Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Golden chance to liquidate babies’ gold rings?
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Inflation eases in April, continues bumpy ride
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Seoul to more than double military drones by 2026 to counter NK threats
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Seoul alerts overseas missions to NK terror threats
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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[DECODED: Mirae Asset] Mirae Asset under pressure to reform corporate governance
[THE INVESTOR] Park Hyeon-joo, the founder and chairman of Mirae Asset Financial Group, tells his fund managers and executives to think global, have a long term vision and always be the first mover in the market. Those principles, however, don’t seem to apply to his own ownership of the group. Mirae Asset is under increasing pressure to reform its corporate governance structure, the cost of which Park seems to think of as a potential drag on global expansion. Experts say Mirae Asset will
June 13, 2016
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[DECODED: Mirae Asset] The dichotomy of Park Hyeon-joo
[THE INVESTOR] On the Monday after Christmas, Park Hyeon-joo took to the podium at the just-opened Four Seasons Hotel in Seoul, giving his first press conference in eight years. Mirae Asset Financial Group, which he founded in 1997 with 10 billion won ($8.4 million), had just won the hotly contested race to acquire control of KDB Daewoo Securities, a much bigger rival with a long proud legacy but a checkered recent history. With the 2.4 trillion-won buy, Park’s biggest bet so far, the man who w
June 13, 2016
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Creditors urge Daewoo Shipbuilding workers not to sit down
Creditors of Daewoo Shipbuilding & Marine Engineering Co. on Monday urged the embattled shipbuilder's workers to refrain from going on strike, saying that a potential walkout would deter the ongoing efforts to salvage the financially shaky firm, industry sources said.According to the sources, some 7,000 unionized workers at Daewoo Shipbuilding are scheduled to vote on whether or not they will launch a strike, claiming that the shipbuilder's restructuring schemes submitted to its creditors only c
June 13, 2016
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Certificate of origin issuance hikes for exports to China
The Korea Chamber of Commerce and Industry said Monday its issuance of certificates of origin (C/O) has sharply risen for local export items bound for China.A total of 31,488 certificates of origin were issued by the end of May for tariff cuts under a free trade agreement with China, according to the chamber.A C/O is a key shipping document needed for preferential tariffs under an FTA. South Korea and China’s bilateral FTA went into effect on Dec. 20 last year.The Seoul-based KCCI, which has reg
June 13, 2016
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Prosecutors summon executive of Volkswagen Korea over emissions scandal
Prosecutors summoned an executive of the local unit of Volkswagen on Monday over their widening probe into the German carmaker's alleged irregularities that came into light following its emissions scandal.The Seoul Central District Prosecutors' Office summoned the executive in charge of the certification process, identified only by his surname Yoon, for questioning to gain a reference.Prosecutors said his status can change to that of a suspect following the investigation, if necessary.Yoon is th
June 13, 2016
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Export rises 5.7 % in first 10 days of June
South Korea‘s exports are showing signs of a rebound after a lengthy slide, as the Korea Customs Service (KCS) said Sunday that the nation’s overseas shipments in the first 10 days of June rose 5.7 percent on-year to US$13.88 billion.The export volume has fallen for 17 months in a row since January 2015, marking the longest streak of decline since the government began compiling monthly export statistics in 1970.But the first 10 days of exports have risen for the second consecutive month this mon
June 12, 2016
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Lotte in crisis as probe widens
[THE INVESTOR] South Korean retail giant Lotte Group is facing its worst management crisis to date as the prosecution expands its probe on the group and its seven affiliates over allegations of embezzlement and the creation of a multibillion won slush fund.More than 200 investigators from the Seoul Central Prosecutor’s office raided 17 Lotte offices Friday morning, including the group headquarters in central Seoul and the residence of Lotte Group chairman Shin Dong-bin and key executives.Lee San
June 12, 2016
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Dongkuk Steel Mill starts operation of steel plant in Brazil
Dongkuk Steel Mill, the nation’s third-largest steelmaker, said Sunday it stared the operation of CSP Steel Mill, its long-awaited first blast furnace steelwork, located in Pecem City of Ceara State, Brazil.Dongkuk Steel vice chairman Chang Sae-wook fired up the blast furnace with other participating VIPs in the ceremony held at the site on Saturday, the company said in a press release. Dongkuk Steel Mill vice chairman Chang Sae-wook fires up the blast furnace to start the operation of CSP Stee
June 12, 2016
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Healthcare sector export tops 10 tln won for first time last year
Annual exports from South Korea's healthcare businesses surpassed 10 trillion won for the first time last year, the Ministry of Health and Welfare said Sunday.Overseas shipment of Korean medicines, medical equipment and cosmetics products totaled $8.83 billion, or 10.2 trillion won, in 2015, up 21 percent from the previous year, the ministry said.The corresponding volume stood at $4.3 billion in 2011, meaning the sector has registered an annual growth rate of 19 percent over the past four years.
June 12, 2016
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Food giant Pulmuone faces crisis
Korea’s top tofu-maker Pulmuone Health & Living is in crisis mode as its brand image is being marred by a franchise worker’s death and its aggravating business performance.On Wednesday, two Pulmuone headquarters officials were arrested on charges of beating a 29-year-old franchise worker to death earlier this month. Three employees alleged had a quarrel over the way the headquarters treated the franchise while drinking together, the police said. The victim was pronounced dead Wednesday after fou
June 12, 2016
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BAT expands factory to increase exports
SACHEON, South Gyeongsang Province -- British American Tobacco Korea has forecast that its export of cigarettes will double after its second factory is completed in January.BAT officials unveiled the outlook during a groundbreaking ceremony Friday at its factory in Sacheon, South Gyeongsang Province, for its second building. Officials from BAT and a construction crew break ground for the second building of BAT Korea’s Sacheon factory. (BAT)They said the second factory, set to open in January ne
June 12, 2016
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[Newsmaker] NHN’s Line to go public in Tokyo, New York
Line Corp., a Tokyo-based mobile messenger platform owned by Korean Internet giant NHN Corp., will go public on the main stock markets in New York and Tokyo next month, the company said Friday.In a regulatory filing, the company said it will begin trading its shares on the Tokyo stock market on July 14th and in New York on 15th.The company will issue 35 million new shares offered at 2,800 yen ($26.20) per share. Goldman Sachs, JPMorgan, Morgan Stanley and Nomura Securities are the lead advisers
June 12, 2016
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Samsung said to resume bid to sell off advertising unit
Samsung Group, South Korea's largest family-controlled conglomerate, is reportedly in talks with about four companies to sell its advertising unit, Cheil Worldwide.The companies include a large Chinese property developer and a South Korean private equity fund, sources in the advertising industry said Sunday.Still, a Samsung official said he had no knowledge on whether Samsung has been in talks with the Chinese property developer over the sale of its advertising agency.The move came after Samsung
June 12, 2016
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HMM, shipowners strike accord to cut 21% of charter rates
Hyundai Merchant Marine inked a deal with 22 shipowners to lower charter fees by 21 percent -- equivalent to 530 billion won ($454 million) -- to take a step forward in normalizing its business, said its main creditor Korea Development Bank on Friday. “For the 530 billion won in charter fees, the shipowners agreed to receive some as new shares and the rest as a long-term bond,” the creditor bank said in its statement, adding this would improve the financial soundness of South Korea’s second-bigg
June 10, 2016
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Samsung, most trustworthy firm among U.S. millenials: poll
Samsung Electronics Co., South Korea's leading tech company, said Friday it ranked first in a recent reputation survey of young adults in the United States.The Reputation Institute, a U.S. consulting firm, conducted the poll of Americans, aged 18-34, who are called "millenials," in the first quarter of this year, Samsung said in a press release. More than 700 firms were on the list of candidates.It did not specify the number of respondents, however.Samsung was followed by Nike, Johnson & Johnson
June 10, 2016
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Lotte group raided over alleged slush fund, corruption
[THE INVESTOR] The prosecution raided the head office of Lotte Group, the nation’s fifth-largest conglomerate, and its seven affiliates in Seoul on Friday over allegations that they created a multibillion won slush fund through shady asset transfers between subsidiaries as well as possible capital inflow to Japan.(Yonhap)More than 200 investigators combed 17 Lotte offices including residences of Lotte chairman Shin Dong-bin and other top executives and the secluded office of Lotte founder Shin K
June 10, 2016
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Drinkable butter - Want a sip?
GS Retail together with Konkuk Milk announced Thursday the launch of YouUs Butter Milk, a honey-butter-milk inspired by the potato chips that stormed Korea with its honey-butter flavor last year. The 300-milliliter milk will sell for 1,000 won (86 centers). It will be available at GS25 convenience stores from Friday and later at GS Super Markets as well. (GS Retail)GS Retail described the milk as a “dessert latte” that blends the rich taste of French gourmet butter with the aroma of fresh milk.
June 10, 2016
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Production cut quickly reduces Korea's coal stockpiles
South Korea's coal stockpiles are running out fast due to a decrease in coal production caused by slumped consumption, industrial data said Friday.The data released by the state Korea Coal Corp. showed that the country's coal stockpiles came to 1.86 million tons in 2015 after peaking at 10.69 million tons in 2000. The stockpile figure was almost on par with the 1.71 tons recorded for consumption in 2015.Coal stockpiles refer to the entire amount of coal stored in pitheads, coal briquette plants,
June 10, 2016
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Lotte Group raided over alleged embezzlement, malpractice
Prosecutors raided the headquarters of South Korea's retail giant Lotte Group, as well as its seven affiliates, on Friday over allegations of embezzlement and malpractice.The Seoul Central District Prosecutors' Office said it sent some 200 investigators to 17 places, including the group's headquarters in central Seoul, its major affiliates and the homes of some executives. Hotel Lotte Co., TV channel Lotte Homeshopping and its key retail unit Lotte Shopping Co. were all raided.Prosecutors said t
June 10, 2016
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LG OLED TV gets top grades in U.S. consumer review
South Korean tech firm LG Electronics Inc.'s organic light-emitting diode TV has received the top grade from a U.S. consumer review magazine, the publication showed Wednesday.In a recent review by Consumer Reports, the 55-inch LG OLED TV, dubbed the OLED55E6, has received the highest marks among 204 rival models with 84 points.The magazine said the LG model gets top scores for "very good color accuracy and unlimited viewing angle" with no particular flaw.Another LG Ultra OLED TV, dubbed the 65EF
June 9, 2016