Most Popular
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Korean, Romanian leaders discuss defense tech, nuclear energy
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[Graphic News] 77% of young Koreans still financially dependent
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S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
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Yoon’s jailed mother-in-law excluded from latest parole list
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Hybe and Min Hee-jin, CEO of Hybe sublabel Ador, lock horns
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[Pressure points] Leggings in public: Fashion statement or social faux pas?
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Yoo Jae-suk, Yoo Yeon-seok team up in 'Whenever Possible'
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Korea’s homegrown nanosatellite successfully launches into space
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Aging population to drive down Korea's housing prices from 2040: experts
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[Graphic News] SNU tops energy use in Seoul
Seoul National University was the most energy-hungry building in Seoul, a report showed Sunday.From 2011 to 2012, the university devoured 4,403 tons of oil equivalent, surpassing major hospitals, department stores, hotels and office buildings, the Seoul Metropolitan Government said.According to the officials, frequent use of experimental apparatus in laboratories and high energy loss typical of old buildings mainly contributed to the high energy use. The officials also assume the 22 percent elec
May 27, 2013
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[Graphic News] Seoul plans to purchase U.S. weapons worth $800 million
Seoul has notified Washington of its intention to purchase weapons systems worth $800 million to be mounted on its new fleet of warplanes should a U.S. fighter be picked for its 8.3-trillion-won ($7.4 billion) acquisition project. The Defense Security Cooperation Agency, which handles Washington’s foreign military sales, revealed Seoul’s request to buy high-tech arms such as Advanced Medium-Range Air-to-Air Missiles, GBU-12 laser-guided bombs and GBU-39 bunker busters.Last month, Seoul made a se
DefenseMay 26, 2013
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[Graphic News] Tax havens under spotlight
Tax havens are drawing media limelight after a journalist group disclosed 245 Korean businessmen and their families suspected of evading taxes by running paper companies in countries or territories that either have very low tax rates or do not impose them at all.Tax havens are generally divided into three categories ― tax paradises, tax shelters and tax resorts.Tax paradises mainly refer to countries that have no tax treaty regime with other countries and do not impose any income tax. They inclu
May 23, 2013
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[Graphic News] Samsung’s brand value soars
Samsung was named one of the 100 most valuable global brands for 2013, a survey has shown. According to the list of the Top 100 Most Valuable Global Brands for 2013 released by Millward Brown, a global research company, Samsung ranked 30th this year, at $21.4 billion, an increase of 51 percent from the value of $14.1 billion in 2012. The Korean tech giant ranked 55th last year.Apple gained the honor of the most valuable global brand with a value of $185 billion while Google came in second, worth
May 22, 2013
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[Graphic News] Malicious code spreads in Korea
South Korea has the third-highest cases of computer malware detected on computers in the world after the United States and Brazil, data showed.According to a Microsoft Security Intelligence Report, about 3.2 million malware cases were discovered in Korea in the fourth quarter of 2012, a 52.5 percent increase from the first quarter of the year. The United States’ number reached 8.96 million and Brazil 4.46 million.Computer experts said cyber attacks with malicious codes are expected to increase a
May 21, 2013
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[Graphic News] Korea’s shift toward service industries stalls
South Korea’s service industries, such as culture, entertainment, social welfare, health care, education and finance, have failed to grow in importance over the past few years.According to research analysts in the stock investment sector, service-based industries are classified as related to the “creative economy,” a key policy area for President Park Geun-hye.Data held by the analysts showed that Korea saw the proportion of national gross domestic product accounted for by these industries stay
May 20, 2013
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[Graphic News] Magnitude 4.9 quake occurs near Baengnyeongdo Island
A magnitude 4.9 quake occurred near waters off of Baengnyeongdo Island in the Yellow Sea, marking the eighth time in a week that a tremor was reported in South Korea, the Korea Meteorological Administration said Saturday.The seismic event took place at 7:02 a.m. with the epicenter located 31 kilometers south of the island that is the northernmost of the “Seohae Islands” that lie just south of the sea demarcation line that separates the two Koreas.The KMA said the quake was the sixth largest dete
PoliticsMay 19, 2013
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[Graphic News] Korea, China, Japan become permanent observers to Arctic Council
Arctic states Wednesday accepted South Korea, China, Japan, India, Italy and Singapore as permanent observers to the Arctic Council. They are joining the existing group of the United Kingdom, France, Germany, the Netherlands, Poland and Spain. A growing number of countries are vying for a bigger stake in the far north as global warming accelerates the melting of ice caps, boosting the potential for maritime logistics and resources development in addition to scientific research. The intergovernme
Foreign AffairsMay 16, 2013
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[Graphic News] Household debt grows to W1,100tr
Korea’s household debt has increased by 52 trillion won in just a year, according to a government figure, ringing alarm bells about the nation’s economy.The Financial Supervisory Service revealed Wednesday that the nation’s total household debt amounted to 1,100 trillion won last year from 1,046.4 trillion in 2011. The household debt puts together outstanding household debt and personal business loans.The financial authorities expressed concerns that the current situation would get worse, since
May 15, 2013
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[Graphic News] Weak yen hits Korean exports
The weak yen has led to an average 5 percent decrease in the price of Japanese export products, dealing a blow to their Korean rivals’ competitiveness, data showed on Tuesday.According to reports from CEIC Co. and Mirae Asset Securities, the Korean export unit cost during the five months from November to March fell just 0.5 percent.Industry experts said if the yen depreciation continued, Korea’s major export items such as automobiles and steel products would lose their price competitiveness. By
May 14, 2013
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[Graphic News] Chaebol owners dominate in dividends
The number of people in Korea who earned more than 10 billion won in dividends last year was 19, data showed. Most of them were chiefs of the nation’s top conglomerates and their family members.The data released by chaebul.com, which tracks large conglomerates and their owners, said the number had fallen from 21 in 2011 because of the global economic downturn.As expected, Samsung Electronics chairman Lee Kun-hee topped the list by receiving 103.37 billion won. Hong Seok-hyun, chairman of JoongAn
May 13, 2013
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[Graphic News] Financial complaints on rise
Consumers’ complaints against the nation’s financial institutions have gradually increased over the past three years, data showed. According to a report released by the Financial Supervisory Service, the number of complaints consumers filed with the financial authorities amounted to 94,794 cases last year, a 11.9 percent increase from 2011, which posted 84,731 cases.Of the total complaints in 2012, 48,000 cases were about insurance. Policyholders’ major complaints were about insurance companies’
May 12, 2013
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[Graphic News] Asian cities top millionaire list
When it comes to populations of rich people, Asian cities are second to none. According to a list of cities with the most millionaires, multimillionaires and billionaires released by Wealth Insight, a London-based wealth consultancy company, six cities in Asia ranked in the top 10.Tokyo topped the list with 461,000 millionaires, or persons with more than $1 million in assets minus liabilities. New York and London came in second and third, respectively.Tokyo ranks at the top because of its popula
May 9, 2013
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[Graphic News] Local banks’ bad debt soars 13%
Some conglomerates’ financial woes and households’ growing difficulties in repaying debts are increasing local banks’ bad debt. The total sum of nonperforming loans from the country’s six largest banks has been snowballing, reaching 13.1 trillion won ($12 billion) as of the end of March, up 12.9 percent since December’s 11.6 trillion won. A nonperforming loan is one that appears unlikely or impossible to be repaid.The six banks ― Shinhan Bank, Hana Bank, Korea Exchange Bank, KB Kookmin Bank, Woo
May 8, 2013
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[Graphic News] Korea, Poland politically most stable of 30 nations
Korea and Poland were rated as the most politically stable among 30 emerging countries, according to a survey by Eurasia Group. In its latest Global Political Risk Index, the U.S.-based political and financial risk consulting firm gave Korea 77 out of 100. The index is based on how well the government, society, security and the economy can withstand political shocks.The high ranking indicates Korea’s ability to offset risks and uncertainties posed by North Korean threats and change of government
Social AffairsMay 7, 2013
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[Graphic News] IPTV subscribers surpass 7m mark
The number of Internet Protocol television subscribers surpassed 7 million on Friday, according to the Korea Digital Media Industry Association.Since its first appearance in January 2009, the IPTV penetration rate has been faster than any other paid TV broadcasting such as cable TV and satellite broadcasting. It took eight years for cable TV to pass 7 million subscriptions and nine years for satellite broadcasting to reach 3 million. Analysts said the fast rise in IPTV subscriptions is largely t
May 6, 2013
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[Graphic News] Hyundai-Kia making U.S. comeback in 2013 sales
Hyundai Motor and its sister automaker Kia Motors have revved up their presence in the U.S. market since early this year, recovering from last year’s lackluster sales dwarfed by Japanese carmakers.Hyundai and Kia sold a total of 110,871 units, gaining a combined market share of 8.6 percent as of last month, up from 7.3 percent in December.Although their combine market share is still short of the 9-plus percent achieved in April last year, the Korean auto giants are gradually recovering due to in
IndustryMay 5, 2013
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[Graphic News] Incheon Airport best-paying public firm for new staff
Incheon International Airport Corp. has been revealed to pay the highest starting salary among public corporations.The average yearly salary for new employees at the 30 top public corporations last year was 39.18 million won ($27,825), up 10.2 percent from the previous year, according to local employment portal Saramin on Thursday.The data was based on Alio (All Public Information In One), a public management information system run by the Ministry of Strategy and Finance.IIAC was followed by Uls
May 2, 2013
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[Graphic News] Korean, Japanese billionaires acquire wealth differently
Most of Korea’s billionaires accumulated their wealth through inheritance, while the Japanese superrich built up their wealth by creating their own business, according to a recent survey by CEO Score, a local online corporate management evaluator.In the survey of the top 50 richest people in Korea and Japan based on their stock ownership, 78 percent of Korea’s richest are second and third generation chaebol chiefs. In contrast, 60 percent of the top 50 richest Japanese are entrepreneurs. In Kore
May 1, 2013
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[Graphic News] Sungnyemun to open to great fanfare after more than five years of renovation
Sungnyemun, or the South Gate from the Joseon era (1392-1910), will be unveiled to the public on Saturday after 63 months of restoration. A lavish ceremony is planned to mark the return of the National Treasure No.1 in central Seoul. The restoration was the fruit of around 35,000 people’s dedication, from the selection of the best wood and stone to adhering to the most traditional method possible.The Cultural Heritage Administration said it reinforced fireproofing and the fire alarm system since
CultureApril 30, 2013