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South Korean President Yoon Suk Yeol declares martial law
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President Yoon Suk Yeol declares end to martial law after six-hour chaos
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'Is this happening in 2024?' South Koreans in panic, disbelief
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Opposition parties submit motion to impeach President Yoon Suk Yeol
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South Korea faces unprecedented turmoil in aftermath of Yoon's martial law
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Ruling party leader denounces Yoon's declaration of emergency martial law
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What unfolded on Tuesday night in Seoul: A timeline
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Why did President Yoon Suk Yeol resort to martial law?
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South Korea sees first martial law in over 40 years
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Assembly passes motion to revoke martial law
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Minister, tycoon lash out at chaebol bashing
Hong stresses growth; FKI chief says existing rules enoughPoliticians’ latest calls for “economic democratization,” or efforts to promote balanced growth, prevent market domination by a select few and abuse of economic power, are drawing critical responses from policymakers and business leaders.Both ruling and opposition lawmakers have tabled a number of economic democratization bills to toughen regulations on large conglomerates ahead of the Dec. 19 presidential election. Knowledge Economy Mini
July 29, 2012
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Business sentiment falls to 3-year low on euro crisis
Korea’s business sentiment for August fell to a three-year low due to growing concerns over a global economic slowdown sparked by the persistent European debt crisis, a poll showed Sunday.The monthly business survey index for the upcoming month came in at 82.7, the lowest point in more than three years since March 2009, when the figure stood at 76.1 amid the global financial crisis, according to the survey by the Federation of Korean Industries, the lobbying group for the country’s large busines
July 29, 2012
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SKT expands VoLTE coverage to west islands
BAENGNYEONGDO, Incheon ― SK Telecom announced Friday that it has expanded its domestic VoLTE, HD Voice service, to the West Sea islands of Korea, in the latest move by the telecommunications provider to broaden its service network for customers. The company held a successful trial run of the service on Baengnyeongdo, located about 380 km west of Seoul on Friday. According to a company official, the area has traditionally been isolated and has received spotty reception compared to other regions,
TechnologyJuly 29, 2012
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Shares look to ECB, Fed this week
Korean stocks are likely to be affected by European and U.S. policy measures next week as investors keep tabs on the European Central Bank and the U.S. Federal Reserve amid lingering worries over economic uncertainties, analysts said Saturday.The benchmark Korea Composite Stock Price Index rose 0.34 percent from a week earlier to end at 1,829.16 last week, with the market sinking to the 1,760 level at one point.On Wednesday, the main index slumped to an yearly low of 1,769.31 as concerns over Sp
July 29, 2012
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LG Electronics to release Optimus Vu in Japan
LG Electronics said Sunday that it will roll out its smartphone Optimus Vu in Japan on Aug. 3, the first overseas launch for the flagship phoneThe company said that the smartphone, which will be serviced by NTT Docomo, has been taking pre-orders since Saturday. The gadget, which features a 5-inch display, will be the third LTE handset to be unveiled in Japan.The firm also said it will sell 15,000 limited units which have the image of Hirohiko Araki’s popular comic “JoJo’s Bizarre Adventure” on t
IndustryJuly 29, 2012
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Eased casino rules spark investment worries
Lawmakers and gambling industry members have raised concerns over a government plan to lower entry barriers for foreign investors into the local casino business. The Ministry of Knowledge Economy on July 23 announced a revision to a law on business within the nation’s free trade zones, which aims to boost the inflow of overseas capital into the local gambling industry. Thus far, foreign investors who want to operate a casino here have been required to invest $300 million and undergo evaluation f
IndustryJuly 29, 2012
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‘New benchmark to cut lending rates’
New short-term Cost of Funds Index expected to shave 0.1 percentage point off interest ratesFinancial authorities are expected to announce a short-term Cost of Funds Index as the new benchmark interest rate for loans next month, which would lower the key lending rate by up to 0.1 percentage point.The government is overhauling the rate-setting system because a significant drop in issuances of certificates of deposit has made their rates of interest increasingly unrepresentative of general market
July 29, 2012
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‘Responsive management lifts Hyundai-Kia sales’
Both of the nation’s two largest automakers ― Hyundai Motor Co. and Kia Motors Corp. ― posted record sales during the first half of this year despite the global economic slowdown. Their combined operating profit recorded over 7 trillion won ($6 billion).Behind these stunning performance, particularly abroad, there might be a speedy management of the companies pushed by the automotive group’s chairman Chung Mong-koo and his son Eui-son, experts said. Hyundai rushed to push fuel-efficient, small v
MobilityJuly 29, 2012
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VW calls for Marchionne to quit as head of auto group
Volkswagen AG threatened to leave the ACEA European automakers association in response to comments by Fiat SpA chief executive officer Sergio Marchionne, a measure of rising tensions in the industry as sales slump. According to a report in the New York Times published yesterday, Marchionne suggested VW’s pricing strategy was creating a “bloodbath.” The newspaper said that auto executives, including Marchionne, who is also ACEA’s president, accuse the German carmaker of exploiting the debt crisis
MobilityJuly 29, 2012
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Kia reveals K3 design
Kia Motors unveiled the exterior design of the K3 compact on Sunday.The latest model of the carmaker’s K series sedans is expected to be marketed in September to compete directly with Hyundai Motor’s Avante here. K3, themed on “dynamic muscularity,” carries the signature radiator grille of the K series, bold, “high-tech luxury car” style LED headlamps and a sports coupe-like shape. Kia revealed the design of the new mid-sized sedan on Sunday, one week after an artist’s rendering of the car was
IndustryJuly 29, 2012
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Mysterious ‘Manhattan monster’ spotted in New York
Images of a bizarre pig-like carcass that washed up in New York triggered a series of conspiracy theories, according to news reports.The photos by an amateur photographer Denise Ginley shows a grotesque two-feet-long creature with a snarling snout, sharp teeth and five toes on each foot. “We (Ginley and her boyfriend) were horrified by it and we took some camera phone pictures and then finally we decided to come back with my camera and I got up the courage to climb over the fence and get closer
TechnologyJuly 29, 2012
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LG to release 3rd LTE smartphone in Japan
LG Electronics Inc., the world's fifth-largest mobile phone maker, said Sunday it plans to release its third smartphone in Japan that runs on the long-term evolution (LTE) network. LG is set to release the Optimus Vu via Japan's top mobile carrier NTT DoCoMo Inc. starting Aug. 3, the company said in a statement. Reservations for the phone have begun last week. The Optimus Vu, which hit local
TechnologyJuly 29, 2012
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Police arrest two in KT data leak case
Police said Sunday they have arrested two people for allegedly hacking into the network system of KT Corp., South Korea's No.2 mobile carrier, and selling the data.The 40-year-old suspect, identified only by his family name Choi, and another were accused of leaking personal information of about 8.7 million mobile phone subscribers from February until recently, the National Police Agency's cyber te
IndustryJuly 29, 2012
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Arrogant bosses insecure, disparage others
(123rf)Arrogant bosses are typically poor performers who cover up insecurities by disparaging subordinates and can hurt a company's bottom line, U.S. researchers say.Professor Stanley Silverman, dean of the University of Akron's Summit College, and colleagues at Michigan State University, developed a Workplace Arrogance Scale to help organizations identify arrogant managers before they have a cost
TechnologyJuly 29, 2012
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Minister voices concern on corporate bashing
Korea's knowledge economy minister on Saturday warned that growing calls for economic democracy should not lead to an assault on local conglomerates."Conglomerates have and will continue to contribute to the local economy. (I) oppose indiscriminate attacks on those companies," Knowledge Economy Minister Hong Suk-woo said in a conference held by the Federation of Korean Industries.The FKI, led by G
July 28, 2012
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Seoul shares look to ECB, Fed next week
South Korean stocks are likely to be affected by European and U.S. policy measures next week as investors keep tabs on the European Central Bank and the U.S. Federal Reserve amid lingering worries over economic uncertainties, analysts said Saturday.The benchmark Korea Composite Stock Price Index rose 0.34 percent from a week earlier to end at 1,829.16 this week, with the market sinking to the 1,76
July 28, 2012
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Apple, Samsung set for blockbuster U.S. patent trial
SAN FRANCISCO (AFP) - Apple and Samsung are set to square off in a California court Monday in what is seen as the biggest patent U.S. trial in recent memory.Apple is seeking more than $2.5 billion in a case accusing the South Korean firm of copying designs and other patents from the iPhone and iPad maker in the trial in San Jose, California, federal court.Samsung however alleges that Apple infring
IndustryJuly 28, 2012
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KTX breaks down in tunnel
A high-speed train on its way from Seoul to Busan broke down for 68 minutes in a tunnel on Friday, news reports said. The KTX train stopped running suddenly near Busan between 3:42 p.m. and 4:50 p.m. while passing through Geumjeong Tunnel, the country’s longest, just 5 minutes from Busan station. A mechanical malfunction is believed to have been the cause but further inspection is necessary, a spokesman of Korea Railroad Corp. said.All the electric devices including air conditioning system stopp
July 27, 2012
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Woori Financial sale falls though
The sale of Woori Finance Holdings fell through on Friday as none of the expected bidders made a bid. The state-controlled financial company failed to be privatized as no one applied for the preliminary bids for the 57 percent government stake in Woori. KB Financial Group decided not to make a bid two days ahead of the deadline for preliminary bidding, and so did Kyobo Life Insurance, the Korean Federation of Community Credit Cooperatives, which had considered forming consortia for the bid, and
July 27, 2012
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Lee calls for efforts to prevent blackouts
President Lee Myung-bak instructed state bodies managing the electricity supply on Friday to cope with rising demand so there is no repeat of last year’s rolling blackouts.Lee made the remarks during his visit to Korea Power Exchange in southern Seoul to check whether the electricity supply was stable.There have been concerns that the nation could fail to meet soaring power demand as electricity demand spikes due to scorching temperatures. According to news reports, the country’s energy reserve
July 27, 2012
