Most Popular
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First-ever meeting of president, opposition chief set to finally happen
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Naver’s Line ownership in jeopardy as Japan ups pressure
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South Korea to launch space security center under spy agency
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More med professors to take day off each week while govt. urges them to stay
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Hybe refutes Ador CEO Min's denial of breach of trust
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S. Korea, Japan could consider simplified entry agreement: Seoul official
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[Weekender] How DDP emerged as an icon of Seoul
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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[Today’s K-pop] NewJeans' single teasers release amid intrigue
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Regular workers hit record high in 2010
The number of regular workers in Korea reached an all-time high last year as businesses increased their number of longer-term workers amid rebounding economic conditions, data showed Monday.The number of workers who remained employed for a year or longer totaled 10.09 million last year, the highest since related statistics started to be compiled in 1989, according to the data provided by the finan
Feb. 7, 2011
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Seoul shares up on economic optimism
Korean stocks finished 0.47 percent higher on Monday, led by financial companies, as upbeat U.S. data boosted investor sentiment amid subdued trading after a national holiday, analysts said. The local currency climbed against the U.S. dollar. After rising more than 1.7 percent at one point, the benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,081.74, up 9.71 points from the previous
Feb. 7, 2011
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Businesses oppose early adoption of carbon trading
Korea’s major economic organizations called on the government Monday to significantly postpone its plan to introduce a carbon emissions trading system in 2012, saying it could hurt the country’s industrial competitiveness.The five economic organizations, including the Federation of Korean Industries, the largest industry lobby in the country, urged the government to delay the move at least until 2
IndustryFeb. 7, 2011
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Korean venture to buy U.S. hallyu site operator
Korea’s video search technology provider, Enswers Inc., said Monday that it has agreed to acquire a Silicon Valley-based online company, Soompi Media LLC, to create a U.S.-based Web portal for Korean pop culture and news.Under the agreement, Enswers will introduce this month a revamped service of Soompi.com powered by its own video search technology in a bid to bring Korean dramas, music, movies a
IndustryFeb. 7, 2011
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Kia Motors posts record monthly sales in China
HONG KONG (Yonhap News) ― Kia Motors Corp., Korea’s second-largest automaker, posted record-high monthly sales in China last month, backed by strong demand for its sport utility vehicle, company officials said on Sunday.In January, Kia Motors sold 38,858 units of vehicles in the world’s most populous country, up 22.7 percent from a month earlier and also 13.7 percent from the same period last year
IndustryFeb. 7, 2011
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LGD eyes Poland joint venture
LG Display Co., the world’s second-largest maker of liquid-crystal displays, said it’s in talks with TPV Technology Ltd. to form a venture in Poland to manufacture LCD modules and televisions.The venture will help reduce production costs by making TV parts and sets in one factory, Claire Ohm, a Seoul-based spokeswoman for LG Display, said in a telephone interview Monday. LG has similar operations
IndustryFeb. 7, 2011
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BAT Korea launches Kent Boost
British American Tobacco Korea said Monday it has launched Kent Boost, which offers two levels of menthol in one cigarette.The product is first of this kind in the country, according to the tobacco producer. It gives consumers an extra burst of menthol when they press the capsule in the filter, the firm said. “Kent is the second-largest premium brand globally (outside of U.S. and China) sold in ov
IndustryFeb. 7, 2011
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Heated competition may cause new credit card crisis
Worrisome signs are resurfacing from the issue of red-hot credit card competition, reminiscent of the 2003 bad debt fiasco, prompting regulators to consider fresh restrictions.Major card issuers have been fighting a marketing war since last year, vying for a bigger slice of consumer spending as it gets on track to recovery.The competition led to sharp increases in card issuances and service loans,
Feb. 7, 2011
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Forensic experts to fight tax evasion
The National Tax Service will launch a forensic investigation center Tuesday to fight increasingly sophisticated tax evasion.The Forensic & Anti Tax Evasion Center will be headquartered in Seoul with regional teams working in the agency’s Daejeon, Gwangju, Daegu and Busan offices. Each team will have about 30 officials. “There are limits to the probe with our traditional enforcement tools as tax o
Feb. 7, 2011
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Entry barriers hurt Korean beer industry
Brewers say trade barriers must go to add color to Korean beer marketThink Korean beer. Now think of a Korean beer that’s not Hite or OB.That blank right there shows the space smaller breweries have been trying to fill in a market where the share between the big two is split nearly fifty-fifty. Many beer lovers crave diversity, finding local products “watery” and of lower quality when compared to
IndustryFeb. 7, 2011
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Korea pressured on currency
Seoul officials expected to turn more cautious in wake of U.S. criticismKorean officials are expected to take a more cautious approach in dealing with the foreign exchange market following the U.S. criticism of their active intervention to keep the won low, analysts said Monday.The Bank of Korea declined to make any official comment on the U.S. Treasury Department’s recent report to Congress on th
Feb. 7, 2011
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Korea Ginseng Corp. to open 11 overseas branches
Korea Ginseng Corp. said Monday it will establish 11 new branches outside Korea this year as it aims to more than double its overseas sales.The firm is well-known for its 6-year-old red ginseng brand Cheong Kwan Jang, which has been increasing in popularity overseas, particularly in China, over the past few years.The firm said it will establish new branches in China, Japan, North America, Singapor
IndustryFeb. 7, 2011
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Hyundai’s U.S. executives flock to GM
Hyundai Motor America’s senior designer Phillip Zak has returned to GM, joining the recent migration of Hyundai’s top-level executives to the U.S. giant.Zak, who had worked as GM’s chief designer for Europe before moving to Hyundai Motor America in April 2009, returned to the U.S. carmaker earlier this month.While at Hyundai Motor America, Zak is said to have played a key role in introducing Hyund
IndustryFeb. 7, 2011
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Bio firm finds structure...of superbug enzyme
A Korean firm said Monday it has identified the structure of a key protein that makes bacteria resistant to nearly all known antibiotics, paving the way for a treatment of the so-called superbug.Researchers at Crystalgenomics Inc., a Seoul based bio-venture, have succeeded for the first time to find the shape of the New Delhi metallo-beta-lactamase, or NMD-1 enzyme that deactivates antibiotics. Si
IndustryFeb. 7, 2011
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Firms to showcase new devices in Barcelona
Tablet PCs, smartphones to dominate Mobile World Congress next weekLocal electronics giants are lining up their cutting-edge mobile products for a global industry show in Barcelona, Spain next week.New tablet PCs and smartphones are expected to dominate the Feb. 14-17 Mobile World Congress, which is expected to draw more than 1,300 firms from all over the world.LG Electronics, which has been geari
IndustryFeb. 7, 2011
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‘Facebook may not be dominant in Japan’
Facebook Inc. may never overtake Mixi Inc. in Japan as the lure of connecting with friends overseas isn’t enough for users to switch services, according to the U.S. social-networking site’s biggest games developer.Japan “is one place where Facebook may not end up being dominant,” Robert Goldberg, head of Zynga Game Network Inc.’s operations in the country, said in an interview in Tokyo last week.
IndustryFeb. 7, 2011
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BHP, Rio help mine record $52b profit
BHP Billiton Ltd., Vale SA and Rio Tinto Group, the world’s three largest mining companies, are set for record profit totaling $52 billion as they accelerate earnings growth at the expense of their biggest customers.The companies, also the largest iron-ore exporters, may post an average 66 percent jump in the annual earnings they report this year compared with 2007, according to analyst estimates
IndustryFeb. 7, 2011
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Russia follows China in using reserve ratios to curb inflation
Russia, the only one of the so-called BRIC countries without capital controls, is following China and Turkey in relying on reserve requirements to drain cash from the economy and avoid luring more speculative investment.“We stand ready to continue increasing mandatory requirements, if needed,” Bank Rossii Chairman Sergey Ignatiev said in Frankfurt on Feb. 4. Policy makers will “act decisively to m
Feb. 7, 2011
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Indonesia economy expands 6.9%
Indonesia’s economy grew at the fastest pace in six years last quarter, extending an expansion that may prompt the central bank to raise interest rates further after its first increase since 2008 to curb price pressures.Gross domestic product rose 6.9 percent in the three months through December from a year earlier, compared with 5.82 percent previously reported for the third quarter, the Central
BusinessFeb. 7, 2011
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Peugeot introduces New 3008 SUV in S. Korea
Hanbul Motors Corp., the local importer of French automaker PSA Peugeot Citroen, on Monday introduced the latest version of Peugeot's Smart Urban Vehicle, the New 3008, that comes with an astonishing 21.2 km/l fuel efficiency. The top-rated fuel efficiency is a 10 percent improvement from the previous version as the vehicle comes with a new HDi engine that took nearly four years and 1.5 billio
MobilityFeb. 7, 2011