T’way seeks foreign funding

Korea’s ailing small budget carrier T’way Air is seeking foreign capital to get back on track, rekindling controversy over the possiblility of the first foreign control of a Korean airline. According to industry sources on Monday, Yearimdang, a major publisher that acquired T’way Air last month in a consortium, is currently in talks with five foreign-owned business for new investment. With the Singapore-based Tiger Airways cited as the most likely bidder, the final result of the deal is expected

IndustryJan. 14, 2013

Child obesity linked to fat parents: report

Children with fat parents or in poor families are at higher risk for becoming obese, according to a report released Monday.Researchers at Inje University Paik Hospital said children who have a higher body mass index tend to have parents with a higher BMI than average. Korean adults who have a BMI of 25 or higher are classified as obese.The team led by professor Kang Jae-heon at Department of Family Medicine studied 1,502 elementary students for the past two years to find major factors that incre

TechnologyJan. 14, 2013

Scientists find new properties in physical transition

A group of South Korean scientists, together with German researchers, have discovered new properties of transition from quantum to classical physics that may help build an entirely different kind of quantum computers, the government said Monday.In their paper, titled “Non-monotonic quantum-to-classical transition in multiparticle interference,” the scientists claimed to have theoretically and experimentally proved that the long-believed monotonicity of the quantum-to-classical transition is, in

TechnologyJan. 14, 2013

[Power Korea] K-series fires up Kia’s growth potential

Chung Mong-koo, son of late Hyundai founder Chung Ju-yung, prioritized normalizing the management of Kia Motors when he took office as chairman of Hyundai Motor Group in 1998.Under a full-fledged effort by the Hyundai chief and vice chairman Chung Eui-sun, Kia was upgraded to a key subsidiary of the automotive group after it was acquired by Hyundai in the wake of the 1997 financial crisis.Since 2005, Kia has focused on the European market and has identified design as its “core future growth engi

IndustryJan. 14, 2013

LGE sues Samsung over fridge ad

LG Electronics has sued Samsung Electronics over a controversial ad comparing the size of refrigerators manufactured by the two companies with unorthodox methods, according to the courts on Monday.The lawsuit, in which LG filed for more than 10 billion won in damages, was filed at a Seoul district court last Friday. “The ad deeply hurt our corporate image, and also affected our sales,” the company said, explaining why it decided to file the suit. “Further, we believe that unless we take addition

IndustryJan. 14, 2013

Power market may open to private firms

The new government is likely to break up state-run Korea Electric Power Corp.’s monopoly in the electricity sales market, according to news reports.The transition committee is discussing ways to restructure the electricity market, which was one of the campaign pledges of President-elect Park Geun-hye, the reports said.The direction for restructuring is to remove the inefficiency caused by the electricity monopoly of KEPCO and to stabilize the supply and demand of electricity. The reform of the e

Jan. 14, 2013

FSC scraps block sale plan for Woori Financial

Three financial firms owned by Woori Financial Group are expected to draw popularity in the mergers and acquisitions market, as financial authorities are set to resume the policy to privatize the state-funded group through a “split-sale” method this year.When the privatization process is revitalized, possibly eye-catching subsidiaries of Woori Financial could be Woori Investment & Securities, Kyongnam Bank and Kwangju Bank, according to officials in the bank industry.Their forecast comes as the

Jan. 14, 2013

Prosecutors seek fines for 4 owners of retail giants

Prosecutors said Monday they have asked for summary judgments and sought fines against four heads of the country’s major retail conglomerates on charges of not attending parliamentary audits.The four are Chung Yong-jin, vice chairman of Shinsegae Group; Shin Dong-bin, chairman of Lotte Group; Chong Ji-sun, chairman of Hyundai Department Store Co.; and Chung Yu-kyung, vice president of Shinsegae Department Store, according to prosecutors.They are accused of not responding to the government’s call

TechnologyJan. 14, 2013

Mercedes-Benz recalls 425 cars for defective air hose

Mercedes-Benz Korea is recalling over 400 diesel vehicles in South Korea for a defective air hose that could crack, causing the vehicle’s engine to stop operation, the Transportation Ministry said Monday.The recall affects 181 units of the C220 CDI and 244 units of the E220 CDI, both produced between Aug. 20, 2011 and Dec. 12, 2011, according to the Ministry of Land, Transport and Maritime Affairs.The ministry said the vehicles’ air intake hose may crack, which could limit the engine’s output or

MobilityJan. 14, 2013

Siemens Seoul promotes over 200 employees

Siemens Seoul promoted more than 200 employees including seven of the company’s top executive positions, the company said on Monday.Jrn Elbracht, head of the company’s legal and compliance department, was promoted to executive managing director, while six managing directors including Ahn Young-keun of the company’s infrastructure and cities department and Lee Dong-ki of the strategy and business development department, were promoted to managing director posts. In total, 26 executives were promot

IndustryJan. 14, 2013

Seoul shares gain 0.52 pct amid currency jitters

South Korean stocks rose 0.52 percent Monday but gains were capped as a weaker Japanese currency kept investors wary about making more bets on local shares, analysts said. The Korean won lost ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 10.37 points to finish at 2,007.04. Trading volume was moderate at 441.5 million shares worth 4.07 trillion won (US$3.84 billion) with gainers outstripping losers 419 to 378. "A weaker Japanese yen has become a

Jan. 14, 2013