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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[LOTTE CRISIS] Breakdown of Lotte Group’s mega real-estate empire
[THE INVESTOR] The widening probe into Lotte Group over alleged embezzlement and the creation of a slush fund is shedding light on the South Korean retail giant’s vast real estate, the scale of which is thought to be the largest among conglomerates here if both listed and unlisted units are combined. The value of property owned by Lotte’s eight listed units is estimated to be 10.7 trillion won ($9.08 billion) as of 2015, the third largest in the nation, following Hyundai Motor Group with propert
MobilityJune 14, 2016
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Korea’s pension behemoth eyes alternative investments
South Korea’s public pension fund will keep increasing alternative investments and reduce local equities in the long term, as the behemoth fund’s snowballing assets will be too large for the domestic stock market, its chief investment officer has said.The National Pension Service, which manages about 524 trillion won ($450 billion) collected from 21 million Korean subscribers, is a significant client for leading asset managers around the world, who are hunting attractive real estate, infrastruct
June 14, 2016
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Korea to open energy supply market to private sector
[THE INVESTOR] The government will partially open the nation’s state-controlled energy supply market to the private sector, as part of comprehensive restructuring plans for public firms accused of inefficient management and high debt levels, officials said Tuesday.In a workshop meeting led by President Park Geun-hye, chiefs of state firms also vowed to reduce non-core work and list a total of eight power suppliers to attract fresh funds and improve management transparency. Chiefs of state firms
June 14, 2016
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Kia to recall Carnival minivan in U.S.
[THE INVESTOR] Kia Motors Corp. revealed on June 14 that fault has been found with the hood latch of the minivan Carnival produced between June 2005 and April 2015. Due to the fault, Kia will recall nearly 220,000 units of the minivan, sold as Sedona in the U.S.The company said that the secondary hood latch may fail to operate due to corrosion. It added that such corrosion was mainly found in those in areas of the U.S. with heavy winter snows and that similar cases have not been reported in Kore
BusinessJune 14, 2016
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[LOTTE CRISIS] 15 more Lotte affiliates raided in widening probe
[THE INVESTOR] Seoul prosecutors executed a second round of raids on several key affiliates of South Korean retail giant Lotte Group on Tuesday in a widening probe into the country’s fifth-largest conglomerate over alleged embezzlement and slush fund creation.The Seoul Central District Prosecutor’s Office said it raided 15 offices, including Lotte Chemical, Lotte Confectionery, Lotte Chilsung Beverage and Lotte Engineering & Construction, an unlisted company. Lotte Group’s headquarters in centra
MobilityJune 14, 2016
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FBI probes jihadist link to Florida attack
U.S. agents were investigating the alleged Islamist links of a slain gunman Sunday after an assault on a Florida gay nightclub left 50 dead. In what became the worst mass shooting in modern U.S. history, carnage erupted at the Pulse club in Orlando before the attacker was shot dead by a police SWAT team. “We know enough to say that this was an act of terror and an act of hate,” President Barack Obama said.Pope Francis and world leaders joined him in condemning the attack, which is being treated
World NewsJune 14, 2016
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Top financial regulator to closely monitor shipbuilders’ restructuring
[THE INVESTOR] Korea’s top financial regulator will closely oversee the ongoing industry-wide restructuring process of the country’s debt-laden shipbuilders to ensure that the companies fully implement their overhaul plan worth over 10 trillion won. Financial Services Commission Chairman Yim Jong-yong said Tuesday he will hold a biweekly meeting to check whether top local shipyards are making sufficient efforts to normalize their businesses. Daewoo Shipbuilding & Marine Engineering.“In the firs
June 14, 2016
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Ex-civil servants a favorite for large firms’ outside directors
[THE INVESTOR ] A large proportion of outside directors at large enterprises are former civil servants, a recent report showed, raising concerns that the system may be being abused to gain advantage in dealings with government bodies. According to a report by the Economic Reform Research Institute, about a third of outside directors employed between 2006 and 2015 were former civil servants. Civil servants enter the government complex in Seoul. The InvestorThe report analyzed the backgrounds of
June 14, 2016
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Mount Sapaesan murder suspect admits rape attempt
The suspect in the Mount Sapaesan murder case has admitted he had intended to rape the victim, Uijeongbu police said Tuesday. The suspect, a 45-year-old man surnamed Jeong, had previously been indicted under charges of robbery and murder.The police continued their investigation to discern whether Jeong had also attempted sexual assault, as the victim, a 55-year-old lone female hiker, had been found partly naked. (Yonhap)Jeong initially insisted that he had only been after money, and that he had
Social AffairsJune 14, 2016
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Hyundai Heavy to face unions’ resistance
[THE INVESTOR] Labor unions of Hyundai Heavy Industries Co. and the company’s contractors announced on June 14 that they will resist the shipbuilder’s restructuring plans.Speaking at a press conference in Ulsan, the unions’ leaders said that the two bodies will work together and that the company is being unfair.“Hyundai Heavy, which is said to have the strongest finances of the big three shipbuilders, is pushing the toughest plans,” the union leaders said. “The despair of laborers in the area is
June 14, 2016
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Samsung SDI to improve profitability in Q2 on EV batteries
[THE INVESTOR] Samsung SDI, which saw a whopping 700 billion won ($600 million) in operating losses in the first quarter, is expected to improve profitability in the second quarter, largely buoyed by growing demand for automotive batteries. On June 14, Kiwoom Securities estimated that the company’s operating loss could be reduced to stand at about 33.9 billion won for the April-June period. “As marketability is improving in the electric vehicle market, Samsung SDI’s battery business is also expe
TechnologyJune 14, 2016
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South Korea’s national assets grew 5.7% in 2015
[THE INVESTOR] In 2015, South Korea’s total assets grew 5.7 percent from a year earlier, central bank data showed Tuesday.As of the end of 2015, the country’s national assets came to 12,359.5 trillion won ($10.54 trillion), up 5.7 percent from a year earlier, according to preliminary data from the Bank of Korea. The 2015 tally is almost eight times higher than the country’s nominal gross domestic product for the same year.The increase, however, came mostly from a rise in nonfinancial assets, ref
June 14, 2016
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SKT commercializes next-gen streaming tech
[THE INVESTOR] Network operator SK Telecom has begun using the real-time mobile streaming technology “T Live Streaming” in its sports channel, in a bid to reduce latency, the company said on June 14.The T Live Streaming service is an improved model compared to other existing media transmission technologies such as “HTTP Live Streaming,” and “MPEG-2 Transport Streaming,” both of which have been widely-used standards for the past two decades.The next-generation streaming technology reduces latency
TechnologyJune 14, 2016
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Samsung Electronics one of top 10 advertisers in 2015
[THE INVESTOR] South Korean tech giant Samsung Electronics was the largest advertiser in the country, a report showed on June 14.Samsung, along with Hyundai Motor, LG Electronics and the top three mobile carriers -- SK Telecom, KT and LG Uplus, were among the top 10 advertisers last year, according to Korea Advertisers Association. The main building of Samsung Electronics in Seoul.The country was also the sixth-largest spender among Organization of Economic Cooperation and Development countries
TechnologyJune 14, 2016
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Naver, LINE execs likely to benefit most from IPO
[THE INVESTOR] The much-anticipated initial public offering of mobile messenger firm LINE Corp. will not only increase the corporate value of the firm, but also be a great financial boon for top executives of the mobile messenger firm, industry watchers said. Among stock options granted to the firm’s executives, since 2012, 25.6 million shares -- or 14.6 percent of entire shares -- have not been unexercised.Line chief global officer Shin Joong-ho. YonhapConsidering the anticipated offering price
TechnologyJune 14, 2016
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Korea set to announce stimulus fiscal policies: finance minister
The South Korean finance minister said Tuesday that the government will announce a package of fiscal policies that would sufficiently stimulate the economy in the second half amid growing concerns over further economic downturn.Asia's fourth-largest economy has been in the doldrums since the beginning of the year as faltering exports, the key economic driver, weigh heavily on the entire economy, especially production. Finance Minister Yoo Il-ho (Yonhap)The latest data showed that South Korea's i
June 14, 2016
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Korean ad market 6th largest in OECD : report
South Korea's advertising expenditure for 2015 was the sixth largest among member countries of the Organization for Economic Cooperation and Development, a report showed Tuesday.Advertising expenses in the country reached $11.8 billion last year to trail behind the United States, Japan, Germany, Britain, and France, according to the report by the Korea Advertisers Association.The report said the local advertising market expanded by 5.4 percent and 6.2 percent on-year in 2014 and 2015, respective
June 14, 2016
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[LOTTE CRISIS] Lotte firms’ market cap lose another 400 billion won
[THE INVESTOR] Lotte Group companies’ market capitalization dropped by more than 400 billion won ($340 million) on June 14, the second trading day since the corruption probe began.On June 10, the Seoul Central District Prosecutors’ Office began an extensive corruption probe on the conglomerate. The authorities believe that Lotte founder Shin Kyuk-ho and other family members have embezzled billions of won from the group. The Investor.According to market data, the nine listed Lotte firms’ market
June 14, 2016
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U.S. biz community to help Korean startups go global
Major U.S. firms operating here on Tuesday joined the South Korean government's efforts to help local startups globalize.Members of the American Chamber of Commerce in Korea held a ceremony in Seoul to launch the "Global Leading Companies Mentoring Startups" campaign in partnership with the Ministry of Science, ICT and Future Planning.Nineteen American companies participated in the event, including Facebook, IBM, Microsoft and Boeing.They agreed to provide 14 selected South Korean startups with
CompaniesJune 14, 2016
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Creditors issue warning as Daewoo Shipbuilding union okays strike
Creditors of Daewoo Shipbuilding & Marine Engineering Co. on Tuesday pressed the embattled shipbuilder's workers to refrain from going on strike, saying that a potential walkout would deter the ongoing efforts to salvage the financially shaky firm.The move came as 85 percent of some 7,000 unionized workers at Daewoo Shipbuilding voted for a strike earlier in the day, according to the labor union. They have claimed that the shipbuilder's restructuring schemes submitted to creditors only calls for
IndustryJune 14, 2016