[Therese Raphael] How Jeremy Corbyn plans to end market capitalism

Boris Johnson is running a People versus Parliament campaign for the UK’s Dec. 12 election. Opposition Labour leader Jeremy Corbyn is also running a “people versus” campaign. Only in Corbyn’s narrative, the other corner of the ring isn’t occupied by obstreperous lawmakers, but rather that muscled colossus he sums up as “billionaires and bankers.”Corbyn’s strategy for defeating the titan was laid out in an election manifesto and accompanying funding

ViewpointsNov. 24, 2019

[ASEAN-Korea summit] South Korea forges close ties with Southeast Asia amid ‘fourth industrial revolution’

South Korea is building stronger ties with the young and fast-growing economies of Southeast Asia in hopes of creating opportunities and seeking a breakthrough in a world facing new challenges amid the “fourth industrial revolution.”The Association of Southeast Asian Nations is emerging as a new growth engine of global consumer markets and production bases with enormous potential. The world’s youngest and most dynamic economic community has a combined population of 650 million

IndustryNov. 24, 2019

[ASEAN-Korea summit] Moon begins week of ASEAN diplomacy with Brunei, Singapore summits

President Moon Jae-in held summit meetings with the leaders of Brunei and Singapore over the weekend, kicking off a flurry of bilateral and multilateral summits held on the occasion of the ASEAN-ROK Commemorative Summit and the first Mekong-Korea summit. On Sunday, Moon met with Brunei’s Sultan Hassanal Bolkiah, who is visiting Korea on a state visit, in Seoul.  “The potential for cooperation between the two countries is limitless, from ICT, smart city, electronic government and

Foreign AffairsNov. 24, 2019

Korea’s memory industry to start recovering in 2020

After a brutal downturn this year, South Korea’s memory chip industry is expected to start recovering in 2020, led by growth in demand for 5G-enabled devices and the resumption of investments in data centers, according to industry observers on Sunday.“The fundamentals of the semiconductor industry are showing signs of improving in 2020,” said Lee Su-bin, an analyst at Daishin Securities. The DRAM market is projected to reach a balance in supply and demand, as prices are expecte

TechnologyNov. 24, 2019

[ASEAN-Korea summit] Mouthwatering ‘ASEAN-ROK Food Street’ illuminates Busan

BUSAN -- Perhaps it is fitting that a city known for a wide range of unique delicacies should host an inaugural event showcasing dishes from across the Association of Southeast Asian Nations member states. The 2019 ASEAN-ROK Food Street event kicked off Nov. 15 and is slated to continue until Wednesday at the Busan Cultural Complex Center for Youth, or Norimaru, near Seomyeon Station -- an area known as the “streets of youth” for its vast collection of bars, coffeehouses and restaura

CultureNov. 24, 2019

[ASEAN-Korea summit] Busan bustling on eve of ASEAN-Korea summit

Busan -- Busan is no stranger to a large influx of guests, but South Korea’s second-largest city was even more robust than usual this weekend with multiple events taking place on the eve of the 2019 ASEAN-ROK Commemorative Summit.Subway cars were plastered with ads for the ongoing ASEAN-themed events, including the “ASEAN Crafts: From Heritage to the Contemporary” exhibition running at ASEAN Culture House until Jan. 15. The subway is a wise choice if you wish to bypass the

CultureNov. 24, 2019

Police officer sentenced to jail for prostitution cover-up

A police officer was handed a prison sentence for taking tens of millions of won in exchange for covering up crimes by the operator of a prostitution website.Suwon District Court said Sunday the police officer was sentenced to six years in jail, an 80 million won ($67,780) fine and an additional 77.7 million won for embezzlement, fraud, disclosure of official secrets and dereliction of duty.  The 48-year-old is accused of condoning criminalities by the site operator, his longtime acquaintan

Social AffairsNov. 24, 2019

'Frozen 2' tops 4m ticket sales within 4 days of release

The sensational Walt Disney animation "Frozen 2" has topped the milestone of 4 million ticket sales less than four days after its release in South Korea, data showed Sunday. "Frozen 2" sold 1,661,967 tickets on Saturday alone after it was released in South Korea last Thursday to top the Korean box office on the very release day, according to the data from the Korean Film Council. The Saturday daily sales were only 502 tickets less than the highest local one-day sales record o

FilmNov. 24, 2019

[ASEAN-Korea summit] Busan aims to be hub of exchange, cooperation between Korea and ASEAN

The mayor of Busan expressed hope that the 2019 ASEAN-Korea Commemorative Summit will elevate the city into a hub of exchanges and cooperation between South Korea and member countries of the Association of Southeast Asian Nations.Busan Mayor Oh Keo-don said the regional summit, which will draw heads of state from the 10 ASEAN member countries, can be expected to establish Busan’s place firmly as a global city that links Korea with foreign nations. “This summit symbolizes our governme

PeopleNov. 24, 2019

[ASEAN-Korea summit] Handicrafts of Mekong on display in Busan

ASEAN Culture House under the Korea Foundation is to host mini fair “Bazaar Mekong: Handicraft and Design Goods,” introducing the art and design culture of the five Mekong countries.The exhibition opens Friday at the Association of Southeast Asian Nations Culture House’s Community Hall in eastern Busan. It is to showcase handicraft wares from five countries along the Mekong River, Southeast Asia’s longest: Cambodia, Laos, Myanmar, Thailand and Vietnam.According to the org

Arts & DesignNov. 24, 2019

[ASEAN-Korea summit] Connectivity to bring Korea’s relations with ASEAN to next level

South Korea expects to take a leap in its relations with Southeast Asian countries by revisiting the achievements of the past 30 years and developing a new vision for the future. During the ASEAN-ROK Commemorative Summit in Busan, Korea and the 10 Association of Southeast Asian Nations member states will adopt a joint vision statement on coexistence and prosperity. The statement will suggest directions for cooperation in different fields, such as the development of strategic partnerships between

Foreign AffairsNov. 24, 2019

[News Focus] Seoul and Tokyo to work on arranging summit, but hurdles remain

Hopes are rising that Seoul and Tokyo could be heading toward resolving their ongoing spat, with the two sides agreeing to arrange a bilateral summit. The agreement was reached at the meeting between Seoul’s Minister of Foreign Affairs Kang Kyung-wha and her Japanese counterpart Toshimitsu Motegi on the sidelines of the G-20 foreign ministers meeting in Nagoya, Japan, on Saturday. According to the two countries’ foreign ministries, they will work together to arrange a summit between

Foreign AffairsNov. 24, 2019

S. Korean investors turn to overseas funds amid sluggish market

South Korean investors have increased their investments in overseas funds in recent weeks, as they seek to escape from heightened stock volatility stemming from global trade issues, data showed Sunday. According to the Korea Financial Investment Association, nearly 4,700 overseas funds created and managed by local entities have drawn a combined 177.4 trillion won ($150.4 billion) from investors so far, an increase of 2.5 trillion won from the end of last month.  The combined net worth of th

MarketNov. 24, 2019

Han Sung Motor holds lantern-lighting ceremony for public art

Han Sung Motor, the largest official dealer of Mercedes-Benz in South Korea, held a lantern-lighting ceremony Thursday as part of its collaborative public art project with the Seoul Foundation for Arts and Culture.A public art projected titled “Sowon Bandi” was designed to invite citizens to write their personal wishes and dreams on each of 5,000 solar-power lanterns, donating 10,000 won ($8.50) for each one.The ceremony was attended by the heads of the two sponsors -- Han Sung Motor

MobilityNov. 24, 2019

[Herald Interview] Rising power demand in ASEAN signals opportunity for LS C&S Asia

ANYANG, Gyeonggi Province -- The economies of Association of Southeast Asian Nations members have been on a roller-coaster ride in recent years, pushing them to speed up their social and industrial transitions as advanced states. Such rapid modernization, like that which South Korea went through in the 1970s and ’80s, involves massive investments in infrastructure, which will provide more opportunities for LS Cable and System Asia, said its President and CEO Kwon Young-il in an interview.&

MobilityNov. 24, 2019

Brokerages eye real estate investment amid slow growth, low interest rates

Sluggish economic growth and a bleak stock market outlook have pushed South Korean securities firms to expand their horizons by turning to real estate investment.While some brokerages prefer to operate teams dedicated to real estate investment trusts, or REITs, others choose to establish subsidiaries, suggesting full-scale portfolio expansion.Yet the trend has some observers worried that the competitive game might result not in market diversification but in an oligopoly among top-tier players.&l

MarketNov. 24, 2019

Busan summit between President Moon, Cambodian PM Hun Sen canceled

BUSAN -- South Korean President Moon Jae-in's summit with Cambodian Prime Minister Hun Sen has been canceled as the latter decided to skip a regional meeting scheduled for this week in the southern South Korean city of Busan, the presidential office said Sunday."Due to Cambodian PM Hun Sen's absence at the Korea-ASEAN special summit, the summit meeting between South Korea and Cambodia has been canceled," presidential spokesperson Ko Min-jung said in a text message sent to the media.The

Foreign AffairsNov. 24, 2019

Senior N. Korean diplomat returns home after strategic talks in Russia

MOSCOW -- A senior North Korean diplomat has returned home following her six-day trip to Russia, which included the two countries' first "strategic dialogue."North Korean First Vice Foreign Minister Choe Son-hui told Korean reporters, "I had excellent talks with the Russian side this time," at Moscow's Sheremetyevo International Airport on Saturday evening as she awaited her Aeroflot flight to Beijing.Arriving first at Vladivostok on Nov. 18, Choe, considered a key nuclear st

North KoreaNov. 24, 2019

S. Korea's chip, display industries intact from Japan's export curbs

South Korea's chip and display industries, the backbone of Asia's No. 4 economy, have remained intact since Tokyo's export curbs against the Asian neighbor, Seoul's trade ministry said Sunday.The country's top four tech giants -- Samsung Electronics Co., Samsung Display Co., SK hynix Inc. and LG Display Co. -- claimed that they have suffered no significant damages in their production lines from the restrictions, according to the Ministry of Trade, Industry and Energy. In July, Japan implemented

IndustryNov. 24, 2019