Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Inflation eases in April, continues bumpy ride
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Golden chance to liquidate babies’ gold rings?
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Seoul to more than double military drones by 2026 to counter NK threats
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Seoul alerts overseas missions to NK terror threats
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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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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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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Revised income tax law causes confusion
The revised income tax law is confusing taxpayers, stirring them up. The National Tax Service said Friday that the income tax revision, which passed the National Assembly three days ago requires the readjustment of last year’s year-end tax return for about 15 million taxpayers. This accounts for more than half of the country’s entire economically active population.On the same day, the Korea Taxpayers Association, the country’s largest nongovernment organization on tax studies, said in a press re
May 15, 2015
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Samsung heir takes over foundations
Samsung Electronics vice chairman Lee Jay-yong, the heir apparent of Samsung Group, will take over the helm of two group foundations from his ill father starting May 31, the tech giant announced Friday. The term of group chairman Lee Kun-hee as head of the two foundations ― Samsung Life Public Welfare Foundation and Samsung Foundation of Culture ― ends May 30.This is the first time that the junior Lee, the chairman’s only son, has taken a chairmanship title inside the conglomerate.The Samsung Li
TechnologyMay 15, 2015
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Watchdog accepts Chinese mills' offer to hike steel beam prices
South Korea's trade commission said Friday that it will close an anti-dumping probe into steel beam products made by seven Chinese companies as they have agreed to jack up their prices voluntarily.In late July 2014, the Korea Trade Commission (KTC) started an anti-dumping investigation into H-beam imports from China and slapped anti-dumping duties of 17.69 percent to 32.72 percent on Chinese products five months later.The commission said it has decided to end the investigation as the Chinese com
IndustryMay 15, 2015
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BOK freezes benchmark rate as expected
In a widely expected move, South Korea's central bank on Friday left its benchmark interest rate unchanged for a second straight month in May, citing expectations for an economic recovery and soaring household debt. In the monthly rate-setting meeting, the Monetary Policy Committee of the Bank of Korea (BOK) decided to hold the base rate steady at a record low of 1.75 percent. One of the seven board members voted for a rate cut. While sustaining its view that "the economy will show a modest
May 15, 2015
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Chrysler recalls over 200 SUVs in S. Korea for air bags
FCA Korea, the local importer and distributor of U.S. automaker Chrysler Group LLC, is recalling more than 200 Jeep Grand Cherokee SUVs in South Korea due to air bag flaws, the transportation ministry said Friday. The recall affects 231 Jeep Grand Cherokees produced between March 27, 2013, and Jan. 13, 2014, according to the Ministry of Land, Infrastructure and Transport. A defect in software for the air bags could interfere with the safety device's ability to deploy during car crashes, it said.
IndustryMay 15, 2015
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Samsung is 10th most valuable tech firm: data
Samsung Electronics Co., South Korea's top smartphone maker, managed to stay on the top 10 list of global tech players this month in terms of market capitalization but suffered a one notch decline from end-2014 apparently due to a plunge in earnings.Samsung ranked No. 10 among other major tech firms with a market cap of $189.7 billion as of May 1, according to the figures compiled by the Institute for Information & Communications Technology Promotion, which cited S&P Capital IQ. It marked a step
IndustryMay 15, 2015
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S. Korea logs trade surplus for 39th month in April
South Korea posted a trade surplus for the 39th month in a row in April as imports dropped at a faster pace than exports, customs data showed Friday.According to the data by the Korea Customs Service (KCS), the country's trade surplus reached $8.5 billion last month, up marginally from $8.4 billion in March and significantly higher than $4.4 billion a year earlier.Exports dropped 8 percent on-year to a little over $46.2 billion in April, while imports nosedived 17.8 percent to $37.7 billion, it
May 15, 2015
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Samsung heir tapped to head two group foundations
Lee Jay-yong, vice chairman of South Korea's top tech giant Samsung Electronics Co., was appointed Friday to head two of Samsung Group's foundations, the company said, taking the posts from his hospitalized father.Under the move, the younger Lee, the heir apparent of South Korea's top family-controlled conglomerate, will take the helm of the Samsung Life Public Welfare Foundation and the Samsung Foundation of Culture, the group's key foundations.He has been working as the de facto head of the to
IndustryMay 15, 2015
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Korea’s growth outlook mixed
The International Monetary Fund and several foreign investment banks including Citigroup have expressed skepticism over South Korea’s economic outlook, citing growing uncertainties that might pull down the nation’s growth in the coming months.In contrast, data from the Organization for Economic Cooperation and Development was more positive.The split projections from the two major global organizations ― the IMF and OECD ― are drawing closer attention to local policymakers’ decisions in the coming
May 14, 2015
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Korea-Lone Star duel to start in Washington
The legal battle over a multibillion-dollar investment compensation case between U.S. private equity firm Lone Star and the Korean government will start with its first hearing in Washington D.C. on Friday.This will be the first investor-state dispute case hearing faced by the Korean government, as well as the biggest of the years-long legal conflicts regarding Lone Star’s takeover and sell-off of Korea Exchange Bank.The International Center for Settlement of Investment Disputes, an international
May 14, 2015
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Boosting serotonin
Serotonin is also called the “happy substance” or “study substance” because it is associated with happiness and learning ability in modern people living busy lives. It also calms the mind and improves immunity, as well as promoting endorphin production.Lifestyle factors that increase serotonin1. Eat foods rich in vitamins B6 and B3, and magnesiumThese substances are needed to make serotonin from tryptophan.Foods rich in vitamins B6 and B3: brown rice, whole wheat, peanuts, shiitake mushrooms, oy
TechnologyMay 14, 2015
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Mercedes-Benz names new Korea chief
Mercedes-Benz Korea will fuel its growth momentum with a new CEO in the second half of this year, company officials said Thursday. From Sept. 1, Dimitris Psillakis, 49, current managing director of Mercedes-Benz Cars Brazil, will helm the Korean unit, the company said in a press release. He replaces Britta Seeger, who will move to Turkey to lead Daimler’s commercial vehicles business. Psillakis, who started his career at Mercedes-Benz in Greece in 1992, is known as a “growth accelerator.” Dimit
MobilityMay 14, 2015
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Korea’s tourism industry thrives despite global slowdown
Korea’s travel industry is in full bloom despite the global economic slowdown, thanks to the weaker yen and tumbling oil prices pushing people for overseas travels, along with the Chinese tourist influx that has been around for a while. According to Yonhap and industry reports, HanaTour, the country’s largest tourist agency, sold a total of 610,296 overseas travel packages between January and March. This is some 23.9 percent up from 492,385 in the same period last year. As a result, the company
IndustryMay 14, 2015
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[Photo News] Innovation honored
KT chief operating officer Koo Min-seong (left) and Rwanda’s Minister of Youth and ICT Jean Philbert N Sengimana pose during the awarding ceremony of Global Telecom Business Innovation Awards in London on Wednesday. Olleh Rwanda Networks, or oRn, a joint venture between KT and the Rwandan government, won the innovation award for building LTE network infrastructure across the African country since 2013. (KT)
IndustryMay 14, 2015
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Samsung paid $250m to acquire LoopPay: reports
Samsung Electronics spent about $250 million to acquire LoopPay, a Massachusetts-based start-up whose technology will be used in the Samsung Pay mobile payments system, according to news reports. Since the acquisition was made in February, this is the first time that the deal price has been revealed. On Thursday, several foreign media outlets reported the acquisition price, citing unnamed sources. But both Samsung and LoopPay declined to confirm. A Samsung Galaxy S6 Edge phone with an embedded c
TechnologyMay 14, 2015
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AmorePacific profits surge 50% in Q1
AmorePacific Group’s first quarter profits surged 49.9 percent as sales of its cosmetics subsidiaries continued to grow in the domestic and international markets, company officials said ThursdaySouth Korea’s leading cosmetic and beauty product-maker said profits in the first three months jumped to 320 billion won ($293 million) from 213 billion won in the same period last year, while revenues rose 26.7 percent to 1.44 trillion won.“Strong revenue growth in the domestic and overseas markets drove
IndustryMay 14, 2015
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U.N. Global Compact to hold summit in Korea next week
The U.N. Global Compact will host the “UNGC Korea Leaders Summit 2015” in Seoul next week, organizers said Thursday.Around 400 officials across governments, corporations, and academia from both Korea and abroad are expected to attend, including U.N. Secretary-General Ban Ki-moon, Global Green Growth Institute Council chair Suslio Banbang Yudhoyono, and John Elkington, the cofounder of Volans.This year’s summit plans to introduce the main UNGC initiatives as well as B4P (Business for Peace) to So
IndustryMay 14, 2015
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SK Innovation announces first voluntary redundancies in 18 years
SK Innovation, South Korea’s top oil refiner, has announced a voluntary retirement scheme for its employees for the first time in 18 years since the 1997 Asian financial crisis.The company made the announcement Wednesday via its intranet, saying that the company is receiving applications for those who want to voluntarily leave the company. Any employee aged over 44 who has worked for more than five years, or aged under 44 who has worked more than 10 years, can apply. The VRS employees will recei
IndustryMay 14, 2015
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Hanwha E&C hit by local and overseas sales dip
Hanwha Engineering and Construction saw its sales drop about 650 billion won ($594 million) last year, due to slowing overseas and domestic performance, data showed Thursday. According to the corporate analysis service CEO Score, Hanwha E&C’s overall sales dipped 17.2 percent compared to 2013 to come in at 3.12 trillion won. The fall was fueled by both overseas and domestic sales dropping respectively by 14.4 percent and 19.1 percent. The company’s domestic decline has been attributed to its dec
IndustryMay 14, 2015
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POSCO launches executives’ panel to drive reform
POSCO, the country’s largest steelmaker, on Thursday launched a reform committee as it struggles to reform its image and business structure. The committee is headed by POSCO CEO Kwon Oh-joon, and its members include all in-house directors, and the chiefs of POSCO’s five largest subsidiaries including Daewoo International, POSCO Engineering and Construction, and POSCO Energy. Under the committee, five subcommittees will oversee changes in the areas of restructuring, responsible management, human
IndustryMay 14, 2015