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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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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11 injured in 53-car pileup on icy road in Wonju
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Nissan GT-R an ‘everyday supercar’
Chief engineer Mizuno shares concept and vision of company’s flagship sports carThe Nissan GT-R is designed to become an everyday supercar for everyone, said Kazutoshi Mizuno, who is affectionately called the “father” of the Japanese carmaker’s flagship sports car, in Seoul last week. “While other supercars are sold in a closed market for some healthy, rich people who have several cars, GT-R is targeting an open market for everyone,” said the chief vehicle engineer and chief product specialist f
MobilityJuly 8, 2012
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SK slapped with 34.6 bln won fine for 'intra-group' deals
Seven affiliates of SK, the country's No. 3 conglomerate, have been fined a combined 34.6 billion won ($30.4 million) for unfairly supporting another group affiliate, the country's corporate watchdog said Sunday.The Fair Trade Commission (FTC) said it has imposed the fine on group affiliates, including top mobile carrier SK Telecom Co. and leading oil refiner SK Innovation Co., for paying higher-t
IndustryJuly 8, 2012
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Scientist: Aliens may be big jellyfish
A British space expert says alien life forms might be large jellyfish-like creatures with organs that ingest atmospheric chemicals for nutrition.Maggie Aderin-Pocock, who works for European space company Astrium, described her vision of what might have evolved on the Saturnian moon Titan for Science Month, a project by the TV channel Eden, the Belfast Telegraph reported. She also worked with an artist to visualize the aliens.She said she was inspired partly by studying ocean life forms.“Our imag
TechnologyJuly 8, 2012
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Coca-Cola introduces ‘eco-friendly’ pouches for drink
Coca-Cola has announced that the company will start selling drinks in eco-friendly packaging as a low-cost alternative to cans and bottles.The biodegradable bags were inspired by South American consumers who have their bottles of Coca-Cola pored into plastic bags so that they do not have to pay a deposit on the returnable glass bottles.The company noticed this trend, which originated in El Salvador, and decided to make their own to recover branding. The plastic bag keeps the iconic bottle shape
IndustryJuly 8, 2012
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‘Irreplaceable’ dinosaur fossil destroyed
An “irreplaceable” dinosaur fossil destroyed at a dig in western Canada is the fourth fossil to be damaged in the last two months, a paleontologist says.The skeleton of a duck-billed Hadrosaur was discovered in Alberta June 15 by paleontologist Phil Bell and a team from the University of Alberta, CBC News reported.At that time, the fossil was partially uncovered by the team and then reburied so it could be removed from the site in mid-July.When Bell visited the site Thursday, he discovered the 3
TechnologyJuly 8, 2012
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Samsung to post record Q2 profit of W6.7 trillion
Mobile business continues to contribute to growth, analysts saySamsung Electronics, the world’s biggest chip and smartphone maker, is expected to post record earnings in the second quarter of this year.The company estimated that its operating profit will reach about 6.7 trillion won ($5.9 billion) in the months between April and June, up about 79 percent from 3.75 trillion won a year ago. It is likely to post sales of approximately 47 trillion won, up 19 percent from 39.4 trillion won, according
TechnologyJuly 6, 2012
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Samsung Asia’s most valued tech brand
Samsung Electronics, the world’s biggest chip and smartphone maker, has become Asian consumers’ most valued brand, surpassing long-time favorite Sony and Samsung’s closest smartphone rival Apple.Citing a survey of 4,800 people in 12 Asian countries by research firm Nielsen and magazine Campaign Asia-Pacific, U.S. broadcaster CNBC reported that Samsung Electronics has climbed to the top this year, from second place in branding last year. “The brand’s focus on high visibility marketing and adverti
TechnologyJuly 6, 2012
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Lotte Shopping buys Hi-mart
Lotte Shopping Co., the flagship affiliate of retail-oriented conglomerate Lotte Group, said Friday it reached a deal to buy electronics appliance retailer Hi-mart Co. for 1.24 trillion won ($1.09 billion).The stock purchase agreement calls for the takeover of a 65.25 percent stake in the electronics retailer currently owned by Eugene Corp., Hi Consortium and former Hi-mart CEO Sun Jong-koo, Lotte said in a regulatory filing.The company added it is paying an average of 81,026 won for the 15.4 mi
IndustryJuly 6, 2012
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Korea to sell 2tr won in Treasury bills in July
Korea plans to sell 2 trillion won ($1.76 billion) worth of Treasury bills in July to shore up government coffers, the Finance Ministry said Friday. Treasury bills are intended to raise money so the government can cope with short-term financial shortfalls. Such bonds generally mature in less than one year, with those to be sold this month to come due in 63 days.South Korea resumed issuing Treasury bills for the first time in five years in 2011 when it sold a total of 11.7 trillion won worth of s
July 6, 2012
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Korean Air voted for best passenger service
Korean Air has ranked at the top in the best passenger service of the Global Customer Satisfaction Competency Index for eight consecutive years, the nation’s flag-carrier said on Friday.Company officials said it won the prize thanks to its efforts to innovate in-flight services and focus on customer satisfaction.The annual index is done by Japan Management Association Consultants Inc. JMAC is a multinational consultant group which evaluates customer’s satisfaction on services and products throug
July 6, 2012
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Kumho Tires cuts 13,339 tons of emissions
Kumho Tires Co., reported Friday that it has gained official recognition for having reduced a total of 13,339 tons of greenhouse gas emissions for the past five years through replacing production facilities and renewable energies.The greenhouse gas reduction plan for the company, which was launched by Korea Energy Management Corp. in 2005, was devised in response to the United Nations Framework Convention on Climate Change. Kumho Tires, ever since becoming the first to participate in the greenho
July 6, 2012
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‘Full-fledged economic recovery being delayed’
Korea’s economy is rebounding at a slower-than-expected pace amid deepening uncertainties from the eurozone debt problems and possible worldwide slowdowns, the country’s top economic policymaker said Friday.“It is tough to predict how economic situations will play out in the second half but one thing seems to be certain and that is full-fledged economic recovery is being delayed,” Finance Minister Bahk Jae-wan told a press conference with foreign journalists in central Seoul.His remarks come a w
July 6, 2012
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Shares down despite stimulus salvo
Korean stocks closed 0.92 percent lower on Friday as investors showed muted response to a set of stimulus measures by central banks, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 17.29 points to 1,858.2. Trading volume was moderate at 335.7 million shares worth 3.6 trillion won ($3.2 billion), with decliners outnumbering gainers 496 to 309.“The rate cuts by the European Central Bank and China’s central bank did little to boost
July 6, 2012
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Korea, Taiwan begin talks on investment guarantee pact
Korea and Taiwan recently began talks for a Bilateral Investment Treaty, their first move toward economic cooperation since the two countries severed diplomatic ties 20 years ago.The two sides met on June 21 in Taiwan to exchange views on the treaty to guarantee investment in each other’s country at Taipei’s request, Korean Trade Ministry officials said Friday. Actual negotiations are slated to begin in October in Seoul. BITs grant investments made by an investor of one contracting state in the
July 6, 2012
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POSCO consortium to build power plant in Mongolia
A multinational consortium, led by Korea’s POSCO Energy, has been named a preferred bidder to operate a large-scale combined heat and power plant in Mongolia, company officials said Friday. The power unit of POSCO participated in the consortium as the largest shareholder with a 30 percent stake, together with France’s GDF Suez, Japan’s Sojitz Corporation and Mongolia’s Newcom Group.The planned cogeneration power plant with an electricity capacity of 450 megawatts will be located near Ulaanbaatar
IndustryJuly 6, 2012
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36 large firms put under debt workout
Thirty-six large companies including 17 builders will have to either undergo a debt workout program or be forced out of the market, the Financial Supervisory Service said Friday, citing the results of an annual evaluation by creditors.Creditor banks assessed the credit risks of 1,806 companies that borrowed 50 billion won or more from financial institutions, and blacklisted 36 of them into grades C and D. Fifteen of them, including five construction companies, a shipbuilder, two semiconductor ma
July 6, 2012
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Korea, China to negotiate sensitive agricultural, industrial items separately
Reaching free trade agreement will be harder than expected, says Seoul’s negotiatorKorea and China have confirmed their basic positions on the bilateral free trade agreement, but have yet to reach an agreement on key issues such as the level of tariff concessions and the choice of sensitive and ultra-sensitive items. The two countries had earlier agreed to carry out the FTA negotiations in two stages, the first of which will be settling the sizes of baskets for general, sensitive and ultra-sensi
July 6, 2012
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A weekend to detox
Detox juices, stretching and medical check-ups can help cleanse organs, achieve mental clarity and perhaps even weight lossSay goodbye to our friends, samgyeopsal and soju, this weekend. If you constantly feel heavy, low and depressed, your body is probably sending you a signal that it wants to rid itself of all the toxins it has been accumulating. However, “how” is a big question.Often touted by celebrities, detox drinks or diet cleanses have risen in popularity. The “Lemon Detox Diet” is one e
TechnologyJuly 6, 2012
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Lotte Shopping buys Himart for 1.24 tln won
Lotte Shopping Co., the flagship affiliate of retail-oriented conglomerate Lotte Group, said Friday it reached a deal to buy electronics appliance retailer Himart Co. for 1.24 trillion won (US$1.09 billion).The stock purchase agreement calls for the takeover of a 65.25 percent stake in the electronics retailer currently owned by Eugene Corp., Hi Consortium and former Himart CEO Sun Jong-koo, Lotte
IndustryJuly 6, 2012
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Seoul shares open lower despite EU, China stimulus
South Korean stocks opened lower Friday, as investors were unmoved by the European and Chinese timulus measures taken overnight, analysts said.The Korea Composite Stock Price Index (KOSPI) dipped 4.31 oints, or 0.23 percent to 1,871.18 in the first 15 minutes of trading.Tech blue chips and financials drove the shares down, with arket behemoth Samsung Electronics losing 0.34 percent and No. 2 ender
July 6, 2012
