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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Hyundai Heavy heir to meet with Saudi Arabian energy minister
[THE INVESTOR] Hyundai Heavy Industries’ heir and executives are to discuss widening their business opportunities in Saudi Arabia on July 1 when they meet Aramco executives and Saudi Arabian Energy Minister Khalid Al-Falih.Al-Falih, who was previously head of the Middle East country’s largest state-refiner, Aramco, will stop by South Korea later July 1 following a G20 energy ministers’ meeting in China. The minister will be joined by Aramco executives who will meet with Hyundai Heavy chairman Ch
July 1, 2016
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Post-Brexit market under greater sway by foreign investors
It's always hard to predict how the stock market will unfold in the future, and when a catastrophic event hits the market, it is even tougher for investors to gauge its impact and the market's future direction. While the global financial market remains extremely unpredictable in the wake of Britain's unexpected vote to exit the European Union last week, some investors expect the local stock market to recoup Brexit-triggered losses any time now, seeing the current market turmoil as an opportunity
July 1, 2016
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STX Offshore in talks to ax shipbuilding contracts
STX Offshore & Shipbuilding Co., a local shipyard under court receivership, is in talks with its customers to cancel orders, as it strives to reduce losses, industry sources said Friday.According to the sources, STX Offshore is close to axing its contract to build four ships with Frontline Ltd., the world's largest oil tanker shipping firm.Also, STX Offshore is in talks with another customer to nix an order contract to build three ships, the sources said.Last month, a local court approved a fili
July 1, 2016
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Lotte World Mall accused of design plagiarism
[THE INVESTOR] A local design firm has publicly accused the Lotte World Mall in Seoul for ripping off its design for their building on July 1. Local design house 2CM claims that the exterior design of the main entrance to the mall’s luxury stores Avenuel bears a close resemblance to their design concept called “Star Collection,” which was also published in a booklet by Architecture@Work, an international trade fair showcasing architectural designs and supplies. Lotte World Mall / The Investor“Th
July 1, 2016
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Prosecutors summon Lotte founder’s daughter
Shin Young-ja, the chairwoman of Lotte Foundation and daughter of Lotte Group founder Shin Kyuk-ho, appeared at the Seoul Central Prosecutors’ Office on Friday morning as the bribery investigation involving the chairwoman deepens in South Korea.Shin Young-ja is the elder sister of Lotte chairman Shin Dong-bin and SDJ Corp. chief Shin Dong-joo, who have been fighting over control of the group.Lotte Foundation chairwoman Shin Young-ja appears at the Seoul Central Prosecutors’ Office on Friday morn
July 1, 2016
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No. of large groups’ subsidiaries rise to 1,770 in June
[THE INVESTOR] The number of companies belonging to large corporate groups increased by 11 to come in at 1,770 in June, the Fair Trade Commission said on July 1. According to the FTC, a total of 20 companies were newly added to large groups and nine were removed, resulting in a net change of 11. Under current regulations, a corporate group with assets exceeding 5 trillion won (US$ 4.4 billion) are defined as being large and are strictly regulated. The number of groups affected by the regulation
July 1, 2016
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Korea reports 6th confirmed case of Zika virus
South Korea has confirmed its sixth Zika virus infection in a woman who returned from the Dominican Republic, local health authorities said Friday.The latest Zika patient was discovered 51 days after the fifth case was confirmed here.The 28-year-old South Korean woman has tested positive for the mosquito-borne virus after returning home from the Dominican Republic on June 23, the Korea Centers for Disease Control and Prevention said.The woman, whose identity is withheld, had stayed in the Caribb
July 1, 2016
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More firms subject to strict antitrust rules in June
The number of South Korean business groups' affiliates subject to restrictions on mutual investments and loan guarantees rose in June from a month earlier, the antitrust watchdog said Friday.The Fair Trade Commission said the number of firms on its monthly watch list came in at 1,770 as of end-June, up 11 from the previous month.Such affiliates are owned by the country's 65 largest business groups, including Samsung Group, Hyundai Motor Group and Kakao Corp., the operator of South Korea's top mo
July 1, 2016
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Korean airlines increase flights to Japan, Vietnam
[THE INVESTOR] Major local air carriers are expanding their services to Tokyo and Sapporo in Japan and Da Nang in Vietnam, in response to the growing number of tourists to the area, Incheon International Airport Corporation said on July 1. Asiana Airlines has launched a new direct route to Sapporo, capital of Hokkaido prefecture, on the date. The new flights are scheduled to operate daily on its Boeing 767 aircraft, which carries 250 people. Jin Air, Korean Air’s budget flight, has added two dai
July 1, 2016
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Korea to delay space rocket launch for technical setback
South Korea has decided to postpone the test-launch of its next-generation space rocket, scheduled for late next year, due to some technical glitches, officials said Friday.The government had planned to complete the development of a two-stage test rocket by 2017 as part of a long-term project to produce an indigenous three-stage KSLV-2 rocket.South Korea aims to launch a moon orbiter as early as 2020.In a report to the government, however, the Korea Aerospace Research Institute said it will have
July 1, 2016
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Brexit to limit the scope of British law firms in Korea
[THE INVESTOR] South Korea’s legal consultation market is now open to European Union-based law firms, but those based in Britain are now likely to face severe limitations. Under the Korea-EU Free Trade Agreement, EU law firms are allowed to set up joint ventures with Korean law firms. Without a join venture, however, the EU-base law firms are limited to consultations on EU laws. But once Britain leaves the EU, law fims base in Britain would not be able to operate joint ventures. Lawyers offices
July 1, 2016
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Experts group to help medical institutions go abroad
State health agencies said Friday they have launched a group of specialists to effectively assist South Korea's medical institutions get established in foreign countries.The Ministry of Health and Welfare and the Korea Health industry Development Institute are working together in operating the "Global Healthcare Key Opinion Leaders" and has selected 47 members for the group that will provide consultations on legal, commercial and financial matters specific to individual countries, officials said
July 1, 2016
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Lotte founder’s daughter summoned by prosecution
Shin Young-ja, the chairwoman of Lotte Foundation and the eldest daughter of Lotte Group founder Shin Kyuk-ho, appeared at the Seoul Central Prosecutors’ Office on Friday morning as a bribery investigation involving the chairwoman continued to deepen in South Korea.Shin Young-ja is the eldest sister of Lotte chairman Shin Dong-bin and SDJ Corporation chief Shin Dong-joo, who continue to wrestle for control over the group.She is the first person from Lotte’s founding family to be summoned by the
July 1, 2016
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Telemedicine offers convenience for Koreans in remote areas
For more than a decade, Jun Chung-hwa took a ferry from a small island every month to see her doctor on the mainland to check her blood pressure and get medicine.It was a hassle as the trip took the 69-year-old away from her daily job of digging up clams in a mud flat on the picturesque island off the country's western coast.She also complained that fog and winds often prevented her from returning to Godae Island.Jun doesn't worry about making monthly trips anymore as she can consult with her do
July 1, 2016
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Asiana expands service to Sapporo, Japan
[THE INVESTOR] Asiana Airlines expanded its services to Japan by launching a flight to Sapporo, capital of Hokkaido prefecture, the flag-carrier announced on July 1. The flights are scheduled to operate daily, with the Incheon-Sapporo flight taking-off at 2:20 p.m. and Sapporo-Incheon flight leaving at 6:10 p.m. An aircraft that can seat 250 passengers has been selected for the route. Asiana launched its flights to Japan on the Incheon-Tokyo route 26 years ago. With the new route it now operates
July 1, 2016
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EU law firms now able to set up joint ventures in South Korea
[THE INVESTOR] South Korea’s legal consultation market is now fully open to European law firms, with the third stage of related clauses of the Korea-EU Free Trade Agreement taking effect on July 1. As such, European law firms are now able to set up joint ventures with Korean law firms. A JV law firm can hire Korean lawyers and provide consultations on Korean law. Lawyers offices in southern Seoul. The Investor (Park Hyun-koo)In anticipation of the changes, the National Assembly passed the revise
July 1, 2016
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Opposition seeks tougher rules to monitor business leaders
[THE INVESTOR] The main opposition The Minjoo Party of Korea is seeking ways to reinforce the role of outside directors on corporate boards. Rep. Byun Jae-il, chief of the party’s policy committee, said on June 30 that he will propose revisions to the Commercial Act to toughen rules regarding outside directors. Saying that the outside directors are failing to serve their purpose, Byun said that tougher rules will be stipulated in the proposal. “There has been criticism that the system introduced
July 1, 2016
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Ex-DSME chief embezzled over W2b: prosecution
Prosecutors looking into Daewoo Shipbuilding and Marine Engineering have uncovered new cases of suspected embezzlement amounting to 2 billion won ($1.7 million), on top of the 5 trillion won accounting fraud previously alleged, sources said Thursday. The investigators suspected that DSME’s former CEO Nam Sang-tae created about $500,000 worth of slush funds in 2008 through a DSME affiliate to purchase stocks in a paper company set up by his college friend surnamed Jeong. In exchange for business
July 1, 2016
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[Super Rich] Chaebol Cornell graduates with a hold on hotel business
With the prestigious Ivy League known to offer top-notch education, elites with a business family background are flocking to the U.S. universities to gain an edge for when they inherit the family business. One Ivy League institution located by the natural waterfalls in New York is especially known for its hotel management curriculum: Cornell. Graduates of Cornell University with a major in hotel management dominate the hotel industry. Cornell University (Cornell website)Of Cornell hotel manageme
June 30, 2016
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Seoul Viosys wins US patent suit
[THE INVESTOR] Seoul Viosys announced on June 30 that it has won a patent suit against US-based firm Salon Supply Store. Seoul Viosys is a subsidiary of Seoul Semiconductor that specializes in UV light-emitting diodes. Seoul Viosys had filed the suit in March accusing Salon Supply Store of using patented technologies including technology related to UV ray-generating epi, fab technology, packaging technology that combines the devices, and curing technology.Salon Supply Store has been ordered to c
June 30, 2016