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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S. Korea not to attend Sado mine memorial: foreign ministry
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Nvidia CEO signals Samsung’s imminent shipment of AI chips
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Toxins at 622 times legal limit found in kids' clothes from Chinese platforms
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Job creation lowest on record among under-30s
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S-Oil gets new home in Mapo, Seoul
S-Oil Corp. begins operating out of its new office in Mapo, Seoul, on Monday. This is the first time the company, which previously rented offices in the 63 City building in Yeouido, has set up headquarters in its own building since its establishment in 1976. S-Oil’s new office in Mapo, Seoul. (S-Oil)According to the company, the new building was designed to resemble the square-sailed boat used dur
IndustryJune 26, 2011
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Work starts on second Incheon Airport terminal
Work has started on the third phase of the Incheon International Airport expansion plan that will fuel growth of the key Northeast Asian transportation hub, the Incheon International Airport Corp. (IIAC) said Sunday.The state-operated corporation said that it picked blueprints for the airport’s second passenger terminal drawn up by a consortium led by Heerim Architects and Planners Co.It said the
IndustryJune 26, 2011
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Samsung Electronics may face penalty for obstruction: FTC
Samsung Electronics may be penalized for obstructing an investigation by the Fair Trade Commission.Sources from the antitrust watchdog said the agency is considering penalties over an incident in March when employees of Samsung Electronics’ Suwon plant barred the commission’s investigators from entering the facility.The investigators had been dispatched to monitor the manufacturing price of mobile
IndustryJune 26, 2011
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Hyundai, Kia rank No. 1 in U.S. for mid-size cars
Combined market share of mid-sized sedans made by Hyundai Motor Co. and its sister company Kia Motors Corp. ranked first in the United States last month, industry sources said Sunday.Sources said sales of Hyundai’s popular Sonata sedan reached 22,754 units in May, while Kia sold 7,401 Optima sedans in the one month period. This pushed up market share of the two models to 19.0 percent of all mid-si
IndustryJune 26, 2011
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SC First Bank faces mass strike
Bank offers ‘final proposal,’ but union sees no differenceAbout 3,000 unionized workers of Standard Chartered First Bank Korea are poised to go on an indefinite strike this week as they have failed to reach a compromise with management on salary.Despite continued efforts at persuasion and proposals by management, the union still opposes plans from the U.K.-based bank’s Korean unit to introduce a p
June 26, 2011
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Mercedes-Benz introduces new CLS 63 AMG
Mercedes-Benz Korea, the local unit of the luxury car division of Daimler AG, has introduced the second-generation of its passenger vehicle, the CLS 63 AMG, in Korea.The new CLS 63 AMG comes with a new V8 5.5-liter biturbo engine that is smaller than the 6.2-liter engine in the previous version, but generates more horsepower and torque while consuming less gasoline. Mercedes-BenzThe new engine pro
MobilityJune 26, 2011
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Renault Samsung launches New QM5 crossover car
Renault Samsung Motors on Sunday unveiled its updated QM5 crossover utility vehicle that aims to enhance the carmaker’s image as a quality manufacturer of upper-end cars.The new QM5 is a makeover of the existing vehicle with streamlined exterior lines, rearranged headlamps and a radiator grille that gives it a more “urban” style that could be more attractive to Korean consumers.The company, which
MobilityJune 26, 2011
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Hyundai-Kia shifts consumer target in U.S.
Portion of small vehicles continues to drop in American sales over a decadeHyundai Motor had been regarded as a minor player in the United States and had focused on finding a niche. Its main target was the small-sized vehicle market.Hyundai Motor and its affiliate Kia Motors saw small vehicles account for more than half in their North American sales in 2001.But the portion of small cars in Hyundai
MobilityJune 26, 2011
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RIM upbeat on Asian growth markets
SINGAPORE (AFP) ― BlackBerry maker Research in Motion is banking on Indonesia and other populous markets for growth in Asia, while it faces intensifying competition worldwide from rivals like the iPhone.The Canadian firm had one of the most prominent stands at the CommunicAsia telecom fair that ended Friday in Singapore, where industry executives gather annually to check out new technology and sea
IndustryJune 26, 2011
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Dairy companies fined for price rigging
Firms met regularly to fix cheese prices, antitrust watchdog saysThe nation’s four major dairy companies were fined a combined 10.6 billion won ($9.8 million) for fixing prices of their cheese products, the antitrust agency said on Sunday. Seoul Milk, Maeil Dairies Co., Namyang Dairy Products Co. and Dongwon Dairy Foods were subject to the penalties, the Fair Trade Commission said. Seoul Milk was
IndustryJune 26, 2011
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Typhoon kills two, knocks out power, suspends domestic flights
Typhoon Meari brought heavy downpours and gusts across South Korea Sunday to kill two people and knock out power and suspend domestic flights. A rescue official in South Korea's eastern province of Gangwon was killed during a search-and-rescue operation for a missing toddler, the National Emergency Management Agency (NEMA) said. A student presumed to be 15 years old was found dead after bei
TechnologyJune 26, 2011
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Labor union of SC First Bank goes on indefinite strike
SEOUL (Yonhap) -- Unionized workers of SC First Bank, the South Korean unit of Standard Chartered Plc, launched an indefinite strike Monday in protest against the management's move to introduce a performance-based pay system."The labor union has kicked off an indefinite labor strike, and we will not budge until the management withdraws its move and the two sides reach a collective bargaining agree
June 26, 2011
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Can penny slot machine take edge off gambling addiction?
Kangwon Land, Korea’s only legal casino for domestic citizens, announced a plan to adopt lower stakes games to deal with gambling addiction.Just this year, the Korean Casino lowered the bottom limit of gaming on some of its machines from 500 won (about 50 cents) to 100 won.As Kangwon Land continues to reduce the stakes, 88 percent of their machines allow gamers to play with just 10 won.An official
June 26, 2011
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Man makes $1 heist to get prison health care
A former Coca-Cola truck driver committed a $1 bank robbery to get free health care while in prison, The Telegraph reported. James Richard Vernone, who has never been in trouble with law, decided to rob a RBC bank in North Carolina.Mr. Vernone, 59, has been unemployed and suffering from several health problems. He walked into the bank with a note saying “This is a bank robbery. Please give me $1.”
June 26, 2011
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Apple files lawsuit against Samsung's patent infringement
Apple Inc. filed a lawsuit against Samsung Electronic Co. Friday, accusing the South Koran company of infringing its patented technologies used in making its iconic smartphone, the iPhone. In a complaint filed with the Seoul Central District Court, Apple requested that Samsung Electronics be stopped from selling a line of its touch screen smartphones and a tablet PC that hit the local and global
TechnologyJune 24, 2011
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POSCO wins corporate governance award
POSCO, the world’s fourth-largest steelmaker, has been named the company with the best corporate governance structure in Korea.According to the steelmaker, it was so named by the Corporate Governance Service and the Korea Exchange on Friday.The company added that its filling of the audit committee with outside directors and other activities giving enhanced independence to auditors also contributed
IndustryJune 24, 2011
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Korea to release oil from reserves
The government will release almost 3.5 million barrels from its oil reserves in an effort to control international and domestic oil prices, the Ministry of Knowledge Economy announced Friday.According to the ministry, the government will release 3.467 million barrels in compliance with the International Energy Agency’s Initial Contingency Response Plan.Korea’s oil reserves, held by the government
June 24, 2011
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KT told not to dump 2G phone users
The Korea Communications Commission turned down Friday KT Corp.’s proposal to end services for feature phone users by the end of this month.The state telecom regulator said it would defer giving the green light to KT’s scheme which would force what KCC cited as its remaining 810,000 2G mobile phone users to adopt 3G smartphones by the first half of this year.“Let’s put it off the discussion agenda
IndustryJune 24, 2011
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SK telink barred from MVNO market
Subsidiary firms of Korea’s mobile carriers are expected to meet resistance in joining the market for mobile virtual network operators as the state watchdog appears wary of letting them do so.In its general meeting on Friday, the Korea Communications Commission agreed to recommend that SK telink, a subsidiary of market leader SK Telecom, hold back from entering the MVNO market.SK telink, a firm in
IndustryJune 24, 2011
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Minister vows to deregulate further to support companies
Finance Minister Bahk Jae-wan said Friday that the private sector needs to take a bigger role in the economy, vowing to create a business-friendly environment. In his first meeting with heads of the nation’s five major business lobby groups, Bahk attributed the economy’s fast recovery from the financial crisis to “jobs created, overseas investments made and taxes paid” by the private sector busine
June 24, 2011
