[Newsmaker] Kolmar Korea president resigns, apologizes for controversial video

Yoon Dong-han, president of cosmetics and health care goods manufacturer Kolmar Korea, apologized and resigned Sunday after showing a controversial video praising Japan to employees last week.During a press conference at Kolmar Korea’s headquarters in Seoul, Yoon said he deeply regretted his behavior and would take responsibility by resigning from the top post.“I apologize to our clients for causing harm due to my wrong behavior, and also to customers who trusted Kolmar Korea product

IndustryAug. 11, 2019

Justice minister nominee’s confirmation hearing to be next political battleground

Cho Kuk has been tapped as justice minister nominee two weeks after leaving his post as senior presidential secretary for civil affairs, garnering mixed reactions across the aisle Sunday.Cho, one of President Moon Jae-in’s most trusted aides, has been nominated justice minister in a Cabinet reshuffle announced last week, along with six other nominees to take key posts.Of the seven nominees expected to undergo parliamentary hearings at the end of this month, Cho’s hearing is shaping u

PoliticsAug. 11, 2019

S. Korea's growth potential poised to decline amid steady drop in exports

South Korea's growth potential has dipped to the mid-2 percent range and may further decline due to the fast aging of the population that is beginning to affect its labor force, a local think tank suggested Sunday.According to the Hyundai Research Institute, the country's growth potential has steadily dwindled from 7.3 percent in the early 1990s to 5.6 percent in the late 1990s and 3.2 percent in the 2011-2015 period.The report said the growth potential of Asia's fourth-largest economy has dropp

EconomyAug. 11, 2019

[Herald Interview] Accounting alignment a prerequisite for better inter-Korean business ties

When inter-Korean relations appeared to be improving in 2018, there were expectations that North Korea would open its markets and South Korean companies would have an upper hand due to their cultural similarities.But the on-ground situation is different. What is often overlooked is that doing business in North Korea is not as easy as it seems. The accounting system of the long-secluded area is not up to international rules standards, according to a senior accountant with expertise in inter-Korea

IndustryAug. 11, 2019

BTS' 'Boy With Luv' hits 500m YouTube views

The music video of K-pop super band BTS' "Boy With Luv" surpassed 500 million YouTube views Sunday, its management agency said. The video of the band's main song on the "Map of the Soul: Persona" album released in April, eclipsed the mark earlier in the day, some four months after it went on sale, according to Big Hit Entertainment.  That makes BTS the first South Korean singers with over 5 million YouTube hits for each of its seven music videos, including those of "

PerformanceAug. 11, 2019

Music in PyeongChang wraps up 11-day run

The 16th Music in PyeongChang event, also known as the Great Mountains Music Festival, finished its 11-day run Saturday.The finale concert, “Happily Ever After,” took place in the Alpensia Music Tent, with the PyeongChang Festival Orchestra taking the stage under the baton of conductor Pablo Gonzalez. The summer music festival, titled “A Different Story,” kicked off July 31 in the Olympic city of PyeongChang, Gangwon Province. The presentation marked the 210th annive

PerformanceAug. 11, 2019

Food delivery captured in art

Placing a food delivery order is not a complicated process, just a few clicks or touches on a smartphone perhaps. Then, you just wait until the delivery person rings your doorbell. We do not pay much attention to all the steps that are involved in food delivery because we do not need to. Who really cares about which way was taken to get your food delivered to your place? Korean artist Koo Dong-hee seems to care. Koo’s solo exhibition at Art Sonje Center, “Delivery,” runnin

Arts & DesignAug. 11, 2019

[From the scene] Outdoor leisure gets more exciting with 5G thrills

Telecom service provider KT has taken over Surfyy Beach, a rising surfers’ beach party area in Yangyang, Gangwon Province, with various activities related to 5G services for 10 days from Friday to Aug. 18.The first thing visitors can see is a banner “KT 5G 5WAG,” written so that the number 5 in the last word looks like the alphabet “S.” The words are emblazoned across a giant screen installed at the entrance to the beach, which livestreams footage of jet surfer ridi

IndustryAug. 11, 2019

Hyundai Motor’s Nexo scores highest safety rating from IIHS

Hyundai Motor Group’s hydrogen-powered fuel cell vehicle Nexo has earned the Top Safety Pick+ award from US’ Insurance Institute for Highway Safety, the carmaker said Sunday.It was the first time for IIHS to evaluate a hydrogen fuel cell vehicle and also to give an award.According to IIHS, Nexo has earned top ratings in moderate overlap front, driver-side small overlap front, passenger-side small overlap front, side, roof strength and head restraint tests. It also received &ldqu

MobilityAug. 11, 2019

Wesley Snipes to visit Korea for action film festival

The ’90s action film icon Wesley Snipes will visit South Korea on Aug. 26 to attend the opening ceremony for the Chungbuk International Martial Arts and Action Film Festival, according to the organizers.Snipes will be accompanied by stunt coordinator and fight choreographer Chuck Jeffreys, with whom he has worked previously. The two will attend a press conference in Chungju, North Chungcheong Province, Aug. 29, and will attend the opening ceremony at 6 p.m. the same day. The actor will als

FilmAug. 11, 2019

[Newsmaker] Disgraced money manager Jeffrey Epstein dead in apparent suicide

NEW YORK (Reuters) -- Disgraced financier Jeffrey Epstein was found dead on Saturday after an apparent suicide in the New York jail cell where he was being held without bail on sex-trafficking charges, and a source said he was not on suicide watch at the time of his death.Epstein, 66, was found unresponsive in his cell in the Special Housing Unit of the Metropolitan Correctional Center (MCC) and taken to a hospital where he was pronounced dead, the Federal Bureau of Prisons, which operates the l

World NewsAug. 11, 2019

Korean won tipped to face further decline after 5% dip

South Korea's local currency has dropped by one of the fastest rates in the world against the US dollar but may further decline on apparently growing demand for safer assets, data showed Sunday.The Korean won closed at 1,214.90 won against the greenback Thursday, down 5 percent from 1,154.70 won a month earlier, according to the Bank of Korea (BOK).The sharp decline was largely attributed to the escalating trade tension between the world's two largest economies -- the United States and China --

EconomyAug. 11, 2019

S. Korea's 2020 budget may top 510t won

South Korea's state budget may top 510 trillion won ($421 billion) next year, up some 9 percent from this year's budget, as the country seeks to boost the economy with massive fiscal spending, government officials said Sunday. For the year, the country's budget is set at some 470 trillion won, and the government wants to increase the state coffers by between over 7.3 percent and 9.5 percent.For the year, the annual budget spending increase was set at 9.7 percent.In June, government ministries an

EconomyAug. 11, 2019

Daily stock turnover dips in July amid market turmoil

Daily stock turnover in South Korea dropped to the lowest level of the year in July, data showed Sunday, apparently reflecting investor sentiments spooked by escalating trade disputes between the United States and China, as well as South Korea's own trade haggling with Japan.The daily trading volume of local stocks came to some 8.6 trillion won ($7.1 billion) last month, according to the Korea Exchange (KRX), the operator of the Seoul bourse. The reading marks a drop of 4 percent from the same m

MarketAug. 11, 2019

BTS' V releases solo song in English

V, a member of the globally celebrated K-pop boy band BTS, released his English solo song "Winter Bear" on Saturday. The new song was put up on BTS' official social media for free download, along with a music video.V, whose real name is Kim Tae-hyung, composed the song with producers of his agency Big Hit Entertainment and wrote the lyrics for the new release.It is V's first English-written song following his first self-created Korean song, "Scenery," in Jan.RM, the leader of

PerformanceAug. 11, 2019

BTS' 'DNA' music video hits 800m YouTube views

The music video of K-pop super band BTS' hit song "DNA" surpassed 800 million YouTube views Saturday, the band's first music video to accomplish the feat.The video of "DNA," the main track off the boy group's EP "Love Yourself:Her" released in September 2017, passed the threshold at 6:29 a.m., according to Big Hit Entertainment. It is the septet's first music video with 800 million views, following five videos with 500 million clicks, including "Fire" and

PerformanceAug. 11, 2019

Students hold anti-Abe protest, demand Seoul's withdrawal from intel-sharing pact with Tokyo

Hundreds of protesters, including teenage students, held a protest in Seoul on Saturday criticizing Japanese Prime Minister Shinzo Abe for an "economic war" against South Korea and calling for Seoul's withdrawal from a military information-sharing pact with Japan. Despite sweltering heat, the demonstrators gathered in front of the Japanese embassy in Seoul and issued a declaration condemning the Abe government for its recent export restrictions on South Korea and demanding its sincere

Social AffairsAug. 11, 2019

Trump: Kim Jong-un wants to resume nuclear talks after Seoul-Washington joint exercise

US President Donald Trump said Saturday that North Korean leader Kim Jong-un expressed his will to restart negotiations on its nuclear program with the United States "as soon as" the joint military exercise between Seoul and Washington is over.The North Korean leader also pledged to stop missile launches when the combined exercise ends, according to the president."In a letter to me sent by Kim Jong-un, he stated, very nicely, that he would like to meet and start negotiations as so

North KoreaAug. 11, 2019

NK says inter-Korean contact difficult until Seoul gives 'plausible excuse' for military drill with US

North Korea said Sunday it won't even have contact with South Korea, let alone dialogue, unless Seoul gives a "plausible excuse" for its ongoing military exercise with the United States, calling it an "aggressive war exercise against" the North. Kwon Jong-gun, North Korean foreign ministry's director-general of the department of American affairs, made the remarks in a statement released by the Korean Central News Agency (KCNA), blasting South Korea over the allies' joint mili

North KoreaAug. 11, 2019

Seoul shares may face volatile sessions next week amid trade woes

Seoul stocks may face increased volatility next week, largely depending on the development of an ongoing US-China trade row, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) closed up 0.9 percent at 1,937.75 points on Friday helped by strong export data in China and expectations that the United States and China will resume their negotiations in September.This week, the main index shed 3 percent as investors remained jittery over the escalating trade feud between Was

MarketAug. 10, 2019