Most Popular
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Medical profs at top hospitals suspend surgeries, clinics
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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Hopes rise for possible Gaza truce deal
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Ex-pro baseball player who killed debtor appeals sentence
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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[Music in drama] Rekindle a love that slipped through your fingers
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Two nuclear reactors halted; 7 shutdowns this year
Officials downplay safety concerns despite incident frequencyReactors at Shin-Kori Nuclear Power Plant in Busan and Younggwang Nuclear Power Plant malfunctioned on Tuesday, adding to public concerns about the safety of the nation’s ageing nuclear reactors. The shutdown at Younggwang was the seventh this year for a nuclear reactor, coming just hours after Shin-Kori 1 reactor witnessed the sixth. It was also the first time two reactors halted operation on the same day. The state-run Korea Hydro &
Oct. 2, 2012
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National debt set to reach W465 trillion next year
The national debt is expected to snowball to 445.2 trillion won ($339 billion) this year and 464.8 trillion won next year, according to the Ministry of Strategy and Finance’s 2012-2016 National Debt Management Plan. According to the plan submitted to the National Assembly on Tuesday, this year’s total debt is expected to increase by 5.9 percent compared to 2011, and next year’s by 4.4 percent compared to this year. The national debt increase is expected to slowdown to 1 to 2 percent in 2014. The
Oct. 2, 2012
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More drugs, watches being smuggled via online transactions
Goods and drugs that were illegally imported online rose by more than one-quarter from last year to reach 541.1 billion won ($486 million) during the first eight months of this year, the Korea Customs Service announced on Tuesday.The state-run customs agency said there were 22 more cases than in the same period last year, while the sales volume climbed by 125.4 billion won. “These illegal goods usually enter the country through express mail services or courier services that are registered as les
IndustryOct. 2, 2012
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Stock index stays flat
South Korean stocks remained nearly unchanged Tuesday as investors took to the sidelines with no clear signs of economic recovery in sight, analysts said. The local currency declined against the U.S. dollar. The benchmark Korea Composite Stock Price Index dipped 0.18 points, or 0.01 percent, to 1,996.03. Trading volume was moderate at 491.8 million shares worth 3.6 trillion won ($3.2 billion) with gainers closely outpacing decliners 412 to 399. “There were some good news from the United States o
Oct. 2, 2012
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Samsung adds iPhone 5 to patent row
Samsung Electronics Co. said Tuesday it has officially added Apple Inc.’s iPhone 5 to the ongoing patent war between the two smartphone titans, a move that could affect sales of the latest iPhone.In a statement, Samsung, the world’s largest smartphone maker, said it has filed a motion to add Apple’s latest gadget to the U.S. patent row on charges of infringing its patents.“Apple continues to take aggressive legal measures that will limit market competition. Under these circumstances, we have lit
TechnologyOct. 2, 2012
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U.S. concerned about trade deficits after FTA with Korea
WASHINGTON (Yonhap News) ― A U.S. congressional committee voiced concerns Monday over growing deficits in trade with South Korea following the implementation of a free trade agreement.But the Joint Economic Committee, composed of 10 members each from the Senate and the House of Representatives, said it’s premature to conclude that the FTA was a mistake.In a report on U.S. trade with South Korea, the committee pointed out, “Since the free trade agreement was implemented in March 2012, imports fro
Oct. 2, 2012
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Samsung, Hyundai Motor see brand boost
Electronics giant named one of top 10 global brands while carmaker ranked 53rd in worldFor the first time, Samsung Electronics was included on the list of the world’s 10 most valuable brands selected by Interbrand on Tuesday.Hyundai Motor and its affiliate Kia Motors also saw their brand values highly estimated by the agency, being ranked 53rd and 87th, respectively, on the list published by the world’s leading brand management consultancy.According to the 13th annual Best Global Brands report f
IndustryOct. 2, 2012
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Toys imported from U.S., Europe ‘overpriced’
Toys from the U.S. or European Union countries are sold here at prices up to 165.2 percent higher than in the countries of origin, the Korea Consumer Agency said on Tuesday. According to the KCA’s research on 1,140 imported toys sold in 75 local department stores, discount marts, toy shops and online stores, most of the toys were sold at remarkably high prices to Korean consumers. Toys from the U.S. showed the highest price gains with a minimum of 94 percent higher than U.S. prices, up to 165.2
IndustryOct. 2, 2012
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POSCO faces hurdle in buying Australian steel maker Arrium
Despite differences over takeover terms, bidding is likely to continue, analysts sayKorean steel giant POSCO is facing a bumpy road to take over Arrium, Australia’s second-largest steelmaker, on disagreements over its stock value. A consortium named Steelmakers Australia, which POSCO has joined as a strategic investor, offered 1.2 trillion won ($1.03 billion), or 860 won (78 cents) per share, to Arrium last Friday to buy all Arrium shares, but the Australian steel maker, previously known as OneS
IndustryOct. 2, 2012
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Samsung chief Lee’s stock value tops W10tr
The chief of Samsung Electronics Co., South Korea’s top market cap, is the wealthiest share holder in South Korea with his value of stock holdings soaring 22 percent through Friday this year, data showed Tuesday.Chairman Lee Kun-hee held 10.8 trillion won ($9.7 billion) worth of shares as of Friday, up 1.97 trillion won from Jan.2, according to the data compiled by Chaebul.com, which provides information on conglomerates.The business mogul’s stock holdings include a 3.38 percent stake in Samsung
Oct. 2, 2012
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Youth start-up programs young, but blooming
Public and private sectors boost entrepreneurial support to tackle nation’s unemployment problemIn an effort to tackle youth unemployment and boost young people’s enthusiasm for starting their own businesses in a conglomerate-dominated economy, the public and private sectors alike are boosting their entrepreneurship programs for ambitious new university graduates.Chung Ju-yung Entrepreneurship Competition The latest of these programs is the Asan Nanum Foundation’s Chung Ju-yung Entrepreneurship
Oct. 2, 2012
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Korean Air allows only one free luggage item in economy
The nation’s biggest air carrier will allow only one free piece of luggage to be checked in for economy class passengers on international flights, starting Tuesday. Those taking flights to the U.S. are excluded. Korean Air announced on Tuesday that it will adapt the Piece System which limits the number of luggage items instead of weight, following the international trend. Under the new system, economy class passengers will be allowed to check in only one piece of luggage at a maximum weight of 2
IndustryOct. 2, 2012
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Samsung motions to add iPhone 5 to patent case
South Korea's Samsung Electronics Co. says it has filed a motion with a U.S. court to add Apple's iPhone 5 to their ongoing patent battle.Samsung says it filed the motion Monday with the California court, alleging that Apple's new phone infringes on eight of its patents.The two companies are locked in a struggle for supremacy in the global smartphone market, leading to legal cases in courts across
TechnologyOct. 2, 2012
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New Zealand produces allergy-free milk
Researchers in New Zealand say they have genetically engineered a cow to produce milk free of a protein that causes allergies in children.The study, published in Proceedings of the National Academy of Sciences, used a technique known as RNA interference to block the production of the protein beta-lactoglobulin, which is produced in cows but not found in human milk.Study co-author Dr. Stefan Wagner
TechnologyOct. 2, 2012
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Plant scientists create ‘see-through’ soil
Researchers in Scotland say they have developed a see-through soil that will enable scientists to study roots in detail for the first time.The underground world of plant roots is called the rhizosphere and scientists at the University of Abertay Dundee and the James Hutton institute, writing in the journal PLos ONE, say creation of the new transparent soil marks a research milestone that will hav
TechnologyOct. 2, 2012
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S. Korea's consumer prices grow 2 percent in Sept.
South Korea's consumer prices grew at the fastest pace in three months in September mainly due to increased prices of farm products, a report showed Tuesday.The country's consumer price index rose 2 percent from a year earlier in September, quickening from the 1.2 percent gain tallied in the previous month, according to the report by Statistics Korea.The index also advanced 0.7 percent from a mont
Oct. 2, 2012
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Korea to hold trade event targeting Chinese market
Two South Korean trade agencies said Monday that they will jointly hold an event later this month aimed at providing local companies with a chance to meet with Chinese buyers and help them advance into the world's largest consumer market.The "2012 China Business Plaza" will be held by the Korea Trade-Investment Promotion Agency (KOTRA) and the Korea International Trade Association in Seoul on Oct.
IndustryOct. 1, 2012
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Nation's first mixture of pharmacy/convenience store opens
South Korea's leading convenience chain said Monday it has opened the country's first-ever drug store-type shops that incorporate pharmacies into convenience stores.The new type of stores was set up after the South Korean government passed legislation in May to allow sales of some non-prescription drugs at convenience stores and supermarkets.Two CU stores run by BGF Retail Co. have opened in Chang
IndustryOct. 1, 2012
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Trading accounts down amid stagnant market situations
The number of "active" stock trading accounts in South Korea declined in recent weeks amid relatively stagnant market situations, a trade association said Monday.Stock trading accounts -- accounts holding more than 100,000 won ($90) and being used at least once in the past six months -- totaled 19.9 million last Thursday, according to the Korea Financial Investment Association.The number of active
Oct. 1, 2012
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Korea's trade surplus reaches $3.15 bln in Sept.
South Korea's trade surplus widened from a year earlier last month as its imports shrank at a faster rate than exports, the government said Monday.The country's trade surplus reached an estimated $3.15 billion in September, compared with a $1.6 billion surplus the same month last year, according to the Ministry of Knowledge Economy.The figure also marks a growth from $2.04 billion in August.Export
Oct. 1, 2012