Most Popular
-
1
NewJeans to terminate contract with Ador
-
2
Korean Air gets European nod to become Northeast Asia’s largest airline
-
3
NewJeans terminates contract with Ador, embarks on new journey
-
4
Ador claims exclusive contracts with NewJeans still valid
-
5
Heavy, wet snow to fall more often this winter
-
6
SNU professors join growing movement calling for Yoon's resignation
-
7
Presidential office criticizes opposition-led state auditor, prosecutor impeachment motions
-
8
N. Korea launches 32nd wave of trash balloons, anti-S. Korea leaflets
-
9
Seoul to explore supporting children born outside of marriage: Yoon's office
-
10
Lotte heir assumes management role amid liquidity concerns
-
New government to focus on financial consumer protection
South Korea ranked 52nd out of 55 countries on an assessment of the financial regulatory sector by the International Monetary Fund.Financial regulatory reform has been a constantly recurring issue since the 1997 Asian financial crisis. Pundits say Korea’s regulators have been relatively negligent in protecting financial consumers’ rights.The Park Geun-hye administration, which takes office on Monday, is considering spinning off the financial consumer protection division from the Financial Superv
Feb. 24, 2013
-
Economic democratization overshadows inauguration
The corporate sector appeared to be wary of the inauguration of the Park Geun-hye government, which has pledged to crack down on irregularities by large companies.The sector’s apprehension was starkly illustrated in the low attendance for today’s inauguration ceremony.Lee Kun-hee, chairman of Samsung Electronics and unarguably the most prominent figure in corporate Korea, had said he would be absent from the occasion, as he would be away in Hawaii, where some of his family members reside. In his
Feb. 24, 2013
-
4G phablets, China focus of mobile show
BARCELONA, Spain ― The annual Mobile World Congress kicked off here on Monday for a four-day run with about 1,500 handset makers and mobile carriers showcasing their latest smartphones and advanced mobile technologies.A number of Korean tech firms including LG Electronics, Samsung Electronics, SK Telecom and KT are taking part in the mobile trade show as they strive to expand their presence overseas.The theme of this year’s event is “New mobile horizon,” and it will be staged at the Fira Gran Vi
TechnologyFeb. 24, 2013
-
SC Bank reels from penalties
Standard Chartered Bank Korea, the Korean operation of London-based Standard Chartered that spans more than 70 countries worldwide, has been struck by not one, but a series of blows by the nation’s financial authorities.The three state regulators ― the Financial Supervisory Service, the National Tax Service and the Financial Services Commission ― took turns squeezing the British Bank. On Friday, the FSC finalized its decision to impose a 17 million won ($16,000) fine on the bank for offering and
Feb. 24, 2013
-
Shares to rise on hopes for new gov’t
South Korean stocks are expected to trade higher this week on the back of rising hopes for the country’s economy following the upcoming inauguration of President-elect Park Geun-hye, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) closed up 37.71 points, or 1.9 percent, to 2,018.89 on Friday from the previous week.Earlier last week, the KOSPI moved up as the investor sentiment was heightened by a G20 meeting of finance ministers and central bankers, where officials
Feb. 24, 2013
-
Ssangyong E&C to seek debt workout
Ssangyong Engineering & Construction, beset by the housing market slump and a feud between its shareholder and creditor, is scheduled to file for a corporate workout process this week.The process refers to a company requesting its creditor banks for a payment delay or partial debt relief, in exchange for amending its financial structure.The nation’s No. 13 builder has a series of promissory notes and bonds amounting to 60 billion won ($55 million) whose maturity ends this Thursday, while facing
IndustryFeb. 24, 2013
-
Volkswagen profit forecast falls short
Volkswagen AG, Europe’s largest automaker, forecast that 2013 operating profit will match last year’s level, falling short of analysts’ estimates, as the shrinking auto market in its home region weighs on earnings. Earnings before interest and taxes, which rose 2.1 percent to 11.5 billion euros ($15.2 billion) in 2012, probably won’t increase this year, Wolfsburg, Germany-based Volkswagen said Friday in a statement. The average estimate of 14 analysts surveyed by Bloomberg is for 2013 profit of
MobilityFeb. 24, 2013
-
Imported cars have changed market landscape in Korea
Imported passenger cars have seen tremendous growth in South Korea over the last few years. In 2012 for instance, BMW Korea sold three times more cars than it did in 2009. However, contrary to other markets with similar or even higher growth rates, the total domestic market has been quite stable, with annual sales totaling around 1.2 million units. Don’t we forget there was a huge backlog with an exceptionally low segment share of imported vehicles of around 3 percent only a few years ago, where
MobilityFeb. 24, 2013
-
China decade away from global carmaker: analyst
Chinese automakers are about a decade away from being globally competitive and will have to increase their spending on research and development to close the gap, according to Sanford C. Bernstein & Co. Carmakers such as General Motors Co., Volkswagen AG and Toyota Motor Corp. are outspending Chinese brands on research and development and lead in engineering, said Max Warburton, an auto analyst at Bernstein, which has a neutral rating on China’s auto industry. The Chinese have the will and money
MobilityFeb. 24, 2013
-
It’s good to be challenger: Toyota Korea CEO
Korea is one of the few countries where Toyota Motor, the world’s largest carmaker, is not a dominant player. In a market where domestic brands Hyundai and Kia make up almost 80 percent of car sales, Toyota comes in fifth place among foreign brands, after the German carmakers; Toyota Korea’s market share stands at a tiny 1 percent. But Tommy Nakabayashi, CEO of Toyota Motor Korea, doesn’t complain about the unique business environment in Korea. Instead, he is willing to take on new challenges an
MobilityFeb. 24, 2013
-
Woulfe to clinch deal for tungsten project in Korea
Woulfe Mining, a Canada-based mining company, is near finalizing a deal to invest some 300 billion won ($260 million) to finance the redevelopment of Sangdong tungsten mine in Yeongwol, Gangwon Province, said a source familiar with the situation.The investment would also include building a processing plant in the region, with Woulfe’s strategic partner TaeguTec securing a long-term supply of the rare metal materials used for the production of its special industrial tools.This could be the bigges
IndustryFeb. 24, 2013
-
Sustinvest considers further ties with Sustainalytics
It has been nearly seven years since Sustinvest was established by CEO and founder Ryu Young-jae.Ryu now faces even bigger task of providing analytical information on the environmental, social and governance performance of listed companies as domestic pension funds seek to expand socially responsible investing.As its biggest client, the National Pension Service, which has become a “whale in a small pond,” seeks to increase stock investment for higher returns, Sustinvest will also need to boost i
IndustryFeb. 24, 2013
-
Expert: Coffee mug on desk a germ machine
Reusing a coffee mug at the office is great for the environment, but a U.S. germ expert advises taking the mug home for dishwasher washing. Professor Charles P. Gerba of the University of Arizona's Department of Soil, Water and Environmental Science suggested when drinking a mug of coffee at the office, don't nurse the cup for longer than an hour or so. "Colonies of germs are living in your favorite cup. Twenty percent of office mugs carry fecal bacteria, and 90 percent are covered in oth
TechnologyFeb. 24, 2013
-
Slowly cutting salt use would save lives
Slowly cutting back on U.S. salt consumption to achieve a 40 percent reduction would save 280,000 to 500,000 lives over 10 years, researchers say.Lead author Pamela Coxson, a mathematics specialist in the department of medicine at the University of California, San Francisco, and colleagues used computer simulations and models to project the effects of reducing salt intake by about 5 percent of a teaspoon of salt per day to lower Americans‘ average intake of 3,600 milligrams per day to about 2,20
TechnologyFeb. 24, 2013
-
India tech tycoon donates $2.3 bn to charity
Indian software tycoon Azim Premji said Saturday he has given $2.3 billion to an education charity that he controls, reportedly the biggest charitable donation in the country‘s recent history.It is his second recent big donation after giving almost $2 billion to the charity in 2010, and came shortly after he joined the Giving Pledge club set up by Microsoft co-founder Bill Gates and billionaire investor Warren Buffet.In Saturday’s donation, the chairman of software firm Wipro transferred shares
TechnologyFeb. 24, 2013
-
Seoul shares expected to trade higher on new gov't hope
South Korean stocks are expected to trade higher next week on the back of rising hopes for the country's economy following the upcoming inauguration of President-elect Park Geun-hye, analysts said Saturday.The benchmark Korea Composite Stock Price Index closed up 37.71 points, or 1.9 percent, to 2,018.89 on Friday from the previous week.Earlier this week, the KOSPI moved up as the investor sentiment was heightened by a G20 meeting of finance ministers and central bankers, where officials raised
Feb. 23, 2013
-
Microsoft added to hacker hit list
SAN FRANCISCO (AFP) -- Microsoft joined Facebook and Apple on Friday on the list of US technology titans targeted in recent cyberattacks."As reported by Facebook and Apple, Microsoft can confirm that we also recently experienced a similar security intrusion," Trustworthy Computing team general manager Matt Thomlinson said in a blog post."During our investigation, we found a small number of computers, including some in our Mac business unit, that were infected by malicious software using techniqu
TechnologyFeb. 23, 2013
-
JB Financial Group to make debut
The Financial Services Commission said Friday that it has endorsed the establishment of JB Financial Group, which will be headquartered in North Jeolla Province.The financial group will act as the parent unit of Jeonju City-based Jeonbuk Bank. Jeonbuk Bank had said it was considering a transformation into a financial holding company in a bid to boost its competitiveness through more integrated business of affiliates.The provincial bank also said it was reviewing the shift for the long haul in a
Feb. 22, 2013
-
Court OKs Woongjin’s self-rescue plan
A Seoul court on Friday gave the green light to a self-rescue plan proposed by Woongjin Holdings Co., clearing the way for the cash-strapped mid-sized group to make a fresh start.Under the approved plan, Woongjin Holdings, which owes about 1.57 trillion won ($1.5 billion) to its creditor banks, said it will pay off its debts with proceeds from its stake sale of several subsidiaries.The group will first sell its stake in its chemical unit, Woogjin Chemical Co.; its food unit, Woongjin Foods Co.;
Feb. 22, 2013
-
Judge says Samsung, Apple must narrow patent suit
Apple Inc. and Samsung Electronics Co. must narrow their patent-infringement lawsuit case scheduled for trial in 2014, a judge ruled.U.S. District Judge Lucy Koh in San Jose, California, Friday told lawyers from both companies that they must “focus and streamline” their cases to 25 patent claims, or elements of the patents at issue, and 25 accused products.Koh made the request from the bench Friday in the latest of two related patent cases. The lawsuit was filed last year and covers technology i
TechnologyFeb. 22, 2013
