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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Trump picks ex-N. Korea policy official as his principal deputy national security adviser
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Man convicted after binge eating to avoid military service
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Final push to forge UN treaty on plastic pollution set to begin in Busan
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S. Korea not to attend Sado mine memorial: foreign ministry
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Korea to hold own memorial for forced labor victims, boycotting Japan’s
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Toxins at 622 times legal limit found in kids' clothes from Chinese platforms
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Nvidia CEO signals Samsung’s imminent shipment of AI chips
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BOK needs power to supervise banks: chief
The Bank of Korea should be given rights to supervise financial institutions independent of other financial authorities, BOK Governor Kim Choong-soo said Friday.Speaking after the monthly rate review meeting, Kim said that the central bank should be able to conduct independent supervision under “special circumstances.”“(The BOK) means to conduct (independent investigations) when a particular finan
May 13, 2011
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Jupiter moon has 'ocean' of molten rock
WASHINGTON (AFP) – A moon of Jupiter is the only place other than Earth in our solar system where volcanoes occur, and scientists have found an ocean of magma beneath its surface that feed its potent eruptions.Io is the most volcanic object known in the solar system, producing 100 times more lava than Earth, and data from NASA's Galileo spacecraft has shed new light on how that happens, said the
TechnologyMay 13, 2011
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Facebook-Google rivalry intensifies with PR fiasco
The intense rivalry between Facebook and Google just got juicier.In a twist seemingly out of a Hollywood thriller, Facebook hired a prominent public relations firm to try to plant stories harshly criticizing Google's privacy practices in leading news outlets. The efforts backfired when the firm approached a blogger who not only declined the assignment, but also went public with the offer.The lates
TechnologyMay 13, 2011
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BOK freezes key rate at 3 %
BOK freezes key rate at 3 % South Korea's central bank unexpectedly froze the key interest rate on Friday for the second straight month as economic uncertainty such as the eurozone debt crisis persists even in the face of inflation risks. Bank of Korea (BOK) Gov. Kim Choong-soo and his fellow policymakers held steady the benchmark seven-day repo rate, dubbed the base rate, at 3 percent for May.
May 13, 2011
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[Urgent] BOK freezes key rate at 3 pct for 2nd month
South Korea's central bank unexpectedly froze the key interest rate on Friday for the second straight month as economic uncertainty such as the eurozone debt crisis persists even in the face of inflation risks.Bank of Korea (BOK) Gov. Kim Choong-soo and his fellow policymakers held steady the benchmark seven-day repo rate, dubbed the base rate, at 3 percent for May.The decision came as a surprise
May 13, 2011
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Prosecutors discover more FSS misconduct
Prosecutors have uncovered additional alleged ethical breaches by former and incumbent staff at the Financial Supervisory Service.The further allegations of corruption by FSS officials are adding to public criticism the regulatory body is facing for its irregularities in supervising savings banks.The alleged scandals mostly involve FSS staff overlooking illegitimate practices in the market in retu
May 12, 2011
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Hostess bars grow despite recession
There were more hostess bars at the height of the financial crisis than five years previously, showing, the entertainment business resilience even while most other sectors suffered, a government report said Thursday.The data collected by the Ministry for Food, Agriculture, Forestry and Fisheries said 609 hostess bars, or room salons, opened between 2004 and 2009.There were 30,466 hostess bars as o
May 12, 2011
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Korea to curb rise in farm emissions
South Korea plans to considerably decelerate the growth in greenhouse gases emitted by the country’s farming sector as part of its broader efforts to help stem global warming, the government said Thursday.The plan also calls for increasing the country’s overall greenhouse gas absorption capabilities by around 6 percent over the next decade, the Ministry for Food, Agriculture, Forestry and Fisherie
IndustryMay 12, 2011
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Over 8 million jobs taken by 50s or older
The number of employed people over 50 has exceeded 8 million for the first time, reflecting an older workforce brought on by Korea’s fast-aging society. Statistics Korea said Thursday that the number stood at 8.02 million as of the end of April, up 313,000 from the previous month. The figure is the highest ever recorded for the age group and is more than double the level in 1991, 4.03 million.The
May 12, 2011
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Korean Air to hire 500 more flight attendants
Korean Air, the country’s No. 1 air carrier, said Thursday that it will recruit an additional 500 flight attendants this month.The recruitment, which is on the largest scale ever, comes shortly after the company hired a total of 500 employees in February and March, company officials said.The air carrier also said that it will hire another group of 500 in the latter half of this year, which means 1
IndustryMay 12, 2011
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Google’s Android dominates OS market, boosted by key vendors
Recent research has found that more than three in 10 wireless gadget users own an electronic device that runs on Google’s Android mobile operating system, putting strong emphasis on its openness.According to a market research firm Strategy Analytics’ data, the Android OS garnered a 35.9 percent share in the global OS market, followed by Nokia’s Symbian and Apple’s iOS with 26.3 percent and 18.1 pe
IndustryMay 12, 2011
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Samsung ‘unfazed’ by competition
Group’s semiconductor chief skeptical of Elpida’s DRAM chip claimsSamsung Electronics appeared to be keeping its cool despite concerns about intensifying competition posed by global IT companies such as Apple, Elpida and Intel, with officials saying there was no cause for real alarm.In addition to the latest move from Apple Inc., which in April sued Samsung for copyright infringement ahead of the
IndustryMay 12, 2011
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Money supply growth declines to 7-year low
Korea’s money supply grew at the weakest pace in nearly seven years in March as payments of corporate tax drained money circulation, the central bank said Thursday. The country’s M2, a narrow measure of its money supply, reached 1,677.5 trillion won ($1.55 billion) in March, marking a 4.3 percent increase from the figure posted a year earlier, according to the Bank of Korea. The March reading was
May 12, 2011
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Banks to buy W1tr in toxic loans in June
Eight major commercial banks will next month purchase toxic loans totaling 1 trillion won ($923.6 million) issued to the construction sector as part of a bid from the nation’s financial regulators to minimize the negative impact of such loans on the market.Financial companies have issued loans to builders in the name of “project financing” over the past few years. But in the wake of the 2008 globa
May 12, 2011
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Home-backed lending jumps W2.4tr in April
Korean banks’ home-backed loans grew by the largest amount in four months in April as the economic recovery spurred loan demand, the central bank said Thursday.Local banks’ mortgage loans reached an outstanding 292.3 trillion won ($269 billion) as of the end of April, up 2.4 trillion won from the previous month, according to the Bank of Korea.The April number jumped from a 2.1 trillion won on-mont
May 12, 2011
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FSC delays ruling on Lone Star’s eligibility
Decision spurns speculation that Hana Financial-Lone Star deal may break downThe Financial Services Commission announced Thursday that it has decided to indefinitely delay its ruling on whether Lone Star Funds of the U.S. was eligible to buy Korea Exchange Bank in 2003.With the decision, speculation is rising in financial markets that the preliminary contract between Hana Financial Group and Lone
May 12, 2011
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Safdie bids for Incheon Airport terminal No. 2
Famed architect Moshe Safdie on Thursday said his team aimed to incorporate elements unique to Korean culture in his design bid for a second terminal at Incheon International Airport. Addressing reporters in Seoul, the star designer of Singapore’s Marina Bay Sands Resort detailed his ambitions to take on what would be his third airport project. “In the old days, people coming to Seoul felt their f
May 12, 2011
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Samsung eyes $10b revenue in southern Africa by 2015
NAIROBI (Yonhap News) ― Samsung Electronics Co. aims to post $10 billion in revenue by 2015 in Sub-Saharan Africa with its consumer electronics and mobile products built for the market, the chief of the company’s African unit said Wednesday.Samsung has been stepping up efforts to make inroads into the African market, which has a population of 1 billion with a growing number of middle-class people,
May 12, 2011
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LG announces mutual growth scheme
40 billion won R&D plan to start with focus on boosting productivityLG Electronics said Thursday that it will invest 40 billion won ($36.86 million) in research and development with its subcontractors for the next five years as part of its mutual growth plan.In a meeting with about 200 subcontractors at its R&D Center in southern Seoul, the company’s vice chairman Koo Bon-joon said they were all i
IndustryMay 12, 2011
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Fatty heart increases heart disease risk
Having a lot of fat around your heart leaves you susceptible to cardiovascular diseases even if you are not overweight, a group of local doctors said.According to research by Prof. Chun Eun-joo and Choi Sang-il of Seoul National University Bundang Hospital on 402 people, those with a lot of fat around their heart were 10 times more likely to get coronary artery stenosis, a narrowing of the carotid
TechnologyMay 12, 2011
