Korea to stress multilateralism, its role in international society at UN

South Korea will highlight the importance of multilateralism and Korea’s role in international issues such as climate change and poverty at the UN General Assembly, South Korean Minister of Foreign Affairs Kang Kyung-wha said Sunday.  “Our government will clearly emphasize the country’s status as one that practices the values of UN – peace, human rights, development – in an exemplary manner,” Kang said. “Our contributions and resolve to expand our r

Foreign AffairsSept. 23, 2019

Seoul’s foreign minister says biggest hurdle is drawing up road map for denuclearization

NEW YORK -- Drawing up a road map for the denuclearization of North Korea will be the biggest hurdle in working-level talks between the US and North Korea, even though all parties share a common definition of denuclearization, South Korean Minister of Foreign Affairs Kang Kyung-wha said Sunday. Speaking in New York, where she arrived as part of President Moon Jae-in’s entourage at the UN General Assembly, Kang said she believes the two Koreas and the US share the same idea of denuclearizat

North KoreaSept. 23, 2019

Wimbledon quarterfinalist Muchova wins Korea Open

Wimbledon quarterfinalist Karolina Muchova captured the Korea Open for her first WTA title on Sunday.Muchova, the No. 3 seed from the Czech Republic, defeated fourth-seeded Maga Linette 6-1, 6-1 in the rain-delayed final at Olympic Park Tennis Center in Seoul.The match was initially scheduled to start at 1:30 p.m. but was pushed back by six and a half hours because of downpours, brought on by Typhoon Tapah. The match lasted just over an hour, as Muchova, world No. 45, overwhelmed the 48th-ranked

More SportsSept. 22, 2019

[Graphic News] Biggest buyers of Saudi Arabian oil

　Yemen’s Iran-aligned Houthi group last week attacked two plants at the heart of Saudi Arabia’s oil industry in a strike that could impact about 5 million barrels per day of crude production - close to half of the kingdom’s output, or 5 percent of global oil supply.    　The Saudis are the world‘s biggest oil exporters, sending more than 7 million barrels of crude to numerous destinations around the globe every day - equal to nearly one-third of exports by t

World BusinessSept. 22, 2019

[Newsmaker] Professor under fire for comparing ‘comfort women’ to prostitutes

A professor at a prestigious university in Seoul has come under fire for reportedly likening Korean victims of Japan’s wartime sexual enslavement to prostitutes, triggering calls for his expulsion from the political circle and his alumni. During a lecture, Ryu Seok-chun, a sociology professor at Yonsei University, said that the victims of Japan’s sexual slavery sold sex because they needed to earn a living, and dismissed a civic organization advocating on behalf of them as

Social AffairsSept. 22, 2019

[Herald Review] ‘Battle of Jangsari,’ average delivery, worthy tribute

Judging by the massive box office score, I’m in the minority when I say I hated “Taegukgi: The Brotherhood of War” (2004). It had good acting, action and drama, but it was far too sappy and a bit too contrived -- not uncommon criticism for Korean films.“Battle of Jangsari” -- directed by Kwak Kyung-Taek and Kim Tae-Hoon -- is one that had the potential to be a great film, but fell short in delivery because of the problems it shares with “Taegukgi,” as we

FilmSept. 22, 2019

University students nationwide call for Cho Kuk’s resignation

Students at South Korea’s top three universities are planning to expand their protest against Justice Minister Cho Kuk, calling for participants from colleges across the nation.In a statement issued Saturday, the leaders of Thursday’s candlelight protests held by students of Seoul National University, Yonsei University and Korea University said they are preparing for a joint protest with the participation of college students from around the country. “College students, who are a

Social AffairsSept. 22, 2019

KOTRA forum to promote Korea-India business cooperation

The state-run Korea Trade-Investment Promotion Agency said Sunday it will be holding an extensive Korea-India business forum this week, in line with Seoul’s initiative to expand beyond its conventional trade partners.Co-hosted by the Korean Embassy in India and the Presidential Committee on New Southern Policy, the event is to focus on the “3P” values of people, peace and prosperity, officials said. Some 540 companies and 800 individuals are expected to attend the affiliated se

IndustrySept. 22, 2019

[New Economic Non-order:3] G-7 loses prestige amid growing nationalism

The Korea Herald is publishing a series of articles to look into the weakening of the global economic framework in light of the fading liberalism and rise of trade protectionism and nationalism. This is the third installment. -- Ed.The liberal world order, or at least the belief that it could be sustained, has lasted for much of the 20th century, but is likely to fade away amid the rise of nationalism and protectionism across the world.This regression to state-centered policies naturally drove a

EconomySept. 22, 2019

Naver, Kakao in battle over Korea’s mobile payment market

　South Korea’s biggest internet search company Naver has finalized its plan to launch a financial subsidiary by November, presenting a challenge to the country’s leading messenger app operator Kakao in the mobile payment market. 　During a meeting with stockholders on Friday, Naver decided to change the status of its in-house venture company Naver Pay to a separate entity. Named “Naver Financial,” the new subsidiary is to be officially launched Nov. 1.　To expand its platfo

TechnologySept. 22, 2019

[Herald Interview] Local mindset behind global market clout: Schneider CEO

SINGAPORE -- Roughly 30 percent of France-based Schneider Electric’s revenue came from the Asia-Pacific region in 2018. Another 30 percent came from North America and Western Europe, respectively, with the portfolio ranging from voltage distribution products to solutions for automation, energy storage and smart building infrastructure.Behind the firm’s global clout is its ability to make use of local resources and meet local demands, a quality that is also playing out in South Korea,

IndustrySept. 22, 2019

Confirmation hearing process under scrutiny, but revision may be delayed

The country’s political parties are once again seeking to revamp parliamentary confirmation hearings for government posts, driven by the controversies surrounding Justice Minister Cho Kuk. Rather than being a stage for vetting nominees for high-level posts, confirmation hearings have often been marred by partisan clashes, and personal attacks. Problems and shortcomings of parliamentary confirmation hearings have long been subjects of discussion. The issues raised include lack of regulation

PoliticsSept. 22, 2019

[Go, Munir, Vishwanath] Asia’s multilateral balancing act

After World War II, Asia emerged from years of conflict and centuries of colonialism. The United States quickly became the main guarantor of regional security, signing bilateral defense treaties and establishing preferential trade and investment relationships with its Asian allies -- in particular the Philippines, Australia, Japan, South Korea and Pakistan. In the decades since, Asia has reaped substantial development gains from open trade, investment, and multilateral cooperation, enabling the

ViewpointsSept. 22, 2019

[Leonid Bershidsky] Europe’s last land frontier is opening up

Ukraine has almost as much agricultural land as France and Germany combined and will finally start allowing it to be bought and sold next year. This is Europe’s last farmland frontier, and the fight over it is going to be messy.About 17 percent of Ukraine’s gross domestic product comes from agriculture, the one sector where Ukraine punches above its weight on the global stage. It’s the world’s sixth-biggest wheat exporter, a top 10 supplier of corn and barley, the global

ViewpointsSept. 22, 2019

[News Focus] Korean chipmakers expect to bottom out in H2

 The semiconductor firms in South Korea are holding their breath at the current market conditions, hoping they have avoided the worst. “Starting with NAND, memory chip prices are showing signs of a rebound,” said an industry insider. “DRAM prices also stopped falling last month, which we hope is a sign of bottoming out finally.”  The price of three-dimensional high-spec NAND rose for two months in a row, while the most widely used memory DRAMs halted their price

TechnologySept. 22, 2019

[Management in Korea] Why governance reform is key to make chaebol accountable　

Management in Korea is a regular column written by the members of Egon Zehnder Seoul, touching on various aspects of Korean enterprises and business leaders, offering management tips. -- Ed.Nearly every presidential candidate in South Korea over the past two decades has made the same campaign promise and failed to deliver on it: End the near-monopoly chaebol -- family-owned conglomerates -- hold in the country and give smaller companies an opportunity to thrive. To enact some semblance of contro

EconomySept. 22, 2019

Moon heads to US for UN General Assembly, Trump summit

President Moon Jae-in on Sunday set out on a five-day trip to the US to attend the UN General Assembly.On the sidelines of the event, Moon is scheduled to hold a summit with US President Donald Trump and a number of other world leaders.  According to Cheong Wa Dae, Moon’s meeting with Trump -- scheduled for Monday there -- will focus on denuclearization of the Korean Peninsula as well as the South Korea-US alliance. “President Moon will discuss cooperation measures for the compl

PoliticsSept. 22, 2019

N. Korea’s seasoned negotiator responds quickly to Trump’s ‘new method’

Kim Myong-gil, who recently released a statement confirming that he is the head of the North Korean delegation for the envisioned working-level negotiations with the United States, is known to be a US expert. Having participated in various levels of nuclear weapons negotiations with the US since the 1990s, Kim may be able to bring about a more productive outcome for North Korea in the upcoming denuclearization negotiations, experts here say. Amid speculations that Kim would be the counterpart of

North KoreaSept. 22, 2019

Son of former police officer stopped with bullets at airport

A 47-year-old man, the son of a former police officer, was caught by airport security holding three bullets at around 8:30 p.m. on Saturday.He was discovered with the bullets at the airport security check counter, Incheon Airport police said. The man was apparently departing on a trip abroad with colleagues.During police questioning, the man said the bullets may have been placed in the pocket of the jacket he was wearing when his mother was cleaning the house.Finding no criminal intentions, auth

Social AffairsSept. 22, 2019