‘Nearly half of N. Koreans earn income in private sector’

With US-led sanctions on Pyongyang throttling its largely state-run economy, nearly half of North Koreans are earning money in the private sector, according to a recent survey.  The survey, commissioned by the Ministry of Unification and conducted by the Korean Association of North Korean Studies alongside Hyundai Research Institute, was based on interviews on around 6,000 defectors starting in 2013, including the latest figure of 600 people who settled in Korea in the first half of 2019.

North KoreaFeb. 13, 2020

Fewer releases save Nexon

Nexon reported marginal shifts in yearly revenue and operating profit, Thursday, maintaining business as usual thanks to revenue from V4 and cost-saving on overall marketing due to fewer releases last year. In 2019, Nexon earned 2.68 trillion won ($2.26 billion) in revenue and 1.2 trillion won in operating profit, up 4 percent and 3 percent on constant currency from the year before. Nexon is listed in the Tokyo Stock Exchange First Section and is included on the Nikkei 300 Index. When adjust

IndustryFeb. 13, 2020

Former US ambassador hopes to get ready for reunification

Christopher Hill, a former U.S. ambassador to South Korea and lead negotiator for the six-party nuclear talks, is a familiar face for Koreans south of the Demilitarized Zone. After finishing his career as a diplomat, the three-time ambassador joined the University of Denver as a chief adviser and professor. Now he is stepping into the business side as an adviser to a U.S. investment banking boutique with the hope of bringing simple and effective businesses to North Korea, where changes are alrea

North KoreaFeb. 13, 2020

Coronavirus provokes disputes between consumers, travel agencies

An increasing number of disputes are being reported between consumers and travel agents over trip cancellation fees, as the coronavirus outbreak continues to stifle international travel. The nation’s major travel agencies have been waiving cancellation fees for travel products such as flights, hotels and car rentals involving China, Hong Kong and Macao. However, as the government has further encouraged people to limit their travel to Japan, Taiwan, Malaysia, Vietnam, Thailand and Singapo

IndustryFeb. 13, 2020

FTC slaps W1.6b antitrust fine on BGF Retail

South Korea’s antitrust watchdog has slapped convenience store chain BGF Retail with a fine of 1.6 billion won ($1.31 million) for violating a subcontracting law, officials said Thursday. The Fair Trade Commission said CU, one of the leading convenience store chains in Korea, was found to have forced subcontractors to pay more than 50 percent of costs for buy-one, get-one-free marketing activities between 2014 and 2016.  During the period, the retail firm set up an operation strat

IndustryFeb. 13, 2020

[Serendipity] Inconvenient truths laid bare by Bong Joon-ho

Yes, I have finally found someone who understands what it is like to live with a heightened sense of smell, I thought, watching Bong Joon-ho’s “Parasite.” I felt vindicated about my irritation at being hit with the sharp, pungent smell of kimchi upon opening the fridge, the boxes of odor-absorbing baking soda apparently past their expiration date. The agitation of waking up to the acrid smell of cigarette smoke wafting in through the window, thanks to an unconscionable neigh

ViewpointsFeb. 13, 2020

[Liam Denning] Decadent energy system needs renewal

Like many of you, I’m sure, I read Ross Douthat’s essay on “The Age of Decadence” in Sunday’s New York Times while sprawled on a chaise, picking at my smashed avo and laudanum. Stirring from the languor, I wondered: How does energy fit with this thesis? Our energy system is decadent at a fundamental level. Roughly four-fifths of what is called primary energy consumption comes from burning fossil fuels, and thermodynamics ensure the majority of that kind of “c

ViewpointsFeb. 13, 2020

[Noah Smith] 'Parasite' Oscars say a lot about South Korea

On Sunday night, there was widespread rejoicing when the South Korean film “Parasite” received the Academy Award for best picture along with several other awards. Not only was this the first such win for a movie in a language other than English, but to many it represented a long-sought victory for Korean popular culture. It’s not the first such victory. In the past decade, Korean music and TV shows have exploded in global popularity. The Korean band BTS is the first since the

ViewpointsFeb. 13, 2020

USFK congratulates S. Koreans for ‘Parasite’

United States Forces Korea congratulated South Koreans for “Parasite,” directed by Bong Joon-ho, which picked up four Oscars at Sunday’s Academy Awards, including best picture and best director. “What a historic moment! We are so proud to be serving in a country with such great culture and creative people,” USFK wrote on Facebook on Wednesday. On Monday, US Ambassador to Korea Harry Harris congratulated Bong for winning best screenplay and for earning the country&

Social AffairsFeb. 13, 2020

[Newsmaker] Samsung denies heir’s drug abuse allegations

Samsung Electronics flatly denied Thursday allegations that its heir apparent and Vice Chairman Lee Jae-yong illegally received injections of propofol, a short-acting sedative and anesthetic drug. The Seoul Central District Prosecutors Office began looking into the accusations after the state anti-corruption watchdog, which received a tip from a whistleblower on Lee’s alleged drug use, referred the case to the prosecution last month. The case came to light after investigative local new

Social AffairsFeb. 13, 2020

FSC reduces fines on DLF-selling banks, denies back-scratching

The Financial Services Commission on Thursday reduced the amount of fines imposed on Woori Bank and KEB Hana Bank over their disputed misselling of derivative-linked financial products last year. By altering the sanctions previously decided by the market watchdog Financial Supervisory Service, the regulator is being accused of playing a power game and taking sides with the industry, although it has vehemently refuted such doubts. The FSC’s advisory panel Securities and Futures Commiss

MarketFeb. 13, 2020

[Herald Interview] Floating festival in middle of ocean

Though walking on water may not be possible, dancing on water is -- if you board the cruise music festival “It’s the Ship” this summer in Busan. The festival is a four-day-long journey of Electronic Dance Music party, held on a cruise ship in the middle of the ocean. This summer, for the first time, it will sail the waters off the shores of South Korea, Aug. 28-31, making a round trip to Fukuoka, Japan. Launched in Singapore 2014 by an event management company, Livescape Gr

PerformanceFeb. 13, 2020

NK is to blame for humanitarian crisis: US

The US is concerned about the well-being of the North Korean people, but will not provide direct humanitarian assistance, the US State Department said Wednesday. “The US government has no plans at this time to provide direct humanitarian assistance to the DPRK,” the State Department told Voice of America, using the North’s official name, Democratic People’s Republic of Korea, in response to a UN report asking for international support to aid North Koreans. The North ne

North KoreaFeb. 13, 2020

Korea’s aviation industry faces severe turbulence

South Korean air carriers have been facing a tough time following the nationwide boycott of trips to Japan last year and the oil price hike, only to face a triple whammy with the novel coronavirus outbreak, forcing them to suspend almost 90 percent of their lucrative China routes.  According to industry sources, air carriers have been making all-out efforts to secure capital amid the dwindling number of passengers and continued business uncertainties led by external factors.  The co

MobilityFeb. 13, 2020

[Monitor] Kakao logs record-high revenue, margin

Korea’s local internet behemoth Kakao scored 3.898 trillion won ($3.3 billion) in sales and 20.66 billion won in operating profit in 2019, both of which mark the highest yearly performance by the firm established in 2010. The sales increased by 28 percent from 2018 and operating profit by 183 percent. The company attributed the earnings to new business models taking shape. They include KakaoTalk Biz Board (TalkBoard), a business-to-business service based on KakaoTalk allowing users to

TechnologyFeb. 13, 2020

Galaxy Z Flip appeals to fashion crowd in New York

SAN FRANCISCO -- After the big reveal of the impressive Galaxy Z Flip at Unpacked, Samsung Electronics’ smartphone business head Roh Tae-moon on Wednesday flew to New York to attend an exclusive event hosted by Thom Browne, the company’s new partner. Roh was invited by the New York-based fashion company as one of the guests for an event prepared for the Fashion Week.  The Samsung executive’s participation in the fashion industry’s major show was made based on t

IndustryFeb. 13, 2020

[News Focus] Overseas Korean food fairs to entice palates

SEJONG -- South Korea’s food producers are pinning high hopes on the overseas K-food Fair events this year on the back of the growing popularity of local dishes thanks to TV programs and movies. Over the past few years, the annual exhibition has provided local producers -- mostly food processing firms -- with wider opportunities to tap overseas markets, including in Asia, America and Europe. Small and medium-sized enterprises mostly participate in the events, organized by the Ministry o

IndustryFeb. 13, 2020

All S. Korean virus patients in stable condition

All South Korean patients infected with the new coronavirus are in stable condition, with two or three of them likely to be discharged from hospitals soon, health authorities said Thursday. Korea has 28 cases of the virus, now called COVID-19, with no new case reported Thursday. Of them, seven patients have fully recovered and were declared free of the virus. “Elderly patients or those with underlying diseases need to use anti-virus medicine actively … but young and healthy pat

Social AffairsFeb. 13, 2020

S. Korea to unveil measures to support exports amid virus fallout

SEJONG -- South Korea plans to unveil measures to support exports as early as next week as the coronavirus epidemic in China is expected to cast a shadow on the Korean economy, Finance Minister Hong Nam-ki said Thursday. Hong said the Korean economy is expected to face a bigger economic impact from the virus, COVID-19, than that of the Middle East Respiratory Syndrome (MERS) outbreak in 2015. However, Hong said, "Too much fear can hurt the (Korean) economy," urging people not to b

EconomyFeb. 13, 2020