Ministry extends bidding for W120b public IT project

The South Korean government has extended the bidding deadline for a digital budget accounting system called “dBrain,” after LG CNS and its partner ITCEN decided Tuesday not to enter the race.Samsung SDS’s consortium with Daewoo Information System was the only participant in the bidding for the project worth 120 billion won ($102.7 million) to build the government’s digitalized budget accounting system. According to the Public Procurement Agency on Wednesday, the new deadl

TechnologyNov. 13, 2019

First-generation variety show emcees reach new career heights

Comedians Yoo Jae-suk and Kang Ho-dong were top hosts on local TV entertainment programs for more than a decade.In the 2010s, they led countless smash hit variety and reality shows including "Infinite Challenge," "Running Man," "Two Days, One Night" and "Golden Fishery" and swept year-end TV awards given to the brightest entertainers of the year.But their presence had diminished in the last few years as the media landscape expanded to cable TV channels and

TelevisionNov. 13, 2019

Man claiming wrongful conviction in rape, murder of child requests new trial

SUWON, Gyeonggi Province -- A man surnamed Yun on Wednesday filed a request for a retrial in hopes of overturning his conviction for the 1988 rape and murder of a child, for which he served nearly 20 years in prison.“I am innocent. Today is a happy day for me,” Yun told reporters before filing his request with a district court in Suwon, Gyeonggi Province, where he was tried and given a life term in October 1989.Yun, 52, is seeking exoneration for what has been identified as the eight

Social AffairsNov. 13, 2019

Hanwha Systems’ listing signals accelerating succession plan

Hanwha Group’s defense technology unit was listed Wednesday, suggesting that succession plans are being hastened and Chairman Kim Seung-youn is ready to hand over the reins to his sons. Hanwha Systems currently has a market cap of nearly 1.3 trillion won ($1.1 billion) and traded slightly below its initial public offering price of 12,250 won at 11,100 won on its first day of trading on the benchmark Kospi.According to analysts and industry insiders, the company’s Kospi debut will hel

MarketNov. 13, 2019

Asiana’s choice of HDC seen as a boon for Aekyung

Debt-ridden Asiana Airlines’ choice of a consortium led by Hyundai Development Company as its new owner -- one of the three bidders for a controlling 31 percent stake -- is a boon for Aekyung Group which lost out, according to analysts Wednesday.The HDC consortium also includes Mirae Asset Daewoo, which will take 20 percent stake. Soon after the announcement, Aekyung said in a statement that it will continue to advance its budget airline brand Jeju Air’s safety operation system and d

IndustryNov. 13, 2019

S. Korea's key rate in new territory but not in trouble: BOK board member

The gap between South Korea's policy rate and that of the United States may have placed South Korea in unexplored territory, but the rate gap has yet to cause any serious problems for Asia's fourth-largest economy, a member of the Bank of Korea's monetary policy board said Wednesday."(Future rate decisions) will have to be made after carefully examining various factors as South Korea is exploring an unwalked territory," Lim Ji-won said in a meeting with reporters. Lim's remarks came le

MarketNov. 13, 2019

[Newsmaker] Opposition floor leader appears for questioning on 'fast-track' scuffling

The floor leader of the main opposition Liberty Korea Party appeared at a prosecution office Wednesday for long-delayed questioning over parliamentary scuffles related to the fast-tracking of major reform bills.At issue is the party's use of physical means in April to block attempts by the ruling Democratic Party and other opposition parties to put contentious electoral and prosecution reform bills on a fast track.Rep. Na Kyung-won and 59 other LKP lawmakers, as well as a number of party staffer

PoliticsNov. 13, 2019

Hyundai Heavy requests EU approval for DSME merger

Hyundai Heavy Industries submitted a request for formal approval from the European Union for its merger with Daewoo Shipbuilding & Marine Engineering, HHI said Wednesday. The EU, which is believed to hold the key to the merger, plans to complete the first round of screening results next month. Hyundai Heavy said, “We are faithfully explaining to competition authorities in line with the review schedule and process of each country. We will do our best to ensure that the tie-up proce

IndustryNov. 13, 2019

South Korea embarks on large-scale oil hub project in Ulsan

South Korea is accelerating its oil hub project aimed at making Ulsan and Yeosu the center of petroleum trading in Northeast Asia, officials said Wednesday. The oil hub project in Northeast Asia began in 2008 to build large-scale commercial oil and gas storage facilities in the two cities. It seeks to make the regions a hub for the convergence of petroleum logistics, trading and finance in Northeast Asia as well as to enhance the nation’s energy security in the event of an international oi

IndustryNov. 13, 2019

Credit card firms entice e-shoppers ahead of Black Friday

With Black Friday falling in the US on Nov. 29, South Korea’s credit card operators are rolling up their sleeves to lure online shoppers with discounts and giveaways, industry data showed Wednesday.Overseas online retail customers -- dubbed “jikgu-jok” in Korean -- are expected to flock to various shopping sites in the upcoming season, running from Black Friday in end-November, to Cyber Monday in early December, up to Christmas and year-end.According to Korea Customs Service, b

MarketNov. 13, 2019

US issues financial advisory against NK

The US Treasury Department issued another advisory against financial dealings with North Korea on Tuesday.In its latest advisory, the department’s Financial Crimes Enforcement Network reminded financial institutions not to do business with North Korea, which the Paris-based Financial Action Task Force recently targeted in a call for countermeasures because the North lacks adequate systems to combat money laundering and the financing of terrorism.On Oct. 18 the FATF, an intergovernmental bo

North KoreaNov. 13, 2019

S. Korea's economy likely to grow 2.3 % in 2020: KDI

South Korea's economy is expected to grow 2.3 percent in 2020, slightly higher than this year's estimated 2 percent expansion, on the back of a slight improvement in domestic demand and exports, the state-run Korea Development Institute said Wednesday.The growth outlook for next year is line with a forecast by the Organization for Economic Cooperation and Development.In September, the OECD said Asia's fourth-largest economy could expand 2.3 percent in 2020, slower than its previous forecast of 2

EconomyNov. 13, 2019

Terminating GSOMIA may send ‘wrong’ message to adversaries: Abrams

PYEONGTAEK, Gyeonggi Province -- By terminating its bilateral intelligence-sharing agreement with Japan, South Korea risks sending the wrong message -- that the trilateral alliance of South Korea, the US and Japan is weak -- Gen. Robert Abrams, commander of the US-ROK Combined Forces Command, said Tuesday.Marking his first year in office, Abrams, who also commands United States Forces Korea and the United Nations Command, spoke on a series of current issues, including the ongoing defense cost-sh

DefenseNov. 13, 2019

S. Korea looking to end World Cup qualifying for 2019 on winning note vs. Lebanon

ABU DHABI -- South Korea will try to close out their World Cup qualifying campaign for 2019 with an away win against pesky opponents.Coached by Paulo Bento, South Korea will visit Lebanon in Beirut on Thursday for the teams' Group H match in the second round of the Asian qualification for the 2022 FIFA World Cup. The kickoff is 3 p.m. local time, and 10 p.m. in Seoul.It will be the last Group H contest for South Korea in 2019.Their next match will be against Turkmenistan at home on March 26, 202

SoccerNov. 13, 2019

S. Korea to build more smart factories to deal with demographic change

South Korea will build 30,000 smart factories and 10 smart industrial zones by 2022 as part of efforts to deal with a looming decline of the country's working-age population, the finance minister said Wednesday.Hong Nam-ki said the number of people working at smart factories and smart industrial zones could stand at 100,000, which he said would help improve productivity.A smart factory is a highly digitized and connected production facility aimed at improving productivity and safety at workplace

EconomyNov. 13, 2019

Seoul unveils plan to invigorate reverse mortgages for elderly homeowners

South Korea announced plans to kick-start the so-called reverse annuity mortgage market Wednesday in an effort to help support elderly homeowners financially.The measure, unveiled by a pan-governmental task force on population policy, would lower the age limit for applicants for reverse annuity mortgages to 55 from the current 60 years old.The government will also push to expand the scope of eligible homes. Owners of homes with a government-set price of 900 million won ($771,000) or lower will b

EconomyNov. 13, 2019

US, N. Korean officials had meeting during Moscow forum last week: VOA

US and North Korean officials had a meeting during last week's international nonproliferation conference in Moscow, a former American diplomat was quoted as saying.Thomas M. Countryman, former assistant secretary of state for international security and nonproliferation, made the remarks after attending the Moscow Nonproliferation Conference involving 250 participants from more than 40 countries, including the North, according to the Voice of America."I was told that there was such a meeting

North KoreaNov. 13, 2019

US pressure expected to intensify on Seoul over GSOMIA this week

The United States is expected to use a series of high-level defense meetings with South Korea in coming days to intensify pressure on Seoul to reconsider its decision to end a military information-sharing pact with Japan.US Joint Chiefs of Staff Chairman Gen. Mark Milley is scheduled to arrive in South Korea on Wednesday, 10 days before the General Security of Military Information Agreement between Seoul and Tokyo expires on Nov. 23.South Korea decided to end the three-year-old pact in response

Foreign AffairsNov. 13, 2019

Hong Kong clashes rage on university campus and business district

HONG KONG (AFP) -- Hong Kong pro-democracy protesters fought intense battles with riot police on a university campus and paralysed the city's upmarket business district Tuesday, extending one of the most violent stretches of unrest seen in more than five months of political chaos.The confrontations followed a particularly brutal day on Monday, when police shot a protester and a man was set on fire, prompting calls from western powers for compromise but further fury in China against any challenge

World NewsNov. 13, 2019

Trump again cites questionable numbers related to Korea trade deal

WASHINGTON -- US President Donald Trump again cited questionable numbers on Tuesday as he touted his administration's renegotiated free trade agreement with South Korea.Trump told the Economic Club of New York that the revised FTA, which took effect early this year, doubled the number of American cars that can be sold in South Korea under US standards and extended American tariffs on Korean pickup trucks by another 20 years to 2041. He then took a swipe at the previous administration of Barack O

Foreign AffairsNov. 13, 2019