Most Popular
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Medical profs at top hospitals suspend surgeries, clinics
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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Exports to US reach all-time high, widen gap with China
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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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Hopes rise for possible Gaza truce deal
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Ex-pro baseball player who killed debtor appeals sentence
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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S. Korea to issue travel ban on Haiti amid intensifying gang violence
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Leaders of S. Korea, Angola agree to boost economic, trade cooperation
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Coffee chains crank up prices
Franchises raise prices, draw complaints from their customersCoffee franchises are raising prices, making consumers anxious that it might cause a domino effect ahead of the summer, the high season for beverage sales. Starbucks Coffee Korea, the nation’s leading coffee franchise, announced on Thursday that it will charge 300 won more on 32 of its drinks starting Monday. Caffe Bene, which has the greatest number of stores here, also raised prices last month of the drinks sold at its main Gangnam s
May 6, 2012
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Korean inspectors fail to visit site of latest U.S. BSE case
South Korean inspectors sent to the United States to check the safety of beef failed to visit a cattle farm in central California that reported the latest case of bovine spongiform encephalopathy, an official source said Friday.Joo E-suk, head of the inspection team, said indirect contact was made with the owner of the farm through a local veterinarian.He did not elaborate on details but said the team did not visit the farm.Others said inspectors asked the veterinarian to pose questions to the o
May 6, 2012
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Herald Media enters plastic recycling business
Herald Media has made inroads into the environmentally friendly plastic recycling market as part of the media group’s ongoing efforts to expand its presence beyond its media business. The group on Thursday held a ceremony celebrating the completion of a new factory of its new subsidiary Herald Ecochem in Gimpo, Gyeonggi Province, with some 30 executive officials in attendance. Participants in the event included lawmaker Jungwook Hong, who is also the largest shareholder of Herald Media, CEO and
IndustryMay 6, 2012
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Apple wins ruling, sanctions in patent infringement suit
Samsung Electronics, sanctioned by a U.S. judge for its failure to produce source code in a patent-infringement case in San Jose, California, won’t be able to use some evidence to defend itself against Apple Inc., a judge ruled. U.S. Magistrate Judge Paul S. Grewal wrote in his May 4 ruling that Samsung “plainly violated” a court order requiring it to turn over code to Apple, and ruled that Samsung won’t be able to offer evidence in the case about its efforts to “design around” three patents at
TechnologyMay 6, 2012
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Hyundai Oilbank sponsors Dream Concert 2012
The joint K-pop concert, dubbed Dream Concert, for this year is drawing heated attention, its official sponsor Hyundai Oilbank said Sunday.The event, one of the nation’s largest concerts featuring a group of Korean pop singers, is scheduled to be held at the Sangam World Cup Stadium in Seoul on May 12.Hyundai Oilbank revived the Dream Concert in 2010 after Hyundai Heavy Industries took over the petroleum and refinery firm from foreign capital. “The concert had to suffer suspension for a certain
IndustryMay 6, 2012
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Ferrari targets Korean wealth, casts eye on Vietnam
Ferrari SpA said it expects South Korea’s economic growth to make the country a standout for sports car demand, and Vietnam may be next.“A surprise over the next five years will be South Korea,” Herbert Appleroth, Ferrari’s Asia Pacific chief executive officer, said in an interview. “It has an abundance of wealth and economic prosperity, and there is appreciation for supercars. I think you will see very strong growth.”Appleroth’s projections point to the next pockets of growth for luxury carmake
MobilityMay 6, 2012
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Chrysler leads April auto sales boosting U.S. manufacturing
Chrysler Group LLC led the five largest automakers by U.S. sales in exceeding analysts’ estimates for April as the industry’s increased production drove expansion in the manufacturing sector.Chrysler sales climbed 20 percent to 141,165 light vehicles and Toyota Motor Corp.’s deliveries rose 12 percent to 178,044, according to company statements. Those results beat eight analysts’ average estimate for increases of 16 percent and 10 percent. General Motors Co., Ford Motor Co. and Honda Motor Co. s
MobilityMay 6, 2012
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Cheap import cars make Korean inroads
Foreign automakers aggressive in launching models priced under 30 million wonA series of import cars with relatively low price tags are aggravating the worries of Korea’s automakers, who are suffering a continuing drop in month-on-month vehicle sales at home.“Cheap import cars have emerged as a threat not only to Hyundai-Kia but companies which operate manufacturing factories in Korea ― GM, Renault Samsung and Ssangyong,” said an executive in the local automotive industry.Among the foreign playe
MobilityMay 6, 2012
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Hyundai-Kia to provide eco-friendly cars to Yeosu Expo
The Hyundai Kia Automotive Group said Sunday it will provide 51 eco-friendly vehicles to the organizing committee of the Yeosu Expo 2012 to help facilitate logistics. The Expo will run for three months from Saturday and is expected to attract more than 8 million visitors from across the globe with the emphasis being put on challenges posed by climate change and protecting the marine environment.
MobilityMay 6, 2012
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Etrade seeks investors for stable share price
Largest PE shareholder G&A could consider exit next year When Nam Sam-hyun joined Etrade Korea as its chief executive officer four years ago, he was in deep sorrow at seeing the company, the first online brokerage firm to be established in Korea, fall behind Kiwoom Securities. Nam, the former CEO of Woori Futures, said he has since vowed to improve everything about Etrade’s image and operations by first investing in not only its electronic systems but also human capital.“When I first came to thi
May 6, 2012
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Economic growth slower than expected due to continued eurozone crisis: KDI
South Korea's economic growth slowed in March due mainly to the mining and manufacturing industry showing lackluster growth affected by the eurozone debt crisis, a state-run think tank said Sunday. The eurozone crisis has adversely affected South Korea's exports to slow economic growth of Asia's fourth largest economy, the Korea Development Institute report said, adding the U.S. and some other a
May 6, 2012
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Scientists create ‘e-bra’ that detects health problem
U.S. scientists have developed an ‘e-bra’ that monitors health information for female heart patients. Engineers at the University of Arkansas integrated nanotextiles and smartphone technology allowing uploads of health information which the patient and their doctors can access with a wireless network such as Bluetooth or Wi-Fi.“Our e-bra enables continuous, real-time monitoring to identify any pathophysiological changes. It is a platform on which various sensors for cardiac-health monitoring are
TechnologyMay 6, 2012
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Four savings banks suspended for lack of sufficient capital
(Heraldbiz.com)Financial regulators Sunday suspended operations of four savings banks for their failure to meet the capital adequacy ratios recommended by the Bank for International Settlements (BIS) standards.They are Solomon Savings Bank, Mirae Savings Bank, Korea Savings Bank, Hanju Savings Bank, the Financial Services Commission(FSC) said.It is the second time since September that the financi
May 6, 2012
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SK Hynix drops out of Elpida bidding
SK Hynix announced it will not participate in the bid for Tokyo-based Elpida Memory on Friday after it took a cautious stance on the issue last week.Following a board meeting which went on for more than two hours, its decision-makers came to the conclusion not to join the second round of bidding to take over the financially troubled Elpida.“What’s important is whether the second bidding is worth it in strategic aspects, but we decided that the acquisition doesn’t give us the advantage strategica
IndustryMay 4, 2012
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1st round of FTA talks with China due May 10
Korea will hold its first round of negotiations with China on the bilateral free trade agreement next Thursday in Beijing, Seoul’s Trade Ministry said Friday.The two sides will set the detailed rules on how to proceed with the negotiations and exchange views on the scope and coverage of the FTA at the meeting next week, the ministry said in a statement.They also plan to discuss how to organize the negotiation working groups, exchange trade statistics and information related to tariff rates and f
IndustryMay 4, 2012
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Korea’s largest aquarium opens at Yeosu Expo site
South Korea’s largest aquarium opened at the 2012 Yeosu Expo site on Friday, about a week ahead of the official kickoff of the three-month-long international fair.Hanwha Engineering & Construction Corp., which built the aquarium, said the Aqua Planet is a four-story building covering 16,400 square meters and equipped with a 6,000 ton main tank.The overall size of the aquarium is two to three times larger than existing facilities in Seoul and Busan and will remain on the site after the Yeosu Expo
May 4, 2012
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Hyundai Motor sponsors Brazilian scholarship program
Hyundai Motor Co. agreed to sponsor Brazil’s scholarship program to send 100,000 undergraduate students to study in the world’s top schools by 2014.The carmaker inked a preliminary deal with the Brazilian education ministry at the ministry building in Brasilia on Thursday to offer students internship opportunities in Korea and grant scholarships. The “Science without Borders” scholarships will be given primarily to students in the fields of science, technology, engineering and mathematics as par
IndustryMay 4, 2012
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Imminent suspension prompts runs on big savings banks
Some of the nation’s largest mutual savings banks showed signs of bank runs on Friday as the Financial Supervisory Service is set to suspend their operations as early as Sunday.The top financial regulator is expected to suspend the business of three of the 10 biggest savings banks and a smaller bank, the combined assets of which hover at 10 trillion won ($8.84 billion).Banking sources said the financial authorities already put the computer network systems of the four troubled lenders under their
May 4, 2012
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Samsung, LG roll out flagship smartphones
Samsung’s Galaxy S III to battle with upcoming Apple’s iPhone 5Samsung Electronics on Friday rolled out the new Galaxy S III in London, staging another battle with its rival Apple Inc., which is getting ready to unveil its new iPhone 5.In a “Mobile Unpack” event in London, the world’s IT behemoth introduced its 4.8-inch new flagship model which showcases innovative features like eye tracking and direct calling.“The Galaxy S III is a totally new smartphone that presents the best technology, human
TechnologyMay 4, 2012
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Triangular ‘UFO’s spotted in U.S., U.K., and Australia
`UFO`s sighted over Tennessee, United States (YouTube)Multiple UFO sightings have startled people around the world, according to news reports.Over a six-day period, four reports emerged: one in the United Kingdom, one in Australia and two in the United States.The first sighting took place last Thursday when a passenger on an airplane in the U.K. reportedly videotaped what looked like three UFOs fl
TechnologyMay 4, 2012