Most Popular
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Qoo10 liquidity crisis sparks massive complaints, fears of wider damage
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Yoon urges municipalities to embrace foreigners
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What is happening at Hybe?
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S. Korea to consent to Japan's Sado mines gaining World Heritage status: official
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Korea unveils tax reform bill to spur economy
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Actor’s excessive airport security sparks probe into human rights violations
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Man who let his father die due to financial difficulties to be released on parole
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Actor Yoo Ah-in accused of sexual attack
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S. Korea, China shifting from tensions to cooperation: Seoul
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LG Electronics achieves record earnings in Q2
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Samsung, Kia join hands for new K9
Samsung Electronics said Tuesday that it joined hands with Kia Motors to equip its new vehicle K9 with the firm’s flagship tablet PC Galaxy Tab 10.1.The two firms plan to provide the special edition of the Galaxy Tab 10.1 to those who pre-register to purchase the to-be-released sedan by June, according to Samsung officials. The move comes after the two jointly developed a customized solution for the owners of the newly launched car. The new K9 is scheduled to be released next Monday.With its foc
IndustryMay 1, 2012
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Hyundai Motor to add third shift, 877 workers at Alabama factory
Hyundai Motor Co., South Korea’s largest automaker, will add a third shift at its main assembly plant in Montgomery, Alabama to meet rising demand for its vehicles in the U.S.Capacity at the factory, currently able to build at least 300,000 vehicles a year, will increase by 20,000 units after the increase in shifts that begins in September, the company said today in an e-mailed statement. The added shift will result in 877 extra workers, raising employment there to more than 3,000, the Seoul-bas
MobilityMay 1, 2012
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Hyundai Heavy completes power, desalination plants in Bahrain
Hyundai Heavy Industries has completed the construction of massive power and desalination plants in Al-Dur, Bahrain, company officials said on Tuesday.Hyundai Heavy executives and King Hamad Bin Issa Al Khalifa of Bahrain attended a ceremony on Monday to celebrate the completion of the project worth about $1.7 billion, they said. Bahrain’s new power and desalination plants are gas-fired combined-cycle units and can generate up to 1,245 mega watts of power, capable of supplying 40 percent of Bahr
IndustryMay 1, 2012
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Korea to offer incentives to boost private investment
Korea’s government said Tuesday it plans to use tax breaks and other incentives to fuel private investment vital for sustainable growth and job creation.In a meeting of economic policymakers, the Ministry of Strategy and Finance said it will revamp tax law so more benefits can be given to both local and overseas companies that seek business opportunities in the country.The measures come as economic policymakers oppose artificial economic stimulus measures that could trigger more problems down th
May 1, 2012
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Consumer inflation slows in April
South Korea’s consumer prices grew at a slower pace in April than a month earlier as the government sought to tame inflationary pressure, a report showed Tuesday.According to the report by Statistics Korea, the country’s consumer price index rose 2.5 percent in April from a year earlier, slowing from a 2.6 percent on-year gain in March. The index was unchanged from a month earlier. April’s reading is the lowest in 21 months and marks the second month in a row inflation has been in the 2 percent
May 1, 2012
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April’s trade volume shrinks for second straight month
South Korea’s trade volume for April shrank from a year earlier for the second straight month, mainly due to a drop in overseas delivery of ships and semiconductors and weak local demand for commodities, a government report showed Tuesday.Despite the contraction in trade volume, the country’s trade balance remained in the black for the third straight month to the tune of $2.15 billion, according to the report by the Ministry of Knowledge Economy.The country’s exports reached $46.26 billion in Ap
May 1, 2012
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Korea to sell 4 trillion won in Treasury bills in May
South Korea plans to sell 4 trillion won ($3.54 billion) worth of Treasury bills in May to shore up government coffers, the Finance Ministry said Monday.Treasury bills are intended to raise money so the government can cope with short-term financial shortfalls. Such bonds generally mature in less than one year, with those to be sold next month to come due in 63 days.The debt issuance will take place from next Wednesday through May 30 in four different sessions, the ministry said. Each session wil
May 1, 2012
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LG Display settles claims of price-fixing in 8 U.S. states
LG Display Co. agreed to settle claims by eight U.S. states and consumers that the company colluded with other makers of liquid-crystal displays to fix prices.The company said on Tuesday in a regulatory filing that it reached an agreement in principle with a class of so-called indirect purchasers and with the attorneys general of Arkansas, California, Florida, Michigan, Missouri, New York, West Virginia and Wisconsin. Terms of the settlement, which must be approved by a judge, were not disclosed
IndustryMay 1, 2012
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Beef market unaffected by BSE scare
Sales at major retailers rise despite a big drop in demand for U.S. meatBeef supply and demand in Korea have seen little change since a case of mad cow disease was discovered in the U.S. last week, the Ministry for Food, Agriculture, Forestry and Fisheries said Tuesday.Several local retailers suspended sales of American beef on April 24 on news that a dairy cow in California was infected with bovine spongiform encephalopathy, but most of them resumed sales three days later.The volume of beef sal
May 1, 2012
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Samsung, SKT to launch feature phone next week
Amid a proliferation of high-end smartphones here, Samsung Electronics and SK Telecom have teamed up for a rare project ― a flip phone running on the third-generation network service. SK Telecom, the nation’s largest mobile carrier, said Tuesday that it will launch a new handset model called “Wise2” next week to meet feature phone demand, especially from those in their 40s or older. According to a recent survey by the company, the age group made up almost 70 percent of the total feature phone us
IndustryMay 1, 2012
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New wave of consumerism is transforming marketing
As the aftershocks of the global financial crisis languish, financial market uncertainty, rising inflation and falling house values continue to suppress consumer sentiment and slash the spending capacity of Koreans. Under these circumstances, past spending filled with optimism is fading away. Consumers now search for the lowest prices on staple items. Still, they hone in on coveted products even though they may be expensive.Consumer interest is also growing in eco-friendly and socially conscious
IndustryMay 1, 2012
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SK Chemicals chief wins Forbes CEO Award
SK Chemicals vice chairman and CEO Kim Chang-geun has won the Forbes CEO Award, the company announced on Tuesday. Hosted by Forbes Korea and supported by the Ministry of Commerce, the Forbes CEO Award selects CEOs who develop creative corporal culture with strong leadership and social responsibility. Forbes acknowledged Kim’s leading role in corporate restructuring and aggressive overseas operations based on communicative skills, SK Chemicals said. Kim became the vice chair of the nation’s leadi
May 1, 2012
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LG founder joins CEA’s Hall of Fame this year
LG Group said Tuesday that Koo In-hwoi, founder of LG Corp., was inducted into the Consumer Electronics Association’s 2012 Hall of Fame.Joined by 11 others, the U.S.-based CEA, which is the organizer of the world’s biggest electronics annual trade show in Las Vegas, said it chose Koo for leading the consumer technology industry as well as shaping and advancing innovation.The 12 new honorees will be inducted into the organization’s Hall of Fame during an awards dinner held on the sidelines of its
IndustryMay 1, 2012
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Hyundai, Kia strive to defend dominant position in local market
K9, New Santa Fe to compete with U.S.-manufactured Japanese models Hyundai Motor and Kia Motors are signaling fierce competition with import car brands in a bid to protect their dominant market share at home.Following Hyundai’s launch of the third-generation Santa Fe in April, its affiliate Kia will unveil the K9, a luxury premium sedan, on May 2.Hyundai Motor has more than 40 percent of the local market while its affiliate Kia Motors’ market share hovers at 30 percent.But their position has
MobilityMay 1, 2012
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Police investigating new dog-dragging case
Police in Busan launched an investigation Tuesday into a report that a person drove a car with a dog dragged behind it last week.A civic group called Coexistence of Animal Rights on Earth has filed a complaint with the city police after receiving a tip from a witness. Video footage shot on April 29 shows a large dog on a leash being dragged behind a city car. It has been circulated on the Internet and TV channels triggering calls against animal cruelty.“Although passing-by cars honked horns and
IndustryMay 1, 2012
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Infant with online 'bucket list' dies
An online bucket list a Houston couple created for an infant daughter with a fatal illness has drawn more than 2.1 million page views, the blog's counter says. Avery CanahuatiLaura and Mike Canahuati created Avery's Bucket List for their 6-month-old daughter, Avery, in hopes of raising awareness about her condition, spinal muscular atrophy, the No. 1 genetic killer of infants under 2, The Grand Ra
TechnologyMay 1, 2012
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Each hour in U.S., a baby is born addicted
About one baby is born every hour in the United States addicted to opiate drugs, and withdrawal among newborns almost tripled from 2000 to 2009, a study said. (MCT)Dr. Stephen W. Patrick, a fellow in the University of Michigan's Division of Neonatal-Perinatal Medicine, the estimated number of newborns with drug withdrawal syndrome was 13,539 -- or about one baby born each hour -- by 2009."Recently
TechnologyMay 1, 2012
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Korea's consumer inflation slows in April
South Korea's consumer prices grew at a slower pace in April than a month earlier as the government sought to tame inflationary pressure, a report showed Tuesday.According to the report by Statistics Korea, the country's consumer price index rose 2.5 percent in April from a year earlier, slowing from a 2.6 percent on-year gain in March. The index was unchanged from a month earlier.April's reading
May 1, 2012
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Korea Exchange tops average salary among public institutions
The Korea Exchange had the top average salary among the nation’s government-owned companies last year, according to data by the government.According to the Finance Ministry’s ALIO website for public information, the Korea Exchange’s average salary per employee reached 109 million won (about $96,500) in 2011, the highest figure for the company in five years.The Korea Institute of Machinery and Materials came in second with 100 million won, trailed by the Korea Securities Depository with over 95 m
May 1, 2012
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Consumers given wider access in purchasing cell phones
Foreign handset makers eye Korea’s low-end marketA cell phone blacklist system takes effect from Tuesday, allowing consumers to buy a handset through any distribution channel and activate network service just by inserting a universal subscriber identity module chip.Only blacklisted phones that are reported stolen or lost by their original owners would have limitations in accessing a mobile network, said the Korea Communications Commission. With the distribution channel for handsets getting more
IndustryApril 30, 2012