Most Popular
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1 in 3 Koreans live alone, family types becoming diverse
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Korea, Japan finance chiefs vow to tame rampant FX market volatility
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US 'incredibly concerned' about suspected NK-Iran military ties
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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K-pop singer lost consciousness after being hit by foul ball, cancels show
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Korean Muslim YouTuber's plan to build mosque in Incheon goes viral
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Why is Apple Pay struggling to get purchase in Korea?
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Yoon's office denies considering liberal figures for key posts
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Seoul says Fu Bao loan 'not going to happen'
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Contentious grain bill put directly to plenary meeting for vote
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Seoul Global Center drops lingerie show after complaints
Seoul Global Center has canceled an underwear show at an entrepreneurs’ showcase after complaints about a lingerie show held at another business event.A dispute erupted after a post titled “Sex and business in Korea ― a returning fashion?” appeared Nov. 22 on Korea Business Central, an online community focused on doing business in Korea.The post by Mary Jane Liddicoat, a businesswoman in Korea, complained about a lingerie fashion show at the Australian Chamber of Commerce in Korea awards gala on
IndustryDec. 7, 2011
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Hyundai Accent tops Chinese customer poll
Hyundai’s Accent sedan ranked first in the small sedan segment in the Chinese market, customer satisfaction survey showed Wednesday.This was the first time that Hyundai topped the list in a product rating for satisfaction among Chinese consumers, which was conducted by U.S.-based J.D. Power and Associates.The Accent, dubbed Verna in China, garnered 854 points out of a maximum 1,000 in the poll among consumers who bought automobiles between October 2010 and June 2011.The Hyundai sedan tied with t
MobilityDec. 7, 2011
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Pantech exits workout program
Creditors to Pantech Co. agreed to end a debt workout program for the nation’s third-largest handset maker on Wednesday, one day after its CEO Park Byeong-yeop offered to resign. In an urgent press conference on Tuesday, Park said that he would step down from his post on Dec. 31, citing health problems. He didn’t show up at his office on Wednesday. “We have no idea for now how the graduation from the workout program will affect Park’s decisions in the future,” said a Pantech official. Industry w
IndustryDec. 7, 2011
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Kwon, Choi to co-lead Samsung flagship
Samsung Group promoted Samsung Electronics’ device solutions chief Kwon Oh-hyun to company vice chairman in a management reshuffle at its affiliates Wednesday.Kwon’s promotion demonstrates chairman Lee Kun-hee’s intention to lead the electronic giant under a “two-top system” in which top management roles will be shared by two powerful vice chairmen, Samsung officials said.Kwon, who was previously the president of device solutions at Samsung Electronics, will work together with Samsung Electronic
IndustryDec. 7, 2011
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New jobs expected to halve next year
Between 240,000 and 300,000 jobs expected to be created next yearThe number of newly employed workers is expected to nearly halve next year in Korea as the recession triggered by the fiscal crises in Europe stretches on, local think tanks and brokerages said.Sluggish employment growth, especially in the manufacturing sector, could lead to a reduction in consumption, hurting the economy and therefore further exacerbating job insecurity.About 407,000 people joined the workforce in the first 10 m
IndustryDec. 7, 2011
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Foreign ownership of Korean state bonds hits a record 16%
Foreign investors have been raising their holdings in Korean government bonds, data showed on Wednesday, amid mixed reactions about its impact on the Korean economy. According to data from the Financial Supervisory Service and the Korea Financial Investment Association, the amount of listed government bonds owned by foreign investors reached 63.06 trillion won ($55.9 billion) at the end of November, accounting for 16 percent of total government bond ownership. The record-high foreign bond owners
Dec. 7, 2011
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Outstanding loans by private lenders surge
Private lenders saw their outstanding loans snowball by more than 1 trillion won ($877 million) in the first six months of the year.Outstanding loans extended by private lenders reached 8.63 trillion won at the end of June, up 14.2 percent from 7.56 trillion won at the end of December 2010, according to the Financial Supervisory Service.The number of borrowers in the industry also increased by 267,000 from about 2.2 million to 2.47 million during the period, the FSS said.Credit-based lending acc
Dec. 7, 2011
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Shares close higher on eased Europe woes
South Korean stocks rose 0.87 percent on hopes that European leaders will take strong actions to deal with the lingering debt problems at a summit later this week, analysts said. The local currency climbed against the U.S. dollar.The benchmark KOSPI gained 16.6 points to 1,919.42. Trading volume was moderate at 396.5 million shares worth 5.7 trillion won ($5.06 billion) with gainers leading losers 577 to 256.“Hopes are high that European leaders will move to change rules to force eurozone countr
Dec. 7, 2011
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Korea to cut housing transfer taxes, ease regulations
The government plans to lower capital gains taxes on home transactions for multiple homeowners and ease regulations on apartment redevelopment in affluent southern Seoul as it strives to prevent a sluggish real estate market from dragging down the economy.Officials on Wednesday rolled out a package of measures to rejuvenate housing transactions which also include more support for cash-strapped construction firms and low-income earners.The government will submit related bills to the National Asse
Dec. 7, 2011
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Korean economy to grow 3.5% in 2012, Goldman Sachs says
The Korean economy should grow 3.5 percent next year, slowing from an earlier estimate of 3.7 percent due to the eurozone debt crisis, and expand 4.1 percent in 2013, Goldman Sachs said on Wednesday. “There are many factors at work, and it’s true that people read confusion out of the current situation, but there won’t be a repeat of the 2008 turmoil,” said Kwon Goo-hoon, chief economist at Goldman Sachs, at a press briefing in Seoul.In the short term, a bearish mood will prevail in the first hal
Dec. 7, 2011
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Workforce to shrink to half of population by 2060: report
The proportion of the country aged 15-64 will shrink to 49.7 percent by 2060, a government report said Wednesday.Statistics Korea said the shrinkage of the “economically active” population will be gradual as the working population began shrinking in the past five years for the first time in history.The number of working age people, standing at 35.98 million, or 72.8 percent of the population now, will increase to 37.04 million until 2016, and decline to 21.87 million, or 49.7 percent of the coun
Dec. 7, 2011
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Milky Way could have megaplanets made of diamond: scientists
TechnologyDec. 7, 2011
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Samsung Electronics, seven panel makers pay $388 million in antitrust case
Sharp Corp., Samsung Electronics Co., and six other makers of liquid crystal display panels used in computers and televisions agreed to pay $388 million to settle price-fixing claims by direct purchasers of the products. Sharp, Japan’s largest panel maker, paid $105 million; Samsung, the world’s lar
TechnologyDec. 7, 2011
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Samsung promotes chip, LCD head to vice chairman
SEOUL, Dec. 7 (Yonhap) -- Samsung Group said Wednesday it has promoted Kwon Oh-hyun, the president of Samsung Electronics Co.'s semiconductor and display operations, to vice chairman as part of an annual year-end management reshuffle. Kwon led Samsung's semiconductor division since 2008. His role at
IndustryDec. 7, 2011
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Samsung to set up new flash memory plant in China
Samsung Electronics Co., the world’s second-largest maker of memory chips, said Tuesday it is seeking to build a new production line in China to manufacture flash memory chips in response to rising demand for mobile devices. The company applied for a permit from the South Korean government to build its second overseas production line for producing NAND flash devices based on the 20-nanometer class process technology, it said in a statement. If authorization is given and construction begins on sc
TechnologyDec. 6, 2011
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NPS mulls raising investment money from abroad: chief
South Korea’s national pension fund service has proposed a plan to the government to secure U.S. dollars from abraod to be used for overseas investments, its chief said Tuesday, raising hopes for the stabilization of the local currency market.“The National Pension Service has proposed a plan to the government to raise U.S. dollars for overseas investment from abroad instead of from the local foreign exchange market,” NPS chairman Jun Kwang-woo told the Yonhap News Agency during a telephone inter
Dec. 6, 2011
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Korea to closely monitor economic conditions amid uncertainties
South Korea will closely monitor economic conditions at home and abroad amid heightened uncertainties over the eurozone debt crisis and a possible global slowdown, the Finance Ministry said Tuesday.“Uncertainties remain high as the eurozone fiscal crisis deepens and there is a chance that the global economy could slip into a slowdown,” the ministry said in its monthly report on the latest economic conditions. “It is necessary (for us) to closely monitor changes in economic conditions at home and
Dec. 6, 2011
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Cable TV operators‘ agree to retransmit HD programs
Cable television operators have started to re-air high-definition terrestrial TV programs late Monday following the government’s mediation efforts.“We have decided to accept the recommendations made by the national broadcasting watchdog and started the retransmission... and agreed to engage in earnest dialogue to resolve outstanding differences in the coming week,” cable operators said in a joint statement.This view was echoed by the three local terrestrial channels -- KBS2, MBC and SBS -- which
Dec. 6, 2011
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Foreign IBs say BOK may cut rate next year
A growing number of major foreign investment banks have forecast South Korea’s central bank will lower its key interest rate next year as inflationary pressure loses steam, a report showed Tuesday.The Bank of Korea froze the seven-day repo rate at 3.25 percent for the fifth straight month in November, citing downside growth risks such as Europe’s sovereign debt crisis and continued global financial market jitters.While some foreign investment banks were still betting the BOK will stand pat on th
Dec. 6, 2011
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P&G looks to partnerships in Korea
Procter & Gamble is seeking to beef up ties with Korean firms to develop new technologies and reinforce its footing in the growing market here, government officials said Tuesday.The world’s largest manufacturer of consumer products held an investment seminar in Seoul to discuss collaboration with local small businesses and think tanks to jointly develop cosmetics and beauty products. P&G is the latest participant in the Korean government’s program to help small but promising local firms find inv
IndustryDec. 6, 2011