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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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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Samsung chief bolsters ties with Germany’s Zeiss
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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China outpaces Korea in smaller OLED shipments for 1st time
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Med schools expect 1,500+ new admission slots next year
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Korean women earn lower pay in spite of increase in social status
Korean women continue to be paid less than men despite improvements in their social standing.A Statistics Korea report showed that the average salary of women stood at 67 percent that of men last year. While the figure is higher than that for 2009 ― when it was 66.5 percent ― it remains disparate from the rapid rise in women’s presence in universities, professional vocations and as successful appl
June 27, 2011
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Korea to top $1tr in trade this year: report
South Korea’s trade volume will likely cross the $1 trillion threshold this year on the back of brisk recovery, a report showed on Sunday.According to the study by the Korea International Trade Association, the country will log $561 billion in exports and $530.5 billion in imports by the end of the year. The trade surplus would amount to $30.5 billion, the association said. This would make Korea a
June 26, 2011
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Can penny slot machine take edge off gambling addiction?
Kangwon Land, Korea’s only legal casino for domestic citizens, announced a plan to adopt lower stakes games to deal with gambling addiction.Just this year, the Korean Casino lowered the bottom limit of gaming on some of its machines from 500 won (about 50 cents) to 100 won.As Kangwon Land continues to reduce the stakes, 88 percent of their machines allow gamers to play with just 10 won.An official
June 26, 2011
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Korea to release oil from reserves
The government will release almost 3.5 million barrels from its oil reserves in an effort to control international and domestic oil prices, the Ministry of Knowledge Economy announced Friday.According to the ministry, the government will release 3.467 million barrels in compliance with the International Energy Agency’s Initial Contingency Response Plan.Korea’s oil reserves, held by the government
June 24, 2011
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9 out of 10 workers experience ‘mind leaving syndrome’: survey
(MCT)“Mind leaving syndrome” describes the urge to flee, for anywhere, leaving everything behind including job and family.In research conducted by Saramin, a local online recruitment website, about 87.8 percent respondents experienced the syndrome.Women showed a higher percentage reaching 94.1 percent, while men recorded 80.2 percent.They said the major reasons were “chronic fatigue and health,” f
June 24, 2011
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S. Korean consumer sentiment dips in June
SEOUL, (Yonhap) -- South Korea's consumer confidence declined in June from the previous month on concerns that rising inflation and growing household debt could crimp consumer spending, the central bank said Friday.The consumer sentiment index (CSI) -- a gauge of consumers' overall economic outlook, living conditions and future spending -- stood at 102 for June, down from 104 for May, the Bank of
June 24, 2011
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Ministry, refineries differ on how to end temporary oil price cut
The government is seeking to alleviate the fallout of local oil refiners’ move to raise product prices that were temporarily lowered to help stem inflationary pressure, sources said Thursday.The Ministry of Knowledge Economy recently held talks with local oil companies and called for a “soft landing” approach when they move to mark up gasoline and diesel fuel after July 6, they said.In April, SK I
June 23, 2011
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Ministry plans heavier speeding fines
The Ministry of Land, Transport and Maritime Affairs unveiled a draft package of traffic safety measures at a public hearing in Seoul on Thursday, which consists of increased speeding fines, brighter crosswalks and tougher penalties for drunk driving. Though the number of deaths from road accidents in Korea has declined by nearly half over the last decade to about 5,500 in 2010, the figure per 10,
June 23, 2011
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World’s millionaires rose by 8.3% last year, Merrill Lynch says
Global millionaires’ ranks rose by 8.3 percent last year as the Asia-Pacific region overtook Europe for the first time, according to a report by Capgemini SA and Merrill Lynch Global Wealth Management. The number of individuals with at least $1 million of investable assets increased to 10.9 million after markets rebounded following the financial crisis, according to the 15th annual World Wealth Re
June 23, 2011
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Sales of Android smartphones top 10m
Sales of smartphones running Google Inc.’s Android software surpassed the 10 million mark in Korea this week, according to data from the country’s mobile carriers Wednesday.The country’s largest mobile carrier, SK Telecom Co., had 6.18 million subscribers using Android smartphones as of Monday, while runner-up KT Corp. had 2.06 million, they said. Smallest player LG Uplus Corp. lured in 1.86 milli
June 22, 2011
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Creditors to pick Korea Express bidder
Creditors of Korea Express Co. are expected to select a preferred bidder for a major stake in the country’s top logistics company next week as they move to complete the sale as early as August, industry sources said Wednesday.Creditors led by Korea Development Bank agreed to close the bidding for a 37.6 percent stake in Korea Express on June 27 and notified the three preliminary bidders ― POSCO, C
June 22, 2011
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Korean exports to top $500b this year: report
Korean exports are expected to surpass the $500 billion mark for the first time ever this year, helped by the steady pace of global economic growth, a private think tank said Wednesday.The Samsung Economic Research Institute report said South Korea is expected to ship out a total of $555.7 billion worth of goods this year, up 19.2 percent from $466.4 billion worth of products exported in 2010.It s
June 22, 2011
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KCC keeps SKT, KT off 2.1 GHz broadband range
The Korea Communications Commission agreed to exclude two mobile carriers SK Telecom and KT Corp. from a new wireless broadband spectrum auction, giving the upper hand to LG Uplus on Wednesday.Five commissioners of the state media and telecom regulating body said SKT and KT will be blocked from taking part in the 2.1 gigahertz radio spectrum auction, slated for early August.“We decided to go with
June 22, 2011
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FKI chief opposes scrapping tax cut plan
Huh had secret meeting with ex-P.M. Chung over ‘profit-sharing’The head of the Federation of Korean Industries has expressed his opposition to a ruling party move to scrap the tax reduction plan.Speaking at a press conference Tuesday, FKI chairman Huh Chang-soo, who is also GS Group chairman, said he opposes the plan because he believes companies can invest more when they have the means to do so.B
June 21, 2011
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Creditors seek to sell Daewoo Electronics to Electrolux
Creditors of Daewoo Electronics Corp. are seeking to sell the third-largest electronics firm in Korea to a Swedish company following their failed sale efforts with the initial preferred bidder from Iran, sources said Tuesday.Creditors including Korea Asset Management Corp. sealed a contract in last November with Iranian electronics firm Entekhab Industrial Group to sell their combined 97.5 percent
June 21, 2011
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OECD urges Korea to address inequality
Korea should implement measures against social inequality to steer sustainable growth in the post-crisis era, the Organization for Economic Cooperation and Development said Tuesday.Though the country strongly rebounded from a global economic crisis, it still faces challenges such as unemployment, income and gender inequality, low birthrate and a lack of social protection, the organization wrote in
June 21, 2011
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Korea may struggle to meet power demand
Korea may be hard pressed to meet an expected hike in summer power use as demand growth is likely to exceed the country’s supply capabilities, the government said Monday.The country’s maximum power demand from June through August is forecast to rise 7 percent on-year to 74.77 million kilowatts, while supply will likely go up 6.2 percent to 78.97 million kilowatts, the Ministry of Knowledge Economy
June 20, 2011
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Customs agency uncovers overseas money laundering
The largest money-laundering scam conducted through overseas tax-havens has been uncovered by the Korea Customs Service.According to reports, the Korea Customs Service uncovered a money laundering scam by a local intermediate trading firm involving foreign currencies valued at 762.5 billion won ($704.1 million).The company imports petrochemical products, which it then exports to other markets. The
June 20, 2011
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First Global Green Growth Summit to open in Seoul today
The first Global Green Growth Summit 2011 will begin in Seoul on Monday. The two-day summit, timed to mark the one-year anniversary of the launch of the Global Green Growth Institute, will be held under the theme of Building Planet-Responsible Civilization. Headquartered in Seoul, the Global Green Growth Institute was launched on June 16, 2010 with the aim of developing a green-growth economic dev
June 19, 2011
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U.S. meat imports spike on animal disease
Korean imports of U.S. pork and beef rose at a far faster pace than those of other overseas meat products this year following the outbreak of a contagious animal disease here, government data showed Sunday.Imports of U.S. pork spiked about 2.5-fold from a year ago to 82,569 tons in the January-May period, with overall pork imports rising 121 percent to 179,985 tons, according to the data by a gove
June 19, 2011