Kim In-ho, chairman and CEO of Korea International Trade Association, on Monday urged the government to end its cozy ties to businesses, amid intensifying allegations that President Park Geun-hye lobbied chaebol leaders.Asked of his view on the scandal involving Park and her long-time friend Choi Soon-sil, Kim said he believes that the time is ripe to end such practices and take this as an opportunity to shift into a completely free market economy. “The current government is not the only one. Al

Industry Nov. 28, 2016

Forget about the Grandeur that you used to know. The old image of the luxury sedan for upper class, middle-aged drivers is gone with the release of the all-new Grandeur last week. The new Grandeur, the sixth generation of Hyundai’s signature luxury sedan, is young, innovative and sporty.And the market is responding fast. Of all preorders, 48 percent of the drivers were in their 30s and 40s, a 7 percent increase from its previous model Grandeur HG, said Ryu Chang-seung, head of Hyundai’s domestic

Mobility Nov. 27, 2016

The South Korean government recalled more than 21,300 BMW vehicles distributed by local importer BMW Korea over defects found in the engine and airbags, officials said Friday.Of the total, 11,689 vehicles of BMW’s 19 models, including the 530d xDrive and the X6 M50d, are subject to the recall due to defective engine timing belt tensioners. The problem found with the component could make the engine stop while driving, the ministry said, quoting tests conducted by the Korea Transportation Safety A

Mobility Nov. 25, 2016

The prosecution questioned Moon Hyung-pyo, chairman of the National Pension Service, Thursday over alleged irregularities surrounding the high-profile merger of two Samsung affiliates last year.Moon was welfare minister when the state-run pension operator backed Samsung C&T’s attempt to incorporate Cheil Industries despite strong opposition from advisory groups and some shareholders. The prosecution questioned Moon as to whether he was pressured by Cheong Wa Dae to push the NPS to exercise its v

Industry Nov. 24, 2016

The prosecution Wednesday raided Samsung Group and the National Pension Service over allegations that the pension fund supported the South Korean conglomerate’s merger plan last year under political influence, raising questions again over the motive of the landmark deal.The deal was widely seen as a crucial part of Samsung’s succession scenario that involved transferring power from the bedridden Chairman Lee Kun-hee to his only son, Lee Jae-yong.Individual shareholders led by US hedge fund Ellio

Industry Nov. 23, 2016

Dealing with 7.4 billion consumers in different languages around the world and trying to change their ideas on the environment can be hard work, maybe even impossible. But Jason Clay, senior vice president of World Wide Fund for Nature, has come up with a strategy to effectively reduce the negative impact consumption has on the planet. In a major shift within the organization that had long focused on species conservation, Clay turned to the private sector for change. “Building fences around the

Industry Nov. 17, 2016

Prosecutors indicted the former chief executive of the South Korean unit of Novartis and five other former and current managers over allegations they illegally paid doctors 2.6 billion won ($2.3 million) in return for prescribing the company's drugs.In response, Swiss pharmaceutical company expressed regret through a statement, but also said without elaborating that such conduct would not have been sanctioned by the "most senior management'' at Novartis Korea."Novartis does not tolerate miscondu

Industry Aug. 13, 2016

The Wolsong No. 1 nuclear reactor resumed operations on Friday after a technical problem was fixed, South Korea's nuclear reactor operator said. The restart is expected to help ease concerns about the power supply amid a sweltering heat wave. The 679-megawatt Wolsong No. 1 reactor is set to operate at full capacity by around 7 p.m. on Sunday, according to Korea Hydro and Nuclear Power Co. (KHNP), which runs the country's nuclear reactors. Nuclear power plants account for nearly a third of South

Industry Aug. 13, 2016

The International Monetary Fund said Friday South Korea's economy is forecast to expand 3 percent next year."Growth is projected to tick up to 2.7 percent this year and 3.0 percent in 2017, with inflation remaining subdued," the agency said in a report on the conclusion of its annual consultation with South Korea."The anticipated pickup in activity is based on growing private consumption, a stronger housing market, and the impact of fiscal and monetary easing," it said.The agency said Korea's ec

Aug. 13, 2016

 On the eve of South Korea's Olympic football quarterfinals against Honduras, captain Jang Hyun-soo said his players must avoid taking unnecessary fouls.Jang and the rest of the team got their last practice in behind the closed doors in Belo Horizonte, some 340 kilometers north of Rio de Janeiro, the host of the ongoing Summer Games.The match kicks off at 7 p.m. Saturday at Mineirao. Korea National Football Team (Yonhap)After the practice, Jang told reporters that he and his teammates must not e

Olympic Games Aug. 13, 2016