Korea’s consumer sentiment index dips to 6-month low

South Korea’s composite consumer sentiment index fell in May for the first time in six months, due to a slowing economy, volatile stock market and concerns over the escalating trade war between the US and China.　The Bank of Korea said Tuesday that the CSI -- which measures consumers’ optimism about the economy -- came to 97.9 for May, down 3.7 points from the previous month.It marks the first decline in the index since November 2018, when it fell to 95.7. It had been on a five-month

EconomyMay 28, 2019

Korean general to lead joint drills to test Seoul’s readiness for wartime OPCON transfer

A Korean four-star general is expected to lead joint military drills with the US in August to test Seoul’s readiness to take over wartime operational control of its troops.The first joint exercise for assessment of initial operational capability (IOC), to be held during the combined command-post exercise in August, is likely to be led by a Korean general, according to the ROK-US Combined Forces Command (CFC) and the Joint Chiefs of Staff. The wartime OPCON transfer to Korea will proceed as

DefenseMay 28, 2019

LG Electronics fined by FTC for false advertising

LG Electronics was fined 50 million won ($42,000) by South Korea’s antitrust watchdog for false advertisement of one of its home appliances, the government said Tuesday. The Fair Trade Commission said LG falsely advertised that plastic containers inside its Kimchi refrigerators received certification from the US Food and Drug Administration. LG’s Kimchi containers met the safety standards of the FDA but did not receive certification. The FDA certifies only medicines and not plas

IndustryMay 28, 2019

S. Korean firms issue more than W5tr of ESG-related bonds

South Korean firms have issued more than 5 trillion won ($4.27 billion) worth of environmental, social and governance-related bonds so far this year, which surpasses the volume of the asset class floated for the entirety of last year. ESG-related bonds are fixed income investments -- mostly issued by government-run organizations or institutions at the moment -- that finance environmental or social projects that help boost transparency and sustainability in society. Local firms including state-ru

MarketMay 28, 2019

Musical ‘The Merchant of Venice’ plays at Sejong Center

A musical adaptation of William Shakespeare’s classic “The Merchant of Venice” is being staged until June 16 at the M Theater of Sejong Center for the Performing Arts.The Korean-language production is directed by Park Geun-hyung and performed by the Seoul Metropolitan Musical Theater.The piece follows the original storyline of the 16th century play, which takes off after Bassanio seeks a large sum of money for his expenses on the way to woo beautiful and wealthy heiress Portia.

PerformanceMay 28, 2019

Envisioned Seoul-Tokyo defense chiefs' talks on hold: Japanese media

The defense ministers of South Korea and Japan are expected to hold a brief meeting while standing, rather than formal talks, on the sidelines of an international conference in Singapore early next month, a Japanese newspaper reported Tuesday.The neighboring countries have been pushing to hold the meeting between South Korean Defense Minister Jeong Kyeong-doo and his Japanese counterpart Takeshi Iwaya in Singapore on the sidelines of the upcoming Asian security forum, known as the Shangri-La Dia

DefenseMay 28, 2019

Seoul revokes license for gene therapy drug Invossa

South Korea's drug authorities on Tuesday canceled the license for the gene therapy drug Invossa for the mislabeling and the false reporting of an ingredient used, sending a shock to patients and the country's pharmaceuticals sector.The Ministry of Food and Drug Safety's move came after the manufacturer, Kolon Life Science, acknowledged that a substance in the joint pain treatment drug has been mislabeled since 2003, but failed to clearly explain why it had occurred."Kolon Life Science fals

IndustryMay 28, 2019

Number of Starbucks' premium outlets in S. Korea exceeds US

Starbucks Korea said Tuesday that the number of its upscale Reserve outlets has exceeded that of the United States, reflecting Koreans' growing appetite for premium coffee.The US coffee giant will open its 50th Starbucks Reserve store in central Seoul on Wednesday, Starbucks Korea said in a statement. The coffee chain runs 37 premium stores in the US."We are planning to expand the Reserve stores in Korea to absorb increasing demand for premium coffee," a company spokesman said. Starbuc

IndustryMay 28, 2019

Two feared dead, 17 hurt after Japan mass stabbing

TOKYO (AFP) -- Two people, including a child, were feared dead Tuesday in a mass stabbing attack that also injured 17 people in the Japanese city of Kawasaki, the local fire department said."One man and one female child are showing no vital signs, said fire department official Yuji Sekizawa, employing a phrase commonly used in Japan to mean the victims have died but the death has not yet been certified by an official medical professional.Footage broadcast on local TV stations showed multipl

World NewsMay 28, 2019

Veteran baseball player announces abrupt retirement after DUI accident

The oldest active player in South Korean baseball abruptly announced his retirement on Monday, hours after getting caught driving under the influence of alcohol.Park Han-yi of the Samsung Lions in the Korea Baseball Organization said he wanted to hold himself accountable for a DUI accident that occurred in Daegu, 300 kilometers southeast of Seoul, around 9 a.m. Monday. Park was on his way home after dropping off his daughter at school when he got into a fender bender. Police arrived at the scene

Social AffairsMay 28, 2019

Renault shows 'interest' in Fiat Chrysler merger offer

PARIS -- French automaker Renault said Monday that it would study "with interest" a 50-50 merger proposal from Fiat Chrysler, a deal that could reshape the industry as Renault reviews its options following the arrest in Japan of its chief executive.Renault had for years tied its strategy to a partnership with Japanese automaker Nissan but this has come into question after the arrest and subsequent ouster of Carlos Ghosn at both companies.After a board meeting over what it termed a &quo

World BusinessMay 27, 2019

Japan asks for S. Korea's cooperation for G-20 summit

The top Japanese envoy in Seoul asked for South Korea's cooperation for a successful Group of 20 summit in Japan, South Korea's finance ministry said Monday.Japan's Ambassador to South Korea Yasumasa Nakamine made the request in a meeting with Hong Nam-ki, minister of economy and finance, at a government building in Seoul, according to the ministry.The summit, set for June 28-29 in Osaka, Japan, will bring together leaders of the Group of 20 advanced and emerging economies, including South Korea

Foreign AffairsMay 27, 2019

N. Korea slams Bolton as 'security-destroying advisor,' 'human defect'

North Korea sharply criticized US National Security Advisor John Bolton on Monday, calling him "a security-destroying adviser," a "structurally defective guy" and a "human defect" that "deserves an earlier vanishing."A spokesperson for the North's foreign ministry unleashed the vituperation, bristling at Bolton's denunciation of the communist nation's recent missile launches as a violation of UN Security Council resolutions."As for the UNSC 'resolutio

North KoreaMay 27, 2019

[Graphic News] Best and worst Asian countries for road quality

　Singapore has the best road infrastructure alongside Japan, Taiwan and South Korea, according to the opinion survey by World Economic Forum.　Road infrastructure is a marker of a country’s development and is significant for safety and satisfaction of the citizens. 　Singapore is ranked at the top in Asia and second globally in terms of road infrastructure in the country. It is followed by Japan and Taiwan which have equally well maintained roads ranked No. 5 and No. 11 respectively. South K

World NewsMay 27, 2019

Coupang CEO on list of world’s most creative businesspeople

Kim Beom-seok, also known as Kim Bom, CEO of South Korean e-commerce company Coupang, has been named one of the most creative business leaders by US business magazine Fast Company, officials said Monday.Kim ranked 23rd on the magazine’s 10th annual list of the 100 most creative people in business this year, in recognition of the company’s innovative delivery system and its impact on the e-commerce industry.The Korean company was especially recognized for its fast delivery system, whi

IndustryMay 27, 2019

Mercedes-Benz Korea holds charity marathon, raises W920m

The corporate social responsibility division of Mercedes-Benz Korea held its fourth annual charity marathon Sunday, saying it hoped to promote a spirit of community sharing and cultivate the philanthropic culture here, the company said Monday.Titled “Give ’n Race,” the annual event was jointly organized by the Seoul Metropolitan Government. Around 20,000 runners took part, raising about 920 million won ($776,000) -- the largest amount since the South Korean unit of the German c

MobilityMay 27, 2019

Samsung SDS signs strategic partnership with Vietnamese firm

Samsung SDS announced Sunday its strategic investment in Vietnamese information technology services company CMC. The IT unit of South Korea’s major conglomerate group signed a principle agreement that allows it to make major decisions in CMC’s management.  CMC specializes in system integration, software development, cloud computing and IT infrastructure management. It has previously worked with Samsung SDS for smart factories and cybersecurity.Samsung SDS said it will be a strat

TechnologyMay 27, 2019

[Andrew Sheng] Why are stock markets complacent?

There has been so much bad news lately that the only good news, if you believe it, lies in the stock market. Simply put, despite the trade war and all the political bad news, the US stock markets hover around historical highs. And Asian stock markets are still guided by sentiment in Wall Street.Is that market optimism justified?From its trough on March 9, 2009, to its last peak on April 23, 2019, the S&P500 Index rose 334 percent, so everyone who invested in US stocks has done well. How just

ViewpointsMay 27, 2019

[Karl W. Smith] How this trade war will remake the world 　

US President Donald Trump has long said the goal of his trade policy is simply to get better deals for Americans. But as the trade war intensifies, it seems increasingly likely that his policies will lead to something more: a lasting break with China and a new alignment of global power. First, consider the evidence for the break. The current impasse in trade talks was sparked by a sudden change in terms on the part of the Chinese negotiators. This change likely caught the administration off g

ViewpointsMay 27, 2019