[Diplomatic circuit] UAE Embassy looks to Expo 2020 to bolster ties with Seoul

In the run up to Expo 2020 Dubai, Emirati Ambassador to South Korea Abdulla Saif Al Nuaimi said the event would boost bilateral relations as next year marks the 40th anniversary of the establishment of diplomatic ties between the two countries.“I’m quite confident that Republic of Korea’s remarkable participation in the EXPO 2020 Dubai will reinforce the ‘special strategic partnership’ and enhance the bilateral exchanges in all fields between the two countries,&rdqu

Diplomatic CircuitDec. 17, 2019

HHI Group finalizes 17% stake sale of oil refining unit to Aramco, raises W1.37tr

The world’s biggest oil company Saudi Aramco has become the second-largest shareholder of Hyundai Oilbank by paying its parent group Hyundai Heavy Industries Group 1.37 trillion won ($1.1 billion) for a 17 percent stake, according to a regulatory filing on Tuesday.This is in line with the investment agreement signed between HHI Group and Aramco on Jan. 28. HHI Group said it plans to use the proceeds to pay off borrowings to improve its financial structure and to invest in new business

IndustryDec. 17, 2019

‘Parasite’ short-listed for best international film Oscar

Director Bong Joon-ho’s “Parasite” has been short-listed for the Oscar for best international feature film, the Academy of Motion Picture Arts and Sciences announced Monday.The Palme d’Or-winning black comedy has now advanced to the next round of voting in the category -- formerly known as foreign language film -- to compete with nine other films: the “The Painted Bird” by Vaclav Marhoul from the Czech Republic, “Truth and Justice” by Tanel Toom fr

FilmDec. 17, 2019

China says Arsenal's Ozil 'deceived by fake news'

SHANGHAI (AFP) -- China accused Mesut Ozil Monday of being "deceived by fake news" and said he should visit Xinjiang to see for himself after the Arsenal footballer decried the treatment of the region's Uighur minority.Ozil, a German national of Turkish origin, condemned China's crackdown on Muslim minorities in the western region in a tweet Friday and criticised Muslim countries for failing to speak up about the alleged abuses.Arsenal have distanced themselves from his comments, but t

World NewsDec. 17, 2019

China biggest buyer of Korean cosmetics in 2018: report

China was the biggest buyer of South Korean beauty products last year, accounting for more than 60 percent, a report showed Tuesday.The report compiled by the Korea International Trade Association showed that 65.6 percent of outbound shipments of locally made cosmetics products headed to China, Hong Kong and Taiwan in 2018.Exports of cosmetics products to the 10-member Association of Southeast Asian Nations market only accounted for 10.6 percent last year.  The report expressed concerns tha

IndustryDec. 17, 2019

S. Korea facing trade barriers in 29 nations: data

South Korea faces non-tariff and anti-dumping barriers in 29 countries, the trade ministry said Tuesday, vowing to resolve or lift such trade hurdles to promote exports.As of this month, a total of 208 trade barriers targeting South Korea are in effect, according to the Ministry of Trade, Industry, and Energy.Since August, 15 new trade barriers have been launched against South Korean products, while six others were terminated, it added.  Despite growing protectionism around the globe, howev

IndustryDec. 17, 2019

Boeing to halt production of 737 Max airliner in January

(AP) -- Boeing Co. said Monday that it will temporarily stop producing its grounded 737 Max jet starting in January as it struggles to get approval from regulators to put the plane back in the air.The Chicago-based company said production would halt at its plant with 12,000 employees in Renton, Washington, near Seattle. But it said it didn't expect to lay off any workers "at this time."The move amounts to an acknowledgement that it will take much longer than Boeing expected to win appr

IndustryDec. 17, 2019

S. Korea, US open new round of defense cost talks

South Korea and the United States opened another round of talks Tuesday on the sharing of the cost of stationing American troops here, with the current deal due to expire in two weeks amid few signs of progress. This week's negotiations, set to run until Wednesday, will likely be the last round of talks before the current cost-sharing deal, known as the Special Measures Agreement, expires on Dec. 31. The two sides are led by Jeong Eun-bo, South Korea's chief negotiator, and his US counterpart, J

Foreign AffairsDec. 17, 2019

[Newsmaker] US Forces Korea ends night curfew for troops after 9 years

US Forces Korea said Tuesday it lifted a curfew for all of its troops, effective immediately. The curfew, set for between 1 a.m. and 5 a.m., was imposed in 2011 amid public outcry over allegations of sexual violence and other crimes by USFK troops. Before making the termination decision, USKF temporarily suspended the curfew until Tuesday, and looked into the results for assessment.  "After assessing the curfew data and consulting with USFK leaders including component commanders, I dec

DefenseDec. 17, 2019

LG CNS unveils real-time verification solution using actual transaction data

LG CNS Co., an IT service subsidiary of South Korea's LG Group, on Tuesday unveiled a real-time system verification solution that utilizes actual transaction data. LG CNS claimed PerfecTwin is the world's first IT system verification tool that conducts tests entirely with actual transaction data. After capturing data from an existing system, the tool automatically applies data on a new system and runs tests to detect errors, allowing engineers to compare and verify system in real-time, according

IndustryDec. 17, 2019

NK leader visits mausoleum to mark 8th anniversary of father's death

North Korean leader Kim Jong-un has visited the mausoleum in Pyongyang where his late father's body is enshrined to commemorate the eighth anniversary of his death, the North's state media said Tuesday.Kim paid tribute to his deceased father and former North Korean leader, Kim Jong-il, at the Kumsusan Palace of the Sun where the bodies of late Kim and the country's founder, Kim Il-sung, lie in state, according to the Korean Central News Agency.Kim Jong-il died in 2011 after ruling the communist

North KoreaDec. 17, 2019

Airlines to freeze fuel surcharges on int'l routes in Jan.

South Korean airlines will freeze their fuel surcharges on international routes in January because there has been no change in jet fuel prices, industry sources said Tuesday.The surcharges for one-way tickets on long-haul international routes will be capped at 34,800 won ($30) next month, almost unchanged from December.If the average jet fuel price on the Singapore spot market rises over $1.50 per gallon, local airlines are allowed to impose fuel surcharges, starting one month later.Jet fuel pri

IndustryDec. 17, 2019

S. Korea to nurture industry for eco-friendly vessels

South Korea's Cabinet approved a motion on Tuesday that centers on nurturing industries for eco-friendly vessels to better deal with tightened international regulations and reduce emissions of fine dust.The trade ministry said it would roll out a set of measures to speed up the development and supply of such ships using an array of resources ranging from liquefied natural gas, methanol, to hydrogen.The country will gradually replace 140 state-owned ships with those utilizing clean energy sources

IndustryDec. 17, 2019

Son Heung-min named Tottenham's MVP for 2019 by football research group

Accolades keep flowing for Son Heung-min.The South Korean football star was named MVP of Tottenham Hotspur for the calendar year 2019 on Monday by the CIES Football Observatory, a research group within the Switzerland-based International Centre for Sports Studies. Founded in 2005, the CIES Football Observatory specializes in the statistical analysis of football. The research group named MVPs for each club in Europe's five major circuits: the Premier League in England, Bundesliga in Germany, La L

SoccerDec. 17, 2019

US rejects proposal by China, Russia for NK sanctions relief

WASHINGTON -- The United States on Monday rejected a reported proposal by China and Russia to lift some United Nations sanctions on North Korea, saying Pyongyang has yet to make progress toward denuclearization.A spokesperson for the State Department made the comment after Reuters reported that China and Russia proposed a draft UN resolution seeking partial sanctions relief, including the lifting of sanctions on North Korean exports of statues, seafood and textiles."Now is not the time for

North KoreaDec. 17, 2019

Trump says US is watching N. Korea closely

WASHINGTON -- US President Donald Trump said Monday that he would be disappointed if something was "in the works" in North Korea and that the United States is watching the regime closely.Tensions between the two nations have escalated ahead of a year-end deadline set by the North, after which the regime has hinted at resuming nuclear or long-range missile tests.Trump's comments come after North Korea on Friday carried out a second presumed engine test in less than a week at its Sohae s

North KoreaDec. 17, 2019

China, Russia propose lifting some UN sanctions on N. Korea, US says not the time

UNITED NATIONS (Reuters) -- China and Russia on Monday proposed the UN Security Council lift a ban on North Korea exporting statues, seafood and textiles, according to a draft resolution seen by Reuters, in a move Russia said is aimed at encouraging talks between Washington and Pyongyang.The draft also called for a ban to be lifted on North Koreans working abroad and the termination of a 2017 requirementfor all such workers to be repatriated by next week. The draftwould also exempt inter-Ko

North KoreaDec. 17, 2019

Viva Republica gets preliminary approval for 3rd internet-only bank

The consortium led by Viva Republica, operator of the popular mobile money transfer service Toss, was granted preliminary approval by the financial authorities Monday to launch the nation’s third internet-only bank.Following the Financial Services Commission’s decision, the company said it plans to establish Toss Bank soon after final approval in the first half of 2021. The move is expected to increase competition in the online-only banking sector which has only two operators now --

MarketDec. 17, 2019

Baseball league announces 2020 regular season schedule

The top South Korean baseball league announced its 2020 regular season schedule on Monday.The Korea Baseball Organization said the new season will begin on March 28, making it the third straight regular season to open on a Saturday. The 10 clubs will each play 144 games.Defending champions the Doosan Bears will host the Lotte Giants at Jamsil Stadium in Seoul for a two-game opening series. Other opening weekend matchups are: the Kiwoom Heroes hosting the LG Twins at Gocheok Sky Dome in Seou

BaseballDec. 16, 2019

[Graphic News] Korea has 33m pay TV subscribers: ICT Ministry

　The number of pay TV subscribers in South Korea reached 33 million in the first six months of the year - up 540,000, or 1.67 percent, from the second half of last year - data from the Ministry of Science and ICT showed.　The figure includes paid subscriptions to system operators, satellite broadcasting services and internet protocol television service providers.　Fixed-line and telecom operator KT had the largest market share, over 21.4 percent, with just under 7.1 million subscribers. SK Broadba

BusinessDec. 16, 2019