BOK chief calls for bank's preemptive, practical changes

The head of South Korea's central bank called for preemptive measures Monday to actively prepare the bank for future changes, but insisted such measures must be practical enough to win the support of not only bank officials but also the general public."Changes and innovations are becoming much faster and more complicated than ever before in each sector of our society," Bank of Korea Gov. Lee Ju-yeol said in a biennial meeting of top BOK officials. "Should we not react activel

MarketNov. 18, 2019

S. Korea to grant smaller firms grace period on 52-hour policy

South Korea plans to apply a grace period for smaller firms in adopting the 52-hour workweek system, the labor minister said Monday, reflecting concerns over financial costs and a legislative deadlock at the National Assembly."In the case (the policies) are not legislated, the government will push for all possible measures focusing on areas that (companies are) struggling within the extent of not harming the intent of the 52-hour workweek system," Lee Jae-kap, minister of employment an

IndustryNov. 18, 2019

Airlines to cut fuel surcharges on int'l routes in Dec.

South Korean airlines will lower their fuel surcharges on international routes in December to mirror a fall in jet fuel prices, industry sources said Monday.  The surcharges for one-way tickets on long-haul international routes will be capped at 37,700 won ($32.40) next month, down one notch from November. 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 prices ave

IndustryNov. 18, 2019

Minister says he will help create environment for US-NK talks

Unification Minister Kim Yeon-chul said Sunday he will make the effort to “create an environment” for denuclearization talks between the US and North Korea as he began his first trip to the US since taking office.　Kim’s seven-day visit to the US came after Pyongyang demanded Seoul remove all the facilities it had built at the Kumgangsan resort and vowed to build its own resort. 　“I plan to meet some people in the State Department and Congress to exchange views on the Nort

North KoreaNov. 18, 2019

SC Bank Korea to introduce ‘Frozen 2’ character check cards, bankbooks

SC Bank Korea, the local subsidiary of British banking giant Standard Chartered, said Monday that it will launch a limited edition of its check cards and bankbooks featuring characters from the upcoming Disney animation “Frozen 2.”To commemorate opening of the highly anticipated sequel to the Disney hit “Frozen,” slated to hit local theaters on Thursday, the Korean subsidiary is offering 30,000 Ace Plus Check Cards and 60,000 deposit and savings accounts.  Under the

MarketNov. 18, 2019

S. Korea eases visa regulations for foreign workers in parts, materials and equipment fields

South Korea's justice ministry on Monday unveiled a revised visa policy to ease regulations for foreign workers in the parts, materials and equipment industries as part of ongoing efforts to help the industries that have taken a hit from Seoul's trade row with Tokyo."Starting Nov. 18, the justice ministry implements a revised policy for foreign professionals to support the parts, materials and equipment industries struggling from Japan's trade row and improve national competitiveness,"

IndustryNov. 18, 2019

Doorbell song from 'Parasite' hits internet

As Bong Joon-ho's black comedy "Parasite" continues to make waves as an international film in North America, a short catchy song from the movie has gone viral on the internet across the world.The so-called Jessica jingle is a brief chant that the character Ki-jung, played Park So-dam, sings with her brother Ki-woo (Choi Woo-sik) in order to remember her false identity and alias, Jessica, before ringing the doorbell of a rich family's house.The wily siblings sweet-talk the affluent fami

FilmNov. 18, 2019

S. Korea to mull extending presale prices of privately built flats

South Korea said Monday it will consider extending a scheme to cap the presale prices of privately built apartments in the case of instability in real estate markets.Vice Finance Minister Kim Yong-beom made comments in a meeting with officials at a building in western Seoul. The comments came more than a week after the government announced a plan to introduce a "presale price cap system" for new apartments built by private builders to help stabilize escalating home prices.The system is

EconomyNov. 18, 2019

SoftBank's Yahoo Japan to merge with Line app operator

TOKYO (AFP) -- Japan's Z Holdings, formerly Yahoo Japan, will merge with mobile chat app operator Line, the firms said Monday, in a bid to boost the customer base for their digital services.Mobile operator SoftBank Corp, the parent of Z Holdings, and South Korea's Naver, Line's parent company, agreed the merger of ZHD and Line, SoftBank and Naver said in a joint statement.Line will be delisted after SoftBank and Naver make a tender offer, with the merger expected to happen in October 2020.The de

IndustryNov. 18, 2019

S. Korea's trade deficit with Japan tipped to hit 16-year low this year

South Korea's trade deficit with Japan is expected to sink to a 16-year low in 2019 due to a tumble in imports, data showed Monday.Seoul posted a trade deficit of $16.37 billion with Tokyo in the first 10 months of this year, down 20.6 percent from a year earlier, according to the data from the industry and trade ministry and the Korea International Trade Association.It marks the lowest trade deficit with the neighboring country for the January-October period since the red ink of $15.57 billion

IndustryNov. 18, 2019

Kim watches airborne landing training, urges improved war preparedness

North Korean leader Kim Jong-un has supervised an airborne landing training, emphasizing the need to improve the country's war preparedness, Pyongyang's official news agency said Monday.Kim's "field guidance" was reported a day after South Korea and the United States decided to put off their wartime air exercises to encourage North Korea to return to the negotiation table for its denuclearization.Kim watched "an airborne landing training of sharpshooter sub-units of the Air and An

North KoreaNov. 18, 2019

S. Korea, US hold new round of defense cost-sharing negotiations

South Korea and the United States held a new round of negotiations in Seoul on Monday over the sharing of the cost for stationing American troops here amid increasingly strident protests against Washington's call for a hefty rise in Seoul's payments.South Korea's chief negotiator, Jeong Eun-bo, and his US counterpart, James DeHart, led the two-day negotiations, with the allies still far apart on key issues, such as Seoul's total share and what should be included in the cost-sharing deal, called

Foreign AffairsNov. 18, 2019

Trump urges NK leader to 'act quickly,' 'get deal done'

WASHINGTON -- US President Donald Trump urged North Korean leader Kim Jong-un on Sunday to "act quickly" and reach a deal with him on dismantling the regime's nuclear weapons program.Trump's tweet came as denuclearization negotiations between Washington and Pyongyang have stalled since the two leaders' second summit in February ended without a deal. The US president suggested that they meet again soon."I am the only one who can get you where you have to be," he tweeted. "

North KoreaNov. 18, 2019

S. Korea undone by lack of firepower

TOKYO -- After his squad lost to Japan in the championship final of the Premier12 baseball tournament, South Korean manager Kim Kyung-moon said it was all his fault that the team came up short.Kim, long known for being fiercely loyal to his players, isn't one to throw his players under the bus. But he came as close to doing so as he ever had Sunday, when he acknowledged that the heart of his order never quite got it going."Our sluggers never came around, and that just goes to show you baseb

BaseballNov. 18, 2019

[Newsmaker] Hong Kong police storm university held by protesters

HONG KONG (AP) -- Police breached a Hong Kong university campus held by protesters early Monday after an all-night siege that included firing repeated barrages of tear gas and water cannons.Anti-government protesters have barricaded themselves inside Hong Kong Polytechnic University for days. Police surrounded the area Sunday night and began moving in after issuing an ultimatum for people to leave the area. The crowd wore raincoats and carried umbrellas to shield themselves.Riot officers broke i

World NewsNov. 18, 2019

[ASEAN-Korea summit] Coming challenges call for stronger Korea-ASEAN ties

President Moon Jae-in contributed this article to The Korea Herald and Asia News Network member newspapers on the occasion of the 2019 ASEAN-Republic of Korea Commemorative Summit slated for Nov. 25-27 in Busan. – Ed.Next week, November 25-27, the 2019 ASEAN-Republic of Korea Commemorative Summit and the 1st Mekong-Republic of Korea Summit will be held in Korea. In particular, since my hometown Busan will play host to the events, I am very much looking forward to them – as if I have

Foreign AffairsNov. 18, 2019

S. Korea falls to Japan to finish in 2nd place in Premier12 baseball

TOKYO -- South Korea finished runner-up to Japan at the Premier12 baseball tournament on Sunday, losing 5-3 in its bid for a second straight championship.South Korea blew a 3-0 first-inning lead, with Japanese leadoff man Tetsuto Yamada cracking a go-ahead three-run shot in the bottom of the second at Tokyo Dome.This was the second edition of the signature tournament by the World Baseball Softball Confederation. South Korea won the inaugural title in 2015. Despite losing in the championship fina

BaseballNov. 17, 2019

S. Korean, Chinese defense chiefs agree to boost strategic communications

BANGKOK -- The defense ministers of South Korea and China held bilateral talks in Bangkok on Sunday and agreed to boost their defense relations for regional peace and stability, Seoul‘s defense ministry said.  During the meeting, Defense Minister Jeong Kyeong-doo and his Chinese counterpart, Wei Fenghe, exchanged their assessments of regional security situations, commending each government’s efforts for the denuclearization of and the establishment of a lasting peace on the Kore

DefenseNov. 17, 2019

Top US negotiator in defense cost-sharing talks arrives in S. Korea

The top US negotiator in defense cost-sharing talks with South Korea arrived in Seoul on Sunday for a new round of negotiations this week over the sharing of the cost for the upkeep of American troops here.Speaking to reporters, James DeHart of the US State Department voiced confidence that with “some hard work,” the allies will reach an agreement that is mutually acceptable and will ultimately strengthen the long-standing alliance.Earlier this month, DeHart made an unannounced visit

Foreign AffairsNov. 17, 2019

[Graphic News] S. Korea recaptures No. 1 spot in shipbuilding orders

　South Korea recaptured the top spot in global shipbuilding orders last month, industry data showed, on the back of its dominance in the liquefied natural gas carrier market. 　In October, local shipyards, led by Hyundai Heavy Industries, won orders totaling 1.29 million compensated gross tons to build 17 ships, accounting for 86 percent of the orders placed around the globe, according to London-based Clarkson Research Services, the world’s leading provider of data for the shipping and ship

IndustryNov. 17, 2019