Most Popular
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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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College is expensive? In S. Korea, English preschools cost much more
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[Hello India] Hyundai Motor inches closer to IPO in India
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[Exclusive] Texas development exec shuts down layoff rumors at Samsung chip plant
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Panel decision put prosecution in dilemma over Dior bag case
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Seoul, Tokyo reboot joint maritime resource talks after 40-year freeze
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'Gyeongseong Creature Season 2': faster and ready to confront past
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2025 Trend Forecast: Small details, new happiness trend amid sluggish economy
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Global drama stars gather for 2024 Seoul International Drama Awards
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Host of Miss Korea apologizes for 'inappropriate question' about deepfake
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Court orders release of information on U.S. military base pollution
A Seoul court ordered the South Korean government to release information about the level of pollution on the U.S. military base in Seoul on Thursday, ruling in favor of an association of environmental civic groups. The ruling by the Seoul Administrative Court comes nearly a year after civic groups, including Green Korea United and the Lawyers for a Democratic Society, filed a suit against the Environment Ministry to demand the result of the inspection be revealed to the public.The Environment Mi
Social AffairsJune 16, 2016
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Saenuri readmits defectors
The ruling Saenuri Party announced Thursday that it would let elected defectors return to the party, allowing its total seats in the National Assembly to outnumber the main opposition party.The interim leadership reached the much-debated decision to allow back seven lawmakers who were elected as independents. Among them is former party whip Rep. Yoo Seong-min.Upon the decision, Yoo along with Reps. Yoon Sang-hyun, Kang Ghil-boo and Ahn Sang-soo immediately filed a request to return to the party.
PoliticsJune 16, 2016
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Women's health policies questioned
The South Korean government recently launched a human papillomavirus (HPV) vaccination program for young girls, but many women and activists in South Korea have mixed feelings about it.Starting June 20, the Health Ministry is to offer free vaccinations against HPV -- known to be the major cause of cervical cancer -- for girls aged 12. The vaccines, which are given in two shots over six months, are currently not covered by the national health insurance, and cost about 360,000 won ($307). While th
Social AffairsJune 16, 2016
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'DAPA's 'inappropriate decision' in jet deal cost $90m: BAI
Korea’s Board of Audit and Inspection said Thursday that the defense acquisition body’s “inappropriate decision” during the upgrade project of KF-16 fighter jets resulted in a delay of four years and an estimated $90 million in damages.According to the BAI, officials from Defense Acquisition Program Administration reported to the Korean defense authorities in November 2013 that they had reached an agreement with their U.S. counterparts on the project’s cost, when in fact the parties had yet to c
DefenseJune 16, 2016
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Hyundai Glovis rejects US request to use home-registered vessels
[THE INVESTOR] Hyundai Glovis has once again turned down proposals by the US government to use US-registered ships for its car shipments to the nation, according to company sources on June 16. US government officials including maritime administrator Paul Jaenichen recently came to Korea to discuss marine policies with Korean officials from the Ministry of Oceans and Fisheries, sources said.In the latest meeting at Sejong City, South Chungcheong Province, representatives from Hyundai Glovis, a lo
June 16, 2016
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Uncertainty persists in Korea over Fed’s rate move
[THE INVESTOR] Weak employment and low inflation led the U.S. Federal Open Market Committee to freeze its federal fund rate at 0.25 to 0.50 percent, extending the possibility and uncertainty over a rate rise, analysts say.The U.S. FOMC said that it will maintain its benchmark interest rate, but remains “accommodative,” indicating that it will adjust its monetary policy in accordance with conditions in the labor market and consumer prices.“In determining the timing and size of future adjustments
June 16, 2016
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SK Plantet named e-commerce company of the year
[THE INVESTOR] SK Planet has been named the Telecom eCommerce Service Provider of the Year for its mobile marketing brand Syrup, the company said Thursday.The award was presented to the firm at the 2016 Asia Pacific ICT Awards in Singapore on Wednesday. It was hosted by the consulting firm Frost & Sullivan and this was the 13th year of the awards. Frost & Sullivan said that SK Planet was chosen for the award because Syrup had increased value to customers through omni-channel competitiveness, and
TechnologyJune 16, 2016
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Constitutional revision talk resurfaces
Talks of an imminent need for constitutional revision are spreading among political circles, with National Assembly Speaker Chung Sye-kyun in the vanguard by repeating his calls for the amendment on Thursday.While political parties remain divided in stance, there appears to be growing awareness that the Constitution that was last amended in 1987 fails to reflect today’s social, economic and political realities of South Korea.“Constitutional revision is no longer a subject of debate, but a matter
PoliticsJune 16, 2016
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4 state firms receive lowest grades in evaluations
[THE INVESTOR] Four state-run corporations -- Korea Resources Corp., Korea National Oil Corp., Korea International Broadcasting Foundation and Facility Management System -- have received the lowest marks in their work performance evaluation for last year. Announcing the results of its assessment on June 16, the panel, under the Ministry of Strategy and Finance, evaluated 116 state-run corporations and institutions based on their management performance last year. A total of 161 experts, including
June 16, 2016
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[LOTTE CRISIS] Lotte Japan likely to face probe
[THE INVESTOR] South Korean prosecutors may seek a joint probe with investigators in Japan to expand its investigation into Lotte’s alleged creation of slush funds and embezzlement, according to reports Thursday quoting officials with the prosecution.Lotte’s subsidiaries in Japan are running relatively smaller businesses than the group’s operations in Korea. But when looking at its corporate governance structure, most of Lotte’s affiliates in Korea are being controlled by Tokyo-based Lotte Holdi
MobilityJune 16, 2016
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[Newsmaker] KDB’s integrity questioned amid restructuring drive
[THE INVESTOR] Korea Development Bank, the government-owned bank in the vanguard of the country’s corporate restructuring drive, is finding itself in a crisis of its own. KDB suffered a severe blow to its credibility and integrity Wednesday, when the state audit agency said KDB was partly to blame for problems at Daewoo Shipbuilding and Marine Engineering, including the alleged 1.5 trillion won ($1.28 billion) accounting fraud. As the firm's main shareholder and creditor, KDB had “neglected” its
June 16, 2016
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Banks to benefit from LCR rules: experts
[THE INVESTOR] The latest financial regulations released by the government in efforts to secure foreign currency stability met with mostly positive responses from industry watchers.Regarding one of the key features requiring banks to raise their foreign exchange liquidity coverage ratio for banks, experts said the move would eventually lead to reinforcing the health of the banking sector. As a part of the stability plans, financial regulators said local banks will be required to raise their FX L
IndustryJune 16, 2016
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Lotte Japan likely to face probe
South Korean prosecutors may seek a joint probe with investigators in Japan to expand its investigation into Lotte’s alleged creation of slush funds and embezzlement, according to reports Thursday quoting officials with the prosecution.Lotte’s subsidiaries in Japan are running relatively smaller businesses than the group’s operations in Korea. But when looking at its corporate governance structure, most of Lotte’s affiliates in Korea are being controlled by Tokyo-based Lotte Holdings, raising su
IndustryJune 16, 2016
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Difficulties to continue for major Korean industries: FKI
[THE INVESTOR] Most of Korea’s key industries will continue to face difficulties in the second half of the year, the largest business group in Korea said on June 16. In a seminar organized by the Federation of Korean Industries, participants projected that the conditions are unlikely to improve significantly in the second half with the exception of construction and petrochemical industries. The Federation of Korean Industries.According to FKI’s projections, the shipbuilding industry -- hit hard
June 16, 2016
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Will Hyundai tap into diesel cars?
[THE INVESTOR] Amid growing speculation that Hyundai Motor will add a diesel vehicle to its luxury brand Genesis lineup, a company official said on June 16 that nothing has been confirmed. Genesis -- which became a standalone brand last November – unveiled its G80 at the latest Busan International Motor show on June 2. After the show, local media reported that the diesel version of G80 will be released next year, in a move seen to aim to beat out European luxury carmakers here and abroad. G80. (
MobilityJune 16, 2016