Samsung’s US investment plans not linked to Japan’s curbs

Samsung Electronics is not considering making additional investments in the United States as a plausible measure against the ongoing exports curbs by Japan, according to company officials Monday. Some news reports said the South Korean tech giant is considering expansion of its system-on-chip and foundry facilities in Austin, Texas, to fend off the impact of the Japan-imposed restrictions on exports of key chipmaking materials. Samsung had discussed making additional investments in the Austin pl

TechnologyJuly 22, 2019

BAT Korea names first Korean CEO

British American Tobacco Group has named Kim Eui-soung, a cross-border industry marketing expert, as new chief executive officer and president of its South Korean unit, the company said Monday.Kim replaces Matthieu Juery who led BAT Korea for two years, becoming the first Korean head of the tobacco maker’s local unit launched 29 years ago. The change comes amid intensifying market competition in the fast-changing tobacco market here along with the rise of new types of cigarettes. BAT Korea

IndustryJuly 22, 2019

Despite labor tension, Hyundai Motor’s Q2 profit jumps

Amid growing tension between the management and unionized workers, Hyundai Motor said Monday it saw its operating profit rise 30 percent in the second quarter chiefly on the weaker Korean won and sales of new sport utility vehicles.The South Korean carmaker said in a regulatory filing that it earned an operating profit of 1.23 trillion won ($1.04 billion), a 30.2 percent on-year increase, crossing the 1-trillion-won mark for the first time in seven quarters. Hyundai sold lesser cars, but both it

MobilityJuly 22, 2019

[News Focus] Korea-Japan rift likely to be protracted

The latest rocky patch in South Korea-Japan relations appears likely to continue for some time, with neither side willing to make concessions.The Seoul-Tokyo relations have hit a new low following Tokyo’s decision to apply standard conditions on exporting key industrial materials to South Korea, thereby increasing the import process to up to 90 days. Japan claims that the changes, which slow the importing of materials such as fluorinated polyimides, were made in in response to Se

Foreign AffairsJuly 22, 2019

[Feature] Boycott of Japanese goods, services spreads rapidly

The campaign to boycott Japanese products and services here is gaining steam as bilateral relations continue to be tense following Japan’s export curbs on key hi-tech materials crucial for South Korean tech firms.Japanese condiments and beer brands have been removed from store shelves, even as a substantial number of travel reservations to Japan are being canceled and inquiries for Japanese passenger vehicles have halved.As more Koreans quietly join the boycott, a website called NoNo Japan

Social AffairsJuly 22, 2019

[Newsmaker] Govt to approve extended work hours amid Japan trade feud

SEJONG -- Extended work hours will be approved for businesses that need hi-tech materials to replace those regulated by Tokyo, as part of efforts to cope with Japan’s stricter trade export control, the government said Monday.The Ministry of Employment and Labor mapped out a plan to allow work hours longer than the 52 hours a week stipulated by the law to facilitate the process of import substitution of three materials -- fluorinated polyimide, resist and etching gas -- imported from Japan.

Social AffairsJuly 22, 2019

Japan travel bookings by S. Koreans halve on trade row

A growing number of South Koreans are changing their holiday destinations from Japan to other countries, with a major travel agency on Monday saying demand for tours fell nearly 50 percent, along with increasing booking cancellations. A boycott of Japanese products, fueled by Tokyo’s decision to curb exports of high-tech materials to Seoul, has spread to the tourism sector, causing Koreans to turn away from the popular travel destination. Since July 8, a daily average of 500 cons

IndustryJuly 22, 2019

Woori Financial Group reports record-high net profit for H1

Woori Financial Group said Monday that it recorded a net profit of nearly 1.8 trillion won ($1.53 billion) for the first half of the year, marking a new high.The figure comes as the result of combined first-quarter and second-quarter net profits this year. Its second-quarter net income increased 7.2 percent on-quarter to 610.3 billion won. An official at the firm explained that they improved their financial structure by expanding core deposits and boosting noninterest income business center

MarketJuly 22, 2019

Fair to introduce Korean books to Vietnam

The Publication Industry Promotion Agency of Korea (KPIPA) is hosting a book fair Tuesday and Wednesday in Hanoi, Vietnam.The outreach event aims to promote Korean books, publishers and publishing content in the Southeast Asian country. Prior to the event, participating agencies were required to send information to local buyers and set the date for business-matching talks, in an effort to improve the quality of talks and increase the possibility of deals being signed. Around 24 Vietnamese p

BooksJuly 22, 2019

Cannes-winning 'Parasite' tops 10 m admissions in S. Korea

"Parasite," the winner of the Palme d'Or at this year's Cannes Film Festival, has surpassed 10 million admissions in local theaters, data showed Monday.The comedy-thriller film by Bong Joon-ho drew 10,000,249 moviegoers as of Sunday, the 53rd day of its run, according to the data from the Korean Film Council.It became the 26th film that reached the 10 million milestone in ticket sales in South Korea. This year alone, four films have achieved the feat: "Extreme Job," "Ave

FilmJuly 22, 2019

Violinist Sarah Chang to hold solo recital tour in winter

Violinist Sarah Chang will embark on a six-city tour across Korea in December, marking her first solo recitals here in seven years. The 39-year-old Korean American musician, also known as Chang Young-joo, will perform in Daegu on Dec. 17, followed by Ulsan; Anyang, Gyeonggi Province; Cheonan, South Chungcheong Province; Donghae, Gangwon Province; and Goyang, Gyeonggi Province. The tour will wrap up with a recital at the Seoul Arts Center on Dec. 29. Chang performed at a concert at the Seoul

PerformanceJuly 22, 2019

37 malatang restaurants fail health inspections in June: ministry

Thirty-seven restaurants specializing in malatang, a type of Chinese street food, failed health inspections in June, the Food and Drug Safety Ministry said Monday.The ministry conducted health inspections at 63 malatang restaurants from June 3 to July 5 and found 37 to be in violation of the food sanitation law. Of the inspected food-service establishments, six were not registered as businesses, 13 used ingredients of unidentified origins and 10 failed to meet food hygiene standards. Other viola

Social AffairsJuly 22, 2019

Former ambassador to Ethiopia convicted of rape

South Korea’s former Ambassador to Ethiopia Kim Mun-hwan, 55, was sentenced to jail on Monday for raping an employee of a Ministry of Foreign Affairs agency.The Supreme Court on Monday confirmed the appellate court’s one-year sentence for the ex-ambassador for abusing his authority. Kim was indicted in August 2017 on charges of raping a staff member of the Korea International Cooperation Agency at his residence in Ethiopia in 2015. He was also suspected of molesting two embassy offic

Social AffairsJuly 22, 2019

Seoul leaves various possibilities open over Hormuz Strait issue: ministry

South Korea is closely monitoring the situation in waters off Iran, including the US' possible request for its troops dispatch to the region, the defense ministry said Monday. The United States has been asking its allies to join a military coalition to ensure freedom of navigation in the Strait of Hormuz amid heightened tensions between Washington and Tehran."So far, we have not received any official requests from the US side over the possible dispatch of our troops," Col. Roh Jae-cheo

Foreign AffairsJuly 22, 2019

4 men face further probe over alleged ridicule of sex slavery victims

Police have sent prosecutors papers on four South Korean men, requesting their indictment for allegedly spitting on a statue of a girl symbolizing victims of Japan's wartime sex slavery, investigative sources said Monday.According to the police, the four men in their 20s and 30s spat and shook their hips in front of the statue in a public square in Ansan, southwest of Seoul, at around midnight on July 6. The installation is one of several statues erected across the country to commemorate South K

Social AffairsJuly 22, 2019

Senior trade official to represent Korea at WTO over dispute with Japan

Amid escalating trade tension between South Korea and Japan, the Trade Ministry here said Monday its senior official would participate in the World Trade Organization’s General Council on Tuesday to better respond at the scene due to the gravity of the issue. Kim Seung-ho, deputy minister for multilateral and legal affairs, will participate in the general council, the highest decision-making body, in Geneva. The council is slated to discuss the two nations’ trade dispute at its meeti

IndustryJuly 22, 2019

Former top justice Yang released on bail

Former Supreme Court Chief Justice Yang Sung-tae was released on bail Monday after 179 days of detention over his role in a judiciary power abuse scandal.The Seoul Central District Court approved Yang's release on a bail of 300 million won ($255,000), attaching strict conditions that he stays in his residence in Seongnam, south of Seoul, and neither meets nor communicates with people related to his charges. He was also ordered to obtain court approval before traveling for longer than three days

PoliticsJuly 22, 2019

Uniqlo apologizes for remarks that angered S. Korean consumers

Fast Retailing Co., which owns Japanese fashion brand Uniqlo, on Monday issued an apology for remarks by its executive that have drawn criticism from South Korean consumers amid ongoing trade friction between Tokyo and Seoul.On July 11, Takeshi Okazaki, CFO of the Tokyo-based fast fashion brand, said during an earnings press call that the impact of the current boycott by South Korean customers of Japanese goods will not last long.In a statement released both in Korean and Japanese, Uniqlo apolog

IndustryJuly 22, 2019

Korea's exports set to decline for 8th straight month in July

South Korea's exports are likely to extend their slump to an eighth month in July, driven by a decline in outbound shipments of semiconductors and petrochemical goods, data showed on Monday.  The country's exports fell 13.6 percent in the first 20 days of July from a year earlier to $28.3 billion, according to the data compiled by the Korea Customs Service. Average daily exports -- which reflect working days -- declined 16.2 percent on-year to $1.71 billion.  If the trend continue

EconomyJuly 22, 2019

Newly registered pet dogs up 40% in 2018

The number of newly registered pet dogs in South Korea rose nearly 40 percent in 2018 from a year earlier, the country's animal quarantine agency said Monday.Around 147,000 new dogs were registered to the state-run Animal Protection Management System last year, compared with the newly registered 105,000 pet dogs a year earlier, according to the Animal and Plant Quarantine Agency. Since 2014, all pet owners are obligated to register their dogs to the system. As of 2018, the accumulated number of

Social AffairsJuly 22, 2019