Most Popular
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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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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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Is NewJeans headed for a long 'break'?
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[KH Explains] Hyundai-backed Motional’s struggles deepen as Tesla eyes August robotaxi debut
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Police raid popera singer Kim Ho-joong's house over hit-and-run suspicions
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Trump may like to 'solve' N. Korean nuclear problem if reelected: ex-official
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New Seoul High Prosecutors’ Office chief vows full-fledged probe into first lady
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Commercial banks to kick off debt rescheduling plan
South Korean commercial banks will kick off their debt restructuring programs for the so-called “house poor,” who are unable to pay off their debts, including mortgages, starting on Monday. Under the plan named “pre-workout,” the banks will extend the repayment period for borrowers with fewer than 90 days of delinquency to up to 35 years, industry sources said Sunday. However, borrowers whose properties are under legal dispute can not apply for the program. Borrowers who filed for a personal fin
June 16, 2013
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Reactivation of halted reactors likely to be delayed
The reactivation of the suspended nuclear reactors will take longer than the four months predicted by the government, elevating concerns about the nation’s electricity shortage, according to nuclear experts.The Korea Institute of Nuclear Safety recently reviewed the inspection period for the suspended Shin-Wolsong Reactor 1, extending it by two months from early August to mid-October, according to officials.The 1 million-kilowatt reactor was suspended late last month after it was revealed that a
June 16, 2013
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Daewoo E&C promotes executive Park to president
Daewoo Engineering & Construction, the nation’s third-largest builder, chose one of its long-time loyalists as its new chief.The company’s nomination committee on Friday named as its new president Park Young-sik, executive vice president in charge of corporate planning and sales, officials said Saturday.Once the nomination is confirmed in the July 15 shareholders’ meeting, Park will be replacing Seo Jong-uk.Park’s nomination was received positively by the employees. Korea Development Bank, the c
IndustryJune 16, 2013
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Financial watchdog mulls special audit of GS E&C
South Korea’s financial watchdog is considering a special audit of GS Engineering & Construction Co., the fourth-largest builder, over an accounting fraud allegation, an industry official said Sunday. “We are reviewing whether the special audit on GS is needed or not as a petition for an audit on GS by a civic group has been accepted,” the official at The Financial Supervisory Service said on condition of anonymity. “After confirming the details related to the allegation of GS’s accounting fraud
June 16, 2013
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Lotte Shopping ranked No. 3 global department store
Lotte Shopping Co., South Korea’s top department store chain operator, said Sunday that it has ranked third among global department stores on Forbes’ annual Global 2000 list of the biggest publicly traded companies, up one notch from last year. France’s PPR SA ranks as the world’s biggest department store, followed by Macy’s of the United States.However, Lotte took the top ranking among Asian department stores. The U.S. economic magazine announced the list in terms of assets, sales, net profit a
June 16, 2013
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Shares likely to rebound this week
South Korea’s stock market is expected to rebound this week as concerns over a possible tapering-off of credit easing measures by the U.S. and other major economies relax, analysts said.The country’s key stock index, the KOSPI, lost 34.61 points, or 1.8 percent, this week to close at 1,889.24. Foreign investors dumped a net 2.4 trillion won ($2.1 billion) worth of local shares this week on concerns that the U.S. Federal Reserve may scale back its quantitative easing.In the past few sessions the
June 16, 2013
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Porsche Korea taps ex-GM chief CEO
Kim Geun-tak, 53, is a well-known figure in the Korea’s import car industry. A big man with a big talk, he has held several conspicuous posts, including CEO of GM Korea and marketing executive at Ssangyong Motor and former DaimlerChrysler. And now, Kim has been tapped to take the helm of Porsche Korea, the Korean unit of Porsche. He was recently in Stuttgart, Germany, to receive proper training and last-minute guidance for his new job. Porsche has so far operated in Korea under Stuttgart Sports
MobilityJune 16, 2013
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My kind of Jag ― the 3.0 Supercharged
When the new Jaguar XJ 3.0 Supercharged arrived, my husband and I fought viciously over who would get behind the wheel. In the end, I won because of insurance and, after all, I was the one who would be doing the writing.White and shimmering, the car looked enticing, and just waiting for someone to hop into the tastefully upholstered seats and do it justice.The first thing I noticed was that, for a vehicle measuring 5.2 meters long with a width just shy of 1.9 meters, it was extremely light to th
MobilityJune 16, 2013
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At the heart of Bosch’s diesel supremacy
STUTTGART, Germany ― At the heart of Bosch’s Feuerbach factory in Stuttgart of Germany, a team of skilled workers in gray overalls carefully assemble the CP4 high-pressure diesel pump in a narrow work cell. High-pressure fuel injection is one of the key advances that have transformed noisy, dirty diesel cars into smooth, tidy, powerful machines. Bosch, the world’s largest auto parts supplier, is undeniably a leading player in this field.The assembly process begins as a transponder is attached to
MobilityJune 16, 2013
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Lotte Shopping ranks 3rd in world’s department stores
South Korean retail giant Lotte Shopping Co. announced Sunday it has ranked third in the biggest department store category on the list of the most powerful companies of the year released by Forbes.France‘s PPR SA topped the list as the world’s biggest department store, followed by Macy‘s of the United States. Forbes’ annual Global 2,000 list ranks global corporations from 62 countries based on a composite score of sales, profits, assets and market value.Lotte posted $34.6 billion in total assets
IndustryJune 16, 2013
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Commercial banks to kick off debt rescheduling plan
South Korean commercial banks will kick off their debt restructuring programs for the so-called "house poor," who are unable to pay off their debts, including mortgages, starting on Monday. Under the plan named "pre-workout," the banks will extend the repayment period for borrowers with fewer than 90 days of delinquency to up to 35 years, industry sources said Sunday. However, borrowers whose properties are under legal dispute can not apply for the program. Borrowers who filed for a personal fin
June 16, 2013
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Woori chief vows to secure independence of 13 units
Woori Financial Group chairman Lee Soon-woo pledged to prioritize raising the market value of each business unit for successful privatization of the nation’s largest financial service firm.Through his inaugural speech at the group’s headquarters in Seoul on Friday, the new Woori chief called for his staff to put great efforts into bolstering risk management and market dominance at 13 subsidiaries.“By minimizing the excessive rights of the finance holding firm, the group will secure voluntary man
June 14, 2013
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Samsung’s suppliers vow shared growth among themselves
First- and second-tier suppliers of Samsung Electronics inked an agreement on Friday to promote fair trade and shared growth by using standard contract terms and improving payment means and conditions.Twenty-five first-tier suppliers and 589 smaller firms that supply components to them also agreed to be reasonable when adjusting prices, have staff to assist partner firms and introduce a legal compliance system.The suppliers’ manifest of commitment to shared growth comes after Samsung Group said
IndustryJune 14, 2013
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LG Chem considers bid for Woongjin Chemical
LG Chem said in a regulatory filing on Friday that it was considering acquiring Woongjin Chemical, but that the details were yet to be finalized.Although the two companies’ business areas do not overlap, taking over Woongjin Chemical, which has strength in water treatment filters, polyester and electronic materials, would create synergy as LG Group pushes ahead in the water treatment business, according to industry watchers.Other contenders for Woongjin Chemical include Toray Advanced Materials
IndustryJune 14, 2013
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Korea to move onto next chapter of free trade deals
Over the past 10 years, Korea has strived to secure its position in the global trade circles by signing a variety of Free Trade Agreements and thus becoming a trading hub.Upon the launch of the new administration here and under the changed global situations, however, its goal from now will be to maintain the delicate balance between economic powers and to act as a regional linchpin, according to trade officials.The Ministry of Trade, Industry and Energy submitted to the National Assembly a revis
June 14, 2013
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KORAIL to split into 3 companies
The government revealed its long-awaited plans Friday to improve the country’s railroad services that will lead to a de facto breakup of the state-run Korea Railroad into three separate companies by 2017.According to the Ministry of Land, Infrastructure and Transport, KORAIL will first set up a new subsidiary before the end of this year that will handle the operation of a new KTX express train service set to be launched in 2015.It will then set up a new subsidiary next year to handle the operati
June 14, 2013
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Korea logs trade surplus for 16th straight month
South Korea posted a trade surplus for the 16th straight month in May despite tough external market conditions, customs data showed Friday.The country’s exports came to $48.36 billion in May, up 3.2 percent from a year earlier, while its imports dropped 4.6 percent on-year to $42.45 billion, according to customs-clearance trade data by Korea Customs Service.As a result, Korea’s trade surplus came to $5.91 billion last month. This marked the 16th straight month of surplus since February last year
June 14, 2013
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Regulators dismiss currency rigging here
Korean financial authorities on Friday dismissed the possibility of foreign exchange rate manipulation in the local financial market, saying it has no plans to investigate.But critics said Korea’s authorities are taking a lukewarm stance toward the rate-rigging scandal that is snowballing abroad.They argued Korean authorities’ stance appears passive compared to major regulatory agencies in Europe and the United States that are poised to investigate alleged rule-breakers or similar cases.Accordin
June 14, 2013
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Korea Petroleum Association names Chun chairman
The Korea Petroleum Association, one of the most influential lobby groups in the oil industry, has appointed Chun Young-won, 69, a former lawmaker from the ruling Saenuri Party, as its new chairman, the organization said in a press release. CEOs of four regular member firms ― SK Energy, GS Caltex, S-Oil and Hyundai Oilbank ― all agreed to his appointment in a recent general meeting, it added. The association, which was established in 1980 to tide over the second oil crisis, has preferred a chair
June 14, 2013
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Seoul shares up 0.35 pct on bargain hunting
South Korean stocks added 0.35 percent Friday as investors sought after undervalued shares after the market's sharp decline in the previous trading session, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) added 6.51 points to close at 1,889.24. Trading volume was low at 275.8 million shares worth 3.44 trillion won (US$3.05 billion) with losers outpacing gainers 412 to 378.On Thursday, the index fell below the 1,900-point ma
June 14, 2013