Most Popular
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[Exclusive] Democratic Party of Korea forms US election task force
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NewJeans has few options after Ador rejects group's request to reinstate Min Hee-jin as CEO
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Seoul seeks to improve foreign nanny program after two abscond
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[Grace Kao] NewJeans fights Hybe for their survival
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Samsung, top banks to create W2tr green growth fund for SMEs
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Malnutrition cases nearly triple in last 5 years
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An increasing number of K-pop idols are breaking free from big agencies. Why?
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KFA Chair denies unfair hiring of national coach
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Couple welcoming quintuplets to receive over W170m in childbirth grants
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College is expensive? In S. Korea, English preschools cost much more
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Korea FTC probes e-commerce firms, Coupang and Ticket Monster
[THE INVESTOR] The Korea Fair Trade Commission is probing e-commerce firms on suspicion of unfair trade practices, according to sources familiar with the issue on June 21.The antitrust agency conducted a field investigation on Coupang and Ticket Monster and secured evidence of unfair transactions of the two, including delayed payments to suppliers and unissued supply contracts.Jeong Jae-Chan, chairman of FTC, has said last month that the agency would start cracking down on social commerce and on
IndustryJune 22, 2016
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Top biz groups' overseas sales fall 7.4% in 2015
South Korean business groups saw their overseas sales drop last year as low oil prices and a prolonged economic slowdown have shrunk demands in major markets, industry data showed Wednesday. The combined sales of 1,022 firms under the top 30 business groups generated at home and abroad came at 1,231 trillion won ($1.06 trillion) in 2015, down 6.3 percent from a year ago, according to data compiled by corporate tracker CEO Score. Sales in foreign markets decreased at a faster pace than those in t
June 22, 2016
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PM urges provinces to concede outcome of airport debate
Prime Minister Hwang Kyo-ahn said Wednesday the provincial governments in the southeastern part of the country should accept the outcome of the latest feasibility test on building a new airport, adding it is now time for all sides to join forces for the greater good."Although residents of related provinces may have some lingering sense of loss, I would like to ask them to accept the outcome for the greater good of the country as the result was based on a thorough and expert investigation," Hwang
IndustryJune 22, 2016
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N. Korea fires off 2 Musudan IRBM missiles
North Korea launched what appeared to be two Musudan intermediate-range ballistic missiles (IRBMs) from its east coast early Wednesday morning, but the first test-firing is assumed to have been unsuccessful, the Joint Chiefs of Staff said.At around 5:58 a.m., North Korea fired off what is presumed to be a Musudan missile from near Wonsan along the east coast, but the launch seems to have ended in failure, the JCS said, providing no further details. (Yonhap)About two hours later at 8:05 a.m., th
North KoreaJune 22, 2016
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Airport decision does not constitute break of campaign pledge: presidential office
South Korea's presidential office on Wednesday said the decision to scrap plans to build a new airport in the southeastern part of the country does not constitute a break from President Park Geun-hye's campaign pledge, adding greatly expanding existing facilities should be viewed as a fulfillment of the promise.On Tuesday, South Korea said it would not pursue a plan to build a new gateway airport in the southeastern region, choosing instead to push for the expansion of Busan's existing Gimhae In
IndustryJune 22, 2016
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Korea's meat consumption rises over past decade
South Koreans' meat consumption has been rising over the past decade, while their intake of rice has been on the wane, a report showed Wednesday.According to the report by the National Agricultural Cooperative Federation, meat accounted for an average of 15 percent of household spending on food between 2013 and 2015. The figure was up from 12.9 percent recorded over the same three-year period a decade earlier.The monthly average per-capita meat consumption also rose to 4 kilograms in 2014 from 2
IndustryJune 22, 2016
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Seoul stocks open higher as Brexit fear ebbs
South Korean shares opened higher Wednesday on eased worries over Britain's possible withdrawal from the European Union in Thursday's vote. New polls showed the referendum remains too close to call early this week but the sentiment is now swinging toward 'remain' and the expectation is getting support, analysts said.The benchmark Korea Composite Stock Price Index rose 5.93 points, or 0.30 percent, to 1,988.37 in the first 15 minutes of trading.Supporting the broader index, top automaker Hyundai
June 22, 2016
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Top 30 Korean groups suffered 7.4% decline in overseas sales
[THE INVESTOR] Overseas sales at 20 of South Korea’s top 30 industrial groups suffered a fall in 2015, according to CEO Score, a website specializing in corporate data. A total of 1,022 firms affiliated with the 30 groups saw their combined overseas sales decline 7.4 percent to 586.4 trillion won (US$503 billion) from the previous year, CEO Score said on June 22. Overseas sales also fell by a larger clip than domestic sales, which dropped by 5.2 percent. In particular, companies showed lackluste
IndustryJune 22, 2016
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Households see share of insurance, pension assets hit new high
South Korean households saw their insurance and pension assets reach a new high in 2015, data showed Wednesday, as they increased such assets to better prepare for old age amid low interest rates.According to the data by the Bank of Korea and the Hana Institute of Finance, local households' insurance and pension assets came to 989 trillion won ($857 billion) as of the end of last year, accounting for 31.1 percent of their total financial assets.The percentage was a fresh all-time high. The ratio
June 22, 2016
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BOK chief warns uncertainties will continue to rise
The head of South Korea's central bank on Wednesday noted that financial and economic uncertainties remain high at home and abroad, and will likely rise for some time, demanding what he called cautious monetary and financial policies.Citing a recent newspaper report, the Bank of Korea governor said the only thing central banks are certain of are high uncertainties."Uncertainties at home and abroad are continuing to increase, and they may further expand following the outcome of the upcoming vote
June 22, 2016
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Prosecutors seek arrest warrant for VW Korea executive
[THE INVESTOR] Prosecutors on June 21 filed for an arrest warrant for the head of certification unit of Audi Volkswagen Korea over the automaker’s emission rigging scandal. The head, identified by his surname Yoon, has been charged with fabrication of private documents and obstruction of justice, Seoul Central District Prosecutors’ Office said. Yoon is the first executive in the snowballing case for whom prosecutors are seeking an arrest warrant. According to prosecutors, Yoon is suspected of ma
MobilityJune 22, 2016
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Korean authorities scrutinize Euro 6 vehicles in VW emissions probe
[THE INVESTOR] The prosecution team looking into Volkswagen’s emissions manipulation case are now inspecting models advertised as meeting Euro 6 emissions standards, a local daily reported on June 22. According to reports, Seoul Central District Prosecutors’ Office has requested 2015 Audi A1 vehicle to be inspected, making it the first Euro 6 vehicle to be included in the probe.About 280 units of 2015 A1 have already been sold in Korea. The 2015 Audi A1 lineup includes engines shared with 2016 A
MobilityJune 22, 2016
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N. Korea botches fifth Musudan missile test-launch
North Korea launched what appeared to be a Musudan intermediate-range ballistic missile from its east coast early Wednesday morning, but the launch again ended in failure, the Joint Chiefs of Staff said."The North launched one missile presumed to be Musudan from areas near Wonsan at around 5:58 a.m., but it is assumed to be unsuccessful," the JCS said in a brief release. (Yonhap)The latest launch failure marks the fifth in the North's back-to-back test launches of the mid-range Musudan. On April
North KoreaJune 22, 2016