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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Golden chance to liquidate babies’ gold rings?
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Seoul to more than double military drones by 2026 to counter NK threats
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Seoul alerts overseas missions to NK terror threats
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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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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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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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University chief, actress, Samsung exec among tax haven account holders
Businessman Kim Seok-ki and his wife and actress Yoon Suk-hwa have been included on the list of those who established paper companies in tax havens, a local journalists’ group said Thursday.The Korea Center for Investigative Journalism, a nonprofit organization also known as Newstapa, released five names ― three businessmen, a university president and an actress ― in its third announcement of the list of Koreans with offshore financial accounts allegedly to operate slush funds or evade taxes. Th
May 30, 2013
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[Photo News] Korea-Uganda summit
PoliticsMay 30, 2013
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Peak-time energy users may face higher electricity costs
Conglomerates that use huge amounts of electricity to manufacture goods are likely to see a threefold rise in their electricity bills for some periods this summer.The Ministry of Trade, Industry and Energy is considering the expansion of its “critical peak pricing” program to big companies in a bid to manage power demand. The program already covers small companies and households.Under the CPP program, applicants will be charged higher electricity tariffs during peak hours (usually 3 to 5 p.m.) o
IndustryMay 30, 2013
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Hanwha Life raided for alleged offshore tax evasion
Tax authorities on Thursday raided the headquarters of Hanwha Life Insurance to look into whether the company played a crucial role in the alleged tax dodging of Hanwha Group as its flagship financial unit.The National Tax Service secured a variety of documents and computer hard disks by dispatching some 100 inspectors to Hanwha Life headquarters at the 63 Building in Yeouido, Seoul.Its investigative action comes days after a group of independent journalists revealed names of high-profile busine
May 30, 2013
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Publishers accuse Kyobo Book Center of unfair practices
Kyobo Book Center, the nation’s largest bookstore, has come under fire for allegedly forcing publishing companies to participate in its newly launched e-book service.The Korea Publishers Society, a body representing some 420 publishers, accused the bookseller of unfair business practices by abusing its superior position. It also claimed that some publishers were forced to buy the e-book reader released by Kyobo. “We have received complaints from publishing houses that Kyobo Book Center did not g
TechnologyMay 30, 2013
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[Graphic News] OECD cuts 2013 growth outlooks for Korea, world
The Organization for Economic Cooperation and Development revised down its economic growth outlooks for Korea and the world for this and next year, citing lingering uncertainties over the global economy.“The economy faces both external and domestic risks. With exports accounting for more than half of the GDP, Korea is particularly exposed to global economic conditions and exchange-rate shifts,” the OECD said in a report released Wednesday.In its outlooks, the OECD cut Korea’s 2013 economic growt
May 30, 2013
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U.S. vs. European hurricane model: Which is better?
ST. PETERSBURG, Florida (AP) ― When forecasters from the National Weather Service track a hurricane, they use models from several different supercomputers located around the world to create their predictions.Some of those models are more accurate than others. During Hurricane Sandy last October, for instance, the model from the European Center for Medium-range Weather Forecasting in the United Kingdom predicted eight days before landfall that the large storm would hit the East Coast, while the A
TechnologyMay 30, 2013
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Study reveals man’s rocky road to upright walking
PARIS (AFP) ― The rugged landscape created by volcanic eruptions and tectonic plate shifts in east and south Africa millions of years ago may be what prompted our human ancestors to start walking on two legs, a study said.The research published in the journal Antiquity challenges the commonly-held theory that early hominins (members of the broad human family) were forced onto two feet on the ground because climate change reduced the number of trees they lived in.According to the new hypothesis,
TechnologyMay 30, 2013
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Moon may harbor alien minerals: study
PARIS (AFP) ― Minerals found in craters on the Moon may be remnants of asteroids that slammed into it and not, as long believed, the satellite’s innards exposed by such impacts, a study said Sunday.The findings, published in the journal Nature Geoscience, cast doubt on the little we knew of what the Moon is actually composed of.It had long been thought that meteoroids vaporize on impact with large celestial bodies.Unusual minerals like spinel and olivine found in many lunar craters, but rarely o
TechnologyMay 30, 2013
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Smoking causes 56% of lung cancers: study
Smoking causes nearly 56 percent of lung cancer in men, a medical team in Seoul said in its report on Thursday.The study which observed about 14,600 males in Seoul for the last 16 years also revealed that smoking increased the risk of lung cancer by fourfold in comparison to those who didn’t smoke at all.Based on the percentage of male smokers in the Korean population, which is 41 percent, the team estimated that smoking may have caused 55.6 percent of lung cancer cases in men. “These results hi
TechnologyMay 30, 2013
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Living with Parkinson’s
Parkinson’s disease is a degenerative disorder of the central nervous system. The motor symptoms of Parkinson’s disease result from the death of dopamine-generating cells in the substantia nigra, a region of the midbrain.Early in the course of the disease, the most obvious symptoms are movement-related; these include shaking, rigidity and slowness of movement. It starts slowly and progresses gradually. Therefore, it is difficult to know the exact onset of the disease. Here, we will look at the e
TechnologyMay 30, 2013
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Cross-shareholding among large biz groups strengthens: FTC
SEJONG (Yonhap News) ― Cross-shareholding among affiliates of large business groups in South Korea has been strengthened over the past year, the country’s antitrust watchdog said Thursday.Cross-shareholding refers to a tactic frequently used by conglomerates or chaebol that enables a handful of the owner’s family members to control the entire business group with small stakes through circular shareholding methods.According to a report by Fair Trade Commission, 14 business groups maintained cross-
May 30, 2013
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Prosecution starts probe of fraudulent nuclear reactor parts
The prosecution on Thursday is poised to investigate suspicions that fraudulent quality certificates were issued on faulty components used in the suspended nuclear reactors.The Supreme Prosecutor’s Office launched a special task force in Busan to respond to the charge filed by the Korea Hydro & Nuclear Power Corporation against the cable suppliers.The task force will not only take charge of the KHNP’s case but also look into all cases of irregularities found in nuclear reactor businesses, accord
May 30, 2013
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Lotte takes on Doosan in Dongdaemun
Doosan’s Doota has reigned for years as the crown jewel of the Dongdaemun shopping district through inviting and fostering budding fashion designers while offering the best shopping environment in the area.Doota, short for Doosan Tower, now faces a major challenge from the nation’s largest retailer Lotte Group which is opening a prettier and perhaps slightly more upscale mall on Friday.Lotte Fitin houses about 180 brands of local designers it dug out from Korea’s fashion streets of Hongdae, Dong
IndustryMay 30, 2013
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KT to launch cloud computing service in Japan
South Korean telecom titan KT Corp. said Thursday that it will launch a cloud computing service in Japan this week to meet growing demand for reliable Internet storage systems that can protect their data in the neighboring country.KT said its cloud computing service, “Cloud K,” will be sold through SoftBank Telecom Corp., a telecom unit of the SoftBank group.KT and SoftBank have jointly set up an infrastructure in Gimhae, a city near South Korea’s second-largest city, Busan, located close to Jap
IndustryMay 30, 2013
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Google launches Nexus 4 smartphone in Korea
Google Korea, the South Korean unit of the U.S. Internet giant, said Thursday that it started to sell its Nexus 4 smartphone in South Korea, to compete with rivals such as the Galaxy S and iPhone devices.The Nexus 4, equipped with Jelly Bean, Google’s latest Android 4.2 operating system, can be purchased at the Google Play store (play.google.com), it said.Consumers will be able to use two of the country’s mobile carriers ― SK Telecom Co. and KT Corp. ― for their operations.The Nexus 4 for an 8GB
IndustryMay 30, 2013
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Hankook Tire to start plant expansion in Hungary in July
Hankook Tire, Korea’s largest tire maker, has recently submitted a letter of intent to the Hungarian government for the expansion of its plant there, officials said Wednesday. An official deal for the new investment, which aims to meet surging demands in the European market, will be signed possibly in the coming two to three months, the company said. The expansion would elevate the factory’s annual output to 17 million tires. If the construction work starts in July as planned, its operation is e
IndustryMay 30, 2013
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Eximbank teams with 7 banks to offer joint project financing
The Export-Import Bank of Korea is vitalizing its support in financing overseas projects such as energy plants, highways, railroads, resources and other segments of construction to help Korean companies win deals.In particular, the state-controlled bank recently signed a pact with another state-funded bank and six commercial banks on providing Korean companies with loans in the form of project financing in the overseas markets.The seven banks are the state-run Industrial Bank of Korea, KB Kookmi
May 30, 2013
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Shinhan’s products for kids, family gain popularity
Shinhan Bank’s family-targeted promotions have been increasing in popularity among customers, contributing to its sales growth.Shinhan sold about 1,400 of its “Shinhan Baby Plus Installment Savings” plans, raking in about 5 billion won ($4.4 million) in the past year. “The sales performance for the Baby Plus promotion is constantly growing. Baby Plus is designed to boost the birthrate and support prospective and current mothers,” a Shinhan Bank spokesperson said. The 12-month-maturity installmen
May 30, 2013
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Asian Tigers Korea helps foreigners’ integration
The nation’s relocation business goes back to the 1950s when Korea began to have active interaction with other countries. Civilians, soldiers and diplomats began their entry into Korea, making a significant development in the moving industry. That is when Joseph Song, CEO of Asian Tigers Korea, caught the trend and decided to jump into the industry.Asian Tigers Korea was founded in 1984 to provide services to foreigners who need to settle in the country but are unfamiliar with the local system a
IndustryMay 30, 2013