Most Popular
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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S. Korean children, teens grow taller, mature faster than before: study
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Army takes group action against Hybe for neglecting BTS
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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Some junior doctors are returning: Health Ministry
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[Robert J. Fouser] AI changes rationale for learning languages
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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Woman dangling from power lines rescued by residents holding blanket
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Hyundai Group withdraws from fourth telecom bid
Hyundai Group said Monday that it has decided to withdraw bid to participate in the competition to select the country’s fourth telecom project.Hyundai Group’s affiliate Hyundai Ubiquitous and Information Technology said it is withdrawing from the IST consortium, indicating it will take out its investment sum of 35 billion won ($30.4 million).“We were planning to inject about 35 billion won because we believed the fourth telecom project was a promising one for future growth and a plus for the cou
IndustryDec. 12, 2011
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Seoul shares rise 1.33% on EU deal
South Korean stocks closed 1.33 percent higher on Monday as investors were emboldened by hopes that a new EU fiscal treaty may help solve the eurozone debt crisis, analysts said. The local currency fell against the U.S. dollar.The benchmark KOSPI gained 25.01 points to 1,899.76. Trading volume was moderate at 404.2 million shares worth 5.28 trillion won ($4.61 billion) with gainers outpacing losers 515 to 293.“European leaders’ agreement on a new fiscal treaty gave some support to the market, bu
Dec. 12, 2011
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Watchdog to look into mutual home loans by cooperative funds
South Korea’s financial watchdog said Monday it will look into whether local mutual cooperative funds followed rules on home loan extension as household debt has been on the rise, led by non-bank institutions.The Financial Supervisory Service said it plans to launch a field inspection into branches of the National Agricultural Cooperative Federation, or Nonghyup, and National Credit Union Federation of Korea in a bid to uncover irregularities related to the extension of household lending.The FSS
Dec. 12, 2011
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Private pension market to expand by 34% this year
The country’s private pension market is on course to expand by about 34 percent this year as more are joining the retirement market in one of the world’s fastest-aging societies, industry sources said Monday.The retirement and personal pension market is forecast to exceed 250 trillion won ($218 billion) by the end of this year, up from 187 trillion won last year, sources said. The flock to the pension market comes as Korea is fast becoming an aged society, as senior citizens aged 65 or older are
Dec. 12, 2011
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Less than half of S. Korean firms see export gains in 2012: poll
Less than half of South Korean exporters predicted their overseas shipments will expand in 2012 amid lingering concerns of global economic slowdown, a survey showed Monday.According to a survey conducted by the Korea Chamber of Commerce and Industries, 44.2 percent of 502 exporting companies said next year’s business will exceed figures for this year.The poll also showed 43.8 percent expected exports to remain unchanged from this year, while 12 percent expected a decrease in sales in foreign mar
Dec. 12, 2011
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New policy measures may not reverse downward pressure in 2012
Worsening external conditions, faltering domestic consumption cloud the outlook furtherWhen an illness spreads too far, few kinds of medicine can bring it back under control.The implication of the newly unveiled economic policy blueprints fits this scenario, unfortunately, as the impact is seen as severely limited, if not altogether ineffective. The Finance Ministry’s set of plans, announced on Monday, are aimed at fighting the stubbornly strong downward pressure on Asia’s fourth-largest economy
Dec. 12, 2011
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S-Oil CEO receives top industrial award
S-Oil chief executive Ahmed A. Subaey received a top industrial award at the annual Trade Day ceremony Monday for the company’s steady exports of petrochemicals and large-scale investments.At the 48th Trade Day ceremony, the Korean government awarded 785 people for general merit in helping improve Korea’s trade balances, and another 31 for special merit in helping the country reach $1 trillion in annual trade.In the general merit section, Subaey became the second foreigner ever to be granted the
IndustryDec. 12, 2011
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SK fosters social enterprises, helps create jobs
As part of its efforts to fulfill its social responsibility, SK Group has provided systematic support for social enterprises based on its experience of creating social service jobs since 2005.SK organized a division under its Happy Nanum Foundation last year to help develop business items for social enterprises using some 50 billion won ($42 million) in funds.SK launched a website for networking among research institutes, social enterprises, nongovernmental organizations and the government in 20
IndustryDec. 12, 2011
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Samsung retains top spot in global monitor market
Samsung Electronics Co., the world’s largest maker of flat-screen TVs and liquid crystal display panels, said Monday that it has maintained its status as the top monitor supplier with a 15.5 percent market share in the third quarter, thanks to strong demand for upper-end products.Citing data released by International Data Corporation, Samsung said its sales of monitors rose more than 10 percent from a year earlier in the July-September period to 6.42 million units.The increase helped the Korean
TechnologyDec. 12, 2011
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LG Chem sues SK unit over electric car battery technology
LG Chem said Monday that it filed a lawsuit against SK Innovation on Friday, claiming it copied LG’s key proprietary battery separator technology for electric cars.The company said it took legal action after finding out that SK is in the stage of testing its battery for electric vehicles, which uses LG Chem’s technology, called the Safety Reinforced Separator.“We have filed the lawsuit not only because we want to be reimbursed for damages, but also to protect our own technology,” said an LG Chem
IndustryDec. 12, 2011
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U.S. envoy looks to Yeosu Expo
New U.S. Ambassador to Korea Sung Kim said Monday that U.S. participation in the 2012 Yeosu Expo was another important example of its deepening partnership with South Korea. “Our relationship is more than a security partnership and encompasses many different areas like trade, people-to-people ties and, excitingly, more and more cooperation on issues of mutual concern,” Kim said.The ambassador made the remarks during a signing ceremony for the U.S.’ participation contract with Yeosu organizing co
IndustryDec. 12, 2011
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Sky-watchers get rare treat: total lunar eclipse
SAN FRANCISCO (AP) _ Moon watchers in the western U.S., Hawaii, Australia and a large part of Asia were treated Saturday to a rare celestial phenomenon: a total lunar eclipse. In this combo made from six photographs, the different stages of a lunar eclipse as seen from New Delhi, India,
TechnologyDec. 12, 2011
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Government cuts economic estimate
GDP outlook for 2012 lowered to 3.7%, inflation likely ease to 3.2%The government slashed its growth forecast for this year and next, backing off from its ambitious growth plan due to weakening consumption and persistent risk stemming from slumps in major economies, the Finance Ministry said Monday.
Dec. 12, 2011
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Enjoying others’ bad luck a matter of self-esteem
People with low self-esteem are more likely to enjoy others’ misfortune and do so because they feel it is deserved, a study found, reported LiveScience.com.According to the study led by Wilco W. van Dijk of Leiden University in the Netherlands, people with low self-esteem were more likely to feel threatened by others with good fortune and experience schadenfreude. In psychology, schadenfreude refers to the enjoyment of others’ misfortune.“I think when you have low self-esteem, you will do almost
TechnologyDec. 12, 2011
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Obesity-related illnesses to cost S. Korea 3.4 trillion won: report
Obesity-related illnesses, such as diabetes and strokes, may cost South Korea up to 3.4 trillion won (US$2.97 billion) in various social costs this year, nearly double the amount from 2005, a report said Monday.According to the report by a research team from the country's Inje University, social cos
TechnologyDec. 12, 2011
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Cube boxes premium sedans for import car top spot
Nissan’s small car battles BMW 520d,Mercedes E300 for the best-selling title in KoreaThe competition to becoming the best selling foreign car in Korea is becoming a showdown between a box-like Japanese car and two German premium sedans.The Cube of Nissan has emerged as a powerful player in the nation’s import car market, becoming the best-selling model last month.In November, the Cube, a multi-purpose vehicle, beat the two previously most popular models ― the 520d of BMW and the E300 of Mercede
MobilityDec. 11, 2011
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Toyota cuts annual profit forecast after Thai floods disrupt output
Toyota Motor Corp.’s recovery is proving tougher than anticipated.Already poised to lose its crown as the world’s largest carmaker this year, Toyota yesterday cut its profit forecast by more than half after Thailand’s worst floods in almost 70 years disrupted output of Camry and Prius vehicles. While the rebound at rival Nissan Motor Co. accelerates, Asia’s largest automaker has lost four times more production in the floods.“It’s acts of God after other acts of God,” Jody Lurie, an analyst at Ja
MobilityDec. 11, 2011
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Auto, department store sales falter amid economic woes
Persistent economic uncertainties in Europe may be putting a brake on Korean consumer spending as car and department store sales tumble, data showed Sunday.Combined revenues of three major department stores slipped 1.1 percent last month from a year ago, the first drop since February 2009, according to the Finance Ministry. Their year-on-year sales growth slowed from 8.3 percent in August to 6.5 percent in September, then to 3.1 percent in October. Sales of discount stores remained flat last mon
IndustryDec. 11, 2011
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Asiana marks 10m passenger record
Asiana Airlines, Korea’s second-largest air carrier, marked an annual record for the second consecutive year with more than 10 million international passengers, the company announced Sunday. Asiana expects the number to reach 10.64 million by the end of December, a 2.3 percent increase from the last year’s record.Passenger traffic has been showing a fast recovery after the global financial crisis in 2008-2009. After two years of passenger number decreases, the number of passengers rose 21.5 perc
IndustryDec. 11, 2011
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Public firms’ bond sales nearly double
South Korean public corporations’ bond sales have nearly doubled in three years as they increasingly resort to debt issuance to help finance state development projects, financial sources said Sunday.The value of outstanding bonds issued by state land developer LH Corp. and other public corporations under the central and provincial governments came to 283 trillion won ($247 billion) as of Friday, according to the sources.The figure is up 89 percent from 150 trillion won at the end of 2008 and amo
Dec. 11, 2011