Most Popular
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Seoul, Tokyo reboot joint maritime resource talks after 40-year freeze
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Host of Miss Korea apologizes for 'inappropriate question' about deepfake
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Korea to face another massive shortfall in tax revenue
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Global drama stars gather for 2024 Seoul International Drama Awards
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[Contribution] Turkmenistan celebrates the 33rd anniversary of its Independence
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SK hynix outpaces Samsung, Micron with more powerful AI chips
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Power of nostalgia brings K-pop legends back together
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North Korea unveiling uranium enrichment site a US election-conscious move: NIS
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[Photo news] Faker Mercedes
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Boy's emergency medical treatment delayed 2 hours due to staff shortage
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The fight to save antibiotics
For once, the headlines about the latest health scare are not hyperbole: The end of the Antibiotics Era may be nigh. Staving it off will require fast and creative thinking not only in medical science, but also in public policy.Public-health officials were horrified but not surprised to find a Pennsylvania woman who had an infection with the same kind of drug resistance first identified last fall on farms in China. The E. coli found in the woman carried the same genetic mechanism of resistance to
ViewpointsJune 9, 2016
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[Leonid Bershidsky] Germans, the experts in atonement
The German parliament’s recognition of the 1915 genocide of Armenians in Turkey has predictably angered the Turkish government, which has even recalled its ambassador from Berlin. But more importantly, it raised the question of what constitutes sufficient atonement for the past sins of entire nations.The Bundestag’s resolution, which calls the 100-year-old events in the Ottoman empire a genocide, isn’t mere symbolism. Chancellor Angela Merkel, who did her best to delay the vote so it wouldn’t ta
ViewpointsJune 9, 2016
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Newcomers to Korea’s tax-free market in all-out war
[THE INVESTOR] Step into the doors of the third-floor entrance of HDC Shilla Duty Free in Yongsan, central Seoul, and it’s a whole new world. The gleaming marble floors, the endless showcases stamped with global cosmetics brand names and the air filled with a faint floral scent are in stark contrast to the surrounding area, known best for its American military base. Visitors watch 360-degree LED displays surrounding a swing ride, created by Belgian artist Carsten Holler, at Shinsegae Duty Free’s
IndustryJune 9, 2016
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Hanmi Science acquires medication management firm JVM
[THE INVESTOR] Hanmi Science, the holding company of South Korea’s Hanmi Pharmaceutical, said Thursday that it has acquired local medication management automation company JVM Co. under a stock swap agreement. Hanmi Science acquired a 30 percent stake in JVM by purchasing 1.89 million JVM shares for 129 billion won ($112 million) -- 20 percent of which was paid in cash and the remaining 80 percent through Hanmi Science shares.Hanmi Science (Yonhap)“Through the merger, we expect great synergies be
June 9, 2016
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DSME suspected of raising W10tr illegally
[THE INVESTOR] Prosecutors have found evidence that embattled Daewoo Shipbuilding & Marine Engineering illegally raised money amounting to 10 trillion won ($8.6 billion) through accounting fraud, according to local news reports on Thursday. The prosecutors have placed travel bans on two former chief executives Nam Sang-tae and Koh Jae-ho of the world’s second-largest shipbuilder. The prosecution’s special force for anticorruption had secured evidence after raiding 10 organizations on Wednesday i
June 9, 2016
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KT Music to launch South Korea's first virtual reality music service
South Korean online music content provider KT Music unveiled the country's first virtual reality-backed music service on Thursday."Genie VR," a computer-generated multimedia service that plays the visuals alongside music content, will be provided on a separate section of Genie's mobile app, the music service maker and distributor said during a news conference.The affiliate of mobile carrier KT currently offers two music-streaming services -- Genie Music and Olleh Music. Wearing HMD, or a head mo
TechnologyJune 9, 2016
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N. Korea launches 'weeding campaign' following rice-planting drive
North Korea has just launched a weeding campaign in rice paddies following a month-long drive to plant rice as part of a nationwide effort to boost the country's grain production.In an editorial, the North's main newspaper Rodong Sinmun called on the people to make a concentrated effort to root out weeds in the rice fields as required by the country's ruling Workers' Party. It said such measures are critical to increase rice production this year.The country has ended the spring rice planting sea
North KoreaJune 9, 2016
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Ad firms raided over opposition lawmaker's alleged illegal political funds
Prosecutors raided local advertisement companies Thursday over allegations that they gave illegal kickbacks to a minor opposition party lawmaker during the parliamentary elections held in April.The Seoul Western District Prosecutors' Office raided about six offices over suspicions that Rep. Kim Su-min of the People's Party illegally received some 178 million won ($154,000) from the firms through forged contracts.Kim was in charge of the party's election campaign ahead of the April 13 general ele
Social AffairsJune 9, 2016
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Seoul shares marginally down on profit-taking
South Korean stocks closed 0.14 percent lower Thursday as individual investors opted to lock in gains from the previous day's increase despite earlier gains led by the central bank's surprise interest rate hike. The local currency inched up against the U.S. dollar. The benchmark Korea Composite Stock Price Index shed 2.91 points to finish at 2,024.17. Trading volume was moderate at 591.4 million shares worth 7.58 trillion won ($6.57 billion) with decliners far outpacing advancers 525 to 300.The
June 9, 2016
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Hyundai Mobis receives temporary license plate for testing self-driving technologies
South Korea's top auto parts maker Hyundai Mobis Co. said Thursday that it has received a temporary license for testing self-driving technologies, the latest in a series of moves by Seoul to develop autonomous vehicles.It marks the first time that a local auto parts maker has received a license for test driving.Hyundai Motor, a flagship unit of the South Korean auto giant Hyundai Motor Group, received a license in March to test drive its Genesis luxury sedan equipped with a high-tech driving ass
MobilityJune 9, 2016
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Korea plans to breed 3,000 nonhuman primates for animal tests
A state-run think tank on biotechnology said Thursday that it will breed as many as 3,000 nonhuman primates at a colony to be built by the end of next year in a bid to ensure a stable supply of the animals for the country's biomedical research.The state-run Korea Research Institute of Bioscience and Biotechnology held a groundbreaking ceremony to construct the Support Center for Nonhuman Primates Resources on a site of 72,000 square meters in the southwestern city of Jeongeup. The institute will
TechnologyJune 9, 2016
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BOK slashes base rate to new historic low
[THE INVESTOR] The Bank of Korea on Thursday slashed the key interest rate to a new historic low in a surprise move that came one day after the government finalized measures to support corporate restructuring. The seven-day repurchase rate has been cut by 0.25 percentage point to 1.25 percent, the lowest on record. The BOK last reduced the borrowing cost in June 2015 amid the outbreak of the deadly Middle East respiratory syndrome virus here. A reduction was seen coming, but not this month. Near
June 9, 2016
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Samsung SDI shares rebound after Musk remarks
[THE INVESTOR] South Korean battery-maker Samsung SDI’s shares rebounded Thursday after Tesla Motors chief executive Elon Musk said the Korean firm may supply batteries for its energy unit. Earlier on Wednesday, Samsung SDI’s shares had tumbled 8 percent, as Musk denied news reports that Tesla would procure batteries for its electric vehicles from the Korean battery-maker. YonhapHe tweeted, “Would like to clarify that Tesla is working exclusively with Panasonic for Model 3 cells. News articles c
BusinessJune 9, 2016
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[Photo News] Park Sam-koo promotes Korea-China friendship at luncheon
Park Sam-koo (right), head of the Korea-China Friendship Association and Kumho Asiana Group chairman, hosts a luncheon to discuss ways to promote cultural and economic exchanges between the two countries on Thursday at the 63 Building in Seoul. In attendance were Li Xiaolin (center), president of the Chinese People’s Association for Friendship with Foreign Countries, and Chung Jong-wook (left), vice chairman of the Presidential Committee for Unification Preparation and former Korean ambassador t
IndustryJune 9, 2016
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Antitrust body to ease regulation on conglomerates
[THE INVESTOR] The nation’s fair trade authorities said Thursday it would ease a key regulation to ban excessive expansion of conglomerates by raising the asset ceiling for its conglomerate watch list for the first time in seven years.In an economy-related ministers meeting held in Seoul, the Fair Trade Commission said it would boost the minimum asset criteria to 10 trillion won ($8.65 billion) from 5 trillion won. Fair Trade Commission in Sejong City (Yonhap)Mobile messaging giant Kakao and bio
June 9, 2016
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Organica, Starbucks introduce ‘Bistro Box’ in Korea
Organica Day, the organic juice and food development unit of Herald Corp., said Thursday that it has released the “Cajun Chicken Whole Wheat Bistro Box,” a tortilla wrap made with chicken and fresh vegetables, at some 800 Starbucks Coffee stores in South Korea.The new locally launched product is based on Starbucks’ signature “Bistro Boxes” that have been garnering high popularity in the U.S. It was codeveloped by Organica and Starbucks for local introduction.“With the launch of the ‘Bistro Box,’
IndustryJune 9, 2016
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Panel launched to monitor Samsung’s work safety
An independent ombudsman committee has been set up to ensure workplace safety at Samsung Electronics’ semiconductor and display factories, the committee said Thursday. The Samsung Ombudsman Committee is led by Lee Cheol-soo, the committee chief and a law professor at Seoul National University, Im Hyun-sool, a medical professor at Dongkuk University, and Kim Hyun-wook, a medical professor at Catholic University.“We have formed a panel consisting of the best experts in the field of safety and welf
TechnologyJune 9, 2016
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Korea condemns deadly terrorist attack in Kazakhstan
South Korea on Thursday condemned a recent terrorist killing in Kazakhstan and pledged to continue efforts to root out terrorism in the world.On Sunday, three civilians and three soldiers were killed in a rampage by gunmen in Kazakhstan's northwestern city of Aktobe.Kazakh President Nursultan Nazarbayev said Wednesday the attackers were followers of pseudo-religious groups who had received instructions from abroad."Our government cannot hide our shock and concern over the loss of innocent lives
InternationalJune 9, 2016
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E-mart enters soju market
[THE INVESTOR] Discount retailer E-mart is entering the soju market with the acquisition of Jeju Soju, the company said Thursday.The two companies signed a provisional contract, with final terms and conditions to be negotiated before the final agreement.Jeju Soju’s two lines of soju (Jeju Soju website)Reports estimate the deal to be worth around 30 billion won ($26 million), but Shinsegae Group, the parent company of E-mart, said that the deal price could not be confirmed until final negotiation
IndustryJune 9, 2016
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Gaepo-dong apartments’ price per pyeong tops W40m
Apartment prices in Gaepo-dong in Gangnam-gu, southern Seoul, are the highest in the nation, surpassing 40 million won ($34,600) per pyeong (3.3 square meters), industry data showed Thursday.According to real estate information provider Real Estate 114, the value of apartments in Gaepo-dong has reached 43.3 million won per 3.3 square meters, up 17 percent on-year. Gangnam (Yonhap)The average value of overall apartments in the country has also surpassed 10 million won per pyeong for the first tim
June 9, 2016