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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Woman gets suspended term for injuring boyfriend with knife
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Yoon, Lee end first talks with differences, agree to meet more
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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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China outpaces Korea in smaller OLED shipments for 1st time
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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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International air travel grows 6% in Q1
The number of passengers using international air flights grew about 6 percent during the first quarter as people were bolstered to travel by the ongoing economic recovery, the transportation ministry said Tuesday.Passengers using international flights in and out of South Korea’s airports came to 10.13 million during the January-March period, up 5.8 percent from the same quarter a year earlier, the
April 26, 2011
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KT creates wireless broadband zone in Jeju
JEJU -- KT Corp. announced Tuesday it has completed a nationwide wireless broadband network by installing the service on Jeju Island.The country’s biggest fixed-line operator also signed an agreement with Jeju Provincial Government to build a mobile call center and to work together on expanding the high-speed wireless Internet service in Jeju.“(Today’s) event is meaningful in that the fourth gener
TechnologyApril 26, 2011
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Consumer sentiment rebounds in April
South Korea’s consumer co nfidence rebounded for the first time in five months in April on the back of optimism about the economic recovery, the central bank said Tuesday.The consumer sentiment index (CSI) ― a gauge of consumers’ overall economic outlook, living conditions and future spending ― stood at 100 for April, up from 98 in March, the Bank of Korea (BOK) said in a monthly report.The April
April 26, 2011
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World’s largest oil firm to hold board meeting here
The world’s largest crude oil producer Saudi Aramco will hold its annual board of directors meeting in Seoul on Thursday.According to S-Oil, Saudi Aramco chief executive Khalid A. Al-Falih came to Korea on a five-day trip on Monday, during which he will attend the board meeting.The Saudi state-owned firm produces about 3.4 billion barrels of oil on an annual basis, and supplies about 30 percent of
IndustryApril 26, 2011
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Banks agree to purchase bad loans
At regulator’s demand, commercial lenders to take over 400b won in bad debts from troubled savings banksSeveral commercial banks on Tuesday accepted the financial authorities’ proposal to absorb a large portion of the soured loans held by distressed savings banks.The situation is provoking debate over whether financial regulators have been intervening in the market legitimately.A meeting between F
April 26, 2011
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Sakha Republic seeks Korean involvement in resources development
Sakha Republic’s delegation, led by President Egor Borisov, wrapped up its three-day trip to South Korea on Tuesday.Accompanied by 40 government and industry officials, Borisov came to Korea on Sunday to promote Sakha Republic’s economic projects including those involving natural resources development.Taking up about half of Russia’s Far Eastern Federal District, Sakha Republic is the world’s larg
IndustryApril 26, 2011
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Anti-counterfeit device added to Windsor whisky
The country’s largest spirits distributor Diageo Korea launched a new anti-counterfeiting device Tuesday.The new device, Windsor Protect, is designed so that a 2-millimeter gap is left between the cap and neck of the bottle once it is opened, preventing the bottle from being resealed once the original seal is broken.The device, which according to the company is the most efficient of its kind, will
IndustryApril 26, 2011
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S. Korea’s biggest food expo opens
South Korea’s largest-ever international food exposition kicked off Tuesday for a four-day run, bringing together more than 1,100 companies from 45 countries.The 2011 Seoul Food Expo will run until Friday at the Korea International Exhibition Center in Goyang, northwest of Seoul, according to its organizer, the Korea Trade-Investment Promotion Agency (KOTRA).The 29th Seoul Food Expo comes as Seoul
IndustryApril 26, 2011
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Life insurers’ overseas losses worsen in 2010
South Korea’s top three life insurers posted greater losses in their overseas operations in fiscal 2010 from a year ago due mainly to increased start-up costs, the financial watchdog said Tuesday.The combined net loss of the eight overseas subsidiaries operated by the three biggest life insurance firms, including Samsung Life Insurance Co., came to $13.1 million last year, compared with $7.7 milli
April 26, 2011
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KT chairman cool on fee cuts
KT Chairman Lee Suk-chae responded coolly to the government’s demand to lower telecom costs, claiming that companies should be noted for making network investments.In a meeting with reporters in Jeju, Lee said he would discuss multiple measures with the government considering there is a financial burden involved.“Consumers’ money spending pattern has changed and increased in sum with the economic
IndustryApril 26, 2011
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Regulators troubled over Lone Star ruling
FSC approved fund’s buyout of KEB, but consensus is that decision was wrongThe long-standing issue involving U.S. Lone Star Funds is embarrassing financial regulators again this year.The Financial Services Commission and the Financial Supervisory Service have recently shown off regulatory power by taking urgent countermeasures against several accidents including cyber system breakdown and hacking
April 26, 2011
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Will KCC have any teeth against Apple?
Regulator losing public confidence for failing to maintain momentum in queries With Apple yet to break its silence over location data, local authorities face an uphill battle in determining whether the situation warrants real concern. The Korea Communications Commission, the state-run communications regulator, has formally relayed its worries about personal information storage to Apple Inc., the m
IndustryApril 26, 2011
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Destitution looms for millions of Asians as food prices soar
MANILA (AFP) ― Soaring global food prices threaten to push tens of millions of Asians into extreme poverty and cut the region’s economic growth this year, the Asian Development Bank warned in a report Tuesday.Coupled with skyrocketing oil prices, the spike poses a serious setback for developing Asia after having rebounded rapidly and strongly from the 2008 global economic crisis, said chief ADB ec
IndustryApril 26, 2011
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Sony to unveil two tablet computers
Sony Corp. introduced its first tablet computers, joining Samsung Electronics Co. and Motorola Mobility Holdings Inc. in their pursuit of Apple Inc., a year after the iPad spurred a surge in demand for the devices.Sony will use Google Inc.’s Android operating system for the personal computers, Kunimasa Suzuki, Sony’s head of personal computers, said in Tokyo today. The S1 model will feature a 9.4-
TechnologyApril 26, 2011
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Jobs denies tracking location rumors: reports
Apple CEO Steve Jobs (Yonhap News)Apple’s founder Steve Jobs reportedly sent an e-mail to a customer that iPhones and iPads are not being used to track users, according to a U.S. website on Monday.“We don’t track anyone. The info circulating around is false,” wrote Apple CEO Jobs in an e-mail to a customer asking for clarification on the issue, MacRumors reported.The blog says that the customer fo
TechnologyApril 26, 2011
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Deutsche Bank New York, Hong Kong staff summoned over stock manipulation
South Korean prosecutors have summoned about a dozen employees of Deutsche Bank's New York and Hong Kong offices for questioning over alleged stock manipulation that forced the key index to nosedive last year, officials said Monday.The Seoul Central District Prosecutors' Office believes that employees at the German bank's overseas bureaus gave orders to the Seoul unit to place massive sell orders
April 25, 2011
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Regulator probes SC First Bank's illegal metal loan business
South Korea's top financial regulator said Monday that it has launched a probe into SC First Bank, the local unit of British banking giant Standard Chartered Plc, on allegedly infringing domestic bank regulations by giving metal loans to corporate customers. "Investigators were dispatched to SC First Bank and if we find (the bank) violated local regulations, we will summon the bank officials and d
April 25, 2011
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[News Focus] Tax cuts, easier loans fail to lift real estate
About one month has passed since the government rolled out measures to boost the sluggish real estate market. The centerpiece of the policy was to offer tax benefits and ease financing limits.Despite the policy and such positive economic indexes as soaring stock prices, however, the market has no signs of rebounding. Moreover, there are growing concerns of a further contraction in housing sales, d
April 25, 2011
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Regulator launches Apple data probe
KCC sends inquiries to Apple over data of smartphone usersThe state media regulator said Monday it launched an investigation against Apple Inc. over collection of information of its smartphone users in Korea.The Korea Communications Commission said it requested Apple to promptly answer a questionnaire and return it by “the earliest date.”State authorities asked the company to clarify the duration
April 25, 2011
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Korea to boost energy ties with Latin America
A Korean delegation team led by Second Vice Minister of Knowledge Economy Park Young-june will visit South America from April 26 to May 5 in an effort to boost energy ties with the region, the ministry said Monday. The delegation, which includes officials and local developers, will tour Mexico, Colombia, Venezuela and Peru, the ministry said. Officials from state-run firms Korea Electric Power Cor
IndustryApril 25, 2011