Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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S. Korea, Japan could consider simplified entry agreement: Seoul official
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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[Weekender] How DDP emerged as an icon of Seoul
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Tensions heighten ahead of first president-opposition chief meeting
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Doctor group's incoming head renews call for govt. to scrap medical school quota hike for dialogue
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[Music in drama] An ode to childhood trauma
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'The Roundup: Punishment' becomes fastest 2024 film to top 2 mln admissions
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Seoul to provide housing subsidy to married couples with newborns
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New head of doctors' association vows war in case of disadvantage to medical professors
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SKT to become sole bidder for chipmaker Hynix
Telecom giant may gain upper hand in price negotiations with Hynix creditorsSK Telecom is expected to become the sole bidder for the world’s second biggest computer memory chipmaker Hynix although the bidding process was seemingly deferred twice to trigger competition.According to industry sources, lead manager Credit Suisse has delivered statements on how to take part in Hynix bidding to about 12 large firms, but none of them have yet responded.The outlook for increased competition looks grim s
IndustryOct. 26, 2011
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Gmarket opens virtual fashion store
Gmarket, the nation’s No. 1 online marketplace owned by eBay, opened Wednesday a virtual fashion store at a subway station in central Seoul. Gmarket said it will display fall and winter fashion items via the eight screen doors at Myeongdong Subway Station through Nov. 14.Customers can purchase the products by scanning the Quick Response Code, or QR Code, on the photographs, the company explained. Gmarket said customers can check the complete look of specific items and share reviews of other user
IndustryOct. 26, 2011
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Telecoms to ban wireless access to foreign porn sites
The government and telecom companies have agreed to ban access to foreign pornography via wireless devices such as tablet PCs and smartphones from as early as November, communications authorities said.According to the Korea Communications Commission, the nation’s top three telecom services providers ― KT, SK Telecom and LG Uplus ― are pushing to revise their policy terms to block access to obscene content.“We are preparing a revised policy that contains the measures to block lewd materials. Afte
IndustryOct. 26, 2011
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Korea, China agree to double currency swap facility
Two central banks agree to increase trade settlements in yuan, won South Korea and China agreed Wednesday to double their won-yuan swap arrangement from the existing $26 billion to $56 billion in an effort to secure foreign exchange liquidity, officials in Seoul said.The move ramped up Korea’s financial safety net measures following a similar deal reached with Japan last week.China Vice Premier Li Keqiang met with Korean President Lee Myung-bak and Prime Minister Kim Hwang-sik separately during
Oct. 26, 2011
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Doosan Infracore launches excavator plant in China
Doosan Infracore Co. has started operation of its new plant in China as it seeks to recapture the top spot in the earth-moving equipment market by rolling out compact excavators. The Korean engineering firm said Wednesday the facility in Suzhou in the eastern province of Jiangsu will churn out 9,800 eight-ton or smaller excavators annually. It has injected 72.9 billion won ($64.5 million) in the project launched in 2007.“Given the rapid advancement of local firms, the only way of surviving compe
Oct. 26, 2011
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Seoul shares up 0.3% on eurozone policy hopes
South Korean stocks ended 0.3 percent higher on Wednesday as continued optimism over the eurozone’s policy efforts to salvage the region from a debt crisis kept investor sentiment afloat, analysts said. The local currency fell against the U.S. dollar.After opening lower, the benchmark Korea Composite Stock Price Index climbed 5.66 points to 1,894.31. Trading volume was moderate at 379 million shares worth 5.49 trillion won ($4.85 billion), with gainers outnumbering decliners 428 to 374.“The shif
Oct. 26, 2011
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LG Electronics swings back into the red
LG Electronics posted operating losses of 32 billion won ($29.57 million) in the third quarter, swinging into the red for the first time this year.In its quarterly earnings report, the company said it recorded 12.9 trillion won in sales, a 4 percent decrease from the same period last year, largely due to its sluggish sales of mobile phones.The company posted operating losses of 185.2 billion won and 245.7 billion won in the third and fourth quarters of last year, respectively, but managed to get
IndustryOct. 26, 2011
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KT to deliver K-pop content via Ustream
KT, the nation’s major telecom services provider, said Wednesday that it has agreed with U.S.-based live video streaming site Ustream to set up a joint venture to spread K-pop content around the world. The tentatively named “Ustream Korea” will support the distribution of Korea’s diverse cultural contents into the global market and offer business opportunities for smaller producers, KT said.KT said that the joint company will be established within the year and start providing Korean services via
IndustryOct. 26, 2011
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S. Korean economy to grow 3.7 percent next year: think tank
SEOUL, Oct. 26 (Yonhap) -- South Korea's economy will likely grow at a slower pace than the government's forecast next year as exports are expected to lose steam and domestic demand is predicted to plateau due to the global economic downturn, a local think tank said Wednesday. The Korea Institute of
Oct. 26, 2011
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LG Electronics swings to Q3 loss on smartphone woes
SEOUL, Oct. 26 (Yonhap) -- LG Electronics Inc., the world's third-largest mobile phone maker, said Wednesday that it swung to a net loss in the third quarter of this year due to its struggling smartphone business.Net loss amounted to 413.9 billion won (US$366.7 million) in the July-September period,
IndustryOct. 26, 2011
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IBM names its first female CEO
SAN FRANCISCO (AP) — IBM Corp. ushered in Virginia Rometty as the company's first-ever female CEO on Tuesday, as Sam Palmisano stepped down from the position.Palmisano, who turned 60 this year, has been CEO for nearly a decade. He will stay on as chairman. Virginia "Ginni" Rometty, 54, is in c
IndustryOct. 26, 2011
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Panel: Boys should get HPV vaccine given to girls
ATLANTA (AP) — A vaccine against cervical cancer hasn't been all that popular for girls. It may be even a harder sell for boys now that it's been recommended for them too.A government advisory panel on Tuesday decided that the vaccine should also be given to boys, in part to help prevent the c
TechnologyOct. 26, 2011
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Regulator set to order Lone Star to sell KEB stake
South Korea's financial regulator is expected to order Lone Star Funds to sell the bulk of its stake in Korea Exchange Bank after the U.S. buyout firm said it cannot meet the requirements as the major shareholder of the fifth-largest lender, watchers said Tuesday.Lone Star reported to the Financial
Oct. 25, 2011
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Samsung, LG showcase new products in Iraq show
Two local electronics giants said Tuesday they are taking part in the four-day trade show in Iraq until Thursday to display their cutting-edge technologies in the Middle East.Samsung Electronics and LG Electronics said they have set up booths at the Erbil International Fair, which is the largest trade show in Iraq, participated by about 850 global firms. Their lineup of smartphones, 3D televisions and home appliances will be displayed throughout the show, according to companies’ officials. With
IndustryOct. 25, 2011
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Department stores charge small vendors double
The Fair Trade Commission said Tuesday that smaller vendors pay almost 32 percent of their profits as commission fees for using the floor space of three major department stores. The antitrust regulator over the past two weeks surveyed 73 small- and medium-sized companies that supply products to Lotte, Shinsegae and Hyundai department stores. Shirt and tie vendors were found to have paid the highest rate of 37 percent, followed by those selling children’s clothes with 36.7 percent, men’s clothes
IndustryOct. 25, 2011
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Korea to closely monitor impact of China slowdown
South Korea will keep tabs on the potential fallout from a slowdown in the Chinese economy, although the world’s No. 2 economy is likely to make a soft landing despite some downside risks, officials here said Tuesday.The consensus was reached during a monthly policy consultation meeting between the finance ministry and the Bank of Korea earlier in the day in Seoul. The meeting was attended by Vice Finance Minister Shin Je-yoon and BOK’s senior deputy governor Lee Ju-yeol.“We shared the view that
Oct. 25, 2011
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Regulator poised to order Lone Star to sell KEB stake
South Korea’s financial regulator is expected to order Lone Star Funds to sell the bulk of its stake in Korea Exchange Bank after the U.S. buyout firm said it cannot meet the requirements as the major shareholder of the fifth-largest lender, watchers said Tuesday.Lone Star reported to the Financial Services Commission on Monday, the last day of a one-week deadline, that it cannot find a way to recover its status as KEB’s major shareholder, according to sources. Lone Star is currently the biggest
Oct. 25, 2011
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Teen violence linked to heavy soda diet: study
Researchers in the United States said on Tuesday they had found a "shocking" association -- if only a statistical one -- between violence by teenagers and the amount of soda they drank.High-school students in inner-city Boston who consumed more than five cans of non-diet, fizzy soft drinks every wee
TechnologyOct. 25, 2011
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SC First Bank reopens more branches after labor strike
SC First Bank, the South Korea unit of Standard Chartered Plc, said Tuesday that it has reopened a total of 27 branches that had been temporarily closed due to a labor strike over the introduction of a merit pay system.SC First Bank has resumed operations at 27 of the 42 shuttered branches, a bank spokeswoman said.But there is no timetable for reopening the other branches and developments will depend on how the ongoing labor dispute unfolds.SC First Bank is the first lender operating in South Ko
Oct. 25, 2011
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Korea, China to cut fishing quotas in exclusive waters
South Korea and China have agreed to cut back on fishing in each other’s exclusive economic zones next year as part of efforts to preserve their fish stocks, the Seoul government said Tuesday.Under the agreement, China’s fishing quota in South Korea’s EEZ will be cut by 2,500 tons to 62,500 tons in 2012 with the number of Chinese fishing boats allowed to operate in South Korean waters also reduced to 1,650 from 1,700 this year, according to the Ministry of Food, Agriculture, Forestry and Fisheri
Oct. 25, 2011