[Newsmaker] Duterte wins Philippine presidential race

Incendiary Philippine politician Rodrigo Duterte vowed Tuesday a relentless crackdown on crime after securing a landslide presidential victory built on foul-mouthed populist tirades that exposed deep voter anger at the establishment. Mayor Rodrigo Duterte gestures during his news conference in Davao in the southern Philippines on Monday. (AP-Yonhap)The 71-year-old firebrand's main rivals conceded defeat after an unofficial tally showed Duterte had an insurmountable lead in Monday's election of 6

World NewsMay 10, 2016

[Newsmaker] Musk's strategy: Win big by falling short

Tesla Motors Inc.'s Chief Executive Officer Elon Musk is known for making the future come early. And yet, somehow, he's always running behind schedule. Some would call this a failure of management. But it might just be a business strategy: call it the Musk Doctrine. It goes something like this: People only do paradigm-shifting work when they’re under tremendous pressure, so the key is to ensure deadlines are always impossible. This could help explain why Musk has never launched a product on time

MobilityMay 9, 2016

[Newsmaker] Saudi Aramco chief named oil minister

Saudi Arabia replaced its veteran oil minister with a close ally of the king’s increasingly influential son, Deputy Crown Prince Mohammed bin Salman, as the world’s largest crude exporter embarks on an economic overhaul designed to make it less reliant on energy.After more than two decades in the post, Ali Al-Naimi, who’s been the central player in scores of OPEC meetings and steered global crude markets through several boom-and-bust cycles, will be succeeded by Khalid Al-Falih, currently chairm

World NewsMay 8, 2016

[Newsmaker] Alberta fire threatens oil production, helps boost price

The massive wildfire in the heart of Canada's oil country is helping send crude prices higher.Benchmark U.S. crude rose 34 cents to $44.66 a barrel Friday in New York after earlier dropping by nearly 2 percent. Oil prices often spike when there is concern that production could be curtailed. A wildfire moves toward the town of Anzac on Wednesday, where was set up as an evacuation center for those ordered to leave Fort McMurray. (AP)Canada is the leading exporter of crude oil and natural gas to th

InternationalMay 7, 2016

[Newsmaker] Parliament pins hopes on new whips

With the impending start of the new National Assembly session, political parties are counting on their newly elected floor leaders to join forces and add momentum to the long-stalled legislature.　The new whips -- Chung Jin-suk of the ruling Saenuri Party, Rep. Woo Sang-ho of The Minjoo Party of Korea and Rep. Park Jie-won of the People’s Party -- vowed to achieve “coordinated governance,” claiming that their professional and personal ties would be of help.From left: The Saenuri Party floor leade

PoliticsMay 5, 2016

[Newsmaker] Hyundai Heavy pressured to make layoffs

Hyundai Heavy Industries is highly likely to push for massive layoffs amid a prolonged recession in the global shipbuilding sector and the government’s move to restructure the ailing industry. Over the past few weeks, the troubled world’s No. 1 shipbuilder is rumored to be planning an additional cut of 3,000 employees -- most likely from its production line -- in the form of voluntary retirement programs. The firm already cut around 60 executives in April and around 1,500 office workers last yea

IndustryMay 4, 2016

[Newsmaker] Elusive bitcoin founder a reluctant identity

Secretive Australian entrepreneur Craig Wright, who has revealed himself as the creator of the virtual Bitcoin currency, is an elusive individual who appears to have covered his tracks well.Details are scant on the Brisbane-born computer scientist, 45, who has a blog but warns against any of the content being published without his permission. He admitted on Monday to being the creator of the cryptocurrency after months of speculation about his role, providing technical “proof” amid debate over w

World NewsMay 3, 2016

[Newsmaker] RB’s London office targeted in disinfectant case

Despite an official apology by Oxy Reckitt Benckiser on Monday, South Korea’s prosecution is reportedly zeroing in on executives from its head office in London over allegations that they connived to conceal evidence on the toxicity of humidifier sterilizers blamed for the loss of at least 103 lives here.According to reports, the prosecution has decided to investigate officials at Reckitt Benckiser’s headquarters, after securing testaments and circumstantial evidences that they had remained silen

IndustryMay 2, 2016

[Newsmaker] ‘Iranian rush’ poses diplomatic challenges

South Korea’s efforts to improve relations with sanction-freed Iran, while providing new momentum for its economy, is likely to come with a few challenges for its diplomatic blueprint.Citing Iran’s alleged military exchanges with North Korea, as well as its persisting tension with Middle East power Saudi Arabia, experts suggested that South Korea should maintain balance amid the multilateral frame.It was Iranian Ambassador to Korea Hassan Taherian who stepped out to clear doubts on Iran’s partne

PoliticsMay 1, 2016

[NEWSMAKER] Tense protests against Trump in California

BURLINGAME (AFP) -- Hundreds of demonstrators jostled with police in riot gear outside a California hotel where Republican presidential frontrunner Donald Trump gave a speech, forcing the candidate to duck into a back entrance.At one point, several dozen protesters broke through barricades and attempted to storm the hotel where the California Republican Party Convention was taking place on Friday, but police, some wielding batons, were able to push them back.The demonstrators waved banners that

InternationalApril 30, 2016

[Newsmaker] Samsung BioLogics to make blockbuster IPO

Samsung BioLogics on Thursday said that it would pursue an initial public offering on South Korea’s main bourse, the KOSPI, with plans to complete the IPO process within this year.The company stated plans to select advisers to lead its IPO by next month to decide on the exact timing and the volume of shares to be offered. Samsung BioLogics declined to comment on the potential size of the IPO. However, industry analysts estimate at least 3 trillion won ($2.6 billion) worth of new shares will be i

IndustryApril 28, 2016

[Newsmaker] KDB burdened by corporate debt restructuring

State-owned Korea Development Bank was founded in 1954 with a specific goal and role -- to back the government’s industrial policies by providing necessary capital to help companies innovate, grow and most importantly, create jobs.But 62 years later, with a plethora of companies failing to meet their debt obligations and facing inevitable restructuring through asset sales and job cuts, the policy bank has now turned into a “fireman” who will have to put out the fire caused by corporate mismanage

April 27, 2016

[Newsmaker] Former Hanjin Shipping chief faces FSC probe for dubious trading

Hanjin Shipping’s former chairwoman Choi Eun-yeong has come under scrutiny by financial authorities over suspicions that she might have used insider information to sell her shares in the troubled firm. According to sources Tuesday, the former chief and her two daughters sold their 970,000 company shares -- 0.39 percent of the total shares -- worth 3 billion won ($2.6 million) three days before the company’s board of directors decided to file for creditor-led rehabilitation on Friday. Hanjin Ship

IndustryApril 26, 2016

[Newsmaker] Obama pushes for global trade deals in face of opposition

HANNOVER, Germany (AP) -- President Barack Obama mounted a strong defense of international trade deals Sunday in the face of domestic and foreign opposition, saying it‘s ``indisputable’‘ that such agreements strengthen the economy and make U.S. businesses more competitive worldwide. But he acknowledged that the clock is ticking on his faltering trade agenda. 　 　Obama, on a farewell visit to Germany as president, is trying to light a fire under stalled talks about a trans-Atlantic trade deal, a m

World NewsApril 25, 2016

[Newsmaker] 400th anniversary of Shakespeare's death

STRATFORD-UPON-AVON, England (AFP) -- Thousands of people from around the world descended upon William Shakespeare’s hometown Saturday for a day of theater, dancing and fireworks marking the 400th anniversary of the Bard’s death.Some 10,000 people turned out in Stratford-upon-Avon, central England, to see a parade revved up by a New Orleans jazz band, with fans of the English language‘s foremost playwright donning Shakespeare masks as they joined in the party.And in London, U.S. President Barack

World NewsApril 24, 2016

[Newsmaker] Layoff fears loom at Hyundai Heavy shipyards

 Workers at shipyards of Hyundai Heavy Industries, located in Ulsan, South Gyeongsang Province, raised concerns over a possible massive layoff on Friday, insisting that CEOs and executives have to be responsible for their poor management before considering a workforce reduction or downsizing.   　“We want to believe that the recent news report that the company is set to announce a 10 percent workforce reduction plan next week is not true,” Kim Byung-jo, a spokesperson of the shipbuilder’s labor u

BusinessApril 22, 2016

[Newsmaker] Reckitt Benckiser apologizes, offers funds

Amid the prosecution’s widening probe into Oxy Reckitt Benckiser Korea and other companies related to their toxic humidifier disinfectants, the British firm apologized on Thursday to victims and unveiled a plan to offer an additional 5 billion won ($4.4 million) in humanitarian assistance.　In a letter released Thursday afternoon, the company addressed its “social responsibility” in deaths and diseases caused by its humidifier sterilizers, saying it would cooperate with investigators to solve the

Social AffairsApril 21, 2016

[Newsmaker] Samsung ready to tie technology with fashion

Technology will play a significant role in revolutionizing the global fashion industry, the chief of Samsung’s fashion unit said Wednesday, stressing that the South Korean electronics giant is ready to take the lead in the marriage between technology and fashion. A timeless value has been a defining component of luxury fashion for decades. However, fashion will become "limitless" in the future as fast-evolving technology and social networking services transform the way people experience and cons

IndustryApril 20, 2016

[Newsmaker] Saudi Arabia mixes oil policy with politics

After taking over defense and economic planning, Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman has now stamped his authority over oil policy.In so doing, the 30-year-old son of King Salman upended the Saudis’ decades-long approach of separating commercial from political considerations. Over the weekend, Saudi officials quashed an agreement among major oil producers in Doha to freeze output due to Iran’s refusal to participate, a sign the regional rivalry is infecting the market.  Saudi

World NewsApril 20, 2016

[Newsmaker] Lawmakers OK Rousseff impeachment trial

Brazilian lawmakers authorized impeachment proceedings against President Dilma Rousseff in a rowdy, circus-like showdown that plunged Latin America's biggest country into profound political crisis and sparked claims that democracy was under threat.Opposition deputies in the lower house of Congress needed 342 of the 513 votes, or a two thirds majority, to send Rousseff to the Senate, which will now decide whether to open a trial. They got there near midnight on Sunday after five hours of voting.

World NewsApril 18, 2016