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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Rapper jailed after public street fight with another rapper
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[KH Explains] No more 'Michael' at Kakao Games
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Yoon, Lee end first talks with differences, agree to meet more
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Woman gets suspended term for injuring boyfriend with knife
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China outpaces Korea in smaller OLED shipments for 1st time
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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Samsung chief bolsters ties with Germany’s Zeiss
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KORUS FTA a boon for auto, tech, textile shares
Shares of South Korean automakers, technology firms and textile companies are expected to benefit from the bilateral trade pact between South Korea and the United States, analysts said Wednesday.The projection comes a day after the National Assembly approved the long-pending free trade agreement (FT
IndustryNov. 23, 2011
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Korea-U.S. FTA opens new doors for local industries
The Korea-U.S. Free Trade Agreement was finally approved by Korea’s National Assembly on Tuesday after years on the backburner. The initial negotiations were concluded on April 2, 2007 and the accord was signed on June 30 after two rounds of additional talks.However, the process of implementing the pact stagnated for more than three years faced with stiff opposition from certain quarters in both countries.The process only gained momentum following the additional negotiations last December, when
Nov. 22, 2011
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Korea seeks to become Northeast Asian FTA hub
Following the implementation of the Korea-U.S. Free Trade Agreement, about a third of the country’s international trade will involve countries with which Korea has entered into FTAs. While the figure has risen quite rapidly, it remains far below the global average.According to a report by the Korea International Trade Association’s Institute for International Trade, on average countries conduct 49.2 percent of trade with those with whom they have trade pacts.Current negotiations With the country
Nov. 22, 2011
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Business groups welcome FTA passage as historic watershed
Business organizations on Tuesday hailed the parliamentary ratification of the Korea-U.S. free trade agreement as a major turning point in Korea’s economy and history of trade.Welcoming the FTA passage on behalf of some 70,000 exporters and importers, the Korea International Trade Association said the trade deal will “greatly help Korean businesses predominate the U.S. market and make Korean products more cost-competitive.” “(The FTA) will have a positive impact on creating jobs as exchanges bet
Nov. 22, 2011
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Samsung in final talks for Google TV: president Yoon
TechnologyNov. 22, 2011
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S. Korean firms in Brazil accused of worker abuse
CAMPINAS, Brazil (AFP) - South Korean companies are coming under fire in Brazil, South America's leading economy, for alleged abuse of their workers, amid an investigation by local labor prosecutors."I can't even comb my hair by myself now," said one former employee of South Korean electronics giant
IndustryNov. 22, 2011
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Businesses hail parliamentary passage of U.S. FTA
South Korea's major business organizations on Tuesday welcomed the parliamentary ratification of the free trade agreement (FTA) with the United States, saying it will usher in a new era for the country's trade and contribute to economic growth.Defying strong protests from opposition parties, lawmake
IndustryNov. 22, 2011
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Qualcomm, Kyobo launch e-book in Korea
U.S. chipmaker, Korean bookstore delve into global e-book marketQualcomm Inc., the world’s largest mobile chip maker, and Korea’s biggest bookstore Kyobo announced the global launch of an e-book reader based on the Mirasol display technology in Seoul on Tuesday.Qualcomm said it was the beginning of its global launch of e-book readers as it soon plans to dive into other overseas markets.“This is the global launch starting with Korea,” Clarence Chui, senior vice president and general manager of Qu
IndustryNov. 22, 2011
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Air passenger traffic soars in Oct.
The country’s air passenger traffic inched up last month on the back of upbeat demand for international flights for holiday getaways, the government said Tuesday.The number of passengers on international routes shot up 6.4 percent in October compared with a year ago to 3.83 million. That set a fresh high for the month, according to the Ministry of Land, Transport and Maritime Affairs. All-time monthly high was recorded last August with 4.23 million.Domestic air passenger traffic also surged 5.5
IndustryNov. 22, 2011
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More households borrow from secondary banking sector
Household loans from the secondary banking sector, which have a higher risk of default, hit a fresh high in the third quarter, the central bank said, fueling concerns over household debt. Loans provided by savings banks, insurance companies, credit card companies and other non-bank institutions grew 163 trillion won ($142 billion) in the past five years, swelling 1.6 times faster than loans from commercial banks. Korean households now owe 391.29 trillion won, or 46.5 percent of their total debt,
Nov. 22, 2011
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Seoul shares up 0.34% despite U.S. debt talk failure
South Korean stocks closed 0.34 percent higher on Tuesday as hopes for seasonal shopping demand and positive U.S. economic data outweighed the fallout from failed U.S. debt-reduction talks, analysts said. The local currency lost ground against the U.S. dollar.After a weak open, the benchmark KOSPI strengthened 6.25 points to 1,826.28. Trading volume was moderate at 261.4 million shares worth 3.82 trillion won ($3.33 billion), with decliners outnumbering gainers 443 to 368. “The impact of the U.S
Nov. 22, 2011
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LSIS to build power substations in Iraq
LS Industrial Systems Co. said Tuesday it had won two contracts worth $115 million from the Iraqi government to install electrical substations in the Middle Eastern country’s capital.Under the deal, Korea’s top maker of electrical equipment will establish 35 medium-voltage substations in Baghdad within a year. It also plans to supply an additional four air-insulated switchgear substations, including transformers, for a separate order.The contracts come as part of the Middle Eastern country’s $37
IndustryNov. 22, 2011
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KB, Shinhan to buy savings banks
Three of four major financial groups to own secondary banking unitKB Financial Group and Shinhan Financial Group are expected to take over major savings banks, as they won bidding competitions for the distressed sector.The state-run Korea Deposit Insurance Corp. said Tuesday that it selected Shinhan Financial Group as the preferred bidder for Tomato Savings Bank, the No. 2 player in the secondary banking sector.KB Financial Group has been picked as the preferred negotiator for Jeil Savings Bank.
Nov. 22, 2011
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New fuel efficiency scheme next year
A more conservative system for marking the fuel efficiency of cars will be introduced next year as mileages are often exaggerated under the current system based solely on city driving test results, the Ministry of Knowledge Economy said Tuesday.The new mileage system will be based on the U.S. 5-cycle testing, which includes a highway driving test, a cold temperature operation test, a high acceleration/quick acceleration test, an air conditioning test in addition to a city driving test, to better
Nov. 22, 2011
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KOGAS Q3 loss widens to 342 billion won
State-run Korea Gas Corp. (KOGAS) said Tuesday that its third-quarter loss widened from a year earlier mainly due to increased fuel costs and a weak local currency.Net loss reached 342 billion won ($298 million) in the July-September period, compared with a loss of 121 billion won a year earlier, the company said in a regulatory filing.Sales surged 24 percent to 5.06 trillion won over the cited period. KOGAS suffered an operating loss of 127 billion won in the third quarter, widening from an ope
IndustryNov. 22, 2011
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Businesses cash in on wallet-less payment
On the nation’s busiest shopping street in Myeong-dong, central Seoul, visitors do not need to pull out their wallets to make a purchase at some 200 stores. As the area has recently been designated a trial zone for near-field communication-based mobile payments, they can simply swipe their smartphones to pay or use royalty points. In addition to mobile payments, an NFC door at a theater puts smartphones in vibration mode automatically, while lining up for an order is also unnecessary at some caf
IndustryNov. 22, 2011
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ZTE plans 2 billion yuan center for China Unicom e-books
ZTE Corp., China’s second-largest phone-equipment maker, plans to invest 2 billion yuan ($314 million) in a facility to support China Unicom (Hong Kong) Ltd.’s e-book service.The Internet center in Changsha will be expanded over the next three years to more than 1,000 workers from 300 now, ZTE Vice President Yu Yifang said in an e-mail to Bloomberg News Tuesday. The center will support the WoReading service that China Unicom started in April, he said.ZTE sees “very big potential” in winning comp
TechnologyNov. 22, 2011
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Hyundai secures sales networks in Europe
Hyundai Motor has embarked on securing competitive sales networks in Germany and France, which account for 41 percent of the European automobile market.The automaker will take over wholesale distributors in Germany and France from Switzerland-based Emil Frey, as part of its strategy to enhance marketing and sales in Europe.The Hyundai Motor Group said Tuesday that Hyundai Motor Europe Corp. will acquire a 70 percent stake in a German dealership company from Emil Frey, the second-largest dealer g
MobilityNov. 22, 2011
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Korea pitches plans to rebuild Libya
The Korean government invited officials and business leaders from the Middle East and northern Africa to explain its plans to help reconstruct Libya a month after the death of Libyan dictator Moammar Gadhafi. About 50 government officials and business representatives from countries including Saudi Arabia, the United Arab Emirates, Kuwait and Libya will attend a three-day “Korea-Middle East Week” starting Wednesday in Seoul, the Ministry of Knowledge Economy said.On Wednesday, Korean companies wi
Nov. 22, 2011
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Korea, EU herald big year for business ties on FTA
EUCCK honors strong business partners in celebration of the Korea-EU Industrial Cooperation DayBusiness leaders along with local and foreign officials on Tuesday celebrated the accomplishments of the EUCCK and honored companies that have taken a leading role in their field.“A strong economic network has been formed between Korea and the European Union despite the global recession and the recent eurozone financial crisis,” said Rep. Kim Young-hwan, chairman of the National Assembly Knowledge Econ
Nov. 22, 2011