Moon, Trump to hold summit in Seoul on Sunday

US President Donald Trump will visit South Korea on a two-day schedule from Saturday, Cheong Wa Dae announced Monday. The visit was arranged at the invitation of President Moon Jae-in, conveyed during the Moon-Trump summit in Washington in April, Cheong Wa Dae said.  “President Trump will arrive in the afternoon of June 29, and hold a summit at Cheong Wa Dae on the next day,” Cheong Wa Dae spokesperson Ko Min-jung said. “(Moon and Trump) will hold in-depth discussions on w

Foreign AffairsJune 24, 2019

Major tourist spots on Jeju Island to raise entrance fees starting July

Two of Jeju Island’s most famous tourist spots and natural heritage sites, Seongsan Ilchulbong and Manjanggul, will begin charging higher entrance fees starting next month.The Jeju World Natural Heritage Center said Sunday that general admission to Seongsan Ilchulbong, a volcanic peak formed by hydrovolcanic eruptions, will be increased from 2,000 won ($1.73) to 5,000 won. Tickets to Manjanggul, a huge cave created by basalt lava flows, will double in price from the current 2,000 won, the

TravelJune 24, 2019

Average age of first-time homebuyers climbs in heated market

Escalating housing prices and tighter loan regulations have pushed up the average age of first-time homebuyers here, government data showed Monday.The average age of householders at the time of their first home purchase stood at 43.3 as of 2018, according to data submitted by the Korea Research Institute for Human Settlements to the Ministry of Land, Infrastructure and Transport.The data was based on a survey conducted from June to December last year targeting a random sample of 61,275 household

EconomyJune 24, 2019

Restaurant mogul amasses 1.8m subscribers in 12 days

With just 16 videos, one YouTuber gained 1.8 million subscribers and 20 million views in less than 12 days.Those are stats one might expect from K-pop stars, who often get millions of subscribers right away. But this channel belongs to 52-year-old food specialist and restaurant entrepreneur Paik Jong-won. Paik is the founder and CEO of Theborn Korea, Korea’s biggest food franchise, which operates 1,300 restaurants under more than 20 chains. He became a TV personality in 2015 when he a

TelevisionJune 24, 2019

Prosecution zeroes in on Hanbo Group chief

The prosecution is closing in on Chung Tae-soo, the former head of the now-defunct Hanbo Group who absconded after being convicted of embezzlement, with his son’s extradition to South Korea on Saturday. The Supreme Prosecutors’ Office reportedly had identified Chung, who was believed to have died, as having been in Kyrgyzstan until recently, and pushed to have him extradited to Korea. It plans to release more information about him this week.  　Chung was sentenced to 15 years in

Social AffairsJune 24, 2019

Kospi to see relief rally ahead of G20 summit

South Korea’s benchmark Kospi ended higher on Monday, with cautious optimism that the US-China trade talks slated for later this week may help the index recover previously lost ground. It closed 0.03 percent or 0.71 points higher from the previous trading at 2,126.33, despite having jumped back and forth between positive and negative terrains throughout the day.　 The local stock market in recent months has been heavily weighed down by the US-China trade war, which has escalated a

MarketJune 24, 2019

Galaxy Fold delay won’t affect Galaxy Note 10 launch: Samsung

While Samsung Electronics remains indecisive about an official launch of the Galaxy Fold after nearly two months, the South Korean tech giant seems to be preparing to roll out the company’s flagship phablet Galaxy Note 10 on schedule in August, industry sources saidMonday. “The Galaxy Note 10 will have its own timeline for its debut in August, regardless of the Galaxy Fold’s launch schedule,” said a Samsung official. “The company keeps the same stance about the Gala

TechnologyJune 24, 2019

[Ana Palacio] American power without wisdom

In Greek mythology, it was prophesied that Zeus’s first wife Metis, the goddess of wisdom, would bear a son who, equipped with his mother’s cunning and his father’s power, would eventually overthrow the king of the gods. To protect his position, Zeus swallowed the pregnant Metis whole. The prophesied usurper-son was never born.The qualities of metis (cunning wisdom) and bie (raw power) fascinated the ancient Greeks. At some moments, they revered the former, embodied by Odysseus

ViewpointsJune 24, 2019

[Andrew Sheng] Measures against Huawei signal digital ‘divorce’

It is a cliche to say that we live in a digital age, with many countries upgrading to become knowledge economies. There is supposedly a digital divide, between those who have access to digital knowledge and skills, and those who don’t. But what has emerged with recent action against Huawei Technologies suggests that the World Wide Web may be splintered into four or more digital networks that are firewalled against each other. This situation stems from geopolitical rivalry, mixed up with te

ViewpointsJune 24, 2019

Lotte Food launches Vietnam-only baby formula Nubone

Lotte Food said Monday that it had launched a new brand of baby formula called Nubone in Vietnam and clinched a sales contract with Viet Australia for distribution there. Nubone is an export-only product aimed at children age 6 and under and will be sold exclusively in Vietnam.  The product has been manufactured through Lotte’s Syn-Biotics system, which adds both pro-biotics and pre-biotics to aid the baby’s digestion and growth, the company said.The products will be export

IndustryJune 24, 2019

Kia launches face-lifted K7 Premier with five engine options

Kia Motor has unveiled its redone upper-midsized sedan K7 Premier, offering five different engine options, and began sales in Korea on Monday, according to officials.The latest version is the first face-lifted version since the launch of the K7 model in 2016. According to the automaker, the K7 Premier comes with five different engine options to satisfy diversified consumer needs: new G2.5 GDi, 3.0 gasoline, 2.4 hybrid, 2.2 diesel and 3.0 liquefied petroleum injected engines. Kia Motors&rsqu

MobilityJune 24, 2019

[News Focus] Busan, South Jeolla top senior-population ranking

SEJONG -- South Korea saw its senior population surpass 15 percent of the total last month for the first time. Seniors are people aged 65 or over, according to standards set by the United Nations.The number of senior citizens came to 7.8 million out of the total 51.84 million as of May, according to the Ministry of Interior and Safety.This indicates that 1 out of every 6 or 7 Koreans are aged 65 or above, which is posing social concerns over a variety of sectors such as the national pension, tax

Social AffairsJune 24, 2019

Rival parties agree to normalize parliament following 3 months of impasse

Rival parties agreed Monday to normalize the operation of the National Assembly following nearly three months of parliamentary impasse over a push to place key reform bills on a fast-track.The move is expected to pave the way for reviewing a 6.7 trillion-won ($5.6 billion) extra budget bill and other legislation on people's livelihoods that have been pending for months amid deepened partisan tensions.The ruling Democratic Party (DP), the main opposition Liberty Korea Party (LKP) and the minor op

PoliticsJune 24, 2019

Woori acquires 65.7% stake in Kukje Asset Trust

Woori Financial Group has decided to acquire controlling stake of 65.7 percent in Kukje Asset Trust from its largest shareholder with approval from its board members, the company said Monday. The group’s latest move to acquire the privately held real estate management company comes as it aims to accelerate integration of its affiliate firms and expand its business.  It plans to acquire the majority stake from the real estate management firm’s Chairman Yoo Jae-eun and associates

MarketJune 24, 2019

Moon vows efforts to prevent another war in Korea

President Moon Jae-in pointed out Monday that the Korean War has not formally finished and emphasized the need for efforts to prevent another war on the peninsula.He was holding a luncheon meeting at Cheong Wa Dae with 182 South Korean, US and other foreign veterans who took part in the 1950-53 conflict. It's the first time that a South Korean president has invited war veterans to the presidential compound for a group lunch, according to Cheong Wa Dae. It came on the eve of the June 25 anniversa

PoliticsJune 24, 2019

Culture Ministry plans to expand art infrastructure

The Ministry of Culture, Sports and Tourism on Monday rolled out a five-year plan to make Korean art and artifacts more accessible to the general public. The plan includes building more art galleries and museums, expanding the conservation system for the collections and creating online and mobile systems for people to acquire information on exhibitions.According to the ministry, the government plans to build an additional 140 museums and 46 art galleries by 2023, which will bring the number of s

CultureJune 24, 2019

Cellists, teacher and protege, gear up for Korean tours

Like teacher, like student. The age-old adage goes for cellists Mischa Maisky and Chang Han-na this fall. The two cellists, who were once teacher and pupil, are to visit Korea with their respective tour programs. In October, Maisky is to visit with the Orchester Musikkollegium Winterthur as a part of their Asian tour schedule. The Latvian-born Israeli cellist, 71, is famous for being the only cellist who has studied with both Mstislav Rostropovich and Gregor Piatigorsky. 　 In Gangneung, Seoul an

PerformanceJune 24, 2019

TV ad featuring No. 4 OTC drug Ursa draws flak

Daewoong Pharmaceutical’s liver pill Ursa is under fire for an allegedly misleading TV commercial. Daewoong on Monday denied accusations brought by a doctors’ group called the Barun Medicine Institute, saying that it was a coincidence that the TV commercial in question had ceased to air. For future commercials, the company plans to remove a controversial line that purports the efficacy of Ursa for liver patients. A Daewoong representative told The Korea Herald this is being done to a

IndustryJune 24, 2019