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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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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Samsung, top banks to create W2tr green growth fund for SMEs
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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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Korea, China to hold talks on illegal fishing
Korea and China will hold working-level talks next week to resolve the growing issue of illegal fishing by Chinese fishermen in Korean waters, Seoul's foreign ministry said Thursday.It will be the ninth round of bilateral talks on fisheries issues led by deputy director-general level officials from the two countries' foreign ministries.This time, the meeting comes amid heightened tension over illegal fishing, which was prompted by the recent capture of Chinese fishing boats by Korean fishermen i
Social AffairsJune 30, 2016
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Hyundai Motor share prices slip after HHI block deal
[THE INVESTOR] Hyundai Motor shares fell on June 30 following the news of a block deal by Hyundai Heavy Industries and Hyundai Samho Heavy Industries on the previous day.On June 30, Hyundai Motor closed 2.52 percent lower at 135,500 won (US$ 117.5).Hyundai Motor’s automotive affiliates Kia Motors and Hyundai Mobis also closed lower. Kia shares closed at 43,200 won, down 1.37 percent, while Hyundai Mobis closed at 252,000 won, down 2.51 percent. Hyundai Heavy and Hyundai Samho sold 1.24 million a
June 30, 2016
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[Mohamed A. El-Erian] Imagining the year of 2019 after Brexit
It’s the summer of 2019, three years after British voters stunned the world by voting to leave the European Union. The U.K. has regained its economic and financial footing, as well as its national confidence. A smaller and more unified European Union now functions in a more coherent fashion.But the road has been bumpy and, as a result, the global economy came close to recession, financial instability and more isolationist policies. Meanwhile, the global standing and influence of both the EU and
ViewpointsJune 30, 2016
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Korean Navy's first-generation submarines decommissioned
The last first-generation Korean submarines were decommissioned Thursday after serving for a quarter century, the Navy said.The Navy held a ceremony to retire the last two Dolgorae-class submarines in the Submarine Force Command headquarters inside a naval base in the southern port city of Jinhae earlier in the day. "Dolgorae" translates to dolphin in English. The two midget submarines entered into service with the Navy in 1990 and 1991. The Navy had operated three Dolgorae-class submarines that
NationalJune 30, 2016
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National Pension Service hires four PEFs to run its funds
[THE INVESTOR] South Korea’s National Pension Service has named four private equity firms to run 700 billion won (US$607 million) of its funds, the pension giant said on June 30. The NPS, which oversees $430 billion in assets, hired VIG Partners and Skylake Investment to manage investment in large-cap companies with 250 billion won of entrusted funds for each. Some 200 billion won will be allocated to Lindeman Asia Investment and SG Private Equity -- 100 billion won each -- to make investments i
June 30, 2016
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Bukwang Pharmaceutical attains license to sell Denmark’s anti-cancer drug
[THE INVESTOR] Bukwang Pharmaceutical ’s subsidiary Dyna Therapeutics has clinched a deal with Denmark’s Solural Pharma for its new anti-cancer drug, the company said on June 30. Solural PharmaDyna Therapeutic attained the exclusive rights to develop and sell SOL-804, which is used for the treatment of castration-resistant prostate cancer, around the world. “Bukwang is continuously pursuing to develop new medicine and the establishment of Dyna is part of that effort,” an official of the company
IndustryJune 30, 2016
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Jeonnam Dragons acquire Brazilian forward
Korean football club the Jeonnam Dragons said Thursday they have signed Brazilian forward Jair Eduardo Britto da Silva. Jeonnam -- currently 10th in the top-flight K League Classic with three wins, six draws and eight losses -- said the 28-year-old attacker will fill the void left by Macedonian striker Stevica Ristic, who was recently released from his contract by mutual agreement. (Yonhap)Jeonnam, the three-time champions of the Korean Football Association Cup, have yet to disclose the detail
SoccerJune 30, 2016
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DSME denies rumors on buying Samsung Heavy
Daewoo Shipbuilding & Marine Engineering on Thursday denied swirling market speculations that it could be acquired by its rival Samsung Heavy Industries.“We are seeking ways to survive through additional self-rescue plans,” said the company’s spokesperson.“The creditors have not reviewed the plans for the normalization by selling the firm to Samsung Heavy Industries.”The remark came after multiple local reports that DSME’s creditors would review the sales to Samsung Heavy in August after Mckinse
IndustryJune 30, 2016
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Ex-DSME chief embezzled over W2b: prosecution
The prosecution looking into Daewoo Shipbuilding and Marine Engineering has found new allegations of embezzlement amounting to 2 billion won ($1.7 million), on top of the suspected 5 trillion won accounting fraud, sources said Thursday. The investigators suspected that DSME’s former CEO Nam Sang-tae created about $500,000 worth of slush funds in 2008 through a DSME affiliate to purchase stocks in a paper company set up by his college friend surnamed Jeong. In exchange for business favors, Nam al
IndustryJune 30, 2016
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Main opposition Minjoo to punish lawmaker on nepotism
Korea's main opposition Minjoo Party of Korea said Thursday it decided to punish one of its lawmakers who has been cited for hiring families and relatives at her office, which sparked considerable public anger.Rep. Seo Young-kyo is alleged to have hired her own daughter as an intern at her parliamentary office for five months in 2014. Her daughter's salary was sent to the lawmaker in the form of political donations. Seo is also accused of having hired two of her brothers to work for her and hand
PoliticsJune 30, 2016
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High Q2 performance projected for refiners
[THE INVESTOR] South Korean refineries are expected to post healthy results for the second quarter of the year, buoyed by improving market conditions. Local refiners and securities firms are in agreement that good second quarter results are likely for the industry. Analysts’ consensus on SK Innovation, the industry leader, stands at 10.41 trillion won ($9 billion) for second quarter sales, and operating profit of 829.7 billion won. The figures fall short of those posted for the same period last
June 30, 2016
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LG, Pantech vie for leadership in mid-tier smartphone market
Hard-pressed by Samsung Electronics and Apple in the high-end smartphone segment, second-tier smartphone makers LG Electronics and Pantech are vying for leadership in the lower-priced smartphone market in South Korea.Pantech, once Korea’s third-largest mobile phone manufacturer after Samsung and LG, unveiled its new mid-tier smartphone Sky IM-100 on Thursday in Seoul, returning to the local smartphone market after a two-year hiatus.LG Electronics' X Cam (LGE)The Sky IM-100, pronounced as “Sky I
TechnologyJune 30, 2016
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[ANALYST REPORT] Tire: Earnings momentum to slow down in 2H16
We find that demand for replacement equipment (RE) tires in Europe and the US has been slowing down from 2Q16, due mainly to the rise in inventory levels in sales channels. Global demand growth is continuing at a sluggish pace, estimated around 2% YTD-2016, making it difficult to raise tire prices. Meanwhile, domestic tire companies are likely to post solid operating profit for 2Q16 as a whole, but may see earnings momentum turn sluggish from 2H16 due to the rise in raw material input prices and
June 30, 2016
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Trade promotion agency to support female entrepreneurs in exports
Korea's trade promotion agency said Thursday that it will help female entrepreneurs make inroads into foreign markets.The Korea Trade-Investment Promotion Agency said the project will be launched along with the Korean Women Entrepreneurs Association, which speaks for companies led by female CEOs.There are about 52,000 South Korean firms that are headed by female CEOs, though less than five percent of them export their goods to foreign countries. (Yonhap)
June 30, 2016
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Seoul stocks up for 4th day on eased Brexit unrest
Korean shares advanced for the fourth straight session Thursday as investors went for bargain hunting following pledges by authorities to support the markets reeling from the post-Brexit turmoil. The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index rose 13.99 points, or 0.72 percent, to 1,970.35. In moderate trade, 343.67 million shares worth 4.99 trillion won ($4.3 billion) traded hands on the main bourse, with 495 stocks advancing against 297 declini
June 30, 2016
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DSME, Homeplus named worst performers in mutual growth
A total of 21 big firms, including troubled Daewoo Shipbuilding & Marine Engineering and local discount chain Homeplus, received the lowest grades in an independent survey that measured their efforts in forging mutuality with their subcontractors last year. The worst performers also include Kumho Petrochemical, Booyoung Group’s construction arm, 3M Korea and Seoul Semiconductor, according to the Korea Commission for Corporate Partnership, an independent watchdog on corporate activities on Thursd
IndustryJune 30, 2016
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Academy asks Lee Byung-hun, 3 Korean directors to join
The Academy of Motion Picture Arts and Sciences, best known for hosting the prestigious Academy Awards, invited four representatives from Korea’s film industry to the organization’s newest membership class Wednesday.Among the 683 invitees are actor Lee Byung-hun, best known globally for his roles in Hollywood productions “Terminator Genisys” (2015) and “G.I. Joe: The Rise of Cobra” (2009), and filmmakers Park Chan-wook of “The Handmaiden” (2016) and “Oldboy” (2003), Lee Chang-dong of “Poetry” (
FilmJune 30, 2016