Most Popular
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Military aircraft evacuating S. Koreans in Lebanon returns home
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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Yoon set for talks with Marcos in Philippines
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Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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2 US B-1B bombers conducted joint drill with S. Korean Air Force on Oct. 1 Armed Force Day
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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Firefighters’ 3,000 won meals spark nutrition concerns
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From thrillers to animation: Netflix's 2025 Korean originals promise universal fun, fresh stories
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'Will AI steal my job?' Koreans among nationalities feeling most threatened by AI
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Naver most-favored employer again among college students
Korea's largest internet portal Naver is the most-preferred employer among college students this year, the second consecutive year of the honor for the company, a survey said Thursday.Job information site Incruit canvassed 1,357 college students in search of jobs and found 10 percent of them named Naver as their No. 1 choice among 160 firms to pick from. The company was generously assessed for its growth, development potential and corporate vision, Incruit said.The next choice was CJ Cheiljedang
July 7, 2016
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Coway recalls water purifiers containing nickel
[THE INVESTOR] Water purifier rental company Coway has decided to recall its ice water purifiers amid public outcry over the company’s cover-up of defective products containing nickel. “We deeply apologize to consumers regarding some of the ice water purifiers,” the company said in a statement on July 6. “We decided to compensate all buyers of the products to alleviate their concern.”The official apology posted by Coway on its website.The company said it will recall all three disputed models --
July 7, 2016
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Sempio Foods turns to holding company system
[THE INVESTOR] Sempio Foods has announced that it will split the company into a holding company Sempio and an operating company Sempio Foods. The holding company will be listed again.In accordance with the regulation that bans heading both holding company and operating company, Park Jin-seon, who has been co-CEO alongside his father Park Seung-bok, resigned from the post. As the eldest son and the largest shareholder of the company, Jin-seon has been the de facto manager of Sempio and will take
July 7, 2016
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Virtual reality cluster planned for Seoul
[THE INVESTOR] A virtual reality cluster will be formed in western Seoul, and up to 30 percent of related R&D costs will be tax exempt, government plans showed on July 7.According to the plans drawn up as part of the government’s strategy for boosting trade and investment, a VR cluster will be set up in Seoul’s Digital Media City and 60 billion won (US$ 51.8 million) will be invested in the field until the end of next year. The fund will be raised in equal parts by the government and the private
July 7, 2016
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Hyundai Rotem’s trains decommissioned over suspension defect in US
[THE INVESTOR] Trains produced by Hyundai Rotem have been decommissioned in the US over defects in the suspension. Hyundai Rotem is subsidiary of Hyundai Motor Group that specializes in railroad vehicles and defense equipment. According to the company on July 7, 120 trains supplied to Southeastern Pennsylvania Transportation Authority were decommissioned on July 1 following the discovery of problems in suspension parts. The trains were supplied to SEPTA in a US$ 270 million contract signed in 20
July 7, 2016
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Higher fines for accounting fraud
[THE INVESTOR] South Korean companies committing accounting fraud will face much heavier fines in the future, the top financial regulator said on July 7. The Financial Services Commission noted that related regulations have been changed to enable the authorities to levy much higher fines that the current 2 billion won (US$ 1.7 million). FSC chief Lim Jong-ryong/ The InvestorUntil now, a company proven to have committed accounting fraud was fined once regardless of the duration of fraudulent acti
July 7, 2016
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Consumers moving to take legal action against Coway
Consumers are banding together for civil and criminal suits against Coway, South Korea's leading maker of water purifiers, after nickel was discovered mixed in the water when using certain company models, industry officials said Thursday.Some consumers are claiming the same defect in products from other companies, raising the possibility that the latest public outcry could hit the entire industry, they said.Nickel coating was found in dispensed water in three ice maker/water purifier models by C
July 7, 2016
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Head of Lotte Foundation arrested amid bribery scandal
Seoul prosecutors arrested the head of Lotte Foundation and daughter of the Lotte Group founder on Thursday for bribery as they widened their probe into the country's fifth-largest conglomerate. The Seoul Central District Court issued a warrant to formally detain Shin Young-ja, 73, over suspicions she received bribes from the former chief of a local cosmetics brand who is at the center of a lobbying scandal that is rocking the country's legal sector."There are considerable reasons to suspect she
July 7, 2016
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Samsung Electronics estimates Q2 operating profit at 8.1 tln won
Korea's top tech firm Samsung Electronics Co. estimated Thursday that its second-quarter operating income increased more than 17 percent from a year earlier on the back of robust sales of its flagship smartphones, such as the Galaxy S7 series.Operating profit is estimated at 8.1 trillion won ($6.98 billion) in the April-June period, up 17.39 percent from the 6.9 trillion won posted a year earlier, the world's top smartphone maker said in a regulatory filing.The estimate breaches the 8 trillion-w
July 7, 2016
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Prosecutors seek arrest warrant for former chief of Daewoo Shipbuilding
Prosecutors said Wednesday that they have requested a warrant to arrest a former head of Daewoo Shipbuilding & Marine Engineering Co. on charges of fraud and breach of trust. Prosecutors suspected that Ko Jae-ho cooked books worth some 5.4 trillion won (US$4.6 billion) from 2012 to 2014 by under-reporting the production cost or exaggerating sales or operating profit. Earlier this year the shipyard said it swung to huge losses in 2013 and 2014 from earlier reported profits, citing accounting mish
July 6, 2016
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[Graphic News] Traditional low-cost foods see price spike again in Q2
Food and beverage products that are traditionally considered to be low-cost choices when eating out have seen a price spike in the second quarter of this year, according to Statistics Korea.The largest increase was in the price of soju, which leaped 12.5 percent relative to last year. This is the second consecutive quarter in which soju has seen the biggest on-year price jump.Other popular foods when eating out such as gimbap and ramen have also risen significantly. Gimbap prices rose 5.2 percen
July 6, 2016
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Construction workers embark on indefinite strike
[THE INVESTOR] Over 24,000 construction workers staged a strike in central Seoul on July 6 to demand better working conditions and revision of laws to protect their rights. The Korean Construction Workers Union gathered at the Seoul Plaza at 4 p.m. to protest/ The InvestorMembers of the Korean Construction Workers Union, under the South Korea’s second largest umbrella labor union Korea Confederation of Trade Unions, gathered at the Seoul Plaza in central Seoul at 4 p.m. for a walkout that will
July 6, 2016
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Strikes loom over shipbuilders
[THE INVESTOR] South Korea’s top three shipbuilders’ troubles are set to deepen with their unions gearing up for strikes. Samsung Heavy Industries labor organization was on July joined by the union of Daewoo Shipbuilding and Marine Engineering on the stage for strikes. Samsung Heavy’s labor organization is set to stage a 4-hour strike on July 7 from 1 p.m. Daewoo Shipbuilding and Marine Engineering headquarters/ The InvestorAs for DSME, its union approved the plans to strike with 88.3 percent su
July 6, 2016
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German software giant SAP opens office near Seoul
The world-renowned design center of German software giant SAP opened an office, called AppHaus, in Korea on Wednesday, in a demonstration of its commitment to a partnership with the nation's government in promoting innovation and digital startups.The AppHaus located on the Pangyo Startup Campus, situated just south of Seoul, is the third of its kind created by the SAP Design & Co-Innovation Center. It has similar space in Heidelberg and Silicon Valley.The Park Geun-hye administration has been ac
July 6, 2016
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LG CNS to build 'smart farm' to apply ICT
LG CNS Co., an IT affiliate of Korea's LG Group, said Wednesday that it will build a farming complex based on information and communications technologies on a vast tract of reclaimed land on the nation's southwest coast.The complex, dubbed "Smart Biopark," will span about 76 hectares in the southwestern coastal area of Saemangeum, the LG Group said. The farm's environment, including humidity and temperature, will be managed by mobile and computer devices.LG CNS said it will invest nearly 380 bil
July 6, 2016
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FTC announces pending changes to competition laws
[THE INVESTOR] The Fair Trade Commission on July 6 disclosed planned changes to the Monopoly Regulation and Fair Trade Act. The proposed revisions will segregate corporate groups with 5 trillion won (US$ 4.3 billion) or more assets into two categories. Those with 10 trillion won or larger assets will continue to be categorized as large corporate groups, and subjected to tougher regulations regarding cross-shareholding, and debt guarantees among affiliates. The groups whose assets range from 5 tr
July 6, 2016
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TCL to invest US$100m in Korean materials maker Sangbo
[THE INVESTOR] China’s TCL has decided to invest US$100 million in Korean parts and materials maker Sangbo. The two companies signed an agreement for the investment in Seoul on July 5. TCL’s chairman Li Dongsheng also attended the signing event during his recent visit to Korea. This is a large funding for Sangbo that has a market value of about 112.6 billion won (US$96 million) based on its stock price. Sangbo currently supplies optical films to Chinese TV makers, including TCL. It operates six
July 6, 2016
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Korea card firms mull legal action against Visa on fee hikes
A group of Korean credit card companies said Wednesday they will consider taking legal action against Visa Inc. following the global payment network company's recent decision to raise the card fees it receives from Korean card issuers starting next year.In May, Visa notified Korean card firms that it will collect a higher rate of card fees for Koreans' overseas credit card purchases using its networks from Korean card companies starting in October. The Korean firms balked at the hike plan becaus
July 6, 2016
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‘Lotte Home Shopping spent W3.3b on lobbying in 2015’
TV shopping company Lotte Home Shopping, which is currently under investigation for bribery, spent nearly 3.3 billion won ($2.83 million) on lobbying fees last year, according to a corporate information tracking website.According to Chaebul.com, that was the largest sum spent on lobbying by the company since 2008, surpassing the 2.9 billion won spent in 2014 when the company was preparing to receive an extension on its home shopping license. Prosecutors move seized documents from Lotte Home Shop
July 6, 2016
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Gov’t seeks W20tr private sector investment in rail networks
[THE INVESTOR] The government will open rail network projects in Korea to the private sector, and attract nearly 20 trillion won (US$ 17.1 billion) private sector funds into the field over the next 10 years. According to the plans revealed by the Ministry of Land, Infrastructure and Transport, rail projects across the country will be opened to the private sector. Until now, the majority of rail projects open to the private sector have been concentrated in Seoul and surrounding regions. A train o
July 6, 2016