[Anjani Trivedi] China spins a trade-deal trap in bad debt market

China is opening the deepest, darkest corner of its strained financial system to American financial institutions. It’s not clear why investors would want to go there, even with their eyes wide open.As part of President Donald Trump’s “phase one” trade deal, China will allow US institutions to apply for asset management company licenses (beginning with the provinces), permitting them to acquire non-performing loans directly from Chinese banks. Previously, foreign investors

ViewpointsJan. 20, 2020

[Noah Smith] The sitcom that gets America’s working class

Sitcoms are an underrated way of portraying the economic challenges faced by average people. “Atlanta” shows the travails of working-class black Americans navigating a world of hassle, insecurity and poverty. The Canadian program “Kim’s Convenience” depicts immigrant small-business owners and their second-generation children off to a rocky start on their rise into the middle class. Broad economic trends form the backdrop to both of shows -- the loss of dependable ma

ViewpointsJan. 20, 2020

[News Focus] Korea’s youth population sees steepest fall among OECD members

SEJONG -- Fifty years ago, South Koreans aged 14 and under made up 42.5 percent of the population in the wake of the country’s 1955-1963 baby boom.Korea ranked second in a retrospective comparison of the 36 members of the Organization for Economic Cooperation and Development, which looked back at youth populations relative to total country populations in 1970. While Mexico topped the list for that year, with 46.8 percent of its population no older than 14, the majority of OECD members post

Social AffairsJan. 20, 2020

Moon picks Cho Kuk's ex-assistant as new presidential secretary

President Moon Jae-in appointed a lawyer who worked as a policy assistant to former Justice Minister Cho Kuk as a new presidential secretary Monday, a choice expected to trigger public controversy.Moon named Kim Mi-kyoung as his secretary for balanced personnel affairs, according to Cheong Wa Dae. Kim served as deputy secretary at Cheong Wa Dae from 2017-2019 under Cho, who was senior secretary for civil affairs.Cho was later picked to lead the Ministry of Justice, causing weeks of massive stree

PoliticsJan. 20, 2020

Seoul on alert after 1st confirmed case of coronavirus from China

Prime Minister Chung Sye-kyun on Monday ordered health authorities to respond quickly to prevent the spread of a new coronavirus from China, after the first case was confirmed in South Korea. On Monday, the Korea Centers for Disease Control and Prevention announced that a Chinese woman had tested positive for the coronavirus. On receiving the report, Chung ordered the Ministry of Health and Welfare and the KCDC to work with other concerned organizations to prevent the virus from spreading,

Social AffairsJan. 20, 2020

Hanwha Techwin unveils AI video security solutions for Middle East

Hanwha Techwin, a security solution subsidiary of Hanwha Aerospace, said Monday the company unveiled a new artificial intelligence-based security solution package at a tradeshow in Dubai with the goal of further expanding into the Middle East. The Hanwha unit took part in Intersec 2020, the largest security-related technology expo in Middle East, to introduce its Wisenet AI solution package consisting of AI-equipped closed circuit TV camera and network video recorder, which enables detections of

TechnologyJan. 20, 2020

National Museum of Korea shows unique development of Finnish design

Finnish-style furniture is popular in Korea, but not many Koreans have a chance to deeply think about how the country’s designs have evolved. The exhibition “10,000 Years of Design – Man, Matter, Metamorphosis” shows how design in Finland has evolved around the country’s nature and ecosystem from the end of Ice Age when the Finnish landmass emerged. Breaking the mold of typical design exhibitions, the current exhibition at the National Museum of Korea includes artif

Arts & DesignJan. 20, 2020

[Diplomatic circuit] K-pop, soft power experts pin innovation as key to sustain momentum

Seven-member Korean boy band BTS rang in the new year with a live performance at New York City’s Times Square. Film director Bong Joon-ho rewrote the history of Korean film with his black comedy “Parasite,” which has been nominated for best picture at the Oscars. Korean culture as a whole is reaching new highs on the international stage.To keep the momentum going, Korean creators should continue to pursue innovation, said Lee Soo-man, one of the most important figures in the K-

Diplomatic CircuitJan. 20, 2020

[Diplomatic circuit] Hong Kong Tourism Board seeks to appease travelers’ concerns

As pro-democracy protests continue for over 8 months with no sign of abating, Hong Kong Tourism Board in Korea has introduced various tips for tourists hesitant to travel to Hong Kong. Hong Kong Tourism Board said Monday that it has carved out a section of its official blog dedicated to offering real time information on Hong Kong starting Jan. 14. Local Hong Kongers will share their daily lives through the blog and the blog is also expected to launch a system to answer tourists’ questions

Diplomatic CircuitJan. 20, 2020

[Diplomatic circuit] IVI, Sweden renew partnership for global public health

The International Vaccine Institute, a Seoul-based international organization, has renewed its cooperation with the Swedish International Cooperation Agency for continued efforts to accelerate vaccine research and development for global health, the organization said Monday.As part of a longstanding partnership between the Swedish government and the IVI, the Swedish International Cooperation Agency has pledged to fund the IVI some $5.24 million over the next five years.“We’re proud to

Diplomatic CircuitJan. 20, 2020

[Diplomatic circuit] [Photo news] Guatemalan ambassador’s visit

Guatemalan Ambassador to South Korea Marco Tulio Chicas Sosa (right) shakes hands with Herald Corp. CEO and Publisher Kwon Chung-won during a courtesy call at the Herald Corp. headquarters in central Seoul on Jan. 15. Chicas Sosa presented his credentials to Korean President Moon Jae-in in November last year. (Park Hyun-koo/The Korea Herald)

Diplomatic CircuitJan. 20, 2020

Free ‘dark nudge’ gimmicks spook online subscribers

Online “dark nudge” services -- free trial subscriptions -- are rattling South Koreans who end up paying fees they do not anticipate, according to the consumer agency Monday.A number of online services, such as music and media streaming sites lure consumers by offering trial subscription and automatically charge the users for the service after the period is over. This small “nudge” of free trial periods are used by businesses targeting consumers who are not very careful a

IndustryJan. 20, 2020

Seoul pushes for NK tourism despite rift with Washington

South Korea is pressing ahead with its controversial plan to allow individual trips to North Korea by its own citizens, Seoul’s Unification Ministry confirmed Monday, reiterating that the US-led international sanctions in place against the North do not apply to tourism. “We are reviewing options on individual travel to North Korea,” a senior Unification Ministry official said. The ministry handles inter-Korean affairs. The officials said the two Koreas would discuss security

North KoreaJan. 20, 2020

No. of military deserters falls 80% in 2013-2019: defense ministry

The number of military deserters has decreased more than 80 percent since 2013, the defense ministry said Monday.A total of 105 conscripts attempted to abandon their units in 2019, down 83.7 percent from 643 desertions in 2013, according to the ministry. During the cited period, the number of active-duty soldiers who committed suicide fell 22.7 percent from 79 cases in 2013 to 61 last year, the ministry data showed. Such improvement is, at least in part, attributable to a new military help line,

DefenseJan. 20, 2020

Public housing to be built over highway

A compact community equipped with public housing, parks, child care and commercial facilities will be built above a highway in northern Seoul as part of efforts to meet housing needs for the young and the newly wed, the Seoul Metropolitan Government said Monday. According to a blueprint revealed by the municipality and the Seoul Housing and Communities Corps., an artificial plot of land will be built above a 500-meter section of the Bukbu Expressway to create a public housing complex for 990 hou

Social AffairsJan. 20, 2020

Upset fans demand that Chen leave EXO

After Chen of K-pop boy band EXO announced his upcoming marriage, some fans took to streets in protest, labeling him a “betrayer” and calling on him to leave the group. Chen, whose real name is Kim Jong-dae, announced his marriage on Jan. 13, hinting that his wife-to-be is pregnant with his child. He posted a picture of a handwritten letter on a fan website, saying he has “a person whom he wants to spend the rest of his life with.”Chen also hinted at his girlfriend’

PerformanceJan. 20, 2020

Business, political leaders mourn Lotte founder

South Korea’s business figures and political leaders joined relatives on Monday to mourn the death of Lotte Group founder and Honorary Chairman Shin Kyuk-ho, a first-generation founder of one of the country’s biggest conglomerates.Shin passed away at around 4:20 p.m. on Sunday, at the age of 97.At the funeral altar at Asan Medical Center in Seoul, influential figures from various circles came to pay their respects. On Monday, Shin’s second son, Shin Dong-bin, the chairman of Lo

IndustryJan. 20, 2020

[Photo News] Sharing warmth

S-Oil CEO Hussain A. Al-Qahtani (second from left) hands out meals to the homeless on Monday, as part of the company’s annual Lunar New Year’s volunteer activity. The company said some 100 employees have participated to offer meals and food products to the homeless and some 500 households, including senior citizens and the disabled. S-Oil has been conducting Lunar New Year’s volunteer activity for 14 consecutive years, dating to 2007.

IndustryJan. 20, 2020

Cadillac to launch five new models targeting young drivers

Cadillac said Monday that it planned to launch four new models and one face-lifted model in Korea this year -- mostly sports utility vehicles -- to position itself as a young, dynamic brand for young generation.The American automotive brand owned by General Motors said in a press release that it would introduce three new models and one face-lifted model in the first half of this year, including a large-size sports utility vehicle XT6 and its bestselling SUV model XT5’s facelift version. Th

MobilityJan. 20, 2020