South Korea and Indonesia agreed Monday to bolster bilateral cooperation in infrastructure development, trade, investment, maritime affairs, energy and other areas, as the former seeks to step up its foray into the Southeast Asian market.The two sides signed 11 memorandums of understanding (MOU) largely over firming up their economic ties after President Park Geun-hye and her Indonesian counterpart Joko Widodo held a summit at Cheong Wa Dae, South Korea's presidential office. President Park Geun

May 16, 2016

Korean Air Lines Co., South Korea's largest flag carrier, reaped a record operating income in the first quarter of 2016, while its local rival Asiana Airlines Inc., saw its profit dwindle.Korean Air's operating profit jumped 70.2 percent to 323.3 billion won (US$274 million) from a year earlier, as demand for its flights was on a steady rise in almost all routes worldwide, the firm said in a regulatory filing. Its revenue dropped 0.1 percent to 2.86 trillion won, with net loss totaling 174.9 bil

Industry May 16, 2016

The annual Daegu International Musical Festival, the world’s first established international musical festival, is celebrating its 10th year with more than 20 productions from Korea and abroad. 　Hosted by the city of Daegu and sponsored by the Ministry of Culture, Sports and Tourism, the annual event was first established in 2006 to promote the city of Daegu as a musical hub in Asia. 　This year’s festivities will be held from June 24 to July 11 and will feature 22 musicals from five countries: th

Performance May 16, 2016

Akdong Musician’s Lee Chan-hyuk (left) and Lee Soo-hyun perform at Seoul Forest on Friday, May 5. (YG Entertainment)Akdong Musician held a mini-concert on Friday in Seoul to mark the release of “Spring,” a new album full of the sibling duo’s trademark feel-good music and whimsical lyrics.“We didn’t expect so many people to turn up, we’re truly moved,” said 17-year-old vocalist Lee Soo-hyun, referring to the swarms of families that filled the outdoor theater to hear the group perform at Seoul For

Performance May 8, 2016

NEW YORK – From refined monochrome paintings fit for elegant modern interiors to cutting-edge works that reflect the dynamic sociopolitical landscape of Korea, the fifth edition of the Frieze art fair in New York featured various aspects of Korean modern and contemporary art. The five-day art fair, which ended on Sunday, gathered both big names and less well-known talents, connecting major galleries and artists to collectors, curators and museums, plus more than 40,000 public art lovers, accordi

Performance May 8, 2016

Still from Elite Zexer’s “Sand Storm” (Jeonju International Film Festival)“Sand Storm” by Israeli director Elite Zexer has won the Grand Prize in the International Competition section of this year’s Jeonju International Film Festival, JIFF announced last Friday.“Sand Storm,” directed by the female director Zexer, tells the tale of a Bedouin teenage girl torn between personal desires and tradition. It was awarded a cash prize of $19,000. "(The) International Competition has chosen 10 films that a

Film May 8, 2016

South Korea's steelmaking giant POSCO was the most popular option in the stock markets in the second quarter for foreign investors, market data showed Friday, amid improving sentiments helped by its better-than-expected earnings. According to the data by the Korean Exchange and others, foreign investors bought a net 328.4 billion won (US$284.5 million) worth of POSCO stocks on the Seoul bourse during the April-June period. This represented the largest portion of foreign net buying, which came to

Industry May 6, 2016

North Korea opened its first party congress in more than three decades on Friday as the country's leader Kim Jong-un is seeking to further cement his power amid speculations over Pyongyang's possible nuclear test.The congress of the Workers' Party of Korea (WPK) comes as North Korea was slapped with tougher sanctions by the U.N. Security Council in March over its nuclear test and long-range rocket launch early this year.North Korea kicked off its rare party congress at the April 25 House of Cult

North Korea May 6, 2016

Hyundai Motor Co., South Korea's leading carmaker, has sold more than 2 million vehicles in Canada since its debut in the market more than three decades ago, industry sources said Friday.Since 1984 when it first exported its cars to Canada, its cumulative overseas shipments to the North American country came to 2,005,801 units in April, according to the sources. Hyundai Motor's sales there slumped in the 1990s, and its cumulative sales could not exceed the 1 million mark until 2008.But sales pic

Industry May 6, 2016