Most Popular
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Yoon apologizes for first lady Dior bag scandal, calls push for special probe ‘political’
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Korea forecast to overtake Taiwan in chip production by 2032: report
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Girl hanging on bridge, police trying to rescue her both fall off; rescued immediately
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[K-pop’s dilemma] Can K-pop break free from ‘fandom’ model?
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YouTuber fatally stabbed on livestream by another YouTuber in Busan
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Yoon rebuffs opposition's call for special probe into wife
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No plan to let doctors with foreign licenses practice here anytime soon: PM
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Stray Kids hit with racism in Met Gala photo line
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[News Analysis] Yoon's first 2 years marked by intense confrontations, lack of leadership
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Yoon apologizes for wife's 'unwise conduct'
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Cumulative sales of Hyundai Sonata in U.S. top 2m units
Hyundai Motor Co., South Korea’s top automaker, said Monday that it has sold more than 2 million units of its midsize Sonata sedan in the United States in more than two decades.The move represents the steady popularity of the Sonata in the world’s second-largest automotive market.The carmaker said sold 2.01 million units of various Sonata models since 1989 when it introduced the Sonata in the U.S., accounting for one-fourth of Hyundai cars sold in the country. “The strong Sonata sales in the U.S
IndustryJuly 8, 2013
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Ministry to reevaluate plans for regional institutional establishments
The government will reevaluate its initial plan of establishing regional national institutions and redraw it from scratch after thorough feasibility studies and reviews, the Ministry of Strategy and Finance said Monday.President Park Geun-hye pledged in her election campaign that her government would establish or relocate some national institutions to provinces to spur regional growth.Its initial proposal included building a national rehabilitation hospital in Ulsan, and a national aerospace tec
July 8, 2013
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GM’s Rocha seeks halt to strikes
GM Korea’s chief executive Sergio Rocha recently asked employees to refrain from further labor activity for the sake of productivity and the company’s future.“Further labor conflict and productivity loss would have an irreversible effect on our future,” Rocha said in an email addressed to all 17,000 GM workers on July 3.He also said the automaker understood their frustration, as the reality that GM faces was a cause for concern. “I realize that sharing my knowledge of our company’s reality is o
IndustryJuly 8, 2013
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KCCI chairman offers resignation
Sohn Kyung-shik, chairman of the Korea Chamber of Commerce and Industry, expressed his willingness to resign from the post, chamber officials said Monday.Chairman Sohn delivered his intention to a group of chamber leaders, saying it is difficult for him to carry on his duty as he must devote himself to managing CJ Group, the officials said.Sohn is co-chairman of CJ Group, along with Lee Jay-hyun, who was arrested last week on charges of embezzlement and tax evasion. Sohn currently leads CJ Group
July 8, 2013
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Government to inject W6.4tr into corporate bond market
The government said Monday it will provide liquidity worth 6.4 trillion won ($5.6 billion) to help local companies raise funds through selling corporate bonds, as the prolonged slump in corporate financing has stifled firms with a cash squeeze amid the slowing economy. The government will have state-run financial institutions buy bonds issued by local companies with lower credit ratings and provide them with a government guarantee so they can be sold with less borrowing costs, according to the F
July 8, 2013
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Foreign firms want Gaeseong to reopen
Almost 7 out of 10 foreign companies here say they want to see the normalization of the Gaeseong industrial park, the Korean Chamber of Commerce said Monday. The park, in the aftermath of worsening inter-Korean ties, has been closed for three months.Companies with manufacturing plants in Gaeseong have been hit hard by the closure.The survey was conducted by the chamber on 300 foreign companies. Up to 66.2 percent said the park should be “normalized.”Overall, they seemed to perceive the industria
IndustryJuly 8, 2013
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Korea’s first computer museum to open on Jeju
JEJUDO ISLAND ― Nestled beside Halla Arboretum in Jeju, Korea’s first museum dedicated to computers and gaming is set to open at the end of this month.Nexon, Korea’s top company in software and gaming, on Monday held the Nexon Computer Museum media showcase event prior to opening it to the public around July 26 this year.“Our goal is to reinstate the concept of computer and game as a form of culture in order to preserve and celebrate the rich history of technological development,” said Kim Jung-
TechnologyJuly 8, 2013
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Korea, Switzerland to cooperate on creative economy
Minister of Science, ICT and Future Planning Choi Mun-kee met with Johann Schneider-Ammann, the head of Switzerland’s Federal Department of Economic Affairs, Education and Research, on Monday to discuss Korea’s creative economy initiative. Welcoming the 25 delegates from the Alpine nation, Minister Choi sought much advice from them. “I would like to learn the know-how of maintaining stable economic growth despite the sluggish world economy and even outperforming those in other European nations,”
July 8, 2013
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Hyundai Heavy to raise ship prices as Chinese yards falter
Hyundai Heavy Industries Co., the world’s biggest shipbuilder, plans to raise prices as demand for fuel-efficient vessels helps it skirt the global supply glut hurting Chinese yards.Orders may exceed this year’s target of $11.3 billion, with about 60 percent of that already met, Ka Sam-hyun, executive vice president in charge of ship sales, said in a July 3 interview. The Ulsan, South Korea-based company plans to raise prices in the second half, he said.“The big focus right now is on fuel effici
IndustryJuly 8, 2013
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Seoul shares fall 0.9 pct on Samsung losses
South Korean stocks closed nearly 1 percent lower Monday, driven by a steep decline in Samsung Electronics Co., following the company's disappointing earnings estimates for the second quarter release last week, analysts said.The local currency sharply fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) finished down 16.46 points to 1,816.85. Trading volume was light at 299.5 million shares worth 3.48 trillion won (US$3.05 billion) with decliners far outstripping
July 8, 2013
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Namyang Dairy to face prosecutors’ investigation
The Fair Trade Commission said Monday that it will file a complaint against Namyang Dairy Products with the prosecution for bullying sales agents and retailers.In addition, the nation’s largest dairy product maker was slapped with a 12.3 billion won ($10.6 million) fine by the antitrust regulator as an administrative sanction.Namyang Dairy was found to have abused the headquarters’ power during some of its deals with 1,849 sales agents nationwide between 2007 and May 2013, according to the FTC.T
IndustryJuly 8, 2013
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Seoul shares down 1.25 pct in late-morning trade
South Korean stocks traded 1.25 percent lower late Monday morning, led by a sharp fall in shares of Samsung Electronics, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) declined 22.88 points to 1,810.43 as of 11:20 a.m.Top-listed tech heavyweight Samsung Electronics plunged more than 4 percent, with SK hynix dipping 2.6 percent. In contrast, Hyundai Heavy Industries, the world's No. 1 shipyard, climbed 3.6 percent. The local currency was changing hands at 1,151.75 won agai
July 8, 2013
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S. Korea's ranking rises to 34th in gold reserves
South Korea ranked 34th in gold holdings last month, marking its highest ranking ever, as its central bank has purchased the precious metal to diversify its foreign exchange reserves, data showed Monday.South Korea's gold holdings reached 104.4 tons valued at $4.79 billion as of end-June, accounting for 1.5 percent of the country's total FX reserves of $326.44 billion, according to the Bank of Korea (BOK).The BOK bought 20 tons of gold in February, following its previous four rounds of purchases
July 8, 2013
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Sales of LTE smartphones to triple this year: data
Global sales of smartphones that run on the so-called long-term evolution (LTE) network are expected to almost triple this year from a year earlier, data showed Monday.According to the data compiled by research firm Strategic Analysis Inc., a total of 270 million smartphones running on the LTE network will be sold this year, accounting for 29 percent of total smartphone shipment around the globe.Last year, a total of 92 million LTE smartphones were sold, garnering a 13.1 percent share in the glo
IndustryJuly 8, 2013
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Seoul shares turn higher after weak start
South Korean stocks turned higher after a weak start Monday, as widening auto gains offset losses of top-cap Samsung Electronics Co., analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) inched up 3.07 points, or 0.17 percent, to 1,836.38 in the first 15 minutes of trading. Leading carmaker Hyundai Motor soared 1.2 percent, with its smaller affiliate Kia Motors climbing 1.5 percent. But Samsung Electronics lost nearly 1.4 percent. The local currency was trading at 1,149.75 won
July 8, 2013
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[Graphic News] Students’ top dream companies
According to a survey conducted by Incruit, an online job portal, Samsung Electronics topped the list of companies at which university students would like to work most after graduation. It surveyed 747 university students across the nation.
July 7, 2013
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[Newsmaker] Asiana apologizes over deadly jet crash
Asiana Airlines on Sunday apologized over the deadly jet crash that killed at least two people and injured more than 180 others in San Francisco over the weekend. The Boeing 777 passenger jet traveling from Seoul crashed while landing Saturday at San Francisco International Airport, smashed into pieces and caught fire. “I sincerely apologize to the public for the crash landing,” Asiana Airlines CEO Yoon Young-doo said Sunday during a press conference at the company’s headquarters in western Seou
IndustryJuly 7, 2013
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Korea sends task force to investigate crash
The government sent a task force composed of about 20 officials from the Ministry of Land, Infrastructure and Transport and Asiana Airlines to San Francisco on Sunday to investigate the cause of the crash-landing of the airliner’s Boeing 777-200ER and to develop measures to deal with the aftermath. “No exact cause of the crash has been determined, but U.S. officials have ruled out terrorism from the beginning,’’ Choi Jeong-ho, the head of the ministry’s aviation policy bureau, said in a media br
IndustryJuly 7, 2013
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Boeing 777 has record of only minor accidents
Asiana Airlines’ Boeing 777-200ER jetliner that crashed at San Francisco International Airport over the weekend has been assessed as a next-generation model.The passenger jet, which was introduced in the local market in 2006 as a subordinate model of the Boeing 777 series, has also been picked as one of several aircraft that ensure a high-level of passenger safety with few technical defects.“It has been seven years since the crashed model was manufactured. A jetliner with an operating age under
July 7, 2013
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EV battery makers confront slow demand
As the dilemma for carmakers deepens over environmentally friendly vehicles, local electric car battery makers are struggling to stay afloat until demand is spurred in earnest.The main problem for electric and hybrid vehicles is that while governments and countries are increasingly urging carmakers to put more such cars on the road, demand is tepid and costs ride too high. At home, Hyundai Motor Group, the nation’s dominant carmaker, has not yet jumped into the business. This is working as anoth
IndustryJuly 7, 2013