Most Popular
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Chuseok still is a headache for couples
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N. Korea launches trash balloons toward S. Korea for 2nd day: JCS
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Heat wave watch issued for Seoul; latest on record
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Students suffer sleep deprivation, fatigue, suicidal thoughts
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Nearly 2,000 aging separated family members die in first 8 months of year: gov't data
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Popular tourist destinations beckon Chuseok holidaymakers
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Yoon's approval rating hits new low: poll
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On the road for Chuseok? Popular rest stop foods await
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Only 12 pct of unsafe food imports taken off market for disposal: report
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Naver Map starts providing natural disaster information
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Giving Back increases opportunities for kids
For Barry Smith and his wife Yvette Park, the chance to do something for society came from a chance encounter.Their new group Giving Back teaches English to about 50 disadvantaged children at a child care center in Mapo, Seoul. Smith’s brother-in-law works for a local politician, who suggested the project to his wife after meeting her. “It was a bit overwhelming to begin with especially as most of us already have full-time jobs, but we have some great volunteers who have pulled together well to
Expat LivingJuly 2, 2013
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Bands to support art for kids in Nepal
Expat bands will gather for a fund-raiser Saturday to help Nepalese women and children learn art and use craft to support themselves.Bluesnake, Magna Fall, Red Cha Cha, and Samba Mamba will be performing at the “Love Music” event, in aid of Global Arts Therapy, a new charity to be led by English teacher Samantha Thomas. Thomas, who is based in Suji, Gyeonggi Province, has experience in teaching art to disadvantaged children at programs in her native Iowa and the Czech Republic over the past seve
Expat LivingJuly 2, 2013
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Snowden awaits asylum decisions after dropping Russia request
Fugitive US intelligence leaker Edward Snowden has scrapped his request for asylum from Russia and asked 20 other countries to take him in, the Kremlin said Tuesday.Poland immediately rejected the petitions while an Indian foreign ministry spokesman said "we have concluded that we see no reason to accede to the request."The WikiLeaks anti-secrecy website that is helping the 30-year-old former National Security Agency contractor said he had sent out applications to 13 European countries as well a
World NewsJuly 2, 2013
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Chinese police demand knives, offer rewards in tense far west
BEIJING (AP) ― Police in China’s tense far west announced a crackdown Tuesday on weapons as well as rewards for information on “terrorist” threats following recent deadly unrest, while state media raised alarms with reports that local militants were fighting and training abroad. Clashes in recent months have killed at least 56 people in Xinjiang, a region that has long been home to a simmering rebellion against Chinese rule among parts of the Muslim Uighur population. The unrest comes ahead of t
World NewsJuly 2, 2013
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Obama suggests spying on nations’ allies is common
WASHINGTON (AP) ― U.S. President Barack Obama brushed aside sharp European criticism on Monday, suggesting that all nations spy on each other as the French and Germans expressed outrage over alleged U.S. eavesdropping on European Union diplomats. American analyst-turned-leaker Edward Snowden, believed to still be at Moscow’s international airport, applied for political asylum to remain in Russia.Russian President Vladimir Putin, in a statement he acknowledged sounded odd, told reporters in Mosco
World NewsJuly 2, 2013
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Wildfire grows in Arizona after killing 19 firefighters
PRESCOTT, Arizona (AFP) ― Reinforcements poured in Monday to battle a runaway wildfire in Arizona that quadrupled in size overnight after killing 19 firefighters in one of the worst such incidents in U.S. history.The Yarnell Hill fire ― which killed all but one member of a 20-strong “hotshot” team ― caused the biggest loss of life among firefighters since the Sept. 11 attacks, and the most from a U.S. wildfire in 80 years.As a make-shift memorial grew outside the dead firefighters’ home station,
World NewsJuly 2, 2013
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Zynga CEO steps down, Microsoft exec to take post
NEW YORK (AP) ― He’s not heading out to pasture, but the CEO of “FarmVille” maker Zynga Inc. is stepping aside as the troubled online game company looks to revive itself and lift its stalled stock price. Mark Pincus will be replaced on Monday, July 8, by Don Mattrick, who was most recently head of Microsoft’s Xbox division. Zynga said Monday that Pincus, who founded Zynga Inc. and named it after his American bulldog in 2007, will stay on as chairman and chief product officer. Mattrick, 49, had s
World BusinessJuly 2, 2013
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Tribune to acquire 19 TV stations
CHICAGO (AP) ― Tribune Co. said Monday that it reached a deal to buy Local TV Holdings LLC’s 19 TV stations for $2.73 billion in cash, significantly boosting its television business as it looks to sell its newspaper operations.Tribune currently owns 23 TV stations and cable network WGN America, along with the Chicago Tribune, Los Angeles Times and other newspapers. The deal will give it 42 stations, making the Chicago-based company one of the nation’s top TV station owners. Tribune said it will
World BusinessJuly 2, 2013
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Golden era fades for China’s banks
Chinese banks’ valuations are close to their lowest on record as the nation’s interbank funding crisis exacerbated investors’ concern that earnings growth will stall and defaults may surge as the economy slows. Industrial & Commercial Bank of China Ltd., the world’s largest lender by market value, ended Hong Kong trading last week at 5.3 times estimated earnings, data compiled by Bloomberg show. The Beijing-based bank may report profit of $41 billion for 2013, according to the average of 17 anal
World BusinessJuly 2, 2013
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Kim: WB budget may see massive shifts
World Bank president Jim Yong Kim is preparing an overhaul of the lender’s budget that he says could lead to “massive shifts” in funding to reflect changing priorities under his goal of ending extreme poverty by 2030. “We don’t really sit down in a corporate way and say how we’re going to move the budget next year, in the next two years, in the next three years,” Kim said in an interview in Lima, Peru, Monday, the eve of his first anniversary in the job. “We’re going to start that next year and
World BusinessJuly 2, 2013
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EU accuses top banks of collusion
BRUSSELS (AFP) ― EU investigators accused 13 top banks including Barclays, Deutsche Bank and Goldman Sachs on Monday of colluding over derivatives trading, in a new move to tighten banking standards.A preliminary investigation by the Commission showed that banks worked together to exclude exchanges from the derivatives market.This was allegedly because they feared involvement by the exchanges would cut into their huge profits from over-the-counter trading.Some aspects of derivatives trading have
World BusinessJuly 2, 2013
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Korea softens chaebol regulations
The National Assembly on Tuesday passed revised antitrust bills that scaled back the scope of rules and regulations governing business transactions between family-run conglomerates and their subsidiaries.This move comes after the private sector raised concerns that the government’s toughened stance against chaebol may adversely affect business confidence.Deputy Prime Minister and Finance Minister Hyun Oh-seok previously said that the government would refine some of its policies and regulations t
IndustryJuly 2, 2013
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Hyundai Motor chief to donate W100 billion
Hyundai Motor Group said Tuesday that chairman Chung Mong-koo plans to donate roughly 100 billion won ($90 million) out of his own pocket to offer more benefits to young, talented students from underprivileged families.According to the Korean auto giant, Chung plans to sell off all his 20 percent shares in Hyundai Innocean, the carmaker’s advertising unit, to donate to the Chung Mong-koo Foundation, a charitable foundation that he funds. Industry watchers say that the unlisted stocks Chung owns
IndustryJuly 2, 2013
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BMW Korea to lay bridge between Korea, Germany: CEO
BMW Korea CEO Kim Hyo-joon is expected to lay another important bridge connecting Korea and Germany, this time with his policy proposal that could be reviewed by President Park Geun-hye and her German counterpart Angela Merkel. At a recent forum hosted by the Korean-German Academy of Economics and Management in Germany, Kim delivered a speech on how to create better infrastructure for small and medium enterprises to gain competitiveness. “I suggested learning from Germany’s experience, emphasizi
July 2, 2013
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Samsung disbands team for future strategy
A troupe of Samsung Group in charge of finding new business sectors, launched three years ago, has been dissolved for allegedly failing to produce tangible results. All executives and high-ranking officials mobilized to the task force team Tuesday were confirmed to have returned to the group’s affiliates where they previously worked.“The team was disbanded as of July 1 as it had fulfilled its duties in laying the groundwork for five new projects,” a Samsung official said. “The projects have been
IndustryJuly 2, 2013
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KB Financial to overhaul structure
Ahead of the coming bid competition for Woori Financial Group units, KB Financial Group is set to revamp its business structure to secure its position as a well-prepared potential acquirer.As the initial step, KB Financial is expected to carry out a full-scale personnel reshuffle after its new chairman nominee Lim Young-rok takes office on July 12, group officials said Tuesday.The financial firm, whose flagship is KB Kookmin Bank, is mentioned as one the few powerful contenders for the state-fun
July 2, 2013
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HHI develops digital super radar for ships
Hyundai Heavy Industries, the world’s top shipbuilder, developed a high-resolution marine digital radar, which may detect small objects from extremely far distances, officials said Tuesday.The new radar, developed jointly by HHI and state-run research institutes, may detect objects as small as 70 centimeters from 10 kilometers or further, even under foul weather conditions, according to officials. Its electric amplifier is to last for up to 50,000 hours, which is about 16 times longer from the c
IndustryJuly 2, 2013
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Firms advised to brace for late payments from overseas
As the economic growth of India, Brazil and the EU is projected to be slower than expected in the latter part of this year, Korean exporters in these markets need to prepare for the risk of delayed payment, according to the state-run Korea Trade Insurance Corp., known as K-sure.The outlook for growth in these three markets was made based on a survey of officials from 14 overseas branches of K-sure on risk of nonpayment in the nation’s key export markets. The main business of K-sure is to guarant
July 2, 2013
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Management experts to take charge of CJ Group
CJ Group, South Korea’s leading food and entertainment conglomerate, said Tuesday that a group of management experts will lead the conglomerate as its chairman has been detained on charges of creating secret funds and evading taxes.CJ Group said, “The group will play the role of the group’s key decision maker,” in order to maintain the operations of the group. On late Monday, Lee Jay-hyun was taken to a detention center on the southern part of Seoul immediately after a warrant was issued for his
IndustryJuly 2, 2013
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Bosch names Tyroller to head Asia-Pacific operations
Bosch’s supervisory board appointed Peter Tyroller to head its Asia-Pacific operations, the company said on Monday.Headquartered in Shanghai, China, Bosch’s Asia-Pacific division has some 13,800 engineers working in various countries and is expected to grow more. “The Asia-Pacific will continue to be the main driver of growth for Bosch and I am honored to take over the responsibility for this important region,” said Tyroller.Since 2006, Tyroller has served as a board member, overseeing the compa
IndustryJuly 2, 2013