Most Popular
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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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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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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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Ship linked to NK arms shipments to Russia is moored in China: State Dept.
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More med professors to take day off each week while govt. urges them to stay
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Korea to inject W1.08tr into energy sector R&D
South Korea will inject 1.08 trillion won ($962.3 million) into research and development this year to bolster its capabilities in the energy sector, the government said Tuesday.The funds are to be used for 19 projects that cover the development of new energy resources, nuclear power generation and radioactive waste management, the Ministry of Knowledge Economy said.“Money will also be given to building up know-how in renewable energy that is critical for sustainable growth,” it said.The ministry
March 20, 2012
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Ustream Korea aims to expand K-pop...audience online
Ustream Korea, the Korean operation of global live streaming platform Ustream, started services Tuesday to distribute Korean-made content online, especially K-pop. The company, established in October, is a joint venture between KT Corp., holding 51 percent of shares, and Japan’s SoftBank, with the remaining 49 percent. The first CEO Jimmy Kim showed confidence in achieving bigger success than in Japan within two to three years, citing major events this year such as the presidential elections and
IndustryMarch 20, 2012
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Korean Air delivers rewired F-15 fighter
Korean Air on Tuesday made its first delivery of a rewired U.S. fighter plane from its Busan Tech Center under a $400 million order it won from the U.S. Air Force last September.Under the deal, Korean Air will work on 60 F-15 fighters stationed in the Pacific region by 2016, replacing their tail wings and re-wiring them in line with the U.S. military’s project to improve its combat strength. Korean Air will also carry out maintenance work.The airliner said it replaced some 15,000 Kepton wires us
IndustryMarch 20, 2012
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SK launches nation’s largest social enterprise
CEO says Happynarae will be new model of corporate social responsibility in KoreaSK Group turned its maintenance, repair and operation company with annual sales of 120 billion won into a social enterprise that purchases expendable supplies preferentially from firms that hire socially vulnerable people.SK Group said Tuesday MRO Korea was renamed Happynarae Co. and will now operate as a social enterprise to be officially certified by the Labor Ministry six months later.The nation’s third-largest c
IndustryMarch 20, 2012
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Employment conditions to improve: foreign IBs
Korea’s jobless rate is expected to decline down the road, helped by a decrease in the number of job seekers, a report showed Tuesday.According to the report by the Korea Center for International Finance, Citigroup and Morgan Stanley said the country’s jobless rate surged in February as soon-to-be graduates started to search for work.The jobless rate in Asia’s fourth-largest economy stood at 4.2 percent last month, the highest level since March of 2011 when the rate reached 4.3 percent, as more
March 20, 2012
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N.Z. prime minister to speak at chamber
New Zealand Prime Minister John Key will speak at a forum sponsored by the New Zealand Chamber of Commerce in Korea on March 26, organizers said Tuesday.Key will address more than 80 chamber members and important business leaders as part of his visit, which also aims to advance negotiations on a bilateral free trade agreement, according to chamber officials.The prime minister is scheduled to visit Korea to attend the Nuclear Security Summit in Seoul on March 26-27.“We are very pleased to have Pr
March 20, 2012
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Shares edge down on institutional selling
Seoul shares finished 0.24 percent lower on Tuesday as institutional investors locked in profits amid the absence of fresh upward momentum, analysts said. The local currency fell against the U.S. dollar. After briefly trading in positive territory, the benchmark KOSPI lost 4.85 points to 2,042.15. Trading volume was moderate at 533 million shares worth 5.33 trillion won ($4.75 billion) with losers leading gainers 521 to 302. “The market lacked new upward momentum ahead of the first-quarter earni
March 20, 2012
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Korea to extend tariff quota for pork, dried peppers
Korea will extend its tariff quotas for pork belly and dried peppers by three months to ensure their steady supply and help stabilize domestic prices, the Finance Ministry said Tuesday.The tariff quotas for the two items will be extended till the end of June, with Seoul to increase the pork belly quota by 70,000 tons. The ministry said the quota for dried peppers has been raised to 11,185 tons from 6,185 tons.Originally, both quotas were scheduled to expire on March 31.The tariff quota system is
March 20, 2012
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Citibank targets middle-income earners
Citibank Korea has decided to shift its asset management business focus to the middle-income bracket, from its earlier target of wealthy customers.While the bank had mainly focused on private banking for customers with deposits of at least 100 million won ($87,700), its target will be expanded to those with financial assets of at least 20 million won.“Among total Korean adults, the proportion of them whose financial assets come to 20 million won is 35 percent,” Citibank Korea CEO Ha Yung-ku told
March 20, 2012
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KAI wins $1.22b Airbus wing parts contract
South Korean aerospace company Korea Aerospace Industries Ltd. said Tuesday it has won a $1.22 billion contract to exclusively supply wing parts to Europe’s Airbus SAS.The contract, signed in France late Monday, calls for the building of wing bottom panels for the very popular A320 passenger jets and marks the single largest civilian aircraft components deal won by a local company. KAI said it will supply the panels for the duration of the aircraft’s production that may extend to 2025, with the
IndustryMarch 20, 2012
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Card firms’ profits fall for 1st time in 3 years
But earnings from charging service fees remain robust: FSS dataThe yearly earnings of credit card firms dropped in 2011 for the first time in three years amid financial regulators’ stricter policy on blocking reckless business expansion.According to the Financial Supervisory Service, six major credit card issuers saw their combined net profit stay at about 1.3 trillion won ($1.15 billion) in 2011, down 51 percent from 2.7 trillion won a year earlier.This was the first fall since their net profit
March 20, 2012
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Samsung to focus on smart, 3-D TV sales in Middle East
South Korean tech giant Samsung Electronics Co. said that it will focus on smart and 3-D TV sales in the Middle East in order to strengthen its dominant presence in the large emerging market.The company said it aims to aggressively market its latest high-end TV sets and expand cooperative tie-ups with content suppliers to solidify its status as the No. 1 smart electronics product supplier in the area.Samsung said that it was able to pull off TV sales growth of 26 percent last year despite the ge
TechnologyMarch 20, 2012
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Bosch seeks more independence in Samsung car battery venture
Robert Bosch GmbH, the world’s biggest car-parts supplier, is in discussions with joint venture partner Samsung SDI Co. about producing more electric car batteries independently of each other.Bosch has been discussing greater autonomy from its partner in the SB Limotive joint venture for at least a month as it seeks to react more quickly to customers’ demands, Udo Ruegheimer, a spokesman for the Stuttgart, Germany-based company said by telephone.“All customer contracts are decided jointly, so it
IndustryMarch 20, 2012
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Scientists reveal secret of obesity
A group of U.S. scientists have discovered how a mutation in a particular gene can lead to uncontrolled eating, which can lead to obesity, Science Daily reported Sunday.Previous studies have revealed that the brain-derived neurotrophic factor (BDNF) gene is linked to obesity, but no one could explain how it controls the impulse to eat.Georgetown university researchers discovered in a new study that a mutation in the BDNF gene in mice does not allow brain neurons to communicate to each other. It
TechnologyMarch 20, 2012
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1st commercial cargo run to space station April 30
The SpaceX Falcon 9 rocket undergoes a countdown test on launch pad SLC-40 at the Cape Canaveral Air Force Station in Cape Canaveral, Fla. Space Exploration Technologies Corp., better known as SpaceX, plans to launch its Dragon capsule from Cape Canaveral on April 30 (AP-Yonhap News)The Internationa
TechnologyMarch 20, 2012
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Apple has sold 3 million iPads
People purchase the new iPad at Apple's flagshop store, in New York, Friday (AP-Yonhap News)Apple Inc. says it has sold 3 million iPads since Friday when it released the latest version of the tablet computer.The new, third model comes with a faster processor, a much sharper screen and an improved ca
TechnologyMarch 20, 2012
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U.S. to slap antidumping duties on LG, Samsung fridges
The U.S. Department of Commerce said Monday it has decided to impose antidumping tariffs on refrigerators made by Samsung Electronics Co. and LG Electronics Inc., which Whirlpool Corp. accused of being sold at below-market prices.The department said that it will impose antidumping duties of as much
IndustryMarch 20, 2012
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Wendy’s tops Burger King as second-largest U.S. burger chain
Wendy’s Co. surpassed Burger King Holdings Inc. in sales last year, making it the second-largest U.S. hamburger chain, according to Chicago-based researcher Technomic Inc. Sales at Dublin, Ohio-based Wendy’s U.S. locations were $8.5 billion last year, while Miami-based Burger King’s sales
IndustryMarch 20, 2012
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Tata Daewoo CEO to head foreign business group
The Korea Foreign Company Association elected Kim Jong-shik, head of Tata Daewoo Commercial Vehicle Co., as its chairman, the lobby group announced on Monday.The general meeting of the largest foreign business community in the country voted Kim to replace Shin Bak-je, CEO of NXP Semiconductor, to lead FORCA for the next two years.“We’re at an important juncture where foreign businesses have become an integral part of growth in Korea. FORCA will strive to merge better with the Korean society,” Ki
IndustryMarch 19, 2012
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Hyundai Motor may merge its steel units: analyst
Hyundai Motor Co.’s and Kia Motors Corp.’s purchases of shares in affiliate Hyundai Hysco Co. increases the likelihood that Hyundai Motor Group will merge its steel units, according to Tong Yang Securities Co.Hyundai Motor, South Korea’s largest automaker, bought 2.6 million Hysco shares and Kia acquired 1.4 million, both from Japan’s JFE Steel Corp., the Seoul-based companies said in separate statements after the market’s close on March 16.The combined purchases, equivalent to about a 5 percent
March 19, 2012