Most Popular
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Yoon sorry for shortcomings but insists policies were right
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1 in 3 Koreans live alone, family types becoming diverse
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S. Korea ‘strongly’ protests Japan’s claim over Dokdo in diplomatic bluebook
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Korea, Japan finance chiefs vow to tame rampant FX market volatility
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US 'incredibly concerned' about suspected NK-Iran military ties
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Korean won weakens amid heightened uncertainty
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Seoul says will cut power to porn festival planned on Han River
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Sewol victims commemorated on tragedy's 10th anniversary
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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Chanel, Louis Vuitton see muted growth in Korea
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Economic growth showing signs of ‘moderating’: KDI
Korea’s economic growth is showing signs of “moderating” due to weakening exports and domestic demand, a state-run think tank said Sunday.“The Korean economy showed signs of moderating growth as export growth slowed gradually and domestic demand weakened slightly,” the Korea Development Institute said in its monthly report analyzing current economic trends.The report is based on the latest major economic indicators including industrial output, exports, employment, investment and consumer spendin
Jan. 8, 2012
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Shares to feel the effects of eurozone woes
Korea’s bourse is expected to feel the effects of eurozone woes with stocks prices likely to remain locked this week despite modest gains made coming into the new year, local analysts said Saturday.The benchmark KOSPI gained 0.95 percent from the previous week’s closing to end the first week of trading in 2012 at 1,843.14 points.The 17.40 point gain comes despite unfounded rumors about a nuclear accident in North Korea that caused the KOSPI to temporarily fall sharply for a time on Friday.Analys
Jan. 8, 2012
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Regulator set to beef up monitoring of stocks linked to politicians
Politically sensitive stocks log sharp rises on rumors ahead of elections this yearKorea’s financial regulator said Sunday it would strengthen its monitoring of the local stock market to weed out false rumors concocted to boost share prices amid worries over politics-linked stocks. According to the Korea Exchange and the Financial Supervisory Service, the number of stocks that investors considers to move in tandem with political developments here shot up to 78, reflecting the planned parliamenta
Jan. 8, 2012
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Healthy foods, energy conservation among consumer trends this year
Multi-positioning, screens, time-saving, healthy foods and energy conservation will be among the seven noteworthy consumer trends this year, the Korea Trade-Investment Promotion Agency said in a recent report.The agency also picked environment-friendliness and a preference for renting over ownership. “Consumer sentiment has flinched since the global financial crisis three years ago and is unlikely to pick up this year due to the persisting eurozone debt woes, the delayed recovery of the U.S. eco
IndustryJan. 8, 2012
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Pork self-sufficiency ratio drops to record low
South Korea’s self-sufficiency rate of pork dropped to the lowest point ever last year due to massive culling of pigs in the wake of foot-and-mouth disease outbreaks, government data showed Sunday.The self-sufficiency ratio of the meat stood at 60.3 percent at the end of last year, down 20.6 percentage points from a year earlier, according to the data provided by the Ministry for Food, Agriculture, Forestry and Fisheries. The sharp decline comes as South Korea suffered a widespread outbreak of F
Jan. 8, 2012
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Regulator to put a ceiling on banks’ dividend payout
Korea’s financial regulator said Sunday it would ban local lenders from paying out dividends to their respective holding companies as part of efforts to drive out the “greedy practices” of the financial sector. The Financial Supervisory Service, which voiced its opposition to excessive dividend payments on several occasions, asked the banks to file capital soundness plans for the next five years. The plans should include banks’ dividend targets, and the FSS would put a ceiling on the figure to b
Jan. 8, 2012
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Pension fund gets qualified investor status from China
South Korea’s state-run pension fund has received qualified investor status from Chinese authorities, opening the door for its investment in Chinese stock markets, its officials said Sunday.The National Pension Service received the status of “qualified foreign institutional investor” (QFII) from the China Securities Regulatory Commission, according to the officials.The approval comes more than a year after the NPS applied for the QFII in December 2010. Among the world’s top four pension operator
Jan. 8, 2012
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Kia vows to maintain share in local market
Kia Motors Corp. said it will maintain its 33 percent share in the domestic car market this year in order to consolidate its position as the No. 2 player here.The company set its 2012 target on the back of releases of new vehicles and steady sales of popular models.Last year, Kia Motors sold 493,003 vehicles in the South Korean market for a 33.6 percent share, fueled by the popularity of new models such as the Morning and Pride, and growing demand for mid-size cars like the K5.“Despite fierce co
MobilityJan. 8, 2012
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Tiny wires could usher new computer era
WASHINGTON (AFP) - Scientists said Thursday they have designed tiny wires, 10,000 times thinner than a human hair but with the same electrical capacity as copper, in a major step toward building smaller, more potent computers.The advance, described in the US journal Science, shows for the firs
TechnologyJan. 8, 2012
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Bits of Russia space probe set to fall Jan. 15
MOSCOW (AP) — Fragments of a failed Russian space probe are now expected to fall to Earth on Jan. 15, officials said Wednesday.The unmanned Phobos-Ground probe was launched Nov. 9 on what was supposed to have been a 2 1/2-year mission to the Mars moon of Phobus to take soil samples and fly the
TechnologyJan. 8, 2012
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Seoul shares to feel the effects of eurozone woes
South Korea's bourse is expected to feel the effects of eurozone woes with stocks prices likely to remain locked next week despite modest gains made coming into the new year, local analysts said Saturday.The benchmark Korea Composite Stock Price Index gained 0.95 percent from the previous week's clo
Jan. 7, 2012
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Smart devices boost online music sales
Digital service makes up 80% of music industry in Korea, the world’s highest shareIt has been almost two years since Kim Min-jeong, a 29-year-old office worker, bought a recorded album. This was at almost exactly the same time as when she started using her iPhone from 2009. “I used to buy CDs and download songs to iPod. Now I prefer listening to music directly via my smartphone and feel it unnecessary to carry extra devices,” she said. The number of smartphone users surpassed the 20 million mark
IndustryJan. 6, 2012
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FSS probes stock rumors on N.K. nuclear blast
The Financial Supervisory Service opened a probe on Friday into suspicions that a group of investors manipulated stocks by spreading false rumors on North Korea.The measure was taken after South Korean stocks plunged for several minutes after 2 p.m. during the trading session, hit by the rumors that there was an explosion at the Yongbyon nuclear complex in North Korea. The FSS also requested that police investigate the case.Though the stock market stabilized before it closed, the brokerage secto
Jan. 6, 2012
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FSC, FSS to undergo six-week inspection by top audit agency
The Board of Audit and Inspection will launch an extraordinary inspection into the nation’s two financial regulators next Monday.The top auditor has informed the Financial Services Commission and the Financial Supervisory Service of its scheduled probe for the coming six weeks, regulatory officials said Friday.The officials said they do not rule out the possibility that the BAI may investigate the regulators’ ruling on Lone Star Funds, the biggest shareholder of Korea Exchange Bank.“The schedule
Jan. 6, 2012
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Farms hit hard by falling beef prices
Angry farmers protest over cattle price fall, hike of feeding costsThe nation’s cattle breeding farms are being severely hit by the fall in beef cattle prices as a result of an oversupply of homebred cows and by soaring animal feed prices. Male dairy calves used for veal are being put up for sale at 10,000 won per head, but it is still not easy to find buyers.A cattle breeder in Sunchang, North Jeolla Province, buried nine cows that starved to death earlier this week as he could no longer afford
IndustryJan. 6, 2012
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LG Electronics to release Google TV in U.S. market
LG Electronics Inc., the world's second-largest flat-screen TV maker, said Friday that it will release a smart TV powered by Google Inc.'s software in the U.S. market later this year.The LG Electronics-manufactured Google TVs will be available on the U.S. market in the first half, the company said.
BusinessJan. 6, 2012
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FSC, FSS under government inspection next week
The Board of Audit and Inspection will launch an extraordinary inspection into the nation’s two financial regulators next Monday.The top auditor has informed the Financial Services Commission and the Financial Supervisory Service of its scheduled probe for the coming six weeks, regulatory officials said Friday.The officials said they do not rule out the possibility that the BAI may investigate the regulators’ ruling on Lone Star Funds, the biggest shareholder of Korea Exchange Bank.“The schedule
Jan. 6, 2012
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STX Energy to set up power plant
STX Energy plans to establish a power plant complex in the country’s east to reinforce its renewable energy business and related equipment manufacturing. The Korean energy provider said it struck an agreement with the government of Samcheok, Gangwon Province, for the project estimated at 8 trillion won ($6.9 billion). Under the deal, STX will build power generators focusing on renewable resources and marine bioenergy. It also plans to install production lines for related equipment. The company a
IndustryJan. 6, 2012
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Samsung forecasts record Q4 earnings
Samsung Electronics predicted on Friday that its quarterly operating profit has hit a fresh high, spurred by robust smartphone sales and the selloff of its hard-disk drive unit.Operating profit shot up a staggering 72.8 percent on-year to 5.2 trillion won ($4.5 billion) between October and December 2011, the world’s largest maker of handsets and memory chips said in a regulatory filing. The preliminary results beat the average market projection of 4.81 trillion won. Analysts estimate 16.2 trilli
IndustryJan. 6, 2012
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Seoul shares decline 1.11% on renewed Europe concerns
Korean stocks dropped 1.11 percent Friday on renewed eurozone concerns that shrugged off optimism about economic recovery, analysts said. The local currency declined sharply against the U.S. currency.The benchmark KOSPI fell 20.6 points to 1,843.14. Trading volume was heavy at 466.6 million shares worth 4.36 trillion won ($3.75 billion) with losers outnumbering gainers 551 to 264.“Europe issues weighed heavily on the market, dragging down the key index,” said analyst Lee Seung-woo from Daewoo Se
Jan. 6, 2012