The nation’s stock exchange operator said Friday it has launched a probe into suspicions that shares of Doosan Group and its affiliates were unfairly traded on the day the conglomerate announced a leadership succession plan.Doosan Group chairman Park Yong-maan said he would hand over his top position to his nephew Park Jeong-won at around 2:40 p.m. on Wednesday. But the share prices of the group and its affiliates started to surge earlier in the day -- even hours before the announcement was made

Doosan Group chairman Park Yong-maan’s announcement he would hand over his top position to his nephew Park Jeong-won surprised the corporate world here this week, not just because of the peaceful power transfer he sought, but also because of the timing and significance the decision carried.The 54-year-old heir has always been first in the succession line, according to a unique tradition of the family-owned business, similar to the leadership of Muslim dynasties that has tended to pass between br

South Korea will spend a total of 746.4 billion won ($603 million) on its space program this year, as part of efforts to realize its long-cherished goal of reaching the moon. The Ministry of Science, ICT and Future Planning said Sunday that it has also agreed with relevant ministries to allocate 200 billion won for the next three years to launch its first lunar exploration.An artistic rendering of a landing vessel and a lunar-rover planned to be sent to the moon by 2020. (Korea Aerospace Researc

POSCO, the world’s fifth-largest steelmaker, has begun work on a lithium extraction plant in Argentina as part of its strategy to prioritize its business in the metal.Upon the completion of the plant by the end of this year, the steelmaker plans to produce 2,500 tons of high-purity lithium a year. The metal is a key raw material in electric car batteries. POSCO’s production goal is equivalent to manufacture more than 60,000 electric car batteries, as it takes about 40 kilograms of lithium to pro

Concerns are mounting over the South Korean economy, which has already been dented by the global economic slowdown and falling oil prices, as it faces increasing geopolitical tensions over North Korea’s missile tests.Most experts are offering a pessimistic outlook, saying the local economy would be stifled by greater uncertainty in a Cold War-like situation with Seoul and Washington taking bolder actions against Pyongyang, despite protests by Beijing and Moscow. Market reactions to the ongoing i

 Jill Stuart releases new beauty productsJill Stuart is set to release a new beauty line, consisting of body washes and shampoos with aromatic fragrances, in mid-February, the company said specifying on an exact date. Inspired by floral scents, Jill Stuart’s Relax Line uses a combination of lily and jasmine fragrances, as well as other natural aromatic oils. The products include shower gel, body milk, shampoo, hair conditioner and oil, and are offered in two types: “Aromatic White Floral Bouquet

Lotteria, a major Korean fast food chain, plans to release the Majjam Burger, a new burger line that maximizes on the flavor of jjamppong, starting Friday. Jjamppong refers to a Chinese-style spicy noodle dish, which has recently gained popularity in the instant noodle market.The new product consists of a jjamppong-flavored patty made of seafood and two sets of compressed noodles that hold the patty like a bun, with onions and cabbage inside the burger. Lotteria plans to sell 500,000 burgers pri

Like other chaebol daughters in South Korea, Chung Yu-kyung has stayed under the shadow of her elder brother Chung Yong-jin, heir apparent of the Shinsegae Group. Leading trendy but smaller units like hotel and bakery businesses for years, the only daughter of group chairwoman Lee Myung-hee has been standing out in the succession race for a long time. A recent promotion that placed her on the top of Shinsegae’s department store business, however, has quickly turned around this traditional idea.

Controversy mounted over a rare demand for dividends by a U.S. hedge fund to GS Home Shopping on Tuesday as the Korean multimedia retailer vowed to defend such moves legally.An official at GS Home Shopping told local media that SC Fundamental’s request to increase cash dividends for shareholders was “excessive” and it would undermine the company’s efforts to survive deteriorating market conditions. “To meet SC Fundamental’s demand, we have to spend 80 percent of net profit for dividends which is

Driving Kia’s all-new K7 for the 162-kilometer round-trip between Seoul and Chuncheon was like taking a bath in hot and cold tubs in rotation.The new generation of the 3.3-liter gasoline K7 excelled in power along with its adrenaline-pumping front-exterior, but also offered a sense of comfort and elegance at the same time while speeding up and down the highway. Engine vibration and wind noises were hardly felt between the speed range of 150-170 kilometers per hour, with the pleasure of driving m

Shin Kyuk-ho, founder of Korean retail giant Lotte Group, testified at a Seoul court Wednesday to demonstrate his mental status, marking a new twist in the bitter feud over control of the group. Shin Kyuk-ho, founder of Korean retail giant Lotte Group, walks into a court room at Seoul Family Court on Wednesday. (Yonhap)The 93-year-old Lotte founder walked into a court room at the Seoul Family Court and told judges that his ability to make judgement is the same as in his 50s, his lawyer told repo

POSCO has cut its number of executives by 30 percent as part of restructuring efforts to tackle the prolonged slump in its core steel business, the group said in a statement Monday.The steelmaker has reduced the number of senior staff from 369 last year to 259 and cut down the number of offices within the group by 22 percent to improve efficiency.The decision was released less than a week after the steelmaker logged its first-ever net loss of 96 billion won in 2015, due to weak global demand for

South Korea’s exports plummeted 18.5 percent in January from a year ago, recording the largest year-on-year fall since August 2009 when the country was reeling from the global financial crisis. (Yonhap)Exports from Korea had been on a downward path for 13 months straight, along with a continuous drop in oil prices and slowing demand from emerging countries, sparking red alert in Asia’s fourth-largest economy, which heavily relies on exports for growth.Overall outbound shipments reached $36.7 bil

South Korea’s national debt is expected to exceed 600 trillion won ($496 billion) for the first time ever this week, drawing concerns over the nation’s fiscal health amid a slowing economy and rapid population aging, the National Assembly said Sunday.According to the national debt clock released by National Assembly Budget Office, the national debt could reach 644.9 trillion won by the end of the year, a 49.8 trillion won increase from the 595.1 trillion won estimated in late 2015. The total cou

The number of Chinese visitors coming to South Korea declined last year in contrast to a growing number of travelers heading to Japan, sparking concerns that Korea is losing its place as a population destination for the Chinese. A Chinese tourist enjoys sledding at High1 Resort, Jeongsun in Gangwon Province. (Yonhap)A total of 4.99 million Chinese travelers visited Japan last year, setting a new record, according to reports based on data released by the Japan National Tourism Organization on Wed

SEOUL/JEJUDO ISLAND -- A nearly three-day airport shutdown on the southern resort island of Jejudo due to heavy snowfall and strong winds ended Monday afternoon, with mounting questions over a lackadaisical response by the airport authorities and air carriers that failed to minimize customer inconvenience at times of natural disasters.  Travelers wait on the floor at Jeju International Airport`s passenger terminal early Monday. (Yonhap)As of 2:48 p.m., air carriers had started to transport passe

(AP-Yonhap)The nation’s antitrust watchdog has launched a full-scale investigation upon suspicions that Volkswagen Korea ran false advertisements about vehicles for which it had rigged emissions tests, officials said Friday. The probe is expected to strike a blow to the Korean unit of the German carmaker, which is already facing a separate criminal probe and a series of class action suits both in local and U.S. courts.The Fair Trade Commission is zeroing in on speculation that the carmaker claim

The Ministry of Agriculture and Food on Thursday denied rumors of the government’s reported plans to launch a halal food-processing complex in the southwestern part of the country in the face of opposition by Protestant groups here.According to rumors that spread quickly, the government plans to spend 550 billion won ($453 million) to build the food-processing complex in Iksan, North Jeolla Province, by the end of this year. It will include a meat butchery to carry out religious slaughter of ani

Volkswagen Group and its dealers are facing another class-action suit by the Korean owners of its 3-liter diesel models involved in an emissions-cheating scandal both in local and U.S. courts, a Seoul-based law firm said Wednesday.  (AP-Yonhap)The move follows the admission by the embattled carmaker to the U.S. Environmental Protection Agency late last year that emissions were rigged not only on its 2-liter diesel models but also on its 3-liter vehicles. The law firm, Barun Law LLC, told The Kor

The government said Monday it would inject 80 trillion won ($66 billion) of public funds this year to nurture new growth engines, including smart cars, surgical robots and software content, in the latest attempt to realize its creative economy drive.In a joint policy report to President Park Geun-hye, relevant ministries said they would build Asian versions of California’s Silicon Valley at Sangam, in Seoul, and Pangyo, in Gyeonggi Province, to embrace more innovative entrepreneurs not only from