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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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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Yoon, Ishiba discuss cooperation on N. Korea in 1st phone talks
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[Advertising Award] Start by asking why: Chadwick
Industry Awards/ EducationChadwick InternationalSomeone told me to find three reasons to say “thanks” while you walk from your bed to the bathroom every morning for a healthier and happier life. It was a struggle at first, but I can now easily find three things that I’m thankful for. Just as I practice my three reasons on “why” I am thankful, I realized our students at Chadwick International find various ways to define their “why” when they come to school each day and explore.Helen Lee, Director
Social AffairsOct. 30, 2015
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Over 20% of public firms found to be 'zombies'
More than one in five South Korean public firms was found to be unprofitable and highly indebted, data showed Friday, pointing to the need for reforms to save taxpayers' money. Some 40 out of the country's 190 state-run companies and public institutions, or 21.1 percent, turned out to have failed to generate a large enough operating profit to pay taxes and interest payments as of the end of 2014, according to the data compiled by corporate tracker Chaebul.com.The data was based upon the public f
IndustryOct. 30, 2015
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KT's Q3 net soars 70.2%
KT Corp., South Korea's No. 2 mobile carrier, said Friday its net profit advanced 70.2 percent in the third quarter from a year earlier on efforts to boost the competitiveness of its core business and cost efficiency. Net profit came to 125.9 billion won ($110.2 million) in the July-September period, compared to 73.9 billion won posted last year, the company said in a regulatory filing.Operating profit came to 343.3 billion won, up 17.8 percent from a year earlier. Sales, in contrast, shed 2.9 p
Oct. 30, 2015
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Seoul shares open on tech gains
South Korean stocks started higher on Friday, led by gains in Samsung Group shares after the conglomerate said it will sell non-core chemical units to Lotte Group to streamline its businesses.The benchmark Korea Composite Stock Price Index rose 2.74 points, or 0.13 percent, to 2,036.9 in the first 15 minutes of trading.Market kingpin Samsung Electronics increased 2.26 percent after the company on Thursday announced plans to buy back its own shares worth a total of 11.3 trillion won ($10 billion)
Oct. 30, 2015
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N. Korea's ruling party to hold 1st congress in 36 years in 2016
North Korea's ruling party plans to convene the congress for the first time in more than three decades in early May, Pyongyang's state media said Friday, in what could be the latest move to strengthen leader Kim Jong-un's grip on power.The political bureau of the central committee of Workers' Party of Korea has decided to hold the seventh congress of the party in May, the Korean Central News Agency said, without providing a specific date or agenda.It marks the first party congress since October
North KoreaOct. 30, 2015
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New U.N. resolution submitted over N.K. human rights abuses
The European Union and Japan proposed a new U.N. resolution Thursday that calls for referring the highest official responsible for North Korea's human rights violations to the International Criminal Court, a diplomatic source said.Last year the U.N. General Assembly adopted a landmark resolution that calls for the U.N. Security Council to refer North's human rights abuses to the ICC. The resolution led to the Security Council adopting the issue as an official agenda item for the first time.The n
North KoreaOct. 30, 2015
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Seoul to host annual meeting of public investment funds next week
The world's largest leading public investment fund operators will be gathered in Seoul next week for a meeting aimed at promoting cooperation between public funds, as well as private equity funds, event organizers said Friday.The second biannual meeting of the Co-Investment Roundtable of Sovereign and Pension Funds will begin Monday, involving some 170 public and private fund operators, according to the state-run Korea Investment Corp.The two-day meeting seeks to tackle four major issues that in
Oct. 30, 2015
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LG Electronics drops suit against Dyson in Australia
South Korea tech firm LG Electronics Inc. said Friday it has decided to withdraw its lawsuit against Dyson filed earlier this week in Australia over a controversial advertisement, as they have reached an out-of-court settlement.On Tuesday, the South Korean player asked an Australian court to ban British manufacturer Dyson's V6 vacuum cleaner advertisement that read "the most powerful cordless vacuum" and "twice the suction power of all cordless vacuums." LG claimed that such remarks mislead cons
CompaniesOct. 30, 2015
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Korea's industrial output jumps 1.9% in Sept.
South Korea's industrial output rose at the fastest pace in three months in September on strong demand for semiconductors and autos, a government report showed Friday, fueling expectations that the economic recovery is gaining steam.According to the report by Statistics Korea, production in the mining, manufacturing, gas and electricity industries jumped 1.9 percent on-month in September, accelerating from a 0.2 percent on-month gain in August. The increase marks the second month in a row that o
Oct. 30, 2015
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Korean manufacturers' sentiment remains weak for Nov.
A majority of South Korean manufacturers remain pessimistic about their business conditions in November even though more firms expect conditions for their exports to improve, a poll showed Friday.The business survey index of manufacturing companies came to 70 for November, unchanged from the previous month, according to the survey by the Bank of Korea.A reading below the benchmark 100 means pessimists outnumber optimists.The index of non-manufacturing firms also remained unchanged from a month e
Oct. 30, 2015
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Pentagon rejects Lockheed Martin's claim about THAAD talks with S. Korea
The U.S. Defense Department said Thursday no formal consultations have taken place with South Korea about the possible deployment of a THAAD missile defense battery to the country, rejecting a Lockheed Martin official's claim that discussions are already under way."We have made no final decision regarding the deployment of a U.S. THAAD unit to the Republic of Korea, nor have we had any formal consultations with the ROK government on this issue," Cmdr. Bill Urban, a U.S. Defense Department spokes
DefenseOct. 30, 2015
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Sewol operator chief gets 7-year jail term
South Korea's Supreme Court said Thursday it has upheld a seven-year jail sentence for the head of the sunken ferry Sewol operator for involuntary manslaughter in the deaths of more than 300 people.Kim Han-sik, chief executive officer of Chonghaejin Marine Co., was convicted of not properly checking the safety conditions of the ferry despite being briefed that the ship's ability to balance itself was compromised.The 73-year-old chief was also convicted of embezzling company funds worth some 2.8
Social AffairsOct. 29, 2015
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Samsung Heavy faces cancellation of ship order upon delivery
Samsung Heavy Industries Co., a major South Korean shipbuilder, is facing cancellation of an order for a $181 million drill ship that has already been built and is ready for delivery, the company said Thursday.The ship, Pacific Zonda, was set to be delivered to Luxemberg-based Pacific Drilling on Tuesday, but the offshore drilling company has refused to accept the delivery and said it was canceling the order, company officials said.Pacific Drilling cited a delay in delivery, which was originally
IndustryOct. 29, 2015
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Parliamentary subcommittee passes KF-X budget for 2016.
A parliamentary subcommittee on Thursday approved a 67-billion-won ($58.5 million) budget for a controversial fighter jet development program, said a ruling-party lawmaker. The National Assembly's defense subcommittee passed the 2016 budget for the Korean Fighter Experimental (KF-X) development project after hearing a briefing from the Korea Institute for S&T Evaluation and Planning (KISTEP), said Rep. Kim Sung-chan of the ruling Saenuri Party. The budget is subject to further approval from the
PoliticsOct. 29, 2015
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China decides to abolish 1-child policy, allow 2 children
China's ruling Communist Party announced Thursday that it will abolish the country's decades-old one-child policy and allow all couples to have two children, removing remaining restrictions that limited many urban couples to only one, the official Xinhua News Agency said.Xinhua said on its microblog that the decision to allow all couples to have two children was ``to improve the balanced development of population'' and to deal with an aging population.The decision does away with an unpopular pol
World NewsOct. 29, 2015
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Korea, Indonesia strengthen cooperation in forest industry
Korea Forest Service officials visit a South Korea-Indonesia joint forest biomass plantation in Indonesia. (KFS)South Korea and Indonesia vowed stronger cooperation in forest industry and administration, South Korean forest authorities said Thursday. The Korea Forest Service and its Indonesian counterpart held a symposium on wood biomass in the Indonesian city of Jakarta, Wednesday, to share the two countries’ forest policies and know-how. South Korean exporters seeking inroads to Indonesia also
Oct. 29, 2015
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KFS fosters forest biomass plantation in Indonesia
The Korea-Indonesia joint forest biomass plantation in the Indonesian city of Semarang, central Java (KFS)Korea’s forest authorities vowed to strengthen their overseas base for fostering biomass industries, a potential mainstay of the South Korean renewable energy industry. The Korea Forest Service has sought a business model of forest biomass energy and encouraged business enterprises and investors to engage in that industry with great potential, with a total budget of 748 million won ($656,000
Oct. 29, 2015
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Seoul’s new slogan ridiculed
“I.SEOUL.YOU”This is the new slogan the Seoul city government chose, after debating between “Seoulmate” and “SEOULing.”The government officials, and people who voted for the new slogan, probably had in mind some successful campaigns overseas, such as “I Love (heart) New York,” which has proven its global appeal. However, the slogan may not be going down so well, at least on the initial impression. People are making parodies of the sentence by using it in different photos and conversations. One T
Social AffairsOct. 29, 2015
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[Newsmaker] Ryan: Conservative honing in on White House
The presumptive next speaker of the U.S. House of Representatives, Paul Ryan, is a onetime “young gun” of the Republican Party ― a conservative with a wonkish reputation who is clearly driven by higher political ambition.Paul Ryan. APPaul Ryan was nominated by his Republican colleagues Wednesday to lead the fractious House through the end of the Barack Obama presidency and potentially beyond.It is the most important job in Congress and one that places him second in line to the presidency, after
World NewsOct. 29, 2015
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Court orders retrial on soldier’s bullying death
South Korea’s top military court on Thursday ordered a lower court to reconsider the ruling that jailed four sergeants and corporals for beating a junior soldier to death, questioning the murder charge applied on three of them as accomplices.The court upheld the murder charge for a sergeant, surnamed Lee, for physically abusing a 23-year-old private first class Yoon Seung-joo to death, but differed on the other three equally accused of murdering Yoon as accomplices. “The murder charge can be app
Social AffairsOct. 29, 2015