Most Popular
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Do Korean doctors make too much money?
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Korean industries gauge impact of Biden's steep tariffs on China
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Court refuses injunction on medical school expansion
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Why Korean crime stories typically feature nameless, faceless perpetrators
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Is FTC's conglomerate listing a boon or bane for Hybe?
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NewJeans to headline palace show
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Coupang's Kim Bom escapes chaebol chief designation again
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Debate on 'no-seniors zones' heats up
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S. Korea, Cambodia forge strategic partnership
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Rare mid-May heavy snow warning issued over mountainous areas of Gangwon
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Regulator mulls deregulation for big IBs' property investment
South Korea's financial authorities plan to ease restrictions on real estate investment by leading local investment banks in a bid to help them raise global competitiveness, officials said Friday.The government is pushing to foster homegrown, mega-sized IBs modeled after Goldman Sachs. It has decided to revise legislation within this year to allow them to expand their businesses beyond brokerage services. An image of capital investment provided from Yonhap News TV (Yonhap)Under a proposed bill,
Feb. 24, 2017
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Consumer sentiment improves in February
South Korea's overall consumer sentiment improved this month from a month earlier, central bank data showed Friday, as the economy got a boost from increased exports and investments.The composite consumer sentiment index for February came to 94.4, compared to 93.3 in January. The January figure was the lowest since March 2009 when it stood at 75, according to the data from the Bank of Korea. (Yonhap)A reading above 100 means optimists outnumber pessimists.A separate index gauging the people's se
Feb. 24, 2017
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Mercedes-Benz recalls 280 cars in Korea for Takata airbag
Mercedes-Benz Korea, the local importer and distributor of the German vehicle, will recall some 280 cars sold here for an airbag issue that has affected millions of cars of various brands throughout the world, the transportation ministry said Friday.The latest recall is part of the Takata airbag recall that has affected more than 9 million cars globally. Dimitris Psillakis, CEO of Mercedes-Benz Korea, holds a press conference in Seoul, South Korea on Jan. 16, 2017, to announce his company's busi
MobilityFeb. 24, 2017
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Samsung Group to abolish key future strategy office as early as March
Samsung Group appears to be planning to abolish the group's key future strategy office as early as next month, a group official said Thursday, after the special prosecution team concludes its probe into a presidential influence-peddling scandal. Samsung's de facto leader Lee Jae-yong was arrested last Friday over his alleged role in the scandal, which led to the impeachment of President Park Geun-hye. (Yonhap)During a parliamentary hearing last December, Lee told lawmakers that he would abolish
IndustryFeb. 23, 2017
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Hyundai Heavy union launches strike ahead of spinoff decision
The labor union of Hyundai Heavy Industries has launched a full-scale strike, calling on the company to finish wage negotiations and scrap its plan to spin off non-shipbuilding units. The labor union has staged partial strikes several times but Thursday’s strike was the first full-fledged strike in 23 years. The labor union carried out an eight-hour strike from 8 a.m. and said it planned to continue with it Friday and also Monday when the company shareholders will meet to decide a
CompaniesFeb. 23, 2017
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KEB Hana named best private bank in Korea
KEB Hana Bank was selected the best private bank in Korea in the Private Banking & Wealth Management Survey 2017 by Euromoney, a business and finance magazine based in London, the bank announced Thursday. This is the 10th time the bank was recognized by the Euromoney survey, which has been conducted for 14 years. KEB Hana Bank CEO Ham Young-joo (center) poses after receiving the best private bank in Korea award Tuesday. (KEB Hana Bank)“As a new bank combines strengths in asset management and fo
CompaniesFeb. 23, 2017
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Emerson K sets up Thailand branch
Public relations and management consulting agency Emerson K Partners said Thursday that it had created a new branch in Thailand.The Thai branch of the agency will be headed by Thanapat Ujjin, an expert in Thai sports and entertainment. (From left): Waraporn Puangthai, Emerson K Partners Thailand VP, Park Ki-hwan, Emerson K Partners CEO, Thanapat Ujjin, Emerson K Partners Thailand CEO (Emerson K Partners)“We hope that Emerson K Partners will grow to become the most competitive and trusted PR con
IndustryFeb. 23, 2017
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Samsung Electronics to hold shareholder meeting on March 24
Samsung Electronics Co. is expected to hold a shareholder meeting on March 24, an industry source said Thursday. Samsung's board of directors will hold a meeting on Friday to decide the date and agenda for the annual shareholder meeting, according to the source. (Yonhap)Attention is focused on how Samsung will respond to shareholders over the arrest of Vice Chairman Lee Jae-yong, who has been in jail since last Friday, over his alleged role in a presidential influence-peddling scandal. The arre
IndustryFeb. 23, 2017
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Samsung mass produces processor chipset using unprecedented 10-nm tech
Exynos 9 (Samsung Electronics)Samsung Electronics announced Thursday it has begun mass production of the Exynos 9 Series, its latest premium application processor. The octa-core Exynos 9 is Samsung’s first processor chipset produced by the industry’s first 10-nanometer FinFET process technology with an improved 3-D transistor structure. The technology allows up to 27 percent higher performance while consuming 40 percent less power when compared to 14 nm technology.The new Exynos 9 Series 8895 is
TechnologyFeb. 23, 2017
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LG moves to keep premium TV crown
Brian Kwon (left), vice president of home and entertainment at LG Electronics, and Choi Sang-gyu, CEO of Korea Sales & Marketing Co., introduce the LG Signature OLED TV series at the company’s R&D campus in Yangjae-dong, southern Seoul on Thursday. (LG Electronics)LG Electronics is going all out to cement the No. 1 spot in the global premium television market this year by launching its flagship TV series earlier than archrival Samsung Electronics.The leading TV manufacturer Thursday launched the
TechnologyFeb. 23, 2017
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Asiana Airlines brings in A350-900 simulator
Air carrier Asiana Airlines said Thursday it has installed an Airbus 350-900 flight simulator for its flight crew training. The simulator is a replica of the cockpit of the actual Airbus aircraft. It is designed to provide hands-on training for situations such as aircraft upsets and in-flight fires, according to the airline. It cost 20 billion won ($17.6 million). (Asiana Airlines)It is the latest addition to Asiana’s existing set of five simulators, which simulate models such as the Boeing 777
IndustryFeb. 23, 2017
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Who will fill Samsung’s leadership vacuum?
Shortly after the arrest of Samsung Group’s de facto leader Lee Jae-yong last week, speculations began to swirl over possible alternatives for his leadership, with some even touting his younger sister Lee Boo-jin, who currently leads the group’s hotel and duty-free business, as a likely candidate.Local experts on governance, however, played down the market rumors on a possible takeover by Hotel Shilla’s head, nicknamed “little Lee Kun-hee” for her resemblance to the incumbent chairman of the nat
IndustryFeb. 23, 2017
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Financial watchdog slaps fines for 63 disclosure violations
South Korea's state financial watchdog said Thursday it has taken punitive steps against listed firms here for a total of 185 violations related to disclosure-related rules last year.It marks a sharp increase from 126 cases discovered in 2015 and 63 a year earlier, according to the Financial Supervisory Service. The logo of the Financial Supervisory Service (Yonhap)The FSS added it has imposed 2.2 billion won ($1.9 million) in fines in connection with 63 cases in 2016.Other administrative measur
Feb. 23, 2017
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Lotte names new executives, restructures group
Lotte Group completed group restructuring and naming new executives Thursday, to refresh corporate management under chairman Shin Dong-bin.After a tumultuous year filled with owner family feuding and allegations of shady transactions, Shin Dong-bin affirmed himself as the official leader of the company, pushing out his older brother Dong-joo and his father Shin Kyuk-ho from frontline management. In October, Lotte Group hired McKinsey & Company for management consulting services to restructure th
IndustryFeb. 23, 2017
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GM Korea to restructure hiring system following job-selling scandal
GM Korea CEO James Kim said Thursday the company will conduct internal audits and structurally reorganize the company following the indictment of 31 individuals accused of being involved in selling job positions at the domestic branch of the American automaker. Earlier this month, the Incheon District Prosecutor’s Office indicted five former and current senior GM Korea employees, as well as a group of former and incumbent labor representatives after an eight-month investigation. They are suspec
MobilityFeb. 23, 2017
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Hyundai Motor, sixth most dependable automaker: study
Hyundai Motor, South Korea’s biggest automaker, recorded its best-ever ranking as the sixth most dependable auto firm in the 2017 Vehicle Dependability Study released by US-based consulting firm J.D. Power, the company said Thursday. The headquarters of Hyundai Motor Group in Seoul (Yonhap)In its annual 28th study released Wednesday, the consulting firm noted that Hyundai was the brand that had improved the most. The local auto giant earned 133 points this year, improving 25 points from last yea
MobilityFeb. 23, 2017
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Fromageot named head of AXA Direct Korea
AXA Direct Korea has named Gilles Fromageot, chief financial officer of AXA Global Direct, as its new CEO, the company said Thursday.The French executive will take office on April 1 after the board’s approval, while outgoing CEO Francois Lecomte will return to his home country Belgium to serve as head of retail at AXA Belgium. Gilles Fromageot (AXA Direct Korea)Prior to his post of CFO at AXA Global Direct, Fromageot served as CFO and corporate secretary of AXA Direct Korea from 2012 to 2015. Bo
Feb. 23, 2017
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Central bank stands pat as uncertainties build
South Korea’s central bank took a wait-and-see approach in its key rate decision Thursday, amid mixed signals from local indicators and growing uncertainty over the US economy.The seven members of the Bank of Korea’s monetary policy committee left its key rate at a record low of 1.25 percent, an eighth consecutive rate freeze since it lowered the rate by 0.25 percentage point in June last year. It was a unanimous decision.BOK Gov. Lee Ju-yeol did not give any clear signal on the bank’s next move
Feb. 23, 2017
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Frozen meal market swelling in Korea
The market for frozen dishes is growing fast in South Korea, on the back of a new social trend in which more people are choosing to live and eat alone, industry data showed Thursday.The market for frozen meals, such as frozen fried rice with prawn or kimchi, reached 46.5 billion won ($40.6 million) in 2016, growing by more than five-fold from 8.9 billion won in 2012, according to the data released by CJ Cheiljedang, a leading food manufacturer. (Yonhap)Fried rice with various ingredients that c
IndustryFeb. 23, 2017
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Trump govt. unlikely to focus on Korean economy
The US government will likely put South Korean economic issues on the back burner for a while as it will focus more on security concerns in the northeast Asian region, experts said Thursday.According to the report by the state-run Korea Development Institute, researchers and experts from renowned think tanks, including the Korea Institute for International Economic Policy, held round-table talks in Seoul last week to discuss the future of Northeast Asia and the Korean Peninsula in the Trump era.
Feb. 23, 2017