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IS claims to have beheaded Croatian hostage in Egypt

World NewsAug 12, 2015

CAIRO, (AFP) - The Islamic State group claimed Wednesday to have beheaded a Croatian hostage abducted in Egypt, posting a purported picture of the victim's body on IS-affiliated Twitter accounts.The Croat, Tomislav Salopek, was abducted last month west of the capital Cairo. The jihadists had issued a 48-hour deadline that ended last Friday threatening to kill him if Muslim women prisoners were not released from Egyptian jails.The picture's authenticity could not be immediately verified.His abduc
[Kim Ji-hyun] Face the music, old boys

ViewpointsAug 12, 2015

Celebrity chef Baek Jong-won is on fire. The man is currently one of the nation’s most sought-after cuisiniers, hosting several TV cook shows and running a chain of successful diners. The best thing about him is that he actually knows what he is talking about. His recipes are easy to follow and they really work. 　However, while I agree that Baek is a hardworking man who deserved to become famous, I cannot help feeling that he also happened to be in the right place at the right time.Baek came ont
S. Korean university hospital hacked by N. Korea: police

Social affairsAug 12, 2015

The computer network of a university hospital in Seoul has been hacked by North Korea and neglected for about eight months, police said Wednesday. The National Police Agency (NPA) said the North had hacked the central control system and a manager's computer of the hospital, whose identity was withheld, in August 2014, obtaining full control over the network. When the police acknowledged the incident in April 2015 and informed the hospital, the hospital was not even aware of the incident, polic
Kim Jong-un had vice premier executed with gun: sources

North KoreaAug 12, 2015

North Korean leader Kim Jong-un ordered the execution of the country's vice premier by shooting earlier this year, sources said Tuesday, in another sign of the leader's reign of terror.Vice Premier Choe Yong-gon, 63, was executed in May as he had expressed discomfort against the young leader's forestation policy, according to the sources.The Unification Ministry declined to confirm the speculation, but it is on the lookout for what has become of the vice prime minister due to his absence from th
Hotel Lotte likely to become holding firm

IndustryAug 12, 2015

The soon-to-be listed Hotel Lotte is likely to become a 20 trillion won ($19 billion) holding company for Lotte Group in Korea, going solo from its Japanese sister companies. The company is also likely to merge with Lotte’s flagship retail arms in order to reinforce the domestic governance structure, market watchers suggested Wednesday, a day after Lotte chairman Shin Dong-bin announced the yet-unscheduled initial public offering of Hotel Lotte.“Once listed, the company is expected to be worth m
[Newsmaker] Google turns a page with Alphabet

World BusinessAug 12, 2015

The surprise reorganization of Google under newly formed parent Alphabet gives the tech giant the ability to focus on its core business, while offering startup-like flexibility to its other projects.The announcement Monday of the new corporate structure was generally welcomed in Silicon Valley and on Wall Street, where Google shares shot up some 3.6 percent in early trade on the news.The plan calls for Alphabet to be the corporate parent, with an operating unit for Google and its related search
Secret behind Lotte’s real estate riches

IndustryAug 11, 2015

Blueprint of the Lotte World Tower and its surrounding “Lotte Shopping Town” in Jamsil, Seoul. Lotte GroupSEOUL/TOKYO -- When it comes to real estate, Lotte knows what it is talking about.The company has been rocking the nation with a fierce family feud and a possibly illegal corporate structure, but in terms of property investment, it’s been at the top of its game.In Korea, Lotte Group’s headquarters are nestled in one of the most expensive neighborhoods in the country -- Sogong-dong in central
Lotte pledges to list hotel, cut circular shareholding

IndustryAug 11, 2015

Lotte Group chairman Shin Dong-bin on Tuesday bowed to public pressure and announced a plan to reform the conglomerate’s complicated circular shareholding structure by this year to ensure transparency.Offering a public apology over his family’s feud over the succession of the 90 trillion-won business empire, chairman Shin also said he would push for the listing of Hotel Lotte, the controlling tower of 80 Lotte affiliates in Korea.The listing plan is seen by analysts as the chairman’s strategy to
‘Mercedes me’ reaches out to Busan’s young drivers

TransportAug 9, 2015

Mercedes-Benz Korea is running a pop-up promotion space dubbed “The Mercedes me” in Busan through Aug. 30 to mingle with a wider range of drivers in the Southeast of the country. This is the second such shop opened by the German carmaker, following the success of the first one near the trendy Garosu-gil district in southern Seoul last year. The Mercedes me Busan store in Gwangalli, Busan (Mercedes-Benz Korea)“We dedicate this place to everyone who is willing to experience the Mercedes-Benz in a
Parties, government up pressure over Lotte governance

IndustryAug 9, 2015

Political parties and the government are upping pressure to revamp conglomerates’ governance structures, as Lotte’s succession dispute is fanning public antipathy toward conglomerates. Lotte World Tower in Jamsil, Seoul (Yonhap)Rep. Shin Hak-yong of the main opposition New Politics Alliance for Democracy and 12 fellow minor party members proposed a bill expanding domestic regulations on conglomerates to their overseas businesses.According to the bill, conglomerates would be prohibited from esta
Finance minister slams Lotte for family feud

Aug 6, 2015

Deputy Prime Minister and Finance Minister Choi Kyung-hwan on Thursday said he would look into the cash flow and governance structure of the family feud-stricken Lotte Group.“The government is keeping a close watch on the issue. If necessary, state institutions will dig into the shady governance and the cash flow of the company,” Choi told the media. “I am very disappointed that (the management of) the country’s fifth-largest business conglomerate is stuck in an irrational and unfathomable fight
S Food spearheads charcuterie market

IndustryAug 6, 2015

S Food director Lee Seung-yeon poses at the JohnCook Deli Meat outlet in Apgujeong-dong, southern Seoul. Chung Hee-cho/The Korea HeraldWith more Koreans being exposed to new ways of consuming pork and beef -- from simply grilling to embracing Western cuisine by making sausage, ham and other meat products -- S-Food, the operator of charcuterie brand JohnCook Deli Meat, has taken the domestic market by storm.JohnCook Deli Meat’s 99,000 won ($85) German pork dish Schweine Haxen sold out in no time
Governance at center of Lotte crisis

IndustryAug 5, 2015

Lotte Group is facing the biggest challenge in its 67 years of history as the government is gearing up to take issue with its alleged unfair business practices after its founding family’s feuds erupted last week.The Fair Trade Commission on Wednesday said that its commissioner Jeong Jae-chan has investigated into the governance structure of Lotte Group both at home and abroad, and that he will share the results with the ruling Saenuri Party on Thursday. “Because Lotte has a structure of having a
Lotte chairman strives to soothe citizens over feud

IndustryAug 3, 2015

Lotte Group chairman Shin Dong-bin on Monday met with group founder and general chairman Shin Kyuk-ho at Lotte Hotel in Seoul, fueling speculation that the “rebellious second son” is determined to mend ties with the infuriated father and placate the growing public anger about the irregular family feud at a major conglomerate.“The meeting was on friendly terms, with a smile on the face and ice-breaking conversations about Dong-bin’s business trip,” a source said explaining the dramatic encounter
[Weekender] Seoul becomes hotbed for luxury watchmakers

IndustryJul 31, 2015

South Korea has become a hotbed for luxury watchmakers from around the world, thanks to more people choosing timepieces to express their fashion, identity and, moreover, their wealth. Global powerhouses such as Bulgari, Piaget, Chaumet, Chanel, Cartier and Rolex have been joined by lesser-known but more exotic competitors, such as Patek Phillippe, Breguet, Jaeger-LeCoultre, Vacheron Constantin, IWC, Chopard and many more, creating one of the most dynamic destination for luxury and watch-enthusia