Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Doctors' group picks new leader amid tense standoff over increased enrollment quota
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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[Kim Seong-kon] The April 2024 election will decide our future
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Seoul’s bus union prepares for strike
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[Hello India] Corporate Korea sees new growth drivers in India
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Green Insurance chief accused of stock rigging
Financial regulators filed a complaint against Green Non-Life Insurance and its chairman Lee Young-doo with the prosecution for manipulating stocks.The Securities and Futures Commission said Wednesday that the insurance firm has been suspected of frequently rigging stocks between July 2010 and September 2011.During the period, the insurance firm engaged in more than 3,000 cases of fraudulent trading, according to the regulator.The SFC alleged that the practices were aimed at raising the “risk-ba
Feb. 15, 2012
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Shares up 1.13 percent on tech gains
Korean stocks closed 1.13 percent higher on Wednesday as shares of blue-chip technology companies rose on the back of foreign buying and market rumors, analysts said. The local currency gathered ground against the U.S. dollar.The benchmark KOSPI climbed 22.68 points to 2,025.32. Trading volume was moderate at 675.6 million shares worth 7.6 trillion won ($6.8 billion), with gainers outnumbering decliners 445 to 374.“The market performed as usual, but steep rises in shares of Samsung Electronics a
Feb. 15, 2012
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Eximbank, Chinese banks sign on project financing
The state-run policy lender Export-Import Bank of Korea said Wednesday it signed an agreement with five Chinese banks as part of efforts to help local companies win big overseas projects.Under the deal, Eximbank will hold quarterly meetings with the five lenders to discuss co-financing plans for South Korean companies’ major projects in areas such as shipbuilding, plant construction, and corporate mergers and acquisitions, the policy lender said.The five banks are the Bank of China, the Industri
Feb. 15, 2012
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LPG companies donate W10b to supply underprivileged
Liquefied petroleum gas suppliers have amassed 10 billion won ($8.9 million) in funds to provide energy for the underprivileged. The nation’s two largest LPG importers E1 and SK Gas donated 5 billion won each to provide low-income earners with LPG vouchers, build LPG supply facilities for social welfare centers and support the taxi industry. The fund will be managed by the Korea LPG Association and supervised by a committee of private and public experts for efficient and transparent management.
IndustryFeb. 15, 2012
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BOK chief under attack over choice of deputy
Labor union claims Kim’s plan compromises central bank’s independenceBank of Korea Gov. Kim Choong-soo has come under fire from the bank’s labor union on Wednesday, offering a painful glimpse into the internal division and distrust that could generate more public doubt about its policy decisions. The BOK labor union issued a statement in the afternoon, attacking its own governor over his alleged decision to recommend a non-BOK figure to the No. 2 position at the central bank.“According to a rece
Feb. 15, 2012
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FBI background file has mixed reviews of Steve Jobs
SAN JOSE, California ― He had smoked pot and dropped LSD. He could be a pain to work with. He twisted the truth at times.Yet according to a Federal Bureau of Investigation background file released Thursday, former Apple co-founder and CEO Steve Jobs would still have made a fine presidential appointee.The 1991 background check was conducted when then-President George H. W. Bush was considering Jobs for a spot on the President’s Export Council, a position he did not get. And while the file contain
TechnologyFeb. 15, 2012
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Chey committed to reinvigorating Hynix
After more than a decade of trying to find a buyer, Hynix Semiconductor finally found a new owner in SK Telecom on Tuesday.With the board naming SK Group chairman Chey Tae-won the co-chief executive and SK Telecom president Ha Sung-min as the head of the board for Hynix, the buyout was completed.Chey, 52, chairman of the country’s No. 3 conglomerate, will officially direct the new Hynix, which could potentially be named SK Hynix, together with its current chief executive Kwon Oh-chul.“Chairman C
TechnologyFeb. 15, 2012
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Four top reasons why dieting is so hard
MELROSE PARK, Ill. (UPI) -- Two-thirds of Americans say they are on a diet to improve their health but relatively few are actually decreasing in size, a U.S. expert says.Dr. Jessica Bartfield, who specializes in nutrition and weight management at Loyola University Health System's Gottlieb Memorial H
TechnologyFeb. 15, 2012
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KOGAS finds more gas in Mozambique field
Daily output expected to reach 3,200 tons of natural gas off East AfricaThe Korea Gas Corp. has found an additional reserve of natural gas in waters off Mozambique with a potential quantity enough to supply Koreans for six months, the government said Wednesday. The state-run energy firm, together with co-developers, detected another pool with up to 7.5 trillion cubic feet of natural gas from the East African offshore block, the Ministry of Knowledge Economy said. The latest discovery thus raised
Feb. 15, 2012
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Lhu appointed as next head of SEACEN Centre
Lhu Hoo-kyu was appointed the next director of the South East Asian Central Banks Centre based in Kuala Lumpur, Malaysia. Lhu, who served as director of the Financial Systems Stability Department at the Bank of Korea, will be the first BOK member to head a major regional financial organization, starting from this July for a three-year term. The appointment came as the BOK successfully hosted the 47th Conference of the Governors of SEACEN, High-Level Seminar and 31st Meeting of the SEACEN Board o
Feb. 15, 2012
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LS Cable opens 17 electric car charging stations
LS Cable & System Ltd., Korea’s leading maker of electrical wiring, said Wednesday it has set up 17 electric car-charging stations across the country for state-run agencies and municipalities.The facilities feature high-speed direct current chargers that can charge Hyundai Motor’s BlueOn for 140 km in 30 minutes. The BlueOn is Korea’s first midsize electric vehicle, the company said in a statement. The 17 locations include the Seoul Central Post Office, the Ministry of Defense, city governments
IndustryFeb. 15, 2012
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Samsung mulling spin-off of LCD panel business
South Korean tech firm Samsung Electronics Co. said Wednesday that it is considering spinning off its liquid-crystal display business, a move seen as aiming to beef up its competitiveness.“The company is mulling spinning off the LCD business, but details have not been decided,” Samsung Electronics said in a regulatory filing.Analysts said that the move seemed to come as its LCD business suffered from losses for the fourth consecutive quarter in the final quarter of last year amid industry-wide s
IndustryFeb. 15, 2012
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Korea posts trade deficit in January: data
Korea posted a trade deficit for the first time in two years in January as its exports shrank, affected by toughening external market conditions, the customs office said Wednesday.The country’s trade deficit came to about $2 billion last month, a turnaround from a surplus of $2.3 billion tallied in the previous month, the Korea Customs Service said in a report.The trade balance swung into the red for the first time since January 2010.Exports fell 7 percent on-year to $41.3 billion, while imports
Feb. 15, 2012
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Ministry to announce measures to support mid-sized firms
The government plans to soon announce a set of measures to support the country’s mid-sized companies as part of an ongoing effort to boost South Korean exports, the Commerce Ministry said Wednesday.A mid-sized enterprise is defined as a company with more than 300 employees and 100 million won ($89 million) in annual sales.Such businesses have long been recognized but were legally identified for the first time in March 2011 in a revision to the industry development law. The law previously only re
Feb. 15, 2012
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Foreign investors’ stock buying surges this year
Foreign investors’ buying of local stocks surged this year on the back of eased fear on the eurozone debt crisis that fueled a huge inflow of European money into the emerging markets like Korea, data showed Wednesday. Foreign investors have scooped up local stocks worth a net 8.8 trillion won ($7.82 billion) this year as of Monday, according to the data by the Financial Supervisory Service, the country’s financial regulator.Offshore investors have been on an extensive buying spree since late las
Feb. 15, 2012
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Jobless rate rises to 3.5% in January
Korea’s jobless rate rose in January from a month earlier, indicating job market conditions remain cloudy despite continued economic recovery, a government report showed Wednesday.The jobless rate stood at 3.5 percent last month, up from 3 percent in December, according to the report by Statistics Korea.It was also higher than the annual average of 3.4 percent for last year.The economy still gained 536,000 more jobs in January compared to the previous year. The on-year job creation was the large
Feb. 15, 2012
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Korean firm gets interim nod for oil project in Jordan
A Korean energy developer said Wednesday that it has obtained approval from Jordan to negotiate a deal for the development of a massive oil field in the western part of the Middle Eastern country.The Jordanian Cabinet approved a memorandum of understanding on negotiations for a final agreement Tuesday to explore the field with an estimated reserve of more than 1.1 billion barrels, said Park Cheong-sig, president and CEO of Korea Global Energy Corp. A signing ceremony will soon be held.Under the
Feb. 15, 2012
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Love is like a drug, study finds
Love appears to use the same system in the brain that is activated when a person is addicted to drugs, recent research found. In the study, researchers at Stanford University showed 10 women and seven men photographs of loved ones. The researchers scanned and observed the participants’ bra
TechnologyFeb. 15, 2012
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'Invisibility' cloak could protect buildings from quakes
University of Manchester mathematicians have developed the theory for a Harry Potter style 'cloaking' device which could protect buildings from earthquakes.Dr William Parnell's team in the University's School of Mathematics have been working on the theory of invisibility cloaks which, until recently
TechnologyFeb. 15, 2012
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Aspirin could beat cancer spread: Australian study
Aspirin and other household drugs may inhibit the spread of cancer because they help shut down the chemical "highways" which feed tumours, Australian researchers said Tuesday.Scientists at Melbourne's Peter MacCallum Cancer Centre said they have made a biological breakthrough helping explain h
TechnologyFeb. 15, 2012