Most Popular
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[Exclusive] Old Korean Legation building could get historic listing Monday
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Tokyo hands in list of Koreans who died in 1945 Japanese ship explosion
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[HIT Forum] Honing diplomatic skill of businesses
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[Graphic News] Number of foreign nationals entering Korea to study exceeds 200,000
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[HIT Forum] Strategic lobbying critical for Corporate Korea: top Washington lobbyist
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[KH Explains] Is Hyundai’s bet on extended-range EVs a future-proof strategy?
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More dads taking paternity leave while fewer Koreans get married
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Lawmaker blasted for allegedly asking hospital for favors
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Criminals who drugged teens' drinks with meth sentenced to up to 18 years
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S. Korea, US brace for NK 'grave provocations' around US election
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NongHyup Bank leaks customers’ info to waste collector
NongHyup Bank’s lax handling of customers’ private information was hit by controversy again, only three months after the March 20 hacking fiasco involving its customer database, sources said Wednesday.One of the bank’s local branches allegedly violated the regulation on the safe disposal of customer information, leaking about 10,000 customers’ personal data on June 15.The branch officials handed over the documents to secondhand dealers who collect street waste and re-sell it to recycling compani
June 26, 2013
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Insurance coverage to sharply increase for four major diseases
The government plans to spend about 9 trillion won ($7.8 billion)over the next five years to sharply increase state insurance coverage for four major categories of illness.The Social Security Commission, a top government panel on welfare policies, discussed Wednesday the healthcare overhaul designed to relieve the financial burden of patients of cancer, heart disease, cerebrovascular disorder and rare and incurable diseases.Under the plan, patients’ average contribution to treatment costs for th
Social AffairsJune 26, 2013
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Songdo seeks to become global education hub
The Incheon Free Economic Zone has invested in attracting global educational institutes, in the belief that it is important to attract global talent to build the reputation of Songdo as an international city. It has made efforts to provide the facilities and resources to educate high-caliber talented people. At the center of these efforts is Songdo Global University Campus, which just completed its first stage of development. Located on a 295,000-square-meter site in the seventh zone of Songdo I
IndustryJune 26, 2013
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IFEZ takes shape as international business city
The Incheon Free Economic Zone has emerged as one of the most popular investment destinations over the last decade, and is still seeing continued development. The IFEZ, covering 209 square kilometers, is located within Incheon Metropolitan City and consists of the three regions of Songdo, Cheongna and Yeongjong Island where Incheon International Airport is located. It is the nation’s first FEZ, designated in 2003. There are currently eight FEZs nationwide.In 2003, with the vision of transforming
June 26, 2013
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G-Tower in Songdo, hub building for U.N. offices
G-Tower in Songdo is expected to become a hub for U.N. offices in Korea. This year, the United Nations Economic and Social Commission for Asia and the Pacific and North-East Asia Office moved to G-Tower in the Incheon Free Economic Zone. Three more U.N. offices, including the Global Climate Fund, also plan to move to the same building. UNESCAP-ENEA occupies the sixth and seventh floors of the building, and there is a library that exclusively houses U.N. materials as well as state-of-the-art conf
IndustryJune 26, 2013
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Global interest rates rise on QE exit
The announcement of the U.S. Federal Reserve’s plan to scale back its monetary stimulus has sent interest rates on long-term state bonds around the world upward, indicating that the end of a low-interest era is nearing.Expectations that a tight monetary policy will follow the tapering of quantitative easing in the U.S. on the back of economic recovery have led investors worldwide to unload their fixed-income securities to avert further losing value on their bonds, analysts said.The basic scenari
June 26, 2013
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Conglomerates’ cashable assets gain 10.9%
Cashable assets held by South Korean business groups climbed 10.9 percent in the first quarter from three months earlier, as they reduced investment amid economic uncertainty, data showed Wednesday.South Korea’s top 10 business groups held 147.3 trillion won ($127.5 billion) in cashable assets as of end-March, compared to 132.8 trillion won tallied in end-December 2012, the data compiled by CEO Score showed.Cashable assets cover cash, cash equivalents and other financial products with a maturity
June 26, 2013
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Corporate investment expected to grow in H2
The facility investment of South Korean manufacturers is expected to grow slightly in the second half of the year thanks to their plans to improve superannuated facilities, a poll showed Wednesday.According to the survey of 1,000 manufacturers by the Korea Chamber of Commerce and Industry, 34.4 percent of the respondents said that they will increase their capital spending to improve superannuated facilities in the second half of the year compared with a year ago, while 22.2 percent said they wil
June 26, 2013
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Samsung to show tech prowess at innovation forum
Samsung Electronics will open its Innovation Forum on Thursday where the global tech giant will show off its technology prowess.“We (Samsung) have been growing to the point where we should light the way in the market like a lighthouse,” said Kim Nam-yong, a vice president of Samsung Electronics’ Corporate Management Office at a media event the day before the opening of the Samsung Innovation Forum. The self-assessment was also reflected at a closed-door event, held earlier this month, in which e
IndustryJune 26, 2013
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Korea may cut tax benefits for high income earners, big firms
SEJONG (Yonhap News) ― South Korea might consider scaling down tax benefits available to high income earners and large businesses as part of its efforts to raise more tax revenue to meet growing fiscal demand from expanded welfare programs. The expectation is growing as the state-run Korea Institute of Public Finance earlier made such recommendations to the government for its policy related to temporary tax cut and exemption programs. The tax benefit programs have been provided temporarily for s
TechnologyJune 26, 2013
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Virtual goods new opportunity for telecoms: KT chief
KT chairman Lee Suk-chae urged global telecommunications firms to swiftly jockey for the position in the virtual goods marketplace. Delivering a keynote speech at the Mobile Asia Expo 2013 in Shanghai on Wednesday, the head of the nation’s leading mobile carrier said there is no future if they only cling to services they are providing now.Telecoms should jump into the global market for distribution of virtual goods as early as possible to keep up with the fast-changing market trends, he added. A
TechnologyJune 26, 2013
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Hydis gathers ammunition with e-paper displays
Hydis Technologies is not what one would call a big company, but for Korea, it has a symbolic meaning. It was one of the firms that foreign capital gobbled up, only to spit out after stripping it of vital assets and technology.Now, Hydis, owned by Taiwan-based E Ink Holdings, is out to get back on the map with the production of e-paper displays, the main element for e-books. Starting in July, Hydis expects to start rolling out electronic paper displays, an area that E Ink is a global leader in.H
TechnologyJune 26, 2013
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Renault Samsung sees less as more in engines
Renault Samsung Motors is aiming to lead the nation’s engine-downsizing trend with the recent launch of the SM5 TCE, powered by a 1.6-liter turbocharged gasoline engine. It is the first time that a midsize sedan in Korea has been equipped with the smaller 1.6-liter engine. With emissions regulations tightening globally, carmakers have poured substantial resources into fuel-efficient vehicles that are no less powerful. Taking advantage of the Renault-Nissan alliance, the Korean unit of the France
IndustryJune 26, 2013
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SKT launches world’s fastest mobile network
Korea’s biggest mobile carrier SK Telecom announced on Wednesday that it had launched the first LTE-Advanced network in the world, with speeds twice as fast as the existing long-term evolution network.SKT has begun providing LTE-A service, becoming the first to commercialize among some 175 mobile carriers offering LTE networks in about 70 countries around the world, the company said. Twice as fast as the current LTE and 10 times faster than the 3G network, LTE-A makes it possible to download an
TechnologyJune 26, 2013
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China promises banks support to calm markets
BEIJING (AP) ― China’s central bank tried Tuesday to quell fears the country faces a credit crisis by promising to support banks that face cash shortfalls. The central bank promised “liquidity support” if needed after a shortage of money in credit markets caused the interest rate that banks must pay to borrow from each other to spike last week. That caused Chinese stock markets to plunge Monday on fears the world’s second-largest economy might face a credit crisis. The bank appeared to soften it
World BusinessJune 26, 2013
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Chinese spacecraft returns to Earth
BEIJING (AFP) ― China completed its longest manned space mission Wednesday as its Shenzhou-10 spacecraft and three crew members safely returned to Earth, in a major step for Beijing’s goal of building a permanent space station by 2020.The return capsule touched down at 8:07 a.m., live state TV footage showed, kicking up a cloud of dust on the grasslands of north China’s Inner Mongolia region.Technicians quickly gathered to open the craft’s hatch and crawled inside to check the crew’s safety. App
World NewsJune 26, 2013
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Beloved brands
Coca-Cola, Apple and IBM became the world’s three most valuable brands for 2013, according to Interbrand’s annual Best Global Brands report. The three global companies were followed by Google and Microsoft. These brands can be as viewed the most beloved brands in the world. Among Korean brands, Samsung Electronics ranked ninth in the report. Hyundai Motor Co. and Kia Motors Corp. placed 53rd and 87th, respectively.Feel marketingKevin Roberts, CEO of the advertising agency Saatchi & Saatchi, once
June 26, 2013
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Sheaffer marks centennial milestone
PENSHEAFFERSheaffer, the world’s leading fountain pen manufacturer, commemorates its 100th anniversary this year, as it continues to expand its business worldwide and innovate its products.Celebrating the milestone, the U.S.-based luxury pen maker released limited editions ― 45 sets of the Sheaffer Centennial Solid Gold Fountain Pens, 516 Sheaffer Centennial Limited Edition Sterling Silver models and 1,913 Sheaffer Centennial Legacy Heritage Sterling Silver editions ― priced between 1.5 million
IndustryJune 26, 2013
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Make the right impression at Grand Hilton Seoul
HOTEL (CONVENTION)GRAND HILTON SEOULThe Grand Hilton Seoul Convention Center is the venue of choice for domestic and international meetings and conventions. Facing directly across from the main hotel building, the center houses a large convention hall as well as small and medium-sized banquet halls and conference rooms. With a spacious lobby and reception area, the new convention center provides a quiet and serene atmosphere well-suited for cocktail receptions, meals and meetings. The fourth-flo
TravelJune 26, 2013
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Oakwood Premier COEX offers luxury services
SERVICED RESIDENCE(WORLDWIDE)OAKWOOD PREMIER COEX CENTEROakwood Premier COEX Center Seoul is the city’s first deluxe furnished serviced residence area, combining the highest class in hotel services with the spacious and cozy atmosphere of a private home. The property offers 280 furnished apartments from studio apartments to four-bedroom suites. Each residence has a separate living, dining and sleeping area, as well as a fully equipped kitchen. Oakwood Premier COEX Center offers its guests a wide
TravelJune 26, 2013