CJ Group admits to being pressured to remove Vice Chairwoman

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FKI’s fate leaning towards disbandment

The fate of the Federation of Korean Industries is inching towards disbandment as Samsung Electronics Vice Chairman Lee Jae-yong vowed to stop supporting the nation’s richest business club at a parli...

Updated : 2016.12.06 16:46

Story behind hearing’s seating arrangement

(Yonhap)Samsung Electronics Vice Chairman Lee Jae-yong took center stage, literally, during Tuesday’s parliamentary probe, both in terms of questions received and in seating arrangement.SK Group Chai...

Updated : 2016.12.06 16:38

Koreans’ overseas spending hits record high in Q3

South Korean’s overseas spending hit a new high in the third quarter on the back of increased outbound travel, central bank data showed Tuesday.According to data by the Bank of Korea, Korean people’...

Updated : 2016.12.06 16:31

Watchdog picks 176 firms for restructuring

South Korea's state financial watchdog on Tuesday selected a total of 176 local small and medium-sized enterprises (SMEs) for immediate corporate restructuring.The Financial Supervisory Service (FSS) conducted a credit risk assessment of 2,035 SMEs here in a regular move taken under a rela...

Updated : 2016.12.06 15:54

Korean shipbuilders to adopt information technology for competitiveness

South Korean shipbuilders will work to infuse information and communication technology into their field in order to raise their competitiveness, the country's information ministry said Tuesday.Under the plan, local shipyards will adopt information technology to develop software and infrast...

Updated : 2016.12.06 15:53

Shinhan Bank completes acquisition in Indonesia

South Korea's Shinhan Bank said its Indonesian unit, Bank Shinhan Indonesia (BSI), has completed a merger with another Indonesian bank in the latest move to seek a new growth engine in the world's fourth most populous country.BSI won an approval from the Indonesian financial authorities fo...

Updated : 2016.12.06 15:51

LG CNS sees e-government system exports top $200m

LG CNS, the IT solutions unit of LG Group, said Tuesday that its cumulative export volume has surpassed $200 million, led by its success in deploying its flagship e-government system technologies to c...

Updated : 2016.12.06 15:37

Largest number of SMEs put on restructuring table

South Korea’s financial watchdog on Tuesday designated 176 small and medium-sized enterprises to undergo restructuring, the largest number of firms since 2010.The Financial Supervisory Service evaluated credit risks of a total of 2,035 SMEs with credit ceilings of less than 50 billion won...

Updated : 2016.12.06 15:25

Google launches ad-free YouTube subscription service in Korea

Google launched YouTube Red, a new ad-free subscription service for its flagship video-sharing platform YouTube, in South Korea on Tuesday, offering a range of exclusive viewing options for paying sub...

Updated : 2016.12.06 15:21

Korea's inflation likely to remain in low 1 pct in 2017: think tank

South Korea's consumer prices are expected to remain at a low 1 percent-range next year due mainly to a slowdown in the world economy and a modest rise in oil prices, coupled with contracted domestic demand, a state-run think tank said Tuesday."Korea's inflation is projected to mark a 1.1-...

Updated : 2016.12.06 13:48

Banks to cut jobs due to slowing economy

Some local banks are considering offering voluntary retirement programs to their workers in a bid to cut costs amid a prolonged economic slowdown, industry officials said Tuesday.NongHyup Financial Group said its flagship unit, NH Nonghyup Bank, is to let 411 employees go under a voluntary...

Updated : 2016.12.06 13:46

Uncertainty overhangs pick of new duty-free operators

With an announcement some 10 days away, a thick cloud of uncertainty hangs over South Korea's selection of new duty-free shop operators due to a litany of variables, industry sources said Tuesday.The Korea Customs Service (KCS) is slated to announce four new operators for duty-free shops i...

Updated : 2016.12.06 11:25

Two firms vying for top-selling drug title

Two major drug firms are competing to become the first South Korean maker of a new homegrown medication with annual sales of more than 50 billion won, a landmark for the local industry, sources said Tuesday.Industry experts define as a blockbuster drug an extremely popular medicine that ge...

Updated : 2016.12.06 11:18

Korea's import vehicle sales dip 16% in Nov.

Sales of imported cars in South Korea slumped 15.8 percent last month from a year earlier, after an on-year rise the previous month, due to a supply shortage, industry data showed Tuesday.In November, 19,361 new imported cars were registered, according to the data from the Korea Automobile...

Updated : 2016.12.06 11:17

Finance not immune to 4th industrial revolution: regulator

South Korea's top financial regulator on Tuesday stressed the need for robust global partnerships to prepare for the consequences of a new industrial revolution."The financial sector can't avoid the trend of the fourth industrial revolution either," Yim Jong-yong, chairman of the Financial...

Updated : 2016.12.06 10:49