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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Samsung cuts price for Galaxy Tab WiFi version
Samsung Electronics Co. will launch a WiFi-only version of the Galaxy Tab in the domestic market, which is one-third cheaper than its predecessor, the company said Tuesday. Samsung Electronics started to receive pre-orders for the WiFi-only Galaxy Tab at the price of 600,000 won ($536) this week through its online Web site and retail shops in Korea. It did not disclose the launch date.The WiFi-onl
IndustryMarch 8, 2011
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Default rate of household loans rises in 2010
The delinquency rate of Korean financial companies‘ household loans gained in 2010 from a year earlier, a report showed Tuesday, adding concerns over worsening loan repayment ability.The default rate stood at 1.09 percent of their total lending as of the end of 2010, up 0.06 percentage point from end-2009, the Financial Supervisory Service said in the report to the National Assembly.Out of the tot
March 8, 2011
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Exports of used cars drop in 2010: KOTRA
Korea’s exports of used vehicles dropped in 2010 from a year earlier, a local trade body said Tuesday, despite a large boost in overseas sales of new Korean cars last year.The country shipped 239,556 pre-owned vehicles to overseas countries last year, down 9.4 percent from 264,742 units a year earlier, according to the Korea Trade-Investment Promotion Agency (KOTRA).Revenue from overseas sales of
IndustryMarch 8, 2011
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Citigroup cuts KOSPI mid-year target
Korea’s KOSPI Index, which posted its biggest monthly decline in two years last month, had its mid-year target cut at Citigroup Inc. on concern higher oil prices will hurt corporate profits.The mid-year estimate for the benchmark stock gauge was reduced to 2,050-2,150 from 2,200-2,300, Citigroup analysts led by Michael Chung wrote in a report dated yesterday. The brokerage increased its Brent crud
IndustryMarch 8, 2011
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Kia China venture to enhance research
Kia Motors Corp.’s China venture will invest about $150 million on a research and development center to produce its own brand of cars, according to the parent of the Chinese partner.The venture, Dongfeng Yueda Kia Motors Co., will start construction this year and will complete building the center by 2015, Jiangsu Yueda Group Co.’s Vice Chairman Shao Yong said in an interview in Beijing.Automakers
IndustryMarch 8, 2011
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GS head stresses technology, mutual growth
GS Group chairman Huh Chang-soo stressed the significance of original technology and mutual growth with suppliers on Tuesday during his visit to a GS Caltex lubricants plant in Incheon, Gyeonggi Province.“GS has been showing a strong performance overseas with its solid base in the domestic market. I believe we can become a leading global firm if we secure original technologies with which we can co
IndustryMarch 8, 2011
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Further softening seen in domestic demand: ministry
Korea’s Finance Ministry said on Tuesday in a closely watched monthly report that economic uncertainty has increased globally and that domestic demand in Asia’s fourth-largest economy showed signs of softening. “Recovery in the world economy is improving but uncertainty has increased due to such factors as the political unrest in the Middle East, possible monetary policy tightening in emerging eco
March 8, 2011
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Yuhan-Kimberly gets organic certification
The Anyday feminine hygiene product brand from Yuhan-Kimberly has received eco-friendly certification for five consecutive years. The Well-being Certification, granted by Korea Management Association Registrations & Assessments Inc., recognizes a domestic product’s functionality, safety and its environmental compatibility.As well as existing Anyday products, new Anyday Organic Cotton, made wholly
IndustryMarch 8, 2011
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Regulator to guide firms on cartel laws
FTC to help Korean companies act within tighter U.S., EU regulationsThe Fair Trade Commission on Tuesday cautioned local companies over increasingly tougher anti-trust regulations and surveillance in Europe and the U.S. after Korean companies were slapped with billions of dollars in fines for collusion overseas. The regulator said it will step up efforts to help Korean companies to trade within th
March 8, 2011
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iPads in cockpits may hasten end of era for paper charts
Apple Inc.’s iPad won approval from U.S. regulators to display navigational charts for some charter pilots, a step that may speed the end of the decades-old tradition of paper maps in the cockpit. With the Federal Aviation Administration endorsing iPads in a test project at Executive Jet Management, a unit of Warren Buffett’s NetJets, the way is open for pilots at airlines and other commercial car
TechnologyMarch 8, 2011
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Social commerce set for major showdown
Global giant Groupon joins Korea’s growing social commerce marketA major showdown is expected in Korea’s social commerce market with the introduction of global giant Groupon next week.The U.S.-based social commerce firm announced Monday that it will launch its branch here next Monday, going head-to-head with the country’s industry leaders like Ticket Monster and Coupang.Recruiting about 200-300 em
TechnologyMarch 8, 2011
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‘China faces 60% risk of bank crisis by 2013’
China faces a 60 percent risk of a banking crisis by mid-2013 in the aftermath of record lending and surging property prices, according to a Fitch Ratings gauge. Fitch sees the risk of “holes in bank balance sheets” should a property bubble burst, Richard Fox, a London-based senior director, said in a phone interview on March 4. The risk assessment is from a macro-prudential monitor used by the ra
IndustryMarch 8, 2011
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Volkswagen launches new Volkswagen CC in S. Korea
Volkswagen Korea, the local importer of German automaker Volkswagen, introduced the latest version of the Volkswagen CC sedan in South Korea Tuesday. The new Volkswagen CC is Volkswagen's second vehicle introduced in South Korea with the BlueMotion technology, which automatically shuts down the engine when the vehicle is idling and restarts it when the car is ready to move again, significantly i
MobilityMarch 8, 2011
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Seoul shares open higher on shipbuilders
South Korean stocks started higher on Tuesday as retail and institutional investors picked up shares of shipyards, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) added 4.13 points, or 0.21 percent, to 1,984.4 in the first 15 minutes of trading. The world's largest shipbuilder Hyundai Heavy Industries rose about 1.5 percent, helping the key index bounce back from a sharp
March 8, 2011
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Korea’s savings rate far below OECD average
Korea’s household savings rate stayed far below the average for major economies in the world, a report showed Monday, apparently indicating that the latest economic crisis resulted in a decline in income reserved for bank savings. According to the report by the Organization for Economic Cooperation and Development, Korea’s household savings rate ― the ratio of savings to total disposable income ―
March 7, 2011
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Trade group urges swift Korea-EU FTA approval
The head of Korea’s largest trade organization urged the country’s National Assembly Monday to quickly ratify the free trade agreement with the European Union.SaKong Il, chairman of the Korea International Trade Association, said the Korea-EU FTA is the key to boosting the country’s annual trade volume to over $1 trillion for the first time in its history. SaKong Il“The Korea-EU FTA is expected to
March 7, 2011
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Car output rise in February
Output of five automakers in Korea rose 6.4 percent on-year in February with strong demand at home and abroad also keeping their sales humming, an industry group said Monday.Led by industry leader Hyundai Motor Co. and its affiliate Kia Motors Corp., the automakers produced 297,350 vehicles last month, compared with 279,368 units a year earlier, according to the Korea Automobile Manufacturers Asso
IndustryMarch 7, 2011
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Asian economies in danger of ‘overheating’
Experts warn subsidy spree may store up trouble for the futureKUALA LUMPUR (AFP) ― As prices of food and fuel reach historic highs, Asian nations with a wary eye on Middle East uprisings are doling out subsidies that experts warn are storing up trouble for the future.Robust Asian economies largely escaped the global downturn, and are now in danger of overheating, stoked by low interest rates, dema
IndustryMarch 7, 2011
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NASA scientist claim of 'alien life' draws scrutiny
WASHINGTON, (AFP) - A NASA scientist's claim that he found tiny fossils of alien life in the remnants of a meteorite has stirred both excitement and skepticism, and is being closely reviewed by 100 experts.Richard Hoover's paper, along with pictures of the microscopic earthworm-like creatures, were published late Friday in the peer-reviewed Journal of Cosmology, which is available free online.Hoov
TechnologyMarch 7, 2011
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Social commerce giant Groupon to launch here
Groupon, a U.S.-based social commerce firm, announced Monday that it will launch here next Monday further fanning competition over the increasingly popular form of cyber-shopping.Ahead of its official launch, it said it would organize a pre-launching event through its website (www.groupon.kr) which offers 1,000 won of Groupon cash to its e-mail subscribers. The figure of subscribers, however, must
IndustryMarch 7, 2011