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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Who's lying? Hybe vs. Min conflict continues to intensify
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[Contribution] Turkmenistan celebrates the 33rd anniversary of its Independence
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Seoul should engage Kim Jong-un’s elites for change, ex-North Korean diplomat says
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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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[Cynthia M. Allen] Politicians are mean, like us
According to custom, the government and opposition benches in the British House of Commons are separated by a length equivalent to “two swords and one inch.”The practice harks back to a time when members of Parliament regularly carried blades.Presumably, the distance was meant to guard against the possibility that verbal sparring could easily erupt into physical confrontation -- an event that wasn’t unknown on the floor of the U.S. House in past centuries, either.The tradition remains intact tod
ViewpointsMay 16, 2016
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[Andres Oppenheimer] Mexicans are fighting back against Trump
Mexicans have silently begun a campaign to debunk presumptive Republican presidential nominee Donald Trump’s bigotry, xenophobia and economic isolationism in an area where he is most vulnerable: the realm of accurate facts and figures.To confront Trump’s daily Mexico-bashing, the Mexican government will launch a U.S. public-relations campaign in early June. Meantime, a group of Mexican-American businesspeople is launching a lobbying group named American Mexico Public Affairs Committee, modeled a
ViewpointsMay 16, 2016
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Toxic chemical fears shift to other firms
Amid growing concerns over the health risks of household chemical products, a fresh round of speculation is brewing over other manufacturers of cleaning supplies in Korea that may have been using harmful substances without indicating their toxicity. The Environment Ministry on Sunday demanded a local branch of global consumer goods company Procter & Gamble release the list of chemical substances used for its fabric refresher Febreze. The request came after local reports drawing concerns over the
IndustryMay 16, 2016
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Seoul shares end 0.05 percent higher
Korean stocks edged up Monday as investors appeared to become cautious following improved U.S. indicators that might signal a U.S. rate hike. The local currency lost ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index added 0.05 percent or 0.92 point to close at 1,967.91. Trade volume was 510 million shares worth some 4.64 trillion won ($3.94 billion), with losers outpacing gainers 452 to 352. Traders monitor share prices at a local bank. (Yonhap)Investors apparently
May 16, 2016
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OECD cuts S. Korea‘s 2016 growth estimate
The Organization for Economic Cooperation and Development on Monday cut its 2016 growth forecast of the South Korean economy to 2.7 percent from 3.1 percent, citing sluggish global trade and a slowdown in China.For next year, it anticipated that Asia’s fourth-largest economy will attain 3 percent growth as the world economy picks up steadily, according to the latest report titled, “OECD Economic Survey of Korea.”In its earlier forecast, the OECD had expected that South Korea‘s economy would grow
May 16, 2016
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Man convicted for strangling suicidal brother
A man who strangled his brother to aid his suicide attempt was given four years in prison by the Busan district court, Sunday. The convicted 57-year-old and his 55-year-old brother had drunk herbicide to kill themselves amid financial hardship. The two men made two attempts -- one on Oct. 15 and then two days later on Oct. 17 – but survived the poisoning both times. During the second try the younger brother reportedly suffered physical pain and breathing difficulties that prompted the older sibl
Social AffairsMay 16, 2016
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N.K. uses party congress to declare nukes its priority: report
North Korea used its latest party congress as a venue to show its will to give priority to developing nuclear weapons before it moves to bolster its fragile economy, a report showed Monday.North Korea concluded a four-day run of the congress by the Workers' Party of Korea (WPK) last Monday, where North Korean leader Kim Jong-un was elected as chairman of the ruling party.Kim Kap-sik, a research fellow at the Korea Institute for National Unification (KINU), said in a report that the North formall
North KoreaMay 16, 2016
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Hitting the sweet spot in the confectionery market
A bag of immensely popular potato snacks has become an unexpected game changer for local confectionery shares. Due to the success of the Honey Butter Chip, its manufacturer Haitai Confectionery and Foods has recovered the No. 2 spot in sales in the Korean confectionery market for the first time in five years. The firm’s share prices have also soared. Honey Butter chip (Yonhap)Haitai share prices closed at 53,800 won ($45.6) on Monday, a whopping 250 percent above its May 11 initial public offeri
May 16, 2016
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Beef prices hit highest in 6 years
The price of local beef hit its highest level in six years due to a steadily dwindling number of cattle, government data showed Monday.The price for domestic beef, known as “hanwoo,” went up 18.1 percent last month from the same period last year, to record the biggest jump since April 2010, when prices jumped 19.6 percent, according to Statistics Korea data. Hanwoo beef is displayed at a local supermarket. (Yonhap)Prices of local beef have been on the rise since late last year as the number of
IndustryMay 16, 2016
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TonyMoly enters Sephora stores in Europe
South Korean cosmetics brand TonyMoly said Monday it has begun selling its products at all Sephora stores in Europe, becoming the first homegrown brand to do so.It held a launch ceremony at Sephora’s main store on the iconic Avenue des Champs-Elysees in Paris on May 13 and 14, with the aim of introducing its products to local beauty shoppers.Local customers look at Tony Moly’s products at Sephora’s main store in Paris (Tony Moly)“TonyMoly offers unique products at affordable prices and is increa
IndustryMay 16, 2016
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Samsung SDS, IBM to develop security solutions for energy firms
Samsung SDS and IBM have joined hands to roll out security solutions tailored for energy and utility businesses, the companies said Monday. The strategic alliance is in line with IBM’s efforts to increase its presence in Korea’s security solutions market.Han Sung-won(left), vice president of Samsung SDS’s cybersecurity team, Roman Tuma, the head of the Asian-Pacific sales team of IBM, pose after signing a partnership deal in Seoul on Monday. (IBM)Samsung SDS, which has been producing and managin
TechnologyMay 16, 2016
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Incheon, Weihai named as priority cities for S. Korea-China 'digital silk road'
South Korea's western port city of Incheon and China's eastern port city of Weihai have been chosen as priority cooperative cities to establish the "South Korea-China Digital Silk Road" aimed at cementing cooperation in the information-communications field between the nations, an Incheon city official said Monday. The cities will sign a memorandum of understanding to that effect at the 14th South Korea-China economic ministerial meeting set for May 27 in Seoul, the official said. Named after the
Foreign AffairsMay 16, 2016
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Kia’s Mexico plant starts operation
Kia Motors, an affiliate of Hyundai Motor Group, said its new Mexico plant started operation Monday. Located in Pesqueria in the northern Mexican state of Nuevo Leon, the plant will churn out about 100,000 K3 compact sedans -- known as Forte there -- this year. The carmaker said it plans to increase the plant’s annual production capacity to 300,000 vehicles in the future. Kia Motors’ new plant in Pesqueria, Mexico (Kia Motors)“The plant in Mexico is not only pivotal to sales here, but also cruc
MobilityMay 16, 2016
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Government denies closing coal mine operator
The South Korean government Monday denied it has finalized plans for shutting down the state-run Korea Coal Corp. due to declining profitability. “The government is currently mapping out a restructuring blueprint for state-run energy organizations, but nothing has been confirmed now,” said the Ministry of Commerce Industry and Energy in a statement. “Closing down coal mines is not possible without a mutual agreement between the workers and management.” The ministry released an official statement
IndustryMay 16, 2016
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Reforms urgent to spur growth, small businesses: OECD
The Organization for Economic Cooperation and Development has urged Korea to pursue reform and innovation through policies aimed at sustaining growth and boosting small and medium-size enterprises and start-ups amid a slowdown. In its economic outlook report, the OECD said Monday that Korea will need to further implement fiscal and monetary stimulus to “sustain expansion,” while trying to maintain fiscal soundness by increasing tax rates on expectations of rising social spending due to the aging
May 16, 2016
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FSS issues ‘warning’ to Shinsegae chief for borrowed-name stocks
The Financial Supervisory Service, the nation’s top financial watchdog, said Monday it has issued a “warning” to Shinsegae Group chairwoman Lee Myung-hee who was accused of having held illegal ownership of company stocks under borrowed names last year. In November 2015, Shinsegae declared that Lee possessed some 380,000 company shares worth around 80 billion won ($68 million) under the names of three group executives, including former group chairman Koo Hak-seo, and that she would convert them t
May 16, 2016
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Seoul-Tokyo slavery deal doesn't call for assembly nod: parliamentary speaker
The South Korean parliamentary speaker said Monday that last year's agreement reached by Seoul and Tokyo on the wartime sexual enslavement of Korean women does not require approval from the National Assembly, but added that the deal was reached without sufficient public discussion.Under last year's landmark deal, Tokyo expressed its apology and contrition for its colonial-era atrocities, and agreed to provide 1 billion yen ($9.2 million) for a foundation to be established by Seoul to support the
PoliticsMay 16, 2016
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[Photo News] LG meet Dodgers
LA Dodgers first baseman Adrian Gonzalez (left) takes a selfie with a baseball fan during a promotional event for LG Electronics’ G5 smartphone at the Dodger Stadium in Los Angeles on Sunday. (LG)
TechnologyMay 16, 2016
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Lotte founder admitted for mental evaluation
Lotte founder Shin Kyuk-ho, 95, was admitted to Seoul National University Hospital on Monday for a mental competency evaluation, the results of which will play a pivotal role in his sons’ battle over control of the Lotte corporate empire.The evaluation is a part of the ongoing suit brought by Shin’s younger sister Shin Jung-sook last December, which claimed that Shin Kyuk-ho’s deteriorating mental state required him to have a legal guardian. Lotte founder Shin Kyuk-ho heads to Seoul National Uni
IndustryMay 16, 2016
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Hyundai hires 2nd Bentley designer for Genesis brand
Hyundai Motor said Monday that it had roped in another former designer from British luxury carmaker Bentley for its new luxury Genesis brand, as part of its drive to move higher up the automotive value chain. “Korean-born and world famous car designer Lee Sang-yup, who headed the exterior design for Bentley, will make a new start at Hyundai’s design center from next month,” a Hyundai Motor Group spokesperson said, adding Lee will play the same role for Genesis cars as a vice president. Lee Sang-
BusinessMay 16, 2016