The Seoul city government started a controversial program that provides allowances to thousands of young job seekers Wednesday, which it said aims to help people maintain basic living standards while they try to find work.The Seoul Metropolitan Government said it has selected a total of 3,000 applicants and will provide them with 500,000 won ($448) per month, for up to six months. The plan, which has been opposed by the central government, is designed to support people from ages 19 to 29, who ha

Aug. 3, 2016

[THE INVESTOR] NEW YORK -- Samsung Electronics took the wraps off the much-anticipated Galaxy Note 7 smartphone at its annual Samsung Galaxy Unpack event in New York on Tuesday.Although the latest large-size smartphone -- often called a “phablet,” a combination of phone and tablet -- is the sixth in the Note lineup, it has been dubbed the Note 7 to align the numbering with the Galaxy S lineup.It comes with a slew of new features that will probably provide reason enough for those currently using

Technology Aug. 3, 2016

South Korea will hold a food fair in the Chinese city of Chengdu later this week to promote the country's agricultural products and foodstuffs in the neighboring country, the ministry here said Wednesday.The 2016 Chengdu K-Food Fair will kick off on Thursday and run through Wednesday, with 28 South Korean food and dairy firms to present their products, according to the Ministry Agriculture, Food and Rural Affairs.During the four-day event, South Korean firms including Lotte Chilsung Beverage Co.

Industry Aug. 3, 2016

Despite years of government efforts to remove regulations that hinder investment and employment, too many old and new regulations continue to discourage business activities in South Korea, some even discouraging local firms from expanding their size, a report said Wednesday.According to the report from the Federation of Korean Industries, a business lobby that represents the country's top 600 companies, large firms were currently subject to 81 separate regulations under 39 laws as of end-July.Th

Industry Aug. 3, 2016

The Korea Development Bank on Wednesday said the country's major industries could post negative growth in the second half of the year.The South Korean policy lender said the prospects of shipping lines and shipbuilding are "very bad," while describing those for the car, steel, machinery and construction industries as "a bit bad" in a new report.South Korean shipbuilders have been under severe financial strain in the face of declining new orders amid a protracted slump in the world's economy.The

Aug. 3, 2016

South Korean companies are confronted with growing trade barriers in overseas markets as major economies toughen import rules amid a protracted economic slowdown, industry sources said Wednesday.As of the end of July, South Korean products were affected by 179 anti-dumping measures, safeguards and other import regulations worldwide, according to the sources and the state-run Korea Trade-Investment Promotion Agency.In the first seven months of this year alone, 24 new complaints involving import r

Industry Aug. 3, 2016

The presidential office Cheong Wa Dae on Wednesday dismissed suspicion that President Park Geun-hye's plan to meet lawmakers representing part of the country's southeastern region may be related to the ruling Saenuri Party's leadership race slated for next week.Cheong Wa Dae has been coordinating with lawmakers representing Daegu and North Gyeongsang Province to schedule a meeting as the president seeks to solicit their views on the planned deployment of an advanced U.S antimissile system in the

Politics Aug. 3, 2016

Listed units of South Korea's top 10 conglomerates account for slightly over half of the country's stock market capitalization, data showed Wednesday, pointing to their huge clout in Asia's fourth-largest economy.According to the data by corporate tracker CEO Score, 181 listed subsidiaries of the 10 largest family-controlled business groups, known as chaebol here, had a combined market capitalization of 778.5 trillion won ($700 billion) as of end-July, or 51.2 percent of the value of all shares

Aug. 3, 2016

Annual sales of a diabetes drug manufactured by LG Life Sciences Ltd., the pharmaceuticals unit of South Korea's LG Group, are likely to exceed 50 billion won ($44.9 million) this year, the drug firm said Wednesday.It would mark the first time for the annual sales of a single homegrown drug to breach the 50 billion-won mark.The combined sales of Zemiglo , which was approved as the nation's 19th new drug in 2012, and its composite drug Zemimet came to 23.7 billion won in the first half of the yea

Industry Aug. 3, 2016

Samsung Group, the country's top conglomerate, saw its affiliates log weaker than expected earnings during the second quarter of the year, while No. 2 Hyundai Motor Group managed to rack up decent bottom lines, data showed on Wednesday.According to the data compiled by market researcher FnGuide, 35 companies affiliated with the nation's top five conglomerates reported their second-quarter earnings and 22 of them posted market forecast-beating profits.In the case of Samsung, four out of its 11 af

Aug. 3, 2016

North Korea on Wednesday fired off a ballistic missile into waters off its east coast, the South Korean military said, in an apparent show of force against Seoul's move to deploy an advanced U.S. missile defense system.The missile was test-fired from near Eunyul in southwestern South Hwanghae Province at 7:50 a.m., South Korea's Joint Chiefs of Staff said, adding that it is analyzing its trajectory.A military source said that the projectile, presumed to be a mid-range Rodong missile, is projecte

North Korea Aug. 3, 2016

Hyundai Motor Co. and its smaller affiliate, Kia Motors Corp., saw their combined sales in the United States rise 6 percent in July, thanks in large part to strong sales in sport utility vehicles, data showed Tuesday.The two South Korean auto giants sold a combined 134,972 units in the U.S. last month, up from 127,324 units in the same month last year, the data showed. Hyundai's sales rose 5.6 percent from last year to 75,003 while Kia's totaled 59,969 units, up 6.4 percent compared with a year

Aug. 3, 2016

경기도에 있는 A대학교 모 단과대학 학생회 회장이 신입생 오리엔테이션(OT) 비용을 부풀려 결제한 뒤 업체로부터 수백만원을 되돌려 받았다는 주장이 제기돼 경찰이 조사에 나섰다. 3일 경기 용인동부경찰서에 따르면 A대 학생자치 감사기구는 "단과대 학생회 회장이 신입생 오티비를 부풀리고 남은 돈을 가로챘다"는 내용의 고발장을 지난 1일 경찰서에 제출했다.감사기구는 재학생들로 구성되며, 각 학생자치기구가 운용하는 회비 사용처 등에 대한 투명성을 검증한다. 감사기구 관계자는 "해당 학생회장은 지난 2월 신입생 OT에서 학생들에게 나눠줄 수건 500장을 맞추면서 한 장당 원가 9천원을 1만5천원으로 부풀려 결제하고서 차익 300만원을 차명계좌로 돌려받은 의혹을 받고 있다"면서 "감사기구에서 수 차례 감사를 진행하려고 했지만, 단과대 학생회 측이 '감사 받을 의무가 없다'고 거부해 경찰에 수사를 의뢰했다"고 설명했다.이어 "오티비는 개인 돈이 아니라 학생들이 낸 돈이기 때문에 모든 사용 내용이

한국어판 Aug. 3, 2016