The prosecution questioned Moon Hyung-pyo, chairman of the National Pension Service, Thursday over alleged irregularities surrounding the high-profile merger of two Samsung affiliates last year.Moon was welfare minister when the state-run pension operator backed Samsung C&T’s attempt to incorporate Cheil Industries despite strong opposition from advisory groups and some shareholders. The prosecution questioned Moon as to whether he was pressured by Cheong Wa Dae to push the NPS to exercise its v

Industry Nov. 24, 2016

The prosecution Wednesday raided Samsung Group and the National Pension Service over allegations that the pension fund supported the South Korean conglomerate’s merger plan last year under political influence, raising questions again over the motive of the landmark deal.The deal was widely seen as a crucial part of Samsung’s succession scenario that involved transferring power from the bedridden Chairman Lee Kun-hee to his only son, Lee Jae-yong.Individual shareholders led by US hedge fund Ellio

Industry Nov. 23, 2016

Dealing with 7.4 billion consumers in different languages around the world and trying to change their ideas on the environment can be hard work, maybe even impossible. But Jason Clay, senior vice president of World Wide Fund for Nature, has come up with a strategy to effectively reduce the negative impact consumption has on the planet. In a major shift within the organization that had long focused on species conservation, Clay turned to the private sector for change. “Building fences around the

Industry Nov. 17, 2016

Prosecutors indicted the former chief executive of the South Korean unit of Novartis and five other former and current managers over allegations they illegally paid doctors 2.6 billion won ($2.3 million) in return for prescribing the company's drugs.In response, Swiss pharmaceutical company expressed regret through a statement, but also said without elaborating that such conduct would not have been sanctioned by the "most senior management'' at Novartis Korea."Novartis does not tolerate miscondu

Industry Aug. 13, 2016

The Wolsong No. 1 nuclear reactor resumed operations on Friday after a technical problem was fixed, South Korea's nuclear reactor operator said. The restart is expected to help ease concerns about the power supply amid a sweltering heat wave. The 679-megawatt Wolsong No. 1 reactor is set to operate at full capacity by around 7 p.m. on Sunday, according to Korea Hydro and Nuclear Power Co. (KHNP), which runs the country's nuclear reactors. Nuclear power plants account for nearly a third of South

Industry Aug. 13, 2016

The International Monetary Fund said Friday South Korea's economy is forecast to expand 3 percent next year."Growth is projected to tick up to 2.7 percent this year and 3.0 percent in 2017, with inflation remaining subdued," the agency said in a report on the conclusion of its annual consultation with South Korea."The anticipated pickup in activity is based on growing private consumption, a stronger housing market, and the impact of fiscal and monetary easing," it said.The agency said Korea's ec

Aug. 13, 2016

 On the eve of South Korea's Olympic football quarterfinals against Honduras, captain Jang Hyun-soo said his players must avoid taking unnecessary fouls.Jang and the rest of the team got their last practice in behind the closed doors in Belo Horizonte, some 340 kilometers north of Rio de Janeiro, the host of the ongoing Summer Games.The match kicks off at 7 p.m. Saturday at Mineirao. Korea National Football Team (Yonhap)After the practice, Jang told reporters that he and his teammates must not e

Olympic Games Aug. 13, 2016

Weightlifter Rim Jong-sim claimed North Korea's first gold medal at the Rio de Janeiro Olympics Friday.Rim won the women's 75kg class with a total of 274kg -- with 121kg in snatch and 153kg in clean and jerk.Darya Naumava of Belarus was a distant second with 258kg total, followed by Lidia Valentin Perez of Spain with 257kg. Rim Jong Sim, of North Korea, competes in the women`s 75kg weightlifting competition at the 2016 Summer Olympics in Rio de Janeiro on Friday.(AP)In 2012, Rim won the Olympic

Olympic Games Aug. 13, 2016

South Korea made Olympic archery history at the Rio de Janeiro Games on Friday -- which is  saying something because the country seems to have been doing that for decades.Ku Bon-chan won the men's individual gold medal, beating Jean-Charles Valladont of France 7-3 (30-28, 28-26, 29-29, 28-29, 27-26).With Ku's victories, South Korea captured all four archery titles in Rio, an unprecedented feat in Olympic history. South Korea now has 23 archery gold medals, easily tops among all nations.South Kor

Olympic Games Aug. 13, 2016