Four executives of Hyundai Development Co. including its chairman Chung Mong-gyu were accused last Friday by a local housing developer on charges of tax evasion, breach of trust and embezzlement, prosecution sources said Wednesday.The chief of the housing developer in charge of the sale of the I-Park apartment units built in Ulsan by the Hyundai construction unit filed the accusation with the pros

Free-for-all forum fails to reach agreement on cutting cost of collegeLawmakers, government officials, university presidents, professors and students gathered on Wednesday for a forum on tuition cuts hosted by the Grand National Party but failed to reach any agreement.“We are running against the clock as the Education Ministry is to submit its budget bill to the Finance Ministry by the end of the

Former professor from North sends S. Korean media content across border to show the world to North Koreans North Korea is a country that has been almost entirely isolated from news around the world for the past 60 years. The regime in Pyongyang allows Internet access to only a fraction of government officials and its power elite as it prepares for a third-generation hereditary succession to a youn

As students take to the streets for cheaper university tuition ...Should government pay half for college?College fees in South KoreaIn recent days thousands of students have been taking to the streets to demand lower college fees, spurred on by recent pledges by both the Grand National Party and Democratic Party to cut the price of tuition.Student protests against rising fees are a common occurren

Asiana Airlines opened the first airport lounge specifically for the disabled at Incheon International Airport on Wednesday.The company also donated wheelchairs to a support center for the disabled at the ceremony marking the opening of the lounge.The event was attended by officials from Asiana Airlines, including its chief executive Yoon Young-doo and those from an Incheon-based welfare organizat

Conglomerate replaces two execs responsible for auditingSamsung Group has replaced its top auditing and human resources managers, signaling that a conglomerate-wide shakeup may take place soon.Samsung said it named Chung Hyun-ho as the new head of the business examination team, which oversees audits, and Chung Keum-yong as the chief of human resource support.The replacement of the company’s high-r

Emerging markets will experience continued capital inflow into the region regardless of the expiration of the second round of quantitative easing in the U.S., Robert Rubin, former secretary of the U.S. treasury said in Seoul on Wednesday.“There is a tremendously strong orientation now toward emerging market countries in the investment world. And that has nothing to do with the end of QE2,” Rubin s

Korea Aerospace Industries on Wednesday announced its expansion plan to become the comprehensive aircraft manufacturing company, with details to go public at the end of this month.“KAI is the country’s only comprehensive producer of aircraft materials since it was merged with Samsung Daewoo and Hyundai’s aircraft sectors in October 1999,” president Kim Hong-kyung told reporters at a news conferenc

Korea’s growing economic muscle and brisk exports will turn the country into a leading global exhibition destination, said Choe Dae-kyu, vice chairman of the Association of Korea Exhibition Industry. Registered under the Ministry of Knowledge Economy, the organization promotes trade fairs held here and supports related policies. Its 44 members are largely exhibition hall operators, event organizer