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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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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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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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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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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KT launches new mobile plans for foreign residents
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LGE gets head start in 3-D TV market
LG Electronics announced its 2012 global television lineup as it plans to roll out the new models beginning next month ― a month ahead of previous years.The latest lineup is represented by the firm’s 3-D smart TV model called the Cinema Screen, which is said to “minimize the frame and maximize 3-D,” according to Kwon Hee-won, president of the home entertainment business at LG.The 3-D lineup for this year is modeled by nine-member K-pop girl group Girls’ Generation.“We decided to launch the produ
IndustryJan. 19, 2012
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Hyundai Motor names vice chairman for labor
Hyundai Motor’s manufacturing factory manager Kim Eok-jo has been promoted to the post of vice chairman in charge of the company’s labor sector.Since January 2011, Kim has worked for Hyundai Motor as a president and the chief of the carmaker’s Ulsan plant.Before that, he played a significant role in boosting the automaker’s overseas sales as head of Hyundai Motor’s Czech Republic corporation.Hyundai has been striving to enhance its internal strength amid global uncertainties, in part through act
MobilityJan. 19, 2012
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SK E&C to expand power plant in Goseong
SK Engineering & Construction Co. said Thursday it plans to set up two additional coal-fired units at its power plant complex here to help secure electricity supplies. The Korean builder has secured a deal with Korea South-Eastern Power, a state-run utility, to add two units to its existing plant in Goseong, South Gyeongsang Province, by 2019. The 3 trillion won ($2.64 billion) project will boost the complex’s total production capacity by 2,000 megawatts from the current 3,240 megawatts, SK said
IndustryJan. 19, 2012
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Major retailers blamed for high beef prices
Lotte hanwoo prices highest among department storesExcessive profits by department stores and supermarket chains were cited as the main reason why hanwoo meat remains expensive despite a plunge in homebred cattle prices, a survey found Thursday. According to the Consumer Union of Korea, department stores and large discount chains increased the prices of the top grade 1++ hanwoo by up to 12 percent last year, while the wholesale price dropped 23 percent during the same period. The beef prices at
IndustryJan. 19, 2012
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Brand advised not to denigrate Chinese products
A state broadcasting monitoring body said Thursday that it has recently advised a local outdoor brand not to use expressions causing prejudice toward Chinese-made products in its TV commercial. The Korea Communications Standards Commission reviewed a TV commercial of hiking equipment producer Hahu Canada, in which phrases like “cheaper Chinese products” and “a different level from China-made products” several times. “The commercial is likely to cause baseless distrust and discrimination about pr
IndustryJan. 19, 2012
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Shares up 1.19 percent on market optimism
Korean stocks closed 1.19 percent higher on Thursday as investor sentiment got a boost from growing optimism over the eurozone debt crisis and surprisingly high U.S. economic data, analysts said. The local currency climbed against the U.S. dollar.The benchmark KOSPI closed up 22.58 points at 1,914.97. Trading volume was moderate at 368.4 million shares worth 6.36 trillion won ($5.59 billion), with gainers outnumbering decliners 467 to 337.“Overall, investor sentiment was positive following stron
Jan. 19, 2012
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Smaller firms demand more foreign workers: survey
One out of two workplaces that employ foreign workers said the government must increase its quota for the foreign workforce, according to a recent survey conducted by the Korean chamber on Thursday.The Korean Chamber of Commerce and Industry said that 53.8 percent of the firms requested an increase in the foreign worker quota and 49.5 percent said they need a greater number of foreign workers. The survey was responded to by 303 companies that employ foreign workers.When asked why they are hiring
Jan. 19, 2012
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Polarization to stay by 2020: report
Korean society will retain a high degree of social polarization and income immobility until 2020, sociology experts predicted in a report, citing the country’s strong tendency to value academic cliques and corruption among its leaders.The research of 19 sociology academics hired by the Finance Ministry said the level of equal opportunity to education in 2020 will reach only 5.12 points on the 10-point scale, growing only slightly fairer from the current 4.67. “Big gaps in income levels allow onl
IndustryJan. 19, 2012
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Women too often tested for osteoporosis, researchers report
Many women who get screened for osteoporosis may not need it, according to a study that suggests current guidelines result in too many unnecessary tests, increasing costs and sometimes spurring unnecessary treatment. Osteoporosis, a loss in bone density that can cause breaks and injuries, develops i
TechnologyJan. 19, 2012
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Protest exposes Silicon Valley-Hollywood rivalry
LOS ANGELES (AP) _ In a move that heightens the growing tension between Silicon Valley and Hollywood, Wikipedia and other websites went dark Wednesday in protest of two congressional proposals intended to thwart the online piracy of copyrighted movies and TV programs. The Wikipedia website is a
TechnologyJan. 19, 2012
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Harvard Business School alumni see U.S. losing competitive edge
Companies and workers in the U.S. will increasingly lose out to competition from overseas during the next three years, according to a survey of Harvard Business School alumni. More than two-thirds of about 10,000 graduates of the school in Boston, said that U.S. companies will become less able to co
Jan. 19, 2012
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Lack of sleep makes your brain hungry
New research from Uppsala University, Sweden, shows that a specific brain region that contributes to a person's appetite sensation is more activated in response to food images after one night of sleep loss than after one night of normal sleep. Poor sleep habits can therefore affect people's risk of
TechnologyJan. 19, 2012
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Diageo Korea ordered to pay W216.7b for misreporting import prices
Korea Customs Service confirmed Wednesday it had ordered Diageo Korea last year to pay 216.7 billion won ($189.8 million) for having underreported prices when importing liquor over three years.The KCS confirmed the imposition, which would be the largest of its kind in amount levied on a business. The customs office said Diageo Korea’s transfer prices had stayed significantly lower than those of other liquor importers.“The import prices Diageo Korea reported were considerably lower than those rep
Jan. 18, 2012
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Foreign investment banks divided over key rate outlook
Foreign investment banks have contrasting opinions on the course of Korea’s policy rate as some bet on a rate freeze while others expect a rate cut, citing growing uncertainties stemming from eurozone risks, a report showed Wednesday.Korea’s benchmark seven-day repo rate currently stands at 3.25 percent after the Bank of Korea froze the rate for the seventh straight month in January.Four of 10 tallied investment banks, including Barclays Capital and Citigroup, said the BOK is expected to leave t
Jan. 18, 2012
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BOK gets China nod for yuan securities investment
Korea’s central bank said Wednesday that it has won approval from China to invest in yuan-denominated stocks and bonds, joining a string of local financial institutions seeking direct investment in the world’s No. 2 economy. The Bank of Korea received the qualified foreign institutional investor license from the China Securities Regulatory Commission, which allows the central bank to invest in stocks and bonds traded in Shanghai and Shenzen stock markets, it said in a statement. The license allo
Jan. 18, 2012
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Samsung denies blog report on takeover of RIM
Samsung Electronics Co., the world’s largest maker of smartphones, said Tuesday that it does not have any interest in taking over Research In Motion Ltd., the BlackBerry maker.The Boy Genius Report, a tech blog, said that RIM is pushing to sell part of its divisions or even the whole company. It said that RIM’s co-chief executive Jim Balsillie has been actively contacting companies and Samsung is the most likely to be interested in the takeover.“The report is groundless, and we’ve not considered
TechnologyJan. 18, 2012
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Apple files design suit against Samsung phones in Germany
Apple Inc. filed another suit in Germany, seeking to ban sales of Samsung Electronics Co.’s smartphones, including the Galaxy S Plus and the S II, extending the global legal dispute between the two companies.The action targeting 10 smartphone models was filed in the Dusseldorf Regional Court and is based on Apple’s design rights, court spokesman Peter Schuetz said by phone Tuesday. Apple also started a separate suit against five Samsung tablet computers related to a September ruling banning the
TechnologyJan. 18, 2012
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Regulators refer CNK to prosecution
Financial regulators filed a complaint against the chief of CNK International and three other persons with the prosecution in connection with a growing financial scandal. The Securities & Futures Commission said it took the measure as they are suspected of having engaged in unfair stock trading practices.The SFC said it also informed the prosecution of the alleged wrongdoings of a former diplomat and minister for the Prime Minister’s Office Cho Joong-pyo and five other persons. After he retired
Jan. 18, 2012
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Shares slip following rally
Korean stocks closed 0.02 percent lower on Wednesday as investors turned gun-shy following the previous session’s rally, analysts said. The local currency gathered ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index fell 0.35 points to 1,892.39, after jumping 1.8 percent on Tuesday.Trading volume was moderate at 421.6 million shares worth 5.95 trillion won ($5.21 billion), with losers outnumbering gainers 461 to 362.“It seems the KOSPI is testing technical resistance a
Jan. 18, 2012
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Korea has OECD’s cheapest electricity
Koreans are enjoying the second-lowest electricity rates among Organization for Economic Cooperation and Development member countries, a report said Wednesday. Prices of electricity for industrial and residential use in Korea stood at 5.8 cents per kilowatt-hour and 7.7 cent kilowatt-hour in 2009, making them lower than in all OECD nations except for Canada, according to the Korean Social Trends report by Statistics Korea. “The cost of electricity for residential purposes here is about 1.5 times
Jan. 18, 2012