Most Popular
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Actor Jung Woo-sung admits to being father of model Moon Ga-bi’s child
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Wealthy parents ditch Korean passports to get kids into international school
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First snow to fall in Seoul on Wednesday
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Man convicted after binge eating to avoid military service
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Trump picks ex-N. Korea policy official as his principal deputy national security adviser
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Final push to forge UN treaty on plastic pollution set to begin in Busan
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Korea to hold own memorial for forced labor victims, boycotting Japan’s
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S. Korea not to attend Sado mine memorial: foreign ministry
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Nvidia CEO signals Samsung’s imminent shipment of AI chips
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Toxins at 622 times legal limit found in kids' clothes from Chinese platforms
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Shinsegae probed over sales of gift vouchers
The Busan Metropolitan Police Agency on Monday said it is investigating Shinsegae Department Store on allegations that its employees illegally sold gift vouchers worth billions of won to ramp up sales performances. The police have raided Seoul and Busan Centum City offices of the department store and is combing through all financial records related to the gift certificates, officials said. “It’s s
IndustryMay 23, 2011
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Carmakers face output cut on parts firm strike
Police launched a probe Monday into an illegal strike by an auto parts manufacturer in Asan, South Chungcheong Province, which is prompting work suspension at plants of the nation’s major carmakers including Hyundai Motor in Ulsan.The police said they are considering requesting an arrest warrant for the company’s labor union leaders, as well as for key players behind the strike and the illegal occ
MobilityMay 23, 2011
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LSIS begins works on electric car component plant
LSIS Co., LS Group’s electric equipment maker, on Monday broke ground for an electric vehicle relay manufacturing plant. Electric vehicle relay is a core component of electric cars that relays electricity to the vehicle’s powertrain from the battery pack. The company plans to complete the plant located in Cheongju, North Chungcheong Province during the first quarter of the year. The company said t
IndustryMay 23, 2011
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STX Group launches in-house think tank
STX Group launched the think tank STX Future Institute on Monday.The organization will be headed by the group’s vice chairman Shin Chul-seak. STX Future Institute will be tasked with leading efforts to establish systemic management that is part of the company’s Vision 2020 plans, the company said.Announced at the group’s 10th anniversary event held in Dalian, China last month, Vision 2020 calls fo
IndustryMay 23, 2011
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‘Luxembourg offers own solution for every foreign investment’
Choosing a European country to invest in takes tremendous legwork and lawyers to comb through all the details.Luxembourg has entered the game in Korea by trying to attract foreign investment into the small kingdom.Companies looking toward investing in Europe first need a European headquarters, then a logistical center and in the near future, once fuel prices climb to higher levels, a manufacturing
May 23, 2011
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Anti-drunk driving campaign launched
Pernod Ricard Korea, the local unit of the global beverages group, launched a campaign against drunk driving Monday in Seoul as part of the France-based company’s worldwide initiatives.The maker of Absolut Vodka and Ballantine’s whisky has been laying out its “smart driving” campaign here since 2007, aiming at reducing alcohol-related car accidents and promoting a sound drinking culture. This year
IndustryMay 23, 2011
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No. 2 makers shake up drinks industry
OB, Lotte Liquor make big gains on larger market rivals Hite, JinroNo. 2 brands of beer, soju and whisky are hot on the trail of front-runners in the Korean drinks market, industry data showed Tuesday. In the beer market, Oriental Brewery, the country’s No. 2 beer maker since 1994, made big strides in the first quarter of the year beefing up its stake to 46.6 percent by shipment volume, according
IndustryMay 23, 2011
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‘Kids absorb 1.5 times the electro waves of adults’
Research showed Monday that a five-year-old takes in 1.5 times more electromagnetic waves than a 20-year-old.According to research conducted by a team at the Electronics and Telecommunications Research Institute, children’s maximum specific absorption ratio for the waves was much higher than for adults.The maximum SAR for a five-year-old boy was 124 microwatts per kilogram, while the figure was 83
May 23, 2011
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Shares tumble 2.64 percent on foreign selling
Korean stocks plunged 2.64 percent on Monday as foreign investors unleashed holdings on falling risk appetite, analysts said. The local currency dipped against the U.S. dollar.The benchmark Korea Composite Stock Price Index plunged 55.79 points to 2,055.71. Trading volume was moderate at 289.8 million shares worth 6.24 trillion won ($5.7 billion), with losers far outnumbering gainers 691 to 146.“F
May 23, 2011
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Bidding for 7 savings banks to begin today
Bidding competition for debt-saddled ailing savings banks in business suspension will be launched Tuesday, according to the Korea Deposit Insurance Corp.The state-run KDIC has decided to make a public notice for sale of the seven savings banks on Tuesday, aiming to select preferred bidders by July.In a bid to induce close competition and fast conclusion of deals, the government agency will lower t
May 23, 2011
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Rising utility bills, food costs fan inflation fears
The government is considering raising public utility prices in the coming months to correct the growing deficit by major public corporations plagued by rising raw material and production costs.Burdened by rising prices in grain, sugar, corn and wheat, food makers are also expected to raise the prices of processed foods in the second half. Seoul is mulling raising subway fares by 300 to 400 won aft
May 23, 2011
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Internet bosses woo world leaders at ‘e-G8’
PARIS (AFP) ― The world’s most powerful Internet and media barons gather in Paris on Tuesday in a show of strength to leaders at the G8 summit, amid international rows over online access, copyright and regulation.Top executives from online giants like Google, Facebook and Microsoft will tout the economic potential of the Internet, which their host, French President Nicolas Sarkozy, has put on the
IndustryMay 23, 2011
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Korea’s consumer confidence slumps in Q1: report
South Korea’s consumer confidence index scored 51 in the first quarter of this year, marking the lowest since the first quarter of 2010, Nielson said Monday. The index figure appears to have been weakened by the rising inflation rate following unusual weather conditions and food-and-mouth disease outbreaks, the market research firm said. In the same period, global consumer confidence index rose t
May 23, 2011
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Creditors may delay Hynix sale into June
Creditors of Hynix Semiconductor Inc. said Monday that they may kick off the process to sell a major stake in the second-largest computer memory chipmaker next month, delaying the sale from their previous schedule. Creditors, including Korea Exchange Bank, Woori Bank and state-run Korea Finance Corp., had initially planned to start the process to sell their combined 15 percent stake in Hynix
IndustryMay 23, 2011
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GM Korea unveils Cruze hatchback in Seoul
(Yonhap News) GM Korea Co., the South Korean unit of U.S. automaker General Motors Co., on Monday introduced its all-new hatchback, the Chevrolet Cruze5, in South Korea, adding what it called a "sexy and smart" vehicle to its Chevrolet lineup. Based on GM's mid-size passenger car the Chevrolet Cruze, the hatchback comes in two trims -- with a 1.8-liter gasoline engine or a 2.0-liter turbo diese
MobilityMay 23, 2011
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Irrespective of sanctions, Lone Star could sell shares to Hana Financial
Financial regulatory officials have floated the possibility that Lone Star Funds could be ordered to sell most of its controlling stake in Korea Exchange Bank under a punitive action.Such a scenario could raise the issue of whether the Texas-based buyout fund would still be allowed to choose a particular investor, including Hana Financial Group, to dispose of the KEB shares.The headquarters of Kor
May 22, 2011
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Resources development rush boosts revenue, fund investment
Korean firms’ aggressive drive to explore overseas resources is shoring up their revenue and helping them secure a stable supply while boosting public demand for commodity investment products. Natural resources such as oil, gas and rare metals have been deemed a promising revenue source by companies including POSCO, STX and Hyundai Heavy Industries amid energy price surges. The developers are sett
IndustryMay 22, 2011
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TV makers take third of global market
About a third of televisions sold across the world during the first quarter of the year were produced by South Korean firms, a report showed Sunday.According to a report by the display market research firm DisplaySearch, Samsung Electronics sold 8.87 million flat panel televisions during the period taking 18.5 percent of the 47.9 million-unit global market. During the same period, LG Electronics s
IndustryMay 22, 2011
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Volvo Cars back in black for full-year 2010
China-owned Volvo Cars on Thursday said it was back in the black in 2010 following an 11.6 percent rise in sales over the previous year.“During 2010, we witnessed a turn-around in the car market and we have now returned to profitability,” chief executive Stefan Jacoby said in a statement.Volvo Cars said its operating EBIT (earnings before interest and taxes) was $361 million.It added it sold about
MobilityMay 22, 2011
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Audi Korea launches app for iPad
Audi Korea, the local importer of luxury German car brand Audi, said it launched an iPad application for customers to view Audi magazine. The free application allows iPad users to keep up with the latest news about the German cars and promotional offers.Audi magazine, sent to its customers on a quarterly basis, not only covers Audi products but also contains exclusive interviews with sports stars
MobilityMay 22, 2011
