Most Popular
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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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College is expensive? In S. Korea, English preschools cost much more
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[Hello India] Hyundai Motor inches closer to IPO in India
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[Exclusive] Texas development exec shuts down layoff rumors at Samsung chip plant
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Seoul, Tokyo reboot joint maritime resource talks after 40-year freeze
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Host of Miss Korea apologizes for 'inappropriate question' about deepfake
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Panel decision put prosecution in dilemma over Dior bag case
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'Gyeongseong Creature Season 2': faster and ready to confront past
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2025 Trend Forecast: Small details, new happiness trend amid sluggish economy
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Korea to face another massive shortfall in tax revenue
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DSME confirms ex-employee stole 18 billion won
[THE INVESTOR] Daewoo Shipbuilding and Marine Engineering Co. confirmed that a former employee had embezzled 18 billion won ($15.3 million), in a disclosure notice on June 15. The notice confirmed news reports that a former employee had embezzled a total of 18 billion won and that the suspect is currently in custody of the authorities. The company said that it filed a criminal complaint against the suspect in January over the alleged embezzlement of 6 billion won, and that evidence implicating t
June 15, 2016
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Samsung C&T accused of penalizing child care leave takers
[THE INVESTOR] Samsung C&T Corp. is in hot water over alleged discrimination of employees who take child care leave. According to a report by a local broadcaster, the company has been forcing workers who take child care leave to sign a document that frees the company from responsibility should the employee be penalized for taking such leave. The document, which was allegedly signed by an in-house lawyer at Samsung C&T, apparently states that an employee taking child care leave will not take issu
June 15, 2016
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[ANALYST REPORT] Cheil Worldwide: End of uncertainty and start of recovery
Talks with global advertising agencies end without any agreementDiscussions on cooperation between Cheil Worldwide’s major shareholders and global ad agencies ended without any agreement, according to the Data Analysis, Retrieval and Transfer (DART) System of the Financial Supervisory Service. Publicis and Samsung ended talks for the acquisition of Cheil Worldwide. The company also said that no talks are underway with a third party on the majority stake sale, dismissing rumors about disposal to
June 15, 2016
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Korea’s export prices fell 4% in May
[THE INVESTOR] South Korea’s export prices fell 4 percent in May to post a fifth straight month drop on-year, according to central bank data on June 15. But compared to April, the prices gained 2.4 percent. The on-month increase was largely credited to the weakening of the local currency, which traded at an average 1,171.51 won against the dollar in May, 2.1 percent drop from an average 1,147.51 won in the previous month, according to the central bank. Export prices of industrial goods decrease
June 15, 2016
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[LOTTE CRISIS] Tax-haven firms with ‘Lotte’ name raise questions
[THE INVESTOR] Some offshore companies may have possible links to the embattled Lotte Group, which is facing a widening probe over alleged embezzlement and slush fund creation. Lotte Group Limited and Lotte Farm Group Limited, which were incorporated in the tax haven British Virgin Islands in 2012 and 2011, respectively, are listed in the Panama Papers -- which features millions of leaked documents on offshore companies and their ultimate beneficiaries -- reviewed by The Investor on June 15. The
MobilityJune 15, 2016
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[ANALYST REPORT] Korean government's policy bank recapitalization plan is credit positive for banks
Below is an article from “Moody’s Credit Outlook”, 13 June, 2016 issue.Last Wednesday, the Korean government announced plans to recapitalize public-policy banks Korea Development Bank (KDB, Aa2/Aa2 stable, ba2) and The Export-Import Bank of Korea (KEXIM, Aa2 stable), a credit positive for the banks. The plan clarifies the size and method of recapitalization, and maintains the government’s strong commitment to the banks. KDB and KEXIM’s Aa2 ratings benefit from nine notches of government support
IndustryJune 15, 2016
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[LOTTE CRISIS] Lotte chairman vows to list Hotel Lotte by year-end
[THE INVESTOR] Lotte Group chairman Shin Dong-bin on June 14 (U.S. time) pledged to push through with the now-stalled plans for Hotel Lotte’s initial public offering by the end of this year.“This does not indicate an indefinite delay,” Shin told reporters at the groundbreaking ceremony for a joint venture chemical plant in Lake Charles, U.S. “This was a promise made to the public, and it will be followed through. Lotte Group chairman Shin Dong-binOn June 10, local prosecutors launched an inves
MobilityJune 15, 2016
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Korea's 2014 economic output grows on domestic production: report
South Korea's economic output expanded from a year earlier in 2014, though output by the manufacturing sector continued to dwindle with the portion of trade in total supply also shrinking, a central bank report showed Wednesday.The country's total supply, which equals total consumption, came to 4,237.8 trillion won ($3,598.1 billion) in 2014, up 0.7 percent from the previous year, according to the report from the Bank of Korea.The 2014 reading marked a turnaround from a 0.2 percent on-year drop
June 15, 2016
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Messaging app Line forgoes dividends to shareholders
Global messaging app operator Line Corp., wholly owned by South Korea's internet giant Naver Corp., has never paid out dividends to its Seoul-based parent firm, documents showed Wednesday.Line has not delivered any dividends to its shareholders since its foundation in 2000, according to the documents submitted to the Japan Exchange Group Inc., Tokyo's main bourse operator and the U.S.-based Securities and Exchange Commission."Divided payout in the future will be decided on various factors such a
June 15, 2016
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Ruling, opposition parties commemorate inter-Korea declaration
South Korea's ruling and opposition parties celebrated the historical inter-Korea declaration announced 16 years ago on Wednesday, while taking different approaches on the deadlock between Seoul and Pyongyang following the North's continued provocations.In 2000, then-South Korean President Kim Dae-jung and then North Korean leader Kim Jong-il held a historic inter-Korean summit, which gave the birth to the so-called June 15 joint declaration which aimed to bring peace to the Korean Peninsula.The
PoliticsJune 15, 2016
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Korea urges N.K. to give up nukes at summit anniversary
South Korea on Wednesday urged North Korea to give up its nuclear weapons program and stop reckless provocations as the two Koreas marked the 16th anniversary of their first summit meeting.A summit between then-South Korean President Kim Dae-jung and then-North Korean leader Kim Jong-il, the late father of the current leader Kim Jong-un, was held in Pyongyang on June 15, 2000.It produced a landmark joint declaration that outlines inter-Korean reconciliation and economic cooperation.Seoul's unifi
North KoreaJune 15, 2016
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Lotte's aggressive M&As under scrutiny
A slew of mergers and acquisitions (M&As) the Lotte Group has carried out at home and abroad have elevated the retail giant to a new level, but such moves have also become the target of intense scrutiny by prosecutors amid their widening probe into the group's alleged slush funds, industry watchers said Wednesday.Shin Dong-bin, the second son of group founder Shin Kyuk-ho, was promoted to Lotte chairman in 2011 to take the helm of the conglomerate with businesses ranging from food and retail to
IndustryJune 15, 2016
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Samsung Heavy to reduce workforce, wage
Samsung Heavy Industries Co., a local shipyard, on Wednesday unveiled its detailed self-restructuring program which centers on a cut in workforce and having executives return part of their salaries.Earlier, the shipyard has said it will conduct a self-rehabilitation scheme worth 1.5 trillion won ($1.27 billion), including asset sales and a cut in employees. Its creditors provisionally approved the program.According to the plan, Samsung Heavy will reduce its workforce by 1,500 through an early re
IndustryJune 15, 2016
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Army to deploy drones to deliver supplies to troops
The South Korean Army plans to deploy unmanned aerial vehicles (UAVs) in the near future to deliver defense supplies to troops around the country, the military said Wednesday.The Army conducted a system demonstration of a delivery drone during a meeting held earlier in the day to evaluate the feasibility of the UAVs to ferry supplies, it said in a statement. The tested drone handily airlifted a 15 kilogram package to a designated spot during the demonstration, according to the statement."In comp
DefenseJune 15, 2016