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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Actor Yoo Ah-in accused of sexual attack
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Man who let his father die due to financial difficulties to be released on parole
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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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LG CNS focuses on ‘big data’ era
Rising use of Internet, gadgets signal big change for local businessesThe era of big data has arrived with the wide use of Internet-connected and wireless devices, signaling a major change in the way local companies work and manage information.In line with the shift, LG CNS, a total information technology service firm, on Thursday held Entrue World 2012, a conference focusing on the big data era.Themed “New frontier of the smart world: Advanced analytics,” the company invited global analyst Thom
IndustryApril 19, 2012
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Computers learn to “read” emotions
A group of scientists from Massachusetts Institution of Technology are developing computers that can recognize facial expressions, the BBC reported Tuesday. Using this technology, computers can identify basic emotions such as like, dislike, confusion by taking information about people’s faces via camera and analyzing how they move over time.Researchers said they can apply this technology in many ways. For example, it’s possible to gather information on people’s responses to advertisements by loo
TechnologyApril 19, 2012
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Samsung Total’s entry aimed at curbing petrol prices
Pan-governmental measures include a new petrol supplier, tax breaks for discount gas stations and electronic trading Samsung Total Petrochemicals Co. is set to break into the tightly controlled retail petrol market as part of the government’s across-the-board drive to rein in skyrocketing gas prices and revamp Korea’s fuel supply structure. A pan-governmental task force headed by the Ministry of Knowledge Economy unveiled the proposal on Thursday, which also envisages an upsurge in electronic t
April 19, 2012
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Number of first-time marriages up in 2011
The number of marriages involving couples tying the knot for the first time rose to a nine-year high last year mainly due to favorable demographic factors, a government report showed Thursday.According to the report by Statistics Korea, the number of men and women getting married for the first time reached 258,600, or 78.6 percent of all marriages tallied last year. This is the highest percentage since 78.7 percent reached in 2002.“The increase of about 4,000 couples is mainly due to the rise in
April 19, 2012
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Japan study raises hopes of cure for baldness
Japanese researchers have successfully grown hair on hairless mice by implanting follicles created from stem cells, they announced Wednesday, sparking new hopes of a cure for baldness.This handout picture taken on April 13, 2012 and released by the Tsuji Lab Research Institute for Science and Technology of the Tokyo University of Science shows a hairless mouse with black hair on its back at the la
TechnologyApril 19, 2012
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Surveillance tightened on online racist comments
The Korea Communications Standards Commission said Tuesday that it will tighten its online surveillance on Internet posts that contain comments related to racism, xenophobia and other forms of intolerance. The move came amid a flood of angry posts aimed at migrant workers following the rape and murder case involving a Korean-Chinese man in Suwon, Gyeonggi Province, early this month More recently, there have also been a slew of racist comments targeted at Jasmine Lee, a naturalized woman from the
IndustryApril 18, 2012
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Samsung, Apple to meet for patent talks
Samsung agrees to meet 90-day deadline for talks in the U.S.Samsung Electronics confirmed Wednesday that its vice chairman Choi Gee-sung will meet with Apple’s chief executive Tim Cook to discuss matters on their ongoing patent disputes in nine different nations.“We decided to work together on reaching a compromise with Apple by arranging a meeting of chief executives, along with the firms’ legal representatives within 90 days in response to a court’s order,” said a Samsung official.The official
IndustryApril 18, 2012
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Hyundai-Kia’s sales hit record high point in Europe in March
Hyundai Motor and Kia Motors posted all-time high monthly sales in the European market in March, despite the worsening business environment in the wake of the eurozone debt crisis.The affiliated companies’ combined sales came to 85,393 units in Europe in March, up 15.3 percent from 74,107 units a year before.According to the European Automobile Manufactures’ Association, also known as ACEA, Hyundai reported a 13.8 percent growth with sales of 50,131 units and Kia, 17.3 percent with 35,262 units.
MobilityApril 18, 2012
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Samsung, LG cleared of U.S. dumping charge
WASHINGTON (Yonhap News) ― The U.S. government on Tuesday ruled in favor of South Korea’s major refrigerator makers, Samsung and LG, in an anti-dumping case against their American rival, Whirlpool.The U.S. International Trade Commission said the U.S. industry has not been harmed by imports of bottom-mount combination refrigerator-freezers made in Samsung and LG factories in South Korea and Mexico.The ITC said in a press release that it “determined that a U.S. industry is not materially injured o
IndustryApril 18, 2012
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Hyundai Steel to boost export to Southeast Asia
Hyundai Steel will boost its exports to Indonesia to 340,000 metric tons of hot-rolled steel annually, its press release said.This comes as Hyundai Steel signed a memorandum of understanding to supply its steel to PT Essar Indonesia in the region where the Korean steel-maker also has two other customers, its spokesperson said. Essar is the largest cold-rolled steel producer in Indonesia, according to media reports. Hot-rolled steel is produced through traditional blast furnaces that can later be
IndustryApril 18, 2012
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GS chairman Huh focuses on corporate citizenship efforts
GS Group chairman Huh Chang-soo on Wednesday emphasized the corporation’s role in promoting fair competition and corporate citizenship to build public trust and attain sustainable growth.He pledged to scale up the Korean conglomerate’s social contribution programs and foster co-prosperity with its smaller suppliers and subcontractors.“Being accepted as a respectable corporate citizen is as critical as running a successful business,” Huh said in a meeting with executives in Seoul. “That’s what we
IndustryApril 18, 2012
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BEXCO has high hopes for Busan Motor Show
CEO Kim says May show will focus on low-emission vehiclesThe Busan Exhibition & Convention Center is striving to upgrade the Busan Motor Show through this year’s event, which may be the largest ever.The Busan International Motor Show 2012 is projected to mark “58 percent growth” compared to the previous event in 2010, BEXCO president & CEO Kim Soo-ik told a press conference in Seoul on Wednesday.The auto show ― which will emphasize low-emission vehicles ― will be held for 11 days from May 24 to
MobilityApril 18, 2012
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Samsung to hire 600 more disabled workers
Samsung Group said Wednesday that it will hire an additional 600 disabled people this year, adding to its group of 3,300.This year is the second consecutive one in which the country’s top conglomerate is openly recruiting those with disabilities, according to its chief communications officer Rhee In-yong.“We have employed a total of 3,300 people with disabilities as of March, reaching 1.6 percent of all employees, but we will continue the effort to meet the government’s legal recommendation of 2
IndustryApril 18, 2012
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KB Kookmin Bank puts out joint management-labor agreement
KB Kookmin Bank said on Wednesday it had made a joint management-labor pledge aimed at working together to tackle pending issues and push for reforms. The pledge was made on Tuesday at the bank’s training center in Ilsan, Gyeonggi Province, and top executives and labor union leaders joined the event. “The joint announcement has been made after months of discussions to find ways to improve the bank’s overall competitiveness,” said a spokesman from KB.According to the joint pledge, both management
April 18, 2012
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Shares gain on Spain’s debt easing
South Korean stocks closed 0.97 percent higher Wednesday on strong U.S. corporate earnings and easing of Spain’s debt concerns, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index gained 19.23 points to close at 2,004.53. Trading volume was light at 376 million shares worth 4.56 trillion won ($4.01 billion), with gainers outpacing losers 456 to 362.“Good U.S. corporate earning figures for the first quarter and signs that the housing mark
April 18, 2012
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Korea’s inter-bank FX turnover up 7.8% in Q1
South Korean banks’ daily foreign exchange volume rose to the highest level in four years in the first quarter as banks handled more deals to cope with robust trade, the central bank said Wednesday.The daily foreign exchange trading volume among banks averaged $22.45 billion in the January-March period, up 7.8 percent from the preceding quarter, according to the Bank of Korea. It marked the largest daily turnover since the first quarter of 2008 when the trading volume hit $23.37 billion.“The tra
April 18, 2012
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Ministry to unveil measures to stabilize petroleum prices
The government will soon announce a set of measures to help control soaring oil product prices that can hurt economic growth, the country’s top economic policymaker said Wednesday.Minister of Strategy and Finance Bahk Jae-wan said at a weekly economic policymaker meeting that high global crude oil prices have been a big burden to the South Korean economy, Asia’s fourth-largest.“Crude prices have stabilized somewhat recently, but there is a need to address this problem,” he said. The minister str
April 18, 2012
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Banks’ short-term foreign borrowing up in March
South Korean banks’ short-term overseas borrowing rose at a modest pace in March as lenders moved to secure foreign currency liquidity amid lingering global economic concerns, the financial watchdog said Wednesday.According to the Financial Supervisory Service, the spread on short-term foreign borrowing by local lenders stood at 15.3 basis points, a gain from 8.8 basis points in February. A basis point is 0.01 percentage points.The spread on mid- and long-term foreign borrowing that matures in f
April 18, 2012
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MSCI likely to upgrade Korea, may bring influx of foreign funds
Brokerage expects an upgrade to draw in foreign funds worth $12 billionIf South Korea is included in the MSCI advanced market index, as much as $12 billion worth of foreign investment could flow into the local stock market, a brokerage said on Wednesday.Daishin Securities said the chance for the inclusion of Korea in the prestigious index is higher than ever this year as the country’s bourse operator Korea Exchange worked out the KOSPI 200 index data rights with MSCI Inc. Korean shares account f
April 18, 2012
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Outdated security software plagues Korean Internet
Nine years ago when Kim Kee-chang came back to his native country of South Korea, he had no idea he was coming back to start a tech war. But when he booted up Linux on his computer something strange happened: he couldn’t use Korean websites. “Basically I couldn’t do anything,” said Kim, the founder of OpenWeb, an organization dedicated to expanding web accessibility in Korea. “Pages were not adequately displayed on the screen, links didn’t work, menus didn’t work. Nothing worked.” Kim had discov
TechnologyApril 18, 2012