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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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Ship linked to NK arms shipments to Russia is moored in China: State Dept.
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Exporters find FTA helpful: KCCI survey
The Korea Chamber of Commerce and Industry said Wednesday that free trade agreements benefit domestic companies that export products to the U.S. and Europe. From May 7-10, KCCI conducted a survey for 600 companies that export both to the U.S. market and the European market. The survey inquires whether these companies can actually benefit from the free trade agreements.According to the survey, 68 percent of the companies found Korea-EU FTA helpful, and 59 percent found Korea-U.S. FTA favorable to
May 16, 2012
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SK, Lotte vying for No. 1 in M&A market
Two powerful acquirers tender bids for both Hi-Mart, Woongjin CowaySK Group and Lotte Group are engaging in fierce competition to take over big enterprises in the mergers and acquisitions market.The groups’ units -- SK Networks and Lotte Shopping -- have submitted letters of intent for the bidding to take over Hi-Mart. They also tendered bids for Woongjin Coway.The participation of the nation’s third-largest and fifth-largest business groups in the two biddings is drawing wide attention in the m
IndustryMay 16, 2012
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Korea needs to boost economic vigor: minister
South Korea should seek to resuscitate its economic vitality and plot a policy of long-term sustainable growth to counter mounting global financial uncertainty, the top economic policymaker said Wednesday.Minister of Strategy and Finance Bahk Jae-wan told a weekly meeting of economic officials that anti-austerity election results in European countries such as Greece have fueled financial market jitters.“To effectively cope with such developments, the country must take steps to ensure long-term e
May 16, 2012
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Korea’s jobless rate falls to 3.5% in April
South Korea’s jobless rate decelerated in April thanks mainly to more positions created in the service sector, a government report showed Wednesday.The jobless rate stood at 3.5 percent last month, down from 3.7 percent a year earlier, according to the report by Statistics Korea. Last month’s tally also represents a drop from a jobless rate of 3.7 percent reached in March.A total of 455,000 jobs were added to payrolls in April with 24.75 million people employed in the country overall, the report
May 16, 2012
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Seven banks fined for forcing borrowers to buy extra services
The nation’s top financial regulator on Wednesday slapped seven banks with fines of up to 50 million won ($42,000) each for making borrowers purchase financial products to have their loan applications approved. The seven banks were found to have sold financial products such as deposits and insurances worth 33 billion won in exchange for issuing loans between Sept. 26, 2009 and June 30, 2011, the Financial Supervisory Service said. “The banks failed to establish or run internal control systems to
May 16, 2012
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KB Kookmin CEO on tour of overseas units
KB Kookmin Bank chief executive Min Byong-deok has embarked on a global tour to check on the bank’s overseas sales strategies and strengthen its international network, starting with London.Min went over the sales strategies of KB Kookmin’s London arm ranging from how to secure more corporate clients doing business there to establishing ties with local financial institutions during his visit to London on Tuesday. He also met the top management of London-based global financial institutions includ
May 16, 2012
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Stocks dive on European economic woes, Apple’s Elpida chip orders
Volatility likely to increase unless EU resolves crisis: analystsSeoul stocks took a nosedive Wednesday amid increasing concerns over the European debt crisis, driving foreign investors to sell and seek safer investment assets such as the U.S. dollar and gold, analysts said.Also, the news that Apple is likely to decrease its DRAM memory chip orders from Samsung Electronics, Korea’s biggest blue chip traded on the Seoul market, increased downward pressure on Korean stocks. The benchmark KOSPI fin
May 16, 2012
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GM to pull ads from Facebook: report
NEW YORK (AFP) ― General Motors plans to stop advertising on Facebook because it determined paid ads had little impact on consumers, the Wall Street Journal reported Tuesday, citing people familiar with the matter.The news comes at a bad time for Facebook, which is expected to launch an initial public stock offering Friday valuing the social networking site at around $100 billion.GM’s pullback comes as other marketers are questioning the value of paid ads on Facebook despite the vast amounts of
TechnologyMay 16, 2012
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Is Facebook worth the bet? Doubts amid the frenzy
WASHINGTON (AFP) ― Everyone knows it is a giant of the Internet that will make money for a long while. But is Facebook worth investing in at its elevated initial public offering price? Analysts have some doubts: the company has huge value, and could be very worthwhile over the long term. But there might be cheaper opportunities elsewhere on the market.On the other hand, demand for Facebook shares is so strong that, fundamental valuations aside, an investor might score big in any case.For one, th
TechnologyMay 16, 2012
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Samsung keeps top spot in TV market
Samsung Electronics Co., the world’s largest maker of TVs, maintained its dominant global market position in the first quarter of this year, international market researchers said Wednesday.According to the Germany-based GfK Group and NPD Group, a U.S. market researcher, Samsung products accounted for 30.2 percent of all flat-panel TVs sold throughout the world in the January-March period.Flat-panel TVs cover liquid crystal display, plasma display panel , and three-dimensional units, as well as s
TechnologyMay 16, 2012
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KT unveils content, solutions at IT fair
Firm determined to become global media content provider, eying live video streaming, cloud computingKT is showcasing the firm’s next generation media content and IT solutions at the COEX Convention Center as it is prepping to go beyond its role as one of the country’s three telecoms. The country’s biggest fixed-line service operator showed its commitment to futuristic media content at the four-day World IT Show with an array of services such as video content service Ustream and the paperless wo
IndustryMay 16, 2012
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Facebook faces challenges ahead of IPO
Facebook, the world’s biggest social networking company, faces a bewildering challenge as it prepares for its initial public offering slated for Friday. The much-anticipated IPO is estimated to reach a record $100 billion. Facebook has shown rapid growth over a short period of time, posting $3.7 billion in revenue last year. It has become an integral part of daily life for adults around the world, with the growing use of smartphones, tablets and notebook computers.More than 40 percent of America
TechnologyMay 16, 2012
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S.Korea's jobless rate falls to 3.5% in April
South Korea's jobless rate decelerated in April thanks mainly to more positions created in the service sector, a government report showed Wednesday. The jobless rate stood at 3.5 percent last month, down from 3.7 percent a year earlier, according to the report by Statistics Korea. Last month's tally also represents a drop from a jobless rate of 3.7 percent reached in March. A total of 455,000
May 16, 2012
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Viruses can be tapped for electric power
U.S. researchers say electricity generated by viruses could bring devices that generate power from everyday human activities like walking.A paper-thin "viral" generator embedded in the sole of a shoe could charge a person's phone as they walk, scientists at the Lawrence Berkeley National Laboratory said.The power would be generated by harmless viruses that convert mechanical energy into electricit
TechnologyMay 16, 2012
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"Casablanca" turns 70 with free show on Facebook
The stars of much-loved classic film "Casablanca" may always have Paris, but on Wednesday they will have Facebook.The legendary black-and-white film starring Humphrey Bogart and Ingrid Berman will be streamed free at Facebook in the United States to celebrate the release of a 70th anniversary edition by Warner Home Video."Movie fans across the United States are invited to microwave some popcorn an
TechnologyMay 16, 2012
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Beijing more strategic in approach than Seoul
China is much more “strategic” than Korea in free trade agreement negotiations, so Seoul should make extra efforts to translate the strategic significance Beijing places on the FTA into economic profit, according to one trade expert. It is difficult to find a shared trait in the countries that have concluded an FTA with China, Jee Man-soo, head of China team at the Korea Institute for International Economic Policy said in a report titled “Korea-China FTA: Strategies and Benefits.” China places g
May 15, 2012
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Winners, losers of FTA with China
Agriculture, fisheries in for heavy damage; petrochemicals, autos expect benefitsKorea has taken the first step toward a free trade agreement with China, its largest trading partner and the world’s second biggest economy. Seoul and Beijing held the initial round of negotiations on Monday. Trade experts said the beginning of negotiations on the bilateral pact was itself significant. A free trade agreement with China would be more significant for the South Korean economy than other similar deals.
May 15, 2012
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COEX mall to undergo two-year renovation
The Korea International Trade Association said Tuesday that the COEX mall would undergo a large-scale renovation by November 2014, the first since it was established in 2000. Under the new plan, the largest underground shopping mall in Asia is expected to be expanded by 10 percent and have more environmentally friendly, energy-efficient features to reduce energy consumption by 25 percent.Adding to the current 182,675-square-meter mall, the KITA plans to develop a 6,600-square-meter underground a
IndustryMay 15, 2012
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SK, Danish company in partnership for environment-friendly energy
SK Group announced on Tuesday that it signed a memorandum of understanding on Monday with Topsoe Fuel Cell, a Danish fuel cell company, to develop and commercialize solid oxide fuel cells as a future energy source. Higher in efficiency than previous types of generators, the SOFCs are the rising energy source for future generations, SK Group said. A SOFC generates electricity through the electrochemical reaction of liquefied natural gas, diesel and biogas. The energy conglomerate said that the SO
IndustryMay 15, 2012
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Court lets Apple pursue U.S. ban on Galaxy Tab
Apple Inc., maker of the iPhone and iPad, can pursue efforts to halt sales of Samsung Electronics Co.’s Galaxy Tab 10.1 tablet computer in the U.S. while a patent-infringement case is pending, a U.S. appeals court ruled. Apple’s patent on a design of the tablet is likely to withstand validity challenges, so the trial judge should consider if it’s in the public interest to block sales until a trial can be held, the U.S. Court of Appeals for the Federal Circuit ruled today. The court upheld the tr
TechnologyMay 15, 2012