A week after Apple Inc. filed a patent lawsuit with a California court against Samsung Electronics, the latter came up with countersuits against Apple at courts in Korea, Japan and Germany. While the battle between the two global giants will cost both sides huge legal, the suits could generate enough consumer interests in the products of both parties to more than compensate the costs of litigation

Singer and actor Rain was chosen as the most influential person in the world in a Time magazine poll for the third time since 2006. Rain, 28, with the Korean name Jung Ji-hoon, took the top spot in the Time 100 reader poll for the third year, trouncing competitors from Barack Obama to Lady Gaga, the U.S. news magazine said. Calling him “the unstoppable South Korean superstar,” Time reviewed how Ra

Domestic companies are stepping up efforts to localize some of the parts and materials they import from Japan as their suppliers in the neighboring country are in trouble due to the March 11 earthquake.For instance, LG Electronics has decided to develop a microcontroller unit for its home appliances as Toshiba Corp., which accounts for 60 percent of the global MCU supply, has still not fully norma

Korea suffered a severe credit card crisis in 2003 that not only disrupted the financial system but hit the real economy with a body blow. The crisis followed a massive credit card lending boom, which was fueled by the government’s misguided bid to boost consumption. As the government eased regulations on the credit card business, card issuers pulled out all the stops to recruit new cardholders. T

If a company is to prosper, one of the first things it must do is hire people with skills, knowledge, capacity and other qualifications that can be put to good use. It goes without saying that no restrictions should be placed on the process of selecting qualified persons from among job applicants.But Hyundai Motor Co.’s unionized workers demand their children be given favors when they apply for em

Cronyism in the legal profession is set to be weakened, if not removed, with the National Assembly scheduled to act on a bill to restrict the practice of law by judge- and prosecutor-turned lawyers this month. Given a bipartisan accord, its passage is almost assured.If the bill is approved, lawyers will be banned for one year from serving as counsel on cases tried or investigated by the court or t

Concerns about the safety of the nuclear reactors in Korea are growing as problems arise in succession at the reactors of the Gori nuclear power plant near Busan. The Gori-1 reactor, the oldest in Korea, which started operation in 1978, shut down on April 12 after a fire destroyed one of its circuit breakers. At first, Korea Hydro & Nuclear Power Co. said a defective power switch caused the power

The Korean economy is sitting on a ticking time bomb ― household debt that has topped 800 trillion won. To figure out the risks that this huge debt bomb poses to the national economy, one has only to remember that one percentage point hike in interest rates would increase the interest payment burden on households by 8 trillion won a year. No wonder the Bank of Korea has been hesitant to raise the

The proposed establishment of a bad bank is set in motion by the financial regulators, who are worried that soured project financing loans, if not dealt with appropriately, could cause a financial crisis. At the request from the regulators, creditor banks will sooner or later discuss the details, including how much of money each of them will chip in to set up a bad bank and how much of toxic loans

The number of people who are highly educated but economically inactive has been increasing at an alarmingly high rate during the past decade ― surely an unwelcome reminder to parents that the costly efforts to send their children to university may not pay off.As opposed to the economically active population, those economically inactive are people who do not work and, at the same time, do not meet

The six-party talks for the denuclearization of North Korea may be resumed sometime this spring after a hiatus of more than two years. South Korean Foreign Minister Kim Sung-hwan and U.S. Secretary of State Hillary Clinton agreed in Seoul last week that they would pursue direct inter-Korean talks as a prelude to reopening the six-way talks. This concurs with China’s recent proposal for a three-sta

Yet another joint government-civic committee is about to be formed to take charge of identifying Korean cultural articles overseas and start working for their return home. President Lee gave the instruction upon the return of Joseon era books last week from France after they were plundered from a royal archive on Ganghwa Island during an attack a century and a half ago.Like the 296-volume Joseon “

The April 27 by-elections to pick National Assemblymen for three districts in Gyeonggi, South Gyeongsang and South Jeolla provinces, the governor of Gangwon Province and to fill vacancies at several local autonomous bodies are about a week away. Neither the ruling nor the opposition party sees a clear lead in any of the parliamentary and gubernatorial contests, and both consider these polls as a b

Korea Advanced Institute of Science and Technology, driven into chaos by four student suicides this year, now appears to be recovering from the initial shock and looking for solutions to stressful campus life. KAIST will do well to take time in determining what to do to avoid similar tragedies, as advised by its board of directors.Last week, the board of directors, after being briefed on remedial

When asked about judicial reform last week, Prime Minister Kim Hwang-sik was noncommittal. He apparently did not want to be drawn into a conflict over the thorny issue when he said, “There is no right answer to the question. I hope considerate debate (on the issue) will proceed in a way that will be of help in advancing the nation in the future.”But the administration will have to get itself activ