Most Popular
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Criminals who drugged teens' drinks with meth sentenced to up to 18 years
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Rival parties unite to form 4-way body to break med school standoff
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Korea to certify safety of EV battery from October
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Wartime sexual slavery victims file for Japanese govt. asset disclosure
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S. Korea logs current account surplus for 3rd month in July
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Producer Teddy's girl group Meovv debuts, showcasing dual feline charms
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Farewell summit: Yoon, Kishida pledge to keep momentum in revitalizing ties
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Man to pay W727m for opening plane door before landing
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Two Korean women arrested for stealing tourist's bag in Turkey
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Frieze Seoul sees slower sales, yet confirms stronger art scene in Seoul
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Online sites top newspapers for Americans: report
WASHINGTON (AFP) - More Americans are getting their news from the Internet than from print newspapers for the first time as audience figures for cable news programs fall, according to a report released on Monday.The State of the News Media 2011 report by the Pew Project for Excellence in Journalism said that in another first, online advertising revenue topped that of print newspapers last year.Fo
TechnologyMarch 15, 2011
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Samsung donates 100 mln yen for Japan's quake relief
Samsung Group, South Korea's largest business conglomerate, said Tuesday that it has donated 100 million yen ($1.22 million) to help Japan's earthquake relief. In addition to the donation, the group will dispatch 10 rescue workers from Samsung Rescue Corps. and 11 medical workers from the Samsung Medical Center after consulting with the Japanese government, it said in a statement. The group
IndustryMarch 15, 2011
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Australia may reconsider rejection of mine project
Australia may reconsider rejection of mine projectAn Australian state government will reconsider a rejected Korean consortium-led coal mine project, Seoul’s state-run resource explorer said Monday.Early this month, Australia’s New South Wales state government refused the proposal submitted by Korea Resources Corp. (KORES), citing concerns over water, ecological and heritage impacts.KORES said it w
IndustryMarch 14, 2011
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Yoon regrets Samsung chief’s criticism of economic policy
Yoon regrets Samsung chief’scriticism of economic policyFrom news reportsFinance Minister Yoon Jeung-hyun expressed regret Monday about Samsung Electronics chairman Lee Kun-hee’s recent criticism of the government’s economic policy. “It is truly embarrassing and disappointing,” Yoon told lawmakers about Lee’s disparaging remarks on the Lee Myung-bak administration’s policy performance.Last Thursda
March 14, 2011
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Seoul stocks weather Japan quake impact
South Korean stocks closed 0.8 percent higher on Monday as big gains by electronics and steelmakers helped offset jitters over Japan’s massive earthquake, analysts said. The local currency fell against the U.S. dollar.The benchmark KOSPI advanced 15.69 points to 1,971.23 after falling as much as 1.2 percent at one point. Trading volume was moderate at 384.1 million shares, worth 9.4 trillion won (
March 14, 2011
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Groupon aims for slice of Korean social commerce market
Groupon Korea on Monday punctuated its launch on the Korean market with a monthly sales target of 10 billion won ($880 million) during the first half of this year.The goal falls behind the annual 200 billion won targeted by Ticket Monster, the nation’s top social commerce operator, but Groupon brushed aside concerns, saying its initial goal would be to create a healthy social commerce environment
IndustryMarch 14, 2011
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Korean economy little affected by Japanese quake
But experts say prolonged disaster may pose threat to Korea’s exports, financial marketsThe earthquake in Japan has caused minimal impact on South Korean firms and exports though damage will inevitably escalate should the Japanese economy take longer to recover than expected, the government said Monday. The 9.0-magnitude temblor which occurred on the northeastern coast of the island nation Friday
March 14, 2011
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Korean smartphone users near 10m
The number of Korean smartphone users is approaching the 10 million threshold, company data showed Monday. SK Telecom, the country’s top mobile operator, said on Monday it has registered more than 5 million smartphone subscribers. KT Corp. secured 3.7 million users and LG Uplus Corp. followed with 1 million.The combined number topped 9.7 million, up more than 35 percent from about 7.2 million at t
IndustryMarch 14, 2011
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Uncertainty over KEB deal hits Hana stocks
Hana Financial Group’s shares were weighed down by a growing uncertainty surrounding its planned acquisition of Korea Exchange Bank from U.S. Lone Star Funds.As the possibility that financial regulators will delay the finalization of whether to approve the takeover emerges, the financial group saw its stock price fall for the fourth consecutive trading session.According to the Korea Exchange, Hana
March 14, 2011
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Chinese inflation threatens to worsen Korea’s price woes
Korea is likely to suffer faster price gains in the second half of 2011 as China’s growing inflation is feared to spill over into the country, experts said Monday.China’s consumer price index jumped 4.9 percent in January and February from a year earlier, respectively, after gaining 5.1 percent in November and 4.6 percent in December amid the country’s strong economic growth. The quickening price
March 14, 2011
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iPad 2 sales may have reached 500,000: analyst
Apple Inc. may have sold as many as 500,000 iPad 2 computers after retail outlets ran out of the tablet-style device on its debut weekend, said Piper Jaffray Cos. analyst Gene Munster. Stores run by Apple, Target Corp. and Best Buy Co. contacted by Munster’s team had sold out of the device, he said in a research note Sunday. Online orders via Apple’s website are taking up to a month for delivery,
IndustryMarch 14, 2011
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China arrests 3,001 for product piracy
Authorities tackle black market for fake medicines, liquor, phones and other goodsBEIJING (AP) ― Chinese authorities have arrested 3,001 people in their latest crackdown on rampant product piracy and seized fake or counterfeit medicines, liquor, mobile phones and other goods, officials said Sunday.The campaign launched in October comes as Beijing faces pressure from the United States and other tra
IndustryMarch 14, 2011
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Tokyo shares plunge 6.18%
TOKYO (AFP) - Tokyo shares plummeted more than six percent Monday as investors reacted to the biggest earthquake in Japan's history, a devastating tsunami and an unfolding nuclear emergency.Shares tumbled below as the key index fell below the 10,000 point mark. The day's plunge in the Nikkei-225 was the biggest since October 2008.The Nikkei index closed down 6.18 percent, or 633.94 points, at 9,62
March 14, 2011
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Quake may cost insurers $34 billion; tsunami toll yet to come
(Bloomberg) -- Japanese insurers and global reinsurance companies that backstop their policies may face claims of as much as 2.8 trillion yen ($34 billion) tied to last week’s earthquake, AIR Worldwide said.The top-of-range preliminary estimate, which AIR disclosed yesterday in a statement, doesn’t include damage caused by the tsunami that followed the March 11 temblor. AIR is working to quantify
March 14, 2011
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Won falls on Japan quake, but stock market unscathed
The South Korean currency lost ground against the U.S. dollar on growing jitters over the impact of Japan's devastating earthquake and tsunami, but the local stock market remained almost unscathed, analysts said.The local currency traded at 1,131.40 won to the dollar, down 7.2 won from Friday's close, as of 2:15 p.m. as investors sought safe assets in the aftermath of the 9.0-magnitude temblor and
March 14, 2011
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Seoul Motor Show to be largest ever
Annual event draws 12 Korean and 23 foreign carmakersThe upcoming Seoul Motor Show is set to be the biggest yet, with new offerings from domestic and foreign carmakers.This year’s Seoul Motor Show, to open with a media preview on March 31, will be packed with 12 domestic carmakers and 23 foreign brands.In comparison, last year’s Busan International Motor Show had only two foreign carmakers ― Lotus
MobilityMarch 14, 2011
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Fans line up for new iPad
SAN FRANCISCO (AP) ― The updated version of Apple Inc.’s iPad tablet computer went on sale Friday afternoon, and was greeted by the now-familiar lines of buyers outside Apple stores.The Cupertino company opened online sales of the iPad 2 at 4 a.m. Eastern time, well before they became available in East Coast stores at 5 p.m. They were set to go on sale nationwide at the same hour, local time.Apple
IndustryMarch 14, 2011
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Quake clouds Seoul market with uncertainty
Financial authorities foresee limited impact on stocks and foreign exchangesThe worst earthquake in Japanese history has increased fears of a dip in the South Korean market, which is already fragile because of Middle Eastern unrest and price volatility.A 9.0-magnitude quake slammed the country’s northeast coast on Friday, killing more than 10,000 people, sending tsunami fears across the Pacific, a
March 13, 2011
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Korea wins major UAE oil deal
South Korea clinched a landmark oil field development deal in Abu Dhabi, in the United Arab Emirates on Sunday during President Lee Myung-bak’s visit to the Arab nation, raising hopes for the nation bolstering its energy security. The set of agreements includes a memorandum of understanding which guarantees Korea to participate in the production of at least 1 billion barrels of crude oil from the
March 13, 2011
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FSC pressured to veto Hana-KEB deal
The nation’s financial authority has been under mounting pressure to reject the takeover deal between Hana Financial Group and U.S. Lone Star Funds on the latter’s planned sale of Korea Exchange Bank.Amid several unfavorable factors for Lone Star, including the Supreme Court’s recent ruling, the possibility that the Financial Services Commission will scrap its alleged decision to endorse the deal
March 13, 2011