Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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Rapper jailed after public street fight with another rapper
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[Weekender] How DDP emerged as an icon of Seoul
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[KH Explains] No more 'Michael' at Kakao Games
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Woman gets suspended term for injuring boyfriend with knife
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Doctor group's incoming head renews call for govt. to scrap medical school quota hike for dialogue
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Korea ups rare earth reserve target
South Korea is to increase its rare earth reserves to around 1,500 tons by 2014 amid fierce global competition to ensure a stable supply.The new target for a group of 17 scarce metals key to mobile devices, electric vehicles and other high-tech products, would meet the local industrial demand for 100 days, the Ministry of Knowledge Economy said Monday.The government initially set the goal at 1,200
IndustryMarch 7, 2011
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Team to combat offshore tax evasion
Tax, customs and financial authorities plan to set up a joint task force to better crack down on offshore tax evasion, sources said Monday.The new body will be established within this year with officials from the National Tax Service, Financial Supervisory Service and Korea Financial Intelligence Unit, they said.The government is seeking to strengthen its fight against tax offenders as a way of in
March 7, 2011
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POSCO picked as most admired firm
The world’s fourth largest steelmaker POSCO ranked highest among South Korean firms in the latest world’s most admired companies list from the U.S. business magazine Fortune.The rankings are based on an analysis of 667 companies from 32 nations that reviewed nine categories including financial stability, innovation and human resource management. With a score of 7.21, POSCO received the highest rat
IndustryMarch 7, 2011
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Korea targets wider Asia bond sales to cut crisis risk
Korea is seeking to sell bonds to a broader range of investors, especially within Asia, to limit the risk of large, swift investment outflows triggering a crisis, a finance ministry official said.“We would like to broaden our bond buyers overseas so that we can avoid a financial crisis caused by the sudden flight by a few,” Woo Hae-young, director of the Government Bond Policy Division at the Mini
March 7, 2011
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Former IBK CEO Yun to head KEB
Hana group nominates veteran financier ahead of acquisitionHana Financial Group chose Yun Yong-ro, former CEO of Industrial Bank of Korea, as president & CEO of Korea Exchange Bank, company officials said Monday.The nation’s fourth-largest financial group is poised to take over KEB and its executive recommendation committee proposed to the group’s board members that Yun head the new banking unit.T
March 7, 2011
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Korea seeks LED, vertical farming synergy
Korea has been bolstering the vertical farming industry since 2009 as a future growth engine and a measure to stabilize food supplies. The country is a latecomer to the scene but is pinning high hopes on its advanced technologies in electronics and communications to help it emerge as a competitive player in the field.The concept of integrating agriculture into a built environment was invented in a
TechnologyMarch 7, 2011
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Hyundai Heavy develops robot for joint surgery
Hyundai Heavy Industries and local venture firms have succeeded in localizing high-tech robotic equipment for artificial joint operations, the company said Monday.The country’s top builder developed bodies and controllers for the “Robodoc” in a joint project promoted by the Ministry of Knowledge Economy in July 2009.Made by local robotics venture Curexo Inc., the Robodoc is the only robotic system
IndustryMarch 7, 2011
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Toyota said to focus on emerging market growth plan
Toyota Motor Corp. which traditionally gets a majority of its profit in the U.S., will outline a strategy for growth in emerging markets in a 10-year plan the Japanese automaker is set to release this week, two people familiar with the plan said. Toyota also plans to cut two vice-chairman positions and shrink its board to 17 or fewer members as part of the biggest management shakeup in eight years
IndustryMarch 7, 2011
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Technology breathes new life into farming
Cities produce crops as Korea looks for green ways to boost food outputA farm in Yongin on the outskirts of Seoul is ripe with salad greens. But rows of lollo and romaine lettuces are not sprouting from the earth. The plants are thriving on plastic shelves inside a seven-story office building.The “vertical farm,” run by Insung Tech, cultivates indoor crops by artificially supplying air, water, lig
TechnologyMarch 7, 2011
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LVMH to take control of Italy’s Bulgari: report
LVMH Moet Hennessy Louis Vuitton SA, the world’s largest maker of luxury goods, will take a controlling stake in Bulgari SpA, the Financial Times reported, citing an unidentified person close to the deal. The Bulgari family will swap its 51 percent holding for a stake in LVMH in a deal to be announced Monday, the FT reported. LVMH will offer a “significant” premium to Bulgari’s market value of 2.3
IndustryMarch 7, 2011
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S. Korea's savings rate well below OECD average: report
South Korea's household savings rate stayed far below the average for major economies in the world, a report showed Monday, apparently indicating that the latest economic crisis resulted in a decline in income reserved for banksavings.According to the report by the Organization for Economic Cooperation and Development (OECD), South Korea's household savings rate -- the ratio of savings to total di
March 7, 2011
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Stomach pacemaker could help obese lose weight
LONDON (AP) _ Patrick Hetzner tried diets and exercise, just about everything short of stomach stapling to lose weight. Nothing worked. Five months ago he tried something new: a stomach pacemaker that curbed his appetite. (MCT)Since having it implanted, Hetzner, a 20-year-old Munich mailman, has knocked off more than 10 kilos (22 pounds) from his earlier weight of 104 kilos (229 pounds).Hetzner go
TechnologyMarch 7, 2011
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DDoS attack virus wipes hard drives
A malicious code embedded in personal computers to attack Internet sites in Korea began to destroy hard drives of their host computers on Sunday, communication authorities said. Key government agencies and financial institutions suffered cyber assaults Friday and Saturday with minor damage caused. On Sunday, the code for the so-called “distributed denial-of-service” attacks activated an order to d
March 6, 2011
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SKT to break KT’s iPhone monopoly
SK Telecom will begin selling Apple Inc.’s iPhone on March 16, it announced Sunday, ending the exclusive distribution here by its rival KT Corp. The country’s largest mobile carrier said it will take pre-orders starting Wednesday at its T World branches and online. “We at SK Telecom are glad that we can introduce the iPhone 4 through Korea’s best network,” said Seo Jin-woo, chief of SK’s platform
IndustryMarch 6, 2011
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LGE raises LCD TV production in China
LG Electronics, the world’s second-largest TV manufacturer, has installed a liquid-crystal display production line at its flat-screen plant in China targeting a rapidly expanding Chinese middle class, the company said Sunday.The new facility in Shenyang, the capital of northeastern Liaoning province, began operation recently to produce about 65,000 LCD televisions per month.“It follows our strateg
IndustryMarch 6, 2011
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Hanwha SolarOne gets new start on NASDAQ
Hanwha SolarOne Co., a solar-products maker formerly known as Solarfun Power Holdings Co., formerly announced the change of its name and NASDAQ ticker symbol in a ceremony in New York City on Friday. Peter Xie, president and CEO of the company affiliated with Hanwha Chemical Corp., rang the closing bell to mark the completion of the company’s rebranding. The Shanghai-based company changed its name
IndustryMarch 6, 2011
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Big businesses come up with ‘shared growth’ plans
Major companies are devising plans to support their suppliers in line with a government-led campaign for “shared growth” between large and small firms.A range of companies are coming up with plans to help their smaller partners with financing, research and materials procurement despite a recent feud with the government over the profit sharing scheme. The push on big businesses to extend their prof
March 6, 2011
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Hyundai wins $615m drillship order
Noble Corp., which has ordered construction of two of the industry’s most expensive drilling rigs this year, will buy a third ultra-deepwater vessel as contractors take advantage of higher crude prices and low shipyard costs.The rig, which will be able to drill in water as deep as 12,000 feet (3,700 meters), will cost $615 million, the Geneva- based drilling contractor said. Noble ordered all thre
March 6, 2011
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Food spending hits record in 2010
Korean families’ spending on food rose to a record high last year due to surging prices of agricultural goods, government data showed Sunday. According to Statistics Korea, households’ average monthly expenditure on food came in at 602,604 won per month ($539) last year.Last year was the first time that the figure, which includes expenditure on groceries, beverages and eating out, rose above the 6
IndustryMarch 6, 2011
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Revised savings bank rules to hit shareholders
New regulations mean major stakeholders face fines if banks take too many lending risksThe financial regulator plans to add new clauses to regulations on savings banks to enhance supervision and punish large shareholders for risky behavior, sources said Sunday.The Financial Supervisory Commission is rewriting rules governing the country’s embattled savings banks suffering the result of their inves
March 6, 2011