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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Defense chiefs of US, Australia, Japan decry NK-Russia military cooperation
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Pandemic left Korea more depressed than before: report
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Kia tops U.S. car quality survey
The nation’s second-largest automaker Kia Motors topped a car quality survey by the U.S.-based business consultancy agency J.D. Power, the carmaker said Thursday.It is the first time in 30 years that a Korean brand has topped rankings by the U.S. firm.Porsche ranks second, followed by Hyundai, Toyota and BMW. The initial quality survey is based on responses from purchasers and lessees of new 2016 model-year vehicles sold in the U.S. market. J.D. Power received more than 80,000 surveys from vehic
MobilityJune 23, 2016
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Hanwha to face profit squeeze after new preferred share issurance
[THE INVESTOR] Hanwha Corp.’s decision to raise 400 billion won by issuing new preferred shares may lead to profit squeeze due to growing dividend payments, NH Investment & Securities said in a report on June 23. The trading unit of Korean conglomerate Hanwha Group said that it would issue new 20 million preferred stocks to enhance its financial stability in a regulatory filing on June 22. Hanwha GroupShares of Hanwha shed 1.08 percent to trade at 36,700 won ($US31.90) as of 2:22 p.m.Kim Dong-ya
June 23, 2016
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Lotte operates 18% of overseas units in tax havens: research
Nearly one-fifth of Lotte’s overseas corporations are in countries that might serve as tax havens, which could impede prosecutors’ investigation into possible misconduct, according to a research institute on Thursday.The study by the Korea 20000 Corporate Research Institute analyzed Lotte Group’s 256 overseas corporations and found 46 of those companies operate in countries suspected of being tax havens.The majority of these companies were set up in Hong Kong, which does not yet have a ratified
IndustryJune 23, 2016
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Seoul stocks end 4-day straight rise ahead of Brexit vote
Korean shares closed lower Thursday snapping a four-day consecutive rise, as investors wait for Britons to cast their ballots to decide whether to exit from the European Union. The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index fell 5.87 points, or 0.29 percent, to 1986.71. Trade volume was moderate at 449.59 million shares worth 4.16 trillion won.As the biggest issue in the market is the upcoming British referendum, investors took to the sidelines
June 23, 2016
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Kakao Navi expects to see profits in H2
The nation’s top mobile messenger operator Kakao Corp. expects a profit from its navigation app Kakao Navi later this year, through marketing collaboration with local companies.Kakao Navi was launched in February after the company bought popular navigation service Kimgisa last year in a major merger deal. “We are in talks with several companies to better promote the app (and are) aiming to unveil it in the second half,” Kakao’s official told The Korea Herald. The new Landmark Service will enable
TechnologyJune 23, 2016
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More tropical fruit as Korea grows warmer
The rise of average temperatures in Korea due to climate change is leading to higher tropical fruit production here, according to a research institute on Thursday.Production of tropical fruits rose 52.5 percent compared to last year, reaching 1174 tons, said the Korea Rural Economic Institute.Passionfruit was the most-produced fruit at 408.7 tons, followed by mangoes, pineapple, dragon fruit and papayas. The KREI said that the increase in production was due to rising temperatures, which allowed
IndustryJune 23, 2016
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Former SPC Group executive loses lawsuit against firm
[THE INVESTOR] A legal battle between SPC Group -- the operator of South Korea’s largest bakery chain -- and a former executive has ended in favor of the company.Former Paris Croissant chief executive Jung Tae-soo automatically lost the suit when he failed to appeal a lower court ruling that ruled in favor of SPC, industry sources said on June 23. SPC is the parent company of Paris Croissant, a popular bakery and coffee shop chain. In December 2014, Jung, 61, sued SPC for unjustified dismissal.
IndustryJune 23, 2016
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[Monitor] Korea’s exports to China keep falling
Korea’s exports to China continued to shrink from a year ago in May, recording 11 months of decrease, industry data showed Thursday.
June 23, 2016
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Korea to increase flights to France
[THE INVESTOR] Korea and France have reached an agreement to increase flights between the two countries, allowing more visitors to travel easily, the Transport Ministry said on June 23. The number of flights from Seoul’s Incheon International Airport to Paris’ Charles de Gaulle Airport will be increased to 14 from 12 every week, the ministry said. The agreement was reached during the bilateral aviation talks in Paris from June 21-22. As to the exact timing of increased flights, the two cities wi
IndustryJune 23, 2016
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POSCO to speed up restructuring plan
Korea’s largest steelmaker POSCO is drawing up a plan in detail to integrate processing centers in China as part of its restructuring measures to save the cost and improve organizational efficiency, local reports said Thursday. According to the reports, the steelmaker is considering integrating processing centers of stainless and steel sheets in China, such as POSCO-CZPC and POSCO-CQPC. It had previously decided to put the company’s overseas subsidiary Qingdao Pohang Stainless Steel up for sale.
IndustryJune 23, 2016
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Bosch Korea says diesel engine is ‘very clean, eco-friendly’
Robert Bosch Korea’s chief has spoken up to defend diesel cars from mounting criticism that their engines are the main culprit for fine dust emissions that worsen air quality here.“Based on today’s technologies as well as (what) Bosch is offering, we do believe diesel is very clean and (used in) eco-friendly engines and (it) is also meeting emission standards,” Frank Schaefers, the head of the German engineering company’s Korean unit, said during a news conference in Seoul on Thursday. Frank Sc
MobilityJune 23, 2016
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Financial authorities increase vigilance on Brexit vote
South Korea’s financial authorities are increasing their monitoring of the financial market in light of the vote opening on Thursday on whether Britain should leave the European Union. Global analysts have been cautioning that an exit vote would be devastating for the global economy, including Korea where British capital invested in local stocks accounts for over 8 percent of the total as of May this year. British Prime Minister David Cameron meets citizens in London on May 30, 2016. (Yonhap)“Th
June 23, 2016
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KAI’s Surion chopper to get smarter
The Surion chopper, developed by South Korea’s sole aircraft-maker Korea Aerospace Industries, will feature its digital display screen and advanced control as parts of its marketing efforts, the company said Thursday.Employing an integrated avionics suite from the Swiss-based American technology firm Garmin, KAI will change the face of Surion’s cockpit design and offer easier control of the chopper, it said. The upgraded model will be rolled out in 2019 both for public and private use. By adopti
IndustryJune 23, 2016
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Samsung SDS shareholders call on NPS for support
[THE INVESTOR] Minor shareholders of Samsung SDS are reaching out to the National Pension Service in their fight against the company’s reorganization plans. Samsung SDS is reviewing plans to spin off some of its businesses including the logistics operations. Since Oct. 19, Samsung SDS stock has been on a downward slope with prices down by half since then. The minor shareholders’ association has put the blame squarely on the company’s spin-off plans, and has been demanding action from Samsung SDS
IndustryJune 23, 2016
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Ex-chief of KT&G acquitted of bribery charges
[THE INVESTOR] The former head of Korea’s leading tobacco-maker was acquitted of kickback charges by a Seoul court due to lack of credible evidence on June 23.Min Young-jin, who headed KT&G from 2010 to 2015, was accused of receiving some 179 million won (US$151,000) in bribes from subcontractors, a company official and a foreign buyer between 2009 and 2012.The Seoul Central District Court also acquitted him of allegations that he gave some 600 million won in bribes to a government official for
IndustryJune 23, 2016
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Hyundai Merchant set to join world's largest shipping alliance
The financially troubled Hyundai Merchant Marine Co. on Thursday said that its talks to be part of the world's largest shipping alliance have made significant progress, raising hopes that the negotiation will soon be completed. Hyundai Merchant said it has been seeking to join the group, 2M, spearheaded by AP Moller-Maersk A/S.Hyundai Merchant has been implementing tough restructuring moves set by its creditors. The creditors, led by the state-run Korea Development Bank, demand that the country'
IndustryJune 23, 2016
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Finance minister to visit China for AIIB meeting
Korea's top economic policymaker will visit China later this week for the first annual general meeting of the Asian Infrastructure Investment Bank and the opening ceremony of the won-yuan direct market there, the ministry here said Thursday.Finance Minister Yoo Il-ho will depart Friday to attend the first AIIB General Assembly in Beijing slated for Saturday, according to the Ministry of Strategy and Finance.Yoo will deliver a keynote speech at the meeting about the role and future of the China-l
June 23, 2016
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Former KT&G chief acquitted of bribery charges
A Seoul court on Thursday acquitted the former head of Korea's leading tobacco maker on charges of receiving kickbacks, citing a lack of credibility in the bribers' testimonies.The Seoul Central District Court found Min Young-jin, who headed the KT&G Corp. from 2010 to 2015, not guilty of receiving some 179 million won ($151,000) in bribes from subcontractors, a company official and a foreign buyer between 2009 and 2012.The court also acquitted the 57-year-old of allegations he gave some 600 mil
IndustryJune 23, 2016
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HMM mulls joining 2M Alliance
[THE INVESTOR] Hyundai Merchant Marine is considering joining the 2M Alliance, a vessel-sharing agreement between Denmark’s Maersk Line and Switzerland’s Mediterranean Shipping Company -- the world’s first and second largest container carriers. Amid growing speculation that Korea’s second-largest shipping company is set to join the alliance, a HMM official confirmed that discussions are ongoing with the alliance parties on June 23. A container vessel is displayed at Hyundai Merchant Marine's hea
IndustryJune 23, 2016
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Economy minister to meet with US business leaders in Korea
[THE INVESTOR] Deputy Prime Minister for Economy Yoo Il-ho will meet with representatives of US businesses in Korea to seek ways to improve economic cooperation, the Ministry of Strategy and Finance said on June 23. At the June 30 conference organized by the American Chamber of Commerce in Korea, Yoo will give a special address and hold meetings with GM Korea chief James Kim to discuss ways to improve Korea-US cooperation and economic issues in the two countries.Deputy Prime Minister for Economy
IndustryJune 23, 2016