The chief of cash-hungry Daewoo Shipbuilding & Marine Engineering Co. urged its workers Wednesday to accept a pay cut and other bold restructuring moves to overcome its worsening financial status.In a message delivered through an in-house broadcast to its workers, Jung Sung-leep, president of Daewoo Shipbuilding, said this is the last chance for him and his workers to survive.(Yonhap)"Our creditors and shareholders demand that we share pain and implement self-rescue efforts," Jung said, adding t

Industry March 29, 2017

Samsung Electronics Co. is not planning to release the refurbished version of the ill-fated Galaxy Note 7 phablet in the United States, an industry tracker said Wednesday.Citing Samsung sources, Consumer Reports said the refurbished phablets will not be sold nor rented out in the US.  (Yonhap)Earlier this week, Samsung said it will seek to sell refurbished Galaxy Note 7s, whose production was suspended last year due to safety issues.The tech giant unveiled the Galaxy Note 7 in early August, but

Industry March 29, 2017

Actor Jang Keun-suk has helped a Mongolian teenager get treatment for ovarian cancer in South Korea, his management agency said Wednesday.Tree J Company said Jang covered the cost for the patient's trip and medical treatment after he had heard that her family wasn't able to pay for the expenses. He also thought it would be better for her to receive treatment in Korea with better medical facilities.  The undated photo provided by Tree J Company shows South Korean actor Jang Geun-suk. (Yonhap)The

Television March 29, 2017

South Korea and India agreed to hold a meeting of their vice defense and foreign ministers this year in a move to bolster their "strategic cooperation" on political and security areas, Seoul's foreign ministry said Tuesday.First Vice Foreign Minister Lim Sung-nam speaks during a parliamentary session at the National Assembly in Seoul. (Yonhap)The agreement over the "two-plus-two meeting" was announced after Seoul's First Vice Foreign Ministry Lim Sung-nam held talks with his counterpart Preeti S

Foreign Affairs March 29, 2017

South Korea and Egypt have signed an agreement on strengthening bilateral defense cooperation, the Ministry of National Defense said Wednesday, as Seoul is actively reaching out to African nations.South Korean Vice Defense Minister Hwang In-moo inked the memorandum of understanding with Egyptian Defense Minister Sedki Sobhy in Cairo on Tuesday (local time).A halal food restaurant in Itaewon, Seoul (Yonhap)The deal is expected to serve as a chance for promoting substantive military exchanges and

Foreign Affairs March 29, 2017

South Korean companies on Wednesday called for joint efforts by Seoul and Beijing to resolve ongoing trade dispute in the wake of the latter's apparent economic retaliation against the former's companies and goods.In a seminar arranged by the Korea International Trade Association, exporters here called on the two governments to stick to free and fair trade principles and rule out "non-economic" factors in bilateral trade. KITA Chairman and CEO Kim In-ho delivers a keynote speech in a seminar hel

Social Affairs March 29, 2017

With spring just around the corner, Korean palaces will open up for people who'd love to enjoy a night view of historic palaces in Seoul, the Cultural Heritage Administration said Wednesday.The CHA will run night tour programs for Gyeongbok Palace and Changgyeong Palace on the third and fourth weeks from April to September, except for May-June for Gyeongbok and August-September for Changgyeong when construction is scheduled to improve lighting facilities.The two, built during the Joseon Dynasty

Social Affairs March 29, 2017

South Korean petrochemicals firms, led by LG Chem Ltd., are seeking to diversify their export destinations and establish more overseas production facilities, in a bid to reduce their dependence on China, industry sources said Wednesday.According to the sources, LG Chem, the country's No. 1 player in the chemicals sector, is attempting to expand its presence in the North American and the European markets to sell its high-end products, thus trimming the portion of its exports to China that current

Industry March 29, 2017

Thousands of US rapid response troops, including the Stryker team, are taking part in a joint exercise in South Korea, the US military said Wednesday, as tensions run high on the peninsula amid North Korea's saber-rattling.The Army's 1st Stryker Brigade Combat Team has been deployed here for the ongoing Foal Eagle exercise after the Cobra Gold training in Thailand, according to the US Pacific CommandThe Stryker unit, code-named Task Force Ghost, is a motorized infantry force known for increased

Defense March 29, 2017

Two South Korean suspects have been arrested for allegedly stealing a safe from the residence of the Cambodian ambassador in Seoul last week, police said Wednesday.A 38-year-old man, whose identity was withheld, was arrested near Seoul on Tuesday over allegations that he trespassed upon the residence on March 21 and ran away with a 30-kg safe, police said. (Yonhap)Police said they also nabbed his 50-year-old female accomplice, accused of helping the man carry the stolen safe and escape. The two

Social Affairs March 29, 2017

South Korea's export of cosmetics products to China jumped in the first two months of this year from a year earlier, industry data showed Wednesday, underscoring solid gains in trade despite the trade row between Beijing and Seoul over a US anti-missile system. The outbound shipments of cosmetics goods to the world's second-largest economy surged 51.6 percent on-year to $270 million in the January-February period, according to data by the Korea Cosmetics Association.  (Yonhap)They posted a 10 pe

March 29, 2017

South Korea's major chipmaker SK hynix Inc. decided to join the preliminary bid to purchase the memory chip business of Japan's Toshiba Corp., industry sources said Wednesday.SK hynix is estimated to have suggested more than 10 trillion won ($8.9 billion) for the deal. (Yonhap)The South Korean company said it cannot comment on any details on the deal, including whether it actually aims to buy the memory business.Industry sources said SK hynix may seek to establish a consortium with Japanese fina

Technology March 29, 2017

South Korea should move to sign a free trade deal with Japan to more effectively deal with growing protectionist trends in the global economy, local economist said Wednesday.The Trump administration has withdrawn from the 12-nation Trans-Pacific Partnership and blamed the North American Free Trade Agreement and the free trade agreement with South Korea for job losses, triggering concerns over the possibility of Washington withdrawing from the deals or at the very least demanding revisions. (Yonh

March 29, 2017

South Korean households posted the first deficit in the so-called interest balance in 2016 as their interest payments grew at a much faster pace than interest income, central bank data showed Wednesday.Local households' income from interest on deposits at local banks and other financial institutions reached an estimated 36.1 trillion won ($32.4 billion) last year, up 5.4 percent from the previous year and the smallest amount in 20 years, according to the data by the Bank of Korea. (Yonhap)In con

March 29, 2017

Hyundai Motor Co., a South Korean automaker, said Wednesday it is considering launching its luxury Genesis sedan in China next year to gain a bigger share in the world's largest auto market. "We have recently set up a task force team under our Chinese operations to push forward the launching plan. The team will conduct a local market survey and look into local regulations in advance," a company spokesman said. (Yonhap)Hyundai Motor has launched the premium sedan, which carries an independent nam

Mobility March 29, 2017