Prosecutors said Tuesday they have launched an investigation into Hyosung Group on suspicion that the country's 26th-largest conglomerate evaded a massive amount of taxes.The probe comes after the country's tax agency had filed a charge against the group's chairman, Cho Suck-rai, 79, with the Seoul Central District Prosecutors' Office for allegedly leading the tax evasion scheme through various illegal methods.According to the sources at the National Tax Service (NTS), which conducted a special

Industry Oct. 1, 2013

The Financial Supervisory Service said Tuesday that it launched a full-fledged investigation on possibly speculative stock investors exploiting shares of Tong Yang Group units.“The regulatory probe focuses mostly on irregular fluctuation in the stock prices of the cash-strapped group’s listed units,” an FSS official said. “There could be manipulation attempts amid the woes involving a liquidity crisis in the conglomerate.”After three Tong Yang units filed for court receivership on Monday, two mo

Industry Oct. 1, 2013

South Korean stocks traded 0.6 percent higher late Tuesday morning, cheered by bullish large-cap exporters, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) climbed 12.06 points to 2,009.02 as of 11:20 a.m.Tech and auto blue chips shored up the main index. Samsung Electronics rose 1.02 percent, and Kia Motors, the smaller affiliate of Hyundai Motor, gained 1.53 percent. In contrast, domestic-focused issues lost ground, with state-run electricity provider Korea Electric Powe

Oct. 1, 2013

The number of South Korean visitors to Japan sharply increased this year despite concerns over nuclear safety there, the state-run tourism agency said Tuesday.According to the Korea Tourism Organization, the number of South Koreans visiting the neighboring country reached 1.56 million in the first seven months of 2013, up 36.6 percent from a year earlier.The figure is the second-largest after China's 2.25 million, the organization said.The number of South Korean visitors to Japan has hovered abo

International Oct. 1, 2013

Hyundai Motor Co., South Korea's top automaker, has been ordered to recall a total of 64,795 vehicles in China because of faulty brake pedals, China's consumer quality regulator said Tuesday.The General Administration of Quality Supervision, Inspection and Quarantine said vehicles from Hyundai affected by the recall included Genesis and Azera sedans.The vehicles involved were produced between 2005 and 2010, according to a statement posted on the regulator's website."Problems related to the fault

Industry Oct. 1, 2013

South Korean stocks closed 0.74 percent lower Monday, as an ongoing liquidity crisis of a South Korean conglomerate unnerved investors, analysts said. The local currency inched down against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) declined 14.84 points to finish at 1,996.96. Trading volume was light at 283.1 million shares worth 4.09 trillion won ($3.79billion) with losers far outstripping gainers 540 to 277. Tong Yang Group, the 38th-largest family-run company in

Sept. 30, 2013

NASA plans to install 3-D printers in spaceships due to be launched next year, allowing astronauts to produce the necessary tools and components on the spot.“Any time we realize we can 3-D print something in space, it’s like Christmas. You can get rid of concepts like rationing, scarce and irreplaceable,” said inventor Andrew Filo, who is consulting with NASA on the project. Currently, 3-D printers on the market have a wide range of prices starting from $300, with primary functions not for space

World News Sept. 30, 2013

U.S. Secretary of Defense Chuck Hagel made a symbolic visit to the heavily armed truce village bordering North Korea on Monday, stressing its strategic importance in defending the Korean Peninsula.Hagel made the Demilitarized Zone tour his first order of an unprecedentedly long, four-day visit to the Asian ally ahead of an annual bilateral defense summit slated for Wednesday, which is expected to assess the North Korean threat and alliance issues with Seoul.Hagel shook hands with soldiers and sp

Defense Sept. 30, 2013

South and North Korea on Monday opened a joint body to coordinate in preventing another work stoppage at an inter-Korean factory zone that opened a fortnight ago after a five-month hiatus, the unification ministry said. The permanent secretariat in the North Korean border town of Gaeseong, staffed by both South and North Korean government officials, will assist the joint management committee tasked with running the business park, the ministry said.This newly established steering committee gives

North Korea Sept. 30, 2013

스티브 발머(57) MS 최고경영자(CEO)는 지난 26일(현지시간) 은퇴 전 마지막으로 주관한 사원회의에서 멋진 춤 솜씨를 선보이는 등 마치 록 콘서트와 같은 분위기로 이끌었지만 이내 눈물을 보였다고 BBC 등 영미 언론들이 잇따라 보도했다. 발머는 “여러분은 세계 최고의 회사에서 일하고 있다”며 마지막까지 직원들에게 자신감을 불어넣었다. 그는 이어 경쟁사 애플, 아마존과 구글과의 차별화된 강점은 ‘더 많이 하는 것’에 집중하는 것이라고 전했다. 스티브 발머는 30년 전 첫 사원회의에서 공연한 마이클 잭슨의 노래 ‘워너 비 스타팅 섬씽’(Wanna Be Startin‘ Somethin’)에 맞춰 숨겨온 춤 실력을 이 자리에서 직원들에게 선보이며 화기애애한 분위기를 주도했지만 막바지에 결국 아쉬움을 감추지 못하며 눈물을 흘렸다. 발머는 최근 윈도8의 실망스러운 성과로 은퇴 압박을 받아오면서 MS는 8월 1년 내에 스티브 발머의 사퇴를 발표했다. 이번 사원회의가 열린 미국 시애틀의 농

한국어판 Sept. 29, 2013

미국의 국가안보국(NSA)이 2010년부터 지난 3년간 미국인들의 통화내역, 이메일 기록을 수집하며 개인의 사생활을 침해하는 자료를 만들어온 것으로 드러났다고 뉴욕타임스가 28일(현지시간) 보도했다. 전 안보국 소속의 분석가 에드워드 스노든(29)에 의하면, 미 국가안보국이 국외 정보를 얻기 위해 미국인들의 사회적 관계를 조사하는 과정에서 그들의 전화와 이메일 기록 이외에도 은행 비밀번호, 보험 가입정보, 페이스북 계정, 비행기 승객 명단, 위치정보, 재산 목록 등의 자료를 광범위하게 조사해온 것으로 알려졌다. 미 안보국은 수많은 무고한 시민들의 개인 정보들을 포함한 자료를 수집해왔지만 얼마나 많은 축적 대상의 정보가 유출되었는지 밝히지 않았다. 다만 스노든이 제공한 2011년 1월 문건에 따르면, NSA 가 코드명 ‘메인웨이’라는 데이터 저장소에 2011년 기준 7억 건의 정보를 모은 것으로 전해졌다. 스노든이 올해 초 내부문건을 공개하면서 미국의 감시활동이 시민들의 자유를 위협하

한국어판 Sept. 29, 2013

An appeals court has lowered the sentence for a South Korean man charged with making an unauthorized visit to North Korea after finding him not guilty of paying his respect to late North Korean founder Kim Il-sung, a court official said Sunday.The defendant, identified only by his surname Cho, 54, made the visit to the North via Germany, Japan and China in 1995, and attended a series of events, including paying homage at Pyongyang's Kumsusan Palace, where the embalmed body of the country's found

Social Affairs Sept. 29, 2013

Steve Ballmer ended up in tears in his last company meeting held on Friday after a rock-concert-style sendoff topped with a dance performance, marking the end of his 33-year career at Microsoft.　Ballmer referred to Microsoft as “the best company in the world,” spotlighting the company‘s focus on “doing more” in comparison to rivals such as Apple, Amazon and Google. Despite expressing his regret for Microsoft’s late entry into the smartphone business, Ballmer said he believes in the company’s pot

World Business Sept. 29, 2013