Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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[Music in drama] Rekindle a love that slipped through your fingers
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Seoul Metro to seek legal action against malicious complaints
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Illit, mired in controversy, remains on Billboard charts for 5th week
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On May Day, labor unions blast Yoon's foreign nanny proposal
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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Daewoo to build giant ships for Denmark
COPENHAGEN (AP) -- Danish shipper and oil group A.P. Moller-Maersk A/S says it has signed a $1.9 billion contract for 10 giant container vessels, expected to be the largest of any known type of ship in operation. Maersk says each ship, to be built by South Korea's Daewoo Shipbuilding & Marine Engineering, will cost $190 million and that it has an option for 20 more vessels. The Copenhagen-base
IndustryFeb. 21, 2011
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No more savings banks suspensions: FSC
The nation’s chief financial regulator on Monday strived to calm jitters among savings banks’ clients amid the growing fears of a bank run.Financial Services Commission Chairman Kim Seok-dong called them to refrain from withdrawing their deposits, which would make more banks face business suspension.His remarks came after a great number of depositors pulled out their cash from the secondary financ
Feb. 21, 2011
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KB Financial names Choi to head card unit
KB Financial Group nominated Choi Gi-eui to head its new subsidiary KB Koomin Card on Monday.Choi currently heads the group planning the launch of KB Kookmin Card as a separate subsidiary. Choi Gi-euiIf approved at the inaugural shareholder’s meeting, Choi will become the first president of KB Financial Group’s credit card subsidiary, which is scheduled to be launched March 2.Choi, who holds a Ph.
Feb. 21, 2011
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Korea eyes $10.7 billion in software exports in 2011
Korea aims to export a record $10.7 billion worth of software in 2011 as local companies make inroads into the global information technology (IT) service sector, the government said Monday.The Ministry of Knowledge Economy said exports could jump 17.1 percent on-year as software companies become more competitive on the international market by offering reliable programs that meet overseas requireme
IndustryFeb. 21, 2011
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Samsung, LG lead global TV market
Samsung Electronics Co. and LG Electronics Inc. led the world’s flat-screen TV market last year, but they lagged behind Japanese companies in emerging 3-D TV markets, an industry report showed Monday. According to market researcher DisplaySearch, Samsung Electronics clinched 18.7 percent of the flat-screen TVs sold in the global market in 2010, followed by LG’s 13.1 percent and Sony Corp.’s 10.3 p
IndustryFeb. 21, 2011
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Korea secures 60,000-ton Japanese fishing quota
Korea has secured the right to catch 60,000 tons of fish in Japanese waters in 2011, unchanged from the year before, the government said Monday.The agreement, reached with Japan late last week, reflects complaints raised by local fishermen operating in Japan’s exclusive economic zone (EEZ), the Ministry for Food, Agriculture, Forestry and Fisheries said.Under the deal, 870 Korean boats will be all
IndustryFeb. 21, 2011
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Samsung develops faster mobile DRAM
Samsung Electronics Co., the world’s No. 2 semiconductor maker, said Monday that it has developed a new memory chip for mobile gadgets that can transfer data at a speed eight times faster than previous devices.The WIDE IO mobile dynamic random access memory (DRAM) chip can transfer data at a speed of 12.8 gigabyte per second, compared with 1.6 gigabyte per second of previous devices, the company s
IndustryFeb. 21, 2011
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BOK bolsters foreign currency team
The Bank of Korea plans to strengthen its foreign exchange department to more efficiently manage its ever-growing currency reserves and better cope with market volatility.The central bank announced plans to overhaul its organization for the first time in 13 years, focusing on slimming down departments and enhancing international affairs capability.The nation’s foreign currency reserves reached an
Feb. 21, 2011
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KT pledges better customer satisfaction
Company designates 2011 as the year for improved customer serviceTop executives of KT Corp., the country’s biggest fixed-line service operator, on Monday offered a rare gesture showing their commitment to customer satisfaction Its chairman Lee Suk-chae and two other top officials made foot stamps at the company’s Olleh Campus in southern Seoul. The company designated 2011 as the year for drastic i
IndustryFeb. 21, 2011
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Household credit grows fastest in 8 years: BOK
Korea’s household credit grew at the fastest pace in more than eight years in the fourth quarter as economic recovery and eased lending rules spurred demand for bank mortgage loans, the central bank said Monday.Household credit, the sum of loans and credit purchases, climbed 25.3 trillion won ($22.7 billion) to 795.4 trillion won in the three months ended Dec. 31 from the previous quarter, the Ban
Feb. 21, 2011
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IBK has highest labor productivity among banks
The state-run Industrial Bank of Korea led Korean lenders in terms of labor productivity last year, government data showed Monday.According to the Financial Supervision Service, the IBK recorded 181 million won ($163,107) in profit per employee. Shinhan scored the second with 154 million won.Employees at Hana Bank came third with 118 million won and the state-run Woori Bank came fourth with 80 mil
IndustryFeb. 21, 2011
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POSCO foundation names prize winners
POSCO TJ Park Foundation announced Monday that this year’s TJ Park Prize will be awarded to a Korea Advanced Institute of Science and Technology scientist, educator and two philanthropists.The foundation, named after POSCO founder Park Tae-joon, has awarded the annual prize for outstanding achievement in the fields of science, education and social services since 2006. KAIST professor Lee Sang-yubT
IndustryFeb. 21, 2011
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Lotte Mart to launch cheap TV
Lotte Mart, one of the country’s biggest discount store chains, said Monday that it is putting a 24-inch television on sale at most of their branches for less than 300,000 won ($268).The company stirred controversy last year for selling ultra-cheap chicken, inviting criticism from smaller stores.In a joint effort with a local mid-size firm Moneual, Lotte Mart declared it will target the low-end TV
IndustryFeb. 21, 2011
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Korea Express shareholders set March 4 deadline
Korea Express Co.’s controlling shareholders have set a March 4 deadline for initial bids as they sell about 40 percent of Korea’s biggest logistics company, according to a person familiar with the situation.Arrangers Korea Development Bank and Nomura Holdings Inc. sent letters to about 10 domestic investors seeking bids, said the person, who asked not to be named because the information isn’t pub
IndustryFeb. 21, 2011
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Korea’s top housing fair kicks off
The Kyunghyang Housing Fair and Housing Brand Fair 2011, the country’s largest building materials and construction exhibition, is to kick off Wednesday, its steering committee said Monday. The two tradeshows were integrated last year, aiming to provide one large cohesive venue for professionals to create a global network.In the five-day event at KINTEX in Goyang, Gyeonggi Province, about 600 compa
IndustryFeb. 21, 2011
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KT&G to release new Davidoff
KT&G Corp., Korea’s tobacco giant, said it plans to launch a new version of Davidoff cigarettes in the local market on Wednesday. Davidoff Rich Blue is the second edition of the global premium cigarette brand owned by U.K.-based Imperial Tobacco Group PLC. The cigarette has 3 milligrams of tar, thus offering a milder taste than the first Davidoff Classic’s 6 milligrams, KT&G said Monday. Davidoff
IndustryFeb. 21, 2011
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Hyundai Motor to lower builder acquisition price
Hyundai Motor Group and the creditors of Hyundai Engineering and Construction have begun final negotiations over the price of stakes in the builder, with the carmaker expected to push for a reduction.According to industry sources, Hyundai Motor Group is seeking to reduce the amount paid for the 34.88 percent stake in Hyundai E&C due to additional debts the builder was belatedly found to be holding
IndustryFeb. 21, 2011
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Space weather could wreak havoc in gadget-driven world
WASHINGTON, (AFP) - A geomagnetic space storm sparked by a solar eruption like the one that flared toward Earth Tuesday is bound to strike again and could wreak havoc across the gadget-happy modern world, experts say.Contemporary society is increasingly vulnerable to space weather because of our dependence on satellite systems for synchronizing computers, airline navigation, telecommunications net
TechnologyFeb. 21, 2011
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Samsung develops new faster mobile DRAM
Samsung Electronics Co., the world's No. 2 semiconductor maker, said Monday that it has developed a new memory chip for mobile gadgets that can transfer data at a speed eight times faster than previous devices.The WIDE IO mobile dynamic random access memory (DRAM) chip can transfer data at a speed of 12.8 gigabyte per second, compared with 1.6 gigabyte per second of previous devices, the company s
IndustryFeb. 21, 2011
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Fears of run on savings banks looming
FSC suspends 4 more second-tier banks 2 days after promising no new suspensions in H1Financial regulators’ ongoing crackdown on savings banks is increasing the chances of a bank run under which a great number of customers withdraw their deposits.The Financial Services Commission suspended operations of four more saving banks over the weekend, raising the possibility of a massive exit by depositors
Feb. 21, 2011