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South Korea

South Korea’s largest financial institution Shinhan Financial Group said it has selected Shinhan Bank CEO Cho Yong-byoung as the final candidate to be the next chairman of the group. Shinhan Bank CEO Cho Yong-byoung. (Shinhan Financial Group)Cho was unanimously chosen by the seven members of the corporate governance and CEO recommendation committee among the three candidates, the group said in a statement. The other two candidates were Wi Sung-ho, the CEO of Shinhan Card, and Choi B…
01.19 / 10:44
koreaherald.com
South Korea’s largest business lobby group claimed Thursday that it was instructed by the presidential office to solicit corporate donations for Choi Soon-sil, a close friend of President Park Geun-hye. A top standing executive of the Federation of Korean Industries -- Vice Chairman Lee Seung-cheol -- made the testimony, appearing as a witness at Choi’s trial held at the Seoul District Court.  Vice Chairman Lee Seung-cheol of the Federation of Korean Industries enters a courtroom in Seoul t…
01.19 / 08:00
koreaherald.com
To most moviegoers and fellow actors, Jung Woo-sung is best known for his role in Kim Sung-su’s 1997 gangster film “Beat.” He plays a teenager who has dropped out of high school -- something Jung also did in real life, due to his family’s poverty and his desire to pursue an acting career -- and is forced into the world of gangsters. Jung is often referred to as “the celebrity’s celebrity” in Korea. Many actors who debuted in later years, including Hyun Bin and Park Hae-jin, confessed to hav…
01.19 / 07:59
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South Korea's foreign ministry said on Thursday that it is "not desirable" to link the current diplomatic friction over a girl statue symbolizing Japan's wartime sexual slavery with the issue of Korea's easternmost islets of Dokdo which are claimed by Tokyo. "We would like to point out that the two issues are completely different in that the girl statue is a universal human rights issue related to comfort women victimized by Japan's military, while Dokdo is a matter associated with our …
01.19 / 07:40
koreaherald.com
Major South Korean baking and confectionery companies will begin using powdered eggs instead of fresh eggs for their products starting next month, industry officials said Thursday.According to the officials, they plan to import a combined 400 tons of powdered eggs from China and the United States in February.The companies include food conglomerate SPC Group which operates bakery brand Paris Baguette, Lotte Confectionery Co., Haitai Confectionery Co. and CJ Group.So far, the local companies…
01.19 / 07:18
koreaherald.com
North Korean leader Kim Jong-un's rare move to bow to workers seems to be only a calculated part of his governing style and not a sign he cares about ordinary North Koreans, a South Korean official said Thursday.The North's leader bowed his head to workers when he visited a shoe factory in the eastern coastal city of Wonsan in December, according to footage released by the North's state TV broadcaster on Tuesday.It is rare for Kim, regarded as the supreme leader in North Korea, to show…
01.19 / 06:57
koreaherald.com
The court’s refusal to issue an arrest warrant for Samsung Group’s heir apparent Lee Jae-yong has dealt a heavy blow to the special investigators who have been striving to prove the bribery allegation centered on President Park Geun-hye and her infamous friend Choi Soon-sil.Though the independent counsel team vowed to carry on its investigation, doubts persist on whether the team will successfully secure further evidence within the time constraint. “It is regretful that (the court) reject…
01.19 / 06:01
koreaherald.com
LG Electronics is planning to unveil its next flagship smartphone model, likely to be the G6, at the Mobile World Congress at noon on Feb. 26.On Thursday, the smartphone maker sent out an invitation to journalists around the world for the launch of a new smartphone in Barcelona next month. An invitation for G6 launch (LG Electronics)In the invitation, LG wrote “See More, Play More,” giving the implication its new product is focused on entertainment functions and user convenience. The G6 wil…
01.19 / 05:59
koreaherald.com
Samsung Electronics has launched its signature wind-free air conditioner in Europe, the company announced Thursday. European consumers try out the wall-mounted wind-free air conditioner by Samsung Electronics at The Mall in Milan, Italy on Wednesday. (Samsung Electronics)The South Korean home appliance maker introduced the wall-mounted wind-free air conditioner that won the Innovation Award at the Consumer Electronics Show earlier this month to European consumers at a launch ceremony at …
01.19 / 05:58
koreaherald.com
The daughter of Lotte Group's founder was sentenced to three years in prison Thursday on a string of charges, including embezzlement and breach of trust, in the first court ruling made against a family member of the retail giant.The Seoul Central District Court convicted Shin Young-ja, the head of the Lotte Foundation, of receiving bribes from various companies in return for business favors related to Lotte's duty-free shops and department stores for over eight years. In this file photo…
01.19 / 05:57
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Following Volkswagen’s emissions scandal in Korea that resulted in an order to recall 27,000 Tiguan SUVs starting next month, the Ministry of Environment announced Thursday that VW’s next recall plan involves roughly 15,000 CC mid-size sedans.  According to the ministry, the German car maker is currently negotiating the terms of the recall. The measure is expected to be approved by the ministry sometime in the middle of next month.  Approximately 126,000 VW vehicles in Korea are expected to…
01.19 / 05:35
koreaherald.com
Finance Minister Yoo Il-ho warned Thursday that the government will strictly deal with any price collusion ahead of the nation’s Lunar New Year holiday. His comments came as prices of some agricultural products have shot up more than 100 percent on-year in recent weeks, weighing on consumers who would have to spend more to prepare traditional food during the holiday set for Jan. 27-30.  Finance Minister Yoo Il-ho speaks during a ministerial meeting in Seoul, Thursday. (Yonhap News)“There ar…
01.19 / 05:15
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South Korean political thriller "The King" has topped the local box office on its opening day, with a score well over that of "Confidential Assignment," data showed on Thursday. According to a box office tally from the Korean Film Council, "The King," starring actor Jo In-sung, had accompanied 288,972 moviegoers on its Wednesday release. This marks the biggest opening score for homegrown films that have been released in January.The movie, which marks Jo's first film after his 2008 movie "A…
01.19 / 04:55
koreaherald.com
A former aide to President Park Geun-hye testified at her impeachment trial Thursday that his appointment to the presidential office was initiated by his nephew, who worked closely with the chief executive's friend at the center of an influence-peddling scandal.Kim Sang-yule, former senior presidential secretary for education and culture, was summoned to testify at the Constitutional Court on allegations that Park's friend Choi Soon-sil wielded enormous influence in appointing top…
01.19 / 03:33
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South Korean infants are prescribed antibiotics in much higher frequency than those in other countries, the latest research report said Thursday, confirming concerns in the medical community of serious misuse that could hurt the immune system.The results show South Korean toddlers on average are prescribed antibiotics 3.41 times by the time they reach the age of two, way higher than the five other countries -- Germany, Italy, Norway, Spain and the United States -- surveyed for the report.…
01.19 / 02:31
koreaherald.com
Moon Jae-in, a liberal presidential front-runner, saw his approval rating edge up this week to widen the gap with his biggest rival, former UN Secretary-General Ban Ki-moon, a poll showed Thursday.The former Democratic Party head received 28.1 percent in support, up 2 percentage points from the previous week in the survey by RealMeter. Ban fell 0.4 point to 21.8 percent. (Yonhap)The former UN head has been seeking to expand his political presence after returning home last Thursday by…
01.19 / 02:11
koreaherald.com
The Bareun Party, a splinter group of the ruling Saenuri Party, on Thursday dismissed liberal presidential front-runner Moon Jae-in's pledge to create 1.31 million jobs as populist "sweet talk."On Wednesday, Moon, former head of the main opposition Democratic Party, said he would provide more jobs by increasing the number of civil servants and reducing work hours to induce employers to hire more."South Korea's public sector debt has surpassed 1,000 trillion won ($848 billion) for the first…
01.19 / 00:49
koreaherald.com
A local civic group said Wednesday it has asked the UN to arrange a meeting with South Koreans abducted by North Korea.Choi Sung-yong, head of the support group for families of abductees, said he submitted a formal request to Signe Poulsen, head of the Seoul office of the UN High Commissioner for Human Rights, on Tuesday.Choi's organization believes 21 out of 516 South Koreans abducted by North Korea after the Korean War are still alive and are residing in Pyongyang.Citing his own source,…
01.19 / 00:30
koreaherald.com
North Korean leader Kim Jong-un visited a military unit, Pyongyang's state media said Thursday, marking his first inspection of the country's defense establishment in the new year.The North's leader toured the Korean People Army's Unit 233, stressing the need to boost its combat preparations, the Korean Central News Agency said without revealing the date of his inspection.Kim was satisfied that soldiers are keeping weapons and combat equipment "always ready to go into action, thinking only …
01.19 / 00:28
koreaherald.com
South Korea's producer prices rose slightly last month from a year earlier due to hikes in the prices of manufactured goods and agricultural and fisheries products, the central bank said Thursday.The producer price index came to 100.79 in December, up from 99.02 a year earlier, according to preliminary data from the Bank of Korea. Producer prices serve as an indicator of future consumer inflation.Monthly, the December index also gained from a revised 99.97 in November.Prices of…
01.19 / 00:08
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