Most Popular
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Actor Jung Woo-sung admits to being father of model Moon Ga-bi’s child
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Wealthy parents ditch Korean passports to get kids into international school
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Man convicted after binge eating to avoid military service
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First snow to fall in Seoul on Wednesday
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Final push to forge UN treaty on plastic pollution set to begin in Busan
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Korea to hold own memorial for forced labor victims, boycotting Japan’s
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Nvidia CEO signals Samsung’s imminent shipment of AI chips
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Industry experts predicts tough choices as NewJeans' ultimatum nears
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Job creation lowest on record among under-30s
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NK troops disguised as 'indigenous' people in Far East for combat against Ukraine: report
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Cabbage prices fuel kimchi imports
Imports of Korean staple rise by almost 40% on-yearAs prices of locally-produced napa cabbages soared, kimchi exports decreased by more than 10 percent this year, while imports increased by nearly 40 percent, government data found Monday. This year’s outbound shipment of kimchi amounted to 15,614 to
IndustryAug. 8, 2011
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Banks’ foreign currency liquidity sound: regulator
South Korean banks have no problems with their foreign currency liquidity conditions, the top financial regulator said Monday, downplaying the significance of a regulatory probe into them.The Financial Services Commission and its executive body, the Financial Supervisory Service, have created a task
Aug. 8, 2011
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Household transport costs up 11% in Q1
South Korean households spent 11 percent more on transportation on-year in the first quarter due mainly to higher fuel and energy prices, central bank data showed Monday.Households’ transportation expenditures on a nominal basis reached 18.2 trillion won ($17 billion) in the January-March period, co
Aug. 8, 2011
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Spy agency to control cyber security
The Korea Communications Commission on Monday unveiled its master plan for cyber security, including expanding inter-governmental cooperation and triggering more participation of private experts, to deal with the rising security threat.The commission, together with 14 other governmental agencies, ag
Aug. 8, 2011
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Lotte Mart denies transfer of headquarters to China
Lotte Mart struggled Monday to quell market speculation that the nation’s second-largest retail chain is considering moving its headquarters to China in the near future. According to news reports, Lotte Mart CEO Noh Byung-yong hinted at a potential move to China in a recent meeting with company offi
IndustryAug. 8, 2011
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STX Heavy faces contract breach in Iraq
Company reviewing contract on whether Iraq can legally retract accord on plantSTX Heavy Industries is in danger of losing a 3 trillion won ($2.8 billion) plant construction contract in Iraq due to political turmoil in the Middle Eastern country, industry sources and news reports said Monday. STX, wh
IndustryAug. 8, 2011
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FKI under fire for lobbying activities
The Federation of Korean Industries is facing mounting public backlash after the discovery that it pushed companies to lobby politicians to curb anti-corporate legislation.The country’s central mouthpiece for conglomerates was recently found to have paired some of the nation’s largest companies with
IndustryAug. 8, 2011
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Asian stock markets sink after US credit downgrade
BANGKOK (AP) -- Asian stocks nose-dived Monday as the first-ever downgrade of the U.S. government's credit rating jolted the global financial system, reinforcing fears that the world economy is weakening.Oil prices extended recent sharp losses, trading below $84 a barrel on expectations that weaker
Aug. 8, 2011
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Seoul shares tumble on U.S. debt rate cut
Seoul shares tumbled to its lowest in almost two years on its first trading day since the historic cut of the U.S. credit rating Saturday, underperforming regional peers in Asia at the increased sovereign risk of the world’s most powerful economy. (Yonhap News)The benchmark KOSPI lost 3.82 per
Aug. 8, 2011
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US downgrade 'sounds alarm bell': China state media
BEIJING (AFP) -- Standard & Poor's US debt downgrade was a wake-up call for the world, a commentary in a top Chinese state newspaper said Sunday, adding that Asian exporters faced special risks.Citing economist Sun Lijian, the People's Daily said Standard & Poor's Friday cut to the US' credit rating
Aug. 8, 2011
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Savings banks to suffer additional losses from sour PF loans
South Korean savings banks are expected to suffer additional losses of around 3 trillion won ($2.8 billion) from soured project financing (PF) loans, a report showed Monday.The local savings bank industry has to additionally set aside reserves totaling 2.98 trillion won in a bid to cover its bad PF
Aug. 8, 2011
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Foreign direct investment in Seoul more than doubles in first quarter
Foreign direct investment (FDI) in Seoul rose more than twofold in the first half of this year from the same period last year thanks to an improved business environment in the capital city, officials said Monday.The FDI in Seoul totaled $1.8 billion in the January-June period, up 116 percent from la
Aug. 8, 2011
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Seoul shares open lower
Korean shares opened down 1.4 percent Monday following last week's market turmoil and the downgrade to the United States' credit rating by Standard & Poor's.The weak start came even after the Group of Seven nations said they were committed to taking coordinated action to ensure liquidity and to supp
Aug. 8, 2011
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S. Korean shares open 1.4% lower
SEOUL (AFP) -- South Korean shares opened down 1.40 percent Monday following last week's market turmoil and the downgrade to the United States' credit rating by Standard & Poor's.The benchmark KOSPI index was down 27.18 points at 1,916.57 at the open, but it made up ground and had declined 0.5 perce
Aug. 8, 2011
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Seoul policymakers strive to preempt market volatility
Korean policymakers were striving Sunday to contain the impact from the historic cut in the U.S.’s sovereign credit rating and the European debt crisis amid growing concerns over the domestic markets’ vulnerability to external uncertainties.Senior officials from the Finance Ministry, the Bank
Aug. 7, 2011
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Foreign currency liquidity vital for nation: FSC chief
Financial Services Commission chairman Kim Seok-dong called for stronger measures to secure foreign exchange reserves to stave off debt woes abroad spilling over into local financial markets.“Inflation doesn’t undermine a nation immediately, but the foreign currency liquidity problem does topple a n
Aug. 7, 2011
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ESTsoft’s involvement with hacker attack sparks dispute
A massive hacking incident that hammered SK Communications, which runs popular social network site Cyworld and the third-ranked portal Nate.com, is now exposing additional security loopholes at other IT companies. Police said the ESTsoft server might have been used by a hacker who stole the personal
TechnologyAug. 7, 2011
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Suggested pricing to prompt hikes for food products
Further price increases for some processed food products appear unavoidable with the revival of the manufacturer’s suggested retail price from this month, industry sources said Sunday.The Ministry of Knowledge Economy announced in June that food products such as instant noodles, snacks and ice cream
IndustryAug. 7, 2011
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Gloomy outlook gripping investors, policymakers
Fears of a new financial crisis stoked by last week’s market turmoilFor South Korea, where memories of two major financial upheavals in the late 1990s and 2008 are fresh, the dramatic nosedive of the Seoul bourse on Friday raised investor fears of a third financial crisis.The pattern was eerily fami
Aug. 7, 2011
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Won poised to weaken amid risk aversion: analysts
The Korean won is poised to weaken further against the greenback this week over the risk of economic slowdown in the U.S., analysts said. The won dropped lower against the U.S. dollar in the past week after Washington avoided a partial debt default, averaging a 4.23 won loss each day from Aug. 2 onw
Aug. 7, 2011
