Most Popular
-
1
Yoon sorry for shortcomings but insists policies were right
-
2
S. Korea ‘strongly’ protests Japan’s claim over Dokdo in diplomatic bluebook
-
3
US 'incredibly concerned' about suspected NK-Iran military ties
-
4
1 in 3 Koreans live alone, family types becoming diverse
-
5
Korean won weakens amid heightened uncertainty
-
6
Sewol victims commemorated on tragedy's 10th anniversary
-
7
Seoul says will cut power to porn festival planned on Han River
-
8
Chanel, Louis Vuitton see muted growth in Korea
-
9
Korea, Japan finance chiefs vow to tame rampant FX market volatility
-
10
Conservative bloc divided over Han’s role in election defeat
-
Hyundai Group drops all suits against Hyundai Motor
Hyundai Group said Thursday it decided to drop the lawsuit it filed against Hyundai Motor Group, bringing an end to the legal battle that was staged following the carmaker’s takeover of Hyundai Engineering and Construction.One of the dropped complaints was about Hyundai Group’s accusations that an executive of Hyundai Motor Group spread false facts about Hyundai Group during the bidding process.Hyundai Motor Group and Hyundai Group were the only two bidders for the country’s largest construction
IndustryDec. 29, 2011
-
Shares end flat on tech gains, bank losses
Korean stocks finished nearly unchanged on Thursday, the last trading day of the year, as gains among tech and retail shares countered bank losses, analysts said.The local currency climbed against the U.S. currency.After declining as much as 1 percent in earlier trading, the KOSPI edged up 0.03 percent, or 0.62 points, to 1,825.74. Trading volume was moderate at 335 million shares worth 3.39 trillion won ($2.94 billion) with gainers leading losers 476 to 337. “The KOSPI fell in the early morning
Dec. 29, 2011
-
Woongjin, Hanwha, STX fined W6b
The nation’s antitrust watchdog said on Thursday it slapped the three chaebol Woongjin, Hanwha and STX with fines totaling more than 6 billion won for concentrating orders to affiliate companies.A fine of 3.43 billion won ($2.97 million) was imposed on Woongjin, 1.48 billion won on Hanwha and 1.13 billion on STX for giving out orders to subsidiaries with low earnings, the Fair Trade Commission said. Woongjin’s five major affiliates Woongjin Think Big, Woongjin Coway, Woongjin Chemical, Kukdong E
IndustryDec. 29, 2011
-
First discount gas station opens, controversy lingers
Korea’s first independent discount gas station was launched Thursday after a months-long tug of war between the government and major refiners that has stirred controversy over state intervention in petrol prices. The much-touted outlet in Yongin on the outskirts of Seoul is a byproduct of the government’s ambitious drive to contain sky-high fuel prices and take apart four major refiners’ tight control over domestic oil supplies.Kyung Dong Industrial Co., a local coal miner, joined the crusade an
IndustryDec. 29, 2011
-
LG Display China factory workers end strike
LG Display Co., the world's second-largest display maker, said Thursday that workers at a factory it owns in China have ended a strike and will return to work soon. On Monday, some thousands of workers went on strike at LG Display's factory in the eastern Chinese city of Nanjing, asking for an
IndustryDec. 29, 2011
-
Oklahoma baby is 3rd sickened by rare bacteria
ATLANTA (AP) — An Oklahoma baby is the third infant this month sickened by a rare type of bacteria sometimes associated with tainted powdered infant formula.The child, from Tulsa County, was infected with Cronobacter sakazakii but fully recovered, health officials said Wednesday. An Illinois c
TechnologyDec. 29, 2011
-
Korean industrial output grows 5.6 percent in Nov
South Korea's industrial output growth slowed in November, stoking worries that the nation's economy is losing steam due to rising global uncertainties, a government report showed Thursday.According to the report by Statistics Korea, production in the mining and manufacturing industries expanded 5.6
Dec. 29, 2011
-
Korean current account surplus hits 13-month high
South Korea's current account surplus rose to its highest level in 13 months in November as exports of petrochemical goods and cars remained firm, the central bank said Thursday.The current account surplus reached US$5.05 billion in November, up from a revised $4.13 billion the previous month, accor
Dec. 29, 2011
-
SK vice chairman arrested on embezzlement charges
SEOUL, Dec. 29 (Yonhap) -- A Seoul court issued an arrest warrant for SK Group's vice chairman on Thursday on charges of embezzling a massive amount of group funds, possibly in collusion with his elder brother. SK vice chairman Chey Jae-won (Yonhap News)The Seoul Central District Court issued t
IndustryDec. 29, 2011
-
Subway pass available for foreign tourists
The government said it began issuing special subway passes on Wednesday for foreign tourists in efforts to facilitate their use of public transportation.With the new services, travelers can buy passes available for a certain period of time ― one, two, three, five or seven days ― at tourism information centers at Incheon airport. Prices range from 10,000 won ($8.60) for a one-day ticket to 59,500 won for week-long use, plus a 5,000 won refundable deposit. Each of the passes is limited to 20 rides
IndustryDec. 28, 2011
-
Hyundai Motor to establish research center at Hanyang Univ.
Hyundai Motor Group will establish an automotive research institute at the Seoul campus of Hanyang University.The business group said Wednesday that it has signed a contract with the university to build a research center for developing futuristic cars.The two sides will break ground for the establishment of the center during the first half of 2012, Hyundai Motor said in a statement.By offering students and researchers high-end facilities, the two sides hope to foster specialists to take on core
MobilityDec. 28, 2011
-
Pricing may be key to IKEA’s success in Korea
World’s top home furnishing maker moves to open first store here in about 2 yearsThe eagerly awaited opening of an IKEA store on the outskirts of Seoul has many consumers excited but apprehensive about pricing, and domestic rivals bracing for tight competition. The Swedish home furnishing giant said Tuesday it bought a site in Gwangmyeong, a satellite city southwest of Seoul, for its first store in Korea.The store is expected to open in about two years on the 78,198 square-meter site near Gwangm
IndustryDec. 28, 2011
-
LG joins hands with Walt Disney for 3-D content
LG Electronics said Wednesday it signed an agreement with Walt Disney Co. on Wednesday to use the firm’s 3-D content for TV viewers in Seoul.The local electronics company said the 3-D version of “The Lion King,” expected to be released here on Thursday, will also be featured for LG’s 3-D Smart TV simultaneously. Other Disney animated films like “Toy Story,” “Toy Story 2,” “Bolt” and “The Nightmare before Christmas” will also be shown as 3-D content for the company’s smart TV. They will be availa
IndustryDec. 28, 2011
-
Korea’s real wages fall this year on high inflation
Korea’s inflation-adjusted average wage declined this year as income grew at a slower pace than in 2010, while inflation rose sharply, data showed Wednesday.Korean worker’s real wage averaged 2.72 million won ($2,350) in the January-September period, down 3.49 percent from a year earlier, according to calculations based on data from the central bank, the labor ministry and the state-run statistics agency. Last year, the real wage grew 3.8 percent as the economy expanded 6.2 percent.The real wage
Dec. 28, 2011
-
Seoul shares drop 0.92% on high-dividend shares
South Korean stocks finished 0.92 percent lower Wednesday as investors cut high-dividend shares on the expiry of their dividends, analysts said. The local currency climbed against the U.S. dollar.The benchmark KOSPI dropped 16.9 points to 1,825.12, extending a losing streak to a third session. Trading volume was moderate at 374 million shares worth 3.26 trillion won ($2.81 billion) with losers leading gainers 499 to 317.“Institutional investors were net sellers and high-dividend shares, such as
Dec. 28, 2011
-
Korea’s economy at risk of destabilizing factors: minister
Korea needs to stay vigilant against any developments next year as its economy is expected to face many “destabilizing factors” that could weigh on its recovery and growth, the nation’s top economic policymaker said Wednesday.“Economic conditions at home and abroad are expected to be tough next year at a time when the eurozone fiscal debt crisis, major elections and North Korea variables remain in place as destabilizing factors,” Finance Minister Bahk Jae-wan said during a crisis management meet
Dec. 28, 2011
-
Taekwang Industrial to produce carbon fiber
Taekwang Industrial Co., a South Korean chemical fiber company, said Wednesday that it will begin commercial production of carbon fiber starting in March of next year for the first time in South Korea.The company developed the polyacrylonitrile-based carbon fiber in 2009 and has commenced construction for the high-end material in the Ulsan industrial complex on the southeastern coast of the country.The plant will start commercial operation in March next year with an annual capacity of 1,500 tons
IndustryDec. 28, 2011
-
Dream Pharma works on superbug treatment
Dream Pharma Corp., a Korean drug maker, will develop new treatment for superbugs to cater to soaring demand for drugs against the fatal bacteria.The Hanwha-affiliate said Wednesday it clinched a deal with LegoChem Biosciences Inc. for joint research and commercialization of the bioventure’s novel product.The drug candidate known as LCB01-0371 has been proven superior to Pfizer Inc. Zyvox in treating superbugs, which are resistant to nearly all existing antibiotics, Dream Pharma said.Clinical tr
IndustryDec. 28, 2011
-
Brokerages see possible Jan. upturn
Korean brokerages said Wednesday the local stock market is likely to gain in January helped by renewed optimism over the U.S. and Chinese economy. “Expectations are building upon the possibility that the U.S. economy would manage to pull off sustainable growth next year,” said Hong Soon-pyo, analyst Daishin Securities. Despite the gloomy factors that plagued investors this year, the U.S. market is poised to benefit from improved manufacturing indicators, better outlooks for jobs and the housing
Dec. 28, 2011
-
Korea bracing for fiercer competition under FTAs
South Korea will likely face a markedly changed business environment next year as it is poised to enforce a long-standing free trade agreement with the U.S. that would open up its market and eventually lead to gloves-off competition down the road.The country signed the deal, known as the KORUS FTA, in 2007 but had to wait for years until late November for parliamentary approval due to objections from opposition lawmakers and civic groups. The U.S. Congress approved the pact in October, paving th
Dec. 28, 2011