Most Popular
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Debate rages over ‘overly fatty’ samgyeopsal
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[Weekender] Korean psyche untangled: Musok
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40 flights canceled on Jeju Island due to bad weather
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[Eye Interview] 'If you live to 100, you might as well be happy,' says 88-year-old bestselling essayist
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Missing S. Korean traveler in Paris found safe after 2 weeks
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Pandemic left Korea more depressed than before: report
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Defense chiefs of US, Australia, Japan decry NK-Russia military cooperation
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‘China faces 60% risk of bank crisis by 2013’
China faces a 60 percent risk of a banking crisis by mid-2013 in the aftermath of record lending and surging property prices, according to a Fitch Ratings gauge. Fitch sees the risk of “holes in bank balance sheets” should a property bubble burst, Richard Fox, a London-based senior director, said in a phone interview on March 4. The risk assessment is from a macro-prudential monitor used by the ra
March 8, 2011
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Car output rise in February
Output of five automakers in Korea rose 6.4 percent on-year in February with strong demand at home and abroad also keeping their sales humming, an industry group said Monday.Led by industry leader Hyundai Motor Co. and its affiliate Kia Motors Corp., the automakers produced 297,350 vehicles last month, compared with 279,368 units a year earlier, according to the Korea Automobile Manufacturers Asso
March 7, 2011
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Asian economies in danger of ‘overheating’
Experts warn subsidy spree may store up trouble for the futureKUALA LUMPUR (AFP) ― As prices of food and fuel reach historic highs, Asian nations with a wary eye on Middle East uprisings are doling out subsidies that experts warn are storing up trouble for the future.Robust Asian economies largely escaped the global downturn, and are now in danger of overheating, stoked by low interest rates, dema
March 7, 2011
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Social commerce giant Groupon to launch here
Groupon, a U.S.-based social commerce firm, announced Monday that it will launch here next Monday further fanning competition over the increasingly popular form of cyber-shopping.Ahead of its official launch, it said it would organize a pre-launching event through its website (www.groupon.kr) which offers 1,000 won of Groupon cash to its e-mail subscribers. The figure of subscribers, however, must
March 7, 2011
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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
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
March 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
March 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
March 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
March 7, 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
March 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
March 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
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
March 6, 2011
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Korean firms favored to win UAE rail project
Two Korean-led consortia satisfy bid qualifications for $20b railroad planTwo consortia including Korean enterprises passed the pre-qualification criteria for a $20 billion railway project in the United Arab Emirates, raising hopes for the country’s first-ever railway construction export, state-run Korea Trade-Investment Promotion Agency said Friday.The list of firms involved in the bid includes b
March 4, 2011
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Visionary IT leaders embrace humanity
Technology should be bringing people together closer: Twitter co-founderTechnology, while it often appears to be the driving force behind tidal waves of change capable of forever altering the way we live, is but a tool for enhancing humanity, Biz Stone, the co-founder of Twitter Inc., said on Thursday. “If we are to be a triumph, we are not to be a triumph of technology but a triumph of humanity,” Stone said at a session of the MBN World Economy and Future Forum. “People are basically good, and
March 3, 2011
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Competition beefs up between Samsung, Apple
Competition is beefing up between two global electronics rivals Samsung Electronics and Apple Inc. after the U.S.-based firm’s chief executive Steve Jobs singled out its competitors while launching the iPad 2 on Wednesday.“Samsung put (a tablet) out last year,” said the 56-year-old CEO in his first public appearance since taking a medical leave on Jan. 17.Then quoting Lee Young-hee, Samsung’s vice
March 3, 2011
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Hyundai pushes into premium market
Korea’s No. 1 carmaker launches i40 D-class vehicle at Geneva auto showGENEVA (AP) ― Fast-growing Hyundai may be best known for its small cars, but plans to break into the premium market with a new sedan has the big guys looking over their shoulders.The Korean automaker is not half as well known in Europe as Toyota, for example, and consumers typically associate its cars with affordability rather
March 3, 2011
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Korea to spend W9b on renewable energy projects
The government will set up a 9 billion won ($7.8 million) fund this year to assist local firms’ clean energy projects overseas. The government’s latest move is part of the country’s efforts to make $40 billion from exports related to renewable energy such as photovoltaic and wind power by 2015.“The global renewable energy market is projected to be highly prospective, and thus will likely push up t
March 3, 2011
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Korean, Japanese firms to buy Brazilian rare metal miner
The National Pension Service and POSCO will acquire 5 percent stakes in a Brazilian producer of a rare earth metal used in steel, oil pipes and automotive components, they said on Thursday.They will each invest 400 billion won ($356 million) to acquire 5 percent of Brazil’s Companhia Brasileira de Metalurgia e Mineracao, the world’s largest producer of the scarce mineral niobium.CBMM controls the
March 3, 2011
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Korean airlines plan massive recruitment
The country’s air carriers are planning to recruit the highest-ever number of new employees this year, thanks to their record-breaking earnings reached in 2010.Korean Air is expected to hire up to 2,700 new workers, including flight attendants, pilots and technicians, in 2011.The nation’s No. 1 local airline employed 2,300 new hires last year and 2,050 new employees in 2009.Asiana Airlines, the se
March 3, 2011