Most Popular
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40 flights canceled on Jeju Island due to bad weather
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Korean labor force to shrink by 10 million by 2044: report
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Pandemic left Korea more depressed than before: report
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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Allegations surrounding BTS resurface, enraged fans demand apology
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Students with history of violence will be barred from becoming teachers
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Samsung mocks Apple over iPhone alarm glitch
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Medical feud leaves hospitals in financial crisis
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Govt. asks hospitals to mitigate impact of medical professors' absence
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Chip up cycle won’t stay long: SK chief
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Panel: Boys should get HPV vaccine given to girls
ATLANTA (AP) — A vaccine against cervical cancer hasn't been all that popular for girls. It may be even a harder sell for boys now that it's been recommended for them too.A government advisory panel on Tuesday decided that the vaccine should also be given to boys, in part to help prevent the c
TechnologyOct. 26, 2011
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Regulator set to order Lone Star to sell KEB stake
South Korea's financial regulator is expected to order Lone Star Funds to sell the bulk of its stake in Korea Exchange Bank after the U.S. buyout firm said it cannot meet the requirements as the major shareholder of the fifth-largest lender, watchers said Tuesday.Lone Star reported to the Financial
Oct. 25, 2011
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Samsung, LG showcase new products in Iraq show
Two local electronics giants said Tuesday they are taking part in the four-day trade show in Iraq until Thursday to display their cutting-edge technologies in the Middle East.Samsung Electronics and LG Electronics said they have set up booths at the Erbil International Fair, which is the largest trade show in Iraq, participated by about 850 global firms. Their lineup of smartphones, 3D televisions and home appliances will be displayed throughout the show, according to companies’ officials. With
IndustryOct. 25, 2011
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Department stores charge small vendors double
The Fair Trade Commission said Tuesday that smaller vendors pay almost 32 percent of their profits as commission fees for using the floor space of three major department stores. The antitrust regulator over the past two weeks surveyed 73 small- and medium-sized companies that supply products to Lotte, Shinsegae and Hyundai department stores. Shirt and tie vendors were found to have paid the highest rate of 37 percent, followed by those selling children’s clothes with 36.7 percent, men’s clothes
IndustryOct. 25, 2011
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Korea to closely monitor impact of China slowdown
South Korea will keep tabs on the potential fallout from a slowdown in the Chinese economy, although the world’s No. 2 economy is likely to make a soft landing despite some downside risks, officials here said Tuesday.The consensus was reached during a monthly policy consultation meeting between the finance ministry and the Bank of Korea earlier in the day in Seoul. The meeting was attended by Vice Finance Minister Shin Je-yoon and BOK’s senior deputy governor Lee Ju-yeol.“We shared the view that
Oct. 25, 2011
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Regulator poised to order Lone Star to sell KEB stake
South Korea’s financial regulator is expected to order Lone Star Funds to sell the bulk of its stake in Korea Exchange Bank after the U.S. buyout firm said it cannot meet the requirements as the major shareholder of the fifth-largest lender, watchers said Tuesday.Lone Star reported to the Financial Services Commission on Monday, the last day of a one-week deadline, that it cannot find a way to recover its status as KEB’s major shareholder, according to sources. Lone Star is currently the biggest
Oct. 25, 2011
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Teen violence linked to heavy soda diet: study
Researchers in the United States said on Tuesday they had found a "shocking" association -- if only a statistical one -- between violence by teenagers and the amount of soda they drank.High-school students in inner-city Boston who consumed more than five cans of non-diet, fizzy soft drinks every wee
TechnologyOct. 25, 2011
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SC First Bank reopens more branches after labor strike
SC First Bank, the South Korea unit of Standard Chartered Plc, said Tuesday that it has reopened a total of 27 branches that had been temporarily closed due to a labor strike over the introduction of a merit pay system.SC First Bank has resumed operations at 27 of the 42 shuttered branches, a bank spokeswoman said.But there is no timetable for reopening the other branches and developments will depend on how the ongoing labor dispute unfolds.SC First Bank is the first lender operating in South Ko
Oct. 25, 2011
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Korea, China to cut fishing quotas in exclusive waters
South Korea and China have agreed to cut back on fishing in each other’s exclusive economic zones next year as part of efforts to preserve their fish stocks, the Seoul government said Tuesday.Under the agreement, China’s fishing quota in South Korea’s EEZ will be cut by 2,500 tons to 62,500 tons in 2012 with the number of Chinese fishing boats allowed to operate in South Korean waters also reduced to 1,650 from 1,700 this year, according to the Ministry of Food, Agriculture, Forestry and Fisheri
Oct. 25, 2011
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AmorePacific eyes gain in China market share
HONG KONG (Yonhap News) ― AmorePacific Corp., South Korea’s No. 1 cosmetics manufacturer, will likely see its share of the Chinese market rise this year from a year ago, company officials said Tuesday. The market share is expected to rise to 2 percent in 2011 from 1.6 percent last year, the officials said, adding that the 0.4 percentage point rise in a year is quite an advancement for a cosmetics firm in China.They attributed the rise to growing confidence among the Chinese consumers in South Ko
IndustryOct. 25, 2011
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Korea’s domestic car market to shrink in 2012: think tank
South Korea’s domestic car market is expected to shrink for the first time in four years in 2012 mainly due to the economic slowdown and rise in household debt, an automotive think tank said Tuesday.The Korea Automotive Research Institute said sales may contract 1.1 percent to 1.58 million vehicles next year from this year’s estimate of 1.60 million units.The dip will the first time since 2008 that the domestic market fell from the previous year, the institute said.“Weak economic growth, rise in
MobilityOct. 25, 2011
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World Ocean Forum opens in Busan
The fifth World Ocean Forum kicks off in Busan on Wednesday.The three-day forum will focus on the spread of “smart” technologies and the changes these developments have had on marine industries. The event, organized by the Ministry of Land, Transport and Maritime Affairs, Busan city government and the Korea Association of Marine Industry, will bring together 3,000 academics, business people and marine industry experts from across the world. The forum will be divided into five sessions ― smart sh
IndustryOct. 25, 2011
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Korean economy heading for stagflation?
Slowing growth coupled with price rises poses dilemma for policymakersThe Bank of Korea froze its key interest rate at 3.25 percent a year for a fourth consecutive month in October in a move that analysts said placed worries over growing external uncertainties ahead of inflation concerns.A report by the central bank said at the time the downside risks to the economy were increasing due to worsening external factors such as the eurozone’s sovereign debt crisis and slowdowns in major countries.An
Oct. 25, 2011
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E-Mart launches ultra-cheap LED TV
Retail giant threatens Samsung and LG with half-priced setsE-Mart will launch an ultra-cheap TV set on Thursday in a bold move to enter the electronics market that has long been dominated by Samsung and LG. E-Mart said its Dream View is a 32-inch full HD LED TV priced at 499,000 won ($443), up to 42 percent cheaper than those with similar specifications produced by local electronics giants.Even when compared to Chinese brands, the price is about 28 percent cheaper, the company said. “We have red
IndustryOct. 25, 2011
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LG likely to ink patent agreement with Microsoft next month
Vice chairman Koo may meet Microsoft counterpart at APEC CEO SummitLG Electronics will likely ink an agreement on patent loyalties with U.S. software giant Microsoft as early as next month, industry sources said Tuesday.The move is expected to further burden the Korean firm which is currently suffering from a sparse smartphone line-up. It could incur losses that amount to millions of dollars as the source noted that the firm is most likely to offer $3 per every Android device to Microsoft. A big
IndustryOct. 25, 2011
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Banks promise to lower service charges
Lenders respond to public criticism over high commission feesCommercial banks bowed to pressure from the public and financial authorities, and disclosed their plan to lower or scrap over 100 services charges they impose on trivial electronic services.A joint letter from 18 local banks was sent to the Financial Supervisory Service where they agreed to cut major service charges, including discounts of up to 50 percent for using cash machines. The banks agreed to decrease the number of service fees
Oct. 25, 2011
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Profit-taking pushes shares down 0.51%
South Korean stocks closed 0.51 percent lower on Tuesday as institutions and retail investors opted to lock in profits from the recent rallies as the main stock index neared the 1,900 mark for the first time in nearly two months, analysts said. The local currency climbed against the U.S. dollar.After surpassing the 1,900-level at one point, the benchmark Korea Composite Stock Price Index slipped 9.67 points to 1,888.65. Trading volume was moderate at 348.6 million shares worth 5.97 trillion ($5.
Oct. 25, 2011
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Korea will be better-off than Japan in 2030: ADB
The Asian Development Bank said Tuesday that Koreans will enjoy a higher standard of living than the Japanese by 2030, projecting the country’s gross domestic product per capita and purchasing power to exceed that of Japan.In a Seoul seminar co-hosted by the Finance Ministry, the regional lender said the GDP per capita of Korea will stand at $56,000 by 2030, above Japan’s $53,000. It said Korea’s GDP per capita will be similar to that of the U.S. by 2050, at around $98,000.In its “Asia 2050” pub
Oct. 25, 2011
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Google’s Android passes Apple to become smartphone application leader
Google Inc.’s Android operating system passed Apple Inc. (AAPL)’s iOS as the most popular software platform for application downloads as consumers bought more Android smartphones. The Google platform accounted for 44 percent of all app downloads in the second quarter, eclipsing Apple’s 31 percent sh
TechnologyOct. 25, 2011
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Baby births grow in S. Korea for 18th month in Aug.
SEOUL, Oct. 25 (Yonhap) -- The number of babies born in South Korea grew for the 18th straight month in August amid the government's efforts to boost the nation's relatively low birthrate, a report showed Tuesday.According to the report by Statistics Korea, the number of babies born in August came t
Oct. 25, 2011