Most Popular
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Court refuses injunction on medical school expansion
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Why Korean crime stories typically feature nameless, faceless perpetrators
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Debate on 'no-seniors zones' heats up
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S. Korea, Cambodia forge strategic partnership
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Is NewJeans headed for a long 'break'?
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[KH Explains] Hyundai-backed Motional’s struggles deepen as Tesla eyes August robotaxi debut
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Police raid popera singer Kim Ho-joong's house over hit-and-run suspicions
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Trump may like to 'solve' N. Korean nuclear problem if reelected: ex-official
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New Seoul High Prosecutors’ Office chief vows full-fledged probe into first lady
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[Graphic News] UK tops global chart for child alcohol use
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S. Korea's FX reserves hit record high in Aug.
South Korea's foreign-exchange reserves climbed to a fresh record high in August due to gains in investment profits, the central bank said Wednesday.The country's foreign reserves reached US$331.09 billion as of end-August, up $1.38 billion from the previous month, according to the Bank of Korea (BOK).The FX reserves rose for the second straight month in August after falling by the largest amount in 13 months in June.Foreign reserves consist of securities and deposits denominated in overseas cur
Sept. 4, 2013
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S. Korea's ranking in global competitiveness drops to 25th: WEF report
South Korea's ranking in global competitiveness dropped by six notches this year, affected by the prolonged low economic growth trend and the heightened geopolitical risks surrounding the Korean Peninsula, a report showed Wednesday.According to the report compiled by the World Economic Forum (WEF), the competitiveness index for South Korea ranked 25th out of 148 countries surveyed this year, down from 19th a year earlier.This was the lowest since 2004 when the ranking slipped to 29th in the same
Sept. 4, 2013
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NTS probing 28 individuals with paper companies
The National Tax Service said Tuesday that it launched an additional probe into 10 people who allegedly evaded taxes by setting up paper companies abroad.This brings the total to 28 people currently under scrutiny by the tax auditor that is tracking down tax evasion via ghost companies.The NTS has so far levied additional taxes worth 71.4 billion won ($65.2 million) against 11 people who were found to have not reported their tax-haven deposits to the authority since the beginning of the second h
Sept. 3, 2013
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[Graphic News] Major countries’ market cap
Bloomberg’s data indicates that Korea’s stock market has not been much swayed by the U.S.’ move to relax quantitative easing and financial woes in some emerging economies. The report said Korea’s market capitalization amounted to $1.09 trillion as of Sept. 1, running ahead of all BRICs except for China.
Sept. 3, 2013
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Kyobo Life founder commemorated in Seoul
The 10th memorial ceremony for Shin Yong-ho, the late founder of Kyobo Life Insurance Co., will be held in Gwanghwamun, central Seoul, on Wednesday, the insurance firm said Tuesday.A variety of commemorative events, including a photo exhibition and concert, will be staged in Sejong Center for the Performing Arts, the company said. Besides influential figures from the insurance industry and academia, a large number of young people are expected to join the commemoration, the organizer said. “The l
BusinessSept. 3, 2013
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Sales of radiation detection devices surge in August
With the radiation scare sparked by massive and repeated radioactive water leaks into the ocean in Japan, spreading, sales of radiation detectors are soaring, according to Gmarket, a leading online shopping mall, on Tuesday in a press release. Sales of radiation detectors soared 90 percent in August over a year ago, Gmarket said, adding the company sold 40 such devices last month. “As the fear is related to health issues, high-priced radiation detectors are coveted the most. In the measurement p
IndustrySept. 3, 2013
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Kia’s Morning becomes top seller in first 8 months
Kia Motors’ subcompact Morning was ranked as the best-selling model in South Korea in the first eight months of 2013, data showed Tuesday.Kia sold 62,123 Mornings in the January-August period, with Hyundai Motor’s mid-sized Sonata sedan following with 61,532 units.Hyundai’s full-sized Grandeur sedan was in third place with 61,153 vehicles sold, according to the sales data released by Kia and Hyundai.Morning became the best-selling model in the country between January and June before slipping to
MobilitySept. 3, 2013
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Kakao Home to debut in global market
Korean mobile messenger service Kakao Talk said it would bring its mobile launcher called Kakao Home to the global market.“The launcher business has a lot of potential so many firms are jumping into the market. Kakao Home will also be serviced in English for global users by October,” said an official from the messenger firm. Currently, a limited range of Kakao Home services in the English language are available in Korea but the official said the firm would soon release a better one for the world
IndustrySept. 3, 2013
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Deutsche Bank Seoul names first female head
The local unit of Deutsche Bank recently appointed a female branch manager, the first to head a foreign investment bank in Korea.Park Hyun-nam, who has been named to head the Frankfurt-based bank’s Seoul branch from early September, will take on the co-chief post along with branch manager Kim Jong-gap.Park, who started her banking career at the Seoul branch of France-based BNP Paribas in 1993, has worked for Deutsche Bank for the past 14 years.After working for the division in charge of currency
Sept. 3, 2013
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Korea, China open 7th round of FTA talks
BEIJING (Yonhap News) ― Top South Korean and Chinese negotiators met Tuesday for a seventh round of talks aimed at bridging contentious gaps that so far have prevented major progress in negotiations on a free trade agreement, an official said. Assistant Trade Minister Woo Tae-hee and his Chinese counterpart, Yu Jianhua, kicked off the three-day talks in Weifang in eastern China, said the official at the South Korean embassy in Beijing.In the seventh round, South Korea aims to reach a broader con
Sept. 3, 2013
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POSCO placed under full-scale tax probe
The National Tax Service on Tuesday launched its investigation into POSCO by dispatching a group of inspectors to the steel producer’s headquarters in southern Seoul.The state tax inspectors also raided POSCO’s two steel mills in Pohang, North Gyeongsang Province, and Gwangyang, South Jeolla Province.Without offering a prior notice on their visit, the inspectors reportedly secured the company’s financial statements and computer hard disks in executives’ offices.As the company was subject to peri
Sept. 3, 2013
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Diageo Korea bets on non-whiskey drinks
Diageo Korea, the nation’s biggest whiskey seller, said Tuesday that it aimed to increase its proportion of non-whiskey products to 50 percent.CEO Cho Kil-soo said at a news conference that his company would increase its focus on vodka and imported beer, adding that wine would not be prioritized as much. Cho took office as the managing director of Diageo North Asia on July 1. “Umbrellas sell on rainy days and ice cream sells on sunny days,” the Korean chief said. “A railroad builder cannot just
IndustrySept. 3, 2013
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Bill aims to slash foreign cars’ repair costs
Foreign carmakers are facing renewed pressure to lower their hefty repair costs, with a new bill pending at the National Assembly to allow Korean manufacturers to produce replacement auto parts. Unlike in other advanced markets such as the United States, Europe and Japan, import car manufacturers here own an exclusive right to supply auto parts through their dealership service centers only.And this practice has been picked as the main reason why foreign-brand cars have maintained high costs and
IndustrySept. 3, 2013
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Illegal fishing poses danger to global fish stocks: experts
By Kim Joo-hyunThe fishing industry is caught in a dilemma between hopes to expand industrial fishing and the need to address environmental problems, according to a U.S. professor.“Throughout history, people have often responded to food shortages by exploiting animals, plant foods, or fish more intensively,” said Brian Fagan, a professor of anthropology at the University of California, Santa Barbara.Today, with billions depending on fish for protein, the world is faced with a tremendous challeng
Sept. 3, 2013
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Sons of Hyosung chairman vie for stakes in flagship firm
Two sons of the chairman of Hyosung Group, a South Korean family-run conglomerate, are competing to secure stakes in the group’s flagship company Hyosung Corp. in a bid to gain control of the group’s management, industry sources and data said Tuesday. According to regulatory filing, Cho Hyun-jun, the eldest son of Cho Suk-rai, chief executive of Hyosung and the group’s chairman, increased his stakes in the flagship company to 9.14 percent from 8.55 percent by buying 206,804 shares last month. Hy
Sept. 3, 2013
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Chinese consumers turn to Korean premium food products
With the rising interest of Chinese consumers in Korean foods thanks to hallyu, Chinese retail chains will start adding Korea to its overseas food sourcing network.“We plan to source more Korean green and organic foods for our premium food chains as perception about the quality of Korean foods continue to be improving,” Liu Hui Ling, assistant general manager of China Resources Vanguard, or CR Vanguard, said in a recent interview. CR Vanguard is one of the largest retail groups in China running
Sept. 3, 2013
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TB followed humans out of Africa
One of the largest genetic investigations into the microbe which causes TB shows the germ followed early humans out of Africa at least 70,000 years ago, scientists say.In a parallel probe, investigators also said they had identified 39 new genes that drive dangerous drug resistance in this germ, Mycobacterium tuberculosis.TB is one of the deadliest diseases in the medical lexicon.Untreated, it kills roughly half the people it infects.Even today, in the era of advanced antibiotics, it causes betw
TechnologySept. 3, 2013
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Sandy’s path may be less likely in future
WASHINGTON (AP) ― Man-made global warming may further lessen the likelihood of the freak atmospheric steering currents that last year shoved Superstorm Sandy due west into New Jersey, a new study says.But don’t celebrate a rare beneficial climate change prediction just yet. The study’s authors said the once-in-700-years path was only one factor in the massive $50 billion killer storm. They said other variables such as sea level rise and stronger storms will worsen with global warming and outweig
TechnologySept. 3, 2013
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[Photo News] Chuseok discount
IndustrySept. 3, 2013
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[Photo News] Safety for children
Novelis Asia president Shashi Maudgal (left) and Song Ja, chairman of Safe Kids Korea, pose after the steelmaker agreed to donate portable oxygen masks and disposable fire extinguishers for children’s fire safety education programs by the foundation on Tuesday in Seoul. (Novelis Asia)
IndustrySept. 3, 2013