Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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Rapper jailed after public street fight with another rapper
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[KH Explains] No more 'Michael' at Kakao Games
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Woman gets suspended term for injuring boyfriend with knife
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Yoon, Lee end first talks with differences, agree to meet more
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China outpaces Korea in smaller OLED shipments for 1st time
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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Samsung chief bolsters ties with Germany’s Zeiss
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Half of China‘s major cities see decline in housing prices in Oct.
HONG KONG -- About half of 70 major Chinese cities saw declines in their housing prices last month as Beijing tightened measures to ward off a bubble, a government report showed Tuesday.In October, prices of new residential properties in 34 medium and large cities dropped on-month, the Chinese National Bureau of Statistics said. Seventeen cities saw a slight rise in prices, while the average increase was less than 0.2 percent. Earlier this year, Beijing announced a set of measures to cool proper
Nov. 22, 2011
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Korea’s external debt falls in Q3 amid eurozone woes
South Korea’s external debt dropped in the third quarter from three months earlier mainly because local branches of foreign banks repaid overseas borrowing amid the eurozone debt crisis, the central bank said Tuesday.The country’s external debt totaled $394.3 billion as of the end of September, down $4.9 billion from a record high three months earlier, according to a report by the Bank of Korea.It marked the first quarterly decline since the foreign debt fell by $8.5 billion in the fourth quarte
Nov. 22, 2011
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Finance minister wary of fiscal expansion
South Korea’s finance minister on Tuesday expressed reservations about increasing the country’s fiscal spending in the face of an uncertain economic future.“Since it is hard to predict the country’s economic future and using fiscal policies can actually fuel market volatility, it may be advisable to take a more cautious stance,” Bahk Jae-wan told a meeting of senior economic policymakers.Maintaining a fiscal balance is a vital safety net in setting macroeconomic policies and it is unwise to use
Nov. 22, 2011
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Hyundai unveils localized model at Guangzhou motor show
HONG KONG -- South Korea’s top automaker Hyundai Motor Co. has introduced its first localized car model at an international motor show in China, vying to grab a larger share of the world’s largest automobile market, company officials said Tuesday. Hyundai Motor said earlier it would develop a new brand exclusively for China in a bid to provide a more tailored product for Chinese consumers.The new concept car is called the “Shouwang”, meaning being “of high birth” in the ancient Chinese language.
MobilityNov. 22, 2011
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AMOLED output to surge 110% next year: report
Global production of active-matrix organic light-emitting diode (AMOLED) displays is forecast to more than double in 2012 from this year, driven by smartphone and mobile demand, a market report said Tuesday. According to the report by IHS iSuppli, global shipments of AMOLED displays will jump 110 percent from this year and hit 154.7 million units in 2012. The market research firm estimated this year’s AMOLED shipments at 73.7 million units, a 55 percent growth from the previous year.AMOLED displ
TechnologyNov. 22, 2011
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Construction orders from Saudi Arabia top $100b
Construction orders won by South Korean builders from Saudi Arabia topped a landmark $100 billion this week for the first time in nearly four decades, a trade association said Tuesday.According to the International Contractors Association of Korea, deals in Saudi Arabia that South Korean builders won reached a cumulative $100 billion as of Tuesday, 38 years after a South Korean company first clinched an order from the Middle Eastern country in 1973.It is also the first time that South Korean bui
IndustryNov. 22, 2011
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Korea’s trade volume to top $1tr by yearend
South Korea’s trade volume is expected to surpass the $1 trillion mark for the first time this year, fueled by solid export gains to Asian countries, the government said Tuesday.The Korea Customs Service said total outbound shipments coming into this year stood at $475.8 billion with imports reaching $450.7 billion for a total of $926.5 billion.Despite mounting global economic uncertainties, two-way trade reached $29.8 billion in the first 10 days of November, it said, adding that at present pac
Nov. 22, 2011
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Denmark, Norway pick Hyundai SUV as fuel cell test bed
Denmark and Norway have chosen the Tucson ix35 sport utility vehicle by South Korea’s leading automaker Hyundai Motor Co. as a fuel cell test bed vehicle, the company’s parent group said Tuesday.Hyundai Motor Group, whose flagship companies include Hyundai and Kia Motors Corp., said the selection highlights the competitiveness of its fuel cell technology and growth potential of the eco-friendly vehicles.Fuel cell systems convert chemical energy from natural fuel sources, such as hydrogen, direct
MobilityNov. 22, 2011
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Government authorities and EU firms get top EUCCK awards
The European Union Chamber of Commerce in Korea has had a very fruitful and productive year and it looks forward to further strengthening EU-Korea business ties in 2011.This year has been a landmark year for ties between the European Union and South Korea, with both sides strengthening their economic and cultural relations. The icing on the cake was undoubtedly the Free Trade Agreement signed on October 6, 2010. After intense negotiations for over two years, the deal was implemented on July 1, h
Nov. 22, 2011
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Samsung in final talks for Google TV: president
SEOUL, Nov. 22 (Yonhap) -- Samsung Electronics Co.'s president said Tuesday it is in the final stage of negotiations with Google Inc. to manufacture Internet-connected TVs powered by the U.S. company's software. Yoon Book-keun, president of Samsung's digital media business, said talks between the tw
IndustryNov. 22, 2011
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AIDS-related deaths slashed by treatment: UN
A significant expansion in access to treatment helped slash the number of AIDS-related deaths in 2010, bringing the number of people living with HIV to a record 34 million, the United Nations said Monday."We are on the verge of a significant breakthrough in the AIDS response," said Michel Sidibe, ex
TechnologyNov. 22, 2011
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Apple wins patent fight with HTC at U.S. agency
HTC Corp.’s loss in a patent infringement case against Apple Inc. casts doubt on its decision to spend $300 million to buy S3 Graphics Co. to boost its chances of a licensing deal to end the dispute. The U.S. International Trade Commission said yesterday that S3 Graphics’s patent rights weren’t viol
TechnologyNov. 22, 2011
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Seoul shares drop 1.04% on eurozone woes
South Korean stocks fell 1.04 percent on Monday as lingering concerns over the eurozone debt situation overshadowed hopes for positive U.S. economic data, analysts said. The local currency slipped against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) slumped 19.14 points to 1,820.03. Trading volume was moderate at 296.6 million shares worth 3.93 trillion won ($3.45 billion), with decliners outnumbering gainers 543 to 292.“Persistent worries over Europe’s debt debacle li
Nov. 21, 2011
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Samsung, LG grab top spots in global flat-panel TV market
Samsung Electronics and LG Electronics, the country’s television makers, took the top two positions as flat-panel TV vendors in the third quarter, according to an industry report Monday.A report released by market research firm DisplaySearch said that Samsung came in No. 1, taking over 19 percent of the global flat screen TV market in terms of total units sold, while its rival LG followed closely behind in second place with 12 percent.The report also said a total of 55.68 million units of flat-p
IndustryNov. 21, 2011
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Bahk hints at growth projection cut
Boom is expected to increase sales of formula firms, diaper and toiletry makers for children. Finance Minister Bahk Jae-wan on Monday said the government will factor in the 2012 growth projection cut by the state-run Korea Development Institute in revising its economic outlook.Answering questions about the deteriorating economic conditions and Seoul’s soon-to-be revised growth outlook for next year, Bahk said he respects KDI’s decision in scaling down the expectations as uncertainties stemming
Nov. 21, 2011
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FSC chairman accused of abusing authority
The prosecution is expected to investigate Financial Services Commission Chairman Kim Seok-dong and seven other regulatory officials for their allegedly light action on Lone Star Funds.The Minbyun, or Lawyers for a Democratic Society, in coordination with the People’s Solidarity for Participatory Democracy filed a complaint with the prosecution against the eight FSC officials on Monday, citing their allegedly “neglecting duties” and “abusing authority.”The seven other FSC officials are vice chai
Nov. 21, 2011
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KEPCO seeks 10% hike in electricity bill
The government is set to again face the dilemma of how to balance between price stability and public enterprise debts as the country’s sole electricity provider is pushing to increase rates by 10 percent starting next month.The Korea Electric Power Corp.’s board of directors has recently agreed on the hike, said Cho In-kook, the company’s chief operating and financial officer, Monday. The plan needs approval from the Ministry of Knowledge Economy.The envisioned plan targets energy-intensive larg
Nov. 21, 2011
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Chaebol choose not to chase domains named after tycoons
Korea’s major conglomerates are reminiscing about their failures to secure Internet domains named after their founders and scions as eBay put the domain leebyungchull.com up for auction.The starting price for the domain named after the Samsung founder is $21 million, or about 23.9 billion won on the American auction and shopping site.The chaebol, however, has no plans to purchase domain names for high prices from the so-called domain hunters. “There is no reason to spend so much money to buy the
IndustryNov. 21, 2011
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Telecom carriers to block voice phishing calls
The government plans to oblige local telecommunication companies to block official-looking voice phishing calls from abroad starting as early as 2013, the Korea Communication Commission said Monday. Under a pending revision to the Telecommunications Business Act, the agency said, international phone calls would be cut off when they display the numbers of public organizations such as police stations and banks. When con artists use local, random numbers, telecom operators will offer calling identi
IndustryNov. 21, 2011
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Italy eyes greater trade with Korea: delegation
The head of an Italian business delegation said Monday that it aims to bring the knowledge that Koreans have of traditional Italian products into other sectors.“We have very good companies that might not have been good at promoting a brand but are equally good in making quality products, we need to expand that,” said Paolo Zegna, vice president of the confederation of Italian industries Confindustria. He heads the Italian Business Delegation that will stay in Korea until Thursday. The delegatio
Nov. 21, 2011