The founder of South Korean retail giant Lotte lost his last remaining board member seat at the affiliate of the conglomerate, effectively leaving the management scene, the business group said Wednesday.The board of directors of Lotte Aluminum Co., a packaging material firm, decided not to extend the term of Shin Kyuk-ho on the decision-making body. The move by the affiliate marks the complete departure of Shin from the running of the company that he started with the founding of Dongbang Alumi I

Companies Aug. 9, 2017

Opposition parties on Wednesday castigated North Korea's threat of military strikes against South Korea and the United States, urging Seoul to toughen its stance against the belligerent regime.Earlier in the day, Pyongyang threatened to launch missile strikes to lay siege to US strategic military installations in Guam. On Tuesday, the communist state took issue with Seoul's maritime live-fire drills, warning Seoul could be turned into a "sea of flames.""We strongly condemn the series of the Nort

Politics Aug. 9, 2017

The government will not demand photo or other personal information unrelated to work from applicants when hiring experienced employees starting late this month, as part of efforts to promote merit-based "blind" hiring, the Ministry of Personnel Management said Wednesday.The ministry said it has revised regulations to introduce a standard application form to be used in hiring experienced employees throughout the government. Unlike previous forms, the new one doesn't demand a photo, school backgro

Politics Aug. 9, 2017

South Korea's auto parts businesses on Wednesday demanded the government give more leeway in terms of regulations on wages and working hours, claiming the industry is currently facing tough challenges at home and abroad.The Korea Auto Industries Cooperative Association, the Korea Academy of Motor Industry, and the Foundation of Korea Automotive Parts Industry Promotion released a joint statement, saying the government should lend support to help local firms currently struggling with falling expo

Mobility Aug. 9, 2017

The government said Wednesday it has started to run a relief fund for victims of a toxic humidifier disinfectant, as part of its compensation measure after the scandal resulted in some 70 deaths amid intense public scrutiny. The Ministry of Environment said its committee handling the management of the relief fund decided to charge 18 firms that had produced the deadly product a total of 125 billion won ($110 million) to share the expenses for the relief fund. The move comes after the parliament

Social Affairs Aug. 9, 2017

Prosecutors said Wednesday it indicted the head of Seoul's Gangnam District Office without detention on charges of slandering President Moon Jae-in when he was a presidential candidate earlier this year. Shin Yeon-hee, a member of the conservative Liberty Korea Party, is accused of illegal electioneering and defaming Moon by spreading false information about him via mobile messenger Kakao Talk on more than 200 occasions from December last year to March, according to the Seoul Central District Pr

Social Affairs Aug. 9, 2017

South Korean stocks ended lower Wednesday morning as foreign investors offloaded large-cap stocks amid heightened tensions over North Korea's nuclear and missile programs. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index lost 26.34 points, or 1.1 percent, to 2,368.39.Ryu Yong-seok, a market analyst at KB Securities Co., said tensions between North Korea and the United States weighed on the main index.Foreign investors sold over 259 billion won ($228 milli

Market Aug. 9, 2017

President Moon Jae-in has invited ruling party lawmakers for a luncheon later this month, party officials said Wednesday, an apparent move to strengthen cooperation ahead of a possible legislative battle over his key policy initiatives.Moon plans to meet the Democratic Party lawmakers on Aug. 26 before the parliament begins its 100-day regular session next month, when parties are expected to wrangle over Moon's push to revise the tax code and reform the prosecution and spy agency, and other plan

Politics Aug. 9, 2017

President Moon Jae-in on Wednesday introduced a government move to significantly reform the state-run health care program that will greatly reduce the medical expenses of patients, especially those in the low-income bracket, while providing new and enhanced benefits.At the same time, the president vowed to keep the rise in insurance payments at a minimum. (Yonhap)"Medical expenses continue to increase. The number of people spending more than 5 million won ($4,406) a year stands at around 460,000

Politics Aug. 9, 2017

TOKYO -- Japan on Wednesday reiterated its stance that a 1965 Seoul-Tokyo deal settled all issues of individual compensation to victims of forced labor during its colonial rule of Korea, rejecting a South Korean court ruling in favor of the victims.South Korea's Gwangju District Court ruled the previous day that the Japanese firm Mitsubishi Heavy Industries must pay 120 million won ($106,572) in compensation to Kim Young-ok, 85, and 3.25 million won ($2,892) to a family member of late victim Cho

Foreign Affairs Aug. 9, 2017

Sixty percent of surveyed adults disapprove of government proposals on lowering telecommunications costs for not meeting their expectations, a consumer advocacy group said Wednesday.A poll by the Green Consumer Network of Korea said 60.2 percent appraised the proposals as inadequate compared with 42.8 percent who felt the move fell somewhat shy of their expectations. Another 17.4 percent answered the ideas being pushed by the government are highly insufficient.The survey was carried out from Jul

Politics Aug. 9, 2017

Volatility in South Korea's currency markets rose in July from a month earlier, though the stability of the global financial markets continued, the central bank said Wednesday.The session-over-session changes in the dollar-won exchange rates averaged 0.42 percent in July, compared with 0.28 percent a month earlier, the Bank of Korea said in a statement. "The won has fallen slightly against the dollar since July due to geopolitical risks" stemming from North Korea's missile and nuclear

Economy Aug. 9, 2017

South Korean shipyards recaptured the No. 1 position in new orders worldwide in July amid a plunge in overall numbers, outpacing Chinese rivals, industry data showed Wednesday.According to the data compiled by global research firm Clarkson Research Institute, local shipbuilding companies clinched new orders worth a combined 306,000 compensated gross tons last month to build nine vessels.Chinese rivals came next with 295,000 CGTs, or 13 ships. Japanese shipyards' orders came to nil.Globally, new

Industry Aug. 9, 2017

The money supply in South Korea jumped 5.9 percent in June from a year earlier, the central bank said Wednesday.The nation's M2 totaled 2,470.8 trillion won ($2.17 trillion) in June, compared to 2,334.2 trillion won a year earlier, the Bank of Korea said in a statement.The money supply gained 0.4 percent on-month, the statement said.The growth rate of the money supply has been on the decline since October 2015 as companies decreased domestic credit.M2 is a measure of the money supply counting th

Economy Aug. 9, 2017

South Korean exports of information and communication technology products increased in July to a record high for the sixth consecutive month on brisk overseas sales of semiconductors and displays, government data showed Wednesday.A total of $15.7 billion worth of ICT products were shipped overseas, up 20.9 percent from a year earlier, according to the data compiled by the Ministry of Science and ICT. July's overseas shipments of ICT products were a record for the month, breaking the previous $14

Industry Aug. 9, 2017