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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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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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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Gov't to strive to reduce impact of corporate restructuring: finance minister
Korea's finance minister said Thursday that the government will make all-out efforts to minimize the possible fallout in the local economy from tough corporate restructuring in the shipbuilding sector."The government will map out plans to support smooth corporate restructuring and business reorganization, and to improve the competitiveness of key industries," Finance Minister Yoo Il-ho said while visiting a shipyard in Ulsan, an industrial city on the southeastern coast."We will mobilize all mea
June 23, 2016
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Samsung SDS shareholders send open letter to Lee Jae-yong
[THE INVESTOR] Minor shareholders of Samsung SDS are raising the heat, accusing the firm of neglecting profits to ensure Lee family’s control over the group. In a letter addressed to Samsung Electronics vice chairman Lee Jae-yong, minor shareholders of Samsung SDS called on him to take steps for improving the share price. Samsung Electronics vice chairman Lee Jae-yong.“A decision to improve stock prices is needed. Restore the property rights of the minor shareholders that was lost (by the decisi
IndustryJune 23, 2016
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VW offers apology with no mention of Korea
[THE INVESTOR] Volkswagen held its first annual shareholders meeting in Hanover, Germany, on June 22 (local time), the first in nine months since it became embroiled in the emissions rigging scandal.While the senior management and directors apologized and explained its ongoing recall plans in Germany and the US, there were no mention of compensatory measures for victims from other countries, including Korea, where 125,522 units were affected. “On behalf of the Volkswagen Group and everyone who w
MobilityJune 23, 2016
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[Photo News] Galaxy Studio
A visitor observes Galaxy S7 and Gear Fit 2 at Samsung Galaxy Studio set up at the Cannes Lions International Festival of Creativity in France. The studio runs through June 25. (Samsung Electronics)
June 23, 2016
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S. Korea, U.S. team up to research animal diseases in wildlife
The research arms of South Korea and the United States devoted to dealing with wildlife diseases, have joined together to cooperate in tackling avian influenza, rabies and other animal-transmitted diseases, a state-run think tank said Thursday.The National Institute of Environmental Research signed a letter of intent early this month with the National Wildlife Research Center, a research facility within the U.S. Department of Agriculture, to carry out joint research activities in the sector of i
TechnologyJune 23, 2016
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S. Korea's seaport cargo grows 1.4 % on-year in May
Cargo processed at Korean seaports rose from a year earlier in May, the government said Thursday, possibly reflecting improvements in the country's exports.Cargo handled at the country's seaports came to 124.46 million tons last month, marking a 1.4-percent on-year rise and a turnaround from a 1.2-percent decline in the previous month, according to the Ministry of Oceans and Fisheries. The increase was attributed to a rise in non-container cargo, which gained 1.6 percent on-year.Container cargo,
June 23, 2016
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[ANALYST REPORT] Korea's slower growth has limited impact on sovereign credit profile: Moody's
Moody‘s Investors Service says that against a backdrop of weak external demand, Korea’s (Aa2 stable) export-dependent growth model has come under pressure. The consequently weakening operating environment underpins the negative outlook on the banking system. However, Moody‘s expects Korea’s fiscal, institutional and external metrics to remain strong when compared to rating peers, which supports the stable outlook on the sovereign rating.In a just-released report titled “Government of Korea: FAQ
June 23, 2016
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Hyundai’s i30 compact Australia’s best-selling car for 3 months in row
[THE INVESTOR] Hyundai Motor’s i30 compact maintained it spot as Australia’s best-selling vehicle for the third consecutive month in May, government data showed. The data compiled by Australia’s Federal Chamber of Automotive Industries showed that South Korea’s top automaker sold 3,771 units of its i30 compact in Australia in May, up 126 percent from a year earlier. i30Toyota Motor’s Hilux took the second place with sales of 3,675 un
MobilityJune 23, 2016
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Korea’s exports to China shrink for 11 consecutive months
[THE INVESTOR] Korea’s monthly exports to China shrank for the 11th consecutive month in May, matching the record set in 2008 and 2009, industry data showed on June 23. According to the Korea International Trade Association, Korea’s exports to China came in at US$9.93 billion in May, falling 9.1 percent from a year ago. Korea’s exports to China have shown year-on-year drop since July 2015. However, the rate of decrease has slowed in recent months, the data showed. From December to April, Korea’s
June 23, 2016
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Drop in Korea's exports to China extends to record streak in May
South Korea's exports to China continued to shrink from a year earlier in May, tying the record streak of 11 months of decrease, industry data showed Thursday.Outbound shipments to China came to US$9.93 billion won last month, down 9.1 percent from the same month last year, according to the data from the Korea International Trade Association.The decline apparently contributed to a 6 percent on-year drop in the country's overall exports. China by far is the world's single largest importer of Sout
IndustryJune 23, 2016
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Lotte has dozens of units in suspected tax havens: data
Lotte Group, South Korea's fifth-largest family-controlled conglomerate, operates some four dozen overseas units in suspected tax havens, data showed Thursday, in a potential blow to the embattled group under investigation for alleged wrongdoing.According to the data by corporate tracker Korea 20000 Corporate Research Institute, 46 of Lotte's 256 overseas subsidiaries are based in suspected tax havens as of 2016.Lotte has 26 subsidiaries, the largest amount, in Hong Kong, followed by Singapore w
IndustryJune 23, 2016
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SK hynix's Q2 operating profit to fall: analyst
[THE INVESTOR] SK hynix’s second quarter operating profit is likely to decrease 20 percent on-year, according to analyst forecasts, with the target market price maintained at 37,000 won (US$32.15). The chipmaker’s revenue will amount to 3.89 trillion won while operating profit will be 4.6 billion won, a rise of 7 percent and decline of 19 percent over the previous year, respectively,” said Do Hyun-woo, analyst at Mirae Asset Securities. He noted that DRAM prices in the second quarter kept decre
IndustryJune 23, 2016
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Kia Motors ranks highest in U.S. quality test
Kia Motors Corp., South Korea's No. 2 carmaker, said Thursday it has ranked highest among nameplates in a U.S. quality test, beating Porsche and other premium brands."Kia ranks highest in initial quality with a score of 83 PP100, the first time in 27 years that a non-premium brand has topped the rankings," J.D. Power and Associates, a U.S.-based marketing information service company, said in the 2016 U.S. Initial Quality Study, referring to problems experienced per 100 vehicles (PP100).The study
MobilityJune 23, 2016
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Global shipments of OLED panels top 90 mln in Q1: data
The global shipments of organic light-emitting diode panels surpassed 90 million units in the first quarter of the year, with Samsung Display Co., a South Korean panel maker, dominating the fast-growing market, data showed Thursday.According to the data compiled by market researcher IHS, a total of 90.8 million OLED panels were sold in the January-March period, 96.2 percent of which, or 87.35 million, were for smartphones. The smartphone panels mark a 62.8 percent rise from a year earlier, the d
IndustryJune 23, 2016
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Seoul stocks open lower ahead of Brexit vote
South Korean shares opened lower Thursday due to lingering worries over Britain's possible withdrawal from the European Union.The benchmark Korea Composite Stock Price Index fell 6.28 points, or 0.32 percent, to 1,986.20 in the first 15 minutes of trading.The outcome of the Brexit vote is scheduled to be officially announced at around 3 p.m. Friday (Korean time) after the referendum ends at 6 a.m. on the same day. Two separate polls, conducted after the murder of a pro-EU lawmaker Jo Cox last we
June 23, 2016
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Korean biotech, pharma firms’ license deals top $500m in H1
[THE INVESTOR] Licensing deals struck by South Korean biotech and pharmaceutical firms surpassed the US$500 million mark in the first half of the year, according to industry sources on June 23. A total of six biotech and pharmaceutical firms including industry heavyweight Chong Kun Dang Pharmaceutical clinched a total of seven out-licensing deals with foreign companies in the January-June period, with the value of the six deals estimated at $525 million.The amount, however, was smaller than the
IndustryJune 23, 2016
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K-ITC Born2Global Center and its Members ③ NAMU
Health care startup NAMU announced Friday that it had released “Alex,” a wearable tracker designed to reduce turtleneck, or forward head posture. Until December this year, Alex will be undergoing clinical testing at two major hospitals in Korea, Asan Medical Center and Mok-Huri Neck & Back Hospital of Oriental Medicine, which specializes in the treatment of degenerative disc diseases. The results of these tests will be presented in academic journals in Korea and numerous other countries. As of J
TechnologyJune 23, 2016
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KB Financial eyes universal banking
KB Financial Group Inc., a major Korean banking group, said Thursday it will push for universal banking as part of efforts to boost profitability in an era of low growth and low interest rates.Universal banking combines commercial banking with investment services, thus allowing banks to provide a much wider variety of financial services."Modeled after Bank of America Merrill Lynch, KB Financial has decided to strengthen its banking and securities businesses," the financial group said.After acqui
June 23, 2016
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Hyundai Securities to sell stake in K Bank
[THE INVESTOR] Hyundai Securities plans to sell its stake in K Bank, one of Korea’s first Internet-only banks, the firm said on June 23. The brokerage firm is the third-largest shareholder of K Bank, to be launched by No. 2 telecom operator KT, with 10 percent shares.It will seek a board approval for the transaction at a meeting on June 28. “We gained the consent from K Bank’s other shareholders regarding the share sell-off,” a Hyundai Securities official said. “We will begin the disposal proced
June 23, 2016
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46 of 256 Lotte offshore firms in suspected tax havens
[THE INVESTOR] Almost one out of five Lotte Group companies located overseas are based in suspected tax havens, a report showed on June 23. Lotte Group, headed by Shin Dong-bin, is currently under an expanding investigation on suspicion of widespread corruption. According to a research institute operated by Energy Economy News, 46 of Lotte Group’s 256 offshore companies are located in suspected tax havens. The institute’s analysis showed that Lotte Group has 26 companies in Hong Kong, nine in Si
IndustryJune 23, 2016