Articles by Suk Gee-hyun
Suk Gee-hyun
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Kumho Tires bets big on electric vehicle tires
Kumho Tires, South Korea’s leading tire maker, is betting big on tires for full-electric vehicles as the company’s future growth engine. “Years of experience in the EV market will give us a competitive edge when more electric vehicles go into mass production and become more popular,” a Kumho Tires official said. With governments toughening environmental regulations, carmakers have poured more resources into the emissions-free electric-powered vehicles in recent years, which also provides a boon
Industry May 28, 2014
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KT&G rolls out limited edition SEASONS Summer Special
‘SEASONS Summer Special’KT&G will roll out limited edition SEASONS Summer Special cigarettes with a package designed for the season, the company announced Monday. The country’s leading tobacco maker said the special line will be available for sale for two weeks beginning Wednesday.The product is the latest in the SEASON series lineup, the only cigarette containing 2.0 milligrams of tar in the domestic market. It kept the lineup’s distinctive smooth taste and full-bodied flavor, the company said.
Industry May 26, 2014
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Shinhan Bank employee sacked for embezzling W131m
An employee of the country’s third-largest bank was belatedly found to have misappropriated a massive amount of money from the bank last year, regulators said Monday.The entry-level employee was caught embezzling about 131 million won ($127,900) from the bank over the course of several months for personal use, the Financial Supervisory Service revealed. Shinhan Bank detected the case in December last year and immediately reported the case to the FSS, according to the bank officials. The bank dis
May 26, 2014
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FSC approves Yuanta’s buy of Tong Yang Securities
The Financial Services Commission on Wednesday authorized Taiwan-based Yuanta Securities’ stock acquisition of Tong Yang Group’s troubled brokerage house.Yuanta’s shares will represent about 53.6 percent of Tong Yang Security’s outstanding shares, replacing Tong Yang International and Tong Yang Leisure as the largest stakeholder. “We’re hoping that the merger can help (Tong Yang Securities) introduce investment products that target both the domestic and overseas market,” an official from the Sou
May 22, 2014
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Labor organization seeks bigger role
The Korea Labor Foundation’s functions need to be streamlined to become more effective, says its new chief Eom Hyeon-taek. “The projects we handle do not fit the institution’s name or goal,” the secretary-general said in an interview with The Korea Herald on May 9.Until now, Eom says, the foundation has been tasked with carrying out a wide range of state labor-related projects that do not match its intended purpose. The government programs that the foundation has been in charge of include employ
Social Affairs May 20, 2014
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Seoul Metro CEO resigns over train collision
Seoul Metro CEO Chang Jung-woo resigned Friday over the subway collision on Line 2 that injured more than 246 people last week. A train rear-ended another at Sangwangsimni Station on Seoul’s busiest subway line on May 2. The operator said the accident was caused by an apparent mechanical malfunction of its signal system. A second accident Thursday on Line 1 is likely to have increased the pressure for Chung to resign. “(Those involved) will be held responsible,” Seoul Mayor Park Won-soon said in
Social Affairs May 9, 2014
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Seoul Metro CEO resigns over train collision
Seoul Metro CEO Chang Jung-woo resigned Friday over the subway collision that injured more than 246 people last week. A train rear-ended another at Sangwangsimni Station on Seoul’s busiest subway line, Line 2, on May 2. The operator said the accident was caused by an apparent mechanical malfunction of its signal system. (Lee Sang-sub/The Korea Herald)Seoul Mayor Park Won-soon said in a briefing that the CEO offered to resign early in the morning. “(Those involved) will be held responsible,” Par
Social Affairs May 9, 2014
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[Ferry Disaster] Prosecutors detain ferry firm CEO
Investigators on Thursday detained the CEO of the Sewol’s operator as they sought to uncover the cause of the ferry accident. Chonghaejin Marine Co. CEO Kim Han-shik was detained at his house in Bundang, Gyeonggi Province, after the court issued a warrant late Wednesday, officials said.Charges against Kim include manslaughter, negligence and violation of the Ship Safety Act. The prosecution also detained an auditor surnamed Park working for I-One-I Holdings ― a subsidiary of Semo Group ― and sum
Social Affairs May 8, 2014
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STX Group chief indicted over alleged embezzlement
Prosecutors have indicted former STX Group chairman Kang Duk-soo over alleged business malpractice and embezzlement, officials said Thursday. Kang was accused of illegally funneling funds from STX Heavy Industries Co., a financially troubled shipbuilder, to support other affiliates in trouble. He was also suspected to have misappropriated company money to bribe political circles. The Seoul Central Prosecutors’ Office said in its interim report that Kang allegedly made undue profits with fabricat
Social Affairs May 8, 2014
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Real estate deals between Yoo, son may have broken bankruptcy laws
A closed gate of Yoo Byung-eon’s house in Yeomgok-dong, southern Seoul (Yonhap)A transfer of assets between former Semo Group chairman Yoo Byung-eon and his eldest son has come under scrutiny with records suggesting illegal methods may have been used in the process.Records show that Yoo’s real estate assets were purchased by his eldest son Dae-gyun during Semo Group’s liquidation, at the time of which the younger Yoo was aged 28-33. The methods were allegedly used to avoid a loss of assets follo
Social Affairs May 7, 2014
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Park makes second apology over Sewol
President Park Geun-hye on Tuesday publicly apologized for failing to prevent the tragic ferry disaster that left at least 264 people, mostly high school students, dead and 38 still missing.“As a president, who has a duty to protect the nation, I’m truly heavy-hearted and feel sorry to the bereaved families,” Park said at Jogyesa Temple in Seoul during a Buddhist ceremony that paid tribute to victims of the accident.The president’s speech followed an earlier apology she made during a Cabinet mee
Social Affairs May 6, 2014
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Police raid Seoul Metro offices in crash probe
Police on Tuesday raided more Seoul Metro offices over a subway collision that injured more than 240 people last week.Investigators seized documents and data on traffic signals from the mechanics department at its headquarters in Gangnam and annexes in Euljiro and Dongdaemun stations, police said. They also confiscated documents from a private firm in charge of entering signal data in the system, alleging that the accident was caused by a signal failure. “The operator changed signal data on Apri
Social Affairs May 6, 2014
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[Ferry Disaster] Attention seekers invent stories after ferry disaster
South Koreans’ frustration with narcissistic attention seekers has hit a fresh high after a flurry of frauds and lies that added confusion to the recent ferry disaster.A woman who identified herself as a diver and made false claims about the ferry rescue operation on TV was arrested last month on charges of defamation and fraud. But long before her arrest, she was recognized by many online who claimed that she had been involved in numerous fraud cases ― posing as an entertainment news reporter,
Social Affairs May 1, 2014
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[Ferry Disaster] Insurance not valid if ship sinking caused by alterations: court
Insurance firms are not required to pay for vessels that sink due to changes in the structure of the ship, a Seoul court said on Thursday.The Seoul Central District Court on April 3 ruled in favor of Dongbu Insurance Co., concluding that the firm does not have to pay for the vessel Seokjung 36 that sank off the coast of Ulsan in 2012. The then 29-year-old Japanese ship was purchased by Seokjung Engineering and Construction in 2007. Its structure was later modified, adding more than 500 tons to i
Social Affairs May 1, 2014
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Korea, China, Japan intensify efforts to curb fine pollutants
South Korea, China and Japan have agreed to step up efforts to reduce ultrafine pollutants as part of their cooperation on environmental issues.The announcement came after a two-day meeting of the three countries’ environment ministers in Daegu, Korea, where they discussed a range of environmental threats. It was the first ministerial meeting held by the three countries to come up with solutions to protect public health.“The ministers shared the concerns of the risks posed by air pollution on hu
Social Affairs April 29, 2014
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