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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Prosecutors seeking arrest warrant for ex-Oxy chief
Prosecutors on Tuesday filed for an arrest warrant for the former head of the scandal-ridden local unit of Oxy Reckitt Benckiser.John Lee, currently CEO of Google Korea, has been under investigation over Oxy's toxic humidifier sterilizer, which has caused dozens of deaths and illnesses in South Korea since 2011. John Lee, head of Google Korea (Yonhap)Lee led the South Korean unit of the consumer goods company from June 2005 to May 2010, while sales of its sterilizer product were at their peak.Th
June 15, 2016
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Lotte Card begins restructuring
[THE INVESTOR] Lotte Card has begun restructuring process, a local daily reported on June 14. The move comes while the authorities are turning up the heat on Lotte Group in an expanding corruption probe. Since June 10, the prosecutors’ office has been raiding Lotte Group offices and questioning officials over alleged embezzlement. According to the news report, Lotte Card launched a voluntary retirement scheme on June 14 in a move unusual for a Lotte firm. Employees above the age of 45 and those
June 14, 2016
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[Graphic News] Overseas construction orders drop by 40%
Korean builders’ overseas construction orders received this year so far are worth $14.1 billion, a 40 percent drop compared to last year’s orders worth $23.5 billion in the same time period, according to the International Contractors Association of Korea on Tuesday.This is also the lowest amount in four years in which orders worth $13.7 billion were recorded in the first six months in 2012.Orders from the Middle East and Latin America decreased by 44 percent to $6.6 billion and 68.4 percent to $
June 14, 2016
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Creditors issue warning as Daewoo Shipbuilding union okays strike
Creditors of Daewoo Shipbuilding & Marine Engineering Co. on Tuesday pressed the embattled shipbuilder's workers to refrain from going on strike, saying that a potential walkout would deter the ongoing efforts to salvage the financially shaky firm.The move came as 85 percent of some 7,000 unionized workers at Daewoo Shipbuilding voted for a strike earlier in the day, according to the labor union. They have claimed that the shipbuilder's restructuring schemes submitted to creditors only calls for
June 14, 2016
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The Investor launches online business news service
English online business news service The Investor (www.theinvestor.co.kr) kicked off on June 14 with the aim of providing global investors with timely, accurate and influential information on Korea’s dynamic business landscape.Korean media and lifestyle company Herald Corp. unveiled The Investor at a launching event held at Four Seasons Hotel Seoul. THE INVESTOR -- Executives of Korea’s major companies attend a presentation on The Investor, the English-language online business news service launc
June 14, 2016
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Green Cross LabCell’s IPO price set at 18,500 won
[THE INVESTOR] Green Cross LabCell Corp. – a Green Cross affiliate that develops drugs for fighting incurable diseases – has officially priced its initial public offering at 18,500 won ($15.70), which is higher than previously indicated ranges, the company said on June 13.Green Cross LabCell will raise 37 billion won with the IPO. The market capitalization of the firm is expected to reach around 195.2 billion won.Its shares will be listed on the tech-heavy Kosdaq index on June 23.The firm, which
June 14, 2016
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Korea to open energy supply market to private sector
The government will partially open the nation’s state-controlled energy supply market to the private sector, as part of comprehensive restructuring plans for public firms accused of inefficient management and high debt levels, officials said Tuesday.In a workshop meeting led by President Park Geun-hye, chiefs of state firms also vowed to reduce non-core work and list a total of eight power suppliers to attract fresh funds and improve management transparency. “We need to look at whether public or
June 14, 2016
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15 more Lotte affiliates raided in widening probe
Seoul prosecutors executed a second round of raids on several key affiliates of South Korean retail giant Lotte Group on Tuesday in a widening probe into the country’s fifth-largest conglomerate over alleged embezzlement and slush fund creation.The Seoul Central District Prosecutor’s Office said it raided 15 offices, including Lotte Chemical, Lotte Confectionery, Lotte Chilsung Beverage and Lotte Engineering & Construction, an unlisted company. Lotte Group’s headquarters in central Seoul (The Ko
June 14, 2016
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Lotte founder Shin's hidden cash, ledgers found
[THE INVESTOR] Prosecutors have found a breakthrough in their investigation of Lotte Group's founder and top executive, securing testimony that two officials had received more than 30 billion won ($25.6 million) annually from companies affiliated with the conglomerate.Financial managers within the group reportedly told prosecutors during questioning that Lotte founder Shin Kyuk-ho and his son, current group chairman Shin Dong-bin, had collected 10 billion won and 20 billion won, respectively, ea
June 14, 2016
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Merger chances rise over two top shipping firms
The possibility of merging Korea’s two top money-losing shipping firms is growing after the financial regulator revealed the government’s plan for their restructuring program early this week. The Financial Services Commission on Monday said it would consider the merger of Hanjin Shipping Co. and Hyundai Merchant Marine Co. once they complete their separate restructuring programs. (Yonhap)“If Hanjin succeeds in normalizing its business, (the agency) will evaluate whether the merger is better than
June 14, 2016
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Slush fund probe zeroes in on Lotte's real estate transactions
Real estate transactions involving Lotte Group founder Shin Kyuk-ho and the conglomerate's affiliates have come under the spotlight as prosecutors are looking into whether some deals were used as a way to create a slush fund for the owner's family, according to investigators and industry experts Tuesday. Lotte is South Korea's fifth-largest conglomerate, with the value of the real estate owned by its listed affiliates estimated at 10.7 trillion won ($9.12 billion) as of 2015, according to corpo
June 14, 2016
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POSCO retains most competitive steelmaker title
Korea’s biggest steelmaker POSCO retained its title as the world’s most competitive steelmaker for the seventh consecutive year since 2010, the company announced on Tuesday.Evaluating 37 steelmakers from around the world in 23 different categories, global steel information service provider World Steel Dynamics awarded POSCO the highest score of 8.02 points out of 10. POSCO CEO Kwon Oh-joon (Yonhap)Despite the setbacks POSCO saw this year with the sluggish economy and reinforcement of import rest
June 14, 2016
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Korea to downsize energy-developing corporations
The South Korean government said Tuesday that it will downsize state-run energy and resource development companies and open the power supply market to the private sector as part of its industry-wide corporate restructuring efforts to increase adaptability to a global low oil price trend.The Ministry of Strategy and Finance and the Ministry of Trade, Industry and Energy unveiled a set of restructuring plans for public firms at a workshop presided over by Deputy Prime Minister Yoo Il-ho in Seoul.
June 14, 2016
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Tension rises ahead of new airport site selection
Political tension and regional rivalry are rising in South Korea as the government is slated to announce the site for a new airport in the southeastern part of the country soon.According to the Ministry of Land, Infrastructure and Transport Tuesday, ADPI, a French company specialized in airport architecture and engineering, is slated to unveil the location of the new airport before June 24, ending a decade-long political and regional conflict. The Ministry of Land, Infrastructure and Transport i
June 14, 2016
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Air Busan to expand flights to Narita, Sapporo in July
Air Busan, a low budget airline under South Korea's No. 2 flag carrier Asiana Airlines Inc., said Tuesday it will expand its flights to the two Japanese cities of Narita and Sapporo from South Korea's southeast port city of Busan, starting next month.The South Korean airline plans to increase flights linking the northern Japanese city of Sapporo and Busan to five per week starting July 1, up from three a week now. The number of daily flights to Narita near Tokyo from Busan will rise to two from
June 14, 2016
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Overseas orders of Korean construction firms hit four-year low
Overseas orders won by South Korean construction companies fell to the lowest in four years, a trade association said Tuesday, in the latest sign that local builders are reeling from the impact of low oil prices.The combined overseas orders came to $14.1 billion between January and the second week of June according to data compiled by the International Contractors Association of Korea.The figures represent a 40 percent decline from $23.5 billion in the same period last year. Overseas orders won
June 14, 2016
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Seoul prosecutors raid more affiliates of Lotte over alleged slush funds
Prosecutors launched a second round of raids on affiliates of South Korea's retail giant Lotte Group on Tuesday as their probe into the country's fifth-largest conglomerate widens over the group's alleged slush funds.The Seoul Central District Prosecutors' Office said it raided a total of 15 places, including 10 of Lotte's affiliates. Lotte Engineering & Construction Co. and Lotte Chemical Co. were included on the raid list. Prosecutors said they confiscated accounting books as well as documents
June 14, 2016
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Graphic warnings to be put on upper part of cigarette packets from December
The government decided on Tuesday to mandate tobacco companies to place graphic images showing the harmful effects of smoking on the upper part of a cigarette packet starting from December.A revised enforcement ordinance, which requires the pictorial warnings to occupy more than 30 percent of the front and back of cigarette packaging beginning Dec. 23, was passed through the Cabinet meeting, the Ministry of Health and Welfare said.The ordinance stipulates that the graphic warning images should b
June 14, 2016
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Chief regulator to tighten grip on shipbuilding sector overhaul
South Korea's chief financial regulator said Tuesday it will oversee whether the restructuring efforts by the country's debt-laden shipbuilders will go as planned in efforts to ratchet up pressure on them to carry out their promised overhaul moves. Financial Services Commission Chairman Yim Jong-yong will chair a bi-weekly meeting, starting from this week, to closely monitor local shipbuilders' self-rescue plans and their implementation, an FSC official said. (Yonhap)Government officials and th
June 14, 2016
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Hanjin Shipping in struggle to cut charter rates
Embattled Hanjin Shipping Co. is striving to win the hearts of the owners of its chartered fleet to cut charter rates, one of the key conditions set by its creditors to avert court receivership, industry sources said Tuesday.According to the sources, Hanjin Shipping, South Korea's No. 1 container shipping line, has been in talks with the owners of chartered ships since April of this year, but reported little progress in their negotiations.Creditors of Hanjin Shipping approved a creditor-led rest
June 14, 2016