Most Popular
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Psy's touch or new trend in music? P Nation’s solo stars lose their shine
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Yoon warns North Korea against nuclear attack attempt
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Seoul to hold grand military parade on Tuesday, disrupting major city routes
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81-year-old model awarded ‘best dressed’ in Miss Universe Korea
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Shut up and dance
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Seoul mayor suggests shift in immigration policy
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NewJeans fans corner Hybe amid PR backlash, looming National Assembly audit
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Israel targets Palestinian group in first strike on Beirut center
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Brit pop legend Oasis to perform in Seoul next year
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'Smart pill'? ADHD treatment prescriptions spike this year
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Hyundai Motor Group ordered to cut cross-shareholding ties
South Korea's antitrust watchdog said Wednesday that it has ordered Hyundai Motor Group to resolve cross-shareholding ties derived from an intra-group merger and acquisition between its two steelmaking units, amid the agency's recent push to break the cobweb-like shareholding structures of conglomerates.Hyundai Steel Co. was merged with Hyundai Hysco on July 1 as part of the business restructuring scheme of Hyundai Motor Group, the country's second-largest business group and the parent of Hyunda
Dec. 30, 2015
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Korea to hike security budget for diplomatic missions in 2016
South Korea will sharply increase the budget allocated to beefing up security at its diplomatic missions in 2016, in the face of mounting threats to its diplomats and facilities, the government said Wednesday.According to the finance ministry, 26.5 billion won ($22.6 million) will be set aside in the new year, up more than 50 percent from 17.6 billion won earmarked for 2015.The move follows a terrorist attack against its embassy in Libya in April that left two local security personnel dead. Its
PoliticsDec. 30, 2015
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Seoul shares start higher on Wall Street gains
South Korean stocks opened higher on Wednesday, taking a cue from overnight Wall Street gains.The benchmark Korea Composite Stock Price Index gained 4.8 points, or 0.24 percent, to 1,971.11 in the first 15 minutes of trading.On Tuesday, the Dow Jones industrial average rose 1.1 percent, buoyed by tech rallies and a rebound in crude oil prices. The local currency was trading at 1,168.75 won against the U.S. dollar as of 9:15 a.m., up 0.85 won from Tuesday's close. (Yonhap)
Dec. 30, 2015
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Hyundai Motor's Santa Fe sales hit all-time high in Dec.
South Korea's top automaker Hyundai Motor Co. said Wednesday that sales of its latest version of the Santa Fe SUV hit an all-time monthly high in December.Sales of the Santa Fe in December already exceeded the 10,000 mark last week here and have continued to rise. This is the largest ever since its third-generation was launched in December 2012, the company said.Hyundai Motor said that about 500-600 units of the Santa Fe are being sold every day. If the current pace continues, the figure will be
MobilityDec. 30, 2015
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Korean soldier found dead inside DMZ in gun-related incident
A South Korean soldier was found dead on the southern side of the Demilitarized Zone early Wednesday morning in a gun-related incident, the military said.Army Private Jeong was found with gunshot wounds in the central east border area of Hwacheon, Gangwon Province, around 3:00 a.m., the Joint Chiefs of Staff said. The 21-year-old had been participating in a border patrol operation inside the DMZ, according to JCS. "Now an investigation is underway to see how he was found and how the incident too
DefenseDec. 30, 2015
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North Korea's senior official handling inter-Korean affairs dies
North Korea's top party official handling inter-Korean affairs has been killed in a traffic accident, Pyongyang's state media said Wednesday. He was 73.Kim Yang-gon, the head of the United Front Department at the ruling Workers' Party, died in car accident at 6:15 a.m. Tuesday, according to the North's Korean Central News Agency.The KCNA called Kim "the closest comrade-in-arms" of North Korean leader Kim Jong-un, saying that North Korea will hold a state funeral for Kim on Thursday, to be headed
North KoreaDec. 30, 2015
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Korean manufacturers' sentiment for Jan. weakens
South Korean manufacturers' business confidence continued to weaken with a majority of non-manufacturing firms also expecting worse conditions in the upcoming month, a poll showed Wednesday.The business survey index for manufacturing companies here came to 68 for January, down 1 point from the previous month, according to the survey by the Bank of Korea.A reading below the benchmark 100 means pessimists outnumber optimists. The monthly survey covers about 2,800 firms, including some 1,700 manufa
Dec. 30, 2015
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Chairman’s divorce plea clouds SK’s future
SK Group chairman Chey Tae-won’s unexpected public plea for a divorce from his wife Tuesday drew people’s attention to the future of the country’s fourth-largest conglomerate. Chey Tae-won (left), Roh Soh-yeong (Yonhap)While at present his wife, Art Center Nabi director Roh Soh-yeong, has no say in the management -- holding 0.01 percent stake in SK Corp. and SK Innovation each -- the divorce could lead to a split of Chey’s stake in SK Group, valued at 4.2 trillion won ($3.5 billion). This would
IndustryDec. 30, 2015
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Korea's industrial output drops further in Nov.
South Korea's industrial production fell at a faster clip in November on sagging exports and sluggish activity in the chip industry, a government report showed Wednesday, deepening concerns over the country's economic growth.According to the report by Statistics Korea, production in the mining, manufacturing, gas and electricity industries slipped 2.1 percent last month from a month earlier, further declining from a 1.3 percent on-month drop in October.Compared with a year earlier, industrial pr
Dec. 30, 2015
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Korea to hike security budget for diplomatic missions in 2016
South Korea will sharply increase the budget allocated to beefing up security at its diplomatic missions in 2016, in the face of mounting threats to its diplomats and facilities, the government said Wednesday.According to the finance ministry, 26.5 billion won ($22.6 million) will be set aside in the new year, up more than 50 percent from 17.6 billion won earmarked for 2015.The move follows a terrorist attack against its embassy in Libya in April that left two local security personnel dead. Its
Foreign AffairsDec. 30, 2015
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N. Korea sends letter to U.N. to call for peace treaty with U.S.
North Korea has sent a letter to the United Nations, renewing its call for a peace treaty with the United States, U.N. records showed Tuesday.Amb. Ja Song-nam, chief of the North's mission to the U.N., sent the letter to the U.N. secretary-general last week, along with a statement from Pyongyang's foreign ministry calling for a peace treaty with the U.S., according to a copy of the letter released by the U.N.Ja asked that the letter and the statement be circulated as a Security Council document.
Foreign AffairsDec. 30, 2015
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U.S. Congressman Honda says Korea-Japan deal on comfort women
U.S. Congressman Mike Honda, who has been at the forefront of efforts to help victims of Japan's wartime sexual slavery, said this week's breakthrough deal on the issue between Seoul and Tokyo is far from perfect, but is still a "historic milestone."Honda, however, expressed disappointment that the agreement lacks a commitment by Japan to "ensure they will no longer whitewash history and educate future generations" and that Tokyo's apology as part of the deal is "not a formal, and official apolo
Foreign AffairsDec. 30, 2015
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U.S. calls for civil society support for Korea-Japan deal
Civil society support for the Korea-Japan agreement on resolving the issue of Japan's wartime sexual slavery will be crucial to the deal's success, the State Department said Tuesday."Everyone will make their own judgments about this agreement. But I do hope, we do hope, as the United States, that others, including here in the U.S., will support this agreement and its full implementation as we do," State Department deputy spokesman Mark Toner said at a regular briefing."We believe it's an importa
Foreign AffairsDec. 30, 2015
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[Newsmaker] Top N.K. official in charge of Seoul ties dies
Kim Yang-gon, a top North Korean official in charge of cross-border affairs, was killed in a car accident, the North’s state media reported Wednesday, drawing attention to the impact of his death on inter-Korean relations. He was 73.Kim Yang-gon (Yonhap)The North’s Korea Central News Agency said that Kim, a secretary of the Central Committee of the ruling Workers’ Party and director of the party’s United Front Department, died at 6:15 a.m. on Tuesday following the accident, without elaborating.T
North KoreaDec. 30, 2015
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S. Korea returns 3 rescued N. Korean fishermen
The South Korean government said Tuesday it repatriated three North Korean fishermen who were rescued in the East Sea this week."Our Coast Guard found a North Korean boat drifting in the East Sea and rescued three crew members there," the unification ministry said in a release."We handed them over to the North at around 6:50 p.m. today through the truce village of Panmunjeom, as they all expressed their wish to return home," it added. The boat, which departed from the North's port city of Wonsan
Social AffairsDec. 29, 2015
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Chaebol worried about labor relations next year: poll
Three out of 10 large businesses in South Korea are voicing worries over the possibility of worsening relations with labor unions next year due in part to the ongoing controversy over the government-led labor reform drive, a poll showed Tuesday.In a survey conducted by the Korea Employers Federation of its 304 member companies, 67.1 percent of respondents expected labor-management relations to destabilize further next year.Of those polled, 46.2 percent cited the ongoing controversy over the gove
IndustryDec. 29, 2015
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Hanwha distributes braille calendars
Hanwha’s 2016 braille calendar. Hanwha GroupHanwha Group said Tuesday it has produced and distributed tens of thousands of 2016 braille calendars to the blind as part of its year-end social contribution efforts.Some 50,000 braille calendars were delivered for free to the Korea Blind Union and some 300 local organizations for the blind, as well as thousands of individuals, according to Hanwha.The conglomerate has been making braille calendars for 16 consecutive years since 2000, when Hanwha chair
IndustryDec. 29, 2015
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[Newsmaker] SK chairman to divorce, admits to affair
SK Group chairman Chey Tae-won has revealed that he “has a child with another woman” and plans to divorce his wife Roh Soh-yeong, personally putting an end to the speculations surrounding his shaky marriage.In a three-page letter to the daily Segye Ilbo, which was confirmed by SK Group on Tuesday, Chey said his marriage with Roh “had been falling apart over the past 10 years” despite “several efforts to restore the relationship.” SK Group chairman Chey Tae-won and his wife Roh Soh-yeong. Yonhap
IndustryDec. 29, 2015
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Two KB Financial units get new CEOs
Two subsidiaries of KB Financial Group will get new CEOs while six others will see their incumbent chiefs’ tenures extended, the country’s second-largest financial group by assets said Tuesday. The new appointments are Yang Jong-hee, a former vice president of KB Financial who will take charge of KB Insurance, and Yoon Woong-won, another former KB Financial vice president who will lead KB Kookmin Card. The appointments are subject to final endorsements by shareholders of the respective companies
Dec. 29, 2015
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Young chaebol heiresses get starts at consulting firms
SK Group chairman Chey Tae-won’s daughter Chey Yun-jeong, AmorePacific Group chairman Suh Kyung-bae’s daughter Suh Min-jung and LF president & CEO Koo Bon-keul’s niece Koo Min-jeong have a striking similarity.The three women are all next-generation chaebol heiresses currently working as junior consultants at the Korean subsidiary of global consulting firm Bain & Company.They did not enter their family business after graduating, instead choosing to work at a consulting firm to gain experience and
IndustryDec. 29, 2015