Most Popular
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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S. Korean children, teens grow taller, mature faster than before: study
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Army takes group action against Hybe for neglecting BTS
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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Some junior doctors are returning: Health Ministry
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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Naver will consider company benefits in deciding on selling Line shares: CEO
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Woman dangling from power lines rescued by residents holding blanket
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Automakers battle weak demand for hybrids
Hyundai, Kia struggle to catch up with Toyota’s PriusHybrid cars of Hyundai Motor and its affiliate Kia Motors have yet to gain popularity among domestic consumers.The affiliated automakers saw lethargic sales of the fuel-efficient vehicles, such as the Sonata hybrid and K5 hybrid, last year. Yearly sales of Hyundai’s Sonata hybrid and Kia’s K5 hybrid stood at 7,193 and 5,279 units, respectively.The figures indicate that the companies’ daily sales of the two eco-friendly sedans in Korea average
MobilityApril 1, 2012
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Heo Min-heoi named new CEO of CJ Foodville
CJ Foodville has named the current chief operating officer Heo Min-heoi as a new chief executive officer of the franchise unit of CJ Group. The former vice president at CJ Group has served as acting president for CJ Foodville since December. “We have named him for his experience and expertise in the food industry and related services as well as his business mentality and leadership,” the company said. “I’ll help CJ Foodville realize CJ’s dream and vision of globalization of Korean dining based o
IndustryApril 1, 2012
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Kissing on the ear can cause hearing loss
A New York professor of audiology identified more than 30 people who lost hearing after being kissed on the ear and he's searching for more.Dr. Levi Reiter of Hofstra University in Hempstead, N.Y., said a woman came to him five years ago because she had lost hearing immediately after her 5-year-old child kissed her on the ear, MSNBC.com reported.Reiter said he thought at the time the woman's case
TechnologyApril 1, 2012
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Korean exports fall 1.4% on weakness in global demand
South Korea’s exports were less than analysts forecast in March, sliding 1.4 percent from a year earlier on weakness in global demand.Imports fell 1.2 percent, leaving a trade surplus of $2.3 billion, the Ministry of Knowledge Economy said in an e-mailed statement today. The median estimate in a Bloomberg News survey of 13 economists was for a 1.3 percent gain in exports.Signs that Europe’s debt c
April 1, 2012
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Google plans low-price tablet computer: reports
Google is teaming with Asia-based hardware makers on a low-priced, 7-inch tablet computer to challenge offerings by Amazon.com and Apple, reports said Thursday. The Sony’sTablet P, which runs on Google Inc.`s Android operating system. (Bloomberg-Yonhap News)Android software backed by the California Internet giant will power hardware built by partners including Samsung and Asustek to compete with i
IndustryApril 1, 2012
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LG’s plastic e-paper could boost e-books
LG Display’s mass produced plastic e-paper could boost the global e-book market.On Thursday, LG Display said it began mass production of a plastic e-paper that is half the weight and one-third the thickness of existing glass-based displays.This makes it possible for more portable e-books, as it can be bent up to 40 degrees. The displays also do not break easily, and can be safely dropped from 1.5 meters, according to LG Display officials.Maintaining a thickness of 0.7 millimeters and a weight of
IndustryMarch 30, 2012
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Park Yong-maan to head Doosan Group
Doosan Corp. chairman Park Yong-maan was elected as chairman of Doosan Group at a shareholders’ meeting Friday.The 57-year-old businessman is the fourth son of first group chairman Park Too-pyung. He will replace Park Yong-hyun, the current group chief and the founder’s third son. “Chairman Park Yong-maan will preside over the overall group strategy as the new chief, taking over the responsibilities of Park Yong-hyun,” the group said in a statement. The decision came as chairman Park Yong-hyun r
IndustryMarch 30, 2012
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Hyundai Solaris named Russia’s car of the year
Hyundai Motor Co.’s Solaris sub-compact was named the 2012 Annual National Prize Car of the Year by Russian consumers, South Korea’s largest carmaker said Friday.The vehicle, which is the local name for Hyundai’s popular Accent, was picked as both car of the year and best model in the small vehicle segment by 1.5 million consumers who took part in a nationwide vote.The award ceremony hosted by the country’s automotive media including Automir was held on Thursday in Moscow.Hyundai said its Solari
MobilityMarch 30, 2012
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Shares remain flat despite economic woes
Korean stocks finished almost unchanged on Friday as fresh concerns over the global economy were muted by the buying of undervalued stocks, analysts said. The local currency rose against the U.S. dollar. After volatile trading, the benchmark Korea Composite Stock Price Index lost 0.37 point, or 0.02 percent to close at 2,014.04. Trading volume was moderate at 445 million shares worth 5.25 trillion won ($4.63 billion) with gainers outpacing 509 to 317.“Upside momentum of the U.S. economy is weak,
March 30, 2012
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Woori seeks M&A and privatization at the same time
Woori Financial Group chairman Lee Pal-seung said the group would seek mergers and acquisitions in the non-banking sector and the state-controlled group’s privatization concurrently.“Though it (the non-banking unit M&A) may be desirable after we complete the privatization, the best timing for M&As is now,” Lee told reporters Friday.Lee reiterated his resolution to take over at least one financial company in the non-banking sector such as insurance and credit card, as he said that the “financial
March 30, 2012
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POSCO aims to rank within global top 100
POSCO, the world’s third-largest steelmaker, said Friday that it will achieve 200 trillion won in sales and expand into the global top 100 companies by 2020.POSCO CEO Chung Joon-yang unveiled a new corporate vision on the day, marking the 44th anniversary of the company’s foundation at its headquarters in Pohang, North Gyeongsang Province. Last year, South Korea’s largest steelmaker ranked 161st with 60 trillion won in 2010 sales in the U.S. business magazine Fortune’s “Global 500 List.” “I appr
IndustryMarch 30, 2012
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Korea’s purchasing power tops $30,000 for first time
GDP growth records 3.6 percent in 2011, thriving exports offset lackluster consumptionKorea’s per capita gross national income is estimated to have surpassed $30,000 (34.2 million won) for the first time in history last year when the actual purchasing power of the population is reflected.The Bank of Korea said Friday that the per capita GNI posted $22,489 in 2011, inching up 1.5 percent from a year earlier.But per capita GNI adjusted for purchasing power parity, or the average buying power, is e
March 30, 2012
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SK Hynix makes bid for Elpida
SK Hynix, the world’s No. 2 memory chipmaker, said Friday that it would take part in the bid for Japan’s bankrupt dynamic random access memory maker Elpida Memory.The Korean firm submitted a preliminary bid for Elpida, which filed for bankruptcy protection in Japan, to Nomura Securities, sources said.SK Hynix also confirmed the bid submission in a regulatory filing later in the day, stating that it would finalize its decision after conducting due diligence in the future.“We reached a decision to
IndustryMarch 30, 2012
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Korean economy grows 3.6% in 2011
The South Korean economy grew 3.6 percent in 2011, slowing from a 6.3 percent gain in 2010, due to weak private spending and facility investment, the central bank said Friday.The country's gross domestic product (GDP), the broadest measure of economic performance, matched an earlier estimate by the
March 30, 2012
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ASEAN Plus Three doubles swap deal to $240b: reports
Korea, Japan, China and 10 Southeast Asian countries on Wednesday agreed to double their reserve pool to $240 billion to better absorb shocks against possible crisis from Europe, the Kyodo news service reported.Deputies of finance ministries at members of the Association of Southeast Asian Nations Plus Three have agreed to double their currency swap deal, known as the Chiang Mai Initiative, at their meeting in Cambodia, Kyodo reported.The deal, designed to buffer the region from external shocks,
March 29, 2012
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New rules aim to end in-house deals at big firms
Top 10 conglomerates agree to implement the non-binding guidelines from AprilThe nation’s antitrust watchdog announced Thursday a set of new guidelines for top-tier companies to share more business opportunities with smaller firms through competitive bidding and fair contracts. According to the Fair Trade Commission and company officials, the nation’s top 10 groups have already agreed to refrain from in-house transactions starting in April even though the new regulations are not legally binding.
IndustryMarch 29, 2012
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European firms turn attention to business in Korea
EU, Yonsei University offer business support project for European firmsSince the signing of the Korea-EU Free Trade Agreement, more European firms are grasping business opportunities here with the European Commission offering its support.The EU Commission, together with Sangnam Institute of Management at Yonsei University, introduced a program designed to help European companies’ workers better adjust to the Korean business environment in downtown Seoul on Thursday.The program, dubbed the Execut
IndustryMarch 29, 2012
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Samsung chief meets Hungarian president to discuss cooperation for PyeongChang
Samsung Electronics chairman Lee Kun-hee held a meeting with Hungarian President Pal Schmitt, who is also an International Olympic Committee member, in Seoul Wednesday evening.The dinner meeting came about eight months after Lee met with Schmitt at the IOC conference held in South Africa. Schmitt accepted the invitation while making a visit to Korea to join the Seoul Nuclear Security Summit, which successfully wrapped up its two-day schedule on Tuesday.Lee Jae-yong, president of Samsung Electron
IndustryMarch 29, 2012
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LG Display begins mass production of e-paper displays
LG Display Co., the world’s No. 2 flat-screen maker, said Thursday that it started mass production of a thinner and lighter electric paper display.The plastic-based E-Ink display maintains a thickness of just 0.7 millimeters and a weight of 14 grams, much thinner and lighter than a conventional glass-based e-paper display, according to LG Display.LG Display said the 6-inch electric paper display will be rolled out in Europe next month.E-paper is hailed as a new form of display for offering vario
TechnologyMarch 29, 2012
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Shares sink 0.85% on U.S. recovery woes
South Korean stocks dropped 0.85 percent on Thursday on concerns that the U.S. economic recovery is still weak, analysts said. The local currency fell against the U.S. dollar.The benchmark KOSPI lost 17.33 points to close at 2,014.41, extending its losing streak to a second day. Trading volume was moderate at 446 million shares worth 4.91 trillion won ($4.32 billion) with losers outpacing gainers 603 to 222.“Today’s decline is due mainly to worries over the U.S. economy and the eurozone economy,
March 29, 2012