Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Tensions heighten ahead of first president-opposition chief meeting
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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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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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Woman gets suspended term for injuring boyfriend with knife
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[Weekender] How DDP emerged as an icon of Seoul
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Med schools expect 1,500+ new admission slots next year
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NY police question IMF head in hotel sex assault
IMF Managing Director Dominique Strauss-Kahn, speaks during a news briefing at the 2010 WB/IMF Spring Meetings in Washington. (AP-Yonhap News)NEW YORK (AP) ― The leader of the International Monetary Fund and a possible candidate for president of France was pulled from an airplane moments before he was to fly to Paris and was being questioned Saturday by police in connection with the sexual assault
May 15, 2011
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Korean high-speed train halts again due to brake system malfunction
High-speed KTX-Sancheon train was launched in March, 2011. (Yonhap News)CHILGOK - A high-speed KTX-Sancheon train from Seoul abruptly stopped Saturday in the southern part of the country for nearly an hour due to an apparent malfunction in its brake system, officials said.The train came to an unscheduled halt at 3:13 p.m. near Gimcheon, some 234 kilometer south of Seoul, on its way to Masan on the
IndustryMay 15, 2011
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BOK holds key rate at 3 percent
Contrary to the market’s initial projection of a rate hike to tame inflation, the Bank of Korea kept the benchmark interest rate unchanged for a second month at 3 percent Friday.The BOK’s decision followed a decline in consumer and producer prices in April, helped by fresh spring food crops and recent gains in the Korean won. BOK Governor Kim Choong-soo (Yonhap News)Still, it came as unexpected to
May 13, 2011
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Samsung Heavy filed for 1,099 patents in 2010
Samsung Heavy Industries Co. applied for 1,099 patents last year, industry sources said Friday.The company is the first in the industry to have applied for more than 1,000 patents in one year.During the same period, the world’s largest shipbuilder Hyundai Heavy Industries Co. applied for 844 patents, while Daewoo Shipbuilding and Marine Engineering Co. made 665 patent applications. According to in
IndustryMay 13, 2011
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Korean Air wins award for in-flight meals
Korean Air announced Friday that it received the top prize for in-flight meals in the 2011 World Traveller Awards.Organized by China’s largest travel magazine World Traveller, the annual event awards carriers that operate routes to China in 10 categories including in-flight meals.Korean Air said that it was selected for the award for its efforts in raising the quality and diversity of in-flight me
IndustryMay 13, 2011
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BOK needs power to supervise banks: chief
The Bank of Korea should be given rights to supervise financial institutions independent of other financial authorities, BOK Governor Kim Choong-soo said Friday.Speaking after the monthly rate review meeting, Kim said that the central bank should be able to conduct independent supervision under “special circumstances.”“(The BOK) means to conduct (independent investigations) when a particular finan
May 13, 2011
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Pension authority to set up $830 million Asian fund
The National Pension Service on Friday said that it will select eight local asset managers to set up 900 billion won ($830 million) fund investing only in Asia. The NPS, the world’s fourth largest pension fund, said that it will start taking bids on May 26 to run the Pan-Asia Fund which will invest in stocks, bonds and commodities of China, India and other Asian countries.“We’re expanding our inve
May 13, 2011
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Plan to relocate LH Corp. to Jinju faces backlash
Opposition slams decision as politically motivated; Jeonju to get pension service insteadJinju in South Gyeongsang Province has been selected as the sole location of the state-run Land and Housing Corp., the Ministry of Land, Transport and Maritime Affairs announced Friday.The government had considered distributing the LH Corp. between Jinju and Jeonju in North Jeolla Province.The decision will be
May 13, 2011
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Global resource consumption to triple by 2050: U.N.
UNITED NATIONS (AFP) ― Global consumption of natural resources could almost triple to 140 billion tons a year by 2050 unless nations take drastic steps, the United Nations warned Thursday.A U.N. environment panel said the world cannot sustain the tearaway rate of use of minerals, ores and fossil and plant fuels. It called on governments to “decouple” economic growth from natural resource consumpti
IndustryMay 13, 2011
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China may limit rate increases after raising bank reserve ratio
China may limit interest-rate increases over the rest of the year, focusing on other tools for combating inflation as the government seeks to cool prices without choking off growth. The central bank Thursday raised banks’ reserve requirements for the fifth time this year. The half-point increase takes effect May 18 and will boost levels for the nation’s biggest lenders to a record 21 percent. The
IndustryMay 13, 2011
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Debt crisis may still spread to core: IMF
IndustryMay 13, 2011
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BOK needs power to supervise banks: chief
The Bank of Korea should be given rights to supervise financial institutions independent of other financial authorities, BOK Governor Kim Choong-soo said Friday.Speaking after the monthly rate review meeting, Kim said that the central bank should be able to conduct independent supervision under “special circumstances.”“(The BOK) means to conduct (independent investigations) when a particular finan
May 13, 2011
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Jupiter moon has 'ocean' of molten rock
WASHINGTON (AFP) – A moon of Jupiter is the only place other than Earth in our solar system where volcanoes occur, and scientists have found an ocean of magma beneath its surface that feed its potent eruptions.Io is the most volcanic object known in the solar system, producing 100 times more lava than Earth, and data from NASA's Galileo spacecraft has shed new light on how that happens, said the
TechnologyMay 13, 2011
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Facebook-Google rivalry intensifies with PR fiasco
The intense rivalry between Facebook and Google just got juicier.In a twist seemingly out of a Hollywood thriller, Facebook hired a prominent public relations firm to try to plant stories harshly criticizing Google's privacy practices in leading news outlets. The efforts backfired when the firm approached a blogger who not only declined the assignment, but also went public with the offer.The lates
TechnologyMay 13, 2011
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BOK freezes key rate at 3 %
BOK freezes key rate at 3 % South Korea's central bank unexpectedly froze the key interest rate on Friday for the second straight month as economic uncertainty such as the eurozone debt crisis persists even in the face of inflation risks. Bank of Korea (BOK) Gov. Kim Choong-soo and his fellow policymakers held steady the benchmark seven-day repo rate, dubbed the base rate, at 3 percent for May.
May 13, 2011
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[Urgent] BOK freezes key rate at 3 pct for 2nd month
South Korea's central bank unexpectedly froze the key interest rate on Friday for the second straight month as economic uncertainty such as the eurozone debt crisis persists even in the face of inflation risks.Bank of Korea (BOK) Gov. Kim Choong-soo and his fellow policymakers held steady the benchmark seven-day repo rate, dubbed the base rate, at 3 percent for May.The decision came as a surprise
May 13, 2011
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Prosecutors discover more FSS misconduct
Prosecutors have uncovered additional alleged ethical breaches by former and incumbent staff at the Financial Supervisory Service.The further allegations of corruption by FSS officials are adding to public criticism the regulatory body is facing for its irregularities in supervising savings banks.The alleged scandals mostly involve FSS staff overlooking illegitimate practices in the market in retu
May 12, 2011
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Hostess bars grow despite recession
There were more hostess bars at the height of the financial crisis than five years previously, showing, the entertainment business resilience even while most other sectors suffered, a government report said Thursday.The data collected by the Ministry for Food, Agriculture, Forestry and Fisheries said 609 hostess bars, or room salons, opened between 2004 and 2009.There were 30,466 hostess bars as o
May 12, 2011
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Korea to curb rise in farm emissions
South Korea plans to considerably decelerate the growth in greenhouse gases emitted by the country’s farming sector as part of its broader efforts to help stem global warming, the government said Thursday.The plan also calls for increasing the country’s overall greenhouse gas absorption capabilities by around 6 percent over the next decade, the Ministry for Food, Agriculture, Forestry and Fisherie
IndustryMay 12, 2011
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Over 8 million jobs taken by 50s or older
The number of employed people over 50 has exceeded 8 million for the first time, reflecting an older workforce brought on by Korea’s fast-aging society. Statistics Korea said Thursday that the number stood at 8.02 million as of the end of April, up 313,000 from the previous month. The figure is the highest ever recorded for the age group and is more than double the level in 1991, 4.03 million.The
May 12, 2011