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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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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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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Woman gets suspended term for injuring boyfriend with knife
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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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Samsung chief bolsters ties with Germany’s Zeiss
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KT launches new mobile plans for foreign residents
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Korea grants permanent residency to seven European businessmen
Korea granted permanent residency to seven European entrepreneurs on Tuesday, acknowledging their contribution to the country’s economic growth. The recipients have lived here for two to 13 years largely working for European investment firms and were recommended by the European Union Chamber of Commerce in Korea. The list includes Friedrich Stockinger, president of Trumpf Korea; Holger R. Doerre,
IndustryMay 17, 2011
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Lotte Mart reignites pricing debate with W7,000 chicken
Lotte Mart has begun selling bargain chicken priced at 7,000 won ($6.42), reigniting controversy over fair competition between large retailers and smaller eateries.The black garlic flavored chicken has been on sale since Thursday at the retailer’s 88 stores across the country at a price 2,000 won cheaper than its earlier chicken release in December. As sales of its earlier product, dubbed ultra ch
IndustryMay 17, 2011
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GS Caltex extends retirement, adopts peak salary system
The country’s second largest refiner GS Caltex Co. announced Tuesday that it will raise the retirement age by two years and apply peak salary system from next year.Under the agreement GS Caltex reached with its labor union last month, the retirement age will be raised from 58 to 60 years of age from Jan. 1, 2012. With the peak salary system taking effect on the same date, the base pay for workers
IndustryMay 17, 2011
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Korea to provide paperless customs service
The Korea Customs Service will add an electronic tracking system on goods to tighten supervision on transshipment while enhancing custom procedures for an economy increasingly opening up to free trade agreements, the state agency said Tuesday.In a proposal outlining the agency’s medium-term goals, the KCS said it will adopt the new inspection system that applies minimal customs procedure for hones
May 17, 2011
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NCsoft’s profit falls in Q1 on falling popularity of AION
NCsoft Corp., the country’s second-biggest online game publisher, said Tuesday it posted 155.4 billion won ($142.23 million) in sales and 46.1 billion won in operating profit in the first quarter, both figures down from the same period last year.In its quarterly earnings report, the Seoul-based firm said that its sales and operating profit slipped 7 percent and 40 percent year-on-year, respectivel
TechnologyMay 17, 2011
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College graduates now make up lion’s share of workforce
College graduates took up a bigger portion of the country’s workforce than high school graduates for the first time, Statistics Korea said Tuesday.Jobs taken by graduates from universities and vocational colleges totaled 9.54 million as of March, exceeding those taken by high school graduates, 9.5 million.The trend continued through April, with college graduates topping the figure by 25,000 at 9.5
May 17, 2011
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Bad loans may spur liquidity problem for securities firms
Local securities firms are bracing for the possibility of a liquidity crisis brought on by financial woes in the sluggish construction sector.The firms are closely monitoring the progress of a group of savings banks already suffering from overdue “project financing loans” issued to builders.The risk growing in the stock brokerage sector is due to asset-backed commercial papers, a type of securitie
May 17, 2011
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The Macallan looks to revive chemistry with art
The Macallan premium single malt whisky from Speyside, Scotland, is returning to Korea with a new special edition, aiming to generate chemistry between whisky and the legendary photographer Albert Watson.For the biennial “Master of Photography” project, the Scottish distillery selects an artist to portray the craft of whisky-making through photography. Photographer Albert WatsonFollowing the firs
IndustryMay 17, 2011
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What’s your favorite app?
Applications related to media, games, lifestyles most profitableChoi Hyun-young, a wedding planner by profession, says life has become so much easier since downloading Awesome Note on her smartphone. The application ― which is basically an online organizer and note-taker ― helps Choi keep her hectic schedule intact with customized folders for work and her personal life, under which she keeps and m
IndustryMay 17, 2011
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EU clears Portugal bailout
Ministers sign off on $110b in rescue loans, continue to wrestle over GreeceBRUSSELS (AP) ― European governments insisted on handing out bailouts to fight the debt crisis on Monday, when they signed off on 78 billion euros ($110 billion) in loans to Portugal and debated giving Greece a second rescue package to avoid a disastrous default.Most of the terms for Portugal’s package had emerged over the
IndustryMay 17, 2011
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Could exoplanet be a haven for life?
Scientists said on Monday a rocky world orbiting a nearby star was confirmed as the first planet outside our solar system to meet key requirements for sustaining life.Modelling of planet Gliese 581d shows it has the potential to be warm and wet enough to nurture Earth-like life, they said.It orbits a red dwarf star called Gliese 581, located around 20 light years from Earth, which makes it one of
TechnologyMay 17, 2011
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Brokerages favor directors from watchdog
Major securities companies are eager to recruit outside directors, mainly from government agencies with investigative power.Their recruitment practices have been regarded as a conventional strategy aimed at lobbying the agencies to minimize fallout from possible internal irregularities.According to sources in the stock brokerage industry, agencies whose former high-ranking officials are moving to
May 16, 2011
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Forbes ranks Lotte Shopping as world’s 6th largest retailer
Lotte Shopping, Korea’s leading retail group, said Monday that it has been ranked the sixth-largest retailer worldwide by Forbes Magazine, joining the ranks of global top sellers.The Korean company runs chains of Lotte Department Store, Lotte Mart and Lotte Super. Tied with Chile’s Falabella, it ranked higher than U.S. giants such as Sears and Nordstrom and Japan’s Isetan Mitsukoshi.Forbes has bee
IndustryMay 16, 2011
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Regulator unveils support measures for new mobile service operators
The Korea Communications Commission unveiled support measures Monday for mobile virtual network operators so that they can release telecom services that are 20 percent cheaper than what is now available.The state telecom regulator said SK Telecom, the country’s top mobile carrier, will provide the MVNOs with mobile phones until June 2012.It also said SKT will also help the MVNOs, which plan to lau
IndustryMay 16, 2011
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SMEs create more jobs than big firms
The number of people working at small- and medium-sized enterprises increased by 3.47 million between 1999 and 2009, industry data showed Sunday.Under local regulations, SMEs are defined as companies with less than 1,000 employees and total assets less than 500 billion won ($458 million), and companies that meet the requirements but are affiliated to large companies are excluded from the category.
IndustryMay 16, 2011
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Samsung phones stay on top of U.S. market
Global mobile phone market gets significant boost by burgeoning demand for smartphonesSamsung Electronics, the world’s second-largest phone maker, has held the biggest U.S. market share for 11 straight quarters anchoring its position as a top seller in the region, according to market research data.Strategy Analytics on Monday said Samsung’s market share stood at 27.4 percent after selling 12.6 mil
IndustryMay 16, 2011
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Six out of 10 happy to work longer for less: KCCI survey
Six out of 10 salaried workers are willing to apply for the salary peak system to stay employed longer, the Korea Chamber of Commerce and Industry said on Monday. The salary peak system provides older workers with an opportunity to work past their retirement age, but for a smaller salary once their “peak” has passed. A survey taken by the chamber showed that out of 353 salaried workers, almost 60
IndustryMay 16, 2011
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More poor pushed to rely on private lenders
The number of people who have turned to private lenders or loan sharks in the secondary financial sector has jumped 18 percent over the past six months, reflecting worsening borrowing conditions for the poor amid industry-wide credit crunch. More than 2.27 million people took loans out from private lenders as of April, up about 300,000 from October, the Financial Services Commission said. Given th
May 16, 2011
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KB, Shinhan CEOs seek boost from IR activities
Financial chiefs hope to overcome saturated domestic marketChief executives of major financial companies are increasingly focusing on overseas public relations to overcome the challenges of the saturated local market.Among the more active players are KB Financial Group chairman Euh Yoon-dae and Shinhan Financial Group chairman Han Dong-woo. Han Dong-wooEuh left for the U.S. last Saturday to hold i
May 16, 2011
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Blood test tells you how long you will live
(MCT)A $700 blood test that tells someone’s biological age will go on sale in Britain later this year, the Independent reported Monday.The test will be able to offer the possibility of estimating how long the person has left to live by measuring telomeres on the tip of their chromosomes, the most important and accurate indicators of how rapidly someone is aging. However, critics worry that it can
TechnologyMay 16, 2011