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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S. Korea to boost support for single-parent families
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Court upholds jail term for man who attempted to murder ex-girlfriend
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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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KCCI chief hopes for great growth in 2012
The Korea Chamber of Commerce and Industry on Thursday invited about 1,300 leaders from all sectors, including President Lee Myung-bak, for its New Year’s greetings in southern Seoul.The event, which was organized by the country’s largest business lobby and participated by leaders from the business, government, societal and diplomatic circles, was the first meeting between the president and business heads in 2012.“I hope this year could be one which the country establishes great growth in all se
Jan. 5, 2012
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Foreign investors turn to net sellers of Korean stocks in 2011: watchdog
Foreign investors shifted to net sellers of listed South Korean equities last year as heightened global market uncertainties prompted a flight for safer assets, the financial watchdog said Thursday.Overseas investors sold a net 9.6 trillion won ($8.4 billion) of local stocks in 2011, compared with a net purchase of 22.9 trillion won the previous year, according to the Financial Supervisory Service.The sharp fall came as foreign investors offloaded 9.3 trillion won worth of shares between August
Jan. 5, 2012
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BOK to beef up communication channels through reorganization
Central bank under fire for inflation growth moves to set up new PR organKorea’s central bank has named reining in consumer prices as its top priority this year, but its reorganization plan sends a mixed message about whether it is indeed determined to fight inflation.“Price stability has emerged more than ever before as an important matter of national concern,” said BOK Gov. Kim Choong-soo in his New Year’s message last week. The first noticeable step, however, is to set up a new division offic
Jan. 5, 2012
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Shares down 0.13% ahead of big events
Korean stocks edged down 0.13 percent on Thursday as investors cut their holdings of techs and banks ahead of significant political events in Europe and economic data reports in the U.S. next week, analysts said. The local currency fell against the U.S. currency.The benchmark KOSPI inched down 2.48 points to 1,863.74. Trading volume was heavy at 528.5 million shares worth 4.8 trillion won ($4.2 billion) with gainers leading losers 463 to 369.“Investors were reluctant to buy stocks as they are wa
Jan. 5, 2012
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Customer satisfaction level for public firms edges up
Customer satisfaction with public agencies in Korea edged up last year, the Ministry of Strategy and Finance said Thursday.According to the survey on 167 public organizations including state-run enterprises and state-affiliated agencies, the satisfaction level improved in the fields of customer-oriented services and customized consulting, the ministry said.Public enterprises scored 93.7 out of 100 last year, up from 92.9 the previous year. Semi-public agencies and other agencies scored 89.6 and
Jan. 5, 2012
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Delhi Auto Expo dazzles visitors with future vision cars
DELHI, India ― The 2012 New Delhi Auto Expo debuted more than 50 new cars Thursday, showcasing a future vision of mobility with everything from electric commuters and greener SUVs to supercar concepts at the country’s largest motor show.More than 1,500 carmakers and component makers from 24 countries are taking part in the 11th edition of Asia’s biggest motor show, which runs until Jan. 12.India’s largest SUV manufacturer Mahindra & Mahindra showcased four vehicles from Korea’s Ssangyong Motor C
IndustryJan. 5, 2012
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Samsung likely to unveil strong Q4 sales, operating profit
Samsung Electronics Co., South Korea's tech giant, is expected to announce its preliminary fourth-quarter sales and operating profit data on Friday, market sources said Thursday.According to the sources, Samsung Electronics will likely post sales ranging from 43 trillion won ($37.3 billion) to 47 trillion won for the October-December period. Its operating profit is expected to reach about 5 trillion won. During the first three quarters of last year, Samsung Electronics posted 117.7 trillion won
IndustryJan. 5, 2012
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KDB seeks to list 10% of shares
KDB Financial Group chairman Kang Man-soo unveiled his concrete plan to launch the group’s privatization process again this year.At a news conference on Thursday, Kang said the state-run financial group will sell 10 percent of the shares held by the government by the end of 2012.He said the stake sale will be carried out through the group’s planned listing, or pushing for initial public offering, on the stock market.Following similar remarks by chief financial regulator Kim Seok-dong a day befor
Jan. 5, 2012
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Gender wars: Men, women more different than thought
WASHINGTON (AFP) - Mars and Venus are much further apart than previously thought -- and we're not talking about planets.In research published Wednesday, three European psychologists, using a new model for analyzing personality differences between men and women, claimed the gap between the genders ha
TechnologyJan. 5, 2012
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Now you see it, now you don't: Time cloak created
WASHINGTON (AP) -- It is one thing to make an object invisible, like boy wizard Harry Potter's mythical cloak. But scientists have made an entire event impossible to see. They have invented a time masker.(Cornell University)Think of it as an art theft that takes place before your eyes and surveillan
TechnologyJan. 5, 2012
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AIDS vaccine made by J&J protects monkeys in study as human trials begin
An experimental vaccine developed by a Johnson & Johnson (JNJ) unit and the U.S. military protected monkeys against an animal version of the AIDS virus, a study found. Monkeys that got the vaccine were as much as 83 percent less likely than those that got a dummy shot to become infected with simian
TechnologyJan. 5, 2012
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OB outstrips Hite-Jinro in beer shipment: data
Oriental Brewery, Korea’s No. 2 beer maker, topped its bigger rival Hite-Jinro for the first time in 15 years as its market share shot up last year, thanks to the growing popularity of its new products. Industry data showed on Wednesday that OB’s share in the local beer market by shipment volume topped 50.2 percent in the first 10 months of 2011, surpassing Hite-Jinro by a hair’s breadth ― 0.4 percent. Their race had been nip-and-tuck throughout last year as OB accelerated to taper the once doub
IndustryJan. 4, 2012
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Shares edge down on profit-taking
South Korean stocks edged down 0.49 percent Wednesday as investors took profits following a bullish run on the previous session, analysts said. The local currency rose against the U.S. dollar.The benchmark KOSPI lost 9.19 points to 1,866.22. Trading volume was heavy at 488 million shares worth 4.7 trillion won ($4.1 billion), with losers leading gainers 430 to 395.“Some investors offloaded their shares to take profits as the KOSPI jumped nearly 50 points on the previous day on the back of better
Jan. 4, 2012
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Hana chief urges FSC to quickly approve deal with Lone Star
Hana Financial Group chairman Kim Seung-yu raised the possibility on Wednesday that the group’s preliminary deal with Lone Star Funds to trade shares of Korea Exchange Bank could fall apart.If financial regulators do not finalize their stance on whether to approve or reject the Hana-Lone Star deal by the end of February, there is a high possibility that the U.S. fund will drop out of the contract, Kim told reporters.Under the scenario, Lone Star may file a suit against financial regulators, he s
Jan. 4, 2012
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Soldiers part of plan for stable beef prices
Enlisted soldiers will be served with Korean beef at barracks as part of the government’s efforts to keep the price of locally bred cows from further decreasing.The Ministry for Food, Agriculture, Forestry and Fisheries said Wednesday that it has started to secure a budget to replace all imported beef provided in the military with Korean meat. The ministry was also considering offering Korean beef as substitute for more than half the pork that the nation’s 650,000 soldiers consume 60 grams every
IndustryJan. 4, 2012
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Small foreign firms to be exempted from tax audit
The National Tax Service said Wednesday it would exempt smaller foreign firms operating in Korea from tax audits as part of efforts to encourage foreign direct investment. Foreign companies whose yearly income is less than 10 billion won ($8.7 million) would qualify for the tax audit exemption. “As with Korean conglomerates, big foreign companies in Korea are subject to regular audits, but smaller foreign units would be excluded from the required audits,” said an official at the NTS.The move cam
Jan. 4, 2012
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Samsung plans NAND flash plant in China
Korea’s Samsung Electronics Co., the world’s largest chipmaker, is seeking to build a new plant in China to produce high-tech NAND flash memory chips, the Seoul government said Wednesday.The move that could lead to technology leaks was filed by Samsung on Dec. 6 and was approved Wednesday by a government committee on industrial technology security, according to the Ministry of Knowledge Economy.“The Ministry of Knowledge Economy made the decision after holding two industrial technology security
TechnologyJan. 4, 2012
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Strange crystals said from outer space
PRINCETON, N.J. (UPI) -- It turns out unusual crystals found in Russia weren't formed on Earth, researchers say, but rather came from outer space.The so-called quasicrystals, with an unusual structure somewhere between crystals and glass, had only been previously created in laboratories before they
TechnologyJan. 4, 2012
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Downturn in DRAM prices comes to a halt
Prices of dynamic random access memory chips paused their falling trend in December on the back of seasonal demand, snapping a long losing streak, industry data showed Wednesday.According to DRAMeXchange Technology Inc., the average price of the benchmark DDR3 2 gigabit, 256Mx8 1333 megahertz device was set at US$0.88 in the second half of last month, unchanged from two weeks ago.The Taiwan-based company, Asia’s largest operator of a semiconductor spot market, compiles chip prices twice a month.
TechnologyJan. 4, 2012
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Korea to sustain growth by frontloading budget: minister
South Korea will help sustain its economic growth this year by frontloading its budget spending during the first half in the face of tough economic conditions at home and abroad, the finance minister said Wednesday.“We will introduce a plan next week to frontload (this year‘s) fiscal budget in order to systematically support expenditures being pursued by each ministry and agency,” Bahk Jae-wan told a crisis management meeting with other policymakers. “I want you to make sure that the assigned bu
Jan. 4, 2012