Death toll in ferry sinking tops 150 as hope dwindles

The Korea Herald > Business

[Ferry Disaster] Mogul’s home, offices raided in ferry probe

Prosecutors raided Wednesday the home of the family that owns Chonghaejin Marine Co., the operator of the sunken ferry Sewol, as well as the firm’s offices and those of its affiliates, as part of a w...

Updated : 2014.04.23 20:25

[Newsmaker] Scandalous owner family of Sewol

The Sewol sinking has opened up a long, shady scandal surrounding the ferry operator’s de facto owner, a 73-year-old mysterious businessman Yoo Byung-eon.In the 1980s, Yoo established Semo Marine Co....

Updated : 2014.04.23 20:19

Korea considers up to W260m compensation for ferry victims

The government appears to be considering giving up to 260 million won ($250,000) in compensation separate from insurance payments to the families of the Sewol ferry accident. As part of efforts to support the families of the deceased and the missing, the Finance Ministry said it plans to p...

Updated : 2014.04.23 19:57

SC Korea offers tailored banking services for expats

With the number of foreign nationals in Korea hitting the 1.5 million mark as of last year, the country appears to be working on improving immigration and multicultural polices to help foreigners sett...

Updated : 2014.04.23 19:57

Gold bourse trading below expectations

The newly launched gold bourse is drawing weaker-than-expected attention from investors, with the turnover below what was anticipated by authorities as the nation slows purchases in light of the capsized ferry Sewol, data showed on Wednesday.The gold bourse was launched on March 24 to help...

Updated : 2014.04.23 19:56

Telecom ministry to crack down on ‘pirate’ phones

South Korea’s telecom ministry said Wednesday it would seek a law revision to slap fines of up to 100 million won ($96,300) on those using mobile phones under borrowed names, a practice used to conduct crimes and illegal activities while evading investigation.The Ministry of Science, ICT ...

Updated : 2014.04.23 19:56

Korean builders ink $6b Iraq oil refinery contract

Four South Korean construction companies said Wednesday that they formally signed a $6.04 billion contract to build a large-scale oil refinery in Iraq.The contract secured by a consortium of Hyundai Engineering and Construction, GS E&C, SK Engineering and Construction and Hyundai Engineeri...

Updated : 2014.04.23 19:56

Import settlements in yen sink to record low in Q1

South Korean importers reduced their use of the Japanese currency in settling deals in the first quarter as the yen continued to weaken, the central bank said Wednesday.The use of the yen accounted for a fresh record low of 4.9 percent of the total import settlements in the first quarter, ...

Updated : 2014.04.23 19:56

LG Household & Healthcare considers bid for Elizabeth Arden

LG Household & Healthcare, the nation’s largest consumer goods maker, confirmed on Wednesday that it is considering a bid for cosmetics company Elizabeth Arden to expand its beauty business overseas.“The company is reviewing a couple of beauty brands on sales, including U.S.-based Elizab...

Updated : 2014.04.23 19:56

Seoul shares end 0.19% lower on China slowdown woes

South Korean stocks closed 0.19 percent lower Wednesday as investor sentiment weakened over concerns about China’s economic slowdown, analysts said. The local currency fell against the U.S. dollar.After trading higher, the benchmark Korea Composite Stock Price Index declined 3.85 points t...

Updated : 2014.04.23 19:56

Mobile vs. cinema

The movie industry is facing an uphill battle against new emerging technology that makes home entertainment more attractive for consumers.Smart devices such as smartphones and tablet PCs, as well as s...

Updated : 2014.04.23 19:55

Feel and ride the movies

To many movie fans, “300” is a Hollywood blockbuster about an epic battle between the Spartans and the Persians.But for CJ 4DPlex, the number has a different yet significant meaning.For the CJ affil...

Updated : 2014.04.23 19:53

Pentagon scientists show off life-size robot

U.S. Defense Secretary Chuck Hagel got a first-hand look at a life-size robot Tuesday that resembles Hollywood’s “Terminator,” the latest experiment by the Pentagon’s hi-tech researchers.But unlike the cinematic version, the hulking Atlas robot is designed not as a warrior but as a hum...

Updated : 2014.04.23 19:52

Telecom ministry to crack down on pirate phones

South Korea's telecom ministry said Wednesday it will seek a law revision to slap fines of up to 100 million won ($96,311) on those using mobile phones under borrowed names, a practice used widely in crimes and illegal activities to evade investigation.The Ministry of Science, ICT and Futu...

Updated : 2014.04.23 11:26

[Ferry Disaster] Travel ban slapped on ferry firm owner

Investigative agencies have begun looking into alleged financial irregularities of the de facto owner of Cheonghaejin Marine Co., the operator of the sunken ferry Sewol.According to the Financial Supe...

Updated : 2014.04.22 21:27