The heads of South Korea's 10 biggest business groups had to serve in various posts for 20 years at the family-controlled groups before taking the helm at the age of 49 on average, a survey showed Thursday.Hanwha Group Chairman Kim Seung-youn was the youngest to ascend to the throne at the age of 29 in 1981, after the sudden death of his father Kim Jong-hee, the founder of the group leading the country's explosives industry, according to market researcher Chaebul.com. (Yonhap)Kim Seung-youn asce

Industry March 2, 2017

Renault Samsung Motors Co., the South Korean unit of French automaker Renault S.A., said Thursday its global sales continued to jump more than 30 percent on-year for a second consecutive month in February, largely helped by a sharp increase in domestic sales.Overall sales came to 20,582 cars last month, up 34.3 percent from the same month last year, according to Renault Samsung. The new SM6 midsize sedan (Renault Samsung)The large gain followed a 34.8 percent on-year spike in the previous month.

Industry March 2, 2017

South Korea's top-three life insurers - Samsung, Hanwha and Kyobo - have decided to pay all overdue suicide claims, giving in to regulators' punitive steps, industry officials said Thursday.Samsung will pay a total of 174 billion won ($152 million) in respect of its policyholders who committed suicide on 3,337 claims. An image of Samsung, Hanwha and Kobyo life insurers in a file photo. (Yonhap)The decision was made at the board meeting earlier in the day."(We) have decided to pay the insurance m

March 2, 2017

Ssangyong Motor Co. said Thursday its global sales continued to grow from a year earlier last month on a sharp increase in domestic sales that more than offset a sharp drop in exports.The South Korean unit of Indian carmaker Mahindra & Mahindra Ltd. said its overall sales came to 10,816 cars in February, up 2.3 percent from the same month last year. The Ssangyong Tivoli SUV (Ssangyong Motor)Domestic sales spiked 16.1 percent on-year to 8,106 cars, while outbound shipments plunged 24.6 percent to

Mobility March 2, 2017

Highlight, a South Korean boy band formerly known as Beast, plans to release an EP album later this month, its agency said Thursday.Around Us Entertainment said the team will release its first EP album under the name Highlight on March 20. The agency uploaded a teaser -- a frowning emoticon face with the release date -- on its Instagram account. (Around Us Entertainment)Since its debut in 2009 under Cube Entertainment, the six-member Beast became popular at home and in Japan with hit songs "Bad

Performance March 2, 2017

South Korea will take part in this year's Munich Creative Business Week, the largest design industry expo in Germany, as the guest of honor, the government said Thursday.The country will give four special exhibitions under the theme "Human Connection, Beyond Smart" during the MCBW that runs from March 4 to 12, the Ministry of Culture, Sports and Tourism and its affiliate the Korea Craft and Design Foundation said in a joint release. This image is captured from the website of the mcbw2017korea. (

Industry March 2, 2017

The Constitutional Court is expected to announce the date of its ruling on President Park Geun-hye's impeachment early next week, sources said Thursday.The notice will likely come Tuesday, according to the sources familiar with the proceedings, to allow some three to four days before the announcement of the actual ruling. Police officers stand guard outside the Constitutional Court in Seoul on March 1, 2017, ahead of rallies demanding the ouster or reinstatement of impeached President Park Geun-

Politics March 2, 2017

Global sales of GM Korea Co., the South Korean unit of US automaker General Motors Co., gained slightly from a year earlier last month on increased exports, the company said Thursday.In February, the South Korea-based automaker globally sold 45,366 cars, up 1.7 percent from the same month last year.(Yonhap)Domestic sales slipped 1.7 percent on-year to 11,227 cars, but exports gained 2.8 percent to 34,139 units, more than offsetting the drop in local sales.However, in the first two months of the

Mobility March 2, 2017

Moon Jae-in, a potential presidential candidate from the Democratic Party,  said on Thursday that if elected, he will push  to repeal Microsoft's ActiveX plug-in and the nation's complicated public electronic certification system, which have been cited as major hurdles for online transactions and the development of the information technology industry. Moon Jae-in, former head of the Democratic Party (Yonhap)ActiveX, which controls and protects users' computers, works only on Microsoft Windows pl

Social Affairs March 2, 2017

The chief of Tera Funding, a peer-to-peer property financial service provider, said Thursday that the company's accumulated loans have surpassed 100 billion won ($87.6 million) since its launch two years ago."Tera Funding surpassed the 100 billion-won mark for the first time as a P2P lending firm because the company is evaluated as being safe," CEO Yang Tae-young said. CEO of Tera Funding Yang Tae-young (Tera Funding)P2P lending refers to a new type of loan extension to individuals or businesses

March 2, 2017

South Korea's national pension fund operator said Thursday it is moving to employ dozens of new investment managers following a recent staff exodus.Late last year, the Investment Management Office of the National Pension Service saw some 30 staffers quit ahead of its relocation to Jeonju, 243 kilometers south of Seoul. In addition, 11 investment managers have left or offered to resign. The Investment Management Office of the National Pension Service in Jeonju, 243 kilometers south of Seoul (Yonh

March 2, 2017

Malaysia has canceled its visa waiver arrangement with North Korea amid a diplomatic spat over the assassination of the half brother of the North's leader, a news report said Thursday.The cancellation will take effect on March 6, after which North Koreans entering Malaysia will be required to obtain a visa, Malaysian news agency Bernama quoted the country's deputy prime minister, Ahmad Zahid Hamidi, as saying. He cited national security as the reason. Malaysia's deputy prime minister Ahmad Zahid

International March 2, 2017

The top diplomats of South Korea and Spain have agreed to work together to pressure North Korea into giving up its nuclear weapons program, the foreign ministry here said Thursday.The North Korean nuke issue and its human rights violations were among the main topics of discussion when South Korean Foreign Minister Yun Byung-se and Spanish Minister of Foreign Affairs Alfonso Dastis held talks in Madrid on Wednesday.South Korean Foreign Minister Yun Byung-se (L) and Spanish Minister of Foreign Aff

Foreign Affairs March 2, 2017

A group of parents of high school students is set to file a suit Thursday demanding the cancellation of the school's adoption of controversial state-authored history textbooks.Munmyeong High School in Gyeongsan, 331 kilometers southeast of Seoul, was designated by the government in February as the only school to use the textbooks in the new academic year starting this month.Students and parents hold up signs at Munmyeong High School in Gyeongsan, 331 kilometers southeast of Seoul, on March 2, 20

Social Affairs March 2, 2017

South Korea plans to push projects that will help North Koreans access outside information if a foundation to improve North Korea's human rights situation is launched, a government official said Thursday.A law aimed at improving North Korea's human rights situation took effect in September 2016, but South Korea has yet to kick-start the relevant foundation as the main opposition party has delayed recommending candidates for board members.Unification Ministry spokesman Jeong Joon-hee (Yonhap)The

Social Affairs March 2, 2017