Most Popular
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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S. Korean children, teens grow taller, mature faster than before: study
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Army takes group action against Hybe for neglecting BTS
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Some junior doctors are returning: Health Ministry
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Debate rages over ‘overly fatty’ samgyeopsal
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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[Weekender] Korean psyche untangled: Musok
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Naver will consider company benefits in deciding on selling Line shares: CEO
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Woman dangling from power lines rescued by residents holding blanket
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Refined petroleum products lead S. Korea's H1 exports
Refined petroleum products led South Korea's exports in the first half of this year thanks to higher prices, accounting for 9.9 percent of all outbound shipments, a report showed Thursday.The report by the Korea Petroleum Association (KPA) said exports of petroleum products totaled $27.28 billion in the January-June period, up, 11.5 percent from a year earlier."The gain is mainly due to a steep ri
July 5, 2012
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Samsung rolls out world’s biggest fridge
Samsung Electronics Co. unveiled the world’s largest refrigerator on Wednesday, in its latest move to jump-start demand for its home appliance products amid a global economic slump.The Zipel T-9000 features a 900-liter storage space, the world’s biggest among household models, and a triple cooling system which optimizes humidity and temperature, the company said.The fridge is also equipped with wider shelves and extra compartments designed for enhanced storage, it said.The introduction of the ne
IndustryJuly 4, 2012
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KT&G launches coffee RAISON
The nation’s largest tobacco maker KT&G Corp. added RAISON Cafe, its new hazelnut coffee-scented cigarette, to the lineup of RAISON.RAISON Cafe, which goes on sale Friday, contains 6.0 milligrams of tar and 0.6 milligram of nicotine. The tobacco maker’s first coffee-scented product delivers the rich scent of hazelnut coffee with ground coffee beans in the filter.“We spent four years of research and development coming up with a technology that can directly insert ground coffee beans into the filt
July 4, 2012
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Lotte Shopping picked as prime Hi-mart bidder
Lotte Shopping Co., the flagship affiliate of retail-oriented conglomerate Lotte Group, said Wednesday that it has been picked as the preferred bidder for the purchase of electronics appliance retailer Hi-mart Co.“Lotte was tapped because private equity firm MBK Partners Ltd. opted not to bid for Hi-mart,” a company representative said. He added results related to the purchase negotiations will be announced in the near future, indicating that the deal is close to being sealed.Independent market
IndustryJuly 4, 2012
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Samsung holds large-scale recruitment fair for suppliers
Samsung Group’s 11 business units held a large job fair to hire 1,670 employees for the conglomerates’ subcontractors.The event, which was held at KINTEX in Ilsan in Gyeonggi Province on Wednesday, came as part of the group’s drive for “shared growth” with suppliers.Participants included Samsung Electronics, Samsung SDI and 158 subcontractors, with the Federation of Korean Industries and the Korea Federation of Small and Medium Business acted as sponsors.In particular, 49 companies, which are li
IndustryJuly 4, 2012
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Import car sales surge 20% in first half
BMW, Mercedes, Volkswagen and Audi top the listThe nation’s import car industry saw its vehicle sales reach an all-time high during the first half of the year, posting a monthly average of 10,373 units.Their sales came to 62,239 units in the first half, up 20.5 percent over the same period last year, the Korea Automobile Importers and Distributors Association said Wednesday.For sales in June, import car brands reported an 18 percent year-on-year growth with sales of 10,578 units, though they inc
IndustryJuly 4, 2012
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Incheon shares know-how with European airports
Top officials from Europe’s two leading airport operators ― Schiphol Group of the Netherlands and Aeroports de Paris of France ― visited Korea on Wednesday to share business expertise and further strengthen their partnership with Incheon International Airport. A two-day CEO-level meeting started on Wednesday at a Seoul hotel, with Incheon Airport CEO Lee Chae-wook, Jos Nijhuis, president of Schiphol Group, and Laurent Galzy, chief financial officer of Aeroports de Paris, in attendance. The so-ca
IndustryJuly 4, 2012
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Lotte, Chanel bury the hatchet
French brand to reopen cosmetics shop in the nation’s largest department store in August after feudChanel cosmetics have agreed to reenter Lotte Department Store three and a half years after it pulled out from the retail giant due to disagreements over store space and location.The conflict between the two companies started when Lotte asked Chanel to downsize and relocate its cosmetics booth in 2008, pointing to its relatively low sales. Chanel refused, accusing Lotte of getting back at the Frenc
IndustryJuly 4, 2012
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FSS calls for measures to curb household debt
Korea needs to take pre-emptive actions against mounting household debt as the sluggish local property market and global economic downturn are contributing to a steady rise in loan delinquency rates, the head of the country’s financial watchdog said Wednesday.“It’s imperative that we take pre-emptive countermeasures against the household debt problem to assure a soft landing as it poses a great risk to our growth,” Financial Supervisory Service Gov. Kwon Hyouk-se said during a seminar held in ce
July 4, 2012
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FDI in Korea surges to record high in H1
Foreign direct investment in South Korea rose to a new high in the first half of the year as the amount from Japan nearly tripled despite a large drop in investment from European Union countries, the government said Wednesday.The amount of new FDI pledged or reported in the January-June period came to $7.11 billion, up 32.5 percent from $5.37 billion for the same period last year, according to the Ministry of Knowledge Economy.The amount is the highest ever for the first half in the country’s hi
July 4, 2012
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Banks to tighten grip on loans
Korean banks are likely to tighten their grip on loans in the third quarter as the eurozone debt crisis is upping economic uncertainty, the central bank said Wednesday.An index gauging lending attitudes reached three for the July-September period, compared with seven tallied in the second quarter, according to a survey of 16 local banks conducted by the Bank of Korea.The third-quarter data marked the lowest level since the index came in at minus four in the fourth quarter of 2009, it added.The l
July 4, 2012
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Seoul shares up 0.35%
South Korean stocks closed 0.35 percent higher on Wednesday as speculations over stimulus measures continued to bolster investor sentiment, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index jumped 6.63 points to 1,874.45, gaining for a second straight session.Trading volume was moderate at 332.6 million shares worth 4.5 trillion won ($4 billion), with gainers outnumbering decliners 451 to 344.“There is strong hope out there that policy
IndustryJuly 4, 2012
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IMF says Korea has little room to cut rate
Korea’s central bank has limited leeway to cut its key interest rate as Asia’s fourth-largest economy remains dogged by high inflation expectations, the International Monetary Fund said Wednesday.The IMF said in a report that given sluggish growth, high unemployment and downside risks, more monetary easing should be considered for some advanced economies, with the possible exception of Canada and Korea.The international organization said that for South Korea, “still-elevated inflation expectatio
July 4, 2012
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Regulator to cut credit card fees for merchants
Korea’s financial regulator said Wednesday it will move to reduce commission rates that credit card firms charge merchants in an effort to help ease smaller stores’ financial burdens.The average commission rate will be lowered to 1.9 percent from the current 2.1 percent within this year, benefiting 2.14 million merchants, or 96 percent of the 2.24 million card-accepting stores, according to the Financial Supervisory Service.The watchdog said the measure will likely enable merchants to save 900 b
July 4, 2012
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SKT opens center for cloud computing
Company vows to further strengthen its cloud and big data businessSK Telecom, Korea’s largest mobile carrier, has opened the first center in the country for monitoring cloud computing data and protection systems for enterprises.The company said Wednesday that it has established the cloud monitoring center within its Cloud Data Center in Ilsan, Gyeonggi Province, where it will run 24 hours a day throughout the year.The establishment of the center comes after SK Telecom launched the T Cloud Biz se
TechnologyJuly 4, 2012
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Apple will debut mini iPad this year: sources
Apple Inc. plans to debut a smaller, cheaper iPad by year-end, two people with knowledge of the plans said, to help maintain dominance of the tablet market as Google Inc. and Microsoft Corp. prepare competing handheld devices. The new model will have a screen that’s 7 inches to 8 inches diagonally, less than the current 9.7-inch version, said the people, who asked not to be identified because Apple hasn’t made its plans public. The product, which Apple may announce by October, won’t have the hig
TechnologyJuly 4, 2012
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Micron’s Elpida purchase to challenge Samsung
Micron Technology Inc.’s 200 billion yen ($2.5 billion) purchase of bankrupt Japanese chipmaker Elpida Memory Inc. will give the U.S. company a stronger foundation to challenge Samsung Electronics Co. in the market for memory used in computers and mobile devices. “We can see so many synergies and so many opportunities to really become a much stronger competitor in the memory space,” Chief Executive Officer Mark Durcan said in a Bloomberg Television interview today. “While we’re not quite as big
TechnologyJuly 4, 2012
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Visual effects firm looks to U.S. for growth
CTO says SoftBank, Nexon-backed FXGear prefers IPO to takeoverIt is rare in Korea to see a special effects technician with a Ph.D. such as Choi Kwang-jin working on movies or animations.The chief technology officer of FXGear, a Korean visual effects software firm, is the exception in an industry generally seen as beneath those with higher degrees.But the situation is different in the United States. Studios such as Industrial Light & Magic, a special effects house founded by Star Wars producer Ge
IndustryJuly 4, 2012
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Higgs-like particle found in 'milestone' for mankind
(MCT)After a quest spanning nearly half a century, physicists on Wednesday said they had found a new sub-atomic particle consistent with the Higgs boson which is believed to confer mass.Rousing cheers and a standing ovation broke out at the European Organization for Nuclear Research (CERN) after scientists presented data in their long search for the mysterious particle.The new find is "consistent
TechnologyJuly 4, 2012
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Samsung regrets U.S. ruling on Galaxy Tab
Samsung Electronics Co., the world’s largest mobile phone maker, expressed disappointment Tuesday at a U.S. court’s rejection of its request to lift a ban on sales of its Galaxy Tab 10.1 tablets in America.The U.S. District Court of Northern California on Monday turned down Samsung’s request to delay a preliminary injunction against sales of its Galaxy Tab 10.1 devices in the U.S. market until it files an appeal.The court issued the injunction last week, accepting Apple Inc.’s claim that Samsung
July 4, 2012