Most Popular
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Official campaigning kicks off for April 10 elections
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Lee Jong-sup resigns as envoy to Australia
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Yellow dust engulfs S. Korea, advisory alert issued
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Court upholds jail term for man who attempted to murder ex-girlfriend
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S. Korea to boost support for single-parent families
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Kia EV9 wins world car of year
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Korea misses out on global bond index boost
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Industrial sector opposes electricity price hike
Korea’s industrial community on Tuesday raised its voice against a recent government move to raise electricity prices, arguing that a hike will place greater burdens on companies.“An increase in the electricity rate is a huge burden for the entire industry, including small and mid-size firms as they face an economic slowdown,” Lim Sang-hyuk from the Federation of Korean Industries said in a forum. The FKI is the country’s biggest business lobbying group.“There still is controversy over the calcu
July 3, 2012
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Foreign IBs give Korean stocks overweight ratings
Major foreign investment banks have advised investors to purchase more South Korean stocks, citing the market’s upward potential down the road, a report showed Tuesday. Six out of seven foreign IBs including Credit Suisse and Deutsche Bank have offered overweight ratings for South Korean shares, according to the report by the Korea Center for International Finance. Credit Suisse predicted the benchmark KOSPI will likely trend upward, considering its current level has been undervalued about 16 pe
July 3, 2012
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BC Card to replace CEO
BC Card, Korea’s credit card payment services provider, will name Lee Kang-tae, former Hana SK Card chief, as its new CEO, reports said on Tuesday.KT, the nation’s telecommunication giant, which is the largest shareholder of BC Card, has decided to select Lee, replacing Lee Jong-ho who recently tendered his resignation, according to the reports.Industry sources said KT has been looking to accelerate the merger of finance and telecommunications. Lee, who served as the Hana SK CEO until early this
July 3, 2012
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Biggest-ever class suit filed over fixed collateral fee
A total of 42,000 borrowers have filed a collective suit against banks and other financial institutions to retrieve fees for registering collateral, becoming the largest-ever number of people to take such joint legal action.The Korea Consumer Agency said on Tuesday that it filed a complaint on behalf of 42,000 people who requested a class-suit to retrieve collateral-fixing fees paid to a judicial scrivener for mortgage loans from banks. About 1,500 financial institutions including banks, insurer
July 3, 2012
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NTS rejects Lone Star’s refund request
Tax dispute likely to become Korea’s first ISD for arbitrationThe National Tax Service has decided to reject Lone Star’s request for a refund of 391.5 billion won ($348 million) in tax on capital gains from its sale of Korea Exchange Bank, officials said Tuesday.The U.S. buyout fund sold its 51.02 percent stake in KEB for about 3.9 trillion won ($3.5 billion) to Hana Financial Group in January. The NTS imposed a 10 percent withholding tax on the proceeds from the sale, which Hana Financial paid
July 3, 2012
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LG chairman calls for revamped business strategies
LG Group chairman Koo Bon-moo instructed his staff to map out practical business strategies for an overall revision of each subsidiary’s targets during a monthly meeting of executives on Tuesday.“Though there were discussions with CEOs of our subsidiaries last month, we’ve seen shortage of details and practicability in our mid- and long-term strategies,” Lee was quoted by his spokespeople as saying.Amid unfavorable external factors, superficial business goals with only slogans are not enough to
IndustryJuly 3, 2012
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Retail revival driven by borderless global trade
Competition to take better space spreads in Korean commercial real estate marketThe retail world is becoming a borderless global marketplace. Mature retail and gateway cities serve as the foundation, while emerging markets are the primary drivers of growth. There is a tremendous opportunity for increases in personal spending among the fast-growing middle class in emerging markets, and it’s creating a new population of shoppers. The prospects for economic growth in emerging markets ― where GDP gr
July 3, 2012
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Siemens Korea aims to double its sales by 2016
Siemens Korea chairman and CEO Kim Jong-kap said that the company aims to double its sales to about 3.6 trillion won (about $3.26 billion) in five years, stressing that its high rate of growth will continue.“The goal is not so ambitious for Siemens,” Kim said in a press conference on Tuesday organized to review his first year as the CEO. “Achieving 15 percent of sales growth over five years will suffice to double the sales.”The automatic solution company is gearing up to increase investment in s
July 3, 2012
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Economic uncertainties spook Lotte, Shinsegae
Retail giants thinking twice on takeover bids, activities in ChinaKorea’s retail behemoths Lotte and Shinsegae are taking it slow in China, their first and largest overseas market, while pulling in their horns in the merger and acquisition battles at home.The two rivals are getting cold feet as the prolonged fiscal and financial crisis in Europe is taking a toll on consumption in other parts of the world including Korea. Lotte Group chairman Shin Dong-bin suggested a defensive strategy in a meet
IndustryJuly 3, 2012
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Cat parasite infection may lead to suicide attempts
Scientists have uncovered a potential link between a common cat parasite infection and female suicide attempts, according to news reports.Researchers from University of Maryland School of medicine found that women infected with toxoplasma gondii have a higher tendency to kill themselves than those who are not.Toxoplasma gondii is a common parasite that is transmitted via cat feces, eating undercooked meat or unwashed vegetables. In case of animal infections, toxoplasma gondii alters the host’s b
TechnologyJuly 3, 2012
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Seoul shares up 0.87 percent on stimulus hopes
South Korean stocks closed 0.87 percent higher Tuesday as weak economic data from major economies spurred expectations that policymakers may move toward stimulus measures, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) jumped 16.17 points to 1,867.82. Trading volume was moderate at 340.8 million shares worth 4.67 trillion won
July 3, 2012
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S. Korea's domestic demand forecast to remain sluggish in H2: think tank
South Korea's domestic demand is expected to remain sluggish in the second half of the year due to stagnant economic growth, a private think tank said Tuesday.In its second-half outlook, the Hyundai Research Institute said that domestic consumption is likely to be very static in the July-December period, which could require stimulus measures to ensure the economy makes a soft landing.The think tank noted that a slump in consumption and investment, and worsening real purchasing power will dampen
July 3, 2012
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Sunken city near U.K. to be unveiled
(123rf)A U.K. news report said scientists on Tuesday will reveal Britain’s answer to the fabled sunken city of Atlantis.The story behind "Doggerland" -- a land that was slowly submerged by water between 18,000 B.C. and 5,500 B.C. -- will be unveiled at the annual Royal Society Summer Science Exhibition.Doggerland supposedly stretched from Northern Scotland across to Denmark and down the English Ch
TechnologyJuly 3, 2012
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DNA test identifies descendant of world’s first woman
A DNA test on a Scottish man revealed that he is directly related to the world’s first woman, British media reported Saturday.A 72-year-old retired lecturer, Ian Kinnaird, carries a genetic marker L1B1 that links him directly to “Eve,” the first-ever woman who is assumed to have lived in Africa about 190,000 years ago. Scientists believe that Kinnaird has maternally inherited mitochondrial DNA which is only two mutations removed from Eve, who was nicknamed after the first woman created by God in
TechnologyJuly 3, 2012
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Caffeine may reduce risk of skin cancer: report
Drinking more than two cups of coffee per day, or any other combination of caffeinated beverages, may lower the risk of developing skin cancer, according to a new report.The report in the journal Cancer Research found that caffeinated products including soda, tea and chocolate potentially reduced the risk of developing basal-cell carcinoma, a common form of skin cancer.“Our data indicate that the more caffeinated coffee you consume, the lower your risk of developing basal cell carcinoma,” said J
TechnologyJuly 3, 2012
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Evidence of ‘God particle’ found
(123rf)Physicists say they have all but proven that the “God particle” exists. They have a footprint and a shadow, and the only thing left is to see for themselves the elusive subatomic particle believed to give all matter in the universe size and shape.Scientists at the world's biggest atom smasher plan to announce Wednesday that they have nearly confirmed the primary plank of a theory that could
TechnologyJuly 3, 2012
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Seoul shares open higher on tech gains
South Korean stocks got off to a strong start on Tuesday as tech heavyweights, including Samsung Electronics, posted firm gains, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) jumped 13.86 points, or 0.75 percent, to 1,865.51 in the first 15 minutes of trading. Samsung Electronics climbed 1.02 percent after falling more than 2 percent in the previous session due to a U.S. co
July 3, 2012
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Kim stresses World Bank's role in 'pivotal' global economic situation
Dr. Jim Yong Kim, the new head of the World Bank, said Monday that his institution will endeavor to help boost prosperity and eradicate poverty worldwide.Meeting the press formally for the first time since the start of his five-year tenure, Kim said he assumed the presidency of the World Bank "at a pivotal moment for the global economy."He said the Washington-based organization is the "most import
July 3, 2012
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S. Korea's foreign reserves rebound in June
South Korea's foreign reserves rebounded in June from the previous month as investment profit gained and a weaker dollar raised the conversion value of non-dollar assets, the central bank said Tuesday.The country's foreign reserves reached $312.38 billion as of the end of June, up $1.51 billion from the previous month, according to the Bank of Korea (BOK).The foreign reserves in May retreated afte
July 3, 2012
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Korea’s 2013 budget request grows 6.5%
Korea’s government ministries and agencies requested a 6.5 percent hike in their budget for next year as they want to spend more on education, welfare and national defense, the Finance Ministry said Monday.The request made by 51 government ministries and state agencies seek to spend a combined 346.6 trillion won ($303.1 billion) for next year, compared with 325.4 trillion won in the 2012 budget, according to the ministry.The rise is attributed to a 10.1 percent increase in money being asked to s
July 2, 2012