Most Popular
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Heavy snow alerts issued in greater Seoul area, Gangwon Province; over 20 cm of snow seen in Seoul
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Seoul blanketed by heaviest Nov. snow, with more expected
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Seoul snowfall now third heaviest on record
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Samsung shakes up management, commits to reviving chip business
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Heavy snow of up to 40 cm blankets Seoul for 2nd day
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How $70 funeral wreaths became symbol of protest in S. Korea
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NewJeans to terminate contract with Ador
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Why cynical, 'memeified' makeovers of kids' characters are so appealing
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BOK makes surprise 2nd rate cut to boost growth
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Hybe consolidates chairman Bang Si-hyuk’s regime with leadership changes
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Chinese police seize $18.5M in fake money
Chinese police have arrested 463 suspects on charges of counterfeiting money and confiscated $18.5 million in fake bills, officials said.The arrests came out of a special operation created in March to crackdown on economic crimes, China‘s state-run Xinhua News Agency reported.“Fake note cases and the amount of fake notes discovered by financial institutes have been decreasing under sustained crack
July 23, 2012
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Moms saddest when kids back in school
This photo is not directly related to this article.(Bloomberg photos and graphics)The return of school days is more emotionally tolling for mom than kids; she is the saddest when classes start, a U.S. survey indicates.Plum District, a Web community of mothers, conducted an online survey of more than 2,400 of its members last June, and found 40 percent of moms said they were the saddest family memb
TechnologyJuly 23, 2012
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Many see e-cigarettes as less harmful
(McClatchy)Current U.S. smokers are more likely to use e-cigarettes -- formally known as Electronic Nicotine Delivery Systems -- than non-smokers, researchers say. Researchers at the Schroeder Institute at the American Legacy Foundation, a non-profit Washington group that seeks to address the health effects of tobacco use, analyzed data from more than 6,000 adults who participated in two national
TechnologyJuly 23, 2012
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Women can fight breast cleavage wrinkles
Facial wrinkles get the lion's share of attention, but a U.S. plastic surgeon says wrinkles in women's breast cleavage can also be remedied.Dr. Rod Rohrich, chairman of plastic surgery at the University of Texas Southwestern Medical Center in Dallas, said wrinkle-fighting strategies can work on other areas of the body besides the face.One such area is breast cleavage -- where wrinkling caused by e
TechnologyJuly 23, 2012
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Seoul shares open sharply lower on Spain fears
South Korean stocks started sharply lower on Monday as renewed concern over debt-ridden Spain raised the specter that the eurozone fiscal crisis is worsening, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) lost 27.80 points, or 1.53 percent to 1,795.13 in the first 15 minutes of trading.Shares moved downward across the board, with top-cap Samsung Electronics and Hyundai Moto
July 23, 2012
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Parties promote ‘economic democratization’ bills
Rival parties disagree on reintroducing cap on chaebol’s equity investmentThe following is the last in a two-part story about political parties’ call for economic democratization ahead of the December presidential election. ― Ed.Both the ruling and opposition parties are voicing “economic democratization” as a key policy for the presidential elections in December.The constitutional term refers to efforts to promote balanced growth, economic stability and equitable income distribution and to prev
July 22, 2012
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Insurer loan default rate rises in May
The default rate on loans extended by South Korean insurers moved up in May from a month earlier mainly due to a rise in overdue household and corporate loans, the financial regulator said Sunday.The average ratio of overdue loans came to 0.83 percent of total lending by local life and non-life insurers, up 0.03 percentage points from the end of April, the Financial Supervisory Service said in a report.The May figure, however, marks a 0.22 percentage point dip from a year earlier when the defaul
July 22, 2012
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Com2uS to bask in growing smartphone game sector: UBS
South Korea’s leading mobile game maker Com2uS Corp. will benefit from the growing smartphone game industry, investment bank UBS said Sunday, offering a “buy” recommendation on the company.“We believe Com2uS will be a key beneficiary of the expansion of the global smartphone gaming market,” UBS said in its initial coverage report on the company.Com2uS is one of South Korea’s most successful makers of video games for mobile phones. The company is known for such mobile games as finger-wrenching Ho
IndustryJuly 22, 2012
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LG launches upgraded robotic vacuum cleaner
LG Electronics said it rolled out an upgraded and square-shaped automated robotic vacuum cleaner called Roboking Dual Eye 2.0 on Sunday.The firm also said it aims to reach more than 50 billion won ($43.75 million) in robotic cleaner sales this year, a 40 percent rise from the 40 billion won the unit recorded in sales last year.Claimed to be the first square-shaped robotic vacuum cleaner in the industry, its latest model has increased its efficiency ― to 94 percent from 84 percent in 2011 ― in cl
IndustryJuly 22, 2012
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Sluggish biz conditions cause layoff increases
Sluggish business conditions have caused a sharp rise in layoffs and involuntary retirements in South Korea’s labor market, a government report showed Sunday.According to data by Statistics Korea, 27.0 percent of people who had to leave work this year cited downturns in the business environment and outright closures of workplaces because of poor sales and earnings.This is a rise of 7.8 percentage points from 19.2 percent who had to leave work for the same reasons in 2006.The latest findings also
IndustryJuly 22, 2012
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Asiana introduces premium first class
Asiana Airlines said Sunday that it has launched a new type of first-class service, OZ First Suite, which is based on the concept of “hotel suites transplanted in an air carrier.” Limited to three routes ― Incheon-Chicago, Incheon-Narita and Incheon-Ho Chi Minh ― the new premium service is offered only on the B777-200ER aircraft at present. The Incheon-Chicago flight runs four times a week, the Incheon-Narita flight four times a day, and the Incheon-Ho Chi Minh flight two times a day. The most e
IndustryJuly 22, 2012
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Banks in public trust crisis
FSC chief defends financial firms under rate fixing probeLocal banks and brokerages are facing mounting consumer distrust over allegations that they rigged the interest rates of certificates of deposit, which, if true, would have caused households’ borrowing costs to rise.With nearly half of household loans tied to the benchmark CD rate, it is widely perceived that households had to pay higher interests because the CD rate was kept above market rates.The average interest rate for household loans
July 22, 2012
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Seoul bourse likely to move in tight range
South Korean stocks are likely to be locked in range-bound trading this week as investors step to the sidelines over a lack of momentum, analysts said.The benchmark Korea Composite Stock Price Index rose 0.55 percent from a week earlier to finish at 1,822.93 last week, with the market fluctuating most of the week.The main index slumped 27.05 points to 1,794.91 on Wednesday as investor sentiment soured over U.S. Fed Chairman Ben Bernanke’s bleak economic outlook. But it bounced back to the psycho
July 22, 2012
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Credit card installment purchases hit 15-year high
Credit card installment purchases rose to a 15-year high in the first quarter of this year as households tried to reduce their repayment burden in the face of mounting debt, a report showed Sunday.The Credit Finance Association of Korea report showed 17.4 percent of all card purchases made in the January-March period were installments, the highest reached since 19.2 percent tallied for the whole of 1997, when the country was rocked by the Asian financial crisis.Reflecting this, credit card firms
July 22, 2012
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Hana Financial buys U.S. bank holding company
Hana Financial Group said Sunday it signed an agreement to acquire a 71 percent stake of BNB Financial Services Corporation, a holding company of New York-based Broadway National Bank.The acquisition of the only Korean-American bank that has a national license provides a foothold for Hana to expand sales in North America, the financial group said in a press release.National banks have high consumer trust as they are chartered and supervised by the Office of Comptroller of Currency, an agency und
July 22, 2012
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Public sector debt rises nearly 10%
The debt of South Korea’s public sector rose nearly 10 percent in the first quarter of this year from a year earlier due to increased spending on state projects and government efforts to curb public utility charges, data showed Sunday.The outstanding debt of the government and nonfinancial state-owned corporations came to 842.27 trillion won ($738.5 billion) as of the end of March, up 9.9 percent from a year earlier, according to the data by the finance ministry and the Bank of Korea.The figure
July 22, 2012
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Bidding for Woori slated for Friday
Financial authorities are scheduled to accept preliminary bids for tax money injected Woori Financial Group this Friday.The sale plan for the state-controlled financial company is drawing attention in the market while a group of lawmakers are calling on the Financial Services Commission to postpone the M&A competition for the next administration.Three months ago, the FSC made an official notification of the sale procedure, announcing that it would select preliminary bidders for Woori Financial b
July 22, 2012
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Opening of foreigners-only duty-free shops faces delay
Exclusive shops for overseas visitors likely to debut next yearThe opening of foreigners-only duty-free shops across the nation is most likely to take place next year, deferred from the government’s plan to have them ready by this year.The Korea Customs Service said Sunday that the establishment of foreigners-only duty-free shops is being delayed due to conflicts occurring between commissioners responsible for making a public announcement involving the issue.“Confirming the basic scheme and acce
July 22, 2012
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No aid for Peugeot without concessions: French minister
PARIS ― France will not grant any public aid to Peugeot PSA without concessions from the carmaker, Industry Minister Arnaud Montebourg said on Wednesday, as the government prepared to unveil its strategy to shore up the ailing automobile sector.Montebourg criticized Peugeot for deciding to shutter a major production site near Paris, promising to summon the Peugeot family ― a majority stakeholder ― to explain why the carmaker has continued to pay dividends despite its difficulties.A public aid pa
MobilityJuly 22, 2012
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Ford recalls 2013 Escapes; engines can catch fire
Ford Motor Co. is telling owners of one version of the brand-new Ford Escape not to drive the SUVs until dealers can fix fuel lines that can crack and spill gasoline, causing engine fires. The company issued the unusual warning on Thursday and said it is recalling 2013 Escapes equipped with 1.6-liter four-cylinder engines. Dealers will pick up the Escapes and drop off a loaner car that customers can use until the repairs are finished. The company is hoping to ship parts and get all the SUVs repa
MobilityJuly 22, 2012
