Shin Kyuk-ho, founder of Korean retail giant Lotte Group, testified at a Seoul court Wednesday to demonstrate his mental status, marking a new twist in the bitter feud over control of the group. Shin Kyuk-ho, founder of Korean retail giant Lotte Group, walks into a court room at Seoul Family Court on Wednesday. (Yonhap)The 93-year-old Lotte founder walked into a court room at the Seoul Family Court and told judges that his ability to make judgement is the same as in his 50s, his lawyer told repo

Industry Feb. 3, 2016

POSCO has cut its number of executives by 30 percent as part of restructuring efforts to tackle the prolonged slump in its core steel business, the group said in a statement Monday.The steelmaker has reduced the number of senior staff from 369 last year to 259 and cut down the number of offices within the group by 22 percent to improve efficiency.The decision was released less than a week after the steelmaker logged its first-ever net loss of 96 billion won in 2015, due to weak global demand for

Industry Feb. 1, 2016

South Korea’s exports plummeted 18.5 percent in January from a year ago, recording the largest year-on-year fall since August 2009 when the country was reeling from the global financial crisis. (Yonhap)Exports from Korea had been on a downward path for 13 months straight, along with a continuous drop in oil prices and slowing demand from emerging countries, sparking red alert in Asia’s fourth-largest economy, which heavily relies on exports for growth.Overall outbound shipments reached $36.7 bil

Feb. 1, 2016

South Korea’s national debt is expected to exceed 600 trillion won ($496 billion) for the first time ever this week, drawing concerns over the nation’s fiscal health amid a slowing economy and rapid population aging, the National Assembly said Sunday.According to the national debt clock released by National Assembly Budget Office, the national debt could reach 644.9 trillion won by the end of the year, a 49.8 trillion won increase from the 595.1 trillion won estimated in late 2015. The total cou

Jan. 31, 2016

The number of Chinese visitors coming to South Korea declined last year in contrast to a growing number of travelers heading to Japan, sparking concerns that Korea is losing its place as a population destination for the Chinese. A Chinese tourist enjoys sledding at High1 Resort, Jeongsun in Gangwon Province. (Yonhap)A total of 4.99 million Chinese travelers visited Japan last year, setting a new record, according to reports based on data released by the Japan National Tourism Organization on Wed

Industry Jan. 27, 2016

SEOUL/JEJUDO ISLAND -- A nearly three-day airport shutdown on the southern resort island of Jejudo due to heavy snowfall and strong winds ended Monday afternoon, with mounting questions over a lackadaisical response by the airport authorities and air carriers that failed to minimize customer inconvenience at times of natural disasters.  Travelers wait on the floor at Jeju International Airport`s passenger terminal early Monday. (Yonhap)As of 2:48 p.m., air carriers had started to transport passe

Industry Jan. 25, 2016

(AP-Yonhap)The nation’s antitrust watchdog has launched a full-scale investigation upon suspicions that Volkswagen Korea ran false advertisements about vehicles for which it had rigged emissions tests, officials said Friday. The probe is expected to strike a blow to the Korean unit of the German carmaker, which is already facing a separate criminal probe and a series of class action suits both in local and U.S. courts.The Fair Trade Commission is zeroing in on speculation that the carmaker claim

Industry Jan. 22, 2016

The Ministry of Agriculture and Food on Thursday denied rumors of the government’s reported plans to launch a halal food-processing complex in the southwestern part of the country in the face of opposition by Protestant groups here.According to rumors that spread quickly, the government plans to spend 550 billion won ($453 million) to build the food-processing complex in Iksan, North Jeolla Province, by the end of this year. It will include a meat butchery to carry out religious slaughter of ani

Industry Jan. 21, 2016

Volkswagen Group and its dealers are facing another class-action suit by the Korean owners of its 3-liter diesel models involved in an emissions-cheating scandal both in local and U.S. courts, a Seoul-based law firm said Wednesday.  (AP-Yonhap)The move follows the admission by the embattled carmaker to the U.S. Environmental Protection Agency late last year that emissions were rigged not only on its 2-liter diesel models but also on its 3-liter vehicles. The law firm, Barun Law LLC, told The Kor

Industry Jan. 20, 2016

The government said Monday it would inject 80 trillion won ($66 billion) of public funds this year to nurture new growth engines, including smart cars, surgical robots and software content, in the latest attempt to realize its creative economy drive.In a joint policy report to President Park Geun-hye, relevant ministries said they would build Asian versions of California’s Silicon Valley at Sangam, in Seoul, and Pangyo, in Gyeonggi Province, to embrace more innovative entrepreneurs not only from

Jan. 18, 2016