Most Popular
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Who's lying? Hybe vs. Min conflict continues to intensify
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Seoul should engage Kim Jong-un’s elites for change, ex-North Korean diplomat says
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Most teen sex offenders get away with slap on wrist
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Ex-Trump official calls for S. Korea to raise defense spending to 3 or 3.5% of GDP
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Man sentenced to 1 year, 8 months for stealing from elementary school classrooms
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Same-sex couple denied insurance clearance despite landmark ruling
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Panmunjom tours for select Korean nationals may resume in October
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Young Poong says no better offer for Korea Zinc
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Korea's first global webtoon festival lights up Seongsu-dong
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FM champions multilateralism, stresses S. Korea's vision as 'global pivotal state'
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[Market Now] Doosan Bobcat issues new shares to improve finances
Korean construction machinery manufacturer Doosan Infracore said that its subsidiary Doosan Bobcat has decided to offer 1,354 new shares worth 617.2 billion won ($535 million) to affiliate Doosan Engine.The proceeds from share issuances will be used to improve Bobcat’s finances, Doosan Infracore said in a public disclosure.Doosan Bobcat, a construction equipment maker, is wholly owned subsidiary of Doosan Infracore. Doosan Heavy Industries & Construction, an infrastructure giant, is the biggest
May 4, 2016
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[Newsmaker] Hyundai Heavy pressured to make layoffs
Hyundai Heavy Industries is highly likely to push for massive layoffs amid a prolonged recession in the global shipbuilding sector and the government’s move to restructure the ailing industry. Over the past few weeks, the troubled world’s No. 1 shipbuilder is rumored to be planning an additional cut of 3,000 employees -- most likely from its production line -- in the form of voluntary retirement programs. The firm already cut around 60 executives in April and around 1,500 office workers last yea
IndustryMay 4, 2016
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New suspect for Jeju murder case
A new suspect for the Jejudo Korean-Chinese murder case has surfaced from surveillance camera records shared by the victim’s Chinese bank on Wednesday. The police are trying to confirm the identity of the man who was photographed using the victim’s debit card at an ATM. (Yonhap)The Jeju Seogwipo police said they found a photo of a man withdrawing 2 million won ($1,730) from an ATM with the victim’s debit card, around the end of last year when the victim went missing. The man in the photo wore a
Social AffairsMay 4, 2016
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Daewoo Shipbuilding woes dwarf shipping problems
Korea is moving to recapitalize the Korea Development Bank to help it lead debt structuring of distressed shipping lines and shipyards, but data shows a bigger problem may be brewing inside the policy bank’s own jurisdiction. KDB’s own shipbuilding subsidiary Daewoo Shipbuilding & Marine Engineering has liabilities 730 times larger than its equity capital as of Dec. 31, 2015. According to data compiled by data provider CEO Score, the world’s No. 2 shipyard that is 49.7 percent owned by KDB was a
May 4, 2016
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Busan film fest still in limbo
Wrangling over the autonomy of the Busan International Film Festival continues, with the Busan Metropolitan Government and BIFF executive committee disagreeing yesterday over whether the two sides had agreed on the appointment of Kim Dong-ho, the festival honorary director, as its new chairman. On Wednesday, local media reported that the two sides had “effectively agreed” on naming Kim, the founder of Asia’s largest film festival, as the new BIFF chairman, citing Busan City. Hours later, however
FilmMay 4, 2016
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Seoul shares down 0.49% ahead of holiday
Korean stocks closed lower Wednesday as investors sat on the sidelines ahead of the country's four-day holiday, analysts said. The local currency dropped against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) shed 9.7 points, or 0.49 percent, to 1,976.71. Trade volume came to 348.5 million shares worth 4.97 trillion won ($4.3 billion), with losers outpacing gainers 611 to 185.Analysts said Seoul shares lost ground as investors refrained from making purchases as the count
May 4, 2016
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Ministry, BOK agree to increase capital base of policy banks
The Finance Ministry and the Bank of Korea have agreed to increase the capital base of policy banks through a mix of fiscal and monetary policies to ensure that corporate restructuring is carried out as planned, according to ministry officials Wednesday.In their first task force meeting presided over by Vice Finance Minister Choi Sang-mok with officials from the central bank, the Financial Services Commission, the state-run Korea Development Bank and the Export-Import Bank of Korea, the Finance
May 4, 2016
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LVMH to operate at Shilla I'Park duty-free shop
Shilla I’Park Duty Free has become the first of last year’s newly-licensed duty-free stores in Korea to house the world’s largest luxury goods maker LVMH Moet-Hennessy Louis Vuitton, according to Hotel Shilla Tuesday. The two companies recently agreed to launch 20 LVMH-owned brands, including Louis Vuitton, Dior, Bvlgari, Tag Heuer, Givenchy and Marc Jacobs, at the Shilla I’Park Duty Free store in Hyundai I’Park Mall in Yongsan.Hotel Shilla president and CEO Lee Boo-jin looks around Shilla I’Par
IndustryMay 4, 2016
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Korea to sell 3 tln won of Treasury bills in May
South Korea plans to sell 3 trillion won ($2.6 billion) worth of Treasury bills this month to help stabilize the money market and cover government expenses, the finance ministry said Wednesday.The bills will have a maturity of 63 days and will be sold in three separate auctions throughout the month, it added.Treasury bills are designed to raise money to cover short-term financial shortfalls, and thus are generally sold with a maturity of less than a year.Following the planned sales of additional
May 4, 2016
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NYC art auction season to kick off, break taboo
NEW YORK (AFP) - The spring art auction season kicks off Sunday in New York with paintings by Jean-Michel Basquiat and Cy Twombly and a taboo-smashing statue of Hitler. Some 1,500 artworks are to go under the gavel over the course of five days of auctions expected to fetch more than $1 billion. The most important ones will be held in the evening, with three hosted by Christie’s and two by Sotheby’s. First comes Christie’s thematic evening “Bound to Fail,” with a selection of 39 works of modern
PerformanceMay 4, 2016
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More visitors allowed for night palace tour
The number of visitors allowed for the nighttime stroll at Changdeokgung Palace in Seoul will increase from the original 100 to 150 per session, the Cultural Heritage Administration announced Wednesday. Additional 700 tickets for the increased spots in May and June will go on sale from Friday at 1 p.m. at Interpark, the online shopping mall for event tickets. (http://ticket.interpark.com/Ticket/Goods/GoodsInfo.asp?GoodsCode=16001708)Each ticket is priced 30,000 won ($26). (Cultural Heritage Adm
Expat LivingMay 4, 2016
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KNO chief sorry for appointing wife, introduces new Korean premiere
Following its Korean premiere of Antonin Dvorak’s dramatic fairy tale opera, “Rusalka,” the Korea National Opera is preparing for yet another premiere production – Antonio Vivaldi’s “Orlando Finto Pazzo.” However, soon after the finale performance of “Rusalka” on Sunday, KNO artistic director Kim Hak-min drew flak when it was revealed that he had appointed his wife -- who has no musical background -- to act as the production’s dramaturg. She had also been put in charge of translating the opera.
PerformanceMay 4, 2016
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Beer galore for the long weekend
A five-day outdoor beer festival took off Wednesday at Coex Mall, Gangnam, heralding the beginning of a rare long-weekend holiday in Korea. At the Great Korean Beer Festival 2016, homegrown craft beer brands introduced their own specialty brews enriched with hints of coconut, chocolate and raspberries. Beer of all types -- IPAs, lager, ale and stout -- are available at individual brewery booths for purchase. (Great Korean Beer Festival)Food that goes well with the beers -- like sausages and frie
Expat LivingMay 4, 2016
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Asiana settles with San Francisco for $3.45 million
Asiana Airlines, the nation’s second-largest air carrier, has reached a $3.45 million settlement with San Francisco’s Board of Supervisors for damages caused during a crash in 2013 that killed three and injured nearly 200 others, according to reports on Wednesday.According to the agreement, which was approved unanimously by the city council members, $1.6 million from the settlement will go toward airport damages while $1.2 million will be used for the city’s legal fees. Asiana Airlines will also
IndustryMay 4, 2016
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[Herald Review] Evil in its purest form in ‘The Wailing’
Why do bad things happen to good -- or at least normal -- people? What singles them out for catastrophe? These are the questions director Na Hong-jin pondered on when he began writing the script for “The Wailing,” he said after the movie’s press screening Tuesday in Seoul. “The Wailing” (“Goksung”) takes viewers on a journey to answer those questions -- an overwhelming, thrilling and terrifying journey that ends in coming face-to-face with what can only be described as the origin of evil. It is
FilmMay 4, 2016
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[Photo News] Business tycoon in Iran
SK Group chairman Chey Tae-won (left) poses with CEO Roknodin Javadi of the National Iranian Oil Co., after visiting the state-run company in Tehran on Tuesday. The two leaders discussed ways to cooperate in resources development, the Korean conglomerate said. (SK Group)
IndustryMay 4, 2016
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Fed officials signal markets may be wrong to doubt June hike
Two regional Federal Reserve presidents said that an interest rate increase should be on the table next month, pushing back against market expectations that the U.S. central bank will keep policy on hold for a fourth consecutive meeting.Atlanta Fed chief Dennis Lockhart and San Francisco’s John Williams both signaled on Tuesday that the U.S. economy could warrant a rate hike when the policy setting Federal Open Market Committee gathers on June 14-15. Investors currently only see a 12 percent cha
World BusinessMay 4, 2016
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Fox to make more movies in Korea
Fox International Productions, the global arm of U.S. film production company 21st Century Fox, plans to produce more films in Korea, according to its president Tomas Jegues. “We’re currently making one film a year here, but we’re stepping up production to three or four films a year,” said Jegues after the press screening of Fox International’s most recent project, director Na Hong-jin’s “The Wailing,” which is also known as “Goksung.” The film has been invited to screen at Cannes Film Festival’
FilmMay 4, 2016
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Xi's Silk Road dream hits a speed-bump in Thailand
President Xi Jinping is so devoted to his Silk Road project for China to deepen economic ties across Asia that he recently had top Communist officials attend a "study" session on the millennia-old history of the route.References to the initiative, launched by Xi in 2013 and known as the "belt and road" plan, have become ubiquitous in China, down to even in-flight magazines on its aircraft. As part of the Communist party boss’s vision of moving China beyond a century of humiliation at the hands o
World BusinessMay 4, 2016
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Beast to make comeback as five-member group
K-pop boy band Beast is working on a new album to be released this summer. The group recorded the lead song of its upcoming album on Tuesday, according to a local report quoting an industry insider. The lead song is written by Yong Jun-hyung of the group, who produces the band’s albums. K-pop boy band Beast (Cube Entertainment) The upcoming album is their first as a five-member group after Jang Hyun-seung left to pursue a solo career. It is also the first album since their eighth mini album “Ord
PerformanceMay 4, 2016