BOK hails US rate cut, says may remove uncertainties

South Korea's central bank on Thursday welcomed the latest US rate cut, saying it may help remove some uncertainties facing Asia's fourth-largest economy."We believe a US rate cut generally works toward boosting the economy and raising stock prices. It will support global growth and certainly have a positive effect on the global economy," said Yoon Myun-shik, senior deputy governor of Bank of Korea.The remarks came hours after the US Federal Reserve slashed its key rate by 25 basis poi

EconomyOct. 31, 2019

Crisis-wracked Chile pulls out as APEC, climate meet host

SANTIAGO (AFP) -- Chile pulled out of hosting two major international summits on Wednesday as it struggled to restore order after more than ten days of civil unrest that have left at least 20 dead.President Sebastian Pinera said "common sense" dictated the decision to withdraw from the Asia Pacific Economic Cooperation summit and the Cop 25 climate change conference.US President Donald Trump had said he was planning to meet Chinese counterpart Xi Jinping to lock down a "phase

WorldOct. 31, 2019

Hanjin family inherits late chairman's stake in holding company

The controlling family of South Korea's Hanjin Group inherited a 17-percent stake of the group's holding firm, Hanjin KAL Corp., from its late chairman Cho Yang-ho, the company said Wednesday. Hanjin KAL has been led by Cho's only son, 44-year-old Cho Won-tae, since late April, after the elder Cho died of a chronic lung disease while receiving treatment in the United States on April 8.  After inheriting the stocks, Won-tae saw his stake in Hanjin KAL rise to 6.46 percent from 2.32 perc

IndustryOct. 30, 2019

South Korea hosts Asian symposium on smart cities

The Ministry of Government Legislation and the Korea Legislation Research Institute jointly held the seventh Asian Legislative Experts Symposium in Seoul on Wednesday. Under the theme “Legislative Modification Strategies for Smart City Development,” government officials and experts from Southeast Asia, including Vietnam, Indonesia and Malaysia, discussed drawing up legislation to facilitate the development of smart cities based on internet of things technology. “Countrie

Social AffairsOct. 30, 2019

Daelim Industrial to acquire US Kraton's chemical business

Daelim Industrial Co., a major construction and petrochemical firm in South Korea, said Wednesday it will acquire a chemical business of US Kraton Corp. for 618.2 billion won ($529.9 million). To acquire the Cariflex business of Kraton, Daelim Industrial will set up a subsidiary in the US, the company said in a regulatory filing. The planned acquisition is aimed at helping bolster its line-up of higher-value chemical products, according to the filing. Daelim Industrial is the No.-

IndustryOct. 30, 2019

Foreign ambassadors visit Moon to mourn death of his mother

The ambassadors of the United States, China, Russia and Japan offered their condolences to President Moon Jae-in on Wednesday over the loss of his mother.Chinese Ambassador to South Korea Qiu Guohong and Russian Ambassador Andrey Kulik arrived at Namcheon Catholic Cathedral in Busan at around 5:10 p.m., according to a pool report.About 10 minutes later, they entered a mourning station for Kang Han-ok, who died from a chronic illness Tuesday at the age of 92.Then, Japanese Ambassador Yasumasa Nak

PoliticsOct. 30, 2019

LG Electronics posts earning surprise in Q3 although net profit plunges

LG Electronics posted record-breaking revenue and operating profit in the third quarter this year on the back of solid television sales but its mobile division continued to struggle in the red, officials said Wednesday.The company’s consolidated revenue stood at 15.7 trillion won ($13.4 billion), its highest third-quarter figure, while operating profit was a 10-year high of 781 billion won, up 4.4 percent on-year.The net profit, however, dropped 30.5 percent from a year earlier and marked

IndustryOct. 30, 2019

Bill proposed to offer anti-cyberbullying education programs

A South Korean lawmaker has proposed a revised bill aimed at promoting positive online messages and countering cyberbullying through education programs in schools and workplaces. Rep. Kim Su-min of the minor opposition Bareunmirae Party said she has drafted a proposal to amend the Framework Act on National Informatization in a way that would introduce “sunfull” (referring to positive comments) education programs at a press conference held at the National Assembly on Tuesday. “T

PeopleOct. 30, 2019

[News Focus] Koreans aged 15-64 decrease 370,000 in 3 years

SEJONG -- South Korea is projected to see the percentage of the working-age population of the total population fall below the 50 percent mark in 2056, according to Statistics Korea.Based on monthly statistics, the working-age population in the nation has remained above 70 percent for more a decade.The working-age population refers to those aged 15 to 64, according to the criteria of the Organization for Economic Cooperation and Development.According to the Ministry of Interior and Safety, the de

Social AffairsOct. 30, 2019

Brokerages’ association chief refuses to step down despite ‘gapjil’ brawl

The head of South Korea’s self-regulatory organization of the financial investment services industry refused to step down on Wednesday despite a public outcry over recent allegations of verbal abuse of his staff -- behavior dubbed “gapjil” in Korean.“I have decided to continue as Korea Financial Investment Association chairman until the end of my term,” Kwon Yong-won said in a press conference held at the organization’s headquarters in Yeouido. “I w

MarketOct. 30, 2019

Samsung, IBM build safety platform based on AI, 5G

SAN JOSE, US -- South Korea’s Samsung Electronics and US-based tech giant IBM on Tuesday announced a partnership to develop a platform providing business-to-business mobile solutions based on 5G network and artificial intelligence focusing on public safety. Their collaboration which was revealed at a Samsung forum held in San Jose, California, will offer governments and businesses around the globe faster and stronger AI-powered mobile solutions for strengthening safety. They will build a n

TechnologyOct. 30, 2019

Kyobo Life Insurance launches the world’s first AI underwriter

Kyobo Life Insurance said Wednesday it had developed the world’s first artificial intelligence-based underwriting system that automatically analyzes and approves contracts with clients. The system -- named “BARO” in abbreviation of best analysis and rapid outcome -- employs machine learning technology, along with the ability to process large amounts of natural language data, according to the insurer. Like a human underwriter, BARO has the ability to insure or reject client

MarketOct. 30, 2019

[Doyle McManus] Trump and Ukraine: Putin’s got skin in this game, too

It’s only a little over a month since an intelligence community whistleblower turned the Trump administration on its side; it may seem like more. At first, the story seemed straightforward: The informant charged that President Trump had pressured Ukraine’s new president to investigate former Vice President Joe Biden’s son and blocked US military aid to force the Ukrainian leader to do his bidding.　But the story has become more complicated along the way. Trump wasn’t askin

ViewpointsOct. 30, 2019

[Tyler Cowen] How can California be left in the dark?

America continues to innovate wonderfully in cyberspace, but when it comes to solving actual, physical-world problems, its record is deteriorating. The fires in Northern California -- and the resulting power blackouts, affecting millions and running for days on end -- show just how many nodes of failure Americans are willing to tolerate or even encourage.　The practical and moral failings in this matter are so numerous it is hard to know where to start.　How about this: Systemic blackouts are comm

ViewpointsOct. 30, 2019

[Herald Review] ‘The Divine Move 2: The Wrathful’ a flawed, but entertaining piece

“The Divine Move 2: The Wrathful” is flamboyant, preposterous and exaggerated, taking viewers on a wild ride. Directed by Lee Khan and starring Kwon Sang-woo, the sequel to the “The Divine Move” (2014) -- about high-stakes gambling via the game of Go -- has an obvious premise and plot as well as one-dimensional characters. But it manages to provide fun and action.The film starts by tracing the footsteps of a boy who was abandoned by everything in the world. He stumbles ac

FilmOct. 30, 2019

Park Chan-kyong’s ‘Gathering’ explores what museum can become

Park Chan-kyong’s solo exhibition “Gathering” is an exhibition that explores what art museums can become in the contemporary world with constant man-made disasters.On Saturday, the National Museum of Modern and Contemporary Art kicked off a solo exhibition of Park, who has been selected as sixth artist of the MMCA Hyundai Motor Series, a 10-year series of solo exhibitions featuring prominent Korean artists, sponsored by Hyundai Motor. “What art language can be possible af

Arts & DesignOct. 30, 2019

Arts Center Incheon celebrates first anniversary

Arts Center Incheon in Songdo International City will celebrate its one-year anniversary on Nov. 16. Since opening last year, the center’s concert hall -- a mix of shoebox and vineyard styles -- has been praised for its exceptional acoustics.  The center was originally envisioned to house a concert hall, a museum and an opera house. But only the concert hall has been completed. While the center has secured land for construction, its plans have not been finalized due to financial issue

PerformanceOct. 30, 2019

‘Cross-border forestry cooperation key to regional partnership’

　South Korea and countries in Southeast Asia are seeking to join hands in developing forests in cross-border areas throughout the region to enhance their partnership for the security and environment. 　According to the Korea Forest Service, it will adopt a joint declaration with the Association of Southeast Asian Nations for forestry cooperation. The document will gain approval at the two groups’ high-level meeting to be held in Seoul on Thursday. 　The declaration is expected to pave the wa

IndustryOct. 30, 2019

KT to invest W300b on AI tech by 2023

 　South Korean telecom giant KT said Wednesday it will spend 300 billion won ($256 million) on developing advanced artificial intelligence technology by 2023 to expand its high-tech business at home and overseas. 　During a press briefing at its Seoul headquarters, KT introduced a four-year investment plan on promoting its AI businesses. It also pledged to hire more than 1,000 AI experts to support the initiative. 　Using its 5G wireless network and other technological prowess, KT said it wou

IndustryOct. 30, 2019