Most Popular
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President Yoon Suk Yeol declares end to martial law after six-hour chaos
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Opposition parties submit motion to impeach President Yoon Suk Yeol
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South Korea faces unprecedented turmoil in aftermath of Yoon's martial law
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What unfolded on Tuesday night in Seoul: A timeline
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Why did President Yoon Suk Yeol resort to martial law?
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Impeachment motion to be voted on Saturday
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Yoon's senior aides resign en masse
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South Korean journalists condemn Yoon Suk Yeol's martial law
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Korea’s largest labor union launches indefinite strike, calls for Yoon's resignation
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Assembly speaker declares martial law as invalid
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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
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Verdict imminent on Lone Star
FSC might be ordered to decide on the fund’s shareholder eligibilityThe Supreme Court will deliver a verdict on a key issue regarding Lone Star Funds on Thursday, possibly forcing the Financial Services Commission to make public the fund’s eligibility as the biggest shareholder of Korea Exchange Bank.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.Before the suit, the reg
Nov. 23, 2011
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Court to rule on FSC’s duty on Lone Star
Regulator expected to be ordered to reveal the fund’s bank shareholder eligibilityThe Supreme Court will deliver a verdict on a key issue regarding Lone Star Funds on Thursday, possibly forcing the Financial Services Commission to make public the fund’s eligibility as the biggest shareholder of Korea Exchange Bank.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.Before the
Nov. 23, 2011
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Seoul shares slump 2.36% on U.S. growth concern
South Korean stocks retreated 2.36 percent to close at a six-week low on Wednesday, as investors offloaded shares of big caps amid concerns over U.S. economic growth data, analysts said. The local currency dropped against the U.S. dollar.The benchmark KOSPI plunged 43.18 points to 1,783.1, closing below the 1,800 mark for the first time since Oct. 11. Trading volume was moderate at 406.8 million shares worth 4.59 trillion won ($3.99 billion), with decliners far outnumbering gainers 678 to 174.“D
Nov. 23, 2011
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Thaksin mulls adopting Korean-type anti-flood program
Thailand’s ex-premier Thaksin Shinawatra said Wednesday he has taken lessons from Korea’s mega river project as a benchmark 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.His visit coincides with the
IndustryNov. 23, 2011
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POSCO, Google sign MOU to share technologies, values
POSCO on Wednesday signed a memorandum of understanding with Google Inc. to share the U.S. search engine company’s technologies to improve its operations and corporate values.The partnership was built upon POSCO chairman Chung Joon-yang’s proposal during Google executive chairman Eric Schmidt’s visit to Korea early this month.Chung and Schmidt discussed how to use Google’s corporate service and future business opportunities, POSCO said.Under the MOU, the steelmaker plans to establish a new manag
IndustryNov. 23, 2011
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KT gets green light to end 2G service next month
The Korea Communications Commission granted KT Corp. permission to end its feature phone service beginning on Dec. 8.The state telecom regulator said KT will have two weeks to inform its existing 159,000 feature phone users by at least two different methods ― including mail ― that they will need to change to smartphones running on third generation (3G) networks or choose other mobile service operators.This indicates that KT will begin building ground to launch its fourth generation (4G) network
IndustryNov. 23, 2011
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2012 growth average at 3.7%: economists
Major think tanks and investment banks slashed the 2012 growth forecast for the Korean economy to an average of 3.7 percent, tracking downward revisions emerging as exports cool due to growing external uncertainty in advanced nations.The growth forecasts by 19 think tanks, brokerage firms and banks came in mostly in the 3 percent range, predicting the country will grow below its potential growth rate of 4 percent for the second straight year. The grimmer outlook follows downward adjustments made
Nov. 23, 2011
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Honduras VP promotes specialty, high-end coffee
Honduras’ vice president said Wednesday it would promote its specialty and high-end coffees at the Seoul International Coffee Show at COEX in Seoul this weekend.“The visit is part of a worldwide strategy of promoting Honduran coffee, and we are going to have samples for visitors of the show and prepared an agenda to showcase our products to local importers and roasters,” said Vice President Samuel Reyes.Coffee importers in Korea tend to blend high-quality coffee with other kinds of beans from ar
Nov. 23, 2011
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Record number of new companies set up in Oct.
A record number of new companies were set up in October, fueled by people around retirement age entering the service sector, a government report showed Wednesday.The report by the Small and Medium Business Administration said 5,074 companies were founded last month, up 5.2 percent from a year earlier.“In terms of total numbers, last month represents the highest tally for October since the administration started keeping records in 2003,” it said.It said growth was led by a 7.7 percent increase in
Nov. 23, 2011
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Stronger patent rights set to pummel local drug makers
U.S. drug giants to benefit, while Korean generic production suffersThe country’s pharmaceutical companies face tough times ahead with the new Korea-U.S. Free Trade Agreement poised to strengthen patent rights for U.S. drug giants, heaping strain on the generic-focused Korean industry.Skyrocketing demand for beauty and health products catapulted Korea to the world’s 12th-largest pharmaceutical market valued at about $10 billion. Medicine takes up about 30 percent of the nation’s entire health ca
IndustryNov. 23, 2011
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FTC to order retailers to cut commissions
Home-shopping firms charge vendors up to 55 percent of sales as fees: FTCThe Fair Trade Commission is speeding up its efforts to lower commission fees for major retailers following an agreement reached after months of tug-of-war with the nation’s top three department stores early this month. In the latest move to do so, the antitrust regulator on Tuesday released the results of its survey on transactions among major home-shopping TV channels and supermarket chains. The FTC said that the nation’
IndustryNov. 23, 2011
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Korea aims for top 3 in exports of atomic plants
Korea will finalize by the year-end its blueprint to become one of the world’s three largest nuclear power plant exporters with the U.S. and France by 2030, the Ministry of Knowledge Economy said Wednesday. According to the roadmap dubbed “Nu-Tech-2030,” Korea aims to develop its own core technologies by the end of next year and achieve a market share of 20 percent in global nuclear power plant orders by 2030.The country also plans to develop new technologies to enhance the safety of atomic powe
IndustryNov. 23, 2011
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Social commerce website visitors more than double
The number of social commerce users has more than doubled over the past year with the rising popularity of smartphones and social networking services, a survey said on Wednesday.In the evaluation conducted by the Korea Chamber of Commerce and Industry on trends in internet usage, the number of social commerce site visitors rose to an average of 11.54 million people per month in 2011, up from 5.14 million people per month in 2010, it said.The monthly average visitor figures for online shopping ma
IndustryNov. 23, 2011
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Automakers to benefit most from Korea-U.S. FTA
Sales growth in No. 1 market could boost car exports to BRIC countriesThe auto sector is regarded as one of the few local industries to greatly benefit from the Korea-U.S. Free Trade Agreement.The FTA, which was recently ratified by both countries’ legislative bodies, is widely expected to push up Korean carmakers’ position in the world’s largest auto market.Experts predict that about 5,000 small and mid-sized Korean auto parts manufacturers will be able to expand their presence in the United St
MobilityNov. 23, 2011
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Farm sector to see major blow from U.S. FTA
Agriculture and livestock will be hardest hit by the trade pact between the U.S. and Korea as the lifting of trade barriers will wipe out at least 12.67 trillion won ($10.5 billion) of local production over the next 15 years, the government estimates. Farmers here will face an uphill battle fighting the inflow of cheaper products from the world’s largest economic bloc. The government plans to provide a total of 21.1 trillion won over the next decade on the farming, stockbreeding and fisheries in
Nov. 23, 2011
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Hyundai E&C completes gas processing facility in Qatar
Hyundai Engineering & Construction, South Korea‘s largest builder, said Wednesday it had completed work on a key gas-to-liquid processing facility in an industrial complex in Qatar.The liquid processing unit is a key facility for Qatar’s Pearl GTL Project in Ras Laffan, an industrial region about 80 kilometers north of the Qatari capital of Doha. The project is the world’s largest gas-to-liquid processing project and aims to refine 140,000 barrels of liquefied natural gas per day. Hyundai E&C wo
IndustryNov. 23, 2011
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Lotte Mart to set up new discount store in north-central Chinese city
HONG KONG -- Lotte Mart Co., South Korea‘s third-largest discount chain store, plans to open a new store in a city in north-central China, as part of an effort to boost its presence in the country’s fast-growing retail sector, regional government and business sources said Wednesday. Lotte Mart has agreed with the Henan provincial government to invest 500 million yuan ($78.6 million) to build a discount store in Zhegzhou, the capital city of Henan, official sources said. The announcement comes as
IndustryNov. 23, 2011