Most Popular
-
1
Opposition-led Assembly unilaterally passes bill to probe Marine's death
-
2
Inflation eases in April, continues bumpy ride
-
3
Golden chance to liquidate babies’ gold rings?
-
4
Seoul to more than double military drones by 2026 to counter NK threats
-
5
Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
-
6
Seoul alerts overseas missions to NK terror threats
-
7
Over 60% of S. Koreans support W100m childbirth incentive: survey
-
8
Key suspects grilled over alleged abuse of power in Marine death inquiry
-
9
‘Inside Out 2’ adds four new emotions, explores teenage life
-
10
Questions raised over fair promotion of RM, NewJeans
-
Cabinet passes 20 trillion won stimulus package
The Cabinet on Tuesday approved the Finance Ministry’s stimulus package worth 20.3 trillion won ($17.9 billion) to revitalize the sluggish economy and boost exporters hit hard by the weaker yen caused by Japan’s monetary easing.The package highlights economic policymakers’ project to draw a supplementary budget totaling 17.3 trillion won, which marks the second-highest figure in history following the record of 28.4 trillion won in 2009 under the Lee Myung-bak administration.The other 3 trillion
April 16, 2013
-
Big businesses confused over policy directions
Korea’s private conglomerates, domestically known as chaebol, are caught in the middle of policy confusion as they face tougher yet inconsistent regulations, while being urged to increase investments by the government.The incumbent administration is asking the corporate sector to lead in increasing investments and employment this year amid economic uncertainties.On the other hand, the big businesses are being targeted as part of economic democratization efforts for regulatory measures by agencie
IndustryApril 16, 2013
-
[Graphic News] Weak yen deals blow to Korean exports
Concerns over the impact of the weakening yen on the nation’s exports are proving well founded. About 40 percent of Korean-made products that compete against Japanese goods in the global market posted reduced export figures for the first two months in 2013 compared with the same period a year ago, the Korea International Trade Association said in a press release. In a KITA survey of the nation’s 49 export items in competition with Japanese goods, including cars, ships and petroleum products, exp
IndustryApril 16, 2013
-
Regulators vow crackdown on unlisted firms’ accounts fraud
Financial regulators pledged to enhance accounting oversight of non-listed big enterprises during its report to the National Policy Committee of the National Assembly on Tuesday.The policy is a development from an earlier movement by the Finance Services Commission and the Financial Supervisory Service to take stern punitive measures against stock manipulators.“Financial authorities will secure legal and systematic grounds to weed out fraudulent accounting practices,” said FSC chairman Shin Je-y
April 16, 2013
-
Large business delegation to accompany Park on U.S. trip
Some 50 South Korean business leaders are likely to accompany President Park Geun-hye on her first trip to Washington as president next month in what could be the largest business delegation meant to ease possible jitters among American investors amid tensions with North Korea, officials said Tuesday.The delegation will likely include Lee Kun-hee, the chairman of Samsung Electronics Co., the world’s top maker of smartphones, memory chips and flat-panel TVs, as well as other heads of conglomerate
IndustryApril 16, 2013
-
Hyundai Mobis signs $530m deal with Chrysler
Hyundai Mobis, an auto parts maker affiliated with Hyundai Motor, said Tuesday that it signed a $530 million deal to provide head and tail lamps to Chrysler. The company has provided automotive lamps to Chrysler since 2007 and the latest, fifth deal is the largest to date, it said in a statement. Hyundai Mobis has also proven its technical prowess in automotive lights as it has signed several deals with global carmakers such as BMW, Volkswagen and Subaru in 2009 and Mitsubishi in 2011.This year,
IndustryApril 16, 2013
-
Korea to toughen rules on big retailers’ biz hours
The Cabinet decided Tuesday to slap higher fines on large retailers for violating rules on reduced operating hours as part of efforts to protect struggling mom-and-pop stores.Under the new Distribution Industry Development Act which came into effect in March, big-box discount chains including so-called super-supermarkets operated by giant retailers should close their shops twice a month on Sundays or public holidays, and limit their operations to between 10 a.m. and 12 a.m. To better enforce the
IndustryApril 16, 2013
-
Whiskey consumption down 11% in Q1
A prolonged economic slump pulled whiskey consumption in South Korea down 11 percent in the first three months of the year, industry data showed Tuesday. According to the data, whiskey consumption reached 450,934 boxes in the January-March period, sharply down from 506,449 boxes a year ago. A box contains 18 0.5-liter bottles.Diageo Korea Co., the South Korean unit of the British liquor company, saw its flagship whiskey brand Windsor’s sales fall 18.1 percent to 180,947 boxes from a year ago, bu
IndustryApril 16, 2013
-
Shares end flat amid stimulus hopes
South Korean stocks closed almost unchanged Tuesday as hopes of the government’s stimulus measures pared down morning losses following overnight falls on Wall Street, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index added 1.76 points, or 0.09 percent, to finish at 1,922.21. Trading volume was moderate at 377.5 million shares worth 4.78 trillion won ($4.29 billion) with losers outnumbering gainers 464 to 350. The KOSPI fell to 1,896.
April 16, 2013
-
Celltrion chief to sell entire stake to multinational firm
Celltrion chairman Seo Jung-jin said Tuesday he will sell all of his stakes in the company with the largest market cap in the KOSDAQ and its affiliates, including Celltrion Healthcare, to a multinational pharmaceutical company.“Company funds are being used to buy company shares due to shortselling (by unknown groups),” Seo said in a press conference.“I will sell stakes in Celltrion to a multinational pharmaceutical firm as early as May or no later than the end of June for the company’s sake.” Th
IndustryApril 16, 2013
-
LG, IBK commit W200b to mutual growth
LG Group has created a 200 billion won ($179 million) fund together with the Industrial Bank of Korea to help finance low-interest loans for up to 500 small and mid-sized suppliers, the Seoul-based company said Tuesday. LG Electronics, LG Display, LG Chem and LG Household & Healthcare were the four LG affiliates that played a key role in creating the fund, in joint efforts with the local bank specializing in financing businesses here. The fund will offer loans that will offer interest up to 2.4
IndustryApril 16, 2013
-
Land Ministry to aid overseas infra projects
The government will support local builders to diversify overseas plant orders and to win more infrastructure projects in a bid to put the faltering construction industry back on track, officials said Tuesday. “The cutthroat competition among the nation’s leading builders in pursuit of the same overseas orders has been prevalent, and the business practice is dealing a blow to the entire industry,” Land, Infrastructure and Transport Minister Suh Seoung-hwan said in an interview with a local cable
IndustryApril 16, 2013
-
Leaders of biologic drugs industry kick off conference
Biologic drug developers and bioprocess professionals from around the world will kick off a two-day conference in Incheon on Wednesday.In Biologics World Korea 2013, biologic players at various stages of development will discuss strategies in biosimilar and biobetter development as well as cutting-edge advances in bioprocessing and bioanalytics.According to IMAPAC, which organized the event, the global biologics market is valued at an estimated $149 billion and is expected to reach $230 billion
IndustryApril 16, 2013
-
What’s eating working moms?
Korea has one of the highest rates of college graduates in the world, with over 80 percent of high school graduates going to university. About half of them are women.However, only 3 out of 5 female university graduates in the country are employed, showing the lowest rate among the 33 members of the Organization for Economic Cooperation and Development. Economists worldwide including OECD Secretary-General Angel Gurria have pointed to the low participation of women in the labor force as a major r
April 16, 2013
-
Massive Russian transport project attracting Korean firms and investors
South Korea’s trade officials and their Moscow counterparts have agreed to cooperate for a landmark project in the Russian city aimed at building 55 major hubs in what is dubbed the “Transportation Interchange Hub.”SAABAA International Limited, a company in charge of attracting Korean partners and investors, said progress has been made in the massive project worth $10 billion so that Korean companies could share their expertise and secure investment opportunities. “Advanced technology and know-h
IndustryApril 16, 2013
-
Diageo Korea to launch charity, donate 5b won
Imported whiskey distributor Diageo Korea announced on Tuesday it will launch a foundation to further strengthen its social contribution activities.The hard liquor distributor told press its plan to donate 5 billion won over the next five years through the Diageo Korea Foundation, which begins operation on July 1. They plan to set aside 1 billion won each year. Shortly after the announcement, Diageo Korea signed a cooperative pact with the Ministry of Gender Equality and Family, vowing to prior
IndustryApril 16, 2013
-
Seoul shares end flat amid stimulus hopes
South Korean stocks closed almost unchanged Tuesday as hopes of the government's stimulus measures pared down morning losses following overnight falls on Wall Street, analysts said. The local currency gained against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 1.76 points, or 0.09 percent, to finish at 1,922.21. Trading volume was moderate at 377.5 million shares worth 4.78 trillion won (US$4.29 billion) with losers outnumbering gainers 464 to 350. The KOSPI
April 16, 2013
-
KOSPI dives below 1,900 as economic worry grows over U.S. terror attack
South Korean stocks plunged 21.44 points, or 1.12 percent, on Tuesday morning, as economic worry was growing over the suspected terrorist attack in the United States and rising losses in techs and autos. The benchmark Korea Composite Stock Price Index (KOSPI) fell to 1,899.40 as of 11:07 a.m. It marked the first time the index hovered below the 1,900 mark since November. Tech blue chips lost ground, with market behemoth Samsung Electronics falling 1.05 percent and its smaller rival LG Electr
April 16, 2013
-
Antarctic summer ice melt accelerating: study
Researchers in Britain and Australia have claimed that Antarctic summer ice melting is occurring 10 times faster than it did 600 years ago.In 2008, Britain-French scientists examined a 362-meter long ice core from James Ross Island in Antarctica to figure out the past 1,000 years of temperature changes in the region.By reexamining the 2008 study, researchers at Australian National University and the British Antarctic Survey discovered that the temperature of the ice core was 1.6 degrees Celsius
TechnologyApril 16, 2013
-
A clue to treat chronic leukemia identified: study
A research team including a Korean scientist reportedly identified an oncogene that can lead to atypical chronic myelogenous leukemia.Atypical chronic myelogenous leukemia, or aCML, is a rare form of the disease that occurs in only 5 percent of all leukemia cases. It shares similar characteristics with typical chronic myelogenour leukemia, but lacks cancer characteristics. In the study, researchers analyzed the gene sequencing of some 650 patients suffering from aCML and other cancer-related ill
TechnologyApril 16, 2013