Korea to foster halal industry to draw Muslim tourists

Korea will step up efforts to increase certified halal foods and restaurants to enhance convenience for a growing number of Muslim tourists from the Middle East and Southeast Asian nations, the government said Thursday.Halal food refers to food products that are prepared in a specific way according to Islamic Sharia law, which covers not only meat but also fruits and vegetables.YonhapThe Ministry of Culture, Sports and Tourism unveiled a set of measures to foster the halal food industry and enha

Social AffairsJuly 7, 2016

Gov't to promote private investments in newly emerging industries

The government on Thursday announced a fresh set of measures, deregulations and tax rewards to stimulate private investments in newly emerging industries, such as pet care services and halal food and culture.In a pan-government trade and investment promotion meeting chaired by President Park Geun-hye, relevant ministries unveiled new policy efforts to encourage the private sector to invest approximately 4 trillion won ($3.4 billion) in the promising industries."The government has been making eff

July 7, 2016

N. Korea earnings through illegal cyber acts hovers at 1 tln won: expert

North Korea earns nearly 1 trillion won ($863.9 million) every year from illegal activities in cyber space including the operation of gambling sites, a South Korean researcher said Thursday. "Through operations in cyber gambling units, and development and sales of gambling programs, North Korea brings in an income of about 1 trillion won annually," Yoo Dong-ryol, the head of Korea Institute of Liberal Democracy said in a forum on cyber security hosted by the military's Defense Security Command.T

North KoreaJuly 7, 2016

Park hosts meeting on trade, investment promotion

President Park Geun-hye on Thursday held a meeting with business leaders and economy-related government officials to discuss ways to shore up trade and investment, her office Cheong Wa Dae said.During the meeting, the 10th of its kind, Park urged efforts to create new items that can be traded and make "pre-emptive moves" to boost investment, so as to better cope with growing uncertainties in the global economy."For us to secure new growth engines and lead the global market, it is important to be

PoliticsJuly 7, 2016

Supermarket chains slow in growth recovery

Leading super supermarkets are expected to report blunted growth in June, going against expectations of a big pickup from last year, when the nationwide scare from a respiratory disease cramped sales, according to industry sources Thursday.Although not official, all three major supermarket chains -- Lotte Mart, E-Mart and Homeplus -- are estimated to have suffered either negative or miniscule at best growth in June compared with the same month last year.Sources at Lotte Mart put June's growth at

July 7, 2016

CJ Group chief undergoes surgery to remove lung tumor

The head of CJ Group, one of Korea's largest food and entertainment conglomerates, has undergone surgery to remove a tumor from his lung, a company official said Thursday.Sohn Kyung-shik is recovering at Seoul National University Hospital in central Seoul after receiving the surgery on Tuesday, the official said, adding that he is not in serious condition.President Park Geun-hye speaks during a meeting on trade and investment at her office Cheong Wa Dae on July 7, 2016. (Yonhap)Sohn is the uncle

Social AffairsJuly 7, 2016

Samsung Electronics sells 26 million Galaxy S7 phones

[THE INVESTOR] Samsung Electronics, which forecast its best quarterly profit in more than two years, is estimated to have sold about 26 million units of its flagship smartphone Galaxy S7 that was launched in March. In its second-quarter earnings guidance announced on July 7, the Korean tech giant said it posted an operating profit of 8.1 trillion won (US$7 billion) while its sales would come in at 50 trillion won. Even though the company didn’t break down earnings of individual business division

Latest NewsJuly 7, 2016

Hyundai Rotem’s trains decommissioned over suspension defect in US

[THE INVESTOR] Trains produced by Hyundai Rotem have been decommissioned in the US over defects in the suspension. Hyundai Rotem is subsidiary of Hyundai Motor Group that specializes in railroad vehicles and defense equipment. According to the company on July 7, 120 trains supplied to Southeastern Pennsylvania Transportation Authority were decommissioned on July 1 following the discovery of problems in suspension parts. The trains were supplied to SEPTA in a US$ 270 million contract signed in 20

IndustryJuly 7, 2016

Trade agency urges enhance energy cooperation with Mongolia

Korea and Mongolia must work to enhance their economic cooperation, especially in the energy and natural resources sector, to help ensure the countries' joint development, a trade promotion agency said Thursday.In a report, the Korea Trade-Investment Promotion Agency or KOTRA insisted now was the right time for South Korea to boost its investment in the East Asian country as Mongolia is increasingly opening up its energy market in the face of a prolonged slump."Mongolia is a high-risk market tha

July 7, 2016

Korea projected to grab 10 gold medals at Rio Olympics

Korea has been projected by a U.S. sports data analysis firm to win 10 gold medals for a ninth-place finish at this year's Rio de Janeiro Summer Olympics.Gracenote, based in Emeryville, California, said Korea will win 10 gold, five silver and 10 bronze medals in its latest Virtual Medal Table. In its previous update on June 7, Gracenote projected 11 gold, five silver and eight bronze for Korea.Korea has set out to capture at least 10 gold medals in Rio to finish in the top 10 in the medals for t

SportsJuly 7, 2016

Higher fines for accounting fraud

[THE INVESTOR] South Korean companies committing accounting fraud will face much heavier fines in the future, the top financial regulator said on July 7. The Financial Services Commission noted that related regulations have been changed to enable the authorities to levy much higher fines that the current 2 billion won (US$ 1.7 million). FSC chief Lim Jong-ryong/ The InvestorUntil now, a company proven to have committed accounting fraud was fined once regardless of the duration of fraudulent acti

IndustryJuly 7, 2016

NPS selects 7 firms for venture fund

[THE INVESTOR] South Korea’s National Pension Service has named seven private equity firms to run 200 billion won (US$172 million) of its funds, the pension giant said on July 7. The NPS, which oversees $430 billion in assets, hired Aju IB Investment and KTB Network as general manager of the venture fund. Five others including Medici Investment, Seoul Investment Partners, Wonik Investment Partners, Innopolis Partners and G.N.Tech Venture Capital were named as preliminary mangers. National Pensio

July 7, 2016

Super Junior's Kangin summarily indicted over drunk driving

Kangin, a member of K-pop boy band Super Junior, has been summarily indicted on charges of causing a traffic accident while under the influence of alcohol, prosecutors said Thursday.The Seoul Central District Prosecutors' Office said the 31-year-old is suspected of running away after crashing into a street lamp in southern Seoul while driving intoxicated in late May.Prosecutors said they summarily indicted him, seeking 7 million won ($6,000) in fines. Kangin already has a record of drunk driving

EntertainmentJuly 7, 2016

Consumers moving to take legal action against Coway

Consumers are banding together for civil and criminal suits against Coway, South Korea's leading maker of water purifiers, after nickel was discovered mixed in the water when using certain company models, industry officials said Thursday.Some consumers are claiming the same defect in products from other companies, raising the possibility that the latest public outcry could hit the entire industry, they said.Nickel coating was found in dispensed water in three ice maker/water purifier models by C

IndustryJuly 7, 2016