Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Golden chance to liquidate babies’ gold rings?
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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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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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Lower-cost vacuums outperform premium
The Korea Consumer Agency on Thursday listed a number of vacuum cleaners ranging from premium to low- and mid-cost products to better inform consumers of their efficiency relative to their price.Premium brands such as Nilfisk’s X300C, Dyson’s DC37 and Siemens’ VSZ61240 cost more than 700,000 won with a wide range of functions, but they lack efficiency in terms of suction power and noise when compared with Samsung Electronics’ VC-UBJ937, which costs around 382,000 won, or other lower-cost brands,
IndustryApril 4, 2013
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NTS probe targets black market
The National Tax Service said Thursday that it has launched a full-fledged investigation into 224 figures including private moneylenders on allegations of tax evasion.The 224 targets are composed of 117 private moneylenders, 51 entrepreneurs in the conglomerate sector, 48 individuals on suspicion of offshore tax-dodging and eight purchasing agents of overseas goods.The tax agency clarified that the probe is aimed at securing a base to levy taxes on dubious profit-makers in the underground econom
April 4, 2013
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Park stresses sustainable land policy
President Park Geun-hye stressed sustainable and balanced land development in harmony with the environment, criticizing massive funds-injected, large-scale development projects made in the previous government such as the four-river restoration project.“The government needs to review more thoroughly and systematically the large-scale development projects requiring massive public funding,’’ Park stressed during the Land Ministry’s policy briefing session. Land, Infrastructure and Transport Ministe
April 4, 2013
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Samsung’s Galaxy S4 to roll out in Korea this month
Samsung Electronics’ new flagship smartphone Galaxy S4 will be rolling out in Korea on April 25 following its launch in a number of European countries including the U.K., industry sources said Thursday.With the world’s biggest smartphone maker scheduling its media event on the same day as its roll-out, the new 5-inch Galaxy S4 equipped with octa-core mobile processors will be hitting local shelves in the next three weeks, they said.The company’s new smartphone was unveiled for the first time in
IndustryApril 4, 2013
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Aspire to entice with premium services
Aspire Lifestyles has launched in Korea as a premium concierge, hospitality and brand marketing servicer, the U.K. and Singapore-based company said on Thursday.Aspire Lifestyles offers incomparable lifestyles, services and luxury reward programs. This creates memorable services and lifestyle experiences for customers' needs ranging from travel assistance to lifestyle experiences, the company said.Aspire also specializes in brand marketing, consisting of creating and revamping brands for corporat
IndustryApril 4, 2013
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Nuclear power makes steady global comeback
PARIS ― Having lost much of its appeal after 2011’s Fukushima nuclear disaster, nuclear energy is coming back into favor, slowly but steadily. Emerging economies are resuming plant construction, particularly in Asia, where power demand is exploding in line with rapid economic growth. China led the trend this year, opening the first nuclear power plant since the Fukushima crisis in Dalian, Liaoning province. Industry watchers said the Chinese government will step up construction of nuclear plants
April 4, 2013
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FSC picks new chief for KDB Financial Group
South Korea's financial regulator said Thursday it tapped an economics professor who was an aide to President Park Geun-hye to head state-run KDB Financial Group Co., following the former president's resignation amid a big government shake-up of banking chiefs.The Financial Services Commission said Hong Ki-taek, who teaches economics at Chungang University, will preside over KDB Financial Group and its banking unit Korea Development Bank.The KDB Financial chief was appointed by the president on
April 4, 2013
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Korea's new housing policy unlikely to spur market: IBs
Foreign investment banks (IBs) don't expect South Korea's property market to get a boost from the government's new housing policy in the short term largely because anticipations of an increase in home prices remain weak, a report showed Thursday.On Monday, the government announced a set of measures aimed at boosting the country's sluggish real estate market. It included tax breaks for first-time homeowners and a cut in the supply of new homes to keep prices from falling further. According to the
April 4, 2013
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Scientists find possible hint of dark matter
It is one of the cosmos' most mysterious unsolved cases: dark matter. It is supposedly what holds the universe together. We can't see it, but scientists are pretty sure it's out there.Led by a dogged, Nobel Prize-winning gumshoe who has spent 18 years on the case, scientists put a $2 billion detector aboard the International Space Station to try to track down the stuff. And after two years, the first evidence came in Wednesday: tantalizing cosmic footprints that seem to have been left by dark ma
TechnologyApril 4, 2013
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Hyundai, Kia recall 19m cars in U.S.
The world’s fifth-largest automaker Hyundai Motor and its sister company Kia Motors will be recalling 1.9 million vehicles in the United States for malfunctioning brake light switches and airbags, the companies said on Thursday.There were no accidents or injuries due to the defects, but Hyundai said it is conducting the recall to ensure customer safety.“We hope to resolve the issue as soon as possible,” said Chung Jin-haeng, the Hyundai CEO. “We’ll do our best to prevent the situation from escal
IndustryApril 4, 2013
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Hyundai-Kia recalling nearly 1.9 million vehicles
DETROIT -- Korean automakers Hyundai and Kia are recalling almost 1.9 million vehicles to fix problems with air bags and brake light switches. The brake light recall covers the Hyundai Accent, Elantra, Genesis Coupe, Santa Fe, Sonata, Tucson and Veracruz. Also affected are Kia's Optima, Rondo, Sedona, Sorento, Soul and Sportage. The vehicles are from the 2007 through 2011 model years. U.S. safety regulators say a faulty switch can stop the brake lights from illuminating when drivers press t
IndustryApril 3, 2013
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Park urges swift execution on budget, stimulus plans
President Park Geun-hye urged economic policymakers to swiftly draw up plans to raise additional budget and seek National Assembly approval to spur employment, investment and the livelihoods of the middle class.“Foremost, a supplementary budget should be devised as soon as possible to revitalize the economy and that could help normalize (the government’s) tax revenue,” President Park said in an economic briefing by the Ministry of Strategy and Finance on Wednesday.“The budget should be drawn up
April 3, 2013
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KORAIL pressed to quit Yongsan
The state-run rail operator KORAIL is under pressure from the government to withdraw from the nation’s single largest but money-losing project to redevelop Yongsan, at the heart of Seoul, into an international business district.Government officials said the Ministry of Land, Infrastructure, and Transport had instructed KORAIL to open an exclusive account for the Yongsan development project, separate from its accounting business on rail operation.The instruction is tantamount to a call for giving
April 3, 2013
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‘Starcraft 2’ championships kick off
Online game developer Blizzard Entertainment launched the World Championship Series on Wednesday, featuring a showdown of top players of its “Starcraft 2.”The WCS will narrow down the best players in regional contests in Korea, the U.S. and Europe, who will then meet at the final round to be held in California in November this year, according to Blizzard.Among the three regions, Korea’s league will start first on Thursday, and GomTV and Ongamenet will alternate to operate WCS Korea seasons and w
IndustryApril 3, 2013
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Sales of Hyundai cars in U.S. up 30.6% in March
LOS ANGELES (Yonhap News) ― South Korea’s top automaker Hyundai Motor Co. said Tuesday that sales of its cars and those of its sister company Kia Motors Corp. showed signs of recovery in the United States last month.Hyundai Motor sold 68,306 vehicles in the United States in March, up 30.6 percent from a month ago. Kia Motors sold 49,125 units in the U.S. last month, up 18.4 percent from a month ago.Still, the two carmakers, the flagship companies of Hyundai Motor Group, the world’s fifth-largest
April 3, 2013
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LG Electronics to sponsor LA Dodgers
South Korean electronics giant LG Electronics Inc. said Wednesday it will sponsor the Los Angeles Dodgers, a U.S. Major League Baseball team, as part of its marketing strategy.The Los Angeles-based club signed South Korean left-handed pitcher Ryu Hyun-jin in December. It is also familiar to South Koreans for being the team that pitcher Park Chan-ho, who retired in November, played for the longest during his MLB career.As part of the sponsorship, LG Electronics plans to set up product showrooms a
April 3, 2013
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Hyundai E&C bags $1.89b deal from UAE
Hyundai Engineering & Construction, South Korea’s top builder, said Wednesday that it has clinched a $1.89 billion contract to build facilities in an oil field in the United Arab Emirates.Under the contract with state-owned Abu Dhabi Marine Operating Company on Monday, Hyundai E&C will build facilities on two artificial islands to gather and distribute crude oil produced in Sarb oilfield, 120 kilometers northwest of Abu Dhabi.The South Korean builder also said it will build facilities on nearby
April 3, 2013
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STX Group may face another liquidity crisis
STX Offshore & Shipbuilding’s request for help to creditors indicates that STX Group may be facing another liquidity crisis, analysts said on Wednesday. They said the future of STX Group, the nation’s 13th-largest conglomerate in terms of revenue, is seemingly murky as it faces a series of credit downgrades, following the self-restructuring plan proposed by the shipbuilding unit, its core affiliate, to its creditors on Tuesday. STX Offshore, the world’s fourth-largest shipbuilder, asked creditor
IndustryApril 3, 2013
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Lotte-Shinsegae war takes new turn
Retail archrivals Lotte and Shinsegae are clashing head-on all across the country ― in Busan, Incheon and regions northwest and southeast of Seoul. Shinsegae’s premium outlet in Paju, Gyeonggi Province, is scheduled to open its expanded section to host some 52 new brands next Friday, adding to its existing 167 labels.The suburban outlet was enlarged by about 30 percent to 40,182 square meters.“We cannot confirm the names of the new brands until our press conference next Thursday,” said Shinsegae
IndustryApril 3, 2013
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Will Peter Schreyer magic work again?
GYEONGJU, North Gyeongsang Province ― Kia Motors’ new Carens, significantly the last Kia car to benefit directly from the toughness of Peter Schreyer’s design philosophy, has made its Korean debut. The All New Carens, the newest generation of Kia’s flagship seven-seat minivan, comes seven years since its previous model launched in 2006. The Hyundai affiliate poured 220 billion won ($196.7 million) and 51 months into its development. Minivans are gaining popularity here with the rise in popularit
IndustryApril 3, 2013