KT to deliver K-pop content via Ustream

KT, the nation’s major telecom services provider, said Wednesday that it has agreed with U.S.-based live video streaming site Ustream to set up a joint venture to spread K-pop content around the world. The tentatively named “Ustream Korea” will support the distribution of Korea’s diverse cultural contents into the global market and offer business opportunities for smaller producers, KT said.KT said that the joint company will be established within the year and start providing Korean services via

IndustryOct. 26, 2011

S. Korean economy to grow 3.7 percent next year: think tank

SEOUL, Oct. 26 (Yonhap) -- South Korea's economy will likely grow at a slower pace than the government's forecast next year as exports are expected to lose steam and domestic demand is predicted to plateau due to the global economic downturn, a local think tank said Wednesday. The Korea Institute of

Oct. 26, 2011

LG Electronics swings to Q3 loss on smartphone woes

SEOUL, Oct. 26 (Yonhap) -- LG Electronics Inc., the world's third-largest mobile phone maker, said Wednesday that it swung to a net loss in the third quarter of this year due to its struggling smartphone business.Net loss amounted to 413.9 billion won (US$366.7 million) in the July-September period,

IndustryOct. 26, 2011

IBM names its first female CEO

SAN FRANCISCO (AP) — IBM Corp. ushered in Virginia Rometty as the company's first-ever female CEO on Tuesday, as Sam Palmisano stepped down from the position.Palmisano, who turned 60 this year, has been CEO for nearly a decade. He will stay on as chairman. Virginia "Ginni" Rometty, 54, is in c

IndustryOct. 26, 2011

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

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

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

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

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

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

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

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

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

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

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

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