Six-way race for Hyundai Securities

The race to acquire Hyundai Securities, the smallest of Korea’s five main brokerage houses, is turning out hotter than initially expected, after parent Hyundai Group cleared one key uncertainty -- the right, held by another Hyundai unit, to preempt any deal to sell the securities unit to a third party. According to sources, six groups have submitted letters of intent to acquire a combined 22.56 percent stake in Hyundai Securities, valued at 340 billion won ($273.4 million) based on the stock pri

Feb. 28, 2016

Korea to inject W200b into moon exploration for 3 years

South Korea will spend a total of 746.4 billion won ($603 million) on its space program this year, as part of efforts to realize its long-cherished goal of reaching the moon. The Ministry of Science, ICT and Future Planning said Sunday that it has also agreed with relevant ministries to allocate 200 billion won for the next three years to launch its first lunar exploration.An artistic rendering of a landing vessel and a lunar-rover planned to be sent to the moon by 2020. (Korea Aerospace Researc

TechnologyFeb. 28, 2016

Samsung rumored to sell off security arm

As part of Samsung Group’s efforts to streamline its complex business structure, the conglomerate is seeking to sell its security arm S-1 Corporation to Japanese security firm SECOM, according to industry insiders.“Samsung is currently realigning its businesses to improve management efficiency and is looking to sell S-1 Corporation to SECOM,” said a Samsung official who declined to be named. Samsung group vice chairman Lee Jae-yong. (Samsung Group)The Japanese security company is the largest sha

TechnologyFeb. 28, 2016

Samsung, LG sweep iF design awards

Korean tech giants Samsung Electronics and LG Electronics have been recognized for their excellence in design at this year’s iF Design Award, an annual design competition organized by the International Forum Design Awards. Samsung and LG picked up a total of 38 and 28 awards, respectively, for their superior design in a range of areas, including product and packaging. Global buyers and dealers look at LG Eelectronics‘ Signature washing machine, which features front-loading on top and a top-load

TechnologyFeb. 28, 2016

‘Spirit’ s Homecoming’ passes 750,000 admissions

“Spirit’ s Homecoming,” a film that portrays Korean women who served as sex slaves for Japanese soldiers during colonial rule, has topped in the local box office since it was released Wednesday.The movie surpassed 750,000 admissions on Sunday morning, according to data from the Korean Film Council.(WAW Pictures)It took almost 14 years for Cho Jung-rae, the director of the movie, to finish filming because he had to stop shooting due to lack of resources.Cho said he was able to complete the film w

FilmFeb. 28, 2016

AOA’s Jimin to release single with EXO’s Xiumin

Rapper Jimin of girl group AOA will reveal her first joint single with EXO’s Xiumin on Thursday.Her agency FNC Entertainment confirmed that Xiumin participated in featuring the song, titled “#OOTD,” named after a widely used hashtag on social media that stands for “outfit of the day.”(FNC Entertainment)The song portrays the emotions of lovers in their teens and 20s and has an upbeat tempo.Moreover, her high pitched rapping is in perfect harmony with Xiumin’s captivating singing.The 25-year-old r

PerformanceFeb. 28, 2016

Many Korean overseas tourists shirk vaccinations

YonhapAbout 60 percent of South Koreans who visit areas with a high risk of disease do not receive the necessary vaccinations before leaving the country, the Korea Centers for Disease Control and Prevention said Sunday.Upon the request from the KCDC, the Samsung Medical Center in Seoul surveyed some 1,641 Korean travelers at different locations, including the Incheon International Airport and general hospitals, from July to December last year. Among the participants only 35.7 percent of the trav

Social AffairsFeb. 28, 2016

U.N. resolution against N.K. expected this week

The U.N. Security Council is pushing for what officials have called “the strongest sanctions in the past 20 years” against North Korea, which will be included in the upcoming resolution expected to be adopted this week. According to government sources, the U.N. resolution is expected to be adopted as early as Monday. It was initially expected to be adopted Saturday, before Russia requested more time to study the resolution interdepartmentally. The draft resolution on North Korea includes a bindi

North KoreaFeb. 28, 2016

More young Korean households live in poverty, study shows

YonhapThe proportion of South Korean households with breadwinners aged 34 or under who live below the poverty line increased from 2006 to 2014, an indication that the nation’s welfare programs may have been ineffective, a study showed Sunday.The report, written and published by the Korea Institute for Health and Social Affairs, showed that the proportion of Korean households with breadwinners aged 65 or older who live in poverty also increased over the same time period. “The slow economy worldwi

Social AffairsFeb. 28, 2016

‘Sustainable and responsible’ buildings for the future

A conventional, rectangular office building may not seem like an attractive design choice when major cities compete to build iconic skyscrapers as symbols of their economic growth. But Reinier de Graaf, partner of the Office for Metropolitan Architecture, founded by architect Rem Koolhaas, says the simple form will ironically stand out among other stylish buildings. “When everything is exciting, a non-exciting (design) becomes exciting,” said de Graaf at a public lecture at Daelim Museum in Seou

Arts & DesignFeb. 28, 2016

Electoral map bill submitted to Assembly

The new electoral map was finally submitted to the National Assembly on Sunday, avoiding further confusion in the run-up to the April 13 general election, though coming in the face of an ongoing legislative confrontation over another set of controversial counterterrorism bills.　The electoral panel under the National Election Commission sent their final map for parliamentary review and endorsement 139 days after the initial deadline, and just 45 days before the slated election.　The submission com

PoliticsFeb. 28, 2016

Rare Giotto copy emerges from Transylvanian church ruins

A jewel among the wild grass? A Hungarian historian is convinced that patches of fresco in a Transylvanian church ruin are a rare medieval copy of a legendary masterpiece by Italian maestro Giotto.The fragments found deep in the Romanian region are part of a 14th-century fresco reproduction of Giotto’s “Navicella” mosaic that used to adorn St. Peter’s Basilica in Rome, Szilard Papp told AFP in Budapest last week.Only three other 14th-century copies of the work, depicting Christ walking on water

PerformanceFeb. 28, 2016

NYC museum to ‘suggest’ $25 ticket, rather than ‘recommend’

The pay-what-you-like policy at New York’s Metropolitan Museum of Art will be spelled out more clearly under a settlement of a class-action lawsuit that challenged the museum’s $25 “recommended” admission.Under the settlement reached Friday, the $25 ticket price will be “suggested” instead of “recommended.” In addition, signs will advise visitors that, “The amount you pay is up to you.”Andrew Celli Jr., a lawyer for the plaintiffs, said Saturday that the new signage “really opens up the museum t

PerformanceFeb. 28, 2016

Salvage team to fence off sunken Sewol ferry

The salvage team for Sewol plans to install an underwater fence around the sunken ferry to ensure that the bodies of missing passengers that may be still inside are not lost during the salvage operation, government officials said Sunday. According to the Ministry of Oceans and Fisheries, Chinese state-run Shanghai Salvage Co. -- which leads the consortium that is raising the ferry -- will set up a perimeter around the Sewol by the end of March, prior to salvaging the ship. The fence will be 200

Social AffairsFeb. 28, 2016

‘Spotlight’ tops a richly diverse Spirit Awards

The cast of “Spotlight” accept their best feature award during the 31st Independent Spirit Awards in Santa Monica, California, Sunday. (Yonhap-Reuters)The 31st Independent Film Spirit Awards provided a clear rebuke to the Oscars, bestowing awards on “Beasts of No Nation” costars Idris Elba and Abraham Attah and “Tangerine” star Mya Taylor, making her the first transgender actress to win at the annual awards.The newsroom drama “Spotlight” was the big winner at the Spirit Awards on Saturday, the d

FilmFeb. 28, 2016