LG Chem says SK’s ‘unfair’ scouting practices at core of lawsuit

LG Chem on Tuesday released its second statement in response to SK Innovation’s announcement to file a countersuit against the company and its affiliate LG Electronics, emphasizing again the nature of the legal dispute lies with “unfair practices.”“The essence of the lawsuit against SK lies in the company’s unfair scouting practices,” LG Chem said. “It’s neither about the national interest nor negative publicity.” In a statement released in r

TechnologySept. 3, 2019

US tests THAAD interception of missiles amid N. Korea’s launches

The United States successfully tested the capability of its anti-missile system, called Terminal High Altitude Area Defense, to intercept medium-range ballistic missiles in an apparent move to keep North Korea in check. The test was carried out from the US Army Garrison Kwajalein Atoll in the Republic of the Marshall Islands on Friday, according to the US Missile Defense Agency. “Preliminary indications are that planned flight test objectives were achieved and the target was successfully i

DefenseSept. 3, 2019

[News Focus] Support-rating gap between rival parties narrows

SEJONG -- The 2020 general election for South Korea’s next National Assembly is coming in about 200 days.A core issue is whether the ruling Democratic Party of Korea will continue to secure its dominance in support ratings over the main opposition Liberty Korea Party.The Democratic Party has yet to yield its leading position in approval ratings among the people since President Moon-Jae-in took office in May 2017.But symptoms of situation change have emerged over the past few months amid sa

PoliticsSept. 3, 2019

Policymakers deny deflation despite negative consumer price growth

Inflation in South Korea hit a record low of zero percent in August, with prices remaining unchanged from a year earlier, government data showed Tuesday.According to Statistics Korea, inflation in August recorded precisely minus 0.038 percent growth from a year earlier, dipping below zero for the first time since the government started to tally such data in 1966.While the reading was mostly attributed to on-year price falls for agricultural and petroleum products, fiscal and monetary policymaker

EconomySept. 3, 2019

President Moon to request Cho Kuk’s Assembly hearing report amid conflict

South Korean President Moon Jae-in has asked the National Assembly to resend its hearing report for embattled Justice Minister nominee Cho Kuk by the end of this week, a top presidential aide said Tuesday.The request comes in the face of the opposition bloc’s vehement objection to Cho, which has only deepened since his unprecedented press conference Monday.“President Moon Jae-in has requested the National Assembly to resend the confirmation hearing reports on six nominees including J

PoliticsSept. 3, 2019

Moon asks for parliamentary confirmation hearing report on justice minister nominee

President Moon Jae-in on Tuesday asked the National Assembly to send a confirmation hearing report on a justice minister nominee facing corruption allegations involving his family, moving a step closer to appointing him.While on overseas trips, the president requested parliament to send the hearing report on the nominee, Cho Kuk, to the presidential office Cheong Wa Dae by Friday, according to Yoon Do-han, senior presidential secretary for public communication.Moon is expected to press ahead wit

PoliticsSept. 3, 2019

Korean VC firms expand investments in pet technology startups

Eyeing the fast-growing pet industry, Korean venture capital firms have been expanding their investments in developers and manufacturers of products related to pet technology this year. Pet technology refers to technologies or products designed to help owners care for their pets through apps, e-commerce and online services.  Accelerator New Paradigm Investment, a subsidiary of venture capital firm TS Investment, invested in blockchain-based pet identification app BlockPet last month, accord

MarketSept. 3, 2019

China, North Korea vow close consultation on Korean Peninsula issues

The foreign ministers of North Korea and China agreed to consult closely on Korean Peninsula issues during a bilateral meeting in Pyongyang, amid stalled denuclearization talks with the US. Chinese State Councilor and Minister of Foreign Affairs Wang Yi met with North Korean Foreign Minister Ri Yong-ho following his arrival in Pyongyang on Monday for a three-day visit. Marking the 70th anniversary of the establishment of diplomatic relations between China and North Korea, Wang and Ri said t

North KoreaSept. 3, 2019

Beleaguered Cho Kuk gets support from unlikely source -- former presidential rivals

Justice Minister nominee Cho Kuk, mired in corruption allegations, is drawing support from liberal heavyweights who could be rival presidential contenders.Cho, a close aide of president Moon Jae-in and once considered a likely presidential candidate, faces allegations that range from his daughter’s illicit college admission to shady investment records involving a private equity fund, whose only investors are his family members. The allegations have prompted Prosecutor General Yoon Seok-you

PoliticsSept. 3, 2019

Seoul to implement 5G cybersecurity strategy by 2022

South Korea will push forward a comprehensive strategy to strengthen its national cybersecurity by 2022 to better cope with the emergence of the 5G hyper-connected world, the Science Ministry said Tuesday. Amid rising international tension in cyber space and greater security exposure brought about by the spread of 5G networks, Korea needs steps to protect its national interests, according to the Ministry of Science and ICT. “Foremost among the goals is protecting its key cyber infrastructu

MarketSept. 3, 2019

Celltrion picks Lonza as CMO for Remsima

Celltrion said Tuesday it has picked Switzerland-based Lonza to manufacture its autoimmune biosimilar Remsima’s drug substance at a Singapore facility. Lonza is a global contract development and manufacture organization headquartered in Basel.“Demand for biosimilars are soaring worldwide, and for a smooth and timely supply of products we have forged collaborative ties with Lonza,” said Celltrion CEO Woo Sung-kee. Celltrion’s two plants in Songdo, South Korea, have a capac

IndustrySept. 3, 2019

'The Passionate Keyboard' of young pianists

Though the label “young pianist” may be subjective, “The Passionate Keyboard” event defines them as artists with potential and talent who have yet to become fully established. The Passionate Keyboard, a five-day event organized by Young Artist Forum & Festival, is aimed at finding such young pianists. The inaugural event featuring five performances, a pitch session and a forum will be held at the Sejong Center in Gwanghwamun, central Seoul, Oct. 8-12. “We chose

PerformanceSept. 3, 2019

Fans create forest in celebration of BTS leader's birthday

In celebration of the 25th birthday of RM, the leader of the popular boy band BTS, his fans created a forest in his name at a public park along the Han River in Seoul, an environmental group said Tuesday.Some 250 fans gathered around the landmark clock tower on the Jamsil side of Han River Park last Saturday to celebrate RM's birthday, which falls on Sept. 12, with the forestation project, according to the Korean Federation for Environmental Movement.   The fans planted 1,250 trees at

PerformanceSept. 3, 2019

Approaching typhoon Lingling feared to wreak damage on S. Korea

Typhoon Lingling is feared to inflict damage on South Korea as it continues to gain strength while moving north toward the country, the weather agency said Tuesday. "The tropical storm, which took shape in the Western Pacific on Monday, is currently tracking north-northwest on seas 650 kilometers south-southwest of Taipei, Taiwan, at a speed of 9 kilometers per hour as of 9 a.m. Tuesday," the Korea Meteorological Administration (KMA) said. The typhoon's central pressure was 994 hectopa

Social AffairsSept. 3, 2019

Aekyung, 2 others make preliminary bids for Asiana Airlines: sources

Aekyung, a South Korean activist fund and a consortium led by a local brokerage firm submitted initial bids to acquire Asiana Airlines Inc., South Korea's second largest full-service carrier, industry sources said Tuesday. Kumho Asiana Group, the airline's parent, and its lead manager for the sale, Credit Suisse, received letters of intent from potential investors, including Aekyung and local activist fund Korea Corporate Governance Improvement, according to sources.  The consortium led by

IndustrySept. 3, 2019

Hanwha Precision Machinery establishes tech center in Germany

Hanwha Precision Machinery, a subsidiary of Hanwha Aerospace, announced Tuesday it had launched an integrated tech center for Europe in Germany to accelerate its global expansion.The launch ceremony for the Hanwha Europe Technical Center took place Friday in Morfelden-Walldorf, nearby finance and commerce hub Frankfurt.Responsible for manufacturing Hanwha’s machinery, Hanwha Precision Machinery will use the new tech center as the base for big-scale projects in Europe and to attract new cli

IndustrySept. 3, 2019

Samsung Display launches YouTube channel

Samsung Display said Tuesday it has created a YouTube channel featuring videos related to display technology. For instance, a quiz show titled “Display Quiz Talkshow,” shortened to “DiTokShow” in Korean, provides educational content on display technology.  The show has previously compared organic light-emitting diode and liquid-crystal display technologies, and explained words such as pixel, resolution and screen ratio.Samsung Display said consumers are exposed to di

TechnologySept. 3, 2019

Govt. job creation budget to rise to record volume next year

The government plans to increase its job creation budget by over 20 percent to a record volume of nearly 26 trillion won ($21.4 billion) next year, with unemployment benefits accounting for a record 40 percent of the total, the Ministry of Employment and Labor said Tuesday.The government will spend 25.77 trillion won in 2020 on job creation, marking a rise of 21.3 percent from this year, the ministry said, citing a government budget proposal for next year that was endorsed by the Cabinet last Th

EconomySept. 3, 2019

USFK commander to attend Seoul defense dialogue

US Forces Korea Commander Gen. Robert Abrams is set to attend a three-day annual multilateral security forum in Seoul that kicks off Wednesday, officials said Tuesday, dispelling concerns about South Korea-US relations. Abrams, who is also commander of the Combined Forces Command, will be the highest-ranking US official to attend the eighth edition of the Seoul Defense Dialogue. The US had earlier declined the South Korean Defense Ministry’s request for the attendance of an assistant

DefenseSept. 3, 2019

[Newsmaker] Opposition lawmaker under fire for sexist remark

An opposition lawmaker came under fire Tuesday after he asked an unmarried female Fair Trade Commission chair nominee to “contribute to the country’s development” by giving birth. At a confirmation hearing for Fair Trade Commission chair nominee Cho Sung-wook, Rep. Jung Kap-yoon of the Liberty Korea Party said Cho would be a perfect candidate for the post if she were married and had a child. “What do you think is the biggest problem in Korean society?” the five

Social AffairsSept. 3, 2019