[Shuli Ren] What’s worse than corrupt billionaires? Socialism

What’s worse than billionaires who bribe government officials? The “Gangnam Left,” stock pickers may say.The term, and subject of a book by Chonbuk National University professor Kang Jun-man, is a dig at South Korea’s wealthy elite who advocate socialist policies, such as boosting the minimum wage and spending billions to create public-sector jobs. Some of these technocrats have found themselves in hot water recently: President Moon Jae-in’s recently appointed justi

ViewpointsSept. 16, 2019

[News Brief] Man sent to prosecutors for attacking Japanese woman in Seoul

The police sent the case of a South Korean man in his 30s to the prosecution Monday, seeking indictment on charges of physical assault and verbal insult.The Seoul Mapo Police Station said the 33-year-old suspect, whose name has not been disclosed, is accused of physically and verbally attacking a 19-year-old Japanese passerby near Hongdae Subway Station on Aug. 23. Pictures and video of the man grabbing the woman by the hair and making malicious statements were posted on social media the same da

Social AffairsSept. 16, 2019

Hyundai Heavy unit to sell assets, shares to improve financial status

Hyundai Electric & Energy Systems Co., a power equipment maker under Hyundai Heavy Industries Group, said Monday it will sell assets and shares to improve its financial status. The company said it plans to raise 150 billion won ($126 million) by selling new stocks and secure an additional 150 billion won by selling assets in an effort to enhance its financial soundness.  The proceeds from its asset sales will be mainly used to pay its debts, with some of them to be invested into its res

IndustrySept. 16, 2019

[KH explains] What is prosecution looking for in its probe of Cho Kuk family?

The prosecution’s investigation into corruption allegations surrounding Justice Minister Cho Kuk’s family gathers steam this week with the minister’s wife likely to be called in for questioning sometime soon. 　Here are some key points concerning the probe.　Q. What is being investigated? 　Prosecutors on Monday sought a formal arrest warrant for a relative of Justice Minister Cho Kuk as part of a widening probe into corruption allegations surrounding the minister’s family,

Social AffairsSept. 16, 2019

N. Korea expects talks with US likely to take place in a few weeks

A North Korean official said Monday that working-level talks with the United States will likely take place "in a few weeks" but emphasized that discussions on denuclearization will be possible only after all threats to its regime are fully removed. In a statement carried by the Korean Central News Agency, the director-general of the North Korean foreign ministry's department of American affairs also warned that it will be the US that determines whether the upcoming meeting serves

North KoreaSept. 16, 2019

YouTube accounts for nearly 90% of copyright violation accusations: lawmaker

　Copyright violation accusations filed by the country’s major broadcasters number over 150,000 so far this year, with nearly 90 percent against global video-sharing platform YouTube, a lawmaker said Monday 　Citing data from the Korea Communications Commission, Rep. Noh Woong-rae of the Democratic Party of Korea said as of last month there were 153,081 requests made by broadcasters for the media watchdog to address copyright infringement. 　The broadcasters, which include four territorial br

TechnologySept. 16, 2019

Korea’s collaborative streaming service to begin Wednesday

　South Korea’s three territorial broadcasters and mobile carrier SK Telecom held an event Monday to mark the launch of a massive video streaming service Wednesday, with an aim to attract 5 million paid subscribers by 2023. 　The heads of the broadcasters and SK Telecom gathered in Seoul to celebrate the launch of their new over-the-top video service Wavve, which combines SKT’s Pooq and the broadcasters’ Oksusu into one integrated platform.　The participants pledged to develop Wav

TechnologySept. 16, 2019

Pyongyang confirms ready to resume talks, but gives conditions

The long-stalled US-North Korea working level talks on denuclearization could take place soon, a senior North Korea official signaled in a statement carried by the Korean Central News Agency on Monday that also set out conditions for the resumption of dialogue.The director general of the North Korean Foreign Ministry’s department of American affairs said working-level talks will likely take place in a few weeks. He said the two countries may forge closer relations or hostility depend on wh

North KoreaSept. 16, 2019

Moon stresses supporting US-NK dialogue

Ahead of his trip to the US, President Moon Jae-in’s role in resolving North Korean issues is once again in the spotlight as Pyongyang reaches out to Washington for a dialogue. The South Korean president is set to head to the US to attend the UN General Assembly and hold a summit with US President Donald Trump on Sunday.  “The unchanging trust among the leaders of the South, the North and the US and resolve for peace will be the power that drives the Korean Peninsula peace

North KoreaSept. 16, 2019

Samsung F&M Insurance launches long-term disability insurance

Samsung Fire & Marine Insurance said Monday it was granted a six-month exclusive license to offer long-term disability insurance in South Korea, making the firm the first to provide such a policy with a coverage period of more than three years. Long-term disability insurance allows workers to receive a portion of their salary if they are unable to work for a period deemed to be long by the insurance company, compared to short-term disability policies that usually require a waiting or elimina

MarketSept. 16, 2019

YG to return W67b investment to LVMH

YG Entertainment -- recently shaken by a police investigation into its former CEO Yang Hyun-suk -- is expected to return an investment worth 67 billion won ($56.5 million) related to redeemable convertible preferred shares to French luxury giant LVMH next month, local reports said Monday. According to reports citing financial industry sources, the repayment date set for LVMH’s holdings of 1,359,688 redeemable convertible preferred shares of the entertainment agency is slated for Oct. 16. L

MarketSept. 16, 2019

South Korea closely monitors Aramco setback

The South Korean government and oil refineries held an unscheduled meeting Monday in response to the setback of Saudi Arabian oil facilities being hit by drone strikes, agreeing that there will be no supply issues for the time being and pledging to closely watch developments.The Ministry of Trade, Industry and Energy convened the emergency meeting with local oil refiners -- S-Oil, Hyundai Oilbank, GS Caltex and SK Innovation -- to inspect supply issues, after President Moon Jae-in ordered the go

IndustrySept. 16, 2019

Wrapping up 1-month vacation, BTS resumes career with overseas trip

Bringing its first official vacation to an end, boy band BTS on Monday resumed its global music career by traveling away from its home country."Wrapping up its extended vacation, BTS departed overseas this morning for an engagement abroad," Big Hit Entertainment said.  The management agency did not disclose where the septet was headed, but they were reported to be on their way to film a TV reality show.Some of the members, including RM and Jimin, spotted by a local media outlet, w

PerformanceSept. 16, 2019

[Photo News] Pyongyang or Seoul?

Portraits of North Korea’s founding ruler Kim Il-sung and his successor Kim Jong-il hang outside a soon-to-open restaurant in the Hongdae area of Mapo-gu in Seoul. The interior and exterior of the restaurant is themed around North Korea, with decorations including the North Korean flag. According to police, the restaurant has not violated the National Security Law with such decorations, but the restaurant’s owner has decided to take down the controversial items after complaints

Social AffairsSept. 16, 2019

DMZ trail to host special group of foreign tourists this week

A special group of foreign students will walk a trail along the heavily fortified Demilitarized Zone this week during a government event designed to mark a historic inter-Korean summit a year earlier. Thirteen university students from 12 countries outside of Korea, including the United States, Britain, Italy, Vietnam and Mexico, will go on a three-hour tour Tuesday on the Cheorwon stretch of the DMZ Peace Trail, according to the Ministry of Culture, Sports and Tourism on Monday.Cheorwon, 88 kilo

Social AffairsSept. 16, 2019

Marketing of e-cigarettes to be banned

The advertising of electronic cigarettes will soon be banned. The Ministry of Health and Welfare on Monday issued a notice on revision of the National Health Promotion Act concerning restrictions on e-cigarette advertisements. The amendment will take effect six months after the bill is passed at the National Assembly.  The revised law prohibits not only promotions of e-cigarettes, but any kind of marketing that could induce consumption of tobacco products, such as promotions of products tha

Social AffairsSept. 16, 2019

S. Korea names former vice FM as new ambassador to UN

South Korea on Monday named former Vice Foreign Minister Cho Hyun as its new ambassador to the United Nations, Seoul's foreign ministry said.Cho, who served as first vice foreign minister from September 2018 to May this year, will replace Amb. Cho Tae-yul. Entering foreign service in 1979, Cho Hyun worked in various key diplomatic posts, including in India and Austria. In 2006, he served as South Korea's deputy permanent representative to the UN.The Seoul government also designated Chang Won-sam

Foreign AffairsSept. 16, 2019

Airlines’ 10-year expiration of mileage under review: FTC

The nation’s antitrust watchdog has been zeroing in on whether it is legal for air carriers’ frequent flyer programs to allow mileage to expire within 10 years. According to lawmakers on Monday, Fair Trade Commission Chairperson Joh Sung-wook told lawmakers last week that the antitrust regulator is reviewing the legality of airline companies’ mileage policies revised in 2008. “In addition to conducting a review on whether the policies have been unfair, we will come up wit

IndustrySept. 16, 2019

[Newsmaker] National Cancer Center strike ends after 11 days

An 11-day health workers’ strike at the National Cancer Center ended Monday morning after the labor union and the hospital management reached an agreement on pay and working conditions. The hospital’s operations will return to normal Tuesday at 6 a.m.The management and the union agreed to a 1.8 percent pay hike, overtime pay in 10-minute increments, transportation allowances for night-shift workers and other welfare support for hospital workers. The management also vowed not to take

Social AffairsSept. 16, 2019