Time has come for Hwang Chang-gyu to prove his ability to overcome a crisis as he officially takes the helm at KT, Korea’s second largest mobile carrier, Monday.Faced with a lackluster earnings outlook and negative public image due to a corruption scandal concerning Hwang’s predecessor Lee Suk-chae, not to mention an overgrown bureaucracy, Hwang will be expected to roll up his sleeves as soon as he takes office to start fixing the mess with a solid business plan for the future.KT is currently fa

When Mohamed El-Erian first told Bill Gross several weeks ago that he wanted to leave to “recharge the batteries,” the co-founder of Pacific Investment Management Co. was “shocked” and “discouraged.”El-Erian, 55, for years had been putting in long hours as the public face of Pimco next to Gross, appearing in the office as early as 5 a.m., speaking on national television throughout the day, and responding to messages well past regular working hours. Gross, battling record redemptions from his big

Samsung, LG yield to Chinese rivals’ price competitiveness

Tension is intensifying further in Northeast Asia after Japan protested the launch of new facilities devoted to a Korean independence fighter in China, triggering strong condemnation from Seoul. Tokyo’s Chief Cabinet Secretary Yoshihide Suga on Monday slammed the memorial hall that opened a day before to honor Ahn Jung-geun, who fatally shot Japan’s first Prime Minister Hirobumi Ito in Harbin in 1909 in protest against its colonial rule. Suga said Ahn was a “terrorist sentenced to death” for the

Major firms fall victim to another massive breach of personal data

U.S. lawmaker Mike Honda’s push for historical justice gained greater momentum last week with the passage of a spending bill that included a provision pressuring Japan to apologize for its wartime sexual enslavement of Asian women.Albeit nonbinding, the provision brought fresh international attention to the women whose human dignity was trampled as they were forced to serve at frontline brothels by Japan’s Imperial Army during World War II.President Barack Obama signed the bill for the fiscal ye

The political arena is swamped by talk of June 4 local elections, but the political parties continue to bicker over one of its most basic rules. Abolishing party nominations for candidates for provincial governments and councils was central to President Park Geun-hye’s political reform pledge. The system was introduced in 2006 as part of political reform measures. However, it has since been abused leading to numerous cases of corruption and other irregularities. The ruling Saenuri Party, however

The main opposition Democratic Party’s North Korean policy is under the spotlight following party chairman Rep. Kim Han-gil’s mention of a new policy on relations with Pyongyang. On Monday, Kim said that his party would draw up a North Korean policy centered on “national unity,” saying that the issue should no longer divide the nation. The progressive bloc has preferred engaging North Korea, while conservatives have criticized such policies as pandering to the communist state. His comments promp

PARIS (AP) ― A sex scandal is the last thing France’s president needs.Three-quarters of the French already think Francois Hollande is doing a lousy job of running the world’s No. 5 economy. And now a big policy address Tuesday is sure to be overshadowed by personal troubles so awkward that even the famously blase French can’t ignore them.His first lady, journalist Valerie Trierweiler, is hospitalized because of a tabloid report that Hollande is having an affair with a somewhat recognizable Frenc

Seoul Archbishop Yeom Soo-jung will be the third Korean to become a cardinal ― the second-most senior position in the Roman Catholic Church after the pope. Yet, he will be the only representative of Korea in the case of a conclave, a convention of cardinals younger than 80 for electing a new pope.Korea’s first cardinal, Stephen Kim Sou-hwan, died in 2009, and its second Cardinal Nicolas Cheong Jin-suk is over 80, the canonical retirement age. “We believe that (Yeom’s appointment) is a blessing f

JERUSALEM (AFP) ― Ariel Sharon, who died on Saturday aged 85, was one of Israel’s most skilled but controversial political and military leaders, whose ruthless methods earned him the moniker “The Bulldozer.”The veteran soldier fought in all of Israel’s major wars before embarking on a turbulent political career in 1973 which ended dramatically in January 2006 when he suffered a massive stroke and subsequent coma, from which he never recovered. Long considered a pariah for his personal but “indir

The dispute over a local history textbook is turning into an ideological war as lawmakers locked horns over reinstating a government textbook.Lawmakers from the main opposition Democratic Party condemned the ruling Saenuri Party’s proposal to bring back the state textbook system. Saenuri leaders had stressed the need for a single textbook in order to avoid disputes over historical accuracy such as the latest one surrounding the history textbook by Kyohak Publishing Co.“Don’t even think about it,

As record-low temperatures dogged the northern United States for the past several days, the weather dominated the news stateside, and gained extensive coverage globally.Some electricity generators said they had been forced offline due to the cold, making it difficult for others to cope with the surging demand.Schools closed and flights were halted. Railways and roads suffered blockages and delays due to snow. The media worked to find creative ways to explain how cold it was.Montana’s minus 52 de

Foreign minister arrives in Washington for talks on N.K., Japan ties

Conservative strategist’s move raises unease across political arena