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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SK Hynix posts fourth straight quarterly loss in Q2
SK Hynix Inc., the world's No. 2 memory chip maker, said Thursday it logged a net loss for the fourth straight quarter as weak cheap prices and currency losses ate into its profit.Net loss reached 53.3 billion won ($46.4 million) in the April-June period, a sharp turnaround from a 473 billion won profit a year earlier, the company said in a regulatory filing.Sales slipped 4.6 percent on-year to 2.
IndustryJuly 26, 2012
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Korean economy grows 0.4 percent on-quarter in Q2
The quarterly growth of the South Korean economy more than halved in the second quarter from three months earlier as the persisting eurozone debt crisis eroded exports, the central bank said Thursday.Asia's fourth-largest economy grew 0.4 percent in the April-June period, slowing from a 0.9 percent on-quarter expansion tallied in the first quarter, according to an advance estimate by the Bank of K
July 26, 2012
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Foreign firms unhappy with tax burden: KCCI
Nearly seven in 10 foreign companies in Korea said they would consider withdrawing from the country if their tax burden continued to grow, a poll showed Wednesday.According to a survey of 158 foreign businesses conducted by the Korea Chamber of Commerce and Industry, 69 percent of the respondents said “withdrawal could seriously be contemplated” if the nation chooses to levy heavier taxes.The KCCI reported that most of the respondents expressed unease about the nation’s corporate tax environment
IndustryJuly 25, 2012
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Hansae donates 3,000 clothes to Indonesia
Hansae, a top global exporter of clothing, celebrated Indonesia Children’s Day by giving away some 3,000 articles of clothing to the local needy children in South Jakarta on July 14. The donation event was sponsored by the international humanitarian and development NGO Good Neighbors. The celebration saw over 600 participants, ranging from the local children to Indonesia’s Child Protection Commission, company officials said. Entertainment was provided by the young recipients, who delighted in pr
July 25, 2012
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Companies join blood donation rush
Some business conglomerates are putting much effort into donating blood, aiming to help society as well as heighten their brand reputation.Kumho Asiana Group, a composite business specializing in chemicals, construction and shipping, has been promoting blood donation since 2004 in cooperation with the Korea Red Cross. It holds a blood donation drive once a year and stresses the importance of the campaign during its recruiting session to encourage more people to donate.The corporate will hold a b
July 25, 2012
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KT, Yonsei tie up on smart health care
KT, Korea’s second-largest mobile carrier, and Yonsei University Health System have launched a joint venture in healthcare IT business named H∞H Healthcare.H∞H, or “Hooh,” refers to the infinite value of human and health, KT said.The two sides invested 1 billion won ($869,000) in the joint venture with a 49 percent stake owned by KT, while Yonsei holds a majority 51 percent in the new entity.The board members will consist of two executives from KT and three from Yonsei University Health System.T
TechnologyJuly 25, 2012
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Electricity consumption hits record highs: KPX
The state-run supervisor of electricity supply and consumption warned on Wednesday that power consumption nationwide has been hitting new records in the past couple of days, mostly due to the scorching summer heat. The Korea Power Exchange reported on Wednesday that the maximum consumption rate hit 73.3 million kilowatts between 2 p.m. and 3 p.m., slightly higher than the day before. Between these hours, the average temperature nationwide reached 33 degrees Celsius, or 91.4 Fahrenheit. According
July 25, 2012
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International air passenger traffic jumps 14.6% in H1
Korea’s international air passenger traffic jumped 14.6 percent on-year in the first half due to a sharp rise in foreign visitors and more Koreans traveling abroad, the government said Wednesday.The number of international air passengers came to 22.87 million, the highest number ever for the six-month period, according to the Ministry of Land, Transport and Maritime Affairs.The previous first-half record was reached in January-June of last year, when numbers hit 19.95 million.The ministry said c
July 25, 2012
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Samsung becomes sole DDR3 provider for supercomputer center
Samsung Electronics said Wednesday that it has become the sole supplier of low-power memory interface technology for the Leibniz Supercomputing Center, which hosts the powerful supercomputer in Europe.The company said that it has won the order to produce 30 nano-class, 4-gigabyte green double data rate type-three synchronous dynamic random access memory (DDR3 SDRAM) modules, applying the green memory in advanced computing systems.The DDR3, also known as synchronous DRAM, is the new generation of
IndustryJuly 25, 2012
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Korea aims to export method for four-river project to Thailand
Government-led consortium will join race to participate in Thailand’s water management projectA government-led consortium plans to jump into an international bidding war to participate in a large-scale water management project in Thailand, which Seoul officials say could become the first case of exporting Korea’s own four-river restoration project. The Ministry of Land, Transportation and Maritime Affairs said Wednesday the consortium, named “Dream Team,” will join the first-round bidding to par
IndustryJuly 25, 2012
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Consumer group prepares class action suit over rate fixing
A Korean consumer advocacy group said Wednesday that it is preparing for a class action suit against banks’ alleged collusion to rig key money-market rates, as suspected rate fixing is presumed to add to households’ debt burden.The Fair Trade Commission, the country’s anti-trust watchdog, last week launched an investigation into major local banks and brokerage houses over their suspected involvement in rigging rates on the 91-day certificate of deposit, or the benchmark for bank lending rates.Th
July 25, 2012
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Tax agency, hotels team up to promote traditional liquor
The National Tax Service said on Wednesday it has teamed up with five-star hotels across the country to boost sales of traditional liquor such as makgeolli.Sixty-eight hotels agreed to sell traditional liquor in their Japanese and Chinese restaurants as well as Korean restaurants, in addition to providing storytelling booklets on the history of traditional liquors, regions where they are produced and how they are made. Forty-two hotels in Seoul, Busan and Jeju started traditional liquor sales on
IndustryJuly 25, 2012
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Consumer sentiment hits 5-month low in July
Korean consumers’ confidence fell to a five-month low in July as the economic outlook became bleaker due to the eurozone debt crisis, the central bank said Wednesday.The consumer sentiment index ― a gauge of consumers’ overall economic outlook, living conditions and future spending ― came in at 100 for July, down from 101 tallied in the previous month, according to a survey by the Bank of Korea.The July data marked the lowest level since the index reached an identical 100 in February, the bank s
July 25, 2012
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KB Financial decides not to bid for Woori
Woori sale hangs in air as strong potential bidder backs outThe sale of Woori Finance Holdings hangs in the air once again as KB Financial Group decided not to make a bid, two days ahead of the deadline for preliminary bidding. Board directors of the nation’s largest financial group concluded in a meeting on Wednesday that they will not take part in the preliminary bidding for Woori Finance.Ten board directors including KB Financial chairman Euh Yoon-dae, KB Kookmin Bank chief executive Min Byon
July 25, 2012
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Samsung to provide ‘smart hotel’ service via Galaxy S3 for Olympics
Samsung Electronics announced on Wednesday that vacationers will be able to use the company’s Galaxy S3 mobile phone to access “smart hotel” services during the 2012 London Olympics. The company said that it has teamed up with multinational hotel chain Holiday Inn to provide services for vacationers at the chain’s London-Stratford location. Those with a Galaxy S3 will be able to use the device to access the hotel’s services, such as operating the TV, lighting and air-conditioning units in their
TechnologyJuly 25, 2012
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Samsung to sell smartphone for direct consumer purchase
Samsung Electronics Co. said Wednesday it plans to introduce the country’s first smartphone model that consumers can directly buy, opening the way for getting mobile devices outside of wireless operators.The Galaxy M Style model, which runs on the third-generation network, will hit local shelves on Thursday, according to the world’s largest smartphone maker.Consumers can directly purchase the smartphone and open accounts with two of the country’s three mobile carriers, SK Telecom Co. and KT Corp
TechnologyJuly 25, 2012
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‘Mobile ads are the future’
Semantic Rep’s CEO says firm in talks with U.S. company for M&A, allianceFrom newspapers, television to the Internet, the birth of new media has introduced novel ways for advertisers to market brands and products over the years.The Internet, for instance, has offered new ad solutions such as Web banners and search advertising.The emergence of smart devices and Long Term Evolution is about to launch a new era of mobile video advertising that will offer a lot more interactivity with consumers than
TechnologyJuly 25, 2012
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LG’s mobile unit posts 56.7b won loss in Q2
LG Electronics said Wednesday it posted 349 billion won ($302.95 million) in operating profit for the second quarter, down about 22 percent from the previous quarter.In a quarterly regulatory filing, the country’s electronics giant also said it recorded 12.85 trillion won in sales, which is an increase of 5.16 percent compared to the first quarter.The operating profit figure, however, was up more than 120 percent from the 158.23 billion won reached in the same period last year with its sales dow
IndustryJuly 25, 2012
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Seoul shares fall 1.37 pct on Spain, Greece woes
South Korean stocks hit a yearly low on Wednesday as worries over debt-mired Spain and Greece further weighed on investor sentiment already dampened by a worsening global economy, analysts said. The local currency lost ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) retreated 24.62 points to 1,769.31, the lowest close for the year.Trading volume was moderate
July 25, 2012
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France to request surveillance of EU-Korea free trade deal
France is to ask the European Union to put its Free Trade Agreement with South Korea under surveillance as part of a recovery plan for its auto sector, according to elements of the plan obtained by AFP.The plan, to be presented to cabinet Wednesday, will also boost purchasing bonuses for buying environmentally friendly cars and see the government committing to 25 percent of its new vehicles being
July 25, 2012