Most Popular
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Lee Jong-sup resigns as envoy to Australia
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Yellow dust engulfs S. Korea, advisory alert issued
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Official campaigning kicks off for April 10 elections
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S. Korea to boost support for single-parent families
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Court upholds jail term for man who attempted to murder ex-girlfriend
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Kia EV9 wins world car of year
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Korea misses out on global bond index boost
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Yeosu Expo courts more than 45,000 volunteers
Public participation in the upcoming expo in Yeosu is picking up steam as more than 45,000 have applied to volunteer, its steering committee said Sunday.The committee said it had accepted applications between April 1 and July 10 for volunteer work at the event, which will kick off May 12 in Korea’s southern port. Only 13,000 will be selected in April after document examinations, interviews and onl
IndustryJuly 31, 2011
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Choco-Pie building ‘Pie Road’
This is the first installment in a series that spotlights Korean products enjoyed by people abroad. ― Ed. Choco-Pie, the flagship brand of local snack maker Orion Corp., is often called a “little giant” here.It is a small round chocolate pie with a marshmallow center, which is 7 centimeters in diameter and weighs about 35 grams.Since 1974, the Choco-Pie has been enjoyed by every age group of Korea
IndustryJuly 31, 2011
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Joint venture lifts Korea’s Bolivian lithium bid
A Korean consortium forged an agreement with Bolivia’s state-run miner Comibol on Saturday to set up a joint venture to manufacture lithium-ion battery parts, boosting Korea’s bid to preemptively tap the vast Latin American mineral deposits.Under the deal, the Korea Resources Corp., POSCO and Comibol will form a task force next month or so to discuss details, a KORES official said. The scale of in
IndustryJuly 31, 2011
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Growth takes a backseat before presidential vote: Morgan Stanley
With the presidential election slated for December 2012, the Korean administration is likely to focus on firmer fiscal policy and welfare promotions rather than growth-oriented measures in a bid to appease the low-to-mid-income group, Morgan Stanley said. In a new research report titled “2012 Election Year: Market Implications,” Morgan Stanley forecast that the Korean government will not go for an
July 31, 2011
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Korea to host insurance regulators’ meeting
FSS predicts about 200 officials to gather in Seoul in late SeptemberKorea’s financial authorities are making their dispositions as the chair of one of the world’s three major regulatory meetings, slated for Sept. 29-Oct. 1 in Seoul. This is the first time that the nation will host the annual conference of the International Association of Insurance Supervisors, which will mark the 18th gathering s
July 31, 2011
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Nissan to battle German carmakers in Korea
Japanese automaker introduces new models to attract consumersNissan is set to wage a sales battles with German automakers in Korea by aggressively marketing its Infiniti series and the Cube, a characteristic box-like model.The second-largest automaker in Japan has set the goal of making the Infiniti series become one of the top three import brands in the premium luxury segment.“We are mapping out
MobilityJuly 31, 2011
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Mahindra sees India’s 1st cult brand aided by Ssangyong
The Actyon of Ssangyong Motor Co.At Ssangyong Motor Co., South Korea’s third-largest maker of sport utility vehicles, just about everything that could go wrong did in the past two decades. The company switched owners four times, faced bankruptcy and suffered one of the most violent strikes in modern Korean history in 2009. Workers in that clash took control of a plant for almost three months, usin
MobilityJuly 31, 2011
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HSBC to cut more than 10,000 jobs
LONDON (AFP) ― Global banking giant HSBC will announce this week plans to axe between 10,000 and 15,000 jobs in the coming year as part of a drastic cost-cutting drive, a report said Saturday.The bank, headquartered in London but with a major focus on Asia, will unveil the job cuts on Monday as it posts its half-year results, Britain’s Sky News television reported, without citing its sources. The
IndustryJuly 31, 2011
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Israelis protest high cost of living
JERUSALEM (AP) ― Tens of thousands of Israelis took to the streets nationwide on Saturday to protest rising housing prices in the largest turnout in a grass-roots movement that began two weeks ago and is demanding steps from the government to ease the burden.The protests over housing costs have tapped into wider discontent among Israelis over the high cost of living and the growing gaps between ri
IndustryJuly 31, 2011
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GM, Ford, Toyota accept Obama’s efficiency standard
Automakers agreed to double the fuel economy of the vehicles they sell in the U.S. to a fleetwide average of 54.5 miles per gallon by 2025, President Barack Obama said. The White House negotiated the proposal, which will take effect in 2017, with automakers including General Motors Co., Ford Motor Co. and Toyota Motor Corp. The administration proposed a 56.2 mpg requirement last month, up from a f
IndustryJuly 31, 2011
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Moody’s says U.S. should retain top rating
Moody’s says it now thinks U.S. will be able to keep ‘AAA’ ratingWASHINGTON (AP) ― Moody’s Investors Service said late Friday that the United States should be able to keep its “AAA” credit rating as long as Washington works out a deal that lets it continue to pay bondholders.The credit rating agency said it thinks that even if the nation’s $14.3 trillion borrowing limit isn’t raised by Tuesday’s d
IndustryJuly 31, 2011
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Kang named Hanwha Investment CEO
Kang Shin-woo, chief investment officer of Korea Investment Management, has been designated as the first CEO of the merged entity between Hanwha Investment Trust Manager and Prudential Asset Management.With the appointment of the 50-year-old fund manager, Hanwha Investment is poised to revamp its management structure and has set the goal of becoming the nation’s No. 1 asset management player. Kang
July 31, 2011
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Researchers say humans crowded out Neanderthals
WASHINGTON (AP) — Were the Neanderthals simply crowded out by the ancestors of modern humans?That's the theory of a pair of British researchers, who say early modern humans outnumbered Neanderthals by 10-to-1 in a region of southwestern France they studied.Scientists have long debated the circumstances in which modern people replaced Neanderthals across Europe about 40,000 years ago. Leading resea
TechnologyJuly 31, 2011
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Earth shares its orbit with tiny asteroid
NEW YORK (AP) -- Like a poodle on a leash, a tiny asteroid runs ahead of Earth on the planet's yearlong strolls around the sun, scientists report.The discovery of this companion, which measures only about 300 meters across, makes Earth the fourth planet in the solar system that's known to share its orbit with an asteroid. This handout image released on July 27, 2011 illustrates the orbit of 2010 T
TechnologyJuly 31, 2011
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Apple, Samsung overtake Nokia in smartphone market
HONG KONG (AFP) - Apple and Samsung have overtaken long-time leader Nokia for the top two spots in the global smartphone market, a report said Friday, underscoring the Finnish handset maker's ongoing struggles.US-based research firm Strategy Analytics said the US and Korean smartphone makers outpaced Nokia in the second quarter, with the sector posting record quarterly shipments of 110 million uni
TechnologyJuly 31, 2011
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Missing pilot took out huge insurance policies before crash
Asiana Airlines Co. remained tight-lipped as it was revealed on Saturday that one of the two still-missing pilots of its crashed cargo plane had taken out a number of different life and property insurance policies a month before the accident.The Boeing-747 aircraft, operated by South Korea's second-largest air carrier, crashed into waters about 107 kilometers west of the southern resort island of
IndustryJuly 31, 2011
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Apple, Samsung overtake Nokia in smartphone market
HONG KONG, July 29, 2011 (AFP) - Apple and Samsung have overtaken long-time leader Nokia for the top two spots in the global smartphone market, a report said Friday, underscoring the Finnish handset maker's ongoing struggles.US-based research firm Strategy Analytics said the US and Korean smartphone makers outpaced Nokia in the second quarter, with the sector posting record quarterly shipments of
IndustryJuly 29, 2011
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SK Broadband ordered to compensate 400 mln won for information leak
SEOUL, July 29 (Yonhap) -- A Seoul court on Friday ordered SK Broadband Co., a high-speed Internet service provider, to pay a combined 400 million won (US$379,686) in compensation to its customers whose personal information was leaked by the company.About 2,500 SK Broadband customers filed class-action suits between 2008 and 2010, claiming the Internet service firm, formerly called Hanaro Telecom,
IndustryJuly 29, 2011
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KB Q2 earnings swing back to net profit
KB Financial Group posted a net profit of 817 billion won ($776.9 million) for the second quarter, swinging back into the black after posting a 217 billion won loss in the same period last year. The group attributed the boost to lower loan-loss reserves and provisional cost cuts of more than one-third from a year ago.“The group has been reducing the allowance for bad debts for the past six months
July 29, 2011
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Samsung Electronics’ Q2 sales up 4%
Samsung Electronics, the world top television and memory chip maker, posted its operating profit for the second quarter of 3.75 trillion won ($3.55 billion), down 25.2 percent from the same period last year.The company also announced it recorded 39.44 trillion won in revenue ― a 4-percent increase year-on-year ― and 3.51 trillion won in net income from April-June, down 18 percent compared to last
IndustryJuly 29, 2011