[Newsmaker] Deutsche Bank trader sentenced to jail

On Nov. 11, 2010, with just 10 minutes for the stock market to close in Seoul, three traders in Hong Kong dumped 2.4 trillion won ($2 billion) worth of Korean shares, triggering a 2.7 percent drop on the country’s main KOSPI index. The massive and coordinated sell-off by Deutsche Bank employees wiped out 28 trillion won in value from Korea’s equity market, but those involved in the transaction made a combined profit of 44.9 billion won through derivative positions they had arranged in advance. M

Jan. 26, 2016

[Newsmaker] Rouhani starts first post-sanctions tour

Iranian President Hassan Rouhani arrives Monday in Italy, beginning his first European tour since a nuclear deal saw sanctions lifted against the Islamic Republic.The visit, whose chief aim is to boost economic ties and which will see Rouhani visit France later this week, had been planned for last November but was cancelled after the deadly jihadist attacks in Paris.  Iranian President Hassan Rouhani (AP-Yonhap)The three-day trip comes a week after Tehran's deal with world powers came into force

World NewsJan. 25, 2016

[Newsmaker] Minjoo lawmaker under fire over defection

Rep. Cho Kyoung-tae, a third-term lawmaker representing Saha-gu in Busan, was once portrayed as a pioneer in condemning localism in politics, as he survived three consecutive elections in the traditionally conservative constituency.But after 12 years as an opposition representative, Cho decided to defect to the ruling party ahead of the upcoming general election, arousing derision and accusations that he had betrayed his political beliefs for the sake of reelection.“I hope that my fresh start ac

PoliticsJan. 21, 2016

[Newsmaker] Professor stands trial for defaming ‘comfort women’

Only a week after a Seoul court ordered a university professor to compensate the nation’s sex slavery victims on defamation charges, she appeared in court again on Wednesday to face a criminal trial. 　Park Yu-ha, a professor at Sejong University, was brought to the court after prosecutors indicted her in November on charges of defaming former “comfort women” -- the euphemistic term for Korean women coerced into sex slavery for the Japanese military during World War II -- with her book “Comfort W

Social AffairsJan. 20, 2016

[Newsmaker] Korean biosimilar drugs on way to global expansion

Led by Celltrion and Samsung Bioepis, South Korea’s biopharmaceutical companies are making strides in the emerging drug category of biosimilars -- lower-cost replications of the world’s top-selling biologic drugs that have lost patent protection.　Drawing much spotlight this week, Samsung Bioepis, Samsung Group’s biopharmaceutical affiliate, said Sunday that Benepali, its biosimilar copy of Amgen’s blockbuster rheumatoid arthritis treatment Enbrel (etanercept) has been granted sales approval in E

IndustryJan. 19, 2016

[Newsmaker] JYP in tight spot over Tzuyu furor

JYP Entertainment, the smallest of Korea’s three main entertainment agencies, is under fire for its handling of the controversy surrounding Taiwanese K-pop star Tzuyu, in which the company made a politically charged statement.The agency’s official homepage was down yesterday and its shares fell nearly to 4,000 won ($3.30) when the stock market opened Monday, down from a 52-week high of over 6,300 won. It closed at 4,300 won. Tzuyu is part of JYP’s multinational nine-member girl group Twice, whic

PerformanceJan. 18, 2016

[Newsmaker] Tsai Ing-wen: From professor to president

Tsai Ing-wen, 59, was elected into power, winning 56.12 percent of the more than 12 million votes cast in Taiwan’s presidential election. She was tipped as the favorite to win the three-way race against Kuomintang’s Eric Chu and People First Party’s James Soong.Here’s more about Tsai, who went from law professor to fist-pumping politician within a decade.Taiwan’s Democratic Progressive Party candidate Tsai Ing-wen raises her hands as she declares victory in the presidential election in Taipei on

World NewsJan. 17, 2016

[Newsmaker] Ex-Park aide to embolden Minjoo campaign

By appointing President Park Geun-hye’s former economic strategist as its election campaign chief, the main opposition Minjoo Party of Korea has revived what was once the nation’s top policy keyword ― economic democratization. Kim Jong-in (Yonhap)The entry of the distinguished public figure was also seen to indicate the party’s resolve to rise above the recent chain defections of senior party members and the growing competition with Ahn Cheol-soo’s new political party.“The party that will gain p

PoliticsJan. 15, 2016

[Newsmaker] Korea's zeal for imports drive VW's growth

Despite the sales of Volkswagen vehicles collapsing worldwide in the wake of its massive emissions-cheating scandal, South Korea remains a lucrative market with its market performance hitting a record high.In December, the embattled German carmaker sold only 76 diesel vehicles in U.S., the world’s second-largest automobile market, while it sold 68 times more, or 5,191 units, in South Korea, according to data and reports compiled by industry experts here.(AP-Yonhap)Before the scandal five months

BusinessJan. 13, 2016

[Newsmaker] David Bowie: Chameleon of rock

LONDON (AFP) ― British music legend David Bowie has died after a long battle with cancer, his official Twitter and Facebook accounts said Monday, prompting an outpouring of tributes.Bowie died on Sunday surrounded by family, according to his social media accounts.The iconic musician had turned 69 only on Friday, which coincided with the release of “Blackstar,” his 25th studio album. “David Bowie died peacefully today (Sunday) surrounded by his family after a courageous 18-month battle with cance

World NewsJan. 12, 2016

[Newsmaker] Hyundai drives green car push with Ioniq

Hyundai Motor jumped into the heated global green car race by unveiling its ‘‘Ioniq” hybrid electric vehicle at a media preview event on Thursday. The event, held at its Namyang R&D center in Hwaseong, Gyeonggi Province, came soon after it released a rendering of the model and started preorders early this week. The automaker said it plans to roll out Ioniq hybrid in the domestic market on Jan. 14. Hyundai Motor Group chairman Chung Mong-koo. YonhapHyundai Motor has developed a new platform for g

MobilityJan. 7, 2016

[Newsmaker] Hyundai heir aims for Genesis’ soft landing

Hyundai Motor Group vice chairman Chung Eui-sun presents the company’s new global luxury brand Genesis at the Dongdaemun Design Plaza in downtown Seoul on Nov. 4. Yonhap    Hyundai Motor Group vice chairman Chung Eui-sun has started the engine for the international debut of the G90 (EQ900 in Korea), the first vehicle under the firm’s newly created premium brand Genesis, as he flew to the U.S. on Tuesday.　The Korean automotive group official said he would introduce the G90 at the 2016 North Ameri

Latest NewsJan. 6, 2016

[Newsmaker] Hanmi chief gains spotlight with stock gift

Hanmi Pharmaceutical Group founder and chairman Lim Sung-ki has found himself in the public spotlight since announcing plans to distribute a portion of his personal stocks, worth some 110 billion won ($92.5 million), as a gift of gratitude to all his employees.　The country’s largest drugmaker said Monday it is distributing 900,000 shares of the chairman’s common stocks in Hanmi Science, the holding company of Hanmi Pharma, to the entire workforce.　As a result, some 2,800 Hanmi employees at both

IndustryJan. 5, 2016

[Newsmaker] Parties look to Ban as game changer

With the imminent launch of a new centrist political party by Ahn Cheol-soo, the leading parties are accelerating their search for a game changer: a well-known and respected public figure who can unite their flock and engage swing voters; somebody like United Nations Secretary-General Ban Ki-moon.So far, the ruling Saenuri Party appears to have the upper hand over the main opposition, the Minjoo Party of Korea.Ban, in a telephone conversation with President Park Geun-hye on New Year’s Day, comme

PoliticsJan. 4, 2016

[Newsmaker] Park’s lame duck deadline looms

The political clock is ticking for President Park Geun-hye.With the next presidential race two years away, the incumbent state leader would normally have more time on her hands before entering her lame-duck period.But in reality, Park is under pressure to come up with impressive achievements by April’s general election. If not, she might lose the spotlight to potential presidential candidates and their campaigns.President Park Geun-hye (Yonhap)The president’s advantage is that she has successful

PoliticsJan. 3, 2016

[Newsmaker] Maestro Chung bids farewell

Maestro Chung Myung-whun was met with howling cheers, applause and standing ovations from his local audience in the conductor’s final concert with the Seoul Philharmonic Orchestra on Wednesday night. The concert comes just one day after Chung submitted his official resignation as music director, citing the orchestra’s ongoing legal dispute regarding human rights violations by its former head as the reason for his departure after a decade at its helm.   Maestro Chung Myung-whunPrior to the concer

PerformanceDec. 31, 2015

[Newsmaker] Top N.K. official in charge of Seoul ties dies

Kim Yang-gon, a top North Korean official in charge of cross-border affairs, was killed in a car accident, the North’s state media reported Wednesday, drawing attention to the impact of his death on inter-Korean relations. He was 73.Kim Yang-gon (Yonhap)The North’s Korea Central News Agency said that Kim, a secretary of the Central Committee of the ruling Workers’ Party and director of the party’s United Front Department, died at 6:15 a.m. on Tuesday following the accident, without elaborating.T

North KoreaDec. 30, 2015

[Newsmaker] SK chairman to divorce, admits to affair

SK Group chairman Chey Tae-won has revealed that he “has a child with another woman” and plans to divorce his wife Roh Soh-yeong, personally putting an end to the speculations surrounding his shaky marriage.In a three-page letter to the daily Segye Ilbo, which was confirmed by SK Group on Tuesday, Chey said his marriage with Roh “had been falling apart over the past 10 years” despite “several efforts to restore the relationship.”  SK Group chairman Chey Tae-won and his wife Roh Soh-yeong. Yonhap

IndustryDec. 29, 2015

[Newsmaker] Hyundai Elevator-Schindler feud resurfaces

Years of bitter feuding between Hyundai Elevator, the nation’s leading elevator manufacturer, and Schindler Group, its No. 2 shareholder, resurfaced on Monday after a top Swiss envoy had a rare meeting with Cheong Wa Dae officials requesting the government’s intervention.According to local reports, Swiss Ambassador to Korea Jorg Al. Reding recently met An Chong-bum, senior presidential secretary on economic affairs, to ask South Korea’s top office to step in. He claimed that the Swiss firm has s

IndustryDec. 28, 2015

[Newsmaker] Mirae Asset to shake up brokerage industry

In South Korea where many family-run conglomerates hold the whip hand over much of the economy, the self-made billionaire Park Hyeon-joo’s bold step to create the country’s biggest brokerage has come into the spotlight after his successful bid to acquire KDB Daewoo Securities. Mirae Asset Financial Group chairman Park Hyeon-joo. (Yonhap)When a consortium of Mirae Asset Securities and Mirae Asset Global Investments was chosen as the preferred bidder to take over the country’s second-largest broke

Dec. 27, 2015