[The Heirs (2)] Will Lotte heir follow his father’s path?

Despite public apathy and tougher shareholder censure, South Korea’s chaebol groups are preparing a generational shift in leadership. The Korea Herald looks at different conglomerates and succession scenarios. -- Ed. Satoshi Shigemitsu, 33, who goes by the Korean name Shin Yoo-yeol, is the only son of Lotte Group Chairman Shin Dong-bin. Being a Japanese citizen, he went to Keio University, got a management degree from Columbia University and currently works at Nomura Singapore. Alth

IndustryApril 16, 2020

Stocks open lower on Wall Street tumble

South Korean stocks opened lower Thursday, tracking overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) shed 12.68 points, or 0.68 percent, to 1,844.4 in the first 15 minutes of trading. On Wednesday (local time), US stocks closed lower as investors absorbed various data showing the COVID-19 outbreak has hurt the world's largest economy. The Dow Jones industrial average fell 1.86 percent, the S&P 500 was down 2.2 percent, and the Nasdaq Composite Inde

MarketApril 16, 2020

N. Korea makes no mention of visit to mausoleum by leader Kim on late founder's birthday

North Korean state media reported Thursday that senior officials paid their respect at the mausoleum of late national founder Kim Il-sung to mark his 108th birthday but did not mention whether leader Kim Jong-un also paid a visit there. That raises the possibility that Kim skipped an annual visit to the Kumsusan Palace of the Sun that he has made on the birthday of the national founder and his grandfather since he rose to power after the death of his father and former leader Kim Jong-il in lat

North KoreaApril 16, 2020

[Contribution] Country ownership in times of international assistance

The concept of “country ownership” is a key attribute of all investments and projects that multilateral and international organizations have incorporated into their objectives and constitutions. The concept emerged as a dominant way of thinking in the late 1990s, when the focus of the international aid architecture began to shift from donor-driven decision-making toward empowering recipient countries, building their capacities and greater partnership. In 2019, the Independent Evalua

EconomyApril 16, 2020

More students resume classes online but networks remain unstable

An additional 3.12 million elementary and secondary students began the spring semester Thursday by participating in online classes amid the nationwide battle against the coronavirus, but the unprecedented tele-education was marred by network access problems at many places. Under the government's three-step plan, first and second graders at middle schools and high schools, as well as fourth to sixth graders at elementary schools, began the new semester through remote learning. The government

Social AffairsApril 16, 2020

[Jay Ambrose] Will socialism follow coronavirus?

Sen. Bernie Sanders has suspended his campaign for the presidency, but not his campaign for socialism, and I do mean socialism. It’s often said that, by any true definition of the term, he falls way short. In fact, if you check out his policy proposals, he’s there, definitely there, and we still have leftist cheers for a transition conceivably made more likely by the coronavirus pandemic. What Sanders wants is collective control of the economy, of production, distribution and trade

ViewpointsApril 16, 2020

Two NK defectors win parliamentary seats with conservative party

The 21st National Assembly will have two members originally from North Korea who have been vocal about their native country’s dictatorship and human rights abuses.  　 One of them is Tae Ku-min, better known here by his North Korean name, Thae Yong-ho, who became the first defector to be directly elected to South Korea’s unicameral parliament.  　 Running on the ticket of the conservative opposition United Future Party, the former North Korean diplomat, who settled down he

PoliticsApril 15, 2020

Ruling party sweeps to victory

  South Korean voters were seen giving President Moon Jae-in’s party control of the parliament in an election that took place amid a pandemic. Voter turnout was projected to rise to its highest level in 28 years. Early counts and exit poll results suggested dominance of the ruling Democratic Party on the back of the successfully flattening of the coronavirus curve, in comparison to other countries struggling with mounting death tolls. “There was something like expectation t

PoliticsApril 15, 2020

Self-isolating S. Koreans vote after regular election hours amid coronavirus fears

Fears of the coronavirus didn't stop South Koreans even in self-isolation from voting Wednesday. A prerequisite was that those who were self-isolating cast their ballots after the regular voting hours that ended at 6 p.m. They were required to arrive at designated polling stations on foot or by their own cars to avoid contact with others. A total of 59,918 eligible voters nationwide were subject to the quarantine rules aimed at curbing the spread of COVID-19 as of the day before. Among them,

PoliticsApril 15, 2020

Voter turnout surges to 20-year high

Despite the continuing coronavirus outbreak, South Korean citizens flocked to the polls for Wednesday’s general elections, pushing the turnout rate to the highest in years. Nearly 66 percent of the country’s 43 million registered voters had cast their ballot as of 6 p.m., when balloting was still underway for voters quarantined over COVID-19. The turnout was the highest in general elections since 2000. A record 11 million people -- 26 percent of the electorate -- took part in

PoliticsApril 15, 2020

Election challenges S. Korea’s flat curve

South Korea’s disease control capacity will be put to test once again on Wednesday as its tens of millions of eligible voters head out for the 21st legislative elections. Korea, which once had the largest outbreak outside China, has managed to bend its curve, with the daily virus tally down to double-digits for the 14th consecutive day on Wednesday. But the country’s months of hard work may go to waste following the inevitability of collective breach in social distancing that come

Social AffairsApril 15, 2020

How COVID-19 pandemic changed Korea’s election campaign

　 Parliamentary elections in South Korea, which took place amid a global COVID-19 pandemic, turned out to be a referndum on the Moon Jae-in administration’s response to the virus.  　 The government’s handling of the coronavirus outbreak dominated campaign talk, with usually popular issues -- such as the approach toward North Korea, the slowing economy, prosecution and election reforms and corruption scandals -- nearly gone missing. And the marked slowdown in the virus’ sp

Social AffairsApril 15, 2020

Ex-PM Lee expected to win against main rival Hwang in Seoul's Jongno: exit polls

Former Prime Minister Lee Nak-yon of the ruling party is expected to win 53 percent of the vote in Wednesday's parliamentary elections against his main rival Hwang Kyo-ahn in the Jongno district in central Seoul, exit polls showed. The result for Lee of the ruling Democratic Party (DP) compared with the 44.8 percent recorded for Hwang, chief of the main opposition United Future Party, according to exit polls by three main broadcasters, including KBS. Jongno is regarded as a symbolic constituen

PoliticsApril 15, 2020

Gyeonggi weighing paying coronavirus basic income to foreign spouses, permanent residents

Gyeonggi Province, which surrounds Seoul, is considering granting marriage immigrants and permanent residents the right to disaster basic income, which it will pay to citizens to help cope with the impact of the coronavirus outbreak, its governor said Wednesday. The province announced last month that it will provide 100,000 won ($81.99) per person to all citizens beginning in April. Foreigners were excluded from the benefit.  "We are positively considering paying marriage immigrants

Social AffairsApril 15, 2020

[팟캐스트] (348) 배달의민족 수수료 논란 / 총선 사전투표율 역대 최고치

  진행자: 손지형, Paul Kerry 1. Baedal Minjok apologizes for new fee system, decides to take back 아이튠즈(아이폰): https://itunes.apple.com/kr/podcast/koliaheleoldeu-paskaeseuteu/id686406253?mt=2 팟빵 (안드로이드): http://www.podbbang.com/ch/6638 요약: 음식 배달앱 배달의민족 운영사 우아한형제들이 음식점 대상 수수료 부과 체계 변경 계획을 철회. [1] Baedal Minjok, which has come under fire for the introduction of a restructured commission system, on Friday issued a public apology and said it would be returning to the previous fee structure. *come

PodcastApril 15, 2020

Ruling bloc to take parliamentary majority: exit poll

President Moon Jae-in's ruling Democratic Party and its satellite party are set to win a majority in Wednesday’s general elections, an exit poll conducted by terrestrial broadcasters showed. According to the exit poll conducted by the country’s three terrestrial broadcasters, the ruling bloc is likely to grab at least 153 seats in the 300-member unicameral National Assembly. The main opposition United Future Party, combined with its satellite party Future Korea Party, is projecte

PoliticsApril 15, 2020

BC Card to acquire controlling stake in K-bank

BC Card, a credit card processing firm owned by telecom giant KT, said Wednesday in a regulatory filing that it will acquire a controlling stake in internet-only K-Bank in a bid to save the cash-strapped online bank. The announcement came a day after the card company held a board meeting, where the board decided to buy a 10 percent stake in the bank from the telecom firm for 36.3 billion won ($29.8 million) on April 17. With the planned stake purchase, the card company will become the seco

MarketApril 15, 2020

Homeplus members jump 153% to 300,000

South Korean discount chain Homeplus said Wednesday that the number of customers joining its membership programs has surpassed 300,000. The number of members reached 301,225 as of April 14, up 153 percent on-year from 119,127. Since 2018, Homeplus has been operating seven membership programs based on product categories such as wine and kids’ products. Each membership program regularly offers special discounts with events on a monthly basis. The jump in membership has led to an increa

IndustryApril 15, 2020

Voter turnout hits 62.6% in general elections as of 5 p.m.

Voter turnout for the parliamentary elections Wednesday reached 62.6 percent as of 5 p.m., the highest turnout of elections conducted since 2000, the National Election Commission (NEC) said. According to the commission, some 27.5 million South Koreans had completed casting ballots with one hour left for the voting at 14,330 polling stations nationwide in crucial elections that are seen as a referendum on President Moon Jae-in amid the country's fight against the new coronavirus. The voter tur

PoliticsApril 15, 2020