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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Seoul, Tokyo reboot joint maritime resource talks after 40-year freeze
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Host of Miss Korea apologizes for 'inappropriate question' about deepfake
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Panel decision put prosecution in dilemma over Dior bag case
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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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Korea to face another massive shortfall in tax revenue
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[Mohamed A. El-Erian] Bank of Japan faces a tough dilemma
As central banks in advanced economies -- including the Bank of England, the Bank of Japan, the Swiss National Bank and the U.S. Federal Reserve -- hold their policy meetings this week, they will all confront tricky questions about the management of national liquidity and cross-border influences.The most fascinating discussion, however, will take place at the Bank of Japan, which has an additional challenge: It has moved closest to the line that separates effective policy measures from ineffecti
ViewpointsJune 15, 2016
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KDB’s neglect fueled Daewoo Shipbuilding crisis
[THE INVESTOR] Daewoo Shipbuilding and Marine Engineering’s current difficulties were fueled by neglect by its biggest shareholder Korea Development Bank, the Board of Audit and Inspection announced on June 15. According to the BAI, the state-run bank neglected its duty in monitoring the shipbuilder’s accounts and financial stability. The KDB holds 49.7 percent of DSME, making it the biggest shareholder as well as the shipbuilder’s main creditor. According to BAI, KDB did not analyze the shipbui
June 15, 2016
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Association demands swift decision on SKB-CJHV M&A
[THE INVESTOR] A group of cable TV operators on June 15 urged the government to make a swift decision on the merger and acquisition of IPTV firm SK Broadband and cable TV company CJ HelloVision.“Constant efforts should be made to restructure the broadcasting and communications market, and to attract new investment,” said the Korean Cable Television Association, asking state regulators to speed up the process of approving the M&A.The KCTA said the prolonged review sessions of the regulators are w
TechnologyJune 15, 2016
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Watchdog sheds light on Daewoo Shipbuilding’s W1.5tr accounting fraud
[THE INVESTOR] South Korea’s state audit agency has discovered accounting fraud amounting to 1.5 trillion won ($1.27 billion) at Daewoo Shipbuilding & Marine Engineering Co., with its main creditor not appropriately surveilling and managing the firm. South Korea’s Board of Audit and Inspection said Daewoo Shipbuilding’s management also carried out business projects without legitimate procedures, which caused its financial losses to snowball. The shipbuilder posted an operating loss of 5.5 trilli
June 15, 2016
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Hyundai Motor may partner with Uber
U.S.-based ride-hailing service provider Uber Technology’s employees attended Hyundai Motor's autonomous technology seminar Wednesday, the automaker confirmed, raising speculation of the two firms’ possible tie-up in the self-driving sector. “It is true that Uber’s working-level employees have joined a two-day autonomous technology seminar held in Hyundai’s research center,” a Hyundai Motor spokesperson told The Korea Herald by phone. The closed-door seminar was held together with Hyundai’s part
MobilityJune 15, 2016
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[News Focus] Doubt over listing of KEPCO’s power generation units rising
The stock-listing of six power generation affiliates of state-run Korea Electric Power Co. that the government proposed Tuesday may face difficulties mainly due to insufficient investor interest, market watchers said.The targeted six companies, fully owned by the nation’s top utility giant, include Korea Hydro & Nuclear Power, Korea South-East Power, Korea Midland Power, Korea Western Power, Korea Southern Power and Korea East-West Power. The Tanjung Jati coal-fired power plant in Indonesia th
IndustryJune 15, 2016
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[Photo News] Probe into offshore tax evasion suspects
Han Seung-hee, a director general at the National Tax Service, announces Wednesday that the NTS had launched a probe into 36 suspects of offshore tax evasion who failed to report their financial statements. (Yonhap)
June 15, 2016
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Watchdog finds 1.5 tln in accounting fraud in Daewoo Shipbuilding
South Korea's state audit agency said Wednesday it has detected accounting fraud worth 1.5 trillion won ($1.27 billion) at Daewoo Shipbuilding & Marine Engineering Co., adding that its main creditor also failed to provide appropriate surveillance and management of the firm.South Korea's Board of Audit and Inspection said Daewoo Shipbuilding's management also carried out business projects without legitimate procedures, which caused its financial losses to snowball. The shipbuilder posted an opera
IndustryJune 15, 2016
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[LOTTE CRISIS] Shin Dong-bin’s right-hand man suspected of stashing slush funds
[THE INVESTOR] Prosecutors believe Hwang Gak-kyu, a close aide to Lotte chairman Shin Dong-bin, is a key figure behind Lotte Group’s massive slush fund creation, local news reported on June 15. Hwang, who is the head of the operation team and president of the group, is reportedly suspected to have transferred slush funds by overstating the import price of raw materials. Lee Sang-sub/babtong@heraldcorp.comSeoul Central Prosecutor’s Office has secured testimony and evidence that Hwang, a petrochem
MobilityJune 15, 2016
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Pernod Ricard Korea appoints new CEO
French spirits-maker Pernod Ricard has appointed Jean Touboul as its next chief executive in Korea, the company said Wednesday.Touboul, who is the current managing director of Pernod Ricard Taiwan, will take office on Sept. 1 to replace Jean-Manuel Spriet. Touboul joined the group in 2004, and joined the headquarters in 2011 as vice president of financial communication and investors relations. Jean Touboul (Pernod Ricard Korea)He took up his post in Taiwan in October 2014.At an internal town h
IndustryJune 15, 2016
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Civil group to sue Samsung vice chairman Lee for malpractice
[THE INVESTOR] One of Korea’s largest civic groups will be lodging a complaint against the top management of construction and trading firm Samsung C&T, Samsung Electronics vice chairman Lee Jae-yong and the state pension fund, the National Pension Service, for malpractice and stock price manipulation in the merger of Cheil Industries and Samsung C&T in 2015.The People’s Solidarity for Participatory Democracy claimed Wednesday that the merger between Cheil Industries and Samsung C&T was made to b
June 15, 2016
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New tank will bring changes to raw material prices: Hanwha Total
[THE INVESTOR] Hanwha Total Petrochemical Co. announced on June 15 the completion of a large propane storage tank at its plant in Daesan, South Chungcheong Province. The tank has a storage capacity of 40,000 metric tons and will be used to store propane gas. Hanwha Total said that the large storage tank will enable it to respond effectively to changes in raw material prices. Liquefied petroleum gas consists mainly of propane and butane. In Korea, the gas is used for a wide range of purposes incl
June 15, 2016
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[Photo News] Asiana sponsors 25th school through Beautiful Classroom program
An Asiana Airline cabin crew member interacts with students at Xintan Elementary School in Jiangsu province, China, Tuesday. Asiana Airlines donated eight computers, 400 desks and 1,000 books to the school as part of its 25th Beautiful Classroom partnership. The Beautiful Classroom project is Asiana Airlines’ global corporate social responsibility program, sponsoring schools in China since 2012. Pictured: (Asiana Airlines)
IndustryJune 15, 2016
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Samsung’s flagship Galaxy Note to finally have iris scanner
[THE INVESTOR] Korean camera module-maker Patron will reportedly be supplying its iris camera modules for Samsung Electronics’ next premium smartphone, presumably the Galaxy Note 7, according to news reports on June 15.The Korean camera module firm reportedly won a bid months ago to supply the entire volume of biometric modules needed for the upcoming smartphone, which is expected to be unveiled on Aug. 2 in New York City.Samsung Electronics’ Galaxy Note 5 (Yonhap)Some of renderings of the smart
TechnologyJune 15, 2016
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Samsung denies plans for 3-D NAND investment
[THE INVESTOR] Tech giant Samsung Electronics on Wednesday officially denied news reports on its investment plans for high-end memory chip production lines.The announcement comes after Korean news media reported that the semiconductor company was planning to invest around 25 trillion won ($21.2 billion) to beef up its production lines for 3-D NAND flash memory in Hwaseong, Gyeonggi Province. (Yonhap)“The company has not set detailed plans for the investment as the 3-D NAND flash memory business
TechnologyJune 15, 2016