Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Graphic News] More Koreans say they plan long-distance trips this year
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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Farming households dip below 1m for first time in 2023
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Google expands cooperationwith Korean companies
U.S. search giant signs pact with POSCO, joins forces with Samsung, LG for Google TVGoogle Inc. is expanding cooperation with Korean companies, signing a preliminary deal with POSCO to provide technological support to upgrade the steelmaker’s operations.The world’s third largest steelmaker inked a memorandum of understanding with the IT giant on Wednesday to share Google’s info-tech and corporate values. Google’s advanced technologies can be used for three-dimensional modeling before building st
IndustryNov. 24, 2011
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FTA likely to dampen growth of local broadcasting sector
Limited impact expected on telecom sector, while protection for intellectual property strengthenedThe free trade agreement between Korea and the United States is expected to hit the nation’s small broadcasting and production companies particularly hard.Under the pact, direct investment by foreign nationals into local program providers will be limited to the current level of 49 percent of shares.But if they set up a local branch and invest indirectly, 100 percent ownership will be allowed at netw
IndustryNov. 24, 2011
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Pork imports surge on reduced tariffs
Pork imports have more than doubled this year to almost one-third of the market, the largest-ever portion, a government report said Thursday. The nation imported 151.89 million metric tons of pork this year, up 117 percent from the amount imported until last November, the Ministry of Food, Agriculture, Forestry and Fisheries said. Competition in the pork market is set to become fiercer as more pork imports are set to enjoy tax and tariff exemptions with the Korea-U.S. Free Trade Agreement ratifi
Nov. 24, 2011
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Korea-U.S. FTA to boost electronics, IT sector
Limited impact may be seen on trade tariff elimination, but pact will enhance nation’s brand, imageThe Korea-U.S. Free Trade Agreement is likely to boost the local information technology sector as trade costs are expected to drop through the implementation of the pact.The biggest benefit of the trade pact is that tariffs will be eliminated on over 6,000 electronic goods, including home appliances. Tariffs will be eliminated at different times depending on the product.According to a report releas
IndustryNov. 24, 2011
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Shinhan tops customer service index
Shinhan Bank has once again been picked as the best among Korea’s major commercial breaks in terms of customer satisfaction.Last week, Shinhan was selected as the No. 1 bank in the Korean Standard-Service Quality Index for 2011, grabbing the title for the 10th consecutive year.Of particular note was the bank’s new “Service Capability Level” system, designed to enhance the staff’s customer-oriented mindset. The system was added under the initiative of CEO Suh Jin-won, who took office early this y
Nov. 24, 2011
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Slugger Lee named goodwill ambassador for Singapore
The Lotte Giants’ former circuit slugger Lee Dae-ho has been named a goodwill ambassador for Singapore Airlines and the Southeast Asian country’s tourism board, the carrier said Thursday.“Through Lee, a baseball star who represents Busan, we hope to invigorate Singaporean tourism among Busan citizens and reinforce ties between Busan and Singapore,” Lim Wee Kok, regional vice president of Singapore Airlines, said at a ceremony on Wednesday in Busan. Lee’s appointment coincides with Singapore Airl
IndustryNov. 24, 2011
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Home-shopping channels agree to cut commission fees
Smaller-than-expected fee cuts will affect less than 50 percent ofvendors: FTCThe nation’s major home-shopping channels and supermarket chains have agreed to reduce commission fees for small- and medium-sized vendors by three to seven percent, antitrust authorities said Thursday. The Fair Trade Commission, however, pointed out that the smaller-than-expected fee cuts would affect fewer than half the vendors, denouncing companies for their lack of willingness to share growth with smaller firms.Acc
IndustryNov. 24, 2011
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Daewoo International donates W100 million for social enterprises
Daewoo International Corp. said Thursday it has donated 100 million won ($86,300) to help set up a social enterprise as part of its social contribution campaign.The POSCO-affiliated trading firm said it has been backing a childcare center for multicultural families, which is gearing up to transform into a social enterprise in 2012. The plan needs approval from the Ministry of Employment and Labor. Operated by a community welfare center in southwestern Seoul, the facility has looked after nearly
IndustryNov. 24, 2011
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Daewoo Shipbuilding opens Angola offshore oil plant
Daewoo Shipbuilding & Marine Engineering Co. opened the world’s largest floating production storage and offloading facility in Angola Tuesday, allowing offshore processing of hydrocarbons in the Pazflor oil field. The company said its project, dubbed Pazflor Floating Production Storage & Offloading Unit, is the first of its kind to process two very different grades of liquefied gas petroleum.“We’re proud to announce that Daewoo Shipbuilding has completed its third project in the Total E&P-operat
Nov. 24, 2011
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Microsoft president discusses cloud biz, data center in S. Korea
A Microsoft Corp. senior executive met South Korea‘s telecommunications regulator on Thursday to discuss ways to expand ties with South Korea by collaborating on new businesses that may include building a data center, government officials said.Jean Philippe Courtois, president of Microsoft’s international business, met Choi See-joong, chairman of the Korea Communications Commission (KCC), in Seoul to talk about the U.S. company‘s investment opportunities in the country and measures to forge coll
TechnologyNov. 24, 2011
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Seoul shares stage rebound
South Korean stocks reversed early morning losses to close up 0.67 percent on Thursday, as institutions snapped up battered stocks following a plunge in the previous session, analysts said. The local currency slumped against the U.S. dollar.The benchmark KOSPI rose 11.96 points to 1,795.06. Trading volume was moderate at 275.6 million shares worth 4.08 trillion won ($3.52 billion), with gainers slightly outnumbering decliners 432 to 412.“Institutions went hunting for bargains after the KOSPI dro
Nov. 24, 2011
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Terrestrial, cable TV firms in last-minute negotiations
The possibility of a last-minute agreement between the terrestrial broadcasters and cable TV operators is gaining increased attention as the two sides made last-ditch efforts over the broadcasts of public channels on Thursday.“The two groups are currently engaged in negotiations without putting a stop to airing programs of terrestrial broadcasters, a measure devised not to cause any inconvenience to cable TV watchers,” said Kim Jun-sang, director-general of the broadcasting policy bureau at the
IndustryNov. 24, 2011
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Regulator ordered to publicize on Lone Star
FSC official says the U.S. fund was ‘financial investor’ between 2003 and 2006The Supreme Court ordered the Financial Services Commission to make public the fund’s eligibility as the biggest shareholder of Korea Exchange Bank on Thursday.The FSC, which lost the original trial in 2007 and the second trial in 2009 in a lawsuit filed by Solidarity for Economic Reform, appealed to the highest court two years ago. The FSC and the Financial Supervisory Service are poised to clarify their stance on Lon
Nov. 24, 2011
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FSC regarded Lone Star as ‘financial investor’: official
Regulator says Texas buyout fund was eligible to own KEB until June 2006The Supreme Court ordered the Financial Services Commission to make public Lone Star Funds’ eligibility as the biggest shareholder of Korea Exchange Bank on Thursday.The FSC, which lost the original trial in 2007 and the second trial in 2009 in a lawsuit filed by Solidarity for Economic Reform, appealed to the highest court two years ago. The regulator has now lost its final case.The FSC and the Financial Supervisory Service
Nov. 24, 2011
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Recipient doing well after first artificial windpipe graft
PARIS, Nov 24, 2011 (AFP) - The word's first artificial windpipe transplant has been such a success that a second operation has been carried out and a third is being planned, The Lancet reported on Thursday.Andemariam Teklesenbet Beyene, a 36-year-old Eritrean, is doing well after undergoing the gro
TechnologyNov. 24, 2011
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Molecular mechanism regulating wakefulness, sleep identified
Researchers at Boston University School of Medicine (BUSM) have, for the first time, identified an intracellular signaling enzyme that regulates the wake-sleep cycle, which could help lead to the development of more effective sleep aid medications. Subimal Datta, PhD, director and principle investig
TechnologyNov. 24, 2011
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Apple moves production to Sharp for TV debut, Jefferies says
Nov. 23 (Bloomberg) -- Apple Inc. is shifting production of iPhone and iPad displays to Sharp Corp. in Japan and may introduce a television with screens from the same partner as early as the middle of 2012, Jefferies & Co. said.Apple is moving its business to Sharp largely at the expense of Samsung
IndustryNov. 24, 2011
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Moody's downgrades Hyundai Steel's outlook to negative
HONG KONG, (Yonhap) -- Moody's Investors Service said Wednesday that it has cut its outlook on Hyundai Steel Co. to negative from stable, citing increased challenges surrounding the regional steel industry and the company's more aggressive investment strategy. Last December,
IndustryNov. 23, 2011
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Ex-Thai leader Thaksin drawn to Korean-type anti-flood program
Thailand’s ex-premier Thaksin Shinawatra said Wednesday he has taken lessons from Korea’s mega river project for his own country’s flood prevention mechanism. The 62-year-old fugitive former leader embarked on a two-day tour on Tuesday to sites that have been refurbished under the 22 trillion won ($19.1 billion) program to ratchet up water security, flood control and beauty in the basins of Korea’s four main rivers ― the Han, Geum, Yeongsan and Nakdong. Thaksin is the older brother of the curren
IndustryNov. 23, 2011
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Hyundai Group sues Hyundai E&C creditors
Hyundai Group on Wednesday filed a lawsuit against creditors of Hyundai Engineering & Construction, the country’s biggest builder, over the conglomerate’s lost case to acquire a controlling stake in the builder last year. “We’re claiming a total of 325.5 billion won against the creditor group for damages caused after they deprived the Hyundai Group of the right to negotiate primarily with Hyundai E&C last year,” Min Byung-hoon, the group’s lawyer, told reporters at a press conference. Hyundai Gr
Nov. 23, 2011