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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Can Jennie break the K-pop solo artist slump?
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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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20 public firms earn highest grade in government's management test
Twenty public companies and state-run agencies were listed at the top of the government-led annual management assessment for their efforts to improve balance sheets, the finance ministry said Thursday.Out of the 116 institutions subject to the test, the number of A-grade institutions rose from 15 tallied a year earlier, followed by 53 B-grade companies and 30 C-grade, according to the Ministry of Strategy and Finance.The 20 best companies include the Incheon International Airport Corp., Korea El
June 16, 2016
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Airlines won't levy fuel surcharge for 11th straight month in July
South Korea's two major air carriers said Thursday they have decided to impose no fuel surcharges on their international flights next month amid continued low oil prices.Korean Air Lines Co. and Asiana Airlines Inc. said they have set their fuel surcharge at zero for July, marking the 11th straight month of freeze. It is also the longest zero streak since July 2005, the first time when fuel surcharges were levied on all international flights.The decision means passengers purchasing international
June 16, 2016
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KEPCO mulling solar power business in Jordan
Korea Electric Power Corp., South Korea's state-run power utility firm, is considering a solar energy business in Jordan, a source said Thursday, as part of its efforts to tap into a new growth engine.KEPCO officials met with their Jordanian counterparts in Amman earlier this month, the source said, without elaborating.Separately, KEPCO has formed a consortium with GS Engineering & Construction Co., a major South Korean construction firm, and Hanwha Q Cells Co., the world's leading solar cell ma
June 16, 2016
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Samsung dominates global AMOLED market: data
Samsung Display Co., an affiliate of tech giant Samsung Electronics Co., dominated the global small and mid-size active mode organic light-emitting diode display market in the first quarter of the year, industry data showed Thursday.The South Korean panel cemented its supremacy with a 30.6 percent presence in terms of sales, followed by Japan Display Co. with a 17.1 percent share and LG Display Co. of South Korea with 12.9 percent during the January-March period, according to the data by market
June 16, 2016
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Blue House says no specific date for new airport announcement
Amid escalating tensions over a new airport site in South Gyeongsang Province, the presidential office said Wednesday that no specific date has been set for the government‘s announcement on the 10 trillion won ($8.5 billion) project. “The Transport Ministry will make an announcement as soon as a preliminary feasibility study on the new airport project in Yeongnam region is completed,” said presidential spokesman Jung Youn-kuk. “No specific date has been set yet.”Transport Ministry in Sejong City
June 15, 2016
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State auditor uncovers gross malpractice of KDB officials
[THE INVESTOR] State-run Korea Development Bank officials used debtor companies’ funds for housing, vehicles and entertainment, audit results showed on June 15.According to the Board of Audit and Inspection, KBD officials dispatched to oversee management of companies undergoing restructuring used the companies’ funds for unnecessary conveniences and entertainment.The audit showed that 16 KDB staff received housing from seven companies they were sent to oversee, while 36 bank officials used vehic
June 15, 2016
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EXIM Bank poured 1.8 trillion won into ailing ship maker
[THE INVESTOR] The Export-Import Bank of Korea poured 1.8 trillion won ($1.5 billion) into an ailing shipbuilder for six years without keeping proper tabs on it, the Board of Audit and Inspection said on June 15. According to the BAI, the EXIM Bank neglected its duty in monitoring Sungdong Shipbuilding and Marine Engineering Co., 70.71 percent of whose shares are held by the bank. The shipbuilder has been under creditor-led restructuring since 2011. In laying out the recovery plans, the shipbuil
June 15, 2016
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Organica acquires land for plant expansion
Organica Day, the juice-making arm of Herald Corp., said Wednesday that it had acquired around 8,600 square meters of new land for the expansion of its juice production plant in Anseong, Gyeonggi Province. “We decided on the major purchase to expand our facilities and respond to fast-growing demand for our Just Juice Cleanse products,” Organica Day CEO Lee Young-jin said in a statement.New land purchased by Organica Day in Anseong, Gyeonggi Province (Organica)The newly-acquired land lies adjacen
June 15, 2016
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KDB’s neglect fueled Daewoo Shipbuilding crisis
[THE INVESTOR] Daewoo Shipbuilding and Marine Engineering’s current difficulties were fueled by neglect by its biggest shareholder Korea Development Bank, the Board of Audit and Inspection announced on June 15. According to the BAI, the state-run bank neglected its duty in monitoring the shipbuilder’s accounts and financial stability. The KDB holds 49.7 percent of DSME, making it the biggest shareholder as well as the shipbuilder’s main creditor. Daewoo Shipbuilding and Marine Engineering.Accor
June 15, 2016
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[News Focus] Doubt over listing of KEPCO’s power generation units rising
The stock-listing of six power generation affiliates of state-run Korea Electric Power Co. that the government proposed Tuesday may face difficulties mainly due to insufficient investor interest, market watchers said.The targeted six companies, fully owned by the nation’s top utility giant, include Korea Hydro & Nuclear Power, Korea South-East Power, Korea Midland Power, Korea Western Power, Korea Southern Power and Korea East-West Power. The Tanjung Jati coal-fired power plant in Indonesia th
June 15, 2016
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Watchdog finds 1.5 tln in accounting fraud in Daewoo Shipbuilding
South Korea's state audit agency said Wednesday it has detected accounting fraud worth 1.5 trillion won ($1.27 billion) at Daewoo Shipbuilding & Marine Engineering Co., adding that its main creditor also failed to provide appropriate surveillance and management of the firm.South Korea's Board of Audit and Inspection said Daewoo Shipbuilding's management also carried out business projects without legitimate procedures, which caused its financial losses to snowball. The shipbuilder posted an opera
June 15, 2016
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Pernod Ricard Korea appoints new CEO
French spirits-maker Pernod Ricard has appointed Jean Touboul as its next chief executive in Korea, the company said Wednesday.Touboul, who is the current managing director of Pernod Ricard Taiwan, will take office on Sept. 1 to replace Jean-Manuel Spriet. Touboul joined the group in 2004, and joined the headquarters in 2011 as vice president of financial communication and investors relations. Jean Touboul (Pernod Ricard Korea)He took up his post in Taiwan in October 2014.At an internal town h
June 15, 2016
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[Photo News] Asiana sponsors 25th school through Beautiful Classroom program
An Asiana Airline cabin crew member interacts with students at Xintan Elementary School in Jiangsu province, China, Tuesday. Asiana Airlines donated eight computers, 400 desks and 1,000 books to the school as part of its 25th Beautiful Classroom partnership. The Beautiful Classroom project is Asiana Airlines’ global corporate social responsibility program, sponsoring schools in China since 2012. Pictured: (Asiana Airlines)
June 15, 2016
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Lotte chairman shows confidence amid widening probe
Lotte Group chairman Shin Dong-bin said Wednesday that he would push for an initial public offering of Hotel Lotte by the end of the year, despite the widening probe by prosecutors into his 90 trillion won ($76.7 billion) empire over alleged creation of slush funds and lobbying.Offering his first apology for causing public concerns, the chairman denied rumors that the listing of Hotel Lotte will be put off indefinitely, stressing that the plan is a pledge he made to the people. “I really feel so
June 15, 2016
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[ANALYST REPORT] Korean government's policy bank recapitalization plan is credit positive for banks
Below is an article from “Moody’s Credit Outlook”, 13 June, 2016 issue.Last Wednesday, the Korean government announced plans to recapitalize public-policy banks Korea Development Bank (KDB, Aa2/Aa2 stable, ba2) and The Export-Import Bank of Korea (KEXIM, Aa2 stable), a credit positive for the banks. The plan clarifies the size and method of recapitalization, and maintains the government’s strong commitment to the banks. KDB and KEXIM’s Aa2 ratings benefit from nine notches of government support
June 15, 2016
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Lotte's aggressive M&As under scrutiny
A slew of mergers and acquisitions (M&As) the Lotte Group has carried out at home and abroad have elevated the retail giant to a new level, but such moves have also become the target of intense scrutiny by prosecutors amid their widening probe into the group's alleged slush funds, industry watchers said Wednesday.Shin Dong-bin, the second son of group founder Shin Kyuk-ho, was promoted to Lotte chairman in 2011 to take the helm of the conglomerate with businesses ranging from food and retail to
June 15, 2016
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Samsung Heavy to reduce workforce, wage
Samsung Heavy Industries Co., a local shipyard, on Wednesday unveiled its detailed self-restructuring program which centers on a cut in workforce and having executives return part of their salaries.Earlier, the shipyard has said it will conduct a self-rehabilitation scheme worth 1.5 trillion won ($1.27 billion), including asset sales and a cut in employees. Its creditors provisionally approved the program.According to the plan, Samsung Heavy will reduce its workforce by 1,500 through an early re
June 15, 2016
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Global startup 'gateway' opens at Pangyo campus
South Korea opened a "global business support center" on Wednesday in the Pangyo Startup Campus, the nation's new hub for digital business startups.The center will serve as a "gateway" for local startups to meet foreign investors and launch operations abroad, said the Ministry of Science, ICT and Future Planning.It is tasked with establishing a database of information related to startups here and provide potential overseas investors with this information.It will forge partnerships with foreign a
June 15, 2016
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Lotte chairman says 'sorry for causing concern' amid slush fund investigation
The chairman of embattled South Korean retail giant Lotte Group said Tuesday he is "sorry for causing concern" over corruption allegations and pledged to fully cooperate with the investigation.Chairman Shin Dong-bin made the remark to reporters at the groundbreaking ceremony for a joint venture chemical plant in Lake Charles as prosecutors stepped up the investigation into allegations that Lotte created slush funds through illicit means.It was the first time Shin has spoken to the media since th
June 15, 2016
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Court rejects arrest warrant request for ex-Hanjin Shipping chief
A Seoul court on Tuesday rejected a prosecution request for an arrest warrant for a former Hanjin Shipping chief accused of illegal stock trading.Last Sunday, the Seoul Southern District Prosecutors' Office filed for a warrant to arrest Choi Eun-young, who is facing charges of misusing insider information to sell company stocks. Choi Eun-young (Yonhap)However, the Seoul Southern District Court said Choi is not considered a flight risk, nor is it concerned that Choi would attempt to destroy evide
June 15, 2016