Most Popular
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AI textbook bubble could burst, expert warns
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Samsung tightens its belt amid crisis winds
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Food tycoon Paik Jong-won's Theborn Korea pushes toward IPO
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North Korean trash balloons cross border day after Seoul military parade
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Prosecution closes 'Dior bag' case amid opposition uproar
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SF Giants outfielder Lee Jung-hoo back home after injury-shortened rookie season
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Court confirms sentence for rapper who attempted to evade national service
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N. Korea may revoke 1991 Inter-Korean Basic Agreement in parliament: Seoul
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[Kim Seong-kon] Understanding uniquely American things
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Ministry confirms irregularities in national soccer coach hiring
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Samsung may eke out 200 tln won in sales for 2015: analysts
South Korean tech giant Samsung Electronics Co. is forecast to barely rack up 200 trillion won ($176 billion) in sales for this year as its fourth-quarter outlook seems precarious on seasonal factors and a continued slowdown in its smartphone segment, analysts said Tuesday. The world's top smartphone maker is expected to post a cumulative 200.9 trillion won in sales for 2015, with the operating income to reach 27.1 trillion won annually, according to a median estimate of 24 local brokerage fir
IndustryNov. 3, 2015
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North Korean leader calls for more precise rockets
North Korean leader Kim Jong-un ordered a further development of "modern and precise" anti-aircraft rockets as he watched a firing drill in a western front-line area, Pyongyang's state media reported Tuesday. "He underlined the need for the field of national defense science to more dynamically develop various types of new anti-aircraft rockets suited to the demand of a modern war so as to firmly defend the blue sky of the homeland from any air strike of enemies," said the North's state-run Kore
North KoreaNov. 3, 2015
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APEC summit unlikely to discuss expanding TPP membership: U.S. official
The upcoming summit of Asia-Pacific economies is unlikely to talk about expanding membership of the recently concluded Trans Pacific Partnership free trade agreement, a senior U.S. official said Monday. Matt Matthews, deputy assistant secretary of state in charge of the Asia-Pacific Economic Cooperation forum, made the remark during a Foreign Press Center briefing previewing the Nov. 18-19 summit of APEC leaders in the Philippines, stressing that the current focus is on getting ratification for
Nov. 3, 2015
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U.S. expresses support for constructive relations between Korea, China, Japan
The United States welcomes a series of meeting that leaders of South Korea, China and Japan held this week and supports efforts to move relations between the three countries forward, a senior American administration official said Monday. President Park Geun-hye, Chinese Premier Li Keqiang and Japanese Prime Minister Shinzo Abe held a trilateral summit in Seoul on Sunday, resuming three-way cooperation talks that have been suspended since 2012 due to history and territorial tensions. The three
InternationalNov. 3, 2015
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U.S. welcomes Park-Abe agreement on sexual slavery issue
The United States on Monday welcomed an agreement between South Korean President Park Geun-hye and Japanese Prime Minister Shinzo Abe to accelerate negotiations between the two countries to resolve the issue of Tokyo's wartime sexual slavery. "We welcome reports that President Park and President Abe agreed to accelerate their efforts to resolve this sensitive issue," Elizabeth Trudeau, a State Department spokeswoman, said at a regular press briefing, declining to discuss details. The Park-Abe
InternationalNov. 3, 2015
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Korea's consumer prices move up 0.9% on-year in Oct.
South Korea's consumer prices grew less than 1 percent for the 11th month in a row in October, a government report showed Tuesday, as Asia's fourth-largest economy tries to shake off deflation concerns. The country's consumer price index gained 0.9 percent last month from a year earlier, the report by Statistics Korea showed. The latest number marks a gain from 0.6 percent on-year growth reported for September and the sharpest increase since the 1 percent growth tallied for November 2014. "Wea
Nov. 3, 2015
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Seoul shares open higher on auto gains
South Korean stocks started higher Tuesday as auto shares rallied following strong October sales data, pushing up the broader market. The benchmark Korea Composite Stock Price Index added 12.12 points, or 0.6 percent, to 2,047.36 in the first 15 minutes of trading. Auto shares traded bullish after data showed Monday that Korean carmakers' sales expanded 8.7 percent in October from a year earlier on robust demand at home and abroad. Top automaker Hyundai Motor rose 3.15 percent, and it
Nov. 3, 2015
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Korea vows to back U.N.’ convention on corruption
The head of South Korea’s anticorruption body said Monday the country would support the implementation of the United Nations’ Convention against Corruption at an international conference of the state parties.The convention, which went into effect on Dec. 14, 2005, provides standards for countries to develop anticorruption policies and to improve their legal and regulatory regime to fight corruption, according to the Anti-Corruption and Civil Rights Commission. It took effect in Korea on April 26
PeopleNov. 2, 2015
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Prosecution launches probe on Hanmi Pharma
The country’s prosecution has launched an investigation into allegations that Hanmi Pharmaceutical took part in a scheme to manipulate stock prices to reap illegal profit, sources said on Monday. Related departments of the Supreme Prosecutor’s Office said they searched the offices of local brokerages including Korea Investment & Securities. A worker at Hanmi allegedly plotted with a brokerage employee to inflate the prices of the pharmaceutical firm’s listed stocks. The scheme came to light when
IndustryNov. 2, 2015
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93-year-old Lotte founder hospitalized
Shin Kyuk-ho, founder of Lotte Group, a retail and food conglomerate based in South Korea and Japan, has been taken to a local hospital, industry sources said Monday. The 93-year-old business tycoon was brought to Seoul National University Hospital, located in central Seoul, earlier in the day. Shin has been receiving reports on the group's management in his office located in a Lotte-owned hotel in Seoul. Lotte founder Shin Kyuk-ho (Yonhap) An official from SDJ Corp., a company established
IndustryNov. 2, 2015
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S. Korea to hold summit with Iceland
South Korea plans to hold a summit with Iceland next week, the presidential office said Monday, where the two leaders will discuss ways to forge deeper ties on global issues such as climate change. Under the plan, South Korean President Park Geun-hye will meet Icelandic President Olafur Ragnar Grimsson on Nov. 9, and share ideas on expanding practical ties regarding the Arctic projects. Iceland is a member of the Arctic Council, an intergovernmental gathering that handles Arctic-related issu
Foreign AffairsNov. 2, 2015
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S. Korean lawmakers visits N. Korea for ancient palace site
More than a dozen South Korean lawmakers traveled to North Korea on Monday to inspect an ancient palace site, where an inter-Korean excavation project is under way, an official here said. The bipartisan group of 16 members of the National Assembly's foreign affairs and unification committee made the one-day tour of the site of Manwoldae, a Goryeo Dynasty (918-1392) palace in Kaesong, just north of the border. "Ruling and opposition lawmakers shared the understanding on the need for the natio
North KoreaNov. 2, 2015
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S. Korea mulls travel ban on some Filipino areas
South Korea is considering imposing a travel ban on some crime-prone Filipino regions, an official here said Monday after a South Korean national was found dead while in captivity by Muslim militants in the Southeast Asian country. The man in his 70s, identified only by his surname Hong, was kidnapped in January in the southern region of Zamboanga in Mindanao Island. His body was found over the weekend and transfered immediately to his family. Local police said Hong seemed to have died due to
Foreign AffairsNov. 2, 2015
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Park, Abe break impasse in bilateral ties: experts
Experts on South Korea-Japan ties welcomed the results of Monday's summit between President Park Geun-hye and Japanese Prime Minister Shinzo Abe, saying the meeting paved the way for better bilateral relations even without producing concrete outcomes. Park and Abe held their first bilateral talks in Seoul on the sidelines of a trilateral summit with Chinese Premier Li Keqiang.The format was intended to keep the first South Korea-Japan summit in three and a half years as low-key and practical a
Foreign AffairsNov. 2, 2015
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Four entities bid for Daewoo Securities
Four financial entities offered preliminary bids Monday to buy Daewoo Securities Co., in a deal that could come as a game changer for the local brokerage industry, the state-run Korea Development Bank (KDB) said. The prospective buyers are KB Financial Group Inc., the largest banking giant by assets; the country's leading asset management expertise firm of Mirae Asset Group; Korea Investment Holdings Co.; and the employee stock ownership association led by Daewoo's labor union. The bidding
Nov. 2, 2015
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Korea needs to speed up fiscal reform to curb rising national debt
The Ministry of Strategy and Finance announced last month a total of 689 government-subsidized programs would be abolished or merged under the 2015 and 2016 state budgets. Making the announcement, the ministry emphasized it had overachieved on its goal to do away with 600 similar and overlapping programs by the end of 2017.In fact, the overhaul was long overdue, given calls have been mounting for eliminating the inefficiency of government-funded programs. For instance, more than three government
Nov. 2, 2015
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‘Korea is a powder keg for industrial espionage’
More and more Korean firms are facing lawsuits over trade secret infringement and it is time the companies put in place measures to tackle such cases of economic espionage, said the head of a global law firm in Seoul. “Korean firms should also change their perception toward intellectual property rights and consider it a revenue source rather than cost, and aggressively pursue litigations against the violators,” Kim Jong-han, chief representative of South Korea at Paul Hastings, told The Korea He
IndustryNov. 2, 2015
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Korean companies target Asian arms market
BANGKOK ― More than 400 arms manufacturers from some 50 countries around the globe gathered to explore opportunities for future exports and technological sharing at a tradeshow in Thailand on Monday. Defense & Security 2015 kicked off in the Southeast Asian country’s capital for a four-day run, drawing the highest number of participating countries and businesses since its launch in 2003. Nine major ship and aircraft makers and other arms producers are running booths at a 424-square-meter Korean
DefenseNov. 2, 2015
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Allies endorse guideline to counter North Korea’s nuke, missile threats
South Korea and the U.S. on Monday approved an operational guideline to counter North Korea’s nuclear and missile threats, reiterating their allied stance against the communist regime’s possible aggression and provocations. During their annual Security Consultative Meeting in Seoul, Defense Minister Han Min-koo and his U.S. counterpart Ashton Carter also signed the allied plan to execute the “conditions-based” transfer of wartime operational control, which is expected to take place in the mid-20
DefenseNov. 2, 2015
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Watchdog urges state plan for workplace human rights
South Korea’s human rights commission said Monday that it plans to recommend the government to set rules on business management to avert human rights abuses at workplaces.The National Human Rights Commission of Korea will reveal its recommendations to the government at the upcoming forum, titled “Human Rights Management Forum,” on Friday and collect opinions from civil society, businesses and the public. (Yonhap)The commission will ask the government to draft a National Action Plan in accordanc
Social AffairsNov. 2, 2015