Most Popular
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No plan to let doctors with foreign licenses practice here anytime soon: PM
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Yoon rebuffs opposition's call for special probe into wife
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Ador CEO's dismissal to be decided on last day of May
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[Graphic News] Beer the most favored alcoholic drink by Koreans
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Science Ministry expresses regret over Japan’s pressure on Naver
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Haeundae Beach to become sand art museum in late May
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Suzy, Park Bo-gum star in AI fantasy romance ‘Wonderland’
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Medical professors set to take day off amid protracted walkouts by junior doctors
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Hostilities get out of hand as YouTuber murders another outside courthouse
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Police officer jumps barefoot into drainage tunnel to save man
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[Photo News] Ssangyong wins Dubai project
Ssangyong Engineering & Construction Co., a South Korean builder, said Wednesday it has clinched $1.6 billion worth of orders to construct a luxury hotel, as well as apartment and office buildings, in Dubai. An artist‘s rendering shows the 47-story hotel named Dubai Royal Atlantis. (Ssangyong E&C)
IndustryDec. 17, 2015
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Seoul shares start higher on Fed rate hike
South Korean stocks cheered on Thursday the U.S. Federal Reserve's decision to raise interest rates by a quarter point for the first time in an almost decade. The benchmark Korea Composite Stock Price Index added 17.14 points, or 0.87 percent, to 1,986.54 in the first 15 minutes of trading. Hours before the local market opening, the Fed raised the target rate for the federal fund rates from 0-0.25 percent, to 0.25-0.50 percent in a show of confidence in its economic conditions. It is the first
Dec. 17, 2015
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U.S. rate hike to have little impact on Korea: official
The U.S. Federal Reserve's decision to raise its interest rates for the first time in nine years will have little impact on South Korea, a senior government official said Thursday.Chairing a macroeconomic and financial policy meeting in Seoul, Vice Finance Minister Joo Hyung-hwan said the decision to raise rates by 0.25 percentage point was roughly in line with market expectations.The Federal Open Market Committee moved to raise the target range of the federal fund rate from 0 to 0.25 percent, t
Dec. 17, 2015
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Gray areas hinder medical tech innovation
After losing his father to a stroke and watching two uncles give up on expensive treatment for the same thing, engineer Ban Ho-young sought to create a disruptive technology that would make rehabilitation easy and affordable for any patient.He and cofounder Choi Young launched Neofect to create a smart rehabilitation glove that helps doctors analyze patients’ progress while keeping stroke patients motivated by helping them regain their arm and hand skills through activity games. After four years
TechnologyDec. 17, 2015
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[Photo News] LG unveils new monitor lineup
SAMSUNG RECOGNIZED FOR EXCELLENCE IN DESIGN -- Samsung Electronics said Wednesday its high-end SUHD TV 82S9W lineup has won the highest presidential award at the Good Design Selection 2015, a design award in Korea. The tech firm’s eight other products got awards, including the Chef Collection fridge RV8000, and the smart UX apps and widgets for the Galaxy S6 Edge Avengers Special Edition. (Samsung)
TechnologyDec. 16, 2015
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[Photo News] Samsung sweeps design awards
SAMSUNG RECOGNIZED FOR EXCELLENCE IN DESIGN -- Samsung Electronics said Wednesday its high-end SUHD TV 82S9W lineup has won the highest presidential award at the Good Design Selection 2015, a design award in Korea. The tech firm’s eight other products got awards, including the Chef Collection fridge RV8000, and the smart UX apps and widgets for the Galaxy S6 Edge Avengers Special Edition. (Samsung) SAMSUNG RECOGNIZED FOR EXCELLENCE IN DESIGN -- Samsung Electronics said Wednesday its high-end SUH
TechnologyDec. 16, 2015
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Leading academic in battery sector visits Samsung SDI
Tony Seba, a lecturer in entrepreneurship at Stanford University, paid a visit to the battery manufacturing campus of Samsung SDI in Cheonan, South Chungcheong Province on Tuesday.The Stanford University lecturer who teaches entrepreneurship, disruption and clean energy is also the author of “Clean Disruption of Energy and Transportation,” in which he claims that electric cars coupled with the advancement of energy technology will cause a paradigm shift in the automotive sector. Tony Seba, a lec
TechnologyDec. 16, 2015
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KakaoTaxi draws 50m requests
Mobile messenger Kakao has made strides in its taxi-hailing business as the number of requests for KakaoTaxi crossed 50 million as of Sunday, the firm said Wednesday. Demand for the taxi-hailing app has boomed since its launch in March, seeing 1 million ride requests in less than two months. The number of taxis registered for the KakaoTaxi service has also been on the rise, with more than 190,000, or around 70 percent of all taxis nationwide, now partnering with Kakao.(KakaoTaxi) “Even though
TechnologyDec. 16, 2015
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LG Chem gains upper hand in lithium battery race
Battery-maker LG Chem said Wednesday that it has inked a deal with the world’s largest energy storage system company AES Energy to supply its lithium-ion battery modules. The ESS is considered a lucrative business and the battery units of Samsung and LG groups are fiercely seeking to gain an upper hand in the global market. LG Chem’s battery module for the energy storage system. (LG Chem)LG’s latest supply deal is the biggest of its kind in terms of its scale. The maximum battery capacity, accor
TechnologyDec. 16, 2015
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Doosan chairman backpedals on layoffs
Doosan Group chairman Park Yong-maan has ordered Doosan Infracore, the industrial conglomerate’s second-largest affiliate, to exclude junior employees from the company-wide voluntary retirement scheme that has been drawing public criticism. “I have ordered the affiliate to set up a protective mechanism for new employees (with 1-2 year work experience),” Park told reporters in Seoul on Wednesday. “Though (Doosan Infracore) is facing severe financial strains, new employees will not be subject to t
IndustryDec. 16, 2015
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Gas prices still high despite oil price drop
Lee Tae-hoon, a 33-year-old office worker who lives in eastern Seoul, keeps hearing news that global oil prices have reached record lows. Lee, who drives his car to and from his office every day, had hoped that the major cooldown in global crude oil prices would be reflected in local gasoline prices. Yet, Lee says regular gasoline prices near his home in Jamsil have stood at around 1,450 won ($1.23) per liter now, which “seems to reflect only a minor drop in prices compared to other countries l
IndustryDec. 16, 2015
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Oil price lower than bottled water
The pretax price of gasoline per liter fell to 522 won (44 cents) this month, lower than that of bottled water, largely due to the continuous drop in international crude oil prices, officials said Wednesday.According to Opinet of the Korea National Oil Corp., the price of gasoline before tax took a dive to 522 won on average this month, a 27 percent drop from a year ago and 44 percent lower than the same month in 2013. (Yonhap)The price is comparable to that of a half-liter bottle of water, sold
IndustryDec. 16, 2015
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Oversupply feared for casino resort industry
With the South Korean government pushing to issue two new licenses for integrated complexes of foreigner-only casinos, voices of concern are rising over a potential surplus in the industry already hit by a global economic slowdown, China’s anticorruption drive and unstable demand.“As there are already two integrated resorts being constructed in the metropolitan region, an additional establishment would have a great chance of resulting in excess supply,” said Pyo Hak K., an honorary professor of
Dec. 16, 2015
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BOK to target 2% inflation
The Bank of Korea on Wednesday set the inflation target for the next three years at 2 percent, as the economy braces for a future of low growth and lower price levels. The annual target for the 2016-2018 period is higher than this year’s projected inflation of 0.7 percent. The rise in consumer prices stayed below 1 percent for 11 months this year until November, when it reported an uptick to a 1 percent gain from a year ago. In October, the central bank projected next year’s inflation rate at 1.
Dec. 16, 2015
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Regulation-free zones planned
The government Wednesday disclosed its 2016 economic policy directions aimed at revitalizing the economy by boosting domestic demand and strengthening support for exporters.It expects Korea’s gross domestic product to grow by 3.1 percent in real terms next year, a modest improvement from this year’s growth, which is estimated to reach 2.7 percent.Under the policy directions finalized at a meeting of economy-related ministers presided over by President Park Geun-hye, drastic deregulation will be
Dec. 16, 2015
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SK Innovation, SK Corp. CEOs named vice chairmen
SK Group, the nation’s third-largest conglomerate, said Wednesday that SK Innovation CEO Chung Chul-khil and SK Corp. CEO Kim Young-tae have been promoted to vice chairman positions. The promotion was conducted in the group’s annual personnel reshuffle of top management of its affiliates. Group officials said the CEO of SK Innovation, the holding company of the group’s energy businesses, got a promotion based on his performance to make the firm profitable within a year. Under his leadership, the
IndustryDec. 16, 2015
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Ikea to add more outlets in Korea
Swedish home furnishing giant Ikea on Wednesday announced that the company will open five more stores in Korea by 2020, by investing 1.2 trillion won ($1 billion).The company started its official operations in Korea in December 2014 by opening the Gwangmyeong store in Gyeonggi Province. The expansion will start with the second store opening in Goyang of northern Gyeonggi Province in late 2017, followed by two more inside Seoul, and one each in Daejeon and Busan. “We have come to relook the marke
IndustryDec. 16, 2015
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Organica-day acquires juice plant from CJ
Organica-day, the juice-making arm of Herald Corp., on Wednesday said it has acquired a high-pressure processing beverage manufacturing facility in Anseong, Gyeonggi Province, from CJ CheilJedang.Dubbed the Anseong Just Juice Production Center, the plant will become the epicenter of the burgeoning cleanse juice business for the company, which has recently secured prestigious clients such as Starbucks, Artise bakery, Hyundai, Shinsegae and The Galleria department stores. “The acquisition has enab
IndustryDec. 16, 2015
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Samsung convenes regional heads for strategy meeting
Samsung Electronics on Wednesday started its annual global strategy meeting, with some 600 executives and heads of regional operations around the world in attendance. Samsung Electronics vice chairman Lee Jae-yong is also scheduled to join the meeting --the first this year. The one planned in the first half of this year was canceled due to the outbreak of Middle East respiratory syndrome. The mobile and home appliance divisions are holding a three-day meeting through Friday at the Suwon campus
TechnologyDec. 16, 2015
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Absolut releases new mobile membership app
Pernod Ricard Korea’s premium vodka brand Absolut recently released its mobile membership application “Absolut Me,” company officials said Wednesday.Absolut Me provides the latest news on Absolut and a variety of information such as Absolut signature cocktail recipes, Absolut parties and cocktail classes and locations of bars that offer Absolut vodka.The app, available for Android and iOS, has reached over 1,000 total downloads since its launch on Dec. 2. Absolut’s mobile membership app “Absolut
IndustryDec. 16, 2015