Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Inflation eases in April, continues bumpy ride
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Seoul to more than double military drones by 2026 to counter NK threats
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Seoul alerts overseas missions to NK terror threats
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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S. Korean children, teens grow taller, mature faster than before: study
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Income polarization deepens
Income inequality widened over the past decade, with the gains among the top 20 percent rising by more than half while those of the poorest 20 percent more than halved, the tax agency said Monday.Taxable income reported by the wealthiest 20 percent stood at an average of 90 million won ($83,210) in 2009, up 55 percent from 1999 when the figure was 58 million won, the National Tax Services said. Ga
April 25, 2011
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LG Uplus launches app that locates local discounts
LG Uplus said Monday it recently launched a location-based social shopping service which enables people to save points or take part in events while they shop in its listed stores.Having launched the service named “Ding dong” last Monday, it is currently offering it in 1,000 locations in Seoul, including at The Face Shop, Beautiplex and some coffee shops and restaurants, said Ro Se-yong, senior vic
IndustryApril 25, 2011
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FSS admits savings bank info leak
The Financial Supervisory Service is facing allegations that it failed to prevent its internal information from being leaked concerning the regulatory policies on savings banks.Among the allegations are that several customers of Busan Savings Bank withdrew large deposits a day before regulators suspended operations of the distressed bank in February.It has been alleged that key staffers of Busan S
April 25, 2011
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Soured construction loans threaten banks
Five major banks see overdue project finance loans hit W3.3trTroubled soured loans issued to the construction sector, which have already dealt serious blows to some savings banks, may also threaten the financial soundness of commercial banks.Savings banks saw defaults on their troubled construction-related financing loans ―known as PF loans ― sharply driven up by the property market slump that sta
April 25, 2011
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Minister stresses need for nuclear safety
South Korea needs to strengthen its nuclear reactor safety protocol to ensure there are no problems with its atomic power production, the commerce minister said Monday.The remarks come amid growing concern over the safety of atomic energy after the disastrous earthquake in Japan damaged reactors at the Fukushima nuclear power plant, prompting radiation leaks. Knowledge Economy Minister Choi Joong-
April 25, 2011
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Hyundai Motor Group basks in growth streak
Hyundai Motor, Kia, Mobis post record sales with share prices soaringThe share prices of Hyundai Motor Group’s three automotive companies have reached new highs on an almost daily basis in recent months, but experts say there is still room to grow. Share prices of the “Hyundai Three” ― Hyundai Motor Co., Kia Motors Corp. and Hyundai Mobis Co. ― have risen at an unprecedented rate over the past yea
IndustryApril 25, 2011
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Automakers unveil local China brands
Global carmakers adopt China-specific brands seen as tool to wrest technology from abroadSHANGHAI (AP) ― Some of the new Chinese cars unveiled at this week’s Shanghai Auto Show are affordable for millions of buyers ― a happy development for Beijing that might prove costly for the global automakers producing them.General Motors Co. unveiled the 630 sedan, the first model from its new Baojun badge d
IndustryApril 25, 2011
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Sony ‘rebuilding’ PlayStation Network after outage
NEW YORK (AP) ― Sony Corp. said it is rebuilding its PlayStation Network to bring it back online after an “external intrusion” caused it to suspend the service.The company said it turned off the service, which lets gamers connect in live play, so that it could strengthen its network infrastructure. Qriocity ― the company’s online entertainment platform ― was also affected.“Though this task is time
IndustryApril 25, 2011
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State regulator launches query on Apple
The state media regulator said Monday it launched an investigation against Apple Inc. over its collection of information of its smartphone users in Korea.The Korea Communications Commission said it requested Apple to promptly answer a questionnaire and return it by “the earliest date.”State authorities asked the company to clarify the duration and regularity of the location information storing on
IndustryApril 25, 2011
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Kia Motors posts record sales in Q1
Kia Motors Corp., South Korea's second-largest automaker, set a new quarterly sales record in the first three months of the year amid growing overseas demand for its vehicles, the company said Monday.According to data released by Kia Motors, the company sold 565,355 vehicles in the first quarter, up 20.2 percent from the same period last year. Domestic sales came to 125,631 units with exports risi
April 25, 2011
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SK chairman suffers investment loss of over W100b
The chief of SK Group, a South Korean conglomerate, has suffered a loss of more than 100 billion won ($92.5 million) from futures investment, sources said Saturday.The National Tax Service, the country’s tax agency, found that Chey Tae-won had invested in the futures, but lost most of his money, according to the sources. The tax agency launched tax probes into the group’s key affiliates, such as S
IndustryApril 24, 2011
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Hyundai Motor Group reaches new high in U.S. midsized market
Hyundai Motor Group’s share of the United States’ market for midsized sedans for the first quarter of the year rose to a record high, industry data showed Sunday.According to industry data, 66,554 units of Hyundai Motor Co.’s Sonata and Kia Motors Corp.’s K5, known as the Optima in overseas markets, were sold in the U.S. during the first three months of the year, giving the companies’ a combined m
IndustryApril 24, 2011
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Struggling chaebol take out loans on stocks
Owners of top industrial companies took out loans against their own shareholdingsOwners of some of the nation’s top “chaebol” industrial groups have obtained loans from creditors by offering nearly all of their own company stocks as collateral, data from the Financial Supervisory Service and online corporate sources showed on Sunday.Almost 80 percent of Dongbu Group Chairman Kim Jun-ki’s 15.41 mil
IndustryApril 24, 2011
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30 groups see debts surge 51% in 3 years
Combined debts of Samsung, Hyundai Motor grow by 89 trillion wonThe nation’s 30 biggest business groups saw their combined debts snowball over the past three years, which could undermine their financial soundness, the Fair Trade Commission said on Sunday.According to the antitrust regulator, debts held by the top 30 groups came to 1.03 quadrillion won ($925 billion) as of March 2011, up 51.2 perce
April 24, 2011
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Jeep camping iPhone app
Chrysler Korea has launched an iPhone application that provides information on camping and off-road driving.The “Jeep Camping” application, available free on Apple’s App Store, provides information about 100 camping sites located across the country and tips for driving in off-road conditions provided by experts, the company said.The tips include those on vehicle maintenance, a checklist for driver
MobilityApril 24, 2011
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Chevrolet expansion fuels GM Korea exports
Chevrolet’s first quarter sales reached a new high this year with 1.1 million vehicles being sold worldwide in the period.While Chevrolet is a U.S.-based brand, the developments have significant implications for South Korea’s automotive industry.The most obvious beneficiary is GM’s Korean arm GM Korea Co. According to GM Korea chief executive Mike Arcamone, 93 percent of the company’s output is bu
MobilityApril 24, 2011
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Jaguar XJ named luxury car of the year
The Jaguar XJ has been named this year’s International Luxury Car of the Year, Jaguar Land Rover Korea announced Thursday. All New XJThe company said the All New XJ sedan was named the International Luxury Car of the Year at the International Car of the Year awards by a panel of automotive journalists from publications including Auto Week, Road & Travel Magazine, MSN Autos, Consumer Guide Automot
MobilityApril 24, 2011
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GM likely to retake No. 1 spot from Toyota
The auto giant’s sales are up in U.S. and China, coming back from bankruptcyDETROIT (AP) ― General Motors is almost certain to claim the title of world’s biggest automaker this year, retaking the top spot from Toyota, which has been hurt by production problems since the Japanese earthquake and still can’t escape the shadow of major safety recalls.The No. 1 title, a morale booster for the winner’s
IndustryApril 24, 2011
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Hyundai, Kia show off wares in N.Y.
Hyundai Motor Co. unveils the new Accent subcompact in the New York International Auto Show on Friday. (Hyundai Motor)Korean carmakers focus on subcompact car market in U.S.South Korea’s two largest carmakers Hyundai Motor Co. and Kia Motors Corp. are taking part in the New York International Auto Show, as the Shanghai International Automobile Exhibition nears a close.The New York show runs until
MobilityApril 24, 2011
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KCC demands explanation for smartphone location log
Korean regulator to ask Apple’s on nature of location collected on devices An Apple Inc. logo hangs above the entrance at the Fifth Avenue store in New York. (Bloomberg)Korea’s top communications regulator will request that Apple Inc. address the privacy concerns caused by recent allegations that the company has been accumulating location information of its users. Officials of the Korea Communicat
IndustryApril 24, 2011