Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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Farming households dip below 1m for first time in 2023
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S. Korea votes in favor of Palestinian bid for UN membership
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Hite Jinro’s soju, beer exports to hit record high
Hite Jinro Co., South Korea’s No. 1 beer and soju producer, said Wednesday that its exports will reach a new record high in 2011 thanks to strong overseas demand.In the first nine months of this year, exports surged 30.3 percent to reach $107.15 million, surpassing the previous record of $107.08 million shipped out for the whole of last year, the company said.Sales of soju, a Korean distilled beverage made from rice and other starches, hit $41.78 million with beer sales topping $54.89 million at
IndustryNov. 2, 2011
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Kia Motors to build 3rd plant in China
Kia Motors Corp., South Korea’s No. 2 automaker, signed an investment contract on Wednesday to build a new Chinese assembly plant in an effort to better meet demand growth in the world’s largest car market.The deal calls for the Kia plant, which will be the third in the country, to be built by the second half of 2014 and have an annual production capacity of 300,000 cars.This output will compliment the 430,000 cars that are currently being made by the carmaker’s two car assembly lines in Yanchen
MobilityNov. 2, 2011
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Foreign IBs cut 2012 growth outlook for Korean economy
Major foreign investment banks slashed their growth projections for the South Korean economy next year to an average of 3.8 percent, saying the global economic slowdown will hit the country’s export growth, data showed Wednesday.The growth outlook was downgraded from an average of 3.9 percent estimated in October by 10 foreign investment banks including Barclays Capital, according to data compiled by the Korea Center for International Finance.UBS AG gave the lowest projection of an estimated 2.8
Nov. 2, 2011
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Korean official named to senior post at U.N. IPR agency
GENEVA (Yonhap News) -- A South Korean government official has been nominated for a senior position in the World Intellectual Property Organization, becoming the first Korean to rise to the agency’s higher echelon, the country’s representative here said Wednesday.Kim Jong-an, 52, a former trademark examiner of the Intellectual Property Tribunal of Korea, was nominated to be the director for the International Trademarks Promotion in the Brands and Designs Sector of the WIPO, a specialized agency
Nov. 2, 2011
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Apple’s mobile game category reopens
Mobile game firms set to engage in fierce battle in local game applications marketMobile game companies are pumping up to garner a larger share in the local industry as the game category reopened after a 19-month gap for Apple’s App Store for those with Korean accounts on Wednesday.Apple Inc. added the game category for its App Store designed for Korean users, indicating people who wish to play mobile games on their iPhones and iPads do not have to create a separate account to download them onto
IndustryNov. 2, 2011
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Recall orders mulled for humidifier sterlizers
Health authorities said Wednesday that they are considering issuing recall orders for some humidifier sterilizers on the market after the harmful effects have been proven in the ongoing animal results. The Centers for Disease Control and Prevention plans to release the final test results as early as in the middle of this month. In its interim results on Oct. 26, the disease control center had found that a substance in humidifier disinfectant, when inhaled, is 47.3 times more likely to have cause
IndustryNov. 2, 2011
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Light drinking linked to slight breast cancer risk
CHICAGO (AP) — Whether sipping beer, wine or whiskey, women who drink just three alcoholic beverages a week face slightly higher chances for developing breast cancer compared with teetotalers, a study of more than 100,000 U.S. nurses found.The link between alcohol and breast cancer isn't new,
TechnologyNov. 2, 2011
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Apple to launch iPhone 4S in S. Korea on Nov. 11
SEOUL, Nov. 1 (Yonhap) -- Apple Inc. said Tuesday that the U.S.-based company plans to launch its new iPhone 4S in the South Korean market on Nov. 11.Apple said on its Web site that it will launch the iPhone 4S in 15 countries including South Korea and Hong Kong and customers will be able to pre-ord
TechnologyNov. 2, 2011
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S. Korea's foreign reserves rebound in Oct.
SEOUL, Nov. 2 (Yonhap) -- South Korea's foreign exchange reserves rebounded in October from a three-year low as a weaker dollar raised the conversion value of non-dollar assets, the central bank said Wednesday.The country's foreign reserves reached US$310.98 billion as of the end of October, up $7.6
Nov. 2, 2011
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Scientists discover mechanism behind cancer growth
SEOUL, Nov. 2 (Yonhap) -- South Korean and U.S. scientists have discovered the mechanism behind the growth and spread of cancer that may help doctors better fight the potentially fatal disease in the future, the government said Wednesday.According to the science ministry, the team led by Yook Jong-i
TechnologyNov. 2, 2011
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LG Uplus denies report on borrowing
LG Uplus, one of the nation’s major telecom operators, denied a news report that it is seeking a loan amounting to $200 million.“It is a totally groundless report,” said a spokesman for the telecom company, an affiliate of LG Group.Quoting unnamed sources, Bloomberg reported that the Korean telecommunications and mobile phone operator has held discussions with banks for a two to three-year facility.The news agency said the facility will be a loan-style floating rate note, a type of offshore loan
Nov. 1, 2011
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October trade surplus falls to $4.29b
South Korea’s trade surplus shrank sharply from a year earlier in October as imports growth outpaced exports gains, the government said Tuesday.The country’s trade surplus reached $4.29 billion last month, down from $6.34 billion a year earlier, according to the Ministry of Knowledge Economy. Last month’s figure, however, was larger than the $1.55 billion surplus tallied in September.The ministry said exports grew 9.3 percent from a year earlier to $47.4 billion while imports gained 16.4 percent
Nov. 1, 2011
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Consumer prices grow 3.9 percent in October
South Korea’s consumer prices grew at a slower pace in October than a month earlier, falling below the 4 percent mark for the first time this year, a report showed Tuesday. According to the report by Statistics Korea, the country’s consumer price index rose 3.9 percent last month from a year earlier, slowing from the 4.3 percent on-year gain in September.The October figure marked the first time this year that the index has fallen below the government’s annual inflation target of 4 percent for 20
Nov. 1, 2011
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SK Telecom uses ‘smart’ ideas to make social contributions
Telecom giant’s IT-based projects offer more opportunities for the disabled, underprivilegedSK Telecom, the nation’s top mobile carrier, has continued efforts of corporate social responsibility for many years. The company has recently been focusing more on what they can do best ― IT-based social contribution projects. Apps for the visually-disabledSK Telecom, together with Korea Blind Union, launched the nation’s first mobile app for visually-disabled people called “Library that Reads Happiness”
IndustryNov. 1, 2011
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Biz groups defend ISD settlement system
Local business lobbies again called for the quick ratification of the Korea-U.S. Free Trade Agreement on Tuesday, saying that the investor-state dispute settlement system is one that has become a global standard.In opposing ratification of the accord with the U.S., opposition parties have focused on the ISD clause, which allows disputes between investors and the state to be settled under the mediation of a third party. According to the coalition of opposition parties that seek to prevent the Gra
IndustryNov. 1, 2011
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Momentum building for Northeast Asia trade deal
Korea positioned to take lead in forging trilateral accord with China, JapanWith the parliamentary ratification of a free trade deal with the U.S. held back by a prolonged standoff between the two main parties, Korea agreed to expand its currency swap deals with China and Japan last month.It signed an agreement to double its currency swap arrangement with China to $57 billion last Wednesday during a visit to Seoul by China’s Vice Premier Li Keqiang. The accord with Beijing came only a week after
Nov. 1, 2011
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Banks lose faith in profit targets
Commercial banks plan to lower their earning targets for 2012, forecasting that the nation will continue to suffer from the economic slowdown and their revenues will decrease due to their recent decision to slash transaction service charges.Woori Bank has set the aim of its net profit for next year at about 1.5 trillion won ($1.3 billion), compared to the 2011 goal of 1.8 trillion won.Shinhan Bank is considering scaling down the 2012 target to between 1 trillion and 2 trillion won, compared with
Nov. 1, 2011
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New smartphones flood the market this month
Apple’s iPhone 4S, Samsung’s Galaxy Nexus, LG’s Prada Phone among the selling smartphone bunchA number of new smartphones, including the iPhone 4S, will hit the market this month, setting the stage for another round in the smartphone battle in Korea.Mobile carriers ― SK Telecom and KT Corp. ― are now getting ready to release Apple Inc.’s newest iPhone 4S in the local market as it received radio approval in Korea last week.According to industry sources, both SKT and KT are developing promotion me
IndustryNov. 1, 2011
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Samsung bucks the trend by achieving market cap growth
Samsung Group bucked the trend of the past four months by increasing its market capitalization while its rivals saw their combined stock value shrink amid the financial turmoil sparked by the global recession fears, data showed on Tuesday. According to the data compiled by the Korea Exchange, FnGuide and Chaebul.com, Samsung’s market cap reached 238.08 trillion won ($213.91 billion) as of end-October, growing 6.05 trillion won from the end of June. The country’s biggest conglomerate benefited fr
IndustryNov. 1, 2011
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Highway tolls, train fares to rise
The government on Tuesday announced plans to raise highway tolls and train fares in a bid to cope with surging costs and to boost the financial stability of state-run enterprises.The package includes an average hike of 2.9 percent in expressway tolls nationwide starting later this month, and an average increase of 2.93 percent in train tickets from mid-December, according to the Ministry of Land, Transport and Maritime Affairs.“The government has frozen toll and train rates since 2006 and 2007 i
Nov. 1, 2011