Foreign envoys get a glimpse of Korea’s architectural tradition

Kim Bong-ryol, president of Korean National University of Arts, gave a lecture on the history of wooden architecture in Korea, at the Hungarian ambassador’s residence in Yongsan-gu, Seoul, on Tuesday. Organized by the Corea Image Communication Institute, a private institution that promotes Korean culture around the world, the event was attended by 26 participants, including Hungarian Ambassador Mozes Csoma, Kuwaiti Ambassador Bader Mohammad Al-Awadi and New Zealand Ambassador Philip Tuner.

CultureNov. 6, 2019

S. Korea to reduce troops number to 500,000 by 2022

South Korea will reduce its troops by nearly 80,000 by 2022 and expand the use of technologies, responding to an ageing society, according to the country’s fiscal chief on Wednesday.“We will reorganize the structure of our military forces, focusing on cutting-edge technologies,” said Deputy Prime Minister and Finance Minister Hong Nam-ki in a ministerial meeting on economic revitalization, held at Export-Import Bank of Korea headquarters in Yeouido. The restructuring plan aims

EconomyNov. 6, 2019

Where and why we move

In 1957, a dog was put on Soviet spacecraft Sputnik 2, becoming the first live animal to orbit Earth. Some five decades later, it was revealed that Laika, the dog, died a few hours after the launch, due to overheating in the payload caused by a mechanical failure. Kim Se-jin’s video work “Messenger(s)” (2019), on show at SongEun ArtSpace, pays tribute to Laika, as well as those who had to move as part of mankind’s relentless efforts to conquer alien worlds.The work i

Arts & DesignNov. 6, 2019

Experimental play ‘Human Fuga’ looks at 1980 Gwangju massacre

A “fuga” -- Italian for fugue -- is a musical composition that introduces two or more themes in the beginning that recur throughout the piece.In the play “Human Fuga,” which began its run Wednesday at the Namsan Arts Center in central Seoul, the themes are the painful memories, scars and ill health of the victims of the 1980 Gwangju massacre, the dictatorial government’s response to the Gwangju Democratic Uprising.Theater troupe Tuida’s production takes its le

PerformanceNov. 6, 2019

Han Sung Motor hires ex-MFG CEO as vice president

Han Sung Motor, the largest Mercedes-Benz dealer in South Korea, has appointed Han Jong-moon, a former CEO of MFG Korea, as vice president of sales and marketing, the company said Wednesday.Han served as chief operating officer of Han Sung Motor prior to his CEO post at MFG, an operator of local restaurant chains. He has taken charge of the dealer’s sales and marketing since September.  With the appointment, Han Sung Motor expects to strengthen its business, citing Han’s previou

MobilityNov. 6, 2019

Foreign companies ‘unsatisfied’ with business environment in Korea: study

A majority of foreign companies and investors in South Korea feel unsatisfied with the business environment here in general, particularly with labor policies, a lack of local experts for research and development and language barriers, a study showed Wednesday.According to the report from the Korea Trade-Investment Promotion Agency, only 26.7 percent of foreign companies were “satisfied” with the business environment, the rest answering either “moderate” or “unsatisf

IndustryNov. 6, 2019

SPC Group wins GRLC partnership award

SPC Group, a South Korean bakery and confectionary company that operates 60 brands worldwide, received the best partnership of the year award from the Global Restaurant Leadership Conference, a leading global food service conference, the company said Wednesday.The GRLC is the largest conference in the world for the global food service industry, held annually since 2016. SPC is the first Korean recipient of the award, the company added. The conference awards restaurant brands that excel in the gl

IndustryNov. 6, 2019

Samsung BioLogics seeks partners for Alzheimer’s pipelines

FRANKFURT, Germany -- South Korea’s Samsung BioLogics is upbeat with the addition of a biosafety testing service to its portfolio and is seeking partnerships with companies developing therapies for Alzheimer’s disease.“We have already contacted over 20 companies that may reignite their Alzheimer’s drug pipeline after Biogen’s possible aducanumab approval in the US on Dec. 5,” Samsung BioLogics Senior Vice President and global head of Business Development James

IndustryNov. 6, 2019

Coffee shops full to brim in Korea

While coffee outlets remain one of the most popular self-owned businesses in South Korea, one out of 10 of them suffer from losses, according to a new report Wednesday. According to KB Financial Group’s report on self-employed workers here, about 71,000 coffee shops were in operation nationwide as of July. Among them, 14,000 places opened last year, as per the data from the Ministry of the Interior and Safety.The number of coffee shops has increased significantly between 2011 and 2016 with

IndustryNov. 6, 2019

Prosecutors raid Cho Kuk’s law school office

Prosecutors on Tuesday raided former Justice Minister Cho Kuk’s office at Seoul National University School of Law.Seoul Central District Prosecutors’ Office said it conducted a search and seizure operation at Cho’s office at the law school where he teaches, as part of a probe into a school admissions scandal involving his two children.The recently resigned minister is suspected of orchestrating illicit efforts to forge credentials from the university’s law department for

PoliticsNov. 6, 2019

National Assembly speaker stresses need to resolve Seoul-Tokyo row

National Assembly Speaker Moon Hee-sang on Wednesday stressed the need to lay the grounds for resolving the latest Seoul-Tokyo friction within the year, while Japanese media reported that Tokyo would not accept the plans Moon proposed the previous day. Speaking at a meeting with leaders of a Korean school in Japan, Moon said that legislative processes regarding the matter must be resolved within the year. “There are two important turning points on Nov. 23 and at the end of the year. O

Foreign AffairsNov. 6, 2019

S. Korea’s CDS premium hits lowest since 2008

South Korea’s credit default risk has dropped to its lowest point in over 12 years, to a level last seen before the 2008 global financial crisis, government data showed Wednesday.The credit default swap premium on the country’s foreign exchange stabilization bonds with a five-year maturity came to 27 basis points as of Tuesday on the New York market, according to the Ministry of Economy and Finance. The spread on CDS reflects the cost of hedging credit risks on corporate or sovereign

MarketNov. 6, 2019

S. Korea's domestic supply in manufacturing up 1.4 % in Q3

South Korea's total supply in manufacturing edged up 1.4 percent in the third quarter from a year earlier on increased imports, government data showed Wednesday.The manufacturing domestic supply index -- which measures both goods produced locally and brought into South Korea -- stood atn 102.8 during the July-September period, according to the data compiled by Statistics Korea. South Korea's total supply in manufacturing declined 3.9 percent and 0.8 percent in the first and second quarter, respe

EconomyNov. 6, 2019

Korea Airports Corp. submits final proposal for Manta airport in Ecuador

South Korean airport operator Korea Airports Corp. said Wednesday it submitted the final proposal for the operation of an airport in Manta, Ecuador, on Monday, after wrapping up a preliminary site survey and working-level discussions.Manta is located in the capital of Quito, a popular vacation city responsible for about 10 percent of the country’s economy. KAC has been selected as the preferred bidder to renovate, expand and operate the airport for 30 years. The airport had suffered d

IndustryNov. 6, 2019

Samsung, LG reach out to society by donating electronics

A trend in corporate social responsibility among South Korea’s leading businesses is to provide their signature electronics devices to improve people’s daily lives or work environments, according to the industry on Wednesday. Samsung Electronics, the nation’s top conglomerate with a range of tech affiliates, said it plans to donate a total of 1,000 sets of thermal imaging cameras and other communications equipment for emergency situations to every fire station across the countr

TechnologyNov. 6, 2019

Mirae Asset Global Investments highlights trailblazing role in global markets

Asset manager Mirae Asset Global Investments has been a trailblazer among South Korean financial institutions in entering global markets. According to the asset management unit of Mirae Asset Financial Group on Wednesday, it was the first among its peers to establish a Hong Kong subsidiary in 2003. The move marked its first foray overseas. In 2005, it became the first Korean asset manager to launch an offshore fund and provided local investors early opportunities to make overseas investments.In

MarketNov. 6, 2019

Asiana boosts competitiveness ahead of stake sale

Asiana Airlines said Wednesday it has been bolstering its competitiveness and rolling out cost-cutting measures ahead of selling its controlling 31 percent stake.With the recovery of passenger traffic on its Chinese routes, Asiana is hoping to see a rebound in its earnings. About 578,000 Chinese tourists visited South Korea in August, increasing to the level before the conflict between Seoul and Beijing on the THAAD missile defense system in 2017. The carrier has also appointed separate managers

IndustryNov. 6, 2019

Asiana helps children in Vietnam with volunteer day

Full-service air carrier Asiana Airlines said Wednesday that it took part in charity work at a child care center in Ho Chi Minh City, Vietnam, Tuesday, as part of its ongoing corporate social responsibility activities to assist children from low-income families. The South Korean air carrier said a volunteer team made up of Asiana employees visited the Thao Nguyen Xanh Center, a child care facility in the Vietnamese city, along with Communication Executive Director Cho Young-seok, UNICEF&rsq

IndustryNov. 6, 2019

Prosecution to launch special probe into Sewol ferry sinking

South Korea's state prosecution on Wednesday announced plans to establish a special unit to investigate the 2014 Sewol ferry sinking, one of the country's worst maritime disasters that killed more than 300.Eight or nine prosecutors are expected to join the task force to investigate the exact cause and any mishandling of the government's rescue operations, according to the Supreme Prosecutors' Office. The move came at the instruction of Prosecutor General Yoon Seok-youl. Yoon is "determined

Social AffairsNov. 6, 2019

[Breaking] Kofia chief reported dead: police

Kwon Yong-won, chairman of the self-regulatory organization Korea Financial Investment Association, was found dead Wednesday, according to local news reports.The Bangbae Police Station said the unnatural death of the financial officer was reported during the day, adding that the detailed cause of death has yet to be identified.The financial officer’s reported death came in the wake of a recent allegations of his verbal abuse against staff -- behavior dubbed “gapjil” in Korean.L

MarketNov. 6, 2019