Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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Tensions heighten ahead of first president-opposition chief meeting
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[Weekender] How DDP emerged as an icon of Seoul
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Seoul to provide housing subsidy to married couples with newborns
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Doctor group's incoming head renews call for govt. to scrap medical school quota hike for dialogue
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Rapper jailed after public street fight with another rapper
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[Music in drama] An ode to childhood trauma
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'The Roundup: Punishment' becomes fastest 2024 film to top 2 mln admissions
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Industry leaders open forum on nuclear safety
Nuclear energy industry leaders from around the world kicked off a two-day meeting in Seoul Friday to help advance atomic safety and support global security.The Nuclear Industry Summit will offer viable recommendations to leaders of 58 nations and international organizations who will participate in
IndustryMarch 23, 2012
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Noodle firms fined W135.4b for price-rigging
Ramen makers tangled up in shady deals for nine years: FTCThe Fair Trade Commission said Thursday that it imposed fines totaling 135.4 billion won ($120 million) on four major instant noodle makers here for colluding to fix prices. Nongshim, the market leader, was fined the largest amount of 107.7 billion won, followed by Samyang with 11.6 billion won, Ottogi with 9.7 billion won and Korea Yakult with 6.2 billion won. The four companies had exchanged product information and fixed the prices of k
IndustryMarch 22, 2012
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Nuclear industry discusses safety
Industry leaders to discuss role of private sector in enhancing nuclear safety, securityMore than 200 representatives of nuclear power companies and related international organizations, such as the International Atomic Energy Agency, will gather in Seoul on Friday for discussions on how to ensure nuclear safety.The two-day Nuclear Industry Summit, themed “The Role of the Nuclear Industry in Enhancing Nuclear Security and Safety,” is being held in conjunction with the Seoul Nuclear Security Summi
IndustryMarch 22, 2012
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Hyundai Heavy, 40, targets W100tr sales
Hyundai Heavy Industries has set the goal of achieving 100 trillion won ($88 billion) in yearly sales within four years.The shipbuilding group’s sales target was announced during an event celebrating the 40th anniversary of its foundation on Thursday.While the group posted sales of 66 trillion won in 2011, it is aiming at 52 percent growth in four years to reach 100 trillion won in 2015.Hyundai Heavy CEO Lee Jae-sung vowed to meet new challenges for further development during his speech at the e
IndustryMarch 22, 2012
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Biz bodies warn politicians against populist pledges
Korea’s major business organizations urged politicians Thursday to refrain from making populist pledges to win votes, stressing such moves will hurt the country’s economy in the long run.The Federation of Korean Industries, the lobby for the country’s family-controlled conglomerates, and four other organizations claimed that resorting to populism poses problems for the country’s fiscal health and can seriously affect economic growth potential.“There is a rush by politicians and some civic groups
March 22, 2012
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LG Uplus enters Japanese Web storage service market
LG Uplus, one of the nation’s three telecom carriers, on Thursday started Web-based file storage services in Japan in a partnership with the Tokyo-based IT solution firm Computer Engineering & Consulting. This is the first time that a local Web storage service has entered an overseas market. LG Uplus, the nation’s No. 1 online storage service provider, hopes to achieve more than 30 billion won ($27 million) in accumulated sales by 2015. Under their agreement made in November, LG Uplus will devel
IndustryMarch 22, 2012
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Samsung offers partners R&D funds
Samsung Group said on Thursday that it would offer 770.7 billion won ($682.3 million) as research and development funds to its partner firms this year at its event held to promote fair trade and mutual growth.At the event organized at Samsung’s office in southern Seoul, 11 Samsung affiliates signed a treaty with 3,270 primary suppliers, while they also signed treaties with 1,269 secondary suppliers, according to company officials.It was attended by representatives from the Fair Trade Commission,
IndustryMarch 22, 2012
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Samsung picks Xian for Chinese factory
Samsung Electronics is expected to build its second overseas NAND Flash manufacturing plant in Xian, Shaanxi province, after signing an agreement with the regional government late Wednesday.Samsung, the world’s top memory chip maker, will hold working-level talks with the government of Xian, which the Korean IT behemoth picked as its preferred candidate city, after getting the green light from the Korean government to construct a memory chip plant in China last December.Samsung currently has one
IndustryMarch 22, 2012
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BOK urged to raise key interest rate
Korea’s central bank should raise its policy rate to help cement its commitment toward price stability in Asia’s fourth-largest economy, a state-run think tank said Thursday.The Korea Development Institute said the Bank of Korea should “normalize” its rate policy in a bid to secure market trust, and needs to deliver a signal to the market that price stability is its top priority.“The authorities are urged to normalize macroeconomic policies and need to guard the economy against growing uncertain
March 22, 2012
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Hana Bank CEO takes office
Kim Jong-jun, former chief executive of Hana Capital, launched his two-year term as Hana Bank CEO on Thursday.His predecessor Kim Jung-tai will take office as chairman of Hana Financial Group on March 26.The new Hana Bank CEO has said he would do his best to help the parent company Hana Financial become one of the world’s top 50 financial groups by supporting the new chairman.Born in Busan in 1956, Kim graduated from Sungkyunkwan University before he began his career as a banker at Korea Investm
March 22, 2012
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Shares end flat amid lack of momentum
Korean stocks finished almost unchanged on Thursday as the absence of new momentum and upcoming events such as the nuclear summit put investors on the sidelines, analysts said. The local currency rose against the U.S. dollar. After moving in a narrow range, the benchmark Korea Composite Stock Price Index ended at 2,026.12, down 0.05 percent, or 1.11 points. Trading volume was moderate at 534 million shares worth 5.22 trillion won ($4.62 billion) with losers leading gainers 569 to 265. “The big p
March 22, 2012
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Asiana supports schools in China
Asiana Airlines has launched a program to set up partnerships with schools in China.The nation’s second-largest air carrier signed a tie-up with a middle school in China’s northeastern city of Tumen on Thursday.It donated 40 personal computers, 1,000 books and a piano to the school and agreed to provide a class.Asiana plans to increase the number of sisterhood alliances with schools in the carrier’s 20 destinations in China. The cities include Xian, Yanji and Changchun. “We have been carrying ou
IndustryMarch 22, 2012
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SK Group claims embezzlement charges based on misunderstanding
SK Group said the prosecution’s claims of embezzlement by its chairman Chey Tae-won and his younger brother are largely based on misunderstanding and exaggeration. “Foreign investors are worried about the group owner’s risks, but many of the prosecution’s allegations are not based on facts,” said SK spokesman Lee Man-woo. “We are confident that all the facts will be clarified in court.”SK Group, one of the country’s biggest conglomerates, is grappling with bad publicity stemming from the prosecu
IndustryMarch 22, 2012
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Korea to grow 3.3% this year: foreign IBs
Foreign investment banks projected the South Korean economy would expand 3.3 percent in 2012, slowing from last year’s 3.6 percent gain, as growth momentum weakens amid uncertainties stemming from the eurozone debt crisis and slowing global economic expansion, a report showed Thursday.But the average growth projection by a total of 10 overseas investment banks is 0.1 percentage point lower than the 3.4-percent expansion estimate for Asia’s fourth-largest economy made in January by nine global in
March 22, 2012
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‘KOSPI to rise steadily in first half’
Analysts predict improved sentiment, foreign investment to push market upEquity analysts projected Seoul shares to continue their rally for the next few months with improving business sentiment and earnings expectations, especially as capital injections continue from advanced countries.Oh Tae-dong, a strategist at Taurus Investment & Securities, forecast the benchmark KOSPI to reach up to 2,300 by the end of June, before it fluctuates more heavily in the second half due to policy risks and possi
March 22, 2012
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Seoul pushes to include Gaeseong products in Korea-U.S. free trade deal
South Korea is pushing to include the Gaeseong industrial zone in North Korea in its free-trade deals with the U.S. and Europe, a step that would deepen cross-border ties after the North’s leadership transition. “Unification is already taking place in Gaeseong, with daily encounters and shared interests,” said Yoo Dong-ok, the chairman of Daewha Fuel Pump Industries and a spokesman for South Korean companies operating in the manufacturing enclave. Shipments from the factories, mostly textiles an
March 22, 2012
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KEPCO E&C targets W5tr in sales ...by 2020 through overseas expansion
Designer of nuclear power plants upgrades safety features after Fukushima accidentThe tsunami that crippled the Japanese nuclear power plant a year ago led governments around the world to check the safety of their atomic facilities, with some deciding not to build new ones.KEPCO Engineering and Construction Co., Inc., which designs nuclear, thermal, hydro and combined cycle power plants, reviewed the safety of its nuclear power stations from square one.“A government-led safety inspection was con
IndustryMarch 22, 2012
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Coffee culture carries caffeine risk
Caffeinated drinks take away calcium, curb bone growth for teenagers: expertsKoreans are definitely caffeinated: They love coffee, cola and chocolate as well as foods that contain a large amount of the stimulant. Though it has been less than two decades since global coffee shop franchises were introduced to the country, industry insiders said about 37 million cups of coffee are sold every day, which means that 24 million economically active people drink more than one cup of coffee a day. “I love
TechnologyMarch 22, 2012
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Ewha Hospital offers free dental treatment
The Dental Department of Ewha Womans University Medical Center will offer free treatment for gum disorders from 1 p.m. through 3 p.m. on March 28.The free event will be held at the hospitals’ grand meeting room in Mok-dong in eastern Seoul. The doctors will not only examine patients’ gums and treat them free of charge, but also give lectures on how to maintain dental health. Participants can take home toothpaste or toothbrushes provided after the event. For more information, call (02) 2650-2679.
TechnologyMarch 22, 2012
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Waterborne diseases on the rise
The prevalence of waterborne or food-related diseases is on the rise, the Korea Centers for Disease Control and Prevention said Monday. The center also called for extra care in personal hygiene as the weather grows hotter. The number of such diseases reported between Jan. 1 and March 14 this year was 32, up from 24 cases a year earlier. The number of patients increased to 780, up from 492 over the same period.Norovirus, which causes gastroenteritis, took the lion’s share with seven cases, follow
TechnologyMarch 22, 2012