Kumho Asiana Group chairman Park Sam-koo signed a deal to buy back controlling stake in the de facto holding firm of the group from creditors for 722.8 billion won ($605.96 million), six years after he lost control. The group announced Thursday that it entered into a stock purchase agreement to acquire Kumho Industrial -- the key firm of the group’s governance structure -- after a months-long tussle over the sale price with creditors. The creditors initially proposed 1.2 trillion won for the tak

Industry Sept. 24, 2015

At least 13 migrants died off the coast of Turkey Sunday after the inflatable dinghy carrying them to Greece collided with a ferry, Turkish media reported.Four children were among the victims of the accident involving a vessel carrying 46 migrants from the northwestern Turkish port of Canakkale to the Greek holiday island of Lesbos, the private Dogan news agency reported.The Greek coastguard said it had rescued 22 people from a boat that sank off Lesbos, in what was suspected to be the same inci

World News Sept. 20, 2015

Nepal Sunday adopted a new constitution aimed at bolstering its transformation from a Hindu monarchy to a secular democracy, as violent protests raged against some of the terms of the charter.Firecrackers went off in celebration in Kathmandu as President Ram Baran Yadav announced the adoption of the constitution, the first to be drafted by elected representatives."I announce the presented constitution of Nepal, passed by the Constituent Assembly and authenticated by the chairman of the Constitue

World News Sept. 20, 2015

President Park Geun-hye will grant two-day holidays to military servicemen in celebration of the Korean harvest holiday, Chuseok, the presidential office Cheong Wa Dae said Sunday.The vacations will allow noncommissioned officers and other conscripts of lower ranks to take two days off at a time of their choosing, the presidential office said in a statement. "The latest gesture of celebrations was decided in recognition of the efforts the servicemen showed in keeping their combat readiness, espe

Defense Sept. 20, 2015

The executive committee of the main opposition New Politics Alliance for Democracy (NPAD) and its lawmakers confirmed confidence Sunday in the leadership of party chairman Moon Jae-in in a major step aimed at ending months of internal factional strife."We feel very sorry for having caused concerns among the public and party members due to an internal issue. From now on, all our efforts will be on rectifying economic problems wrought by the  government and the ruling party and boosting our capaci

Politics Sept. 20, 2015

Creditors of Kumho Industrial proposed higher sales price for a controlling stake in the firm than the Kumho Asiana Group chairman offered, sources said Friday. During a meeting in the day, the state-invested Korea Development Bank and other 54 creditors agreed on selling the builder’s 50 percent stake plus one share for 722.8 billion won ($610 million), or 41,213 won per share.“Creditors took account of the result of company’s valuation, market price and relative value over companies in the sam

Industry Sept. 11, 2015

North and South Korea on Tuesday wrapped up marathon talks aimed at defusing a crisis that pushed the two rivals to the brink of armed conflict.There was no immediate word on the outcome of the negotiations, held between top aides to the countries' leaders in the border truce village of Panmunjom, where the 1950-53 Korean War ceasefire was signed.The presidential Blue House in Seoul said the South's lead negotiator, National Security Adviser Kim Kwan-Jin, would announce the result at 2:00 am (17

North Korea Aug. 25, 2015

A South Korean vessel that was being constructed by major shipbuilder Daewoo Shipbuilding & Marine Engineering Co. caught on fire Monday on an island south of Seoul, killing two and leaving seven injured, fire authorities said. Geoje Fire Station said a 39-year-old worker, known by the surname Lee, was found dead at around 5 p.m. in a fuel tank of the 84,000-ton liquefied petroleum gas (LPG) carrier located at Okpo Shipyard on Geoje Island, South Gyeongsang Province, about 406 kilometers south o

Social Affairs Aug. 24, 2015

Private equity groups are expected to submit final bids to take over the nation’s second-largest supermarket chain Homeplus, valued at about 7 trillion won ($5.86 billion), amid growing speculation that two Korean retail firms are mulling to join the deal when the preferred bidder is announced, according to sources on Sunday. Five shortlisted private equity firms formed three consortiums for Monday’s final bidding for Homeplus, wholly owned by Tesco. The British retail giant put up its Korean un

Industry Aug. 23, 2015

South Korean political parties and civic groups expressed their dismay Friday over Japanese Prime Minister Shinzo Abe's war anniversary statement, noting he failed to sincerely apologize for his country's wartime atrocities.The ruling Saenuri Party said Abe's statement, released on the eve of the 70th anniversary of the end of World War II, was "disappointing" in that it only made an indirect reference to Korean and other Asian women who were forced into sex slavery for Japanese troops, or "comf

International Aug. 14, 2015