Most Popular
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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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Korea to face another massive shortfall in tax revenue
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[Contribution] Turkmenistan celebrates the 33rd anniversary of its Independence
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Who's lying? Hybe vs. Min conflict continues to intensify
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[Photo news] Faker Mercedes
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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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'Shaman says president will die,' caller warns
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GM Korea raided over labor union corruption allegations
Prosecutors raided the headquarters of the South Korean unit of U.S. carmaker General Motors Co. on Wednesday as part of an investigation into alleged irregularities committed by its labor union.The Incheon District Prosecutors' Office said it confiscated accounting books, documents and computer hard discs from GM Korea Co.'s headquarters located in Incheon, 40 kilometers west of Seoul.They also arrested a 57-year-old company executive in charge of labor management on suspicions of malpractice a
MobilityJune 1, 2016
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Auto sales up 6.4% in May on tax cut, robust overseas demand
The sales of five automakers in South Korea rose 6.4 percent in May from a year earlier on the back of an extended tax cut on car purchases that drove up domestic sales, and a recovery in overseas demand, industry data showed Wednesday. The combined sales of the five companies -- Hyundai Motor Co., Kia Motors Corp., GM Korea Co., Renault Samsung Motors Co., and Ssangyong Motor Co. -- came to 761,981 units in May, according to the data provided by each company. Domestic sales jumped 20 percent on
MobilityJune 1, 2016
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Hyundai Merchant's debt recast proposal approved by all bondholders
Bondholders of Hyundai Merchant Marine Co. on Wednesday approved an additional 170 billion won ($142 million) debt rescheduling proposal by the financially shaky shipper, clearing one of the hurdles for a creditor-led restructuring, company officials said.During a two-day meeting that started on Tuesday, the shipper's bondholders gave the nod to a total 804.2 billion won debt rescheduling scheme under which more than half of the debt will be swapped for the shipper's stocks and the remaining deb
IndustryJune 1, 2016
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Prosecutors confiscate hundreds of Volkswagen vehicles
Prosecutors said Wednesday they have confiscated some 950 vehicles of the South Korean unit of the German carmaker Volkswagen, equipped with its new engine model, amid a probe into the company's emissions scandal.The Seoul Central District Prosecutors' Office said three of Audi Volkswagen Korea's models -- Audi A1, A3 and the popular Golf -- have been confiscated from its vehicle inspection center in Pyeongtaek, some 70 kilometers south of Seoul.The legal action came two months after prosecutors
MobilityJune 1, 2016
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Bondholders’ approval gives tailwind to Hyundai Merchant
Troubled Hyundai Merchant Marine has won bondholders’ full support on restructuring total bond debt of over 800 billion won ($670 million), bringing much needed relief to the cash-strapped firm. Bondholders approved the nation‘s second-largest container transporter’s proposal to reschedule debt worth 174.2 billion won with full consent during two meetings held at Hyundai Group’s headquarters in Seoul on Wednesday. “I agreed with the plan with the expectation that the company has survival probabi
June 1, 2016
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Top N. Korean official in Beijing in bid to normalize ties
A top North Korean official, career diplomat Ri Su-yong, spent a second day in Beijing on Wednesday in an apparent bid to normalize political ties that remain soured over the North's nuclear weapons ambitions. A vice chairman of the North Korean ruling party's central committee and the party's chief of international relations, Ri arrived in Beijing on Tuesday for a three-day visit. He held talks with Song Tao, minister of the International Department of the Chinese Communist Party, on Tuesday ev
North KoreaJune 1, 2016
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Parties clash over next speaker
A tug-of-war is persisting over key parliamentary positions in the 20th National Assembly, with rival parties jockeying for the post of the National Assembly speaker.The main opposition The Minjoo Party of Korea insists that the seat should go to one of its members now that it is the No.1 parliamentary party with 123 seats in the 300-member Assembly. The Saenuri Party counters that the ruling party should hold the position. The debate is likely to delay the lawmakers’ efforts to wrap up assigni
PoliticsJune 1, 2016
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[Photo News] Accounting firm's donation
Ham Jong-ho, CEO of Deloitte Anjin, plays darts with other employees in a game designed to donate money the more a player scores during the 2016 Deloitte Impact Day in Seoul on Wednesday. Some 700 Deloitte workers, including laywers and accountants, participated in the event to help underprivileged people. (Deloitte Anjin)
June 1, 2016
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Park leaves for France for state visit to boost ties
South Korean President Park Geun-hye left for France on Wednesday after wrapping up her swing through three African countries meant to boost business opportunities with the region.This marks the first state visit to France by a South Korean president in 16 years. The trip came as South Korea and France prepare to celebrate the 130th anniversary of establishing diplomatic ties between the two countries.Park is set to meet with her French counterpart, Francois Hollande, on Friday -- the fourth suc
PoliticsJune 1, 2016
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Explosion at subway construction site kills 4 workers, injures 10
Four people died and 10 others were injured after a subway construction site near Seoul collapsed Wednesday morning due to what is believed to be a gas explosion. The blast took place in the city of Namyangju, east of Seoul, at 7:20 a.m. while 17 workers were welding iron bars to drill a hole through the ground, police and fire department officials said. One worker died from the explosion, while three others were found dead after being trapped under the debris 15 meters underground.The 10 injure
Social AffairsJune 1, 2016
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Middle school principal sentenced for inappropriate acts
A former middle school principal was sentenced to 18 months in prison and 80 hours of rehabilitation program after he was found to have made inappropriate physical contact with female pupils during his term in office. The 57-year-old has been indicted under charges of summoning a 14-year-old to his office and later stroking her face and kissing her on the lips. The student had returned to school during the vacation period for an extracurricular baking class. (Yonhap)Another victim said he had
Social AffairsJune 1, 2016
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[Newsmaker] KB to synergize with Hyundai Securities
KB Financial Group will focus on wealth management, corporate and investment banking services, expecting synergy with its newly acquired Hyundai Securities, the group said Wednesday. The Seoul-based group on Tuesday completed the 1.25 trillion won ($1.05 billion) purchase of the securities firm’s shares from Hyundai Merchant Marine of Hyundai Group. With that, KB now controls 22.6 percent of the brokerage company which ranks fourth in the local industry with 3.2 trillion won in assets. “With Hyu
June 1, 2016
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Eco-friendly soap sales soar due to Oxy fears
Sales of eco-friendly soaps are on the rise as consumers here continue to be wary of potentially harmful household supplies after the Oxy toxic humidifier disinfectant case, data showed Wednesday.According to data from online open market Auction, sales of natural and eco-friendly dishwashing soaps rose 74 percent in April and May compared to the previous year, reflecting growing demand from retailers and consumers over natural replacements for chemical soaps. A consumer browses natural cleaners
IndustryJune 1, 2016
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Seoul stocks almost flat ahead of key data release
South Korean stocks closed little changed Wednesday as investors took to the sidelines waiting for a slew of economic data and events coming this week. The Korean won fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index fell 0.68 point, or 0.03 percent, to close at 1,982.72. Trade volume was moderate at 496 million shares worth 5.31 trillion won ($4.45 billion), with gainers outpacing losers 447 to 363. (Yonhap)On Tuesday, U.S. stocks dropped as investors remained cautio
June 1, 2016
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Ex-detainee in North Korea looks back on 735 days of 'hope' in memoir
A former Korean-American detainee on Wednesday called for continued interest in the North Korean people and their predicament on humanitarian grounds.Kenneth Bae, the longest-serving American prisoner detained by the North for two years, said the time he spent in the world's most closed nation reinforced his belief in the need to not forget the people who live an isolated, controlled life, totally cut off from the outside world. "While I lived there and watched the people closely, I realized we
North KoreaJune 1, 2016
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Main opposition visits marine division to appease conservative voters
Officials from South Korea's main opposition party visited a local marine division in northern Seoul on Wednesday, in a gesture to reach out to conservative voters in the country.Kim Chong-in, the interim leader of the Minjoo Party of Korea, visited a Marine Corps division located near the border with North Korea. It marked the first time in four months that the lawmaker has been to a military facility."The visit aims to prove the party's capability not only in economic areas but in security as
PoliticsJune 1, 2016
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Korea to support venture capital for fintech start-ups
The government will fully support venture capital to finance start-ups in financial technology business, as digital innovation will play a critical role in the fourth industrial revolution, Korea’s top financial regulator said Wednesday. “With the advent of fintech and ICT-based firms, once-exclusive financial services are evolving into new types of services,” Financial Services Commission chairman Yim Jong-yong said at a forum in Seoul.Financial Services Commission chairman Yim Jong-yong (Yonha
June 1, 2016
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Missha launches Line edition cosmetics across Asia
South Korean cosmetics brand Missha has launched its Line Friends edition cosmetics collection in 12 countries across Asia, the brand’s operator Able C&C said Wednesday. Missha’s cosmetics that showcase the 10 signature characters from Naver’s mobile messenger app Line are now available in China, Taiwan, Hong Kong, Thailand, Singapore, Malaysia, the Philippines, Brunei, Myanmar, Mongolia, Kazakhstan and Vietnam.The brand is offering between 10 to 70 products inspired by Line in each country, dep
IndustryJune 1, 2016
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Corporate Korea needs culture reform: experts
South Korean firms need to overhaul their corporate culture to enhance global competitiveness, specialists here said Wednesday."What's important, above all, is to change the way of work and culture," Choi Won-sik, head of McKinsey & Company's Seoul office, said in a forum hosted by the Korea Chamber of Commerce and Industry.It will be hard to ride out the current challenges facing South Korea if it fails to improve the nation's corporate culture by sticking to the past success model of focusing
IndustryJune 1, 2016
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Eco-friendly, luxury cars to steal spotlight at Busan Int'l Motor Show
Environment-friendly and luxury vehicles will steal the spotlight during this year's Busan International Motor Show amid a lingering impact of Volkswagen AG's diesel emissions scandal on the markets, industry people said Wednesday. In the Busan International Motor Show, which opens from June 2-12 at BEXCO Auditorium in Busan, 453 kilometers south of Seoul, 25 domestic and international carmakers are set to exhibit 232 models, including 45 concept, upgraded and fully revamped cars, the biennial s
MobilityJune 1, 2016