Most Popular
-
1
Heavy snow alerts issued in greater Seoul area, Gangwon Province; over 20 cm of snow seen in Seoul
-
2
Seoul blanketed by heaviest Nov. snow, with more expected
-
3
Seoul snowfall now third heaviest on record
-
4
Samsung shakes up management, commits to reviving chip business
-
5
K-pop fandoms wield growing influence over industry decisions
-
6
Heavy snow of up to 40 cm blankets Seoul for 2nd day
-
7
How $70 funeral wreaths became symbol of protest in S. Korea
-
8
Seoul's first snowfall could hit hard, warns weather agency
-
9
N. Korea may officially declare troop deployments to Russia: Seoul
-
10
Why cynical, 'memeified' makeovers of kids' characters are so appealing
-
Seoul takes steps to lower prices of imported cosmetics
The government said on Friday it will improve the distribution system of imported cosmetics and tighten monitoring of unfair trade practices and deceptive advertising to lower their prices.Prices of imported beauty products remained high despite Korea’s free trade agreements with the European Union and the U.S. which went into effect in July last year and March this year, respectively.“We will reduce the excessive retail margins incurred by exclusive imports and sales and provide consumers with
IndustryJune 15, 2012
-
Telecoms-Kakao conflict escalates over free call
S&P lowers KT’s rating to negative, citing threat from mVoIP service and other revenue sourcesLocal telecom giants and Kakao, well-known for its free mobile messenger service, have expanded their battle front amid the venture firm’s new allegation that the mobile carriers purposely downgraded the quality of its voice call service.Earlier on Thursday, Kakao’s chief executive Lee Sir-goo said that the country’s three telecom companies -- SK Telecom, KT and LG Uplus -- are lowering the voice qualit
IndustryJune 15, 2012
-
U.K. gives new details of mass surveillance plan
U.K. authorities are revealing new details of an ambitious bill which would track electronic conversations of every single U.K. resident. The proposed mass surveillance law would collect detailed information about the private communications of millions of Britons, a step the government insists is necessary to fight terrorism and crime.Home Secretary Theresa May says the program will not snoop on t
TechnologyJune 15, 2012
-
Internet led to global 'explosion' of fake drugs
The rapid growth of Internet commerce has led to an explosion of counterfeit drugs sold around the world, with China the biggest source of fake medicines, pharmaceutical experts said Thursday.The illicit trade is now believed to be worth around 75 billion dollars globally, with criminal gangs increasingly using the web to move their products across borders, said Scott Davis, Pfizer's top security
TechnologyJune 15, 2012
-
U.S. urges markets to pull shellfish from Korea
The Food and Drug Administration is urging food distributors, retailers and food service vendors to remove from the market all shellfish imported from South Korea because of possible contamination with human waste and norovirus.The decision follows an FDA evaluation that determined that the Korean Shellfish Sanitation program no longer meets adequate sanitation controls. The federal agency is in o
IndustryJune 15, 2012
-
Lack of sleep makes it hard to resist junk food
U.S. researchers found that sleep-deprived people have a bigger possibility of choosing unhealthy food for their meals, which could lead to obesity.Lead author Stephanie Greer, a graduate student at the University of California, Berkeley, and his team conducted a study on 23 healthy adults to see how poor sleep affects food choices.In the study, researchers divided participants into two groups, with one restricted to have only four hours sleep and the other allowed to have nine hours of sleep fo
TechnologyJune 15, 2012
-
Seoul shares open lower on persistent eurozone woes
South Korean stocks opened lower Friday in the face of mounting eurozone uncertainties and a weaker-than-expected U.S. job report, analysts said.The Korea Composite Stock Price Index (KOSPI) fell 0.57 percent, or 10.69 points, to 1,860.79 in the first 15 minutes of trading.Market bellwether Samsung Electronics lost 2.14 percent, with top automaker Hyundai Motor also giving up 0.21 percent.The loca
June 15, 2012
-
S. Korea's import price gain accelerates in May
South Korea's import prices rose at a faster pace in May than a month earlier mainly due to increased costs of raw minerals and capital goods, the central bank said Friday.In local currency terms, import prices climbed 2.1 percent on-year in May, up from a gain of 1.7 percent in April, according to the Bank of Korea (BOK).Last month's increase comes after price gains fell to their lowest figure in
June 15, 2012
-
Korea’s household debt problem as serious as Spain’s: KCCI report
Korea’s ratio of household debt to gross domestic product has exceeded the average figure held by members of the Organization for Economic Cooperation and Development.According to the Korea Chamber of Commerce and Industry, Korea’s household debt-to-GDP ratio reached 81 percent, surpassing 73 percent of the OECD average.The level is quite serious as it is similar to the ratio (85 percent) of Spain which is suffering from a financial crisis and far exceeding that (61 percent) of Greece, one of th
June 14, 2012
-
KCC to restrict websites from collecting national ID numbers
The Korea Communications Commission said Thursday that it will soon begin restricting websites from requiring subscribers or users to register their resident identification numbers.This measure follows a law revision that will be implemented beginning August 18, in an effort to make Korea a “clean Internet” society, which had been vulnerable to hacking and ID theft.All online sites, including portals, e-commerce and shopping malls, will not be able to ask or demand that consumers type in their n
IndustryJune 14, 2012
-
Korean cosmetics sales rise at Seoul duty free shops
Beauty products are the most sold Korean-made products in Seoul’s duty free shops. According to research released by Seoul Main Customs Office on Thursday, sales of products made in Korea steadily increased at six duty free shops in Seoul, led by the popularity of cosmetics goods. The total sales of made-in-Korea products for the first four months of this year hit 166.8 billion won ($142 million), a 64 percent increase compared to the same period last year. Last year, the overall figure was 396.
IndustryJune 14, 2012
-
Construction begins on Saemangeum sea port
The construction of a new international port in Saemangeum kicked off on Thursday with a groundbreaking ceremony in Gunsan, North Jeolla Province, paving the way to a boost of the local economy, officials said. Planned to be built upon Saemangeum, a massive plot of reclaimed land along the southwest coast, the new port will induce the creation of 22,400 jobs, the Ministry of Land, Transportation and Maritime Affairs said. The Land Ministry plans to pour 2.5 trillion won ($2.1 billion) into the p
June 14, 2012
-
Recovering tire producers eye expansion
Hankook seeks new growth engine; Kumho strives to resume building U.S. plantThe nation’s two largest tire manufacturers ― Hankook and Kumho ― are preparing for stiffer competition at home and sales battles with global players overseas.Though the companies had to delay investment and a variety of projects, their recent painstaking efforts to improve their financial status and management structure have been highly evaluated in the market.Kumho Tire, which has been under joint control of creditor
IndustryJune 14, 2012
-
Greece’s exit from eurozone a matter of time: expert
Shin Hyun-song, Princeton University professor and former advisor to President Lee Myung-bak on international economy, said Thursday that Greece’s exit from the eurozone was a matter of time.“We don’t know whether it will be determined by the Greek election this weekend or later, but since there is a fundamental contradiction, it can’t keep going,” Shin told reporters at the Bank of Korea.“We don’t know the timing or the level of support Greece will get from other EU countries, but if the contag
June 14, 2012
-
Seoul shares gain 0.65% as investors remain calm
South Korean stocks gained 0.65 percent Thursday as investors remained calm in the face of mounting eurozone woes and took a wait-and-see stance ahead of the Greek elections, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index, after a choppy session, moved up 12.16 points to 1,871.48. Trading volume was light at 4.14 million shares worth 4.77 trillion won ($4.09 billion), with gainers outpacing losers 432 to 379.“The downgrading of Spai
IndustryJune 14, 2012
-
SKT launches fraud compensation service
SK Telecom, Korea’s largest mobile carrier, has launched a service that will ensure consumers receive compensation when hit by financial fraud via mobile networks.The service, named “Safe and Joy,” will offer its customers compensatory damages of between 1 to 3 million won, which they can use to take legal action, should they fall victim to voice and messenger phishing, and credit card misuse. Parents of Safe and Joy’s customers who had been exposed to such fraud can also receive the same financ
June 14, 2012
-
Banks slapped on wrist for misconduct
FSS says most unlawful practices detected at large institutionsMajor banks have been caught for misconduct such as failing to confirm real names in financial transactions or making borrowers purchase financial products to have their loan applications approved, the Financial Supervisory Service said Thursday. The nation’s top financial regulator said it reprimanded numerous banks 53 times and punished 348 bank employees over the past two years.The FSS issued institutional warnings to KB Kookmin B
June 14, 2012
-
Apple bid to stop Samsung smartphone in U.S. stalled
SAN FRANCISCO (AFP) ― Apple’s effort to stop South Korea’s Samsung from launching its newest iPhone challenger in the U.S. has been derailed by complex maneuvering in the patent war between the companies.Apple backed off a last-minute request to block the Galaxy S3 model’s U.S. release after U.S. District Court Judge Lucy Koh warned that it would force a postponement of a June 21 hearing in the patent infringement case.“If Apple seeks to file a motion to enjoin sales of the Samsung Galaxy S III,
TechnologyJune 14, 2012
-
Nexon fined 771 million won for passing on users’ private info
The Korea Communications Commission on Thursday fined Nexon Korea 771 million won ($660,880) for passing on private user information to a client firm without users’ consent.The state media regulator agreed in a committee’s general meeting that the country’s biggest game firm pay the amount for not obtaining users’ permission in providing its short message service with Mobilians from 2006-2010.“During the five years, it has been discovered that the company did not get the permission from owners o
IndustryJune 14, 2012
-
KEPCO promises ‘perfect’ nuclear plants in UAE
Korea’s power giant to hold support rally for nuclear power plant deal with the Middle Eastern countryThe nation’s state-run energy supplier Korea Electric Power Corp. will hold a resolution rally at its Seoul headquarters Friday, vowing for the safety, quality and integrity of its ongoing nuclear power plant deal with the United Arab Emirates.About 500 executives and staff from KEPCO, Doosan Heavy Industries and Construction Co., Hyundai Engineering and Construction Co., Samsung C&T Corp. and o
IndustryJune 14, 2012
