Most Popular
-
1
AI textbook bubble could burst, expert warns
-
2
Samsung tightens its belt amid crisis winds
-
3
Food tycoon Paik Jong-won's Theborn Korea pushes toward IPO
-
4
North Korean trash balloons cross border day after Seoul military parade
-
5
Prosecution closes 'Dior bag' case amid opposition uproar
-
6
SF Giants outfielder Lee Jung-hoo back home after injury-shortened rookie season
-
7
Court confirms sentence for rapper who attempted to evade national service
-
8
[Photo News] Armed Forces Day
-
9
N. Korea may revoke 1991 Inter-Korean Basic Agreement in parliament: Seoul
-
10
[Kim Seong-kon] Understanding uniquely American things
-
Seoul shares down 0.16 % on possible U.S. rate hike
South Korean stocks shed 0.16 percent Thursday as the U.S. Federal Reserve hinted at a potential rate hike within the year, analysts said. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index decreased 3.36 points to 2,049.41. Trading volume was moderate at 336.8 million shares worth 3.92 trillion won ($3.44 billion), with winners outpacing losers 404 to 390. Fed Chair Janet Yellen said Wednesday (U.S. time) the central bank has not yet decided wheth
Nov. 5, 2015
-
Financial market weathers U.S. signal at rate hike
Korea’s financial market showed a tolerance to U.S. Federal Reserve chair Janet Yellen’s remarks signaling a rate hike in December on Thursday, though its stocks and currency lost compared to the previous trading session, analysts said.The U.S. dollar rose by 0.57 percent to finish at 1,138.5 won on growing projections in the global futures trading market that the Fed was moving to raise its key interest rate on the next meeting of the Federal Open Market Committee, slated for Dec. 15-16.Like th
Nov. 5, 2015
-
Construction firms bag record domestic orders in Sept.
South Korean construction companies racked up monthly record domestic orders in September, aided by a recovery in the local property market and a series of massive construction projects, data showed Thursday. According to the data compiled by the Construction Association of Korea, local builders received a combined 20.41 trillion won ($17.9 billion) worth of orders in September, more than doubling from a year earlier. Of the orders tallied, they bagged 18.49 trillion won worth of domestic orde
IndustryNov. 5, 2015
-
Korea's central bank chief to attend BIS meeting
The chief of South Korea's central bank will attend a meeting of central bank heads from around the world in Switzerland this week to exchange views on global economic and financial market conditions, the Bank of Korea said Thursday. BOK Gov. Lee Ju-yeol will depart for Basel, Switzerland on Friday for the two-day Bimonthly Meeting of the Bank for International Settlements that will be held from Sunday, according to the bank. "During the two-day meeting, Gov. Lee and central bank governors of
Nov. 5, 2015
-
Gov't to announce new duty-free operators next weekend
South Korea's customs agency said Thursday that it plans to announce the winners of duty-free operating licenses next weekend in a bid to prevent people from taking advantage of tip-offs as the stock market will be closed. Four companies -- Shinsegae, Doosan Group, SK Group and Lotte Group -- have submitted bids for the operational licenses of three duty-free stores in downtown Seoul, which are set to expire later this year. Shinsegae and Fashion Group Hyungji are competing for a license for a
Nov. 5, 2015
-
Korea to float yuan-based FX bonds in China
South Korea plans to issue yuan-denominated foreign exchange stabilization bonds in China to better meet rising demand for the Chinese currency and help local firms do business in the world's No. 2 market, a government source said Thursday. According to the source in the finance ministry, the government submitted a request to Chinese regulators asking permission to issue the bonds. "The matter is being reviewed and once permission is given the size of timing for the bond issuance will be decid
Nov. 5, 2015
-
KEPCO Q3 net surges on asset sales, higher electricity rates
State-run Korea Electric Power Corp. said Thursday that its third-quarter earnings surged, largely due to gains from asset sales and higher electricity rates. Net profit reached 9.28 trillion won ($8.16 billion) in the July-September period, compared with a profit of 1.55 trillion won a year earlier, the company said in a regulatory filing. Operating income also jumped 52 percent on-year to 4.34 trillion won, and sales gained 3.8 percent to 15.47 trillion won over the cited period. (Yonhap)
IndustryNov. 5, 2015
-
Ex-Kakao CEO indicted for neglecting porn controls
Former Kakao CEO Lee Sir-goo was indicted for allegedly neglecting his duty to block sexually explicit content from being circulated via the company’s social network service Kakao Group, the state prosecution said Wednesday. According to investigators, he was accused of violating the country’s Youth Protection Law by not taking action to block or prevent the spread of pornography from reaching young people. Lee resigned in August, but remains at the company in a supporting role for new CEO Rim J
TechnologyNov. 5, 2015
-
LG Twin Wash hits U.S. stores
LG Electronics on Wednesday started selling its new dual-load washing machine, Twin Wash, in the U.S. where the Korean tech giant is the No. 1 washer maker in terms of sales. Starting at Best Buy this month, the LG washer will hit major retailers such as Home Depot and Lowe’s by the end of this year. The Twin Wash is the industry’s first front-load washing machine that comes attached with an optional smaller washer on the bottom. The dual-load system allows users to wash two loads of laundry si
TechnologyNov. 5, 2015
-
Court rules Apple has no liability to compensate for tracking users' location
An appeals court on Thursday ruled against South Korean iPhone users who filed a damages suit against Apple Inc. for collecting their location information without their consent. The Busan High Court, upholding a lower court's ruling, dismissed the complaint filed against the U.S.-based tech firm and its local unit, Apple Korea Inc., seeking 1 million won ($879) each in compensation, saying there was no leakage of private data. In 2011, about 28,000 people filed the suit a few weeks after South
IndustryNov. 5, 2015
-
Park calls solid historical viewpoint essential for reunification
President Park Geun-hye called for establishing a solid viewpoint of Korean history among the people on Thursday, saying it is essential to lay the groundwork for potential unification with Pyongyang. She said having "a solid historical viewpoint and sense of pride in our country" is the first step toward unifying the two Koreas, which have been divided for more than six decades following the 1950-53 Korean War. "Unification is difficult to achieve if these do not precede it," she said. Park
PoliticsNov. 5, 2015
-
U.S.-Korea alliance firm regardless of politics in Washington: Pentagon official
The U.S. alliance with South Korea has stood firm for more than six decades regardless of politics in Washington, a U.S. Defense Department official said Wednesday. Capt. Jeff Davis, a Pentagon spokesman made the remark in response to a question about Republican presidential front-runner Donald Trump's accusations that South Korea is getting a defense free ride from the U.S. "We have 65 years of alliance with the Republic of Korea, decades-old alliance with the Republic of Korea. I don't see t
InternationalNov. 5, 2015
-
Abe's aggravation of historical tensions has 'jeopardized' U.S. interests in region: CRS report
The return of Japanese Prime Minister Shinzo Abe to power provided a firmer foundation for cooperation with the United States, but at the same time "jeopardized" American interests in the region by inflaming historical tensions, a congressional report said. The Congressional Research Service also said in a recent report on U.S.-Japan relations that the U.S. has tried to strike a balance between deepening the alliance as part of its Asia rebalance policy and "quietly pressuring Japan to avoid up
InternationalNov. 5, 2015
-
UHD TVs to take up 40% of market in 2016
The global shipment of Ultra HD TV panels will take up 40 percent of the combined display market in 2016, data showed Thursday, with price cuts leading to a larger scope of consumers. Global sales of UHD TV panels are projected at 67 million units in 2016, up 67 percent from this year's estimated 40 million units, according to the data compiled by industry tracker IHS. "Demand for UHD panels has risen sharply, because they are suited for large screens. Consumers are also recognizing that highe
IndustryNov. 5, 2015
-
Industry minister vows to cut red tape in foreign investment
South Korea's industry minister pledged Thursday to remove administrative red tape that is holding up foreign investment. In a meeting with members of the American Chamber of Commerce and Industry in Seoul, Yoon Sang-jick said he will work closely with other government ministries to find reasonable ways to deal with regulatory obstacles that are hindering inflows of investments. "Efforts will be made to work closely with foreign companies operating in South Korea to find ways to make the local
Nov. 5, 2015
-
SK Group launches job consulting program for youth
SK Group launched a job consulting program for the young adults on Thursday in its latest appeasement gesture after its head received a special pardon from the government earlier this year. South Korea's No. 3 conglomerate said it commenced the program and will pick the first batch of 1,000 youths to help them develop their careers and find jobs, adding they will be provided with internship programs in the group's subcontract firms. The selected candidates will join the program starting in Jan
IndustryNov. 5, 2015
-
Shipbuilders suffer massive losses in Q3
South Korea's major shipbuilders, led by Hyundai Heavy Industries Co., logged massive losses in the third quarter of the year, largely due to a series of order cancellations and a delay in the construction of offshore facilities, industry data showed Thursday. According to the data, the country's big three shipyards -- Hyundai Heavy, Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co. -- racked up a combined operating loss of 2.1 trillion won ($1.85 billion) during the
IndustryNov. 5, 2015
-
Seoul shares open lower on automakers, shipbuilders
South Korean stocks started lower Thursday due to a sharp decline in carmakers and shipbuilders. The benchmark Korea Composite Stock Price Index lost 6.87 points, or 0.33 percent, to 2,045.90 in the first 15 minutes of trading. Carmakers traded bearish, with Hyundai Motor falling 0.6 percent and its smaller affiliate Kia Motors remaining unchanged. Top auto parts maker Hyundai Mobis shed 0.4 percent. Shipbuilders were also among losers, with Hyundai Heavy Industries decreasing 1.58 percent an
Nov. 5, 2015
-
KEPCO wins $60 mln Dominican Republic power network deal
The state-run Korea Electric Power Corp. said Thursday that it has secured a US$60 million power distribution network deal in the Dominican Republic. The utility company said the work, which is the single largest overseas distribution network deal it has won so far, involves replacing old power distribution infrastructure and setting up new networks that can upgrade the island nation's overall power system. The work to be completed in 2017 involves placing some 14,000 electric utility poles a
IndustryNov. 5, 2015
-
LG's newest mid-end smartphone to go on sales in U.S. this week
LG Electronics Inc., South Korea's No. 2 smartphone maker, said Thursday it will start selling its latest mid-range model with a larger display and a stylus pen in the United States this week. G Vista 2 is the follow-up model of G Vista in LG's budget phone lineup rolled out last year to target overseas markets. In South Korea, the same preceding handset is known as the LG Gx2, with the latest model yet to be released. It comes with a 5.7-inch full HD display, bigger than the flagship G4's 5
IndustryNov. 5, 2015