[Jeffrey Frankel] a weaponized dollar could backfire

The language of international monetary policy has turned militaristic. The phrase “currency war” has now been popular for a decade, and the United States government’s more recent “weaponization” of the dollar is generating controversy. But ironically, a martial approach could end up threatening the US currency’s global dominance.This is a good time to gauge the relative strengths of the dollar and rival international currencies (meaning currencies that are use

ViewpointsOct. 27, 2019

Hospitality students in Switzerland look for job opportunities at IRF 2019

MONTREUX, Switzerland -- Swiss Education Group held its 22nd International Recruitment Forum from Oct. 21-22, inviting 56 hotel businesses from around the world and students from five hospitality schools under the group -- Cesar Ritz Colleges, Swiss Hotel Management School, Hotel Institute Montreux, IHTTI School Of Hotel Management and Culinary Arts Academy Switzerland. SEG students are required to finish two internships to graduate, and the IRF forum -- held twice a year -- is an opportuni

TravelOct. 27, 2019

Korean pharmas flock to CPhI Worldwide 2019

The 30th CPhI Worldwide 2019, the biggest global event of the year for the pharmaceutical industry, is set to take place at Messe Frankfurt in Germany from Nov. 5 to 7. Every year, CPhI brings together more than 100,000 pharmaceutical professionals to network for business opportunities at venues across Korea, China, Japan, Southeast Asia, the Middle East, Africa, North America and Europe.CPhI Korea held its fifth annual event in August at the Coex exhibition hall in Seoul. The main event in Euro

IndustryOct. 27, 2019

Prosecutors may summon ex-Justice Minister Cho this week

Former Justice Minister Cho Kuk will likely face prosecutors later this week for questioning over corruption allegations involving his family.  Prosecutors suspect Cho’s influence over his wife’s purchase of shares in battery firm WFM at a lower price than their market value. Cho was a senior secretary to President Moon Jae-in at the time of the purchase.  Prosecutors are also looking into dubious bank transfers between Cho and his wife. Cho is also accused of compli

PoliticsOct. 27, 2019

[Feature] Anti-corruption body now key political battleground

A large group of liberal protesters gathered near the National Assembly in Yeouido on Saturday chanting, “We the people must change the prosecution.”  Among their key demands was the creation of an independent body to investigate corruption allegations involving senior government officials. Similar calls also reverberated in front of the Supreme Prosecutors’ Office in Seocho-dong, southern Seoul. Conservatives also held rallies in Yeouido and Seocho-dong, protesting the

PoliticsOct. 27, 2019

KEB Hana, Woori chiefs likely to face heavy penalties over derivatives misselling

With financial authorities set to finish their monthslong investigation of the sale of high-risk derivatives-linked securities and related funds, key sellers are likely to be handed down heavy penalties for failing to properly warn investors of the risks.At the heart of the commotion was KEB Hana Bank, which has recently been found to have discreetly deleted related internal documents, attempting to stifle evidence. The market watchdog Financial Supervisory Service is scheduled to wrap up its in

MarketOct. 27, 2019

3.4 magnitude earthquake strikes southern Korea

An earthquake of 3.4 magnitude was reported in South Gyeongsang Province at 3:37 p.m. Sunday, according to the Korea Meteorological Administration.The weather agency said the earthquake, whose epicenter was around 15 kilometers south of Changnyeong County, was about 11 kilometers deep.Reports of tremors came in from the surrounding areas of Changwon, Gimhae, Geoje and Haman.A nuclear power plant in the neighboring city of Ulsan was unaffected and operating as per normal, the city office said.Fir

Social AffairsOct. 27, 2019

N. Korea warns clock is ticking on nuke talks with US

North Korea’s former top nuclear envoy said Sunday the close ties between the leaders of the regime and the US have a limited impact on their stalled denuclearization talks, stressing the year-end deadline for Washington to reconsider its negotiation method is fast approaching.“The US is seriously mistaken if it is of the idea of passing off in peace the end of this year, by exploiting the close personal relations between its president and the Chairman of the State Affairs Commission

North KoreaOct. 27, 2019

Brokerages post weak Q3 net profit amid sluggish market

South Korean brokerages posted worse-than-expected third-quarter net profit, data from the Financial Supervisory Service showed Sunday, with the lackluster performance attributed to a sluggish stock market coupled with local investors’ soured sentiment toward derivative products. According to the FSS’ electronic disclosure board, five major brokerages that have disclosed their third-quarter earnings report all saw substantial drops in net profit on-quarter and fell short of market ex

MarketOct. 27, 2019

Ex-President Park’s confidante faces tax probe

Former President Park Geun-hye’s confidante Choi Soon-sil faces a prosecution probe over allegations that she did not pay taxes on a real estate transaction.The Suwon District Prosecutors’ Office said Saturday the National Tax Service has reported Choi and her daughter Chung Yoo-ra for violating laws on tax offenses.According to the tax agency, Choi sold a building in Gangnam, southern Seoul, for around 12.6 billion won ($10.7 million) in February and has not paid some 1.9 billion wo

Social AffairsOct. 27, 2019

[Newsmaker] Police to probe professor over wartime sex slavery remarks

Police said Sunday that they are investigating a professor who called Japan’s World War II sexual enslavement of girls and women “a form of prostitution.”Police have interviewed civic groups who lodged a defamation complaint against Lew Seok-choon, a sociology professor at Yonsei University, for his remarks regarding “comfort women,” as the wartime sex slaves are euphemistically called.On Sept. 19, Lew said during a lecture that the Japanese military was &ldquo

Social AffairsOct. 27, 2019

South Korea’s exports to turn around in 2020 Q1: report

South Korea’s declining exports are predicted to turn around in the first quarter of next year on the back of rising demand for chips and recovery in the global economy, a trade association said Sunday. “The nation’s exports are expected to bottom out this month and turn positive from the first quarter of next year due to the recovery in chip unit prices,” said Moon Byung-ki, a senior researcher at the Korea International Trade Association’s trend analysis division,

IndustryOct. 27, 2019

GS E&C buys stakes in $1.4b petroleum plant project in Turkey

GS Engineering and Construction said Sunday it had bought a nearly 50 percent stake in a $1.4 billion project to construct a petrochemical plant in Turkey.The South Korean builder has signed a shareholder agreement with Ronesans Holding of Turkey to acquire a 49 percent stake in Ceyhan Petrokimya Endustriyel Yatrim (CPEY), a subsidiary of the Turkish business group, the firm said. The signing ceremony was held in Istanbul on Sept. 26.  By buying the stake, GS E&C will also earn profits

IndustryOct. 27, 2019

SKT forms partnership to build 5G networks in Philippines

SK Telecom said Sunday it has formed a strategic partnership with Now Corporation to build 5G infrastructure in the Philippines. SKT will share its know-how in 5G infrastructure design and construction, opening up the export of business-to-business solutions between Korea and the Philippines. By the first half of 2020, SKT will draw up a road map for 5G services, design infrastructure in the Philippines and provide education on core 5G technologies.  The company will later aid the building

IndustryOct. 27, 2019

US official: IS leader believed dead in US military assault

WASHINGTON (AP) -- Abu Bakr al-Baghdadi, the shadowy leader of the Islamic State group who presided over its global jihad and became arguably the world's most wanted man, is believed dead after being targeted by a US military raid in Syria.A US official told The Associated Press late Saturday that al-Baghdadi was targeted in Syria's Idlib province. The official said confirmation that the IS chief was killed in an explosion is pending. No other details were available. The official was not authori

World NewsOct. 27, 2019

Incheon Global Campus leads Green Growth Week events

Professors and students from the world’s leading universities with a presence at Incheon Global Campus shared their knowledge about how to achieve a green energy transformation during Global Green Growth Week. The Global Green Growth Institute hosted Global Green Growth Week 2019, which offered a chance to explore knowledge and strategies on the policy, finance, technological and social dimensions of transitioning to renewable energy. During the event, held at Coex Intercontinental Hotel f

Social AffairsOct. 27, 2019

First frost of this autumn spotted in Seoul

As the mercury dropped to the lowest degree of the season, the first frost was spotted in Seoul and its surrounding area on Sunday, according to local forecasts.Seoul and Suwon, south of the capital, saw the first frost in the morning, while the daily low dipped to 4.7 degrees Celsius and 3 degrees Celsius, respectively, the Korea Meteorological Administration said. It said frost came 15 days later than last year, when Seoul saw its first frost on Oct. 12, and one day behind the average of the p

Social AffairsOct. 27, 2019

Suspected pathogenic bird flu case reported in Anseong

A suspected virulent avian influenza case was reported in the city of Anseong, 80 kilometers south of Seoul, authorities said Sunday.A case of AI H5 virus was confirmed in excrement of wild birds that was sampled Tuesday, according the Ministry of Environment.  It will take about three to five days to confirm whether the virus is highly pathogenic, officials said. Officials said they have been reinforcing quarantine and inspection efforts within the region where the virus sample was discove

Social AffairsOct. 27, 2019

Bishops urge Pope to open priesthood to married men in Amazon

VATICAN CITY (AFP) -- Catholic bishops gathered at a special Vatican assembly called on Pope Francis Saturday to open the priesthood to married men in the Amazon, as well as giving women a greater role to play and making damaging the environment a sin.The bishops issued a list of recommendations at the close of a three-week "synod" on the Pan-Amazonian region which highlighted challenges such as the destruction of the rainforest, the exploitation of indigenous peoples and a scarcity in

WorldOct. 27, 2019