Most Popular
-
1
1 in 3 Koreans live alone, family types becoming diverse
-
2
Korea, Japan finance chiefs vow to tame rampant FX market volatility
-
3
US 'incredibly concerned' about suspected NK-Iran military ties
-
4
K-pop group's manager dismissed for setting up spycam in theater dressing room
-
5
K-pop singer lost consciousness after being hit by foul ball, cancels show
-
6
Korean Muslim YouTuber's plan to build mosque in Incheon goes viral
-
7
[Kim Seong-kon] Democracy and the future of South Korea
-
8
Yoon's office denies considering liberal figures for key posts
-
9
Why is Apple Pay struggling to get purchase in Korea?
-
10
Seoul says Fu Bao loan 'not going to happen'
-
U.S. Olympians sue Samsung for damages
Samsung Electronics said on Friday that it has taken all necessary legal steps for the launch of its Facebook app, named the U.S. Olympic Genome Project.“As an Olympic sponsor, the company has followed the necessary protocol with the Olympic Committee and with the sports athletes before launching the app,” its spokesperson said.In a separate statement released to the media, Samsung Electronics said, it was “disappointed by the lawsuit,” and that “Samsung will continue to support Team USA and the
April 27, 2012
-
SKorea retailers halt US beef sales over mad cow
SEOUL, South Korea - Two major South Korean retailers pulled U.S. beef from their stores Wednesday following the discovery of mad cow disease in a U.S. dairy cow. Reaction elsewhere in Asia was muted with Japan saying there’s no reason to restrict imports.South Korea’s No. 2 and No. 3 supermarket chains, Home Plus and Lotte Mart, said they halted sales of U.S. beef to calm worries among South Kore
April 27, 2012
-
Korea's current account tops $3 billion in March
South Korea's current account surplus widened sharply in March from the previous month, backed by strong auto and petrochmical exports, the central bank said Friday. The current account surplus reached $3.04 billion last month, up from $560 million in the black tallied in the previous month, according to the Bank of Korea (BOK). The figure is larger than the $1.33 billion surplus tallied a year
April 27, 2012
-
Korean economy to grow 3.5%: OECD
Report says the nation should take caution in developing social welfare programsThe Organization for Economic Cooperation and Development forecast Korea’s economic growth to be around 3.5 percent this year and 4.3 percent next year despite a slowdown in world trade. If the global economy were to experience a serious downturn, Korea can respond with fiscal stimulus, given its strong fiscal position, and monetary policy easing, the OECD said in its 2012 economic survey.The OECD said Korea faces tw
April 26, 2012
-
One-person households to dominate from 2012: report
Single-person households are expected to emerge as the most dominant living arrangement in South Korea this year due to the rapid breakup of nuclear families, a government report showed Thursday.The report by Statistics Korea showed single person homes will make up 25.3 percent of all households this year, followed by those with two and three people.This is a change from 2010, when two-member households were the most numerous, followed by a single person family unit and those with three people.
April 26, 2012
-
Washington promises transparency for Korea on mad cow disease
WASHINGTON (Yonhap News) ― The U.S. government insisted Wednesday that American beef is safe to eat despite reports of the first case of mad cow disease here in six years.It pledged to fully update South Korea on related developments.“Our investigation is ongoing, but here are a few things that we do know for a fact: It is perfectly safe to eat beef and drink milk without concern for BSE,” Matt Herrick, an official at the Department of Agriculture, said in an inquiry by Yonhap News Agency. The d
April 26, 2012
-
Elevator Institute forms panel for Korea Lift Expo
Korea Elevator Safety Institute has launched the Korea Lift Safety Expo Committee to ensure a successful opening of its event in October, its press release said.Under the theme of “Green City Week,” the expo will be held for four days from Oct. 23 at Coex in southern Seoul.The event will feature not only exhibitions of elevators and escalators from companies around the world, but also construction and green building materials, the institute noted.The institute’s president Kong Chang-seok has bee
April 26, 2012
-
Korea Q1 GDP grows 2.8 percent
Korea’s year-on-year GDP expanded 2.8 percent, the slowest on-year growth rate for two and a half years, the Bank of Korea said Thursday.But Korea's economy grew at the fastest pace for a year on a quarterly basis in January-March due to strong industrial output.A rise in demand and strong government spending also helped offset softness in the construction and agricultural sectors.Gross domestic p
April 26, 2012
-
Retailers halt U.S. beef sales after BSE outbreak
The nation’s large retailers, such as Homeplus and Lotte Mart, temporarily suspended sales of U.S. beef on Wednesday following an outbreak of mad cow disease in California. The suspension came a day after the U.S. Department of Agriculture reported the country’s fourth-ever case of bovine spongiform encephalopathy, or BSE.But U.S. officials said it was contained and no contaminated meat had entered the food chain, stressing that it poses no threat to consumers.A spokesperson for Korea’s Ministry
April 25, 2012
-
S. Korean economy unlikely to recover fast: think tank
The South Korean economy is not expected to make a quick recovery from its current slump due to external uncertainties and domestic problems, a local think tank said Wednesday."A stable and rapid rebound of the South Korean economy is not in the cards as the private sector remains vulnerable to economic shocks and lacks resilience," Samsung Economic Research Institute(SERI) said in a report.The r
April 25, 2012
-
New case of mad cow disease in California
Top beef exporter the United States revealed Tuesday it had discovered a case of mad cow disease in California, prompting a scramble to reassure consumers at home and abroad. (MCT)The U.S. Department of Agriculture reported the country's fourth-ever case of bovine spongiform encephalopathy (BSE), but stressed the outbreak was contained and no meat has entered the food chain.The infected dairy cow
April 25, 2012
-
Samsung Engineering Q1 net up 18.3%
Samsung Engineering Co., one of South Korea’s largest industrial plant builders, said Tuesday its net profit jumped 18.3 percent in the first quarter from a year earlier, thanks to increased overseas sales.Net income came to 143.6 billion won ($125.9 million) in the January-March period, compared with 121.4 billion won a year earlier, the company said in a regulatory filing.Sales soared 46.2 percent on-year to 2.6 trillion won during the cited period, and operating profit reached 189.3 billion w
April 24, 2012
-
Samsung chief hits back at siblings over inheritance suit
Samsung Electronics chairman Lee Kun-hee counterattacked his siblings who had described him as a greedy man ahead of a court duel over inheritance.Meeting reporters at the company’s office in southern Seoul on Tuesday, Lee said his older brother Lee Maeng-hee is a “figure that was ousted in our family.”The chief of the country’s largest conglomerate also said no one in his family considered Lee Maeng-hee to be the eldest son of the late Samsung founder Lee Byung-chull. As proof, Lee Maeng-hee ha
April 24, 2012
-
FTC warns conglomerates against price-fixing
Korean companies fined over 2 trillion won for global cartelismKorea’s Fair Trade Commission said on Tuesday that cartelism among industry peers will bring nothing but harsh penalties for executives found guilty of price-fixing in global markets.An FTC official said that cartelism is illegal in any country, adding that even the temptation of price collusion to reap short-term profit is not worth it, as anybody participating in such activity will end up either with large fines or in prison in t
April 24, 2012
-
Air cargo volume falls 1.9%
South Korea’s air cargo traffic dropped 1.9 percent from a year earlier in the first quarter of this year due to a decline in shipments of information technology products, the government said Tuesday.The country’s air cargo shipments came to 857,000 tons in the January-March period, compared with 874,000 tons a year earlier, according to the Ministry of Land, Transport and Maritime Affairs.The drop resulted mainly from decreased international air cargo volume, which slipped 2.9 percent on-year t
April 24, 2012
-
Chung Mong-koo Foundation supports poor, sick children
Charity to assist children suffering from rare diseasesThe Chung Mong-koo Foundation, funded by Hyundai Motor Group chairman, plans to boost its support of children from low-income families or with rare diseases as part of its social contribution efforts, a press release said on Tuesday. Chairman Chung created the charity organization last year to help poor students.The foundation said some 500 children are expected to benefit from the program under which each will receive financial support of u
April 24, 2012
-
Wealth polarization fueling social instability, populism: report
South Korea’s inability to reduce income inequality is fueling social instability and populism in Asia’s fourth-largest economy, a report by a state-run think tank showed Monday.The report by the Korea Development Institute said Asia’s fourth-largest economy had succeeded in reducing the earnings gap up until the early 1990s, but this trend was disrupted by the 1997-98 Asian financial crisis. It claimed that the country has only made limited gains in reducing polarization.“Greater earnings dispa
April 23, 2012
-
Shares end flat before U.S. rate decision
South Korean stocks closed effectively flat on Monday as investors waited for this week’s U.S. interest rate decision and corporate earnings, analysts said. The local currency dipped against the U.S. dollar.The benchmark Korea Composite Stock Price Index gave up 2.02 points, or 0.10 percent, to close at 1,972.63. Trading volume was moderate at 578 million shares worth 3.52 trillion won ($3.08 billion), with losers outpacing gainers 510 to 314.“There was no real upward or downside momentum,” said
April 23, 2012
-
Korea says insulated from sudden shortage of rare earth elements
South Korea has secured supply channels and emergency reserves to cope with immediate shortfalls in rare earth elements that are vital for its industries, the government said Monday.The Ministry of Knowledge Economy said despite uncertainties caused by the United States, Europe and Japan reporting China to the World Trade Organization for unfairly controlling the export of rare earth elements, South Korea will not face any challenges to meet its demand.Rare earth elements are 17 materials in the
April 23, 2012
-
UNESCAP pursues sense of community
Agency reaches out to SoftBank, POSCO for infrastructure in MongoliaSONGDO, Incheon ― Two years have passed since the United Nations Economic and Social Commission for Asia and the Pacific, Northeast Asia subregional office was established in Songdo.After making connections and contacts with regional think tanks, academics and the private sector, the real challenge is still ahead for Dr. Kilaparti Ramakrishna, the head of the UNESCAP for East and Northeast Asia, which aims to promote unity and g
April 23, 2012