Most Popular
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[Exclusive] Democratic Party of Korea forms US election task force
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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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Malnutrition cases nearly triple in last 5 years
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KFA Chair denies unfair hiring of national coach
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An increasing number of K-pop idols are breaking free from big agencies. Why?
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NewJeans has few options after Ador rejects group's request to reinstate Min Hee-jin as CEO
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Couple welcoming quintuplets to receive over W170m in childbirth grants
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Korean automakers pressured to diversify supply chains as US bans Chinese tech
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Imports of U.S. cars in Korea more than triple in 4 years
Imports of American cars in Korea more than tripled in four years, industry data showed Monday, a rise that could be attributable to the free trade deal between Seoul and Washington.The free trade deal went into effect in 2012, providing a competitive edge to U.S. carmakers. Korea imported a total of 49,096 cars from the United States in 2015, up from 13,669 units in 2011, according to data provided by auto industry. (Yonhap)Ford Sales and Service Korea, the local importer and distributor of U.S
June 27, 2016
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VW faces another suit over emissions:South Korea
[THE INVESTOR] South Korean Customers of Volkswagen’s gasoline-powered vehicles have filed a suit against the German carmaker and its local unit over its manipulation of emissions tests, a lawyer said on June 27.Jason Ha, who represents 26 owners of the Golf 1.4 TSI at Barun Law, said he filed the suit, demanding the firm and its local unit refund the cost of their cars.The latest legal action came three days after prosecutors arrested an executive of Audi Volkswagen Korea for installing softwar
MobilityJune 27, 2016
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New housing permits shrink 7.3% in May
New housing permits in Korea decreased 7.3 percent from a year earlier in May, the first on-year fall in 17 months, government data showed Monday.The number of new home permits issued came to 52,713 last month, compared with 56,861 during the same month last year, according to the data compiled by the Ministry of Land, Infrastructure and Transport. The May tally marks the first on-year drop since December 2014, when it showed a 17.7 percent on-year fall.123rf.Such a drop was more visible in the
Social AffairsJune 27, 2016
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'Independence Day' franchise makes successful return to Korean box office after 20 years
The Hollywood sci-fi blockbuster "Independence Day: Resurgence" landed with 699,687 in attendance to take the No. 1 spot at the South Korean box office last weekend, data showed Monday.Directed by Roland Emmerich, the sequel to the 1996 hit film "Independence Day" depicts the Earth facing a new threat, 20 years after a calamitous alien attack on U.S. Independence Day drove mankind to the brink of ruin. The sequel was released in 2-D, 3-D and IMAX 3-D versions."The Jungle Book" fell to No. 2 afte
FilmJune 27, 2016
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Rocky future for Somalia’s ancient cave art
LAAS GEEL, Somalia (AFP) - Centuries have passed since Neolithic artists swirled red and white color on the cliffs of northern Somalia, painting antelopes, cattle, giraffes and hunters carrying bows and arrows.Today, the paintings at Laas Geel in the self-declared state of Somaliland retain their fresh brilliance, providing vivid depictions of a pastoralist history dating back some 5,000 years or more.“These paintings are unique. This style cannot be found anywhere in Africa,” said Abdisalam Sha
CultureJune 27, 2016
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Opposition leaders apologize over corruption allegations involving their lawmakers
The leaders of the two major opposition parties apologized Monday for allegations of ethical lapses involving their lawmakers, vowing to sternly deal with the cases that have inflamed the public at the start of the newly elected National Assembly.Kim Chong-in, the interim leader of the main opposition Minjoo Party of Korea, pledged to get to the bottom of the case involving his party's lawmaker Seo Young-kyo, who has been accused of nepotism.(Yonhap)"I apologize to the citizens with regard to th
PoliticsJune 27, 2016
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Korean PM attends economic forum in China's Tianjin
Prime Minister Hwang Kyo-ahn is set to brief global economic leaders on Korea's industrial reform and innovation at the World Economic Forum on Monday in the northern Chinese city of Tianjin. Hwang arrived in Tianjin on Sunday for a five-day trip to China that included meetings with Chinese leaders, including President Xi Jinping and Premier Li Keqiang. At the "Summer Davos" forum in Tianjin, Hwang is slated to explain South Korea's "fourth industrial revolution," according to the prime minister
Diplomatic CircuitJune 27, 2016
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E-Land’s pre-IPO placement plans for Chinese arm fall apart
[THE INVESTOR] E-Land Group’s plans for pre-IPO placement for its Chinese branch E-Land Fashion China Holdings has fallen apart over its plans to sell off the brand Teenie Weenie. E-Land has been working on pre-IPO placements for its Chinese arm hoping to raise about 1 trillion won (US$842 million). In the process, the company decided to sell Teenie Weenie, a brand under E-Land International Fashion Shanghai. Although the company hopes to raise about 2 trillion won from the sale of Teenie Weenie
IndustryJune 27, 2016
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Melted dreams: Art installation to vanish during conventions
PHILADELPHIA (AP) – “The American Dream” will melt away during the Republican and Democratic national conventions.Two artists from Brooklyn are installing massive ice sculptures of the words “The American Dream” in Cleveland and Philadelphia during those cities' respective conventions next month.Nora Ligorano and Marshall Reese hope their 1814-kilogram sculptures prompt viewers to think about issues of racial and income inequality and the erosion of opportunity. On July 19, the duo will install
PerformanceJune 27, 2016
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Doosan Heavy bags 220 bln-won deal for desalination plant
Doosan Heavy Industries & Construction Co., Korea's top power equipment maker, on Monday said it has clinched a 220 billion-won ($185 million) deal to build a desalination plant.Under the deal with the Iran-based Sazeh Sazan, Doosan Heavy will construct the facility by October 2018. The Korean company will also do operating and maintenance work for 12 years.(Yonhap)Doosan Heavy's deal marks the first for a desalination plant in the Middle East country after international sanctions on it were lif
IndustryJune 27, 2016
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Rangers' Choo Shin-soo enjoys first 3-hit game of season
Choo Shin-soo of the Texas Rangers enjoyed his first three-hit game of the season.The Korean outfielder went 3-for-4 with two runs scored, as the Rangers defeated the Boston Red Sox 6-2 at Globe Life Park in Arlington on Sunday (local time). It was his first three-hit effort since September last year. (Yonhap)The productive night raised Choo's batting average to .270. The right fielder has missed a big chunk of the season in the early going with hamstring and calf injuries. This was only his 18t
BaseballJune 27, 2016
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Volkswagen face another suit from gasoline model owners over emissions
More than two dozen owners of one of Volkswagen's gasoline-powered vehicles filed a suit against the German carmaker and its local unit Monday over its manipulation of emissions tests, a lawyer said.Jason Ha, who represents 26 owners of the Golf 1.4 TSI at Barun Law, said he filed the suit, demanding the German carmaker and its local unit refund the cost of their cars. (Yonhap)The latest legal action came three days after prosecutors arrested an executive of Audi Volkswagen Korea for installing
MobilityJune 27, 2016
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Ex-chief of Daewoo Shipbuilding summoned over company's accounting fraud
A former CEO of Daewoo Shipbuilding & Marine Engineering Co., one of the country's top three shipbuilders, was summoned by prosecutors Monday over his alleged involvement in the financially troubled company's accounting fraud and poor management. Nam Sang-tae, who headed the shipyard from 2006 to 2012, appeared before the Seoul High Prosecutors' Office as a key suspect in the ongoing probe into the embattled shipbuilder.(Yonhap)"I will fully cooperate with the investigation," the 66-year-old tol
IndustryJune 27, 2016
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KOSPI to trade between 1,870-2,000 level: Korea Investment & Securities
[THE INVESTOR] Korea Investment & Securities predicted that the benchmark KOSPI would trade within a range of 1,870 points to 2,000 points in the aftermath of the Brexit crisis.“There are two scenarios here, one is that the uncertainties surrounding Britain and Europe will spill over into emerging markets, meaning the local stock markets will continue to fluctuate,” said Noh Geun-hwan, an analyst with the brokerage.“Only 1.4 percent of the South Korean bond market is composed of British funds, b
June 27, 2016
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Hyundai, Kia eye green car expansion abroad
[THE INVESTOR] South Korea’s major automakers are seeking to expand their eco-friendly vehicles to other countries around the world this year, local news reported on June 26. Hyundai Motor plans to sell Ioniq Hybrid in the US and European markets in the second half of this year. Hyundai’s latest green car boasts a fuel efficiency of 22.4 km per liter, which is likely to compete with Toyota Prius, the market leader of hybrid vehicles. Ioniq Electric, the automaker’s first electric vehicle in the
MobilityJune 27, 2016
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Tottenham's Son Heung-min named to Korean Olympic squad
Tottenham Hotspur attacker Son Heung-min has been tasked with leading South Korea's quest for a second straight Olympic football medal.On Monday, Son was named to South Korea's 18-man squad for the Rio de Janeiro Summer Olympics.(Yonhap)Korea will be competing in their eighth straight Olympics but have won just one medal so far -- bronze at the 2012 London Olympics. The Olympic football tournament, featuring 16 nations, is open to players under the age of 23, but each country is permitted up to
SoccerJune 27, 2016