Most Popular
-
1
Contentious grain bill put directly to plenary meeting for vote
-
2
Yoon's approval rating plunges to all-time low
-
3
Will tug-of-war between doctors, government end soon?
-
4
Climate impacts set to cut 2050 global GDP by nearly a fifth
-
5
Trilateral talks acknowledge ‘serious’ slumps of won, yen
-
6
[Graphic News] More Koreans say they plan long-distance trips this year
-
7
[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
-
8
North Korea removes streetlights along cross-border roads with South
-
9
Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
-
10
Farming households dip below 1m for first time in 2023
-
BOK cuts GDP outlook to 3%
South Korea’s central bank said Friday that it has revised its projection on the nation’s GDP growth rate for 2012 to 3 percent.The figure is lower than the Bank of Korea’s earlier prediction of 3.5 percent in April and 3.7 percent in December 2011.The BOK’s GDP outlook is even bleaker than that forecast by the Finance Ministry last month, which was 3.3 percent. In its “Economic Outlook for Second Half of 2012,” the bank said that growth levels are projected to be 2.7 percent for the first half
July 13, 2012
-
Foreign IBs eye another rate cut within year
Major foreign investment banks expect South Korea to cut its key interest rate one more time within the year to buttress the faltering economy weighed down by the eurozone jitters, a report showed Friday.Foreign IBs, including Nomura and HSBC, predict the central bank to slash the benchmark rate by 0.25 percentage point to 2.75 percent as early as September or by the end of this year at the latest, according to the report by the Korea Center for International Finance.The Bank of Korea on Thursda
July 13, 2012
-
LPG vehicle sales soar on high gas prices
Sales of cars fueled by liquefied petroleum gas surged 20 percent in the first five months of this year mainly due to high gasoline prices, a report showed Friday.According to the Korea LPG Association report, sales of cars that run on the liquefied mixture of propane, butane and other chemicals, reached 76,209 units in the cited period, up from 63,303 an year earlier.In contrast, sales of gasoline-powered cars dropped 15 percent on-year to 286,922 units, while diesel car sales remained virtuall
July 13, 2012
-
Ssangyong denies accounting fraud rumor
Ssangyong Motor dismissed the allegation that the company sought to lay off a group of employees by rigging its financial statements in 2009.In a statement on Friday, the automaker said financial regulators had already completed their probe into the allegation of fraudulent accounting, which had been raised by some lawmakers.“The Financial Supervisory Service has also notified us that it has not found any critical misstatements in our accounting books,” a Ssangyong spokesman said.He said the FSS
IndustryJuly 13, 2012
-
Minister urges public firms to restrain price increases
Public companies providing exclusive services should be cautious when making price hike decisions and consider possible effects such action could have on inflation and the overall economy, South Korea’s top economic policymaker said Friday.“Public companies, unlike private ones, usually provide exclusive services. They have to make decisions (on prices) by taking into consideration their ripple effect on the whole economy,” Finance Minister Bahk Jae-wan told an anti-inflation meeting.He admitted
July 13, 2012
-
LG targets Latin America
LG Electronics Inc., the world’s No. 2 TV maker, said Thursday it has agreed with Spain’s biggest phone company Telefonica SA to provide content via its smart TVs as it moves to dominate the Latin American TV market.Under the deal, the South Korean tech behemoth will pack its cinema three-dimensional smart TV sets with more than 500 videos provided by Telefonica, which enjoys the largest share in Latin America’s telecom service market, according to LG.The company plans to launch the service in A
IndustryJuly 13, 2012
-
Shares rise on better-than-expected data
South Korean stocks jumped 1.54 percent on Friday as investors were relieved by China’s not-so-bad economic data and optimistic about a further rebound, analysts said. The local currency gained ground against the U.S. dollar.The Korea Composite Stock Price Index climbed 27.5 points to finish at 1,812.89, snapping a five-day decline. The main bourse plunged more than 40 points during the previous session.Trading volume was moderate at 344.2 million shares worth 4.67 trillion won ($4.06 billion),
July 13, 2012
-
Financial, manufacturing industries hit by strikes
Two major labor unions, the nation’s largest labor unions in their sectors, said they would strike in July. The Korean Metal Workers’ Union, the nation’s largest industrial union, has set up a nationwide one-day strike calling for better working conditions, members said Thursday. The move comes four years after the Korean Metal Workers’ Union has staged a collective labor action 2008. The union estimates about 130,000 workers from 211 companies will participate in the strike, making it the large
IndustryJuly 13, 2012
-
FSC sucked into savings bank scandal
Senior official at financial regulator accused of influence peddling on behalf of SolomonProsecutors launched a full investigation into financial authorities in relation to corruption at debt-saddled savings banks. The joint investigation looking into savings banks’ corruptions, carried out by prosecutors and officials from finance-related government organizations, investigated a senior official at the Financial Services Commission for two days starting Wednesday on bribery charges. The official
July 13, 2012
-
Seoul shares open higher on technical gains
South Korean stocks started higher on Friday, led by gains in blue-chip shares, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) climbed 9.16 points, or 0.51 percent, to 1,794.55 in the first 15 minutes of trading.On Thursday, the KOSPI dropped 2.24 percent to close at 1,785.39 points on growing concerns over a slowdown in Asia's fourth-largest economy.Most shares gained groun
July 13, 2012
-
BOK cuts 2012 growth outlook to 3 percent
South Korea's central bank on Friday sharply cut its 2012 economic growth outlook to 3 percent as exports are feared to lose steam amid the protracted eurozone debt crisis.The downward revision by the Bank of Korea (BOK) is compared with its earlier estimate of 3.5 percent made in April. In the second half, Asia's fourth-largest economy is expected to grow 3.2 percent, picking up from a 2.7 percen
July 13, 2012
-
BOK cuts key rate to 3.0%
Korea’s central bank cut its key interest rate for the first time in more than three years in what it said is a pre-emptive response to growing economic uncertainties in the wake of the persistent eurozone debt crisis.The Bank of Korea’s monetary policy committee said it decided to cut the key interest rate from 3.25 percent to 3 percent on Thursday. It is the first time that the BOK has lowered the key interest rate since February 2009.The change is an end to the BOK’s freeze of the key policy
July 12, 2012
-
S. Korean team develops substance that blocks spread of cancer
A team of South Korean scientists has developed a new substance that helps track and even prevent the spread of cancer cells from a primary tumor to adjacent organs, the science ministry said Thursday.The team, led by Prof. Lee Seong-wook of Dankook University, has developed an RNA aptamer that binds to colorectal cancer cells in a peculiar way that makes the cancer cells easily identifiable, according to the Ministry of Education, Science and Technology.Easily detectable cancer cells in turn ma
TechnologyJuly 12, 2012
-
Philip Morris’ new menthol-taste product
Philip Morris International Korea added a new menthol-scented product, Parliament Hybrid 2 in 1, to its line-up of on Thursday. The new product has a special capsule inserted within each filter which, once broken, releases a taste of menthol. Smokers can twist-and-break the inserted menthol filter for stronger menthol taste, whereas those who prefer classic cigarettes can leave the capsule unbroken, the company said. Parliament Hybrid 2 in 1 is “rich both in the classical taste of cigarette and
July 12, 2012
-
Metal workers to stage four-hour strike Friday
An estimated 130,000 workers at 211 companies nationwide will stage a one-day strike on Friday, complying with an umbrella labor group’s call for improved working conditions, labor unionists said Thursday.The 211 firms, which include the nation’s top automakers ― Hyundai Motor Co., Kia Motors Corp., and GM Korea Co. ― are all affiliated with the country’s largest industrial union, the Korean Metal Workers’ Union, which has about 170,0000 workers in the local automobile, steel, machinery and ship
July 12, 2012
-
Kakao, Samsung Galaxy top IT search on Google
“Kakao Talk” was the most popular information and technology search term on Google in the first half of this year, said Google Korea.Korea’s mobile messenger, used by some 50 million people worldwide, recently made headlines over the announcement of its free mobile Voice over Internet Protocol service Voice Talk.This has led to escalating tension between Kakao and two giant mobile carriers ― SK Telecom and KT, further helping Kakao Talk to be the most searched term on Google, the Korean subsidia
TechnologyJuly 12, 2012
-
Hanbul Motor introduces second model of DS line
Hanbul Motors, the official importer and distributor of Citroen vehicles, unveiled the DS4, the second of its DS line, on Thursday in Seoul. The winner of “the Most Beautiful Car of the Year” by Eurosport Magazine in 2011, Citroen DS4 combines a coupe style with two-plus-two door practicality, and offers three full-sized rear seats, accessed by rear doors with hidden handles that are seamlessly integrated into its design. The new DS model also provides a capacious 370-liter boot and a host of c
MobilityJuly 12, 2012
-
Samsung to showcase Galaxy Note 2 ahead of IFA 2012
Samsung Electronics is most likely to showcase its new wireless gadget Galaxy Note 2 at an event prior to the IFA electronics trade show in Berlin later in August.According to industry sources, the world’s top smartphone maker is expected to hold its “Mobile Unpack” event with its mobile chief Shin Jong-kyun present at its press event on Aug. 30. IFA runs from Aug. 31-Sept. 5.The company has yet to release its final showcase date of the gadget which is categorized to be between a smartphone and
IndustryJuly 12, 2012
-
Hyundai Motor’s 6-month sales rise 2.6% in China
HONG KONG (Yonhap News) ― Hyundai Motor Co. sold more than 370,000 vehicles in China in the first six months of this year, market data showed Thursday, showing a steady performance by South Korea’s largest automaker in the world’s largest auto market. The China Passenger Car Association, which provides automotive statistics every month, said Hyundai Motor sold 372,801 units in China during the January-June period, up 2.6 percent from a year earlier.In the month of June, Hyundai Motor sold 58,150
MobilityJuly 12, 2012
-
KT switches focus to going global
Korean telecom giant aims for W4 trillion in sales abroad by 2015KT, the country’s biggest fixed-line service operator, is aiming to become a leading global company, projecting about 4 trillion won ($3.47 billion) in overseas yearly sales and global projects taking up 10 percent of its operations by 2015. Although the firm did not unveil the specific outline of its global business, a top executive said it will proceed with the projects based on four rough strategies: participating in stake inve
IndustryJuly 12, 2012