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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Korean exports to top $500b this year: report
Korean exports are expected to surpass the $500 billion mark for the first time ever this year, helped by the steady pace of global economic growth, a private think tank said Wednesday.The Samsung Economic Research Institute report said South Korea is expected to ship out a total of $555.7 billion worth of goods this year, up 19.2 percent from $466.4 billion worth of products exported in 2010.It s
June 22, 2011
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GS Caltex dips into state oil reserves
GS Caltex Corp., the nation’s No.2 oil refiner, on Wednesday said it has borrowed 870,000 barrels of diesel oil from reserves kept by the Korea National Oil Corp. This marks the first time in three years that the refiner has dipped into government fuel reserves.The borrowed fuel is expected to be released at local gas stations next week. GS Caltex has recently been unable to properly provide to ga
IndustryJune 22, 2011
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POSCO unit signs housing-compound project in Russia
POSCO announced Wednesday that its construction subsidiary POSCO A&C signed a contract to build a housing complex for a coalfield in Sakha Republic in eastern Russia.Under the contract, issued by Russia’s largest resource developer Mechel, POSCO A&C will build a 48,000 square meter housing compound for workers at the Elga coalfield in Sakha Republic.POSCO A&C plans to begin works on the compound i
IndustryJune 22, 2011
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FSS seeks to curb power of financial chiefs
Regulator focuses on enhancing independence of groups’ unitsRegulators are moving to scale down the authority of major financial group chairmen, saying the current system provides them with “excessive” power to control all of their groups’ units.“The direction would be focused on enhancing the independence of financial groups’ subsidiaries by tackling chairmen’s authority,” said an official of the
June 22, 2011
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MSCI keeps Korea’s emerging market status
Global investment index provider MSCI Inc. retained Korea’s emerging market status on its global equities index, citing problems stemming from its market rigidity and lack of accessibility.The move represents another setback for Korea. MSCI left Korea’s status unchanged in 2009 and 2010 due to the “rigidity” of its investor identification system and lack of an active offshore market for the Korean
June 22, 2011
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K-sure named best Asian export creditor
The Korea Trade Insurance Corporation, known as K-sure, said Tuesday it has been selected as the best Asian export credit agency by the U.K.-based Trade Finance Magazine.K-sure is one of the country’s two export-import insurance agencies other than the Export-Import Bank. It provides insurance products and project financing and issue bonds to exporters for their shipment, overseas construction wor
IndustryJune 22, 2011
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KCC keeps SKT, KT off 2.1 GHz broadband range
The Korea Communications Commission agreed to exclude two mobile carriers SK Telecom and KT Corp. from a new wireless broadband spectrum auction, giving the upper hand to LG Uplus on Wednesday.Five commissioners of the state media and telecom regulating body said SKT and KT will be blocked from taking part in the 2.1 gigahertz radio spectrum auction, slated for early August.“We decided to go with
June 22, 2011
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Household debt burden grows
Ratio of household credit to GNDI rising: BOKHouseholds’ ability to pay their debts was critically weak during the first quarter as the pace of debt growth surpassed that of income growth.According to the Bank of Korea, the nation’s household credit, including loans and credit purchasing, reached 801.4 trillion won ($750 billion) at the end of March, up 8.4 percent from a year earlier.Central bank
June 22, 2011
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CEO pizzas charm 1,000 LGE employees
LG Electronics Vice Chairman and CEO Koo Bon-joon has sent out “CEO pizzas” to up to 1,000 employees to help boost morale, the Seoul-based electronics maker said on Wednesday.The latest batch of pizzas, sent out by Koo to express his affection for the LGE staff, were delivered on Tuesday to LG Electronics’ Air-conditioning and Energy Solution division’s “Chiller” team’s production and R&D units in
IndustryJune 22, 2011
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Conglomerates set up more units in offshore tax havens
The country’s top 30 conglomerates were found to have set up a spiraling number of overseas corporations in countries without tax treaties with the South Korean government. Lotte Group had the largest number of corporations in such nations overall, according to Chaebul.com, an online portal devoted to analyzing conglomerate activities on Wednesday.As of last year, the conglomerate had 33 such offi
IndustryJune 22, 2011
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Vertical integration key strategy for conglomerates
Samsung, Hyundai Motor, SK, STX reap fruits from multi-layered business structureAmid robust industrialization a few decades ago, Korea’s major companies were striving to adopt a multi-layer business practice called vertical integration. They are now transforming into global industry leaders, bearing the fruit of these efforts. The unique concept of management dates back to the 19th century when A
IndustryJune 22, 2011
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Nokia unveils mobile phones in Asia to stem Google, Apple advance
Nokia Oyj unveiled mobile phones at both ends of its range to fend off competition from cheap unbranded handsets and smartphones powered by Google Inc.’s Android. The C2-03 model will target consumers in emerging markets by making it easier to switch between different phone numbers, Mary McDowell, the executive vice president who runs low-end phones, said in Singapore Tuesday. Nokia also showed th
IndustryJune 22, 2011
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W Hotel bartender to vie in world competition
Diageo Korea, the local unit of the global drinks group, announced Wednesday that Mickey Lee of W Hotel’s Woobar has won the regional final of its international bartending competition.Lee reserved a ticket as a Korean representative to the annual World Class 2011 contest scheduled for July 11-14 in New Delhi, India, the host said. “Having tried out for the contest three years in a row, I’m unbelie
IndustryJune 22, 2011
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Apple preparing faster iPhone for September
Apple Inc. plans to introduce a new iPhone in September that boasts a stronger chip for processing data and a more advanced camera, according to two people familiar with the plans. The device will include the A5 processor, the more powerful chip that Apple added to the iPad 2 earlier this year, along with an 8-megapixel camera, up from the 5-megapixel model in the iPhone 4, said the people, who
TechnologyJune 22, 2011
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Chinese billionaire confesses affair through online message
A Chinese billionaire, Wang Gongquan, announced that he is eloping with his mistress, on Chinese Social Networking Service Sino Weibo. The renowned investor’s online message to dump his wife to leave with his new love immediately went viral, The Telegraph reported. He posted the message saying, “I am giving up everything and eloping with Wang Qin. I feel ashamed and so am leaving without saying go
TechnologyJune 22, 2011
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Chinese imitation gives new meaning to twin town
China is well known for its fakes, but the economic giant has unveiled plans to take imitations to a whole new level. The latest plan is to copy an entire European town.Chinese real estate company China Minmetal Corp has started a project to recreate the Austrian city of Hallstatt in Huizhou. A total of $900 million is to be invested in the project.Included on the UNESCO World Heritage list for it
IndustryJune 22, 2011
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Retailers upbeat over Q3 business: poll
A majority of Korean retailers are optimistic about business conditions in the third quarter of the year on hopes of a rise in their sales during the summer holiday season, a poll showed Tuesday. The Korea Chamber of Commerce and Industry said its retail business index fell slightly to 119 for the July-September period from 125 for the second quarter, but it was well above the benchmark level. A r
IndustryJune 21, 2011
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Number of air passengers rises
The number of air passengers taking international flights in and out of South Korea grew about 2 percent in May from a year earlier as more holidays bolstered overseas travel, the Transportation Ministry said Tuesday.Air passengers on international flights totaled 3.32 million last month, up 2.1 percent from a year earlier, according to the data by the Ministry of Land, Transport and Maritime Affa
IndustryJune 21, 2011
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SK Group says securities unit’s fate undecided
Conglomerate denies reports on selling SK Securities to SK C&CSK Group remains undecided despite the fast-approaching deadline for complying with fair trade laws dictating that the group divest itself of stakes in SK Securities Co.On Tuesday, the group denied a Yonhap News Agency report that it had decided to sell SK Securities shares to the IT services provider SK C&C if the revised bill is not p
IndustryJune 21, 2011
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LG rolls out world’s fastest color printer
LG Electronics said on Tuesday it would roll out the world’s fastest A4 color desktop printer, able to print up to 60 pages per minute, this month.In a press conference held in downtown Seoul, the global electronics giant said it joined hands with global player Memjet to release the product “Machjet LPP6010N” in the local market.The event comes as LG Electronics is putting more weight on the print
IndustryJune 21, 2011
