NH Financial Group welcomed Kim Yong-hwan as the new chairman on Wednesday, but it appeared to have done so with a rather heavy heart.The new chief not only has to prove himself a capable successor to Yim Jong-yong ― who became chairman of the Financial Services Commission ― but is also facing allegations that he had illicit ties with the disputed Keangnam Enterprises.Hit by the sudden exit of its much-reputed leader, NH Financial initially welcomed the nomination of Kim, who had served in key f

Young and cheerful albeit poor, 16-year-old Lee Yong-soo was taken to a Kamikaze unit in Taiwan by a Japanese man in what appeared to be a military uniform during World War II. She did not know she would be raped, repeatedly, and face electric torture if she disobeyed. Now frail, diminutive and wheelchair-bound, the 86-year-old Korean flew to Cambridge, the U.S., to stage a silent vigil against Tokyo’s unbridled attempts to whitewash the appalling chapter of history at Harvard University, where

South Korea’s leading tech giants are set for fierce competition in the global smartphone sector, as LG Electronics is set to unveil its new flagship smartphone the G4 in six global markets on Wednesday, just weeks after Samsung released the Galaxy S6 and S6 Edge.Both Samsung and LG have been pinning high hopes on their latest smartphone models, each equipped with unique cutting-edge features and all-new designs.The upcoming LG G4 is expected to be equipped with the industry’s most advanced tech

The smart watch hype is at its peak as two of the world’s largest tech giants and archrivals ― Samsung Electronics and Apple ― step up their efforts to gain the upper-hand in a new round in a battle for the wrist.The first wearable device by Cupertino-based Apple landed in stores in nine global markets including the U.S. Australia, and Hong Kong on Friday.Even though South Korea was not included in the first group of the launch nations, the news of the Apple smart watch made headlines on many lo

Dongkuk Steel Mill chairman Chang Sae-joo’s alleged wrongdoings are poised to deal a fatal blow to the company, raising questions about the transparency of the country’s steel industry. Dongkuk is the second steelmaker to be mired in allegations of irregular practices after POSCO this year. It is the nation’s third-largest steelmaker after POSCO and Hyundai Steel. Chang is suspected of embezzling about 20 billion won ($18.4 million) from the company, and of habitually gambling illegally. The pro

“It is not good manners to not strike one’s neck when one has asked for it. I will strike in the most bloody and painful way possible.”The graphic comments are not threats by IS terrorists on YouTube videos. Instead, they are from Doosan Heavy Industries and Construction chairman Park Yong-sung, a business tycoon, in an email he sent to professors at Chung-Ang University in Seoul where he was serving as the board chairman. Park on Tuesday stepped down from all three posts after sparking controve

Yet another of President Park Geun-hye’s picks for her top deputy bit the dust Monday, as Prime Minister Lee Wan-koo submitted his resignation, succumbing to mounting pressure from his alleged involvement in a recent graft scandal.Lee’s demise came a little more than a month after he vowed all-out government effort against corruption on March 12. Deceased businessman Sung Woan-jong ― who died in an apparent suicide on April 9 amid a corruption probe ― suspected that Lee initiated the investigati

HELSINKI ― Finland’s opposition Center Party won Sunday’s general election, ousting Prime Minister Alexander Stubb’s left-right coalition after a campaign dominated by the country’s economic woes.Center Party leader Juha Sipila, a 53-year-old IT millionaire and newcomer to politics, is set to become Finland’s next prime minister.“It seems as though the Center has won. Congratulations,” Stubb told Finnish public radio and television YLE after around 70 percent of votes had been counted. Sipila’s

WASHINGTON ― Greece was told Saturday to urgently deliver a detailed fiscal and debt plan to official lenders as the IMF-World Bank spring meetings wound up amid escalating worries of a looming default.As Athens’ talks with creditors continued in Paris, both IMF Managing Director Christine Lagarde and European Central Bank chief Mario Draghi warned in Washington that Greece has not provided enough information about how its economic and reform plans will impact its finances.With Greece seeking th

Prime Minister Lee Wan-koo fell deeper into his quagmire on Thursday as his choice of words and inconsistent explanations of graft allegations against him led the opposition to escalate calls for his resignation.Lee altered his stance on joining President Park Geun-hye’s campaign trail in 2012 and how well he knew the deceased former Keangnam Enterprises chief Sung Woan-jong.Lee has found himself the main target of the opposition’s ire in the graft scandal sparked by a testimony and a memo left

WASHINGTON ― President Barack Obama is set to remove Cuba from a list of state sponsors of terrorism, in a landmark step paving the way towards restoring ties frozen for five decades.Obama on Tuesday notified Congress of his “intent to rescind” Cuba’s inclusion on the blacklist, after a lengthy review launched late last year as Washington openly began a rapprochement with its Cold War foe.U.S. lawmakers now have 45 days to oppose the move; otherwise, it will go ahead, removing a key hurdle to re

South Korea’s prime minister reiterated Tuesday his denial he received illegal campaign funds from a recently-deceased businessman during a parliamentary by-election two years ago, vowing to resign if the accusation was true.But the tide appears to be turning against Prime Minister Lee Wan-koo as critics increase their attack against him, citing his record of lying about past wrongdoing. Testimonies that Lee was close to the late Sung Woan-jong also intensified suspicion against the prime minist

President’s allies, ruling party bigwigs involved in high-profile graft scandal

CHICAGO — Hillary Rodham Clinton’s presidential campaign will center on boosting economic security for the middle class and expanding opportunities for working families, while casting the former senator and secretary of state as a “tenacious fighter” able to get results, two senior advisers said Saturday.They provided the first preview of the message that Clinton planned to convey when she launches her long-anticipated campaign on Sunday with an online video. Until now, the former first lady has

The debate on legalizing prostitution has heated up in South Korea as the Constitutional Court began reviewing the law that criminalizes the sex trade. The court held its first public hearing Thursday.The antiprostitution law was enacted in 2004 to protect human rights, partly prompted by fire that killed 14 sex workers who were locked in a brothel in Gunsan, North Jeolla Province, in 2002. The law stipulates that both purchasing and selling of sex carry a penalty of up to one year in prison or