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Metlife, AIA in planners war
Despite diversifying sales channels through the Internet and home shopping networks, insurance companies in Korea still rely heavily on salespeople, or life planners. Fierce competition to scout life planners with outstanding sales records has driven Metlife Korea to file a suit against AIA Life Insurance.The local arm of the U.S. insurer recently filed a 15 billion won damages suit against AIA Life with the Seoul Central District Court for obstructing its sales by scouting a number of high-perf
Sept. 11, 2012
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Samsung goes past Apple in U.S. consumer preferences
Samsung Electronics recently overtook Apple in consumer preferences in the United States, regardless of the recent U.S. jury verdict in favor of Apple in the patent lawsuit between the two companies.According to a survey conducted by YouGov and Early Adopter on 5,000 consumers aged between 18 and 34, preference for Samsung Electronics has rapidly increased to surpass that for Apple over the past two weeks.Over a series of polls by the agencies, the survey showed that Samsung won 45 points on ave
IndustrySept. 11, 2012