Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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[Weekender] How DDP emerged as an icon of Seoul
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Rapper jailed after public street fight with another rapper
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Doctor group's incoming head renews call for govt. to scrap medical school quota hike for dialogue
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Woman gets suspended term for injuring boyfriend with knife
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[KH Explains] No more 'Michael' at Kakao Games
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Former chief of Volkswagen Korea summoned over emissions scandal
A former CEO of the local branch of Volkswagen was summoned by prosecutors Tuesday over the German carmaker's alleged irregularities that came to light following last year's emissions scandal.The Seoul Central District Prosecutors' Office summoned Park Dong-hoon as a material witness to gain background information. Prosecutors said his status can change to that of a suspect, if necessary, following the investigation. (Yonhap)"I was not (involved)," Park told reporters, referring to the string of
July 5, 2016
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Troubled shippers, shipbuilders suffer rating downgrades
Korea's troubled firms, mostly shipbuilders and shippers, have faced rating downgrades amid their deepening financial woes and ongoing corporate overhaul efforts, industry sources said Tuesday.According to Korea Ratings Corp., a total of 31 firms suffered a rating downgrade in the first half of the year, compared with 43 companies a year earlier.But Daewoo Shipbuilding & Marine Engineering Co. and other shipbuilders, along with the country's major shipping lines such as Hanjin Shipping Co. saw t
July 5, 2016
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Budget carrier Air Seoul ready for take-off
[THE INVESTOR] Air Seoul, Asiana Airline’s new low-cost carrier, has passed all government safety inspections and will begin services next week. The Ministry of Land, Infrastructure and Transport said on July 5 that it has given its final approval to Air Seoul and will issue an Air Operator Certificate the following day. The ministry had formed a team for document-screening and onsite inspection to check the airline’s facilities and other operational capabilities for the past five months. Starti
July 5, 2016
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Liquor brands rely on top celebrities for marketing
Liquor companies, barred from public spaces and airtime, are resorting to top celebrities for maximized advertisement effect, according to industry officials Tuesday.The government has been tightening regulations on liquor ads, revising the law on national health improvement. Recent changes include barring liquor ads on TV from 7 a.m. to 10 p.m. to limit minors' exposure to them. Advertising on radio, the internet and public transportation are also restricted.Liquor companies are trying to work
July 5, 2016
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Doosan Bobcat applies for IPO approval in Korea
Doosan Bobcat Inc., a unit of power and construction equipment conglomerate Doosan, has applied for preliminary approval for its initial public offering planned for this year, the country's main bourse said Tuesday.Doosan Infracore Co. and Doosan Engine collectively own a majority 78.4 percent stake in Doosan Bobcat, which operates 31 subsidiaries in 20 countries. Doosan Bobcat is a leading player in the small-sized construction machinery sector in the United States and Europe, the main exchange
July 5, 2016
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Lawmakers seek tougher control on corporate governance
[THE INVESTOR] A revised Commercial Act that would strengthen measures to keep major shareholders in check was proposed on July 4 with the backing of 120 lawmakers. South Korea’s National Assembly consists of 300 seats. If approved, individuals who hold more than 1 percent stake in a company will be able to file a suit against a subsidiary’s management whose malpractice caused irrevocable damage to the concerned companies. Rep. Kim Chong-in / The Investor(Park Hae-mook)The revision also stipulat
July 5, 2016
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Jaguar Land Rover Korea to recall 4,980 vehicles
Jaguar Land Rover Korea Co., the local importer of the British car brand, will recall a combined 4,990 units of Jaguar and Land Rover vehicles for safety reasons, the transportation ministry here said Tuesday.The license plate lamp of the Land Rover Discovery Sports Diesel has been found to sometimes separate from the car due to a possible crack, according to the Ministry of Land, Infrastructure and Transportation.Subject to the recall are 2,783 units of the vehicle model produced between Sept.
July 5, 2016
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S. Korea halts test run of new reactor
A nuclear reactor in South Korea was halted Monday while undergoing a test run, but there was no danger of a radiation leak, reactor operators said.The Shin Kori No. 3 reactor shut down at around 4:50 p.m. while undergoing a test to see if the reactor remains stable when its circuit breaker is manually pulled down to prevent an overload, according to officials from the state-run Korea Hydro and Nuclear Power Co.The reactor was running at about 80 percent of its maximum capacity."The reactor shut
July 4, 2016
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Seoul to open startup center in August
[THE INVESTOR] A startup center providing support for foreign nationals and immigrants will open in Seoul in August. The center will also aid startups expand overseas.According to Seoul city government, the center will be opened within the electronics market in Yongsan, central Seoul. Total of 40 startups will be provided with office space at the center, and selected companies will be provided with legal, patent, accounting and consultation services. Foreign nationals will also be aided in obtai
July 4, 2016
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Coway apologizes over contaminant found in water purifier
[THE INVESTOR] Coway, a Korean water purifier-maker, officially apologized over harmful substances found inside its ice-water purifier products. “We deeply apologize for the contaminant found inside the water purifier, which is designed for consumers to drink clean water safely,”Coway said in a statement released on July 4 and offered full refund or exchange of the affected products. On July 3, local broadcaster SBS reported that Coway received complaints from consumers that some metal powder wa
July 4, 2016
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[DECODED] Chung Eui-sun, prepared but still waiting successor
[DECODED] The year 2015 was a watershed year for Hyundai Motor Group’s heir apparent Chung Eui-sun not only because of his expanded role and responsibility in leading projects for future growth like the launch of Hyundai Motor’s first luxury car brand Genesis, but also because of his increased presence in the group’s ownership structure. The only son of the 78-year-old group chairman Chung Mong-koo increased his stake in Hyundai Motor, the group’s flagship affiliate, to 2.3 percent last year fro
July 4, 2016
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CJ Foodville seeks to become next McDonald’s, Starbucks
[THE INVESTOR] CJ Foodville, a food services company under Korean conglomerate CJ Group, will step up its global expansion led by its bibimbab-themed restaurant Bibigo, bakery Tous Les Jours and Twosome Cafe, the head of the company said Monday. “Our goal is to become a top 10 global food services company, beating McDonald’s and Starbucks,” Jung Moon-mok, CEO of CJ Foodville said at a press conference for the opening of its restaurant complex CJ FoodWorld inside the COEX Mall in southern Seoul.
July 4, 2016
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Samsung’s Q2 operating profit likely to exceed W8tr
[THE INVESTOR] Tech giant Samsung Electronics will release its earnings for the April-June quarter on Thursday.All eyes are now on whether its operating profit crosses the 8-trillion-won ($6.9 billion) threshold for the first time in two years. The firm earned 8.5 trillion won in the first quarter of 2014.Samsung posted more than 8 trillion won of operating income for the seventh consecutive quarter since the third quarter of 2012. Its operating profit reached its peak in the third quarter of 20
July 4, 2016
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Bridge Biotherapeutics wins W11.5b investment
[THE INVESTOR] Bridge Biotherapeutics announced on July 4 that it has received 11.5 billion won (US$ 10 million) investment from local venture capital firms including LB Investment and KB Investment. Founded last year, Bridge Biotherapeutics is a local developer of biopharmaceuticals that focuses on commercializing compounds developed or discovered by a third party. The company is currently working on BBT-401, anti-inflammatory agent discovered by a research team led by Sungkyunkwan University’s
July 4, 2016
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LS Tractor wins US award
[THE INVESTOR] LS Tractor, US-based tractor subsidiary of LS Mtron, was awarded the Dealer’s Choice Award from the Equipment Dealers Association on July 4.This is the second time LS Tractor has won the award for the tractor category in two years. LS tractors sit at a US distribution center.According to the company, it was awarded 6.37 points in an assessment by 9,180 dealers across the US. In the survey, LS Tractor was ranked highest in 11 of the 12 categories, and was the only manufacturer to r
July 4, 2016
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[DECODED] Mixed outlook on Hyundai Glovis
[DECODED] Kim Se-yong, a marketing manager at a local energy conglomerate, feels sympathy for minority shareholders of Samsung SDS, an IT solution unit of Samsung Group. They have been protesting the company’s continued stock decline. Its stock price has dropped from 429,500 won ($366) to 132,000 won last Friday due to growing uncertainties over its role in the succession of Samsung Group heir Lee Jae-yong. Lee is the largest individual shareholder of the company with a 9.2 percent stake. (KRX)“
July 4, 2016
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DASAN pens deal to promote Internet connectivity in India
[THE INVESTOR] DASAN Network Solutions has signed a memorandum of understanding with a public broadband infrastructure firm in India to expand Internet connectivity in the state of Andhra Pradesh, the DASAN Networks affiliate said on July 4.Under the agreement, DASAN Network Solutions and Andhra Pradesh State Fibernet will create a joint venture for producing broadband equipment. The two partners will also collaborate to boost the state’s Internet penetration rate to 30 percent from the current
July 4, 2016
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Foreign tourists on cruise ships jump 88% in H1
[THE INVESTOR] The number of foreigners visiting South Korea on cruise ships came in at 720,000 in the first half of the year, rising 88 percent from a year earlier, government data showed on July 4.According to the Ministry of Oceans and Fisheries 720,000 foreign tourists arrived by cruise ship on 305 occasions during the first six months of the year. The ministry projects that the number for the year will break the 1.5 million mark, and rise to 2.2 million in 2017.By port, Jeju Port saw the la
July 4, 2016
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Arrest warrant sought for Lotte chairman's sister
Prosecutors on Monday requested an arrest warrant for Shin Young-ja, the sister of Lotte Group chairman Shin Dong-bin on charges of bribery and embezzlement.Shin Young-ja is accused of embezzling money from a luxury consulting company owned by her son and naming her daughters as executives at the company to receive salaries. She is also suspected of taking kickbacks totaling approximately 3 billion won ($2.6 million) from cosmetics company Nature Republic in exchange for granting favors regardin
July 4, 2016
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US trade commission cites KITA’s report
The United States International Trade Commission has quoted the submission of the Korea International Trade Association in its latest report on the impacts of free trade agreements. The report, titled “The Impact of the Trade Agreement,” published by the USITC in June, cited the paper that suggested positive impacts of the Korea-U.S. free trade agreement, according to KITA on Monday. (123rf)“U.S. exports to Korea of IP (intellectual property)-intensive products and services, including software,
July 4, 2016