Dinosaurs had fleas too -- giant ones, fossils show

WASHINGTON (AP) -- In the Jurassic era, even the flea was a beast, compared to its minuscule modern descendants. These pesky bloodsuckers were nearly an inch (25 millimeters) long.New fossils found in China are evidence of the oldest fleas _ from 125 million to 165 million years ago, said Diying Hua

TechnologyMarch 1, 2012

Overseas card spending hits record high in 2011

Koreans’ overseas credit card spending climbed to a record high in 2011 as solid economic growth and the local currency’s ascent increased the number of outbound travelers, the central bank said Wednesday. Overseas credit card bills totaled $8.62 billion last year, up 18.5 percent from $7.27 billion the previous year, according to the Bank of Korea.Last year, the South Korean economy grew 3.6 percent on-year, but its growth slowed from the 6.1 percent gain the previous year.The Korean currency t

Feb. 29, 2012

Korea to increase number of cheaper gas stations

South Korea will open more “bargain” gas stations in 2012 as part of efforts to ease the pain of ordinary citizens from heavy energy costs, the Finance Ministry said Wednesday.The bargain gas stations, which were launched in December, usually receive their fuel from state-run agencies at cheaper prices than other existing gas stations. The government plans to increase the number from 369 to 430 by the end of March.In a related move, the government will also unveil a comprehensive package of meas

Feb. 29, 2012

Intel makes more mobile inroads with new phones

SAN JOSE, California ― Further demonstrating its resolve to expand beyond the personal computer market, Intel Corp. on Monday announced that three more new smartphones incorporating its microprocessors will be introduced in other countries this year.The smartphone makers are Orange, Lava International and ZTE. Intel CEO Paul Otellini, who made the announcement at the Mobile World Congress in Barcelona, Spain, said more smartphones containing Intel’s brainy chips will be unveiled in the next year

TechnologyFeb. 29, 2012

Samsung vows to stamp out collusion

Amid simmering criticism over collusion and price fixing among industry giants, Samsung on Wednesday mapped out a set of measures to head off the rampant illicit practices within Korea’s largest conglomerate.The package, a follow-up to its November program, is aimed at establishing “systemic safeguards against any temptations to collude in tough business environments,” Samsung Group said in a statement. Under the plan, the company will conduct regular monitoring on all affiliates, expand its e-m

IndustryFeb. 29, 2012

Livestock farmers to get cash subsidies over FTA

Livestock and dairy farmers who are hurt by free trade pacts will be eligible to receive direct cash assistance from the government, the Farm Ministry said Wednesday.The ministry said it has set up an evaluation system to measure fallout in the livestock sector caused by opening the domestic market to cheaper meat and dairy products from abroad.It said cash assistance will be given if prices of locally produced farm products such as meat, milk and eggs fall noticeably after a free trade agreemen

Feb. 29, 2012

Industrial output shrinks 2 percent on-year in January

Korea’s industrial output shrank on-year for the first time in 31 months in January as its export-driven economy is under growing pressure from persistent global market uncertainties, a government report showed Wednesday.According to the report by Statistics Korea, production in the mining and manufacturing industries contracted 2 percent last month from a year earlier, compared with a 2.8 percent gain in December.This marked the first contraction since June 2009 when the output inched down 0.6

Feb. 29, 2012

[News Focus] Will Samsung chief take legal action against siblings?

Industry sources say Samsung is on the lookout for lawyerAll eyes are on the future course of action Samsung Electronics chairman Lee Kun-hee will take in response to inheritance suits from his sister and brother.Industry sources close to the matter raised the possibility that Lee will refuse compromise and seek to end the dispute through a legal means. The sources said the country’s largest conglomerate is currently on the lookout to hire a lawyer who would officially take charge of the legal p

IndustryFeb. 29, 2012

Shares spike 1.33 percent on broad market gains

Korean stocks surged 1.33 percent Wednesday, boosted by a rally in chipmakers and shipbuilders as well as broad gains in large caps, analysts said.The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index advanced 26.56 points to end at 2,030.25. Trading volume was moderate at 555 million shares worth 6.71 trillion won ($5.99 billion) with gainers leading losers 542 to 289.The market rally was fueled by hopes that the global economy is on a recovery track. U

Feb. 29, 2012

Standard Chartered avoids labor strike

Bank and union agree on pay raise, creation of task force on other issuesStandard Chartered Bank Korea has reached a compromise with its union on a wage hike, though there are still unsettled aspects to their talks.The two sides agreed to pay raises of 2 percent and 4.1 percent for 2010 and 2011 salaries, respectively, late Tuesday.Their talks on the salary hike have continued over the past two years amid the possibility of a general strike of unionized workers.They also tentatively compromised

Feb. 29, 2012

Fukushima contamination 'chronic and lasting': French agency

Radioactive contamination levels from Japan's crippled Fukushima nuclear plant have fallen sharply since the accident but will be "chronic and lasting" for many years, a French watchdog said Tuesday."The initial contamination linked to the accident has greatly declined," Didier Champion, crisis mana

TechnologyFeb. 29, 2012

US Navy getting close on making super-powerful gun

A super-powerful gun that shoots rounds more than 100 miles (160 kilometers) away _ at several times the speed of sound _ is being developed for Navy warships.The weapon is known as an electromagnetic railgun. It consists of parallel rails and uses a magnetic field and electric current, instead of c

TechnologyFeb. 29, 2012

KCCI advises companies to cut prices in U.S. market

The Korea Chamber of Commerce and Industry advised Korean businesses to preemptively lower prices in the U.S. market to make good use of the free trade agreement with the world’s largest economy, which goes into effect on March 15.“The United States is our second largest export market after China, but it is actually the most important strategic point for exports,” the KCCI said in report released Tuesday.“Korean businesses should take the FTA as an opportunity to raise their U.S. market share ―

Feb. 28, 2012