Most Popular
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Man arrested 16 years after murdering girlfriend, hiding body in cement
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[Online Predators] Online reviews of sex tourism in Southeast Asia proliferate
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Pikki Pikki dance: Korean cheerleader dance routine takes social media by storm
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[Exclusive] Democratic Party of Korea forms US election task force
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[Herald Review] 'Culinary Class Wars': fresh, creative survival show minus the drama
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Middle East’s big AI push lures Korean tech firms
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Seoul seeks to improve foreign nanny program after two abscond
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[Grace Kao] NewJeans fights Hybe for their survival
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NK nuclear test 'possible' around US election in Nov., says Yoon aide
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[News Focus] Ex-Moon aide slammed from both sides over remarks on leaving Koreas divided
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Tax cuts, financing support planned for cultural contents
[THE INVESTOR] Tax cuts and state financing will be introduced for cultural contents producers as part of the Korea’s service sector growth plans, government ministries revealed on July 5. The plans are aimed at facilitating the growth of Korea’s domestic market for cultural contents to 135 trillion won (US$ 116.8 billion) and contents trade balance to US$ 8 billion by 2020. The country’s contents market came in at 100 trillion won last year, and trade balance was US$ 4.6 billion. Under the plan
IndustryJuly 5, 2016
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KT unveils self-developed ICT solutions for maritime safety
Korea’s second-largest network operator KT unveiled a range of new ICT-based solutions and technologies Tuesday geared at improving maritime security. The telecom firm’s standout technologies include a Long-Term Evolution network able to cover remote locations, as far as 200 kilometers away from land, a life jacket that can be tracked via Internet of Things technology and the creation of a new network designed for IoT devices. Oh Sung-mok, vice president of KT’s network division, introduces a ne
TechnologyJuly 5, 2016
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Software on top of South Korean gov’t agenda
[THE INVESTOR] Large companies will face lower barriers in bidding for the public sector’s software development projects, and more educational institutions will be made to offer specialized software-related education. The government aims to raise software exports from US$ 6 billion last year to US$ 10 billion by 2020.As part of its service sector development strategy announced on July 5, the government said that the barrier for large companies in conducting government projects will be lowered. T
IndustryJuly 5, 2016
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[Newsmaker] SK-CJ HelloVision merger faces disapproval
SK Telecom faced a major setback on Tuesday over the Fair Trade Commission’s rejection of its request to take over CJ HelloVision -- a 1 trillion won deal that was widely expected to give a major boost to the nation’s leading mobile carrier in expanding its media platform business.The watchdog has notified SK Telecom that it will not permit the merger plan, saying the deal impedes fair market competition. The FTC also told the telecom giant that the two should neither carry out a merger, nor any
IndustryJuly 5, 2016
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Corporal punishment used on student for applying lip balm
A teacher who inflicted corporal punishment on a student for applying lip balm is to be penalized, according to Gwangju Metropolitan Office of Education, Monday. The GMOE said the middle school teacher, 37, punished the student for applying tinted lip balm and was accused of violence by the pupil’s father.Applying make-up is actively discouraged for teenagers within the Korean academic curriculum while direct corporal punishment was banned from Korean schools by the government in March 2011. Thi
Social AffairsJuly 5, 2016
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[Photo News] Watchdog and foreign financial firms
Zhin Woong-seob (second from right), governor of the Financial Supervisory Service, meets with a group of heads of foreign financial companies at a hotel in Seoul on Monday. Zhin called on foreign financial institutions to cooperate with the government in responding to any fallout from the U.K.’s departure from the European Union. (Yonhap)
July 5, 2016
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Korea seeks to create 250,000 jobs in services
The South Korean government seeks to boost the services sector through tax breaks in an effort to increase jobs amid high youth unemployment.The Finance Ministry said Tuesday that it seeks to create 250,000 jobs through such fiscal measures aimed at increasing productivity in the services industry. The government aims to uplift the value of its services sector on par with the average of the Organization for Economic Cooperation and Development in five years. This is also in line with efforts to
July 5, 2016
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Who’s who in Korean private-equity world
This is the first in a series of articles looking into Korea’s private equity market and its key players. -- Ed.When the National Pension Service announced last month its choice of fund managers to run large-cap equity investments, the market saw the return of the VOGO Fund, Korea’s oldest private equity house. Renamed VIG Partners, the firm was chosen as one of two firms to each invest a total of 250 billion won ($216 million) in domestic companies, winning a competition that is often likened
July 5, 2016
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Arrest warrant sought for patricidal man
An arrest warrant is being sought for a man who murdered his father to protect his mother, Monday. Seoul Metropolitan Police Agency said the 33-year-old surnamed Ahn is being accused of stabbing his 63-year-old father to death, as he was enraged by the victim’s domestic violence toward his mother. (Yonhap)According to the police, the victim came home drunk on Sunday night, whereupon he beat his wife and used vulgar language toward her.The accused Ahn, who is the second son of the family, alleged
Social AffairsJuly 5, 2016
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Olympic gymnastics coach unsure of injured star's status
The Olympic clock is ticking down on the injured Korean gymnast Yang Hak-seon, but the national team head coach on Tuesday said he hasn't received an update on the athlete's status.Yoon Chang-sun, who will lead the South Korean team to the Aug. 5-21 Rio de Janeiro Olympics, said he isn't sure how far Yang has come along in his rehab from a torn Achilles tendon in his right foot. (Yonhap)On Monday, the Korea Gymnastics Association said it will give Yang, the 2012 Olympic vault gold medalist, a se
SportsJuly 5, 2016
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Gov’t seeks service-manufacturing convergence
[THE INVESTOR] The government will facilitate the convergence of service and manufacturing industries through tax breaks and establish a supervisory body for aiding service sector’s overseas expansion, it announced on July 5. Through the measures, Korea hopes to raise the average intermediate input ratio to 25 percent by 2020. According to government data, the figure for Korea stood at 20 percent in 2011. In comparison the figure for the UK stood at 55 percent, and 34 percent for Japan in the sa
IndustryJuly 5, 2016
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Commercial banks mull merit-based pay amid low growth
Korean commercial banks will consider adopting the performance-based pay system in a move to strengthen competitiveness amid low growth and low margins, a banks' lobby group said Tuesday. "We will announce the guidelines this month to help our 17 member banks introduce the performance-linked pay system. Most banks will wait and see what the guidelines will be about before they introduce or consider introducing the system," said Lee Kyung-hee, a spokeswoman for the Korea Federation of Banks. The
July 5, 2016
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SKT seeks countermeasures after failed merger
[THE INVESTOR] SK Telecom on July 5 expressed regrets at the antitrust watchdog’s disapproval of its planned merger with the nation’s No. 1 cable TV operator CJ HelloVision. The company had planned to merge its Internet TV affiliate SK Broadband with the CJ unit, becoming the nation’s second-largest paid TV operator and the No. 1 in the long term. The deal price was estimated at 1 trillion won (US$823 million). “The watchdog’s decision comes as a shock,” the company said in a statement. “We expr
TechnologyJuly 5, 2016
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9 indicted over alleged corruption in arms dealings
Prosecutors said Tuesday they have indicted nine people, including a lieutenant colonel, on charges of irregularities in the signing of contracts for the military's coastal surveillance equipment and submarine simulator. The Seoul Central District Prosecutors' Office said a former executive of a local defense firm, identified only by his surname Bae, is suspected of forging test results to sign a contract with the Defense Acquisition Program Administration. The contract was for a complex surveil
Social AffairsJuly 5, 2016
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Samlip GFS sales more than triple in 2 years
[THE INVESTOR] Samlip GFS, an affiliate of Korean food giant Samlip General Foods, said on July 5 that its sales have been more than tripled in two years. According to the firm specialized in food distribution and logistics, its revenue surged 315 percent to 553.1 billion won (US$478.7 million) last year from 133 billion won in 2014 when the company was established. Its first-quarter sales grew 35 percent year-on-year to 167 billion won this year. Samlip GFS was spun off from Samlip General Food
IndustryJuly 5, 2016