Embattled Hyundai Heavy Industries is seeking to spin off a business unit, while the labor union strongly opposes the move, claiming that it would lead to a massive number of non-regular workers in the end, industry sources said Tuesday.According to the sources, Hyundai Heavy said in its emailed statement that the spin-off of its facility-assistance business division is one of its key promises to its creditors, which demand a tougher restructuring program, pledging to push ahead with related pro

South Korea's ruling Saenuri Party on Tuesday urged the government to provide a "significant" amount of extra budget to bolster the country's economy that is struggling with a prolonged slump."The country is facing challenges in the job market due to youth unemployment and corporate restructuring issues," the party said during its special meeting arranged to find solutions to the country's employment issues. Ministry of Strategy and Finance in Sejong City (Yonhap)"As the central bank is rolling

The presidential office Cheong Wa Dae said that the announcement over the site of a new airport in the country's southeastern region will be made in a "prompt and fair" manner amid growing political tensions over the selection process.With the announcement slated for this week, the presidential office has been walking a tightrope, striving to fend off any possible fallout from the politically tinged race between the two candidate sites: Milyang, South Gyeongsang Province, and Gadeok Island in th

Customer deposits at South Korean securities companies have hit a new high, data showed Tuesday, as investors search for high-yielding vehicles amid record-low interest rates.In a blitzkrieg move, the Bank of Korea slashed its key interest rate by a quarter percentage point to 1.25 percent on June 9 in an apparent bid to cushion any fallout from the ongoing corporate restructuring drive and bolster the sputtering economy.It was the first rate cut in 12 months.According to the data by the Korea E

Apparently spooked by problems facing the country's top-ranked companies in the shipping and shipbuilding industries, major commercial banks here are beginning to reduce the amount of their loans to large firms, market data showed Tuesday.According to the data from the country's five commercial banks, their outstanding loans to large firms came to some 89.59 trillion won ($77.21 billion) as of end-May, down 1.83 trillion won from 91.42 trillion won at the end of 2015.The five banks are KEB Hana

Samsung Electronics Co., South Korea's leading tech firm, said Monday it will accelerate a push for the establishment of a global Internet of Things (IoT) ecosystem based on its ARTIK platform.One of the key words for the ecosystem is an "end-to-end (E2E)" solution to link module and cloud services to make it easier and faster for its worldwide partners to develop IoT products.ARTIK is Samsung's IoT module composed of an application processor, memory, sensor and communication module. It supports

미국 양조자 브랜 힐 (Bran Hill)이 만든 소주 브랜드 “토끼”가 난리다. Tokki Soju is hitting the streets this weekend. Locations for purchase coming soon!! Photo by the talented @hrwunderbar #tokkisoju #soju #소주 #vanbruntstillhouse #BrooklynTokki??소주(@tokki_soju)님이 게시한 사진님, 2016 2월 4 오후 2:29 PST뉴욕 시의 밴 브런트 스틸하우스 (Van Brunt Stillhouse) 대표 양조자로써 위스키, 럼 등을 다루던 힐은 소주를 너무도 좋아한 나머지 2011년 한국에 건너와 전통 소주 양조법을 공부했다고 한다.  #tokkisoju coming off the still low and slow! #vanbruntstillhouse #soju #distillery #craftspirits #brooklyn #a

Ahn In-bae, the head of a South Korean production company, says he has trouble sleeping because of a very common problem his peers are facing: Chinese networks that plagiarize, and massively benefit from, their shows."In plain sight, they're stealing my ideas, but there's nothing I can do to stop or punish them," the CEO of Koen Group, the creator of the popular South Korean reality series "The Return of Superman," said in an interview with Yonhap News Agency on Sunday. Still from the "Return of

South Korea's imports of Chinese rebar jumped nearly 160 percent in May from a year earlier on strong demand from the construction sector, industry data showed Monday.Rebar imports came to 113,000 tons last month, up 159.7 percent from the same period last year, according to the data compiled by the Korea Iron and Steel Association.Imports of Chinese rebar stood at 515,000 tons in the first five months of this year, accounting for 88.3 percent of the imported rebar market in South Korea, the dat

South Korean stocks closed higher on Monday on eased concerns over a British exit from the European Union following a lawmaker's death. The Korean won rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index rose 27.72 points, or 1.42 percent, to close at 1,981.12. Trade volume was moderate at 385 million shares worth 3.9 trillion won, with winners outnumbering losers 658 to 169.  (Yonhap)The KOSPI got a boost from the revived risk-on appetite after the latest Brexit polls in

South Korea's minister on ICT policy will brief the international community this week on the nation's digital vision and its efforts to foster a "creative economy," his ministry said Monday.Choi Yang-hee, minister of science, ICT and future planning, is scheduled to attend an OECD Ministerial Meeting on the Digital Economy, and deliver a speech.Under the theme of "Innovation, Growth and Social Prosperity," it will open in Cancun, Mexico, on Wednesday for a two-day run. The upcoming session will