SK chief urges businesses to create social value in Chongqing

SK Group Chairman Chey Tae-won on Monday called for businesses to generate social value through technological innovation at a state-sponsored expo in the western Chinese city of Chongqing.During his opening speech at the Smart China Expo 2019, Chey said technological innovation would not only enhance the sustainability of companies but also maximize their capabilities in creating social value to help communities solve problems.“The theme of the expo, ‘Smart Technology: Empowering Eco

IndustryAug. 26, 2019

Daewoo E&C joins hands with Vietnamese constructor CC1

South Korean builder Daewoo Engineering & Construction has joined hands with Vietnam’s state-run constructor CC1 for partnership, the firm said Monday. The two firms signed a memorandum of understanding Friday at the Daewoo E&C headquarters in Seoul, agreeing to exchange information on bidding and projects in Vietnam.  Based on its experience and expertise in domestic and overseas markets, Daewoo E&C said it would seek new business opportunities in Vietnam in the fiel

IndustryAug. 26, 2019

Olive Young partners with WeChat Pay targeting Chinese consumers

Korean health and beauty store operator Olive Young said Monday that it has partnered with Chinese mobile payment platform WeChat Pay to introduce it as a payment option here, as the number of Chinese tourists looking to pay via mobile apps grows.According to the company, the number of Chinese tourists who paid via mobile applications from July 26 to Aug. 25 at its flagship store located in Myeong-dong, Seoul, increased by 45 percent compared to a year prior. The amount spent by Chinese vis

IndustryAug. 26, 2019

S. Korea, Ethiopia to create ministerial joint committee for broader cooperation

South Korea and Ethiopia agreed during a summit between their leaders in Seoul on Monday to launch a joint committee, led by their top diplomats, for deepening bilateral partnerships.President Moon Jae-in and Prime Minister Abiy Ahmed Ali, who's on a state visit to South Korea, shared a view that the two sides need to expand their traditional friendly ties to "mutually beneficial, substantive" cooperation in such sectors as trade, investment, development cooperation, forestry and envir

Foreign AffairsAug. 26, 2019

Half of Koreans support GSOMIA decision: survey

About half of the Korean public approve of the government’s decision to end the military intelligence-sharing agreement with Japan, a survey showed Monday. On Thursday, Cheong Wa Dae announced that the General Security of Military Information Agreement or GSOMIA with Japan would not be renewed, citing Japan’s trade-curbing measures. The agreement will remain valid until Nov. 22.  In the survey, conducted by local pollster Realmeter, 54.9 percent of the respondents said they agre

PoliticsAug. 26, 2019

US-China trade row developing into worst-case scenario: report

The ongoing US-China trade war is developing into a worst-case scenario, according to a report published by a local brokerage on Monday, citing that China has begun settling into a trade war of attrition. According to Hana Financial Investment analyst Kim Kyung-hwan, the global market is now exposed to further uncertainties stemming from the trade feud, as it is on the verge of entering a new stage, while negotiations between the two largest economies remain largely stalled.  “With Ch

EconomyAug. 26, 2019

BTS' Japanese fan meeting plans called into question amid Seoul-Tokyo rows

Having enthralled some 210,000 fans with the Japanese edition in July of its "Love Yourself: Speak Yourself" world tour, K-pop super band BTS returned home to a hero's welcome for its feat of bringing the peoples of South Korea and Japan together despite the countries' deteriorating diplomatic ties. When the septet announced last week plans for another set of fan meetings in Japan, however, the response among their Korean fans were sharply divided, with many angry fans demanding Big Hi

PerformanceAug. 26, 2019

Kospi-listed firms see higher debt ratio in H1

The average debt-to-equity ratio of South Korean firms listed on the main bourse Kospi increased 4.44 percentage points from the end of last year, data released by the Korea Exchange and the Korea Listed Companies Association showed Monday, indicating higher degrees of debt financing and weakened financial health. According to the data, 636 Kospi-listed firms saw their average debt ratios inch up 4.44 percentage points to 108.75 percent from the end of last year, as of late June.  Those in

MarketAug. 26, 2019

Seoul says NK parliamentary session will be 'good opportunity' for it to announce policy direction

The unification ministry said Monday that this week's meeting of North Korea's rubber-stamp parliament will be a "good opportunity" for it to announce Pyongyang's policy direction, vowing to keep a close eye on the event.  The 14th Supreme People's Assembly (SPA) will meet in Pyongyang on Thursday, according to the North's state media, which will be the second time the legislature will have met after 687 new deputies were elected in nationwide polls in March.   &quo

North KoreaAug. 26, 2019

Defense chief vows staunch readiness

Defense Minister Jeong Kyeong-doo vowed Monday to maintain a staunch readiness posture for North Korean provocations as Pyongyang has ratcheted up tensions with projectile launches even after South Korea and the United States ended joint exercises.  "North Korea has heightened military tensions by firing a series of short-range projectiles and making verbal attacks against the South," he said during a speech at the first World Congress of Security Studies hosted by Korea Nati

DefenseAug. 26, 2019

State Department spokeswoman voices disappointment again over GSOMIA

The spokeswoman of the US State Department has expressed disappointment again over South Korea's decision last week to terminate its military information-sharing agreement with Japan.  Amid a rancorous row with Tokyo over wartime history and trade, Seoul announced its decision last week to end the General Security of Military Information Agreement (GSOMIA), seen as a rare symbol of security collaboration between the two countries and a platform to promote their trilateral defense coope

Foreign AffairsAug. 26, 2019

Seoul to max out fiscal easing next year: minister

South Korea's finance minister said Monday the country will implement a "greater and aggressive" fiscal policy next year to deal with a series of economic headwinds, such as an escalating trade row between the United States and China, and another trade tussle with Japan.Hong Nam-ki, the minister of economy and finance, said the government has drafted an expansionary budget next year, although a temporary fiscal deficit is likely. "An aggressive fiscal role is more important than e

EconomyAug. 26, 2019

[Newsmaker] S. Korea wraps up expanded military drills for Dokdo

South Korea wrapped up a military exercise on and around its easternmost islets of Dokdo in the East Sea on Monday after conducting the biannual maneuvers on the largest-ever scale amid an escalating row with Japan.The two-day exercise, the first of this year's two regular drills, involved all three services of the armed forces as well as the Marine Corps and the Coast Guard in a show of Seoul's determination not to back down in the row with Japan over wartime history and trade.The number of tro

DefenseAug. 26, 2019

Hong Kong police fire first gunshot, water cannon in protest clashes

HONG KONG (AFP) -- Hong Kong police used water cannon for the first time and at least one officer fired his sidearm during pitched battles with protesters Sunday, one of the most violent nights in three months of pro-democracy rallies that have rocked the city. An afternoon rally in the district of Tsuen Wan spiralled into violent running confrontations between protesters and police, with officers several times caught outnumbered and isolated by masked youths wielding sticks and throwing rocks.I

World NewsAug. 26, 2019

Trump calls allied exercise 'unnecessary,' 'total waste of money'

US President Donald Trump has called the recently concluded South Korea-US combined military exercise "unnecessary" and a "total waste of money" despite heightened tensions caused by Pyongyang's recent launches of short-range projectiles.During the Group of Seven summit in France on Sunday, Trump also told reporters that Pyongyang's projectile launches do not represent a breach of his agreement with North Korean leader Kim Jong-un that involves nuclear and longer-range ballis

Foreign AffairsAug. 26, 2019

[Eye Plus] Money talks

Much like Korea’s tumultuous modern history, its currency, the won, has had its fair share of ups and downs. Part of the story can be found at the Bank of Korea Money Museum, located at the former BOK building with over 20,000 Korean and foreign banknotes, coins and tokens. On display are some historic forms of currency from the Korean Peninsula accompanied by their stories, such as the only legal coin of the Joseon era (1392-1910), Sangpyeong Tongbo. The economy of the Joseon er

CultureAug. 26, 2019

S. Korea's tax-GDP ratio nears 27% in 2018

South Korea's tax-to-gross domestic product ratio reached nearly 27 percent in 2018, but it was lower than that for other major economies, a report showed Monday.The country's tax-to-GDP ratio came to 26.8 percent last year, up 1.4 percentage points from the prior year, according to the report from the National Assembly Budget Office. It was the steepest on-year increase in 10 years, and last year marked the fifth consecutive year of rise.The ratio refers to a country's tax revenue and social se

EconomyAug. 26, 2019

World No. 1 Ko Jin-young picks up 4th LPGA win of '19 in Canada

By now, there should be no doubt in anyone's mind that Ko Jin-young is the best female golfer in the world today.Ko, world No. 1 since July 29, dominated the field to capture the CP Women's Open in Aurora, Canada, on Sunday (local time), for her fourth LPGA victory of the year. With a bogey-free round of eight-under 64, Ko finished at 26-under 262, beating Nicole Broch Larsen of Denmark by five strokes at Magna Golf Club.Ko, a sophomore with six career LPGA titles, didn't commit a bogey all week

GolfAug. 26, 2019

Cheong Wa Dae refutes analysis on widening income inequality

The office of President Moon Jae-in on Sunday refuted analysis of the government's latest data claiming that household income inequality widened during the second quarter, defending the administration's fiscal policy.On Thursday, Statistics Korea announced the average household income for the April-June period, with most media reports analyzing that household income inequality widened to the worst level in more than a decade despite the government's efforts to bridge the gap for the low-income b

PoliticsAug. 25, 2019