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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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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[Music in drama] Rekindle a love that slipped through your fingers
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Inflation eases in April, continues bumpy ride
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Golden chance to liquidate babies’ gold rings?
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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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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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On May Day, labor unions blast Yoon's foreign nanny proposal
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Tax office gears up for probe into offshore accounts
Korean tax authorities are gearing up for a full-scale probe into those holding offshore accounts via paper companies created in tax havens exposed by non-profit news organizations.Investigations into the accounts held by notable family members connected to family-run conglomerates such as Korean Air, OCI and Hyosung will likely begin by uncovering the truth and purpose behind establishing such shell companies.It is too early to tell whether they are illegitimate as not all companies or manageme
May 23, 2013
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[Graphic News] Tax havens under spotlight
Tax havens are drawing media limelight after a journalist group disclosed 245 Korean businessmen and their families suspected of evading taxes by running paper companies in countries or territories that either have very low tax rates or do not impose them at all.Tax havens are generally divided into three categories ― tax paradises, tax shelters and tax resorts.Tax paradises mainly refer to countries that have no tax treaty regime with other countries and do not impose any income tax. They inclu
May 23, 2013
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[Newsmaker] Lee takes helm of Woori Financial
The new leadership of Woori Financial Group, which is expected to take the initiative in privatizing the state-funded firm, will take over in the coming weeks.The group’s personnel affairs committee said Thursday that it nominated incumbent bank unit CEO Lee Soon-woo as the new chairman.At a news briefing, nominee Lee clarified that he would not always adhere to the past sale project of a block deal for the taxpayers’ money-injected financial group.He clarified that the group ― in coordination w
May 23, 2013
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Korea likely to legalize ‘right to die’
Terminally ill patients who have no other medical options but to hang on to life with essential treatment will likely be given the right to die starting next year.A subpanel of the presidential committee on bioethics has reached an agreement to legally allow patients who are dying or their families to decide whether to withdraw treatment that is keeping them alive.According to the subpanel’s advisory report released by the Ministry of Health on Monday, a terminal patient can voluntarily forgo li
TechnologyMay 23, 2013
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Seoul issues year’s first ozone warning
The capital city of Seoul saw its first ozone warning of the year take effect on Thursday.The Seoul Metropolitan Government said the warning was issued at 3 p.m., as ozone density in the northern part of the city averaged 0.131 ppm per hour.The warning is issued when the density of the powerful oxidants is more than 0.120 ppm.“We measure the density in five regions of the city, and even one area detected to exceed that point leads to the issuance (of the warning) for the whole city,” said Kim Hy
TechnologyMay 23, 2013
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‘Climate change boosted human development’
PARIS (AFP) ― Early humans living in South Africa made cultural and industrial leaps in periods of wetter weather, said a study that compared the archaeological record of Man’s evolution with that of climate change.Anatomically modern humans, Homo sapiens, first made their appearance in Africa during the Middle Stone Age which lasted from about 280,000 to 30,000 years ago.Some of the earliest examples of human culture and technology are found in South Africa ― with fossil evidence of innovative
TechnologyMay 23, 2013
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Korea to launch first radar observation satellite in Aug.
South Korea will launch its first radar-equipped Earth observation satellite capable of providing images in any type of weather condition, in an important step in developing its commercial space program.The Ministry of Science, ICT and Future Planning announced Thursday that the satellite KOMPSAT-5 is scheduled for lift off on Aug. 22 from a Yasny launch base in Russia.KOMPSAT-5 is the country’s first SAR or Synthetic Aperture Radar satellite. The country’s three previous Earth observation satel
TechnologyMay 23, 2013
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Coping with bulimia
The urge to eat is not only caused by physiological hunger, but is known to be also affected by emotional status or psychological stress. Bulimia is one of the most common eating disorders along with anorexia nervosa, the opposite condition of not eating enough food. The improving socioeconomic status of Korea and the increasingly popular diet culture is contributing to this eating disorder. Bulimia and anorexia nervosa both commonly occur in young women, and generally start in adolescence. Buli
TechnologyMay 23, 2013
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‘Strengthening lungs key to treating modern diseases’
Atopic dermatitis, asthma and rhinitis are often regarded as diseases of modern times with no ultimate cure. A Korean Oriental medicine doctor, however, believes that those incurable illnesses can be cured by increasing lung function through a constant intake of herbal medicine named Pyunkangtang.The herbal medicine, developed by Seo Hyo-seok, head of Pyunkang Oriental Clinic, was based on the oriental medicine principle that strength originates from the lungs. “Pyunkangtang increases the activ
TechnologyMay 23, 2013
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GS hires 2,500 contract workers as regular staff
GS Group said on Thursday it will grant regular staff status to 2,500 contract workers and part-timers, being the fifth conglomerate to make such a decision after CJ, Hanwha, Shinsegae (E-mart) and SK Groups.GS said it will start with 2,150 product display staff and cashiers at GS Retail and 350 call center operators at GS Teleservice, an affiliate of GS Shop, in the second half of this year.GS will be giving regular employee status to 51 percent of its 4,900 contract workers and workers dispatc
IndustryMay 23, 2013
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Samsung’s Galaxy S4 sales top 10 million
Samsung Electronics Co., the world’s top smartphone maker, said Thursday that global sales of its Galaxy S4 smartphones have surpassed the 10 million mark since its release in late April.The milestone comes 20 days faster than its predecessor, the Galaxy S3. It took seven months and five months respectively for the Galaxy S and Galaxy S2 to reach the milestone, Samsung said.Samsung said it has released the device in 60 countries, and plans to expand sales of the latest of its Galaxy smartphone l
TechnologyMay 23, 2013
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LG Display keeps lead in large LCD panel market
South Korean display giant LG Display Co. kept its dominant position in the market for liquid crystal display panels that are 9.1 inches or larger in the first quarter, data showed Thursday.Shipments by LG Display reached 44.6 million units in the January-March period, accounting for 27.2 percent of a total 164 million units shipped globally, according to the data by market researcher DisplaySearch. The large LCD panels are usually used for computer monitors, laptop computer screens and TVs.LG D
IndustryMay 23, 2013
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SK Telecom opens mobile library for the blind
SK Telecom said Thursday it would open its mobile voice content service to all visually impaired users of smartphones irrespective of their mobile carriers.The mobile library application, jointly developed by SK Telecom and the Korea Blind Union, offers an audio service that reads books, news, magazines and useful information for the blind.The app has been available for only SK Telecom users so far, but will be open to users of other carriers as well.Any smartphone user can download the app from
IndustryMay 23, 2013
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All-new Lincoln MKZ launches in style
The all-new Lincoln MKZ made its Asian debut in Korea on Thursday with Ford Sales and Service Korea saying at the vehicle’s launch in trendy Cheongdam-dong that it would set new standards for premium sedans.“A robust market response is anticipated for the all-new Lincoln MKZ, which will set the new standard for premium sedans for our era,” said Jung Jae-hee, president and CEO of Ford Korea. Fitted with a standard 2.0-liter, four-cylinder EcoBoost engine delivering the performance of a 3.5-liter
IndustryMay 23, 2013
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Daewoo International to start sales of gas to China
Daewoo International, a trading arm of POSCO, said Thursday it would start sales of natural gas, which will be produced from June in its two offshore gas blocks in Myanmar, to China. The company has explored natural gas in the A1 and A3 offshore blocks, Kyauk Phyu, Myanmar, since 2000 with a 51 percent stake. The produced gas will be sold to the China National Petroleum Corporation and the gas will be transferred to inland China from Myanmar through a 800km-long pipeline, which will be completed
May 23, 2013
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LS to supply equipment, parts for HVDC project
LS Industrial Systems Co., a leading South Korean manufacturer of electric components, said Thursday that it will provide equipment and parts for the country’s ambitious high-voltage direct current project.Last year, state-run Korea Electric Power Corp. set up a joint venture with Alstom to secure the French power equipment maker’s HVDC technology, a top-tier power transmission technology.The joint venture will carry out the HVDC project aimed at stabilizing power supply and demand in the countr
IndustryMay 23, 2013
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Volkswagen’s Polo hatchback sells briskly in Korea
Volkswagen Korea, the local importer of Germany’s Volkswagen Group, said Thursday it has sold more than 300 units of the Polo hatchback in less than a month after its debut in South Korea.Volkswagen Korea introduced its latest model in South Korea on April 25 to broaden its hatchback portfolio.The brisk sales are expected to help the importer achieve its goal of selling 2,000 units of the 1.6-liter Polo hatchback by the end of this year.A Volkswagen Korea official attributed the popularity to th
IndustryMay 23, 2013
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Hyundai Mipo bags $300m in orders for ships
Hyundai Mipo Dockyard Co., a South Korean shipbuilder, said Thursday that it has recently clinched a combined $300 million worth of orders to build 10 vessels, including seven chemical carriers.Hyundai Mipo, a unit of the country’s leading shipbuilder Hyundai Heavy Industries Co., did not give specifics on the terms of the deals and reveal the names of the buyers.In March, the shipbuilder also secured a massive shipbuilding deal valued at 315 billion won to construct four vessels as well.Hyundai
IndustryMay 23, 2013
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Korea seeks to host more regional offices
Korea will implement packages in a new incentive program to encourage multinational companies to establish their Asian headquarters in the nation during the second half of this year, officials said Thursday.The Ministry of Trade, Industry and Energy revealed the plan after holding a meeting to discuss boosting foreign direct investment among officials from 17 state-run FDI-related organizations and 17 local governments. “Previously, the government simply offered a cash reward to multinationals t
IndustryMay 23, 2013
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Won falls 1.3% against dollar on Fed exit woes
The South Korean currency fell 1.3 percent against the U.S. dollar on Thursday as remarks by the head of the Federal Reserve on possible reductions in bond purchases spurred demand for the greenback, dealers said.The local currency closed at 1,128.70 won per the greenback, down 14.70 won from Wednesday’s close.It marked the weakest level since April 12 when the Korean won hit 1,129.10 against the dollar. It also was the sharpest daily fall since May 10.Market watchers said that the dollar gained
May 23, 2013