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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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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Korea to face another massive shortfall in tax revenue
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2025 Trend Forecast: Small details, new happiness trend amid sluggish economy
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Global drama stars gather for 2024 Seoul International Drama Awards
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SK hynix outpaces Samsung, Micron with more powerful AI chips
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Power of nostalgia brings K-pop legends back together
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North Korea unveiling uranium enrichment site a US election-conscious move: NIS
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Myanmar emulates Korea's rural development model
NAYPYIDAW -- More than a dozen villagers began to dig in the ground and make a stream in the small town of Kyauncone near the capital of Myanmar, as the signature song of the Saemaul Undong resonated, with the lyrics in Korean calling for diligence and cooperation in refurbishing the rural community. Their task was to open drainage ditches and pave the road that has long prohibited the passage of vehicles in rainy seasons. It was intended to take a page from the Saemaul Undong (New Village Movem
Foreign AffairsJune 13, 2016
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Assembly elects standing committee chairs
The 20th National Assembly elected the leaders of the parliamentary standing committees on Monday, finishing the work of forming the legislative body after two weeks of wrangling, but earlier than previous parliaments.The lawmakers officially began their four-year term on May 30. It was the shortest period to form the Assembly since the lawmakers set a legal deadline in 1994. The rival parties last week had reached a consensus on how to distribute key parliamentary positions, considered key in c
PoliticsJune 13, 2016
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Korea to launch official FTA talks with Israel
South Korea will launch official talks on a bilateral trade agreement with Israel later this month to discuss ways to boost economic and investment exchanges, the trade ministry here said Monday.The Ministry of Trade, Industry and Energy said the first round of negotiations will be held on June 27 in Seoul, seven years after the two countries began discussions on launching FTA talks in 2009.Officials will discuss various trade issues involving manufactured goods, services and investment, as well
June 13, 2016
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Park focuses on good start with new Assembly
President Park Geun-hye on Monday underlined the importance of cooperative governance in the administration and legislature, seeking support from the new opposition-dominated National Assembly.While reiterating calls for the passage of government-steered economic reform bills, Park vowed to improve communication with major political parties and the new parliamentary leadership.“What the people expect the most of the 20th National Assembly is harmony and cooperative governance,” Park said at the
PoliticsJune 13, 2016
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Corporate tax hike shapes up as divisive issue
Whether to increase corporate taxes is shaping up as a key issue of contention between major political parties in the new parliament that began its inaugural session Monday.The chief policymaker of the liberal main opposition Minjoo Party of Korea last week reaffirmed the party would soon submit a tax code revision bill to raise the maximum corporate tax rate, which would be applied to companies with annual profits exceeding 50 billion won ($42.6 million), to 25 percent from the current 22 perce
June 13, 2016
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[Newsmaker] Hotel Lotte withdraws IPO as embezzlement probe deepens
Hotel Lotte on Monday officially canceled its initial public offering scheduled for next month, as a large-scale embezzlement probe into the group and its affiliates deepened with emerging reports of confirmed wrongdoings.“We are pushing back our IPO to a later time and cancelling all remaining procedures in consideration of Lotte’s current circumstances and investor interests,” Hotel Lotte said in an emailed statement.Hotel Lotte in Seoul (Yonhap)“Listing the company is an integral part of refo
IndustryJune 13, 2016
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Lotte Chem gives up Axiall
[THE INVESTOR] Lotte Chemical (011170) withdrew its plans to take over Axiall, a U.S. chemical company on Monday. It announced that it will drop out of the competition but will continue its ongoing collaboration.
June 13, 2016
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Prosecutors summon VW exec over emissions scandal
South Korean prosecutors said on Monday it has summoned an executive of Audi Volkswagen Korea for questioning on charges against the automaker that includes selling cars that had not received required certification and fabricating test results on fuel efficiency. The executive in charge of certification of the Korean arm is reportedly to be summoned at least three to four times for testimony. During the investigation, his identity may be changed into a suspect, industry watchers said. This is th
IndustryJune 13, 2016
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Shin Dong-joo eyes return to power
The bitter family feud that broke out between two brothers of one of Korea’s largest conglomerates is reigniting as a probe into the group’s finances threatens to shake the company’s stability.Shin Dong-joo, the head of SDJ Corporation, was ousted by shareholders from his controlling position in Lotte’s Japanese operations under the leadership of his younger brother Shin Dong-bin earlier this year. Shin Dong-joo (left) and Shin Dong-bin (Yonhap)By removing Lotte founder Shin Kyuk-ho and Shin Don
IndustryJune 13, 2016
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LG Chem to supply desalination filters to Omani plant
Korea’s largest chemical and battery-maker LG Chem is picked as the exclusive supplier of filters to a desalination plant in Oman, the company said Monday. LG Chem said it won a contract to exclusively provide about 20,000 reverse osmosis desalination filters to a plant being built by SWRO in Sohar by next year. SWRO is based in Sohar, with the largest stake in the company owned by Spanish desalination plant provider Valoriza Agua. Reverse osmosis is a water purification technology that uses a s
IndustryJune 13, 2016
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[LOTTE CRISIS] Probe wreaks havoc on Lotte’s expansion
[THE INVESTOR] Lotte Group is facing the biggest crisis in its history with a corruption probe bringing its major projects to a halt. Following a raid on June 10, the group’s plans to acquire a U.S.-based chemicals maker have been scrapped, while listing of Hotel Lotte on the local market has reportedly been put on hold indefinitely. In the afternoon of June 10, Lotte Chemicals Corp. scrapped its Axiall acquisition plans made public only three days prior. The plans were made formal on June 7, an
MobilityJune 13, 2016
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Cha Seung-won and Yu Hae-jin return with ‘Three Meals a Day’
Actors Cha Seung-won, Yu Hae-jin, and Son Ho-jun will return with the fifth season of “Three Meals a Day.” Producer Na Young-seok had previously confirmed Cha and Son as the main cast members for the upcoming season, announcing it was difficult for Yu to join the show in the upcoming season due to the actor’s film commitments. Yu, however, has rearranged his schedule to join the show and complete the “Manjaedo family,” local media reported Wednesday, quoting the production crew. From left: acto
TelevisionJune 13, 2016
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Gov't poured 18.9 tln won in R&D in 2015: ministry
The South Korean government invested a total of 18.9 trillion won ($16.5 billion) in research and development in 2015, up 7 percent from a year earlier, an official tally showed Monday.The government supported 54,433 tasks in 639 projects nationwide, according to the Ministry of Science, ICT and Future Planning.It reported the data to the National Science & Technology Council.Ministry officials pointed out that the 7-percent on-year increase in R&D spending is higher than the 5.7-percent hike in
TechnologyJune 13, 2016
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U.N. chief remains ahead of other presidential hopefuls: survey
PoliticsJune 13, 2016
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Shares of Lotte units plunge on prosecution probe
Shares of Lotte Group subsidiaries took a nosedive on Monday amid a widening prosecution probe into the conglomerate over suspicions of slush funds and other malfeasance.Flagship retail unit Lotte Shopping tumbled 5.38 percent to 211,000 won ($179.9) on the main bourse, and the chemicals subsidiary sank 3.91 percent to 258,000 won. In a regulatory filing earlier in the day, Lotte Chemical said it had withdrawn its bid to take over U.S.-based chemicals maker Axiall Corp. Lotte Confectionery plung
June 13, 2016
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Chinese fishing boats leave neutral waters after Korean crackdown: military
All Chinese vessels have left neutral waters in the Han River's estuary between South and North Korea Monday, three days after the South Korean military and United Nations Command started their first joint crackdown in the buffer zone, the Joint Chiefs of Staff said.On Friday, four South Korean speed boats with military police teams were sent into the waters that flow from the Han River mouth to the Yellow Sea to drive away Chinese fishing boats that have intruded into the tensely monitored area
InternationalJune 13, 2016
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[DECODED: Mirae Asset] What's next in line at Mirae Asset?
[THE INVESTOR] Attention is now focused on who chairman Park Hyeon-joo will name as his successor at Mirae Asset Financial Group. The founder, openly critical of Korea’s large family-owned conglomerate’ father-to-son transfer of throne, has on multiple occasions said he will not pass down the group’s control to his children. Local media paid keen attention, however, when Park Ha-min, Park’s eldest daughter, joined Mirae Asset Global Investments in 2013 to learn the ins and outs of real estate
BusinessJune 13, 2016