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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BOE holds interest rates at 0.5%
LONDON (AFP) ― The Bank of England on Thursday held its key interest rate at a record low 0.5 percent, where it has now stood for two years, as it balanced strong inflation against a fragile economic recovery.“The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5 percent,” the central bank said in a statement after a
IndustryMarch 11, 2011
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China inflation rate at 4.9% in February
China’s consumer prices rose 4.9 percent in February from a year earlier, exceeding the government’s 2011 target for a fifth month.The advance was more than the 4.8 percent median forecast in a Bloomberg News survey of 22 economists. In January, the rise was 4.9 percent. The government has a 4 percent inflation target for the full year.Investors are concerned that monetary tightening to tame infla
IndustryMarch 11, 2011
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Oil prices threaten global economy
Pricier oil dampens consumer spending and cuts into economic growthWASHINGTON (AP) ― Higher oil prices are slowing global economic growth, and the impact is likely to spread in coming months.Oil prices helped raise the U.S. trade deficit to a seven-month high in January, when crude prices were $87.50 a barrel. Oil is now trading at more than $100 a barrel, suggesting the gap will widen in coming m
IndustryMarch 11, 2011
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Top court finds Lone Star Korea chief guilty of stock rigging
South Korea's top court on Thursday found Lone Star Korea's chief guilty of manipulating the stock price of a former credit card firm, in a ruling that overturned a lower court ruling that acquitted its head in a controversial 2003 deal.Yoo Hoi-won, also known as Paul Yoo, who led Lone Star's South Korean operations, was indicted on charges of driving down the share price of Korea Exchange Bank (K
March 11, 2011
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Spider venom can cause erection up to four hours
It has been found that a single bite from the world’s most poisonous spider can give men a four-hour erection, British paper the Metro reported on Tuesday. The Medical College of Georgia in the U.S. found that the Brazilian wandering spider’s toxin can be an effective treatment on impotence in rats. The research team is further looking into whether the wandering spider’s poison can treat erectile
TechnologyMarch 11, 2011
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British firm begins work on furnace dust recycling plant
A groundbreaking ceremony was held in Gyeongju on Friday for a furnace dust recycling plant that can help South Korea cut back on zinc imports and costs of burying harmful electric arc furnace dusts (EAFD). The plant, which is being built by Britain's ZincOx Resources PLC in Gyeongju, 370 kilometers southeast of Seoul, will cost around US$250 million, with two recycling facilities to go onlin
IndustryMarch 11, 2011
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Major Korean carriers set to add overseas flights
South Korea's two full-service carriers, Korean Air Lines Co. and Asiana Airlines Inc., said Friday that they are gearing up to increase their overseas flights to meet busy summer season demand. The two carriers plan to raise their overseas flights by a combined 165 flights per week between late this month and the end of October, they said in a statement. The plan is subject to approval by t
IndustryMarch 11, 2011
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Risk factors for strokes
A stroke is a sudden interruption in the blood supply of the brain. Because strokes occur rapidly and require immediate treatment, a stroke is also called a brain attack. Most strokes are caused by an abrupt blockage of arteries leading to the brain (ischemic stroke). Other strokes are caused by bleeding into the brain tissue when a blood vessel bursts (hemorrhagic stroke).When the symptoms of a s
TechnologyMarch 10, 2011
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BOK hikes rate to curb inflation
Central bank governor sees high inflationary pressureKorea’s central bank raised its key interest rate for the second time in three months Thursday as it steps up efforts to control inflation.The Bank of Korea lifted its benchmark base rate to 3 percent from 2.75 percent at a monthly meeting. The rate influences a variety of borrowing costs, including those on overnight loans between financial ins
March 10, 2011
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Samsung chief Lee slams profit-sharing scheme
Lee Kun-hee, chairman of Samsung Electronics Co., on Thursday lashed out at a recent proposal by former Prime Minister Chung Un-chan for large businesses to share their excessive profits with smaller companies.The rare attack from usually reticent Lee, 69, came as he was on his way to a monthly meeting of the executive board of the Federation of Korean Industries, the largest business lobby in Kor
March 10, 2011
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Samsung, LG face off in second round of TV war
LG calls Samsung’s bluff, proposing public demonstrationsLG on Thursday touched off a second round in the ongoing 3-D TV war by challenging Samsung to a public demonstration as tension grew between the two rivals who have been engaged in serious bashing over 3-D technology. “It is our wish to see (our) competition come out for a demonstration," said LG Display’s chief executive Kwon Young-soo in a
IndustryMarch 10, 2011
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Ex-Minister Kang picked to head KDB Group
Kang Man-soo, senior presidential economic adviser and former finance minister, was recommended Thursday as the next chairman of state-run KDB Financial Group Inc.The Financial Services Commission requested President Lee Myung-bak appoint Kang to lead the group, which controls Korea Development Bank. He would double as chief of the lender.Kang, 66, will replace Min Euoo-sung, who led the state fi
March 10, 2011
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Credit card firms’ 2010 earnings up
Korean credit card companies saw earnings surge 46.1 percent last year from a year earlier due mainly to one-off gains, the financial regulator said Thursday.The combined net profit of six local credit card-only companies reached 2.72 trillion won ($2.4 billion) in 2010, compared with 1.86 trillion won in 2009, the Financial Supervisory Service (FSS) said in a report.The stronger bottom line came
March 10, 2011
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LGD says Sony mulling use of its 3-D tech
The head of LG Display Co., the world’s No. 2 maker of liquid crystal display (LCD) panels, said Thursday electronics giant Sony Corp. is mulling using its proprietary 3-D panels for the Japanese company’s 3-D TVs.Kwon Young-soo made the remark amid its on-going battle with Samsung Electronics Co. to win the 3-D TV industry standard. LG Display developed the proprietary film patterned retarder (FP
IndustryMarch 10, 2011
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Samsung sets sights on Africa for growth
Samsung Electronics Co., the world’s largest maker of flat-screen TVs by shipments, is pinning its hopes on African countries to fuel sales growth of flat-screen TVs, a company executive said Thursday.“Africa has huge growth potential,” Yoon Boo-keun, president of Samsung’s visual display division, told reporters ahead of his departure to the continent. “Cathode ray tube (CRT) TVs have been mainst
IndustryMarch 10, 2011
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Korea vulnerable to oil price hikes: Goldman
Higher oil prices will have a greater impact on Korea than other Asian economies, Goldman Sachs said, indicating its economic growth is more exposed to oil price risks.Goldman Sachs said Korea’s economic growth, along with that of Taiwan, Thailand and Singapore, will be reduced by 30 basis points in proportion to a 10 percentage point rise in global crude oil prices.Countries in Asia, with the exc
March 10, 2011
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Kim to remain as Hana chairman
Hana Financial Group Inc. has nominated its current chairman to continue leading the country’s fourth-largest financial holding company for another year.The group’s board of directors made the decision on Wednesday in a bid to successfully finalize its takeover of Korea Exchange Bank, which started under the leadership of Chairman Kim Seung-yu, according to Hana Financial. Kim Seung-yuThe finaliza
March 10, 2011
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Hyundai unveils new 3-door compact car
Korea’s top automaker Hyundai Motor on Thursday unveiled a three-door compact car aimed at younger customers, after a 40-month development program costing 270 billion won ($242 million).The Veloster is the company’s first vehicle with an odd number of side doors ― one on the driver’s side and two on the passenger side. Hyundai Motor Co. launches its new compact passenger vehicle, the Veloster, in
MobilityMarch 10, 2011
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U.S. lawmakers threaten to stall Korea trade pact
WASHINGTON (AFP) ― U.S. lawmakers on Wednesday threatened to hold up a trade pact with Korea unless President Barack Obama’s administration moves ahead on separate deals with Colombia and Panama.Obama, who faces skepticism on free trade from part of his Democratic Party’s base, has publicly called for approval of deals with all three nations this year but wants time to fine-tune the packages with
March 10, 2011
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Producer inflation hits 2-year high
Korea’s producer prices rose at the fastest pace in more than two years in February due to a hike in international oil and commodity prices, the central bank said Thursday.The producer price index (PPI), a barometer of future consumer inflation, climbed 6.6 percent in February from a year earlier, up from 6.2 percent the previous month, according to the Bank of Korea.It marked the fastest expansio
March 10, 2011