Most Popular
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1 in 3 Koreans live alone, family types becoming diverse
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Korea, Japan finance chiefs vow to tame rampant FX market volatility
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K-pop singer lost consciousness after being hit by foul ball, cancels show
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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Contentious grain bill put directly to plenary meeting for vote
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Korean Muslim YouTuber's plan to build mosque in Incheon goes viral
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Why is Apple Pay struggling to get purchase in Korea?
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Yoon's office denies considering liberal figures for key posts
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Today’s K-pop] BTS pop-up event to come to Seoul
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[Newsmaker] Korea suffers youth unemployment blues
Key economic indicators seem to point toward Korea making a solid recovery.The country’s output has been growing thanks to exports. Its consumer spending has picked up on the back of growing welfare financing by the government.Still, Asia’s fourth-largest economy is finding it hard to create jobs for college graduates, even while they pull all-nighters at libraries to pass conglomerates’ corporate entrance exams.Korea’s youth joblessness, which passed 10 percent in February, has become a bigger
April 6, 2014
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[Newsmaker] Lotte Shopping chief faces kickbacks claims
It is a widely known fact that the retail sector is one of the least transparent segments in Korea.Kickbacks are ― or at least were ― rampant, mostly because there are simply too many vendors vying to get their products on the shelves. Lotte appears to have been no exception, as seen in the recent case involving Shin Heon, CEO of Lotte Shopping, who will soon be summoned for questioning over allegations he received cash kickbacks from a local subcontactor. The Seoul Central District Prosecutors
IndustryApril 3, 2014
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[Newsmaker] Drones emerging as core military assets
Unmanned aerial vehicles are emerging as core military assets for intelligence gathering, surveillance and combat missions with many countries pursuing low-risk and less costly weapons systems.The recent discovery of two crashed drones, presumably from North Korea, has drawn keen attention to the aircraft’s military capabilities and prompted calls for South Korea to strengthen its defense against Pyongyang’s drone-based military activities. In the development of combat drones, the U.S. is ahead
DefenseApril 2, 2014
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[Newsmaker] Samsung-Apple battle enters second round
The second round of a raging patent war between the world’s top two technology companies, Samsung Electronics and Apple Inc., resumed in a U.S. court in California on Monday. This time, Google’s Android mobile operation system has come into the spotlight, with a celebrated former Google executive ― Andy Rubin, who oversaw the development of the Android operating system ― expected to step up as a witness for both Samsung and Apple.What a coincidence. Two battling companies calling in the same wit
IndustryApril 1, 2014
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[Newsmaker] Attention turn to ‘new type’ of N.K. nukes
With Pyongyang having threatened to conduct a “new type” of nuclear test, attention is being drawn to what method it might employ for a fourth test and how far its military nuclear technology has come.Analysts argue that the communist state may carry out a more powerful nuclear experiment as it seeks to show off its “nuclear deterrence” capability and up the ante in future negotiations with the international community.For the fourth test, the North is most likely to carry out an experiment using
North KoreaMarch 31, 2014
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[Newsmaker] New party takes on centrist approach
The New Politics Alliance for Democracy is moving along centrist lines in the hopes of drawing in nonpartisan voters and avoiding an ideological dispute.The March 26 launch ceremony carried a strong undercurrent of national security, an element of politics more closely linked to conservatives. Early in the ceremony, even before the pledge of allegiance, the participants paid their respects to the 46 sailors of the South Korean Navy ship Cheonan that was sunk by North Korea in 2010. The venue was
PoliticsMarch 30, 2014
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[Newsmaker] FSS governor rings changes
According to its usual protocol, the Financial Supervisory Service should have made its regular personnel appointment in March. But this year, the troubled regulator was far too preoccupied. FSS Gov. Choi Soo-hyun, weighed down by an endless string of scandals in the financial industry, decided that the only way out was by changing everything, especially his staff.As such, the financial regulator has agreed to name Park Young-joon, assistant deputy director of financial investment, as new vice g
March 27, 2014
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[Newsmaker] Diamond mine fraud probe reopens
Korean mine developer Oh Deok-gyun, a key figure in a multimillion-dollar stock manipulation scandal, was arrested Wednesday after two years of hiding in Cameroon. The 48-year-old entrepreneur was accused of allegedly acquiring about 90 billion won ($83.2 million) in profits by exaggerating the value of diamond reserves at a mine in Cameroon. “Criminal charges against Oh have been acknowledged and there is a possibility of the suspect fleeing or attempting to destroy evidence,” the Seoul Central
Social AffairsMarch 26, 2014
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[Newsmaker] Prison labor worth W500m a day?
The top court said on Tuesday that it is reviewing plans to revise policies on labor penalties as online critics lambaste its light sentence for a former business tycoon. The court decision to take stern measures against wealthy chief executives attempting to exploit legal loopholes for tax evasion is seen as a belated step in the right direction.In December 2011, the Supreme Court upheld an appellate court’s ruling to sentence former Daeju Group chairman Huh Jae-ho to 30 months in prison with a
Social AffairsMarch 25, 2014
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[Newsmaker] Is rule of law finding its feet in Korea?
It had been common in Korea to see those with money and power, such as owners and executives of conglomerates or even their relatives, acting above the law.Whenever they found themselves in trouble, chaebol would use their status, political connections and wealth to find a way out of the mess they caused.For instance, chaebol and their affiliates would immediately announce plans to contribute to society by investing and hiring more people, and also step up charity efforts to offset public outcry
IndustryMarch 24, 2014
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[Newsmaker] Online authentication reforms in the offing
What does it take for both domestic and foreign consumers to log in and buy items on Korean e-commerce sites?The answer is “patience.” There are about a dozen steps to go through to download security programs, set up personal authentication functions and enter personal information, and on some low-end computers this can take ages. Furthermore, they need to agree to a long list of conditions and hand over sensitive data such as resident registration numbers before typing in their credit card numb
TechnologyMarch 23, 2014
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[Newsmaker] Top regulators have nothing to celebrate
Financial Supervisory Service Gov. Choi Soo-hyun and Financial Services Commission chairman Shin Je-yoon may consider themselves unfortunate, as they are burdened with the role of leading Korea’s financial industry at a difficult time. Shin and Choi would have celebrated their first inauguration anniversary amid much fanfare this week, if it were not for the sluggish economic performance and the escalating pressure for their resignation.Instead of celebrations, the two chiefs have chosen to rema
March 20, 2014
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[Newsmaker] Top regulators have nothing to celebrate
Financial Supervisory Service Gov. Choi Soo-hyun and Financial Services Commission Chairman Shin Je-yoon may consider themselves unfortunate, as they are burdened with the role of leading Korea’s financial industry at a difficult time. Shin and Choi would have celebrated their first inauguration anniversary amid much fanfare this week, if it were not a sluggish economic performance and the escalating pressure for their resignation.Instead of celebrations, the two chiefs have chosen to remain lo
March 20, 2014
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[Newsmaker] World anxious about Putin’s next move
MOSCOW (AP) ― With Crimea in Russia’s pocket, the world anxiously awaits Vladimir Putin’s next move. Beyond the prize of the Black Sea peninsula, a picture is emerging of what the Russian president ultimately wants from his power play: broad autonomy for Ukraine’s Russian-speaking regions and guarantees that Ukraine will never realize the Kremlin’s worst nightmare ― joining NATO. The big question is whether Putin is willing to invade more areas of eastern Ukraine to achieve these goals. In a tel
World NewsMarch 19, 2014
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[Newsmaker] New uncertainty about missing Malaysian jet
KUALA LUMPUR (AP) ― Officials have revealed a new timeline suggesting the final voice transmission from the cockpit of the missing Malaysian plane may have occurred before any of its communications systems were disabled, adding more uncertainty about who aboard might have been to blame.The search for Flight 370, which vanished early March 8 while flying from Kuala Lumpur to Beijing with 239 people on board, has now been expanded deep into the northern and southern hemispheres. Australian vessels
World NewsMarch 18, 2014
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[Newsmaker] Rare meteorites spark gold rush in Jinju
A town in the south of Korea has quickly turned into a hot spot for treasure hunters and researchers, as scientists confirmed that two rocks recently unearthed in the area were rare meteorites.Officials from Jinju, South Gyeongsang Province, said there had been a flood of inquiries about meteorites since two were found at local farms. They added that some people had even visited the area hoping to find a valuable piece of extraterrestrial rock.The market price for meteorites ranges between $5 an
Social AffairsMarch 17, 2014
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[Newsmaker] KCC nominee to fight illegal subsidies
Korea Communications Commission’s chair-nominee Choi Sung-joon vowed to eliminate excessive, illegal smartphone subsidies in the nation’s telecom market on Saturday. “The vicious cycle causing users to run out and buy cheaper smartphones at dawn should end. I will put the utmost effort into eradicating excessive smartphone subsidies with several policies,” Choi, a former judge, told reporters on his way to work in Gwacheon city. His remark came one day after his nomination by President Park Geun
March 16, 2014
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[Newsmaker] Park's metaphors gild the lily
President Park Geun-hye’s use of uncharacteristically colorful expressions as she pushes for regulatory reform is generating ripples across the nation.Politicians on both sides are closely following her words, with some taking to mimicking her to further their own agendas, while her words have decorated newspaper headlines on a daily basis. Since the beginning of February, Park has used increasingly strong expressions to stress the need to ease regulations.On Feb. 5, she called for the governmen
PoliticsMarch 13, 2014
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[Newsmaker] Korean Catholics deserve spotlight
It’s official: Pope Francis is coming to Korea. His visit was widely predicted. In multiple news reports, sources at the Vatican and Seoul had said the papal visit was highly likely. Still, the announcement by the Vatican on Monday was a source of surprise, and of course joy, for many Catholics here because the holy man decided to commit the entire five days of his trip to Asia, his first as pontiff, to Korea. Since becoming pope a year ago, he has received invitations from a number of countries
CultureMarch 12, 2014
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[Newsmaker] Fukushima: Still a long road ahead
FUKUSHIMA, Japan (AFP) ― In complete darkness, a group of men tried everything they could to save the Fukushima nuclear plant from catastrophe. Their struggle was in vain.Three years later, the control room at the site of the worst atomic crisis in a generation ― which forced a hard look at Japan’s energy policy ― sits as a grim time capsule.Helmets, masks, several pairs of gloves and overalls remain as reporters are taken on a tour of the inner sanctum, a first since the accident. Notes are scr
World NewsMarch 11, 2014