Head of Woori Financial apologizes for giving inappropriate loans to relatives of ex-chief

The head of Woori Financial Group on Monday apologized for giving inappropriate loans to relatives of a former chief, admitting that holes in its internal control system partly contributed to the incident. The apology by Yim Jong-yong, chairman of Woori Financial Group, came a day after the Financial Supervisory Service found that Woori Bank gave …

Food is philosophy

If K-pop music and cinema cemented Korea as a global entertainment juggernaut, then Korean food is transforming it into an epicenter of culture. As a chef and business owner, I’ve noticed the growing interest in Korean food from gourmets around the world. When the New York City Michelin Guide was released last November, 71 restaurants …

Petrochemical firms tighten belts to improve profits

Petrochemical firms have reduced investments and scrapped their planned expansion of facilities, in response to delays in their earnings recovery amid lingering uncertainties about their business environments. Lotte Chemical decided to cut its capital expenditure to 1.7 trillion won ($1.2 billion) next year from 3 trillion won this year. The decision was made as Lotte …

CYLINDER’s unorthodox ascent in Korea’s art gallery scene

Nestled between a home decor shop and a photo studio, a sleek, glass-faced white cube stands out as an unusual sight in Seoul’s Bongcheon-dong, Gwanak District. This commuter town is not typically known for its art galleries, unlike the city’s more culturally vibrant neighborhoods such as Samcheong-dong, Hannam-dong, and Cheongdam-dong. Yet, this unassuming spot, far …