Korean Air shares hit record low after poor Q2 earnings

Stocks of the country’s largest full-service carrier, Korean Air, hit another record low on Friday after the company reported poor second-quarter earnings amid a deteriorating business environment and hefty foreign exchange losses.On Friday, shares of Korean Air fell 0.2 percent to close at 22,850 won ($18.87) per share, recording a new 52-week low, while the benchmark Kospi remained relatively steady. According to Korean Air, the airline recorded 3.2 trillion won in sales from April to Ju

IndustryAug. 16, 2019

S. Korea, China, Japan to hold foreign ministers' meeting in Beijing next week

South Korea, China and Japan will hold a trilateral meeting of their foreign ministers in Beijing next week to discuss three-way cooperation and regional and international situations, Seoul's foreign ministry said Friday. Foreign Minister Kang Kyung-wha and her Chinese and Japanese counterparts, Wang Yi and Taro Kono, plan to hold talks from Tuesday to Thursday, but they are still coordinating over whether they would meet bilaterally, the ministry said.The first such gathering since 2016 would c

Foreign AffairsAug. 16, 2019

Seoul stocks down on economic slowdown woes, Korean won advances

South Korean stocks closed lower Friday morning as investors remained worried over a global economic slowdown amid the protracted US-China trade war. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index fell 11.20 points, or 0.58 percent, to 1,927.17. Trading volume was moderate at 413 million shares worth 4.18 trillion won ($3.4 billion), with losers outnumbering gainers 644 to 203.The index dropped to as low as 1,911.72 at one point in the morning session

MarketAug. 16, 2019

Serial version of latest BTS doc, 'Bring the Soul,' to hit mobile app

"Bring the Soul: The Movie," the latest documentary film featuring global band BTS, will be released in a new mobile version this month on an application for BTS fans, the band's management agency said Friday.The first of the six episodes of the mobile version, "Bring the Soul: Docu-Series," will hit the Weverse mobile application's BTS category for paid service on Aug. 27, Big Hit Entertainment said. The remaining five episodes will be released every Tuesday one by one till

PerformanceAug. 16, 2019

Justice minister nominee’s 2017 investment agreement sparks new questions

Justice Minister nominee Cho Kuk, ex-senior presidential secretary on civil affairs, faced new controversy on Friday over a 2017 investment agreement signed by his family that exceeds their total wealth. Cho’s wife and his two children had agreed to invest a total of 7.4 billion won ($6.1 million) won in a private equity fund in 2017, two months after Cho was named presidential secretary on civil affairs.The figure exceeds Cho’s family wealth, reported to amount to 5.6 billion won, r

PoliticsAug. 16, 2019

37 injured in expressway pileup involving 5 vehicles

A pileup of five vehicles on a highway in the southeast of South Korea injured 37 people Friday, police said.  The accident occurred on the Namhae Expressway in Changwon, about 400 kilometers southeast of Seoul, at around 11:40 a.m., when an intercity bus failed to slow down in a congested section and rear-ended two sport utility vehicles. Two other buses also ran into the vehicle from behind.Of 62 people in the cars, 37 sustained minor injuries, police said. (Yonhap)

Social AffairsAug. 16, 2019

Shinhan Bank Vietnam opens branch in Da Nang

Shinhan Bank Vietnam, the local subsidiary of South Korea’s major lender, opened four new branches in the Southeast Asian country this week, officials said Friday.It also became the first Korea-based bank there to run a complete nationwide network that covers the central region, with a branch in the popular tourist city of Da Nang. Shinhan Bank CEO Jin Ok-dong attended the opening ceremony on Thursday, along with key officials from the local government and the country’s central bank,

MarketAug. 16, 2019

Seoul to toughen inspections of waste imports from Japan

South Korea will tighten its environmental and safety inspections for recycling waste imported from Japan, the government said Friday, in an apparent attempt to counter Japan’s recent trade restrictions on Korea.The Ministry of Environment said it would conduct radioactive and heavy metals tests on battery, tire and plastic waste imported from Japan into Korea once a month, instead of the current quarterly inspection.Announcing the decision, the ministry cited public concerns about radioac

Foreign AffairsAug. 16, 2019

Cheong Wa Dae holds NSC meeting over NK projectiles

South Korea’s presidential office on Friday convened an emergency National Security Council meeting following North Korea’s latest projectile launches. “An emergency NSC meeting was called, and the North Korea’s short-range projectiles and the overall military security situation on the Korean Peninsula was reviewed,” Cheong Wa Dae said in a statement. The meeting was held at 9 a.m., presided by national security director Chung Eui-yong. Earlier in the day, the

North KoreaAug. 16, 2019

North Korea fires two projectiles into East Sea

North Korea has fired two more projectiles into the East Sea in the early hours of Friday, further raising tensions on the peninsula. According to Seoul’s Joint Chiefs of Staff, North Korea fired two projectiles from Tongchun, a country near the east coast of North Korean part of Gangwon Province. Seoul’s Joint Chiefs of Staff said that the military is analyzing the projectiles, and maintaining high level of readiness. South Korean and US militaries have yet to release details o

North KoreaAug. 16, 2019

N. Korea says it will not talk with S. Korea

North Korea said on Friday that it has no desire to talk with South Korea, criticizing President Moon Jae-in’s Liberation Day speech and blaming Seoul for its joint military exercise with the US. The spokesperson of the North’s Committee for the Peaceful Reunification of the Country said in a statement that it was delusional to think that inter-Korean talks could resume after the military drills, calling Moon an “impudent guy rare to be found.”“South Korean aut

North KoreaAug. 16, 2019

[Newsmaker] Public fury grows over Jeju road rage

A video in which a driver assaulted another driver who had been complaining about the former’s aggressive driving, went viral Friday, sparking public outrage and calls for punishment for the violent driver. In the video, a van continued to change lanes on a road on Jeju Island at around 10:40 a.m. on July 4. When another motorist protested about his reckless driving, the 30-something van driver left his vehicle to assault the motorist. The van driver was seen taking away a mobile phone of

Social AffairsAug. 16, 2019

Asiana Airlines expands Incheon-New York routes

South Korean full-service carrier Asiana Airlines said Friday that it would expand its Incheon-New York route to twice a day starting Nov. 24.The air carrier currently flies Incheon-New York route only once in the morning. The newly added flight will depart from Incheon at 9:50 p.m. and the company plans to assign the new A350 flight, which can sit 311 passengers for user convenience during the long-haul flight.The company said that this new route would benefit those who want to depart to New Yo

IndustryAug. 16, 2019

Cheong Wa Dae urges N. Korea to stop launches of 'projectiles'

The office of President Moon Jae-in called on North Korea on Friday to halt launches of projectiles, expressing concern that such acts would escalate military tensions on the peninsula. Briefing media on the results of an hourslong emergency National Security Council session held via videoconferencing, Cheong Wa Dae characterized two projectiles fired earlier in the day as "short-range" ones but stopped short of revealing other details.The NSC standing committee session was presided ov

North KoreaAug. 16, 2019

[Around the Hotels] Packages and promotions

Customized cocktails at Park Hyatt SeoulThe Park Hyatt Seoul’s premium vinyl music bar, the Timber House, is offering a series of cocktail promotions until the end of September. Each promotion runs three weeks: Summer Tropical from Aug. 1-21, Traditional Korean from Aug. 22 to Sept. 11 and Refreshing & Relaxing from Sept. 12-30. Welcome dishes will be served including pickled cherry, Gouda cheese, banana creme brule and more. Guests can ask the bartenders to create customized cocktails

FoodAug. 16, 2019

[Box Office] Movies in theaters this week

Fast & Furious Presents: Hobbs & Shaw(US)Opened Aug.14Action, Adventure Directed by David Leitch Ever since hulking lawman Hobbs (Dwayne Johnson) and lawless outcast Shaw (Jason Statham) first faced off in 2015’s Furious 7, the duo have swapped smack talk and body blows as they’ve tried to take each other down. But when cyber-genetically enhanced anarchist Brixton (Idris Elba) gains control of an insidious bio-threat that could alter humanity forever, these two sworn enemies

FilmAug. 16, 2019

[Travel Bits] Festivals, sights across Korea

Seoul Fringe Festival (1)Seoul Fringe Festival is held annually to support indie culture by introducing various genres of artists and artworks. Festival-goers can explore the charm of dances, plays, music and more at festival venues throughout the city. The hours are from 3 p.m. to 10 p.m. from Thursday until Aug.24. Admission fees are 30,000 won per day.For more information in Korean, English, Japanese or Chinese, call the travel hotline at 1330. The homepage (www.seoulfringefestival.net) is on

TravelAug. 16, 2019

[Herald Interview] Four generations of family carry on Jeju’s brewing legacy

JEJU ISLAND -- In her family-run distillery in Seongeup, a small village at the foot of Hallasan on the volcanic island of Jeju, Kim Hee-sook does everything the old way. She crafts the island’s iconic spirits omegisul and gosorisul the same way her ancestors did, using only local ingredients -- glutinous millet, barley, water and homegrown nuruk, the fermentation starter. Traditional earthenware is used for brewing, distilling and aging the liquor. “This house used to have a straw t

PeopleAug. 16, 2019

[Weekender] Won, dollars and supernotes: How fake bills are detected

An average of 1,000 counterfeit bills are spotted and seized annually in South Korea -- many of them via KEB Hana Bank’s anti-counterfeiting center. With 15 employees and technology worth 1.5 billion won ($1.3 million), the unit handles 37 currencies and is responsible for nearly 80 percent of all counterfeit bill detection in the country. Situated in the basement of a KEB Hana Bank branch office in Euljiro, central Seoul, the center scrutinizes banknotes worth about 12 billion won every d

MarketAug. 16, 2019

[Weekender] How far off is the ‘cashless society’?

For 35-year-old office worker Kim Seong-soo, carrying a wallet loaded with cash or plastic is a thing of the past.  In Pangyo Techno Valley, where he works, he can easily buy a cup of coffee and get a haircut without any cash or cards -- as long as he brings his phone.The tech cluster, located south of Seoul in Seongnam, Gyeonggi Province, is often called the South Korean equivalent of California’s Silicon Valley. To access any service in the area, all Kim needs to do is place his pho

TechnologyAug. 16, 2019