[THE INVESTOR] Korea Development Bank, the government-owned bank in the vanguard of the country’s corporate restructuring drive, is finding itself in a crisis of its own. KDB suffered a severe blow to its credibility and integrity Wednesday, when the state audit agency said KDB was partly to blame for problems at Daewoo Shipbuilding and Marine Engineering, including the alleged 1.5 trillion won ($1.28 billion) accounting fraud. As the firm's main shareholder and creditor, KDB had “neglected” its

Park’s approval rating falls for two consecutive weeks amid his efforts to regain public trust

Prosecutors signaled a full-fledged crackdown on South Korea’s fifth-largest conglomerate and retail giant Lotte Group last week with extensive raids, in an apparent move to trace the financial malpractices of its current top executives.The intense probe, coming in the penultimate year of the incumbent presidency, has widely kindled speculation of eventually targeting the previous administration and its links to the feud-ridden conglomerate.Last Friday, Lotte Group was turned upside down as some

Hotel Lotte on Monday officially canceled its initial public offering scheduled for next month, as a large-scale embezzlement probe into the group and its affiliates deepened with emerging reports of confirmed wrongdoings.“We are pushing back our IPO to a later time and cancelling all remaining procedures in consideration of Lotte’s current circumstances and investor interests,” Hotel Lotte said in an emailed statement.Hotel Lotte in Seoul (Yonhap)“Listing the company is an integral part of refo

The new 20th National Assembly is just gearing up for a fresh start, but Rep. Ahn Cheol-soo of the People’s Party already finds himself trapped between a nose-diving party approval rating and an illicit fund probe concerning some of his closest aides.Whether or not he succeeds in pulling the fledgling centrist opposition party out of the current trials will also act as a leadership barometer, judging his qualifications for the 2017 presidential election, in which he is expected to make a bid. (Y

Line Corp., a Tokyo-based mobile messenger platform owned by Korean Internet giant NHN Corp., will go public on the main stock markets in New York and Tokyo next month, the company said Friday.In a regulatory filing, the company said it will begin trading its shares on the Tokyo stock market on July 14th and in New York on 15th.The company will issue 35 million new shares offered at 2,800 yen ($26.20) per share. Goldman Sachs, JPMorgan, Morgan Stanley and Nomura Securities are the lead advisers

(AP)President Barack Obama endorsed one-time rival Hillary Clinton to be his successor Thursday, signaling to Democrats it is time to unify after a bitter primary campaign and beat Donald Trump."Tens of millions of Americans made their voices heard. Today I just want to add mine," Obama said in a video endorsement. "I'm with her."Their first joint campaign event will take place next Wednesday in Green Bay, Wisconsin.Obama won the state in 2008 and 2012, but Democrats expect a tough fight this ye

Trump backs down under Republican fire in race row Donald Trump on Tuesday climbed down under fire from Republican grandees in an explosive race row, insisting that days of belligerent attacks on a Mexican-American judge had been misconstrued.The tycoon, who trails likely Democratic nominee Hillary Clinton in national polls ahead of a November general election, has repeatedly claimed that Federal Judge Gonzalo Curiel, who is handling a lawsuit against the now-defunct Trump University, is biased

On the subject of women in politics, Hillary Clinton is fond of quoting the words of another illustrious first lady, Eleanor Roosevelt, who once said: “You need to grow a skin as thick as a rhinoceros.”When out on the stump, in cafes, churches and rallies across the country, Clinton tells a thousand tales of the adversity she has faced down over the course of four decades in public life.“I have the scars to prove it,” quips the 68-year-old, painted by her many enemies as “crooked,” “corrupt” --

From the White House to Kinshasa and Uzbekistan they remembered on Saturday a sporting and cultural icon, saying there would never be another one like Muhammad Ali, "The Greatest". Ali was recalled not just as a heavyweight boxing king but also for his fight for social justice, while others told moving personal stories of his warmth and generosity, how he was equally at home with presidents and people on the streets. (AFP-Yonhap)President Barack Obama hailed Ali, who died on Friday after a long

Talks stalled on deal price, order guarantee from Samsung Electronics

KB Financial Group will focus on wealth management, corporate and investment banking services, expecting synergy with its newly acquired Hyundai Securities, the group said Wednesday. The Seoul-based group on Tuesday completed the 1.25 trillion won ($1.05 billion) purchase of the securities firm’s shares from Hyundai Merchant Marine of Hyundai Group. With that, KB now controls 22.6 percent of the brokerage company which ranks fourth in the local industry with 3.2 trillion won in assets. “With Hyu

Making a rare appearance as the head of the nation’s fifth-largest conglomerate, chairman Shin Dong-bin met top investors in the country Monday, vowing to improve the transparency of Lotte Group’s governance structure. At an investor relations forum held a month prior to the planned listing of the group’s hotel unit on June 29, Shin said the company will no longer remain a private entity but become “a public and trusted firm.”“Through the upcoming initial public offering, Lotte Group will improv

U.N. Secretary-General Ban Ki-Moon’s six-day trip in South Korea would have been just a routine visit by the world’s top diplomat to his home state -- if not for the growing anticipation on his potential run in the 2017 presidential election Instead, Ban found himself at the center of national attention. Ever since the 71-year-old diplomat hinted on Wednesday at the possibility of his foray into politics, following his previous 10-year tenure, his every step has been interpreted to take on a pol

World leaders kicked off two days of G7 talks in Japan on Thursday, with the creaky global economy taking centre stage and disquiet over China's growing influence looming over proceedings.Heads of state and government from the United States, Britain, France, Germany, Italy, Canada and host Japan are meeting in Ise-Shima, a mountainous region about 300 kilometres (200 miles) southwest of Tokyo. The group, including US President Barack Obama -- who is making a historic trip to the atomic-bombed ci