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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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
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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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Can Jennie break the K-pop solo artist slump?
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From thrillers to animation: Netflix's 2025 Korean originals promise universal fun, fresh stories
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[DECODED] Koreans turn cold shoulder on Lotte amid drama
When Kim Li-na first heard about the prosecution’s probe into Lotte on the alleged creation of slush fund and embezzlement, she was anything but surprised.“At this point, I doubt anyone expected anything less from them,” she said. “After the whole fiasco last year, I think Lotte’s image has pretty much hit rock bottom.” (Yonhap)She was referring to the mudslinging between the Lotte founder’s two sons Shin Dong-bin and Shin Dong-joo, who attacked each other publicly to gain controlling power over
June 23, 2016
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[DECODED] Widening Lotte probe rattles nerves in business circles
The unprecedented intensity of the recent prosecutorial raids of Lotte Group, the nation’s largest retail giant and fifth-largest conglomerate, has created anxiety in local industrial circles that any company could become the next target.Several reputed corporations of various size and sector have already come under investigation in recent years and their common element, according to industrial and political observers, is their close relationship with the former President Lee Myung-bak administr
June 23, 2016
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Former SPC Group executive loses lawsuit against firm
[THE INVESTOR] A legal battle between SPC Group -- the operator of South Korea’s largest bakery chain -- and a former executive has ended in favor of the company.Former Paris Croissant chief executive Jung Tae-soo lost the suit when he failed to appeal a lower court ruling in late May, industry sources said on June 23. Former Paris Croissant CEO Jung Tae-sooSPC is the parent company of Paris Croissant, a popular bakery and coffee shop chain. In December 2014, Jung, 61, sued SPC for unjustified d
June 23, 2016
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Cosmax inks MOU with US skincare firm
[THE INVESTOR] Cosmetics maker Cosmax has signed an agreement with US-based skincare firm Nerium International to develop new products related to bio-health and cosmetics, a spokesperson for the Korean company said on June 23. Through the newfound partnership, Cosmax hopes to widen its laboratory research of ingredients and development of fresh products. The results of the collaboration will be sold in the US and Korea, and eventually the potential markets of Japan, Hong Kong, and Australia. Co
June 23, 2016
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Kumho Asiana chief takes first win in fraternal battle
The first round of the legal battle between Kumho companies has gone to Kumho Asiana Group chairman Park Sam-koo.On June 23, the Seoul Central District Court sided with Park in the civil suit brought by his brother Park Chan-koo’s Kumho Petrochemical.Kumho Petrochemical had filed a suit against Park and former Kumho E&C chief Kee Ock, claiming that the two were behind the sale of Kumho Industrial’s commercial papers in 2009. The firm claims that the two orchestrated the sale of the commercial pa
June 23, 2016
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Lotte operates 18% of overseas units in tax havens: research
Nearly one-fifth of Lotte’s overseas corporations are in countries that might serve as tax havens, which could impede prosecutors’ investigation into possible misconduct, according to a research institute on Thursday.The study by the Korea 20000 Corporate Research Institute analyzed Lotte Group’s 256 overseas corporations and found 46 of those companies operate in countries suspected of being tax havens.The majority of these companies were set up in Hong Kong, which does not yet have a ratified
June 23, 2016
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More tropical fruit as Korea grows warmer
The rise of average temperatures in Korea due to climate change is leading to higher tropical fruit production here, according to a research institute on Thursday.Production of tropical fruits rose 52.5 percent compared to last year, reaching 1174 tons, said the Korea Rural Economic Institute.Passionfruit was the most-produced fruit at 408.7 tons, followed by mangoes, pineapple, dragon fruit and papayas. The KREI said that the increase in production was due to rising temperatures, which allowed
June 23, 2016
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Former SPC Group executive loses lawsuit against firm
[THE INVESTOR] A legal battle between SPC Group -- the operator of South Korea’s largest bakery chain -- and a former executive has ended in favor of the company.Former Paris Croissant chief executive Jung Tae-soo automatically lost the suit when he failed to appeal a lower court ruling that ruled in favor of SPC, industry sources said on June 23. SPC is the parent company of Paris Croissant, a popular bakery and coffee shop chain. In December 2014, Jung, 61, sued SPC for unjustified dismissal.
June 23, 2016
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Korea to increase flights to France
[THE INVESTOR] Korea and France have reached an agreement to increase flights between the two countries, allowing more visitors to travel easily, the Transport Ministry said on June 23. The number of flights from Seoul’s Incheon International Airport to Paris’ Charles de Gaulle Airport will be increased to 14 from 12 every week, the ministry said. The agreement was reached during the bilateral aviation talks in Paris from June 21-22. As to the exact timing of increased flights, the two cities wi
June 23, 2016
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POSCO to speed up restructuring plan
Korea’s largest steelmaker POSCO is drawing up a plan in detail to integrate processing centers in China as part of its restructuring measures to save the cost and improve organizational efficiency, local reports said Thursday. According to the reports, the steelmaker is considering integrating processing centers of stainless and steel sheets in China, such as POSCO-CZPC and POSCO-CQPC. It had previously decided to put the company’s overseas subsidiary Qingdao Pohang Stainless Steel up for sale.
June 23, 2016
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KAI’s Surion chopper to get smarter
The Surion chopper, developed by South Korea’s sole aircraft-maker Korea Aerospace Industries, will feature its digital display screen and advanced control as parts of its marketing efforts, the company said Thursday.Employing an integrated avionics suite from the Swiss-based American technology firm Garmin, KAI will change the face of Surion’s cockpit design and offer easier control of the chopper, it said. The upgraded model will be rolled out in 2019 both for public and private use. By adopti
June 23, 2016
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Samsung SDS shareholders call on NPS for support
[THE INVESTOR] Minor shareholders of Samsung SDS are reaching out to the National Pension Service in their fight against the company’s reorganization plans. Samsung SDS is reviewing plans to spin off some of its businesses including the logistics operations. Since Oct. 19, Samsung SDS stock has been on a downward slope with prices down by half since then. The minor shareholders’ association has put the blame squarely on the company’s spin-off plans, and has been demanding action from Samsung SDS
June 23, 2016
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Ex-chief of KT&G acquitted of bribery charges
[THE INVESTOR] The former head of Korea’s leading tobacco-maker was acquitted of kickback charges by a Seoul court due to lack of credible evidence on June 23.Min Young-jin, who headed KT&G from 2010 to 2015, was accused of receiving some 179 million won (US$151,000) in bribes from subcontractors, a company official and a foreign buyer between 2009 and 2012.The Seoul Central District Court also acquitted him of allegations that he gave some 600 million won in bribes to a government official for
June 23, 2016
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Hyundai Merchant set to join world's largest shipping alliance
The financially troubled Hyundai Merchant Marine Co. on Thursday said that its talks to be part of the world's largest shipping alliance have made significant progress, raising hopes that the negotiation will soon be completed. Hyundai Merchant said it has been seeking to join the group, 2M, spearheaded by AP Moller-Maersk A/S.Hyundai Merchant has been implementing tough restructuring moves set by its creditors. The creditors, led by the state-run Korea Development Bank, demand that the country'
June 23, 2016
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Former KT&G chief acquitted of bribery charges
A Seoul court on Thursday acquitted the former head of Korea's leading tobacco maker on charges of receiving kickbacks, citing a lack of credibility in the bribers' testimonies.The Seoul Central District Court found Min Young-jin, who headed the KT&G Corp. from 2010 to 2015, not guilty of receiving some 179 million won ($151,000) in bribes from subcontractors, a company official and a foreign buyer between 2009 and 2012.The court also acquitted the 57-year-old of allegations he gave some 600 mil
June 23, 2016
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HMM mulls joining 2M Alliance
[THE INVESTOR] Hyundai Merchant Marine is considering joining the 2M Alliance, a vessel-sharing agreement between Denmark’s Maersk Line and Switzerland’s Mediterranean Shipping Company -- the world’s first and second largest container carriers. Amid growing speculation that Korea’s second-largest shipping company is set to join the alliance, a HMM official confirmed that discussions are ongoing with the alliance parties on June 23. A container vessel is displayed at Hyundai Merchant Marine's hea
June 23, 2016
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Economy minister to meet with US business leaders in Korea
[THE INVESTOR] Deputy Prime Minister for Economy Yoo Il-ho will meet with representatives of US businesses in Korea to seek ways to improve economic cooperation, the Ministry of Strategy and Finance said on June 23. At the June 30 conference organized by the American Chamber of Commerce in Korea, Yoo will give a special address and hold meetings with GM Korea chief James Kim to discuss ways to improve Korea-US cooperation and economic issues in the two countries.Deputy Prime Minister for Economy
June 23, 2016
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Samsung SDS shareholders send open letter to Lee Jae-yong
[THE INVESTOR] Minor shareholders of Samsung SDS are raising the heat, accusing the firm of neglecting profits to ensure Lee family’s control over the group. In a letter addressed to Samsung Electronics vice chairman Lee Jae-yong, minor shareholders of Samsung SDS called on him to take steps for improving the share price. Samsung Electronics vice chairman Lee Jae-yong.“A decision to improve stock prices is needed. Restore the property rights of the minor shareholders that was lost (by the decisi
June 23, 2016
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Drop in Korea's exports to China extends to record streak in May
South Korea's exports to China continued to shrink from a year earlier in May, tying the record streak of 11 months of decrease, industry data showed Thursday.Outbound shipments to China came to US$9.93 billion won last month, down 9.1 percent from the same month last year, according to the data from the Korea International Trade Association.The decline apparently contributed to a 6 percent on-year drop in the country's overall exports. China by far is the world's single largest importer of Sout
June 23, 2016
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Lotte has dozens of units in suspected tax havens: data
Lotte Group, South Korea's fifth-largest family-controlled conglomerate, operates some four dozen overseas units in suspected tax havens, data showed Thursday, in a potential blow to the embattled group under investigation for alleged wrongdoing.According to the data by corporate tracker Korea 20000 Corporate Research Institute, 46 of Lotte's 256 overseas subsidiaries are based in suspected tax havens as of 2016.Lotte has 26 subsidiaries, the largest amount, in Hong Kong, followed by Singapore w
June 23, 2016