Most Popular
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Yoon, Lee end first talks with differences, agree to meet more
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What is Hybe’s next move?
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Medical profs at top hospitals suspend surgeries, clinics
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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[News Focus] Lee tells Yoon that he has governed without political dialogue
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Hopes rise for possible Gaza truce deal
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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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Ex-pro baseball player who killed debtor appeals sentence
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S. Korea to issue travel ban on Haiti amid intensifying gang violence
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Seventeen shows who is the ‘Maestro’ of K-pop in greatest hits album
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Korea, Turkey agree on aviation certification
South Korea and Turkey have agreed to mutually recognize aviation-related certification from either country, which, in turn, will help boost shipments of South Korean aircraft to the west Asian country, the Seoul government said Monday. A memorandum of understanding on mutual recognition of aviation-related certification was signed in Ankara between South Korea’s Transportation Ministry and Turkey’s Directorate General of Civil Aviation.Under the agreement, the two countries will no longer requi
Dec. 15, 2014
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Samsung C&T works to build trust through CSR
Samsung C&T, the construction arm of Samsung Group, is taking bolder action in its overseas corporate social responsibility activities, with programs tailored to the needs of each country’s local communities. In September, the firm carried out the “Samsung C&T Village” housing project to provide better facilities for residents of Pasir Halang in Indonesia.“We will continue to make progress in our global CSR efforts while seeking ways to help them with our construction technology and know-how,” a
Dec. 15, 2014
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Prosecutors to question former Korean Air VP over 'nut rage'
Former Korean Air Lines Co. vice president Cho Hyun-ah, who forced a chief steward to leave a plane over the way a flight attendant served nuts, will be questioned on suspicions of violating aviation law later this week, prosecutors said Monday. Seoul Western District Prosecutors' Office said Cho will face questioning over allegations she impeded flight operations and used threats to force the head of the cabin crew off the plane. In the Dec. 5 incident known as "nut rage" in South Korea, Cho
Dec. 15, 2014
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Jeju Air to fly on Daegu-Beijing route in Feb.
Jeju Air Co., South Korea's largest budget carrier, said Monday it will become the first budget carrier to start flight services linking Daegu, a city in South Korea, with Beijing in February, next year. The company owned by Aekyung Industrial Co. said the three weekly flights on Monday, Wednesday and Friday will be offered from Feb. 13, 2015. "At present local airlines only operate flights linking Incheon, Busan and Jeju with Beijing, so Jeju Air's new service will provide more choice for
Dec. 15, 2014
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Transportation ministry takes flak for being 'soft' on Korean Air
South Korea's transportation ministry is taking flak for being "overly lenient" toward Korean Air Lines Inc. after its initial interviews with the flight crew did not uncover the alleged verbal abuse by a former vice president of the carrier for a breach of snack-serving protocol. The incident has triggered a social uproar in South Korea with people dubbing it "nut rage" and demanding Cho Hyun-ah be punished. Cho ordered the plane be turned around to remove the chief purser after an employee
Dec. 15, 2014
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S. Korea logs trade surplus for 34 straight months
South Korea posted a trade surplus for a 34th straight month in November despite a fall in overseas shipments, customs data showed Monday. According to the data by the Korea Customs Service, the country's trade surplus came to US$5.5 billion last month, down from the all-time high of $7.2 billion registered in October. Exports declined 2.1 percent on-year to $46.9 billion, while imports shrank 4 percent to $41.4 billion. This marked the 34th consecutive month of surplus since February 2012.
Dec. 15, 2014
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Korean Air ‘nut rage’ controversy escalates
New testimonies from witnesses are cornering Heather Cho, daughter of Korean Air chairman Cho Yang-ho, for causing the delay of the family-run airline’s flight and deplaning a head steward.During prosecutor’s questioning and a media interview, the chief flight attendant and a passenger said that the Hanjin Group heiress insulted the cabin crew by using abusive language and violence. “I begged her forgiveness on behalf of the flight attendant but Cho poked my hand with the corner of a file while
Dec. 14, 2014
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‘Korean financial firms should prepare for Volcker Rule’
The Korean financial sector should prepare for the Volcker Rule, which will be implemented in the U.S. in July next year, in order to avoid disadvantages and fines, according to a local attorney.“Local securities and asset management companies should have more understanding of the rule and its potential impact on them,” said Lee Haeng-gyu, an attorney at Jipyong, a South Korean law firm, in a recent interview with The Korea Herald. The Volcker Rule, named after former Federal Reserve Chairman Pa
Dec. 14, 2014
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Hanwha to launch task force on takeover of Samsung units
Hanwha Group, South Korea's 10th-largest family-controlled conglomerate, said Sunday it will launch a task force this week to maximize the synergy effect from its takeover of four Samsung Group affiliates.Late last month, Samsung, the country's top conglomerate, announced an estimated 1.9 trillion won (US$1.72 billion) deal to sell four chemical and defense units to Hanwha Group. The deal will be completed by the first half of 2015.Hanwha said the task force, scheduled to start operations on Mon
Dec. 14, 2014
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Samsung's cross-shareholding investments decline
The number of cross-shareholding investments among affiliates of Samsung Group has decreased thanks to a recent series of shifts in its governance including the listings of key affiliates such as Cheil Industries Co. on the Seoul bourse, a market researcher said Sunday. According to a report from Chaebol.com, Samsung's cross shareholding investment rings that connect its affiliates fell to 10 this year from 30 a year ago. Cross shareholding is a type of investment structure among affiliates of a
Dec. 14, 2014
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[Weekender] Thinking outside the box
Chun Mi-jin, 36, who lives in an apartment complex with more than 1,000 households in western Seoul, has recently teamed up with a friend to buy a house.They bought a small, 30-year-old detached house with three bedrooms, located in Yeonhui-dong neighboring Yonsei University, for 550 million won ($499,600) to build a new home. “My friend and I made the joint investment to achieve our long-awaited dream ― return to Yeonhui-dong where we grew up. We are going to demolish the old house and build a
Dec. 12, 2014
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[Weekender] Townhouses gain popularity beyond retirees
Kim Won-sik, a 59-year-old Seoulite, is looking to move away from apartment living ahead of retirement next year. Like many other retirees, Kim also has a dream of spending the rest of his life in a house with natural surroundings and with a small yard where he can grow vegetables. However, making the decision to move to the suburbs was not easy, as he would have to give up all the amenities and conveniences he enjoyed here in Seoul as well as his relatives and friends.“As an alternative to movi
Dec. 12, 2014
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Korean Air chairman apologizes
Korean Air chairman Cho Yang-ho made his first public apology over the so-called “nut rage” row on Friday, blaming himself for not properly educating his 40-year-old daughter. “I sincerely apologize for the big troubles caused by my daughter’s foolish behavior. I’m asking forgiveness as Korean Air chairman and the father of Cho Hyun-ah,” he said in a news conference held at the company’s Seoul headquarters. “Please, blame me. It is all my fault.”The chairman of the nation’s 10th-largest conglome
Dec. 12, 2014
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More leaks found in Lotte World Mall
More water leaks were found at Lotte World Mall on Thursday, further raising safety concerns about the new mega shopping complex in Jamsil, Seoul.Local reports said water was leaking from the ceiling of the basement floor in the evening, about 150 meters away from the leaking aquarium under inspection by the Seoul City. The latest water leak was fixed in two hours, a Lotte spokesman said. “There seemed to have been a problem with plumbing on the ceiling. We’re looking into the cause of the probl
Dec. 12, 2014
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Former Korean Air VP asks for forgiveness over 'nut rage'
Former Korean Air Lines Co. vice president Cho Hyun-ah, who had forced a crew member to leave a plane over an alleged breach of snack-serving protocol, asked for forgiveness Friday over the incident that caused an uproar. (Yonhap)Appearing for questioning by the transportation ministry, the 40-year-old told reporters that she sincerely regretted her actions and that she will step down from all corporate posts."I will respond with sincerity to all questions raised in the probe," she said before e
Dec. 12, 2014
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E-mart shuts 5 China stores as profits wane
In the latest sign of its failing China business, South Korean discount retailer E-mart announced Friday the closure of five branches in the country, with more shutdowns expected amid sluggish profits.E-mart plans to cease operation of four branches in the Tianjin area at the end of December, the Shinsegae affiliate said in a press release. Another Tianjin store that had been suspended due to a fire will also be shut down, it said.With the move, the discount retailer that once operated as many a
Dec. 12, 2014
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Hyundai Engineering wins $325 mln Indonesia thermal power plant order
South Korean builder Hyundai Engineering Co. said Friday it has secured a US$325 million order to build a coal-fired thermal power plant in Indonesia. The company, part of Hyundai Motor Group, said the deal includes building two 100 megawatt plants in the Tanjung region of Borneo. The total construction period will take 43 months, with Hyundai Engineering in control of all aspects of engineering, procurement and construction, as well as conducting trial operations once the project is finished.Ta
Dec. 12, 2014
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Korean Air chief apologizes for daughter's actions
Korean Air Lines Co. chief Cho Yang-ho formally apologized Friday for the actions of his eldest daughter who triggered an uproar by ordering a crew member to leave a plane over an alleged breach of snack-serving protocol. (Yonhap)Speaking at the carrier's main headquarters in western Seoul, the 65-year-old businessman asked for the public's forgiveness for the "foolish" actions of his daughter."I am making my apology as a father and head of Korean Air," he said.He said his daughter will be remov
Dec. 12, 2014
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Investors pull out record funds amid Cheil Industries subscription
More than 5 trillion won (US$4.52 billion) drained out of the country's money market funds (MMFs) earlier this week, data showed Friday, as investors used it for deposit money to subscribe to Cheil Industries Inc.'s IPO (initial public offering) stocks.The net asset value of MMFs stood at 90.5 trillion won as of Tuesday, down 5.66 trillion won from the previous day, according to data compiled by the Korea Financial Investment Association (KOFIA). The change in the figure marks the largest day-to
Dec. 12, 2014
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S. Korean conglomerates increase debt sales amid low borrowing costs: data
South Korea's conglomerates jacked up their bond sales this year as they capitalized on low borrowing costs to repay or refinance maturing debts, with shipbuilding, construction and steelmaking businesses raising more money than they paid off in debt, industry data showed on Friday. According to the data compiled by Hana Daetoo Securities Co., 21 out of the country's top 30 conglomerates have raised a combined 28.33 trillion won (US$25.74 billion) so far this year by selling bonds, with their ne
Dec. 12, 2014