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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Seoul to provide housing subsidy to married couples with newborns
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Rapper jailed after public street fight with another rapper
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[Weekender] How DDP emerged as an icon of Seoul
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[KH Explains] No more 'Michael' at Kakao Games
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Woman gets suspended term for injuring boyfriend with knife
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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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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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GS Caltex gets top score for cooperation with partner firms
GS Caltex Corp. is continuing its support of smaller partner companies this year through payments in cash and flexibility in readjusting costs. The nation’s second-largest oil refiner received top marks for seeking mutual growth with suppliers in an evaluation by the Commission on Shared Growth for Large and Small Companies in December 2010. Last year, GS Caltex paid its suppliers entirely in cash, which amounted to 420.5 billion won ($374 million), as part of liquidity support.The average time
IndustryFeb. 26, 2012
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Car importers cut prices after probe announcement
BMW’s new 3-series 320d slashed by nearly 2.8 million wonEuropean carmakers, which enjoy the largest share of Korea’s import car market, have slashed their prices as the nation’s antitrust regulator launched an investigation into alleged overpricing and unfair business practices.BMW, the largest player here with 25 percent of the import market, rolled out the latest version of its flagship 3-series, the 320d diesel, on Thursday in the 45 million won to 56.5 million won range, down about 2.8 mil
MobilityFeb. 26, 2012
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Daewoo Shipbuilding taps new CEO
Daewoo Shipbuilding and Marine Engineering has decided to promote senior executive vice president Ko Jae-ho to its new chief executive.The decision was made when the firm’s CEO candidate recommendation committee on Friday picked Ko out of five candidates.The committee consists of three outside directors of DSME, two people from DSME’s major shareholder Korea Development Bank and one from Korea Assset Management Corp. Ko’s nomination will be finalized at the shareholder meeting late next month af
Feb. 26, 2012
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Two new blood types identified
MCTScientists have discovered the two proteins in red blood cells that cause the rare Langereis and Junior blood types, Science Daily reported Thursday. “Only 30 proteins have previously been identified as responsible for a basic blood type,“ University of Vermont biologist Bryan Ballif says, “but t
TechnologyFeb. 26, 2012
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Playing World of Warcraft can boost cognitive functions for seniors
Online role-playing game World of Warcraft (MCT)Researchers from a U.S. university found that playing the popular online game World of Warcraft (WoW) can improve cognitive functioning in older adults, Science Daily reported Wednesday.According to a study by North Carolina State’s Gains Through Gamin
TechnologyFeb. 26, 2012
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Turkey carries out world's first quadruple limb transplant
Turkish surgeons have performed the world's first-ever quadruple limb transplant at a university hospital in Ankara, the Anatolia news agency reported on Saturday."In such a big organ transplant... more than 50 percent of the (patient's) body has changed," Professor Murat Tuncer, rector of Ankara's
TechnologyFeb. 26, 2012
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Shares edge up on foreign buying
Korean stocks finished 0.6 percent higher Friday as foreign investors scooped up Seoul shares on economic optimism, analysts said. The local currency rose against the U.S. dollar. Reversing its earlier fall, the benchmark Korea Composite Stock Price Index added 12.09 points to 2,019.89. Trading volume was heavy at 709 million shares worth 5.64 trillion won ($5.02 billion) with gainers leading losers 490 to 323. “In the morning, the KOSPI was dragged down by concerns over rising oil prices and wo
Feb. 24, 2012
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Concrete supply to resume Saturday
A federation of ready-mixed concrete companies said Friday they will resume plant operations the next day, three days after stopping production over disagreements with builders and cement suppliers on concrete pricing.Some 750 manufacturers of premixed concrete across the country halted their supply on Wednesday, prompting the government to intervene as the lack of concrete led to setbacks at construction sites.“The Ministry of Knowledge Economy requested that we resume supply to keep the situat
IndustryFeb. 24, 2012
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POSCO to pay W4b to founder’s family
POSCO said Friday it will pay 4 billion won in rewards to the bereaved family of the steelmaker’s founder Park Tae-joon, who passed away in December.POSCO’s board of directors agreed on the amount based on company standards for severance pay for longtime employees, the steelmaker said.“Honorary chairman Park devoted himself entirely to POSCO and the nation, and built the Pohang and Gwangyang steel mills with a distinguished leadership. We decided to offer special rewards in consideration of the
IndustryFeb. 24, 2012
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Samsung to build new R&D center for parts
Samsung Electronics said Friday that it plans to establish a research center for subparts in Hwaseong, Gyeonggi Province, by December next year.The new research center will bring together about 15 of its subpart research labs ― including semiconductor, memory and LSI research centers ― which are each located in different areas.The comprehensive complex, which broke ground earlier in November last year, is expected to be built on 50,000 square meters of lot area and 330,000 square meters of gross
IndustryFeb. 24, 2012
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Consumers’ inflation expectations dip in Feb.
Korean consumers’ inflation expectations eased slightly in February from the previous month, the Bank of Korea said Friday.South Korean consumers expect inflation in Asia’s fourth-largest economy to reach a yearly average of 4 percent over the next 12 months, according to a survey by the BOK. In January, the median expectation for the inflation rate stood at 4.1 percent.The February reading was slightly lower than the previous month’s data, but inflation expectations failed to fall below the 4 p
Feb. 24, 2012
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Ex-Nonghyup executive tapped to head NH Financial
The National Agricultural Cooperative Federation, or Nonghyup, tapped Shin Choong-shik, former senior vice president of the organization, to be chairman of the NH Financial Group that will launch on March 2.Nonghyup’s ad hoc committee on personnel management said on Friday that it had decided to recommend Shin to head the financial group and its affiliate Nonghyup Bank. The new financial group will be established as a result of separating Nonghyup’s business operations into two ― the financial a
Feb. 24, 2012
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Asan Nanum to launch venture capital fund for CEO hopefuls
More than 200 policymakers, industry specialists and startup founders gathered on Friday at a forum in Seoul to discuss ways to boost venture capital funding and foster healthy business environments for young entrepreneurs.The Asan Nanum Foundation, a charity run by Hyundai Heavy Industries and its affiliates, hosted the one-day event as the latest in a string of its programs to back startup hopefuls in Korea. Among the participants were the charity’s founder and ruling party lawmaker Chung Mon
IndustryFeb. 24, 2012
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Household income disparity widened in 2011: report
The income disparity between the rich and the poor in Korea widened last year as the proportion of the middle class shrank, data showed Friday. According to the report by Statistics Korea, Gini’s coefficient, the indicator showing the income gap between the wealthy and the poor, stood at 0.311 in 2011, up from 0.310 a year earlier, suggesting the equality level for income distribution worsened. Another indicator ― the market income ratio that compares the upper 20 percent and the lower 20 percen
Feb. 24, 2012
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Sohn Kyung-shik reelected as Seoul chamber chief
CJ Group chairman Sohn Kyung-shik was reelected as the chairman of the Seoul Chamber of Commerce and Industry during its general assembly, its chamber officials said Friday.In a unanimous vote, Sohn’s term as chief of the Seoul chamber composed of the country’s largest businesses was extended by three years. Sohn began leading the SCCI in November 2005. “Due to the economic crisis in European countries, our economy is also going through tough times,” said Sohn. “I’ll give my utmost efforts to re
Feb. 24, 2012
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Korea targets $13b in foreign investment
The Seoul government said Friday it will step up investor relations and focus on attracting projects with major employment plans this year, targeting $13 billion in foreign investment.Foreign direct investment in Korea reached $13.67 billion last year.“The Korea-U.S. free trade agreement, which goes into effect on March 15, will be a good opportunity to not only raise the competitiveness of our exports to the U.S., but also to make Korea a more attractive place for foreign investment,” Knowledge
Feb. 24, 2012
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Korean won expected to strengthen further
Solid fundamentals, foreign investors’ bond purchases boost value of the local currencyThe Korean won stays strong amid a flurry of reports that its value might go up further on the strength of foreign investors opting for Korean bonds. The local currency strengthened 2.5 percent as of Feb. 24 from of January against the U.S. dollar, outpacing the euro (0.9 percent) and the Japanese yen (1.8 percent), according to the Bank of Korea. HSBC said in a recent report that the Korean won is likely to f
Feb. 24, 2012
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Over 80% of adults hold credit cards
More than eight in every 10 adults in Korea own at least one credit card, a poll showed Friday, indicating plastic money has become the main means of settlement in Asia’s fourth-largest economy.According to the survey of 2,000 people aged 20-70 by the Korea Consumer Agency, 1,647 respondents, or 82.4 percent said they have at least one credit card.Of the tallied holders, 24 percent answered they have only one credit card, with the percentage for those with two and three standing at 30.7 percent
Feb. 24, 2012
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Study: Clouds losing altitude globally
Researchers say the sky is falling, after a fashion, as data from a U.S. satellite show clouds around the world are losing altitude.If future observations confirm that as a trend, it could have an important effect on global climate change, they said.“We don’t know exactly what causes the cloud heigh
TechnologyFeb. 24, 2012
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Korean Air names chairman’s children as board directors
Korean Air on Thursday named Hanjin Group chairman Cho Yang-ho’s daughter and son as board directors in an apparent step to solidify their path to eventual succession. The airliner’s board of directors approved senior vice presidents Heather Cho and Walter Cho as board directors, raising the number of internal board directors to six.Korean Air also named two more outside directors Hana Financial Group chairman Kim Seung-yu and Woongjin Group vice chairman Lee Joo-seok, raising the number of outs
IndustryFeb. 23, 2012