Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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S. Korea, Japan could consider simplified entry agreement: Seoul official
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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[Weekender] How DDP emerged as an icon of Seoul
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Doctor group's incoming head renews call for govt. to scrap medical school quota hike for dialogue
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Tensions heighten ahead of first president-opposition chief meeting
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[Music in drama] An ode to childhood trauma
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'The Roundup: Punishment' becomes fastest 2024 film to top 2 mln admissions
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New head of doctors' association vows war in case of disadvantage to medical professors
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EU toughens safety rules for online retailer Shein
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Shares down on profit-taking
Korean stocks ended 0.46 percent lower on Friday as investors opted to take profits from recent gains, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index shed 9.32 points to close at 2,034.44. Trading volume was moderate at 441 million shares worth 5.1 trillion won ($4.53 billion), with decliners outnumbering gainers 451 to 363.“Market uncertainties abated, but there are no positive factors to help upward momentum continue at the moment
March 16, 2012
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Samsung Electronics approves LCD spin-off
Shareholders approve second term of POSCO CEO Chung and KT chairman Lee Shareholders of Samsung Electronics on Friday approved the spin-off of the company’s liquid-crystal display business, which will launch as a new entity tentatively called Samsung Display Co. on April 1.Samsung said that Park Dong-gun, executive vice president of LCD businesses, was named to lead the firm with initial funding of 750 billion won ($670 million) at the annual meeting of shareholders.The LCD spin-off, sources say
IndustryMarch 16, 2012
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Hyundai’s Elantra car of the year in South Africa
Hyundai Motor Co.’s Elantra won the Car of the Year prize of the 2012 annual competition of the South African Guild of Motoring Journalists on Wednesday, the company said Friday.After a two-day evaluation of the finalists, Hyundai’s medium luxury sedan was named the SAGMJ and WesBank’s choice of the year. This year is the first a Korean model has won the prize. “We are extremely proud of the recognition that a world-class product such as the Hyundai Elantra has received from the South African Gu
MobilityMarch 16, 2012
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Hyundai Motor heir takes steel unit post
Hyundai Motor vice chairman Chung Eui-sun will take on a vice chairman post at Hyundai Steel.Chung was appointed as vice chairman in charge of product quality at the non-automotive affiliate of Hyundai Motor on Friday.The heir apparent of Hyundai Motor Group chairman Chung Mong-koo has now four titles including Kia Motors president & CEO and Hyundai Mobis vice chairman.“While Hyundai Steel vice chairman and CEO Park Seung-ha will still take the initiative in overall management of the company, vi
MobilityMarch 16, 2012
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Mitsubishi cars come back to Korean market
Mitsubishi Motors Corp. resumed its vehicle sales in Korea by unveiling two models.The Japanese carmaker reentered the local market on Friday after a hiatus of about a year by signing an exclusive dealership contract with CXC Motors.CXC Motors was established by Hanjin Group founder’s grandson Henry Cho in 2011.Mitsubishi and CXC unveiled compact crossover RVR and pick-up truck L200 during the unveiling event at the KINTEX in Ilsan, Gyeonggi Province.CXC Motors is poised to open large showrooms
MobilityMarch 16, 2012
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Apple stock tops $600 day before new iPad release
Apple Inc.'s stock touched $600 for the first time, the day before the company's latest iPad goes on sale.The stock reached $600.01 just after the market opened. It lost those gains and closed down $4.02, or 0.7 percent, at $585.56.Apple is the world's most valuable company, with a market capitaliza
TechnologyMarch 16, 2012
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Government to get first shipment of direct sugar imports
The first shipment of sugar imported directly by the government will arrive in Korea next week that could help stabilize the commodity‘s price here, a state corporation said Friday.The Korea Agro-Fisheries & Food Trade Corp. said 2,000 tons of sugar imports will arrive at the southeastern port of Busan on Monday to be sold at low prices to processed food manufacturers such as confectionery companies and bakeries. The shipment is part of the 10,000 tons of sugar the government bought from Thailan
March 16, 2012
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U.S. FTA to benefit small companies
AMCHAM chief says free trade will broaden alliance to economyThis is the fourth of a series of interviews with top officials and trade-related association chiefs on FTAs in light of the Korea-U.S. FTA taking effect. ― Ed. The chairman of the American Chamber of Commerce in Korea hailed the Korea-U.S. Free Trade Agreement that went into effect this week as an opportunity to expand their alliance to the economy.“It will also add a third economic pillar to the already strong political and military
March 16, 2012
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Korea-U.S. FTA expected to boost exports of Korean IT, automobile products
The Korea-U.S. Free Trade Agreement, which came into effect Thursday, is expected to benefit the country’s information and technology industry as well as the automobile parts market, analysts said.Analysts here said Korea-made IT products such as televisions, smartphones and premium digital appliance items would grab a bigger share in the U.S. market with the eased trade conditions.“Looking at the trade pact in a positive light, electronic goods made in Korea could have long-term competitiveness
March 16, 2012
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"Pink slime" critics fight ammonia-treated meat
Boneless lean beef trimmings are shown before packaging. (AP)“Pink slime” just went from a simmer to a boil.The stomach-turning epithet for ammonia-treated ground beef filler has suddenly become a potent rallying cry by activists fighting to ban the product from U.S. supermarket shelves and sch
TechnologyMarch 16, 2012
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KEB CEO targets wealthy Koreans in U.S.
Bank also plans to open branches in South AmericaKorea Exchange Bank CEO Yun Yong-ro unveiled his global business strategy to focus on the private banking sector and attract wealthy Koreans residing in the U.S.“We are considering reentering the (retail banking) market in the western and eastern part
March 16, 2012
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Asteroid to make close Earth visit
An asteroid approaching Earth in 2013 will get closer than the orbits of many satellites, highlighting a need to monitor such hazards, European scientists say. (MCT image)An amateur team discovered the unusual asteroid, dubbed 2012 DA14, Feb. 22 as it flew by Earth at about seven times the distance
TechnologyMarch 16, 2012
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Jilted fruit flies slurp alcohol to forget: study
Frustrated male fruit flies, whose sexual advances are rejected by females, turn to alcohol to drown their sorrows, a study published Thursday revealed.(MCT image)Scientists at the University of California, San Francisco discovered that rejected male flies have a tiny neuropeptide F molecule in thei
TechnologyMarch 16, 2012
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‘Exporters should perk up marketing in U.S.’
Minister Hong wants to be remembered for fostering SMEs into larger, stronger companies, benefit sharingThis is the third of a series of interviews with top officials and trade-related association chiefs on FTAs in light of the Korea-U.S. FTA taking effect. ― Ed. Knowledge Economy Minister Hong Suk-woo called for aggressive marketing from Korean exporters, in addition to price cuts to maximize the effect of the Korea-U.S. Free Trade Agreement that took effect Thursday. “Companies could make the
March 15, 2012
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KPR opens social media research lab
Local public relations agency KPR said Thursday that it has set up a research center to study ways for companies to better communicate via social network services. The Social Communication Research Lab is aimed at conducting research activities regarding diverse social phenomenon related to social media and SNS, as well as communication tools using the new trend, the company said. KPR said that Kim Jong-rae, former IT journalist and online PR director at KPR, has been named the first head of the
IndustryMarch 15, 2012
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Chung foundation launches education program for poor
The Chung Mong-koo foundation of Hyundai Motor Group has set up an educational program dubbed “On Dream School.”The program is designed to foster outstanding figures among students from underprivileged households, Hyundai Motor said in a statement.Its main functions will include providing students ― from elementary to college ― with scholarships and opportunities for high-quality education.On Thursday, the social foundation signed a pact with the Ministry of Education, Science and Technology on
MobilityMarch 15, 2012
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Korea posts $1.5b trade surplus in Feb.
Korea’s trade balance shifted to the black in February from a deficit a month earlier thanks to sold export gains, a customs office report showed Thursday.According to the report by the Korea Customs Service, South Korea’s trade surplus amounted to $1.5 billion last month, compared with a shortfall of $2.2 billion in January.The monthly figure was smaller than a surplus of $2.2 billion projected by the Ministry of Knowledge Economy for February earlier this month.Exports soared 20.6 percent on-y
IndustryMarch 15, 2012
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Reactor blackout fans nuclear safety concerns
The government came under pressure as a soaring number of Koreans are casting doubt on atomic energy after plant operators were found to have attempted to conceal power loss at a nuclear reactor in Busan. Despite no damage or radiation leakage, the accident infuriated the public and anti-nuclear protesters. They raised questions over the public workers’ integrity and whether they are prepared for a longer outage that could result in a disaster like that seen in Japan.The 12-minute blackout occur
IndustryMarch 15, 2012
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IT, carmakers to lead Q1 earnings scoreboard
LG set to swing to profit, Samsung expects record earnings as sector eyes 38% profit jumpKorea’s key IT companies are expected to post solid earnings for January-March this year, data showed Thursday. The most striking feature in the current quarter is that LG Electronics is set to swing to profit, restoring confidence among investors following a dismal performance last year, according to the stock information company FnGuide. Samsung Electronics, Asia’s biggest technology company, is also saili
March 15, 2012
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Financial asset growth slows sharply in 2011: BOK
Korea’s financial asset size increased at a much slower pace in 2011 due to sluggish economic growth, the central bank said Thursday.The Bank of Korea said the country’s financial asset value stood at 10,894.4 trillion won ($9.65 trillion) as of the end of December, up 5.5 percent or 565.8 trillion won from a year earlier. The growth rate is the lowest reached since 2003.“The drop can be attributed to the country’s weak growth rate that fell to 3.8 percent last year from 6.2 percent reached in 2
March 15, 2012