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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NewJeans has few options after Ador rejects group's request to reinstate Min Hee-jin as CEO
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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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An increasing number of K-pop idols are breaking free from big agencies. Why?
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KFA Chair denies unfair hiring of national coach
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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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Drop in Korea's exports to China extends to record streak in May
South Korea's exports to China continued to shrink from a year earlier in May, tying the record streak of 11 months of decrease, industry data showed Thursday.Outbound shipments to China came to US$9.93 billion won last month, down 9.1 percent from the same month last year, according to the data from the Korea International Trade Association.The decline apparently contributed to a 6 percent on-year drop in the country's overall exports. China by far is the world's single largest importer of Sout
IndustryJune 23, 2016
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Prosecutors arrest former Lotte Chemical executive
The prosecution on Thursday arrested a former executive of Lotte Chemical Co., an affiliate of South Korea's retail giant Lotte Group, on charges of being involved in an alleged tax evasion scheme.It was the first arrest of a former Lotte official since prosecutors launched the first round of raids on a series of the group's affiliates on June 10 as part of their probe into the country's fifth-largest conglomerate and its alleged slush funds.The prosecution claims that the suspect, identified on
Social AffairsJune 23, 2016
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Lotte has dozens of units in suspected tax havens: data
Lotte Group, South Korea's fifth-largest family-controlled conglomerate, operates some four dozen overseas units in suspected tax havens, data showed Thursday, in a potential blow to the embattled group under investigation for alleged wrongdoing.According to the data by corporate tracker Korea 20000 Corporate Research Institute, 46 of Lotte's 256 overseas subsidiaries are based in suspected tax havens as of 2016.Lotte has 26 subsidiaries, the largest amount, in Hong Kong, followed by Singapore w
IndustryJune 23, 2016
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SK hynix's Q2 operating profit to fall: analyst
[THE INVESTOR] SK hynix’s second quarter operating profit is likely to decrease 20 percent on-year, according to analyst forecasts, with the target market price maintained at 37,000 won (US$32.15). The chipmaker’s revenue will amount to 3.89 trillion won while operating profit will be 4.6 billion won, a rise of 7 percent and decline of 19 percent over the previous year, respectively,” said Do Hyun-woo, analyst at Mirae Asset Securities. He noted that DRAM prices in the second quarter kept decre
IndustryJune 23, 2016
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Park to host luncheon for top commanders
President Park Geun-hye will host a luncheon with South Korea's top commanders Thursday to encourage them and check the military's readiness amid Pyongyang's continued saber-rattling.The luncheon at the presidential office Cheong Wa Dae will follow a meeting of top officers from all armed services at the Ministry of National Defense. On Wednesday, Pyongyang launched two Musudan intermediate-range ballistic missiles, raising cross-border tensions."President Park will invite the commanders who hav
PoliticsJune 23, 2016
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Kia Motors ranks highest in U.S. quality test
Kia Motors Corp., South Korea's No. 2 carmaker, said Thursday it has ranked highest among nameplates in a U.S. quality test, beating Porsche and other premium brands."Kia ranks highest in initial quality with a score of 83 PP100, the first time in 27 years that a non-premium brand has topped the rankings," J.D. Power and Associates, a U.S.-based marketing information service company, said in the 2016 U.S. Initial Quality Study, referring to problems experienced per 100 vehicles (PP100).The study
MobilityJune 23, 2016
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Global shipments of OLED panels top 90 mln in Q1: data
The global shipments of organic light-emitting diode panels surpassed 90 million units in the first quarter of the year, with Samsung Display Co., a South Korean panel maker, dominating the fast-growing market, data showed Thursday.According to the data compiled by market researcher IHS, a total of 90.8 million OLED panels were sold in the January-March period, 96.2 percent of which, or 87.35 million, were for smartphones. The smartphone panels mark a 62.8 percent rise from a year earlier, the d
IndustryJune 23, 2016
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Seoul stocks open lower ahead of Brexit vote
South Korean shares opened lower Thursday due to lingering worries over Britain's possible withdrawal from the European Union.The benchmark Korea Composite Stock Price Index fell 6.28 points, or 0.32 percent, to 1,986.20 in the first 15 minutes of trading.The outcome of the Brexit vote is scheduled to be officially announced at around 3 p.m. Friday (Korean time) after the referendum ends at 6 a.m. on the same day. Two separate polls, conducted after the murder of a pro-EU lawmaker Jo Cox last we
June 23, 2016
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Korean biotech, pharma firms’ license deals top $500m in H1
[THE INVESTOR] Licensing deals struck by South Korean biotech and pharmaceutical firms surpassed the US$500 million mark in the first half of the year, according to industry sources on June 23. A total of six biotech and pharmaceutical firms including industry heavyweight Chong Kun Dang Pharmaceutical clinched a total of seven out-licensing deals with foreign companies in the January-June period, with the value of the six deals estimated at $525 million.The amount, however, was smaller than the
IndustryJune 23, 2016
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K-ITC Born2Global Center and its Members ③ NAMU
Health care startup NAMU announced Friday that it had released “Alex,” a wearable tracker designed to reduce turtleneck, or forward head posture. Until December this year, Alex will be undergoing clinical testing at two major hospitals in Korea, Asan Medical Center and Mok-Huri Neck & Back Hospital of Oriental Medicine, which specializes in the treatment of degenerative disc diseases. The results of these tests will be presented in academic journals in Korea and numerous other countries. As of J
TechnologyJune 23, 2016
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KB Financial eyes universal banking
KB Financial Group Inc., a major Korean banking group, said Thursday it will push for universal banking as part of efforts to boost profitability in an era of low growth and low interest rates.Universal banking combines commercial banking with investment services, thus allowing banks to provide a much wider variety of financial services."Modeled after Bank of America Merrill Lynch, KB Financial has decided to strengthen its banking and securities businesses," the financial group said.After acqui
June 23, 2016
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Hyundai Securities to sell stake in K Bank
[THE INVESTOR] Hyundai Securities plans to sell its stake in K Bank, one of Korea’s first Internet-only banks, the firm said on June 23. The brokerage firm is the third-largest shareholder of K Bank, to be launched by No. 2 telecom operator KT, with 10 percent shares.It will seek a board approval for the transaction at a meeting on June 28. “We gained the consent from K Bank’s other shareholders regarding the share sell-off,” a Hyundai Securities official said. “We will begin the disposal proced
June 23, 2016
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Pentagon declines comment on N. Korea's claims of success in missile test
The U.S. Defense Department declined comment Wednesday on North Korea's claims of success in this week's test of an intermediate-range ballistic missile, only saying the U.S. takes all missile launches seriously.The North's official Korean Central News Agency said that Wednesday's test of what it calls the Hwasong-10 medium long-range strategic ballistic missile, known as Musudan in the outside world, was successfully carried out with leader Kim Jong-un in attendance."We are not going to comment
North KoreaJune 23, 2016
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46 of 256 Lotte offshore firms in suspected tax havens
[THE INVESTOR] Almost one out of five Lotte Group companies located overseas are based in suspected tax havens, a report showed on June 23. Lotte Group, headed by Shin Dong-bin, is currently under an expanding investigation on suspicion of widespread corruption. According to a research institute operated by Energy Economy News, 46 of Lotte Group’s 256 offshore companies are located in suspected tax havens. The institute’s analysis showed that Lotte Group has 26 companies in Hong Kong, nine in Si
IndustryJune 23, 2016
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Korean, Spanish construction firms join hands for expansion
[THE INVESTOR] Korean and Spanish construction companies are working together in efforts to expand trade and gain a foothold in new markets. Korea’s trade promotion agency KOTRA held a forum in Madrid, Spain, with Association of National Field Construction Companies in Spain (SEOPAN) on June 22 (local time). A total of 13 companies participated in the forum, including Korea’s Hyundai Engineering & Construction and Daechang Corporation, and Spain’s Groupo ACS, the world’s leading construction fir
IndustryJune 23, 2016
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S. Korea set to hold top commanders' meeting over N.K. missile
South Korea is set to convene a meeting of top commanders on Thursday to check the country's readiness to counter North Korea's latest missile provocations, Seoul's defense ministry said.Defense Minister Han Min-koo plans to preside over the meeting to be attended by about 150 top-ranked military commanders, to discuss the North's test-firing of two mid-range ballistic missiles and the South Korean military's countermeasures, it said.On Wednesday, North Korea fired off what is believed to be two
Diplomatic CircuitJune 23, 2016