[Jonathan Woetzel, Jeongmin Seong] The Asianized world has arrived

 In the 19th century, the world was Europeanized. In the 20th century, it was Americanized. Now, it is being Asianized -- and much faster than you may think.Asia’s rise has been swift. Home to more than half of the world’s population, the region has climbed from low- to middle-income status within a single generation. By 2040, it is likely to generate more than 50 percent of world GDP, and could account for nearly 40 percent of global consumption.New McKinsey Global Institute re

ViewpointsOct. 6, 2019

S. Korea sees steepest drop in exports among key economies

South Korea marked the steepest drop in export volume so far this year among the world’s top 10 exporters, data showed.Korea’s export slowdown was especially noticeable in July, due partly to the slowdown in overall world trade volume and the drop in prices of semiconductors and petroleum products. Exports to China, in particular, dropped significantly by 16.6 percent from the previous month.  The month coincides with when Japan started to impose export curbs on key materials cr

EconomyOct. 6, 2019

Korean game companies offer unusual welfare programs

Once notorious for painstakingly long working hours and unfavorable conditions, game companies here are making a 180-degree-turn, offering workplace benefits that stretch beyond conventional areas.In-house day care for children, various classes to help employees develop their skills, gyms, libraries and lavish cafeteria meals are no longer unusual at these companies, according to industry sources.But Kakao Games and Pearl Abyss have other benefits that are more unusual. Kakao Games offers, among

IndustryOct. 6, 2019

[Contribution] How investors can position amidst China’s slowdown

The Korea Herald is publishing a regular contribution series written by senior investment strategists at Standard Chartered Group Wealth Management. -- Ed.China’s economic growth has clearly slowed amid escalating US-China trade tensions. The weakness in industry and business investment appears to be spilling over to consumption, as seen in the recent deceleration in retail sales. The sluggish macro data highlights three areas of concern. First, producer prices entered deflation territory

MarketOct. 6, 2019

[Newsmaker] Cho Kuk’s wife denies allegations, to be summoned again

Chung Kyung-shim, the wife of scandal-ridden Justice Minister Cho Kuk, returned home near midnight Saturday after spending 15 hours at the prosecutor’s office for questioning over allegations she committed academic fraud and made a shady investment.Chung, a professor at Dongyang University, returned home around 11:55 p.m. on Saturday night after the second round of questioning, and she will be summoned again for questioning at a later date, the Seoul Central Prosecutors’ Office said

Social AffairsOct. 6, 2019

SK Plasma to export plasma-derived product to Brazil

SK Plasma announced Sunday that the company has been selected as one of the suppliers for intravenous immunoglobulin to treat patients with antibody deficiencies, in a blood product bidding for 2020 by the Brazilian government.According to the firm, the estimated export amount is to be around $20 million.SK Plasma, which span off from SK Chemicals’ Life Science business in 2015, deals with plasma derived products that are medicines used to treat such diseases as congenital immunodeficiency

IndustryOct. 6, 2019

Medical expenses for seniors to reach W60tr in 2025

Medical expenses for people aged 65 or older are expected to reach 57.94 trillion won ($48.64 billion) in 2025, when the country is projected to become a superaged society, data released by the National Assembly’s Health and Welfare Committee showed Sunday. The projected figure for 2025 is close to double the 31.6 trillion won recorded in 2018, according to the National Health Insurance Corporation data. The figure is expected to exceed 200 trillion won in 2045 and 337.1 trillion won in 20

Social AffairsOct. 6, 2019

Govt. to tighten departure process for foreigners staying without permission

Foreigners staying illegally in South Korea will go through a tighter inspection process before they are allowed to leave the country, the Ministry of Justice announced Sunday. According to the ministry, the rules will change so that people residing here without permission can no longer leave the country the day they report their departure plans to the authorities, but will have to make the report three to 15 days in advance. The new rule takes effect Oct. 21 and is being put in place to prevent

Social AffairsOct. 6, 2019

Mercedes-Benz posts No. 3 sales figure, after Hyundai, Kia

German carmaker Mercedes-Benz recorded the third-highest sales figure in the country in September, after Hyundai Motor and Kia Motors, outpacing three major local carmakers, according to industry data.According to data from the Korea Automobile Manufacturers Association and the Korea Automobile Manufacturers Association, a total of 118,895 vehicles were sold in September, an increase of about 8.9 percent from the previous month.Of them, Hyundai Motor and its sister company Kia Motors accounted f

MobilityOct. 6, 2019

China-Taiwan dispute may further undermine S. Korean exports: report

China's political dispute with Taiwan may add to regional risks created by protest rallies in Hong Kong that could further undermine South Korea's exports to its neighbors, a central bank report suggested Sunday.South Korean exports have dipped for 10 consecutive months since December amid the prolonged trade dispute between the United States and China, the world's largest importers of South Korean goods."Considering the country's close financial and trade relations with the countries, a ch

EconomyOct. 6, 2019

HHI-DSME merger faces growing opposition from workers

Hyundai Heavy Industries has been grappling with growing opposition from workers against a merger with Daewoo Shipbuilding & Marine Engineering. In March, HHI signed a formal deal, worth an estimated 2 trillion won ($1.7 billion), with the state-run Korea Development Bank to buy its smaller rival DSME. The deal will be completed when the world’s two largest shipbuilders get approval from antitrust watchdogs in Japan, China, Kazakhstan and the European Union. The authorities will r

IndustryOct. 6, 2019

Japan-bound trips dip in Aug., demand for other regions shoots up

An increased demand on non-Japanese routes helped offset lower demand on Japanese routes in August amid trade tensions between Seoul and Tokyo, the transport ministry said Sunday.  The number of South Koreans who traveled to Japan in August plunged more than 20 percent as outbound travelers shunned Japan for alternative destinations in Europe, China and other Asian nations amid a trade row between the two Asian neighbor, according to data from the Ministry of Land, Infrastructure and T

TravelOct. 6, 2019

Hyundai Heavy faces protracted wage dispute

Hyundai Heavy Industries Co., South Korea's top shipbuilder, is likely to have a lengthy standoff with its labor union over this year's wage deal, industry watchers said Sunday, adding a burden to its already struggling business.    Hyundai Heavy has held 16 rounds of wage negotiations with the union since May 2, but the sides have yet to find common ground.    "There is a possibility that this year's wage agreement cannot be reached by end of this year," an officia

IndustryOct. 6, 2019

S. Korea reports 2 suspected cases of swine fever

South Korea reported two suspected cases of African swine fever on Sunday despite massive preventive measures across the country.The first new suspected case was reported from a farm in Pocheon, just north of Seoul, according to the agriculture ministry. The second suspected ASF case came from Boryeong, some 160 kilometers southwest of Seoul, the ministry said. South Korea has been implementing seamless disinfection efforts to stem the outbreak of ASF, including extending a lockdown on northern

Social AffairsOct. 6, 2019

US-NK nuclear talks end in conflicting assessments

WASHINGTON/SEOUL (Yonhap) -- The United States and North Korea ended working-level denuclearization negotiations in Sweden on Saturday, with the North declaring a breakdown of talks and the US characterizing the discussions as "good."Negotiators from the two sides met in Stockholm to resume denuclearization talks that had stalled since the collapse of February's second summit between US President Donald Trump and North Korean leader Kim Jong-un.Kim Myong-gil, the North's chief negotiat

North KoreaOct. 6, 2019

US, NK resume nuclear talks in Sweden after months-long hiatus

The United States and North Korea resumed working-level nuclear talks in Sweden on Saturday after a monthslong hiatus, amid cautious optimism and lingering skepticism over the prospects of a compromise.The talks marked their first formal negotiation since February's summit between US President Donald Trump and North Korean leader Kim Jong-un in Hanoi collapsed due to gaps over the scope of Pyongyang's denuclearization and Washington's compensation.US Special Representative for North Korea Stephe

North KoreaOct. 5, 2019

[From the scene] ‘We are Cho Kuk’: Protesters condemn ‘political’ prosecution

Tens of thousands of citizens took to the streets of southern Seoul on Saturday to condemn prosecutors for what they called their politically motivated investigation of scandal-ridden Justice Minister Cho Kuk and to demand prosecution reform. 　Row upon row of seated participants, most of whom were not affiliated with a political party or campaign organization, filled Seocho-daero and Banpo-daero -- the boulevards stretching from intersection of the Seoul Central Prosecutor’s Office toward

Social AffairsOct. 5, 2019

Supporters of justice minister to hold rally, demanding reform of prosecution

Activists and citizens plan to hold a rally in southern Seoul on Saturday to support Justice Minister Cho Kuk and his drive to reform the prosecution amid a probe into corruption allegations surrounding his family.A candlelight vigil is scheduled to start at 6 p.m. at an intersection by Seocho Station where the prosecution's office is located for the third such weekly rally.Participants are expected to condemn the prosecution's widening probe into Cho's family as an attempt to deter the minister

Social AffairsOct. 5, 2019

Seniors main income earners for poorest households: data

Seniors are the chief breadwinners for South Korea's poorest households, with such family units generally having less than one member holding a steady job, data showed Saturday.According to the data from Statistics Korea, the average age of the chief breadwinners for households making up the bottom 20 percent of the income tier stood at 63.8 years between 2003 and 2019.  Asia's fourth-largest economy became an aged society -- one in which 14 percent of the population is over 65 -- in 2017,

EconomyOct. 5, 2019