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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[Editorial] Terror and politics
U.S. President Barack Obama has called the shooting in Orlando an act of terror and an act of hate. He also said the massacre at a nightclub in the Florida city is a further reminder of how easy it is for Americans to acquire deadly weapons.Obama said, “We have to decide if that’s the kind of country we want to be.”Five months ahead of the U.S. presidential election, the issue of gun control appears to have come to the fore as one of the biggest issues in the campaign.Earlier this year, the U.S.
EditorialJune 14, 2016
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[Editorial] ‘Brexit’ worries
Britons will go to the polls on June 23 to decide whether the U.K. should stay in or leave the European Union. Uncertainty over the global economy is mounting over the upcoming “Brexit referendum.”The percentage of the proponents of the departure is estimated to hover around 40 percent in the U.K., while the ratio of opponents slightly exceeds it.If Brexit becomes reality, South Korea is certain to face aggravated difficulties in its export performance that has already taken a big hit. This woul
EditorialJune 14, 2016
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Korea to open energy supply market to private sector
The government will partially open the nation’s state-controlled energy supply market to the private sector, as part of comprehensive restructuring plans for public firms accused of inefficient management and high debt levels, officials said Tuesday.In a workshop meeting led by President Park Geun-hye, chiefs of state firms also vowed to reduce non-core work and list a total of eight power suppliers to attract fresh funds and improve management transparency. “We need to look at whether public or
IndustryJune 14, 2016
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KEPCO seeks public listing of subsidiaries
[THE INVESTOR] Eight of Korea’s state-run energy companies, including subsidiaries of Korea Electric Power Corporation, will push for initial public offerings from the first half of 2017, the government said on June 14. The Korean government announced the plan as part of its broader corporate restructuring efforts on public energy and resource development firms against the backdrop of low international oil prices. Under the scheme, five subsidiaries wholly owned by KEPCO, including Korea South-E
June 14, 2016
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‘Korea's tech transfers key to Myanmar's reforms’
YANGON, Myanmar -- With Myanmar spurring political, economic and administrative reforms, technological assistance coupled with financial aid from Korea and other industrial powerhouses will help expedite the country’s ongoing transformation, according to a senior official at Myanmar’s ruling party. Hantha Myint, chief of the economic committee within the National League for Democracy led by Aung San Suu Kyi, stressed the significance of technology transfers in the Southeast Asian nation’s agricu
Foreign AffairsJune 14, 2016
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Korean firms demonstrate military tech
Korean defense manufacturers are showing their military equipment and weapons at the biennial Eurosatory international defense and security industry trade show in Paris that opened Monday for a five-day run.The defense expo -- the largest of its kind in the world -- brought together a total of 1,600 companies from 70 countries. A military vehicle is displayed Monday at the five-day Eurosatory defense expo in Paris. / Ministry of National DefenseAmong the 21 firms from Korea was Korea Aerospace I
DefenseJune 14, 2016
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[Newsmaker] Lotte probe may have political implications
Prosecutors signaled a full-fledged crackdown on South Korea’s fifth-largest conglomerate and retail giant Lotte Group last week with extensive raids, in an apparent move to trace the financial malpractices of its current top executives.The intense probe, coming in the penultimate year of the incumbent presidency, has widely kindled speculation of eventually targeting the previous administration and its links to the feud-ridden conglomerate.Last Friday, Lotte Group was turned upside down as some
PoliticsJune 14, 2016
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15 more Lotte affiliates raided in widening probe
Seoul prosecutors executed a second round of raids on several key affiliates of South Korean retail giant Lotte Group on Tuesday in a widening probe into the country’s fifth-largest conglomerate over alleged embezzlement and slush fund creation.The Seoul Central District Prosecutor’s Office said it raided 15 offices, including Lotte Chemical, Lotte Confectionery, Lotte Chilsung Beverage and Lotte Engineering & Construction, an unlisted company. Lotte Group’s headquarters in central Seoul (The Ko
IndustryJune 14, 2016
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[Robert B. Reich] Trump's strategy is to win by destroying
When I was a boy and lost just about every sporting event I tried, my father told me, “What counts isn’t whether you win or lose but how you play the game.”Most parents told their kids this. It was part of the American creed. But I doubt Fred Trump passed on the same advice to little Donald, who seems to have learned the exact opposite: It’s not how you play the game but whether you win or lose.If there’s one idea that summarizes Donald Trump -- his character, temperament, career, business strat
ViewpointsJune 14, 2016
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[David Ignatius] Trump’s Islamophobia propels the Islamic State
Even by Donald Trump’s standards, his comments about the Orlando shooting have been reckless and self-serving. They are also dangerous for the country.Trump‘s response to Sunday morning’s terrorist attack by Omar Mateen was initially an opportunistic tweet; then a boasting statement on his website: “I said this was going to happen”; followed by a renewed call to temporarily ban Muslim immigration; and capped by a sinister insinuation Monday morning that President Obama should resign after the sh
ViewpointsJune 14, 2016
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[Kim Seong-kon] ‘Angry Young Men’ in the 21st century
In the 1950s, a group of young British novelists and playwrights who were disillusioned with traditional British society depicted the frustrations of lower class people in their works. It was a time when Europe suffered a postwar economic recession, high unemployment, and extreme economic polarization. These defiant, subversive writers, who were marked by “impatience with the status quo, and refusal to be coopted by a bankrupt society,” demanded radical social change and wrote protest novels and
ViewpointsJune 14, 2016
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Nuclear power to the people in U.S.
Unloved and underappreciated, America’s nuclear reactors supply almost two-thirds of the country’s low-carbon energy -- reliably and without harm to human health or the earth’s atmosphere. Nuclear is the biggest, sturdiest force against climate change there is.It is also threatened by market forces and short-sighted public policy. If energy costs accurately reflected the price of carbon, nuclear would be competitive. They don’t, and it isn’t, but there are other ways governments can make the ene
ViewpointsJune 14, 2016
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POSCO retains most competitive steelmaker title
[THE INVESTOR] Korea’s biggest steelmaker POSCO retained its title as the world’s most competitive steelmaker for the seventh consecutive year since 2010, the company announced on Tuesday.Evaluating 37 steelmakers from around the world in 23 different categories, global steel information service provider World Steel Dynamics awarded POSCO the highest score of 8.02 points out of 10. POSCO CEO Kwon Oh-joon (Yonhap)Despite the setbacks POSCO saw this year with the sluggish economy and reinforcement
June 14, 2016
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[Lee Jae-min] Illegal fishing in the West Sea
It has been some time now that Chinese fishing vessels have intruded on Korea’s exclusive economic zone. But the increasing intensity of illegal fishing has now reached at a tipping point and threatens the livelihood of small fishing towns along the west coast.Illegal fishing does not simply entail a maritime game of cat-and-mouse. Video footage shows fierce physical confrontations between maritime policemen and Chinese fishermen at the maritime border.As for the Chinese fishing boats, the Korea
ViewpointsJune 14, 2016
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[Eli Lake] Trump’s blustering helps radical Islam
If past is prelude, then the massacre in Orlando this weekend will benefit Donald Trump’s campaign for the presidency. As the presumptive Republican presidential nominee has boasted, he gained significant support in December when a husband-and-wife jihadist duo shot up a government building in San Bernardino, California.Now Trump is crowing. His tweets and interviews since the shooting are a series of told-ya-so’s. He is quite pleased with himself for observing that President Barack Obama doesn’
ViewpointsJune 14, 2016
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Lotte founder Shin's hidden cash, ledgers found
[THE INVESTOR] Prosecutors have found a breakthrough in their investigation of Lotte Group's founder and top executive, securing testimony that two officials had received more than 30 billion won ($25.6 million) annually from companies affiliated with the conglomerate.Financial managers within the group reportedly told prosecutors during questioning that Lotte founder Shin Kyuk-ho and his son, current group chairman Shin Dong-bin, had collected 10 billion won and 20 billion won, respectively, ea
IndustryJune 14, 2016
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Merger chances rise over two top shipping firms
The possibility of merging Korea’s two top money-losing shipping firms is growing after the financial regulator revealed the government’s plan for their restructuring program early this week. The Financial Services Commission on Monday said it would consider the merger of Hanjin Shipping Co. and Hyundai Merchant Marine Co. once they complete their separate restructuring programs. (Yonhap)“If Hanjin succeeds in normalizing its business, (the agency) will evaluate whether the merger is better than
IndustryJune 14, 2016
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[LOTTE CRISIS] Lotte crisis becomes boon for Axiall shareholders
[THE INVESTOR] Shareholders of Axiall have inadvertently benefited from the current crisis faced by South Korean retail giant Lotte, which resulted in Lotte Chemical dropping out of the race to acquire the U.S.-based chemicals firm. Lotte Chemical and U.S. chemicals manufacturer Westlake Chemicals had previously been vying with one another to acquire Axiall. In the face of competition from Lotte, Westlake had raised the stakes. On June 10, the company won the bid for Axiall after submitting a bi
MobilityJune 14, 2016
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Brexit to weigh down Korean financial market
As the vote over whether Britain should leave or remain in the European Union is drawing near, analysts are issuing a series of warnings that Britain’s EU exit, or “Brexit,” would have a severe impact on the global economy.A Brexit would also deal a blow to Korea, whose biggest free trade partners include the EU, as investors are expected to pull their funds out of Asian markets exposed to risks stemming from Britain’s EU referendum.Confidence has already begun to be negatively affected with Kor
June 14, 2016
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Slush fund probe zeroes in on Lotte's real estate transactions
Real estate transactions involving Lotte Group founder Shin Kyuk-ho and the conglomerate's affiliates have come under the spotlight as prosecutors are looking into whether some deals were used as a way to create a slush fund for the owner's family, according to investigators and industry experts Tuesday. Lotte is South Korea's fifth-largest conglomerate, with the value of the real estate owned by its listed affiliates estimated at 10.7 trillion won ($9.12 billion) as of 2015, according to corpo
IndustryJune 14, 2016