Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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Rapper jailed after public street fight with another rapper
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[KH Explains] No more 'Michael' at Kakao Games
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Med schools expect 1,500+ new admission slots next year
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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KT launches new mobile plans for foreign residents
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Global PC sales may fall up to 10 percent in Q3: report
Global sales of personal computers (PCs) may drop as much as 10 percent in the third quarter from a year earlier due to weakening demand, according to a Forbes report known in Seoul on Wednesday.PC sales could fall around 5-10 percent in the July-September period from the previous year as PC giants such as Dell and Hewlett-Packard continue to suffer softening demand, according to a recent Forbes r
IndustryJune 27, 2012
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Seoul shares open lower on Spain woes
South Korean stocks got off to a weak start Wednesday, as low demand on Spanish bonds last night sapped hopes for a smooth bailout of the debt-mired region, analysts said.The Korea Composite Stock Price Index (KOSPI) slipped 14.31 points, or 0.79 percent to 1,803.50 in the first 15 minutes of trading.Shares fell across the board, with market behemoth Samsung Electronics dipping 0.53 percent.The lo
June 27, 2012
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New Natural Drug for Diabetes Reaches Second-stage Trial
Han Wha Pharma(Kim, Kyoungrak / President) revealed on June 19 that it has won the Korea Food and Drug Administration’s approval to conduct a second-stage clinical trial for its new herbal medicinal products against diabetic endothelial dysfunction. The drug, “YJP-14” is made from natural substances and has been proven safe for long term use based on animal tests. Its effects increase nitric oxide
TechnologyJune 27, 2012
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Iran warns of possible embargo on S. Korean imports
Iran may halt all South Korean imports in protest against Seoul's decision to ban Iranian oil following European Union sanctions against the Middle East nation, Iran's top envoy here warned Wednesday.Iranian Ambassador Ahmad Masumifar said in an interview with Yonhap News Agency that his country "may decide to fully stop importing Korean goods" if Seoul imposes the import ban on Iranian oil.He als
June 27, 2012
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EU sanctions on Iran raise fears over oil supply
The European Union decided to impose the embargo on Iranian crude oil starting this Sunday as planned, signaling setbacks in crude supply to Korea and a rise in petroleum product prices. The EU said in a statement on Monday after a meeting of the foreign ministers of the 27 member countries that all contracts for importing Iranian oil will have to be terminated from July 1. European companies will also be prohibited from insuring shipping companies that transport Iranian oil as part of the sanct
June 26, 2012
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Scientists successfully transplant engineered organs to monkeys
South Korean scientists have successfully transplanted organs from a genetically modified pig to monkeys, a state research center said Tuesday, significantly raising the prospect of successful animal-to-human organ transplants.A heart and a kidney from the engineered pig were given to two separate monkeys on May 31, according to the National Institute of Animal Science, a research arm of the Rural Development Administration. The pig used in the latest experiment was an offspring of Xeno, the cou
TechnologyJune 26, 2012
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Research finds gene linked to depression
A new international study led by a Korean researcher has succeeded in identifying a gene linked with depression, which may create a new target for drugs for the mood disorder.In a series of experiments on rats, researchers found that a gene called neuritin in the brain plays a key role in depression and other mood disorders. They also discovered that by boosting the gene’s activity one can protect the brain from the disorders.To test whether neuritin is directly linked to depressed behavior, Son
TechnologyJune 26, 2012
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Unionized construction workers to go on strike
Unionized construction workers will go on strike Wednesday to demand a better guarantee of labor rights, including due payment of wages, the nationwide union of construction workers said.About 29,000 union members as well as non-members are expected to take part in the indefinite strike, with a massive rally in Seoul planned for Thursday, the union said.The planned walkout comes after unionized truckers launched a separate strike Monday to demand higher trucking fees and a cut in fuel costs, amo
June 26, 2012
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Samsung’s Lee openly recruits luncheon partners
Samsung Electronics chairman Lee Kun-hee publicly announced plans to hold a luncheon with 10 Samsung employees, accepting applications until July 13.According to Samsung Group, Lee arranged the event for the first time to strengthen communication channels with its employees as this year marks his 25th year since being seated as chairman of the country’s top conglomerate.Any employee of Samsung’s affiliates could apply for the luncheon by sending in a one-page essay on what he or she expects to d
IndustryJune 26, 2012
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LGE’s Spain unit chief to head Hermes Korea
Hermes Korea has appointed the current head of LG Electronics’ Spanish division, Han Sung-hun, to fill the company’s vacant CEO post. The 51-year-old Han will assume his new duties as managing director of the French luxury brand’s Korean division on July 1. Han started his career at the multinational consumer company Proctor & Gamble, and has also worked at the Coca-Cola Co., and NHN Corp. He later made a career move to LG Electronics, entering the company as a brand communication team leader in
June 26, 2012
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Kimberly-Clark, Yuhan at odds over management control
Yuhan Corp. and Kimberly-Clark, its 42-year-long business partner, are at odds over how to compose the board of directors in their jointly-invested firm, Yuhan-Kimberly.Yuhan Corp., a Korean pharmaceutical company, has applied to Seoul Central District Court for a court injunction against the Hungarian arm of Kimberly Clark, the world’s largest paper company, regarding the appointment ratio of Yuhan and Kimberly directors, according to news reports. Yuhan-Kimberly is a joint venture the two comp
IndustryJune 26, 2012
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KT launches ‘Smart’ automotive solution
KT has launched a new information and technology service targeting the industrial automotive industry.Korea’s second-largest mobile carrier said the new service, named “Smart Eco Drive,” is integrated with vehicle telematics applications and offers drivers real-time monitoring and analysis on the condition of their automobiles. Telematics is the combining of telecommunications and information technology, but commonly refers to automation in vehicles. Data including speed, driving time and locati
TechnologyJune 26, 2012
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FTA to boost Korea’s auto exports to Colombia
The bilateral free trade agreement with Colombia is expected to boost Korea’s exports of autos, auto parts and petrochemicals to the South American country.The trade pact with the third-largest market in Latin America, which has inked FTAs with nine countries and is in talks for four more, will also help Korean companies expand business to other nations in the region, the Seoul government said. Korea and Colombia announced Monday during President Lee Myung-bak’s visit to Bogota that they have co
June 26, 2012
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Shares inch down on EU summit skepticism
South Korean stocks closed 0.23 percent lower on Tuesday as investor sentiment remained cautious over a deal to rescue the debt-mired eurozone, analysts said. The local currency rose against the U.S. dollar.The Korea Composite Stock Price Index dropped 4.16 points to finish at 1,821.22. Trading volume was light at 208 million shares worth 2.36 trillion won ($2.03 billion) with decliners outstripping gainers 485 to 305.“There’s a perspective that the summit will again stop short at a mere declara
June 26, 2012
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Investment advisers see earnings slump 57% in 2011
Investment advisory firms in South Korea saw their earnings slump 56.8 percent in fiscal 2011 from a year earlier due to increased losses from investments in securities and derivatives, the financial regulator said Tuesday.The combined net income of 144 local and foreign investment advisers operating here reached 37.9 billion won ($32.6 million) in the fiscal year ended in March, compared with 87.7 billion won a year ago, according to the Financial Supervisory Service .The fall marked the first
June 26, 2012
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KT, WBA hold Wi-Fi conference in Seoul
KT and the Wireless Broadband Alliance will be holding a conference called Wi-Fi Global Congress from June 26 to 28 in Seoul.KT, Korea’s second largest mobile carrier, said Tuesday that as the host of the international event, the company and some 80 telecom participants will seek ways to boost Wi-Fi roaming and develop new wireless technology via global partnerships.The three-day conference will aim to further make Wi-Fi roaming accessible around the world by the first half of 2013, KT noted.Con
TechnologyJune 26, 2012
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Business sentiment drops sharply on eurozone worries
South Korea’s business sentiment for July fell sharply from a month earlier due to persistent eurozone concerns and a slowdown in global economic growth, a poll showed Tuesday.The monthly business survey index for the upcoming month came in at 89.7, down from 98.3 tallied for June, according to the poll by the Federation of Korean Industries, the lobbying group of the country’s large businesses.The drop also marks the lowest BSI reading this year since 91 tallied for February.A BSI reading below
June 26, 2012
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Consumer sentiment falls in June
Korea’s consumer confidence fell in June from the previous month due to persistent eurozone uncertainties and a slowdown in domestic production and spending, the central bank said Tuesday.The consumer sentiment index, which gauges consumers’ overall economic outlook, living conditions and future spending, stood at 101 for this month, compared with 105 in May, according to the Bank of Korea. A reading above the benchmark 100 means optimists outnumber pessimists. The survey, based on a poll of 2,0
June 26, 2012
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Auto parts, textile firms benefit most from U.S. FTA
Korea’s auto parts and textile industries have benefited the most from lowered tariffs under a Seoul-Washington trade pact that took effect earlier this year, a report said Tuesday.According to the report compiled by the Korea International Trade Association, the United States imported a total of $1.19 billion worth of Korean products that were subject to tariff cuts in April alone.The bilateral free trade agreement, known as the KORUS FTA, was implemented on March 15, cutting or phasing out tar
June 26, 2012
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Korea different from Japan in property bubble: experts
A group of real estate experts downplayed the possibility of a Japan-like property bubble burst at a forum hosted by the Korea Chamber of Commerce and Industry on Tuesday.Participants who shared the view that the nation’s property market is different from Japan included professor Choi Hee-gap from Ajou University.Choi said that Japan suffered a property market crash ― “which was initiated by enterprises in the 1980s” ― in the wake of policymakers’ rapid hikes in interest rates in the 1990s.“Unli
IndustryJune 26, 2012