Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Medical reform committee kicks off despite boycott from doctors
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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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DP leader says he will meet Yoon without conditions
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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Over 9,000 hotline calls made by stalking victims in 2023
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[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
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Monthly users on local streaming platforms outpace Netflix, Disney+
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US will take steps for three-way engagement on nuclear deterrence with S. Korea, Japan: Campbell
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DHL opens new global logistics hub in Busan
DHL Global Forwarding, the air and ocean freight operator of Deutsche Post DHL, said Thursday that it has opened a global logistics hub in Korea’s southern port city of Busan ― the eighth of its kind globally and first in Northeast Asia. The Bonn, Germany-based company said it has injected 500,000 euros ($627,000) in completing the Busan Multinational Gateway that will reduce transit times by up to seven days through new 13 direct services. “Busan’s location between Japan and China makes it an i
IndustryAug. 23, 2012
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Shares inch up 0.38% on bargain hunting
South Korean stocks edged up 0.38 percent Thursday as investors scooped up local shares for bargain hunting following a recent fall, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index gained 7.35 points to close at 1,942.54, snapping a four-session bearish run. Trading volume was heavy at 594.7 million shares worth 4.15 trillion won ($3.67 billion), with gainers outpacing losers 460 to 335.“Foreign investors picked up large-cap shares t
Aug. 23, 2012
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In U.S., Hyundai chief stresses product quality
Hyundai Motor Group chairman Chung Mong-koo stressed a prompt response to the recent sales recovery of Japanese rivals in his visit to the Korean auto behemoth’s U.S. operations on Wednesday. Chung urged, among other things, to secure product quality as Hyundai has already increased production capacity by recently switching from a two-shift to a three-shift system, where three sets of workers change turns each day, in U.S. factories. “The smooth operation of U.S. plants is essential in order to
IndustryAug. 23, 2012
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Iran’s Bank Mellat loses lawsuit in Korea over financial sanctions
An Iranian bank has lost a legal battle with Korea’s Finance Ministry to cancel a 2010 decision that suspended the bank’s local branch, a measure following international sanctions over Tehran’s suspected nuclear weapons program, court officials said Thursday. The Seoul Administrative Court in a Thursday ruling rejected a request from Bank Mellat to nullify the decision, officials said. Korea put 102 Iranian entities, including the Bank Mellat branch, and 24 individuals under government supervisi
Aug. 23, 2012
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SKT develops image-recognition solution for ads
SK Telecom, Korea’s biggest telecom operator, has developed an image recognition solution for outdoor advertising.The solution, which will be adopted at the International Finance Center in Yeouido, can analyze a group of people visiting the IFC Mall for demographic information such as age and gender, after photographing them with full high-definition cameras placed above or below large digital advertising screens.Such real-time customer statistics gathered through SK Telecom’s image solution wil
TechnologyAug. 23, 2012
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Business lobby group opposes move to raise corporate taxes
KCCI tenders wish list to ruling and opposition parties ahead of presidential electionFour months ahead of the Dec. 19 presidential election, a major business lobby group submitted their wish list to political parties urging them not to raise corporate taxes.In the recommendation letter handed over to ruling and opposition parties on Thursday, the Korea Chamber of Commerce & Industry said it hopes, above all, the next administration will not raise corporate taxes.The KCCI claimed that the recent
IndustryAug. 23, 2012
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KEPCO tightens belt to close deficit
Korea Electric Power Corp. has adopted a series of cost-cutting measures to offset its deficit caused by the nation’s below-cost electricity rates.Officials at the state-run company said they have saved about 1.4 trillion won ($1.2 billion) on average annually from in-house measures over the past four years. The cost-saving measures included a voluntary return of salaries of executives in 2008 and a wage freeze of employees and executives in 2009 and 2010. KEPCO has also downsized its organizat
Aug. 23, 2012
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Dissonance hinders aid to small businesses
Mismatch remains in views of what small exporters needAhn Yong-joon opened his auto frame manufacturing company TLtek in 2000, using former business connections to form contracts with car companies in Japan. Looking beyond doing business locally, he set his sights abroad from the start. “There is no other choice than to export,” Ahn said, considering the limited size of the local market.A decade later, nearly 60 percent of his $26.4 million in sales in 2011 came from exporting to Japan, Europe a
Aug. 23, 2012
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10 employees chosen for lunch with Samsung boss
Samsung Electronics chairman Lee Kun-hee will hold a luncheon with 10 company employees on Sept. 4 in a bid to strengthen communication channels with its staff.According to Samsung Group, a total of five male and five female employees at Samsung affiliates were chosen to join the luncheon conducted for the first time.“We reviewed the person’s gender, company and rank in a comprehensive manner to develop the final list,” said a Samsung official. “Rather than focusing on the unique applications, w
IndustryAug. 23, 2012
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KPMA picks Dong-A’s Kim as new board chairman
Korea Pharmaceutical Manufacturers Association picked Kim Won-bae, CEO of Dong-A Pharm, as its 10th chairman of the board during a meeting on Wednesday.Kim graduated from Seoul National University and has worked at Dong-A Pharm since 1974. He served as head of the research team of the company and became its CEO. KPMA also elected 12 new vice chairs who are either CEOs or senior executive vice presidents of pharmacy companies, such as Kim Jung-woo, president of Chong Kun Dang Pharm.Kim replaced Y
Aug. 23, 2012
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Google online maps embark on Arctic adventure
Google set out Wednesday to take users of its free online mapping service on an Arctic adventure with help from an Inuit community in the Canadian tundra.Prime Minister Stephen Harper joined the effort as the Internet titan's Street View team arrived in the hamlet of Cambridge Bay in the Northwest Passage for one of its most remote projects to date."The goal of this project is to share with a glob
TechnologyAug. 23, 2012
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Green tea fights cancer, but drinking it won’t work
A chemical found in green tea can fight two types of skin cancer cells, experts say.Drinking the tea has no effect on cancer cells because the extract is too weak. However, when green tea extract is directly applied to cancer cells, the cells shrink or even disappear, according to news sources.Scientists at the University of Strathclyde and the University of Glasgow found in their research that green tea extract has epigallocathechin gallate (EGCg), a chemical that fights cancer cells without an
TechnologyAug. 23, 2012
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Officials: West Nile outbreak one of largest in U.S.
The current West Nile outbreak is one of the largest in the U.S., with four times the usual number of cases for this time of year, federal health officials said Wednesday.It's still too early to say how bad the year will end up because most infections are reported in August and September. But never before have so many illnesses been reported this early, said Dr. Lyle Petersen, of the Centers for D
TechnologyAug. 23, 2012
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Much-anticipated major update of Diablo 3 is under way
The newest update of Diablo 3 is under way as of Thursday 11 a.m., drawing much anticipation from Korean PC gamers.Blizzard Entertainment, the developer and distributor of Diablo 3, announced the 1.0.4 update plan last week, which will upgrade the game system and its content in a way that reshapes many of the game play rules. According to Jay Wilson, the game’s director, the new game system called “Paragon System” will allow players to enjoy playing after level 60 to reach additional 100. “New L
TechnologyAug. 23, 2012
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Employment rate of college graduates up slightly
The average employment rate for new college graduates has risen slightly in the past year with those from two-year vocational colleges or with medical majors showing a higher success rate, the education ministry said Thursday.According to a survey by the ministry of 498,833 people who finished college or graduate schools in August last year and in February this year, 59.5 percent had landed a job at home or abroad.This year‘s figure was higher than last year’s 58.6 percent, though the ministry c
IndustryAug. 23, 2012
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New AIDS-like disease in Asians, not contagious
Researchers have identified a mysterious new disease that has left scores of people in Asia and some in the United States with AIDS-like symptoms even though they are not infected with HIV. The patients' immune systems become damaged, leaving them unable to fend off germs as healthy people do. What triggers this isn't known, but the disease does not seem to be contagious.This is another kind of ac
TechnologyAug. 23, 2012
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Seoul to unveil new satellite for Naro space rocket
South Korea will this week unveil a new satellite that it will launch aboard its space rocket later this year, the government said Thursday.The Science and Technology Satellite-2C (STSAT-2C) will be revealed to the public Friday in a pre-shipment ceremony to be held at the Korea Advanced Institute of Science and Technology (KAIST) in Daejeon, 160 kilometers south of Seoul, according to the Ministry of Education, Science and Technology.The satellite, indigenously developed by KAIST, is the third
TechnologyAug. 23, 2012
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Korea awards first damage from EU FTA
South Korea has recognized damages from the country's bilateral free trade agreement (FTA) with the European Union (EU) for the first time since the trade deal went into effect last year, the government said Thursday.The decision came at a meeting on Wednesday, in which the National Trade Commission accepted a claim from a local pork processing company that it suffered damages from the growing mar
Aug. 23, 2012
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Seoul shares open lower on tech losses
South Korean stocks got off to a weak start Thursday led by losses in techs and shipbuilders, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) lost 5.83 points, or 0.3 percent, to 1,929.36 in the first 15 minutes of trading.Tech heavyweight Samsung Electronics retreated 1.03 percent and leading shipyard Hyundai Heavy Industries fell 0.82 percent.The local currency was trading
Aug. 23, 2012
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Korean firms' July direct financing up 9.5 percent
Direct financing by South Korean companies rose 9.5 percent on-month in July, led by an increase in initial public offerings (IPO) and corporate bond issuances, the financial regulator said Thursday. Local companies raised 11.9 trillion won ($10.5 billion) last month by issuing stocks and bonds, compared with 10.8 trillion won a month earlier, according to the Financial Supervisory Service (FSS).
Aug. 23, 2012