PM urges monitoring of economic impact of US-Iran tensions, response readiness

Prime Minister Chung Sye-kyun instructed government officials Wednesday to closely monitor the repercussions of tensions between the United States and Iran on the South Korean economy and boost their readiness to make a swift response.Chung, who took office Tuesday, said there has been no reported damage to South Korean companies in the Middle East and South Korea's oil imports and trade remain stable."But if the unstable situation in the Middle East continues, it could have repercussions o

PoliticsJan. 15, 2020

Unification minister vows action to improve inter-Korean relations

Unification Minister Kim Yeon-chul has pledged to take possible measures to improve relations with North Korea, rather than waiting for progress in negotiations between Pyongyang and Washington, according to civic group officials.The remark, made during a luncheon meeting with representatives of pro-unification civic and religious groups on Tuesday, is in line with President Moon Jae-in's vow to expand inter-Korean cooperation so as to help facilitate stalled nuclear talks between Washington and

North KoreaJan. 15, 2020

Korea's exports may get boost from slight oil price uptick amid US-Iran tensions

A moderate increase in global oil prices sparked by US-Iran tensions is likely to help boost South Korea's exports, a trade association said Wednesday.A 10 percent hike in global oil prices will lead to a 3.2 percent rise in South Korea's outbound shipments, according to the Korea International Trade Association. The trade surplus, however, will narrow as its imports will increase by a slightly higher rate of 3.3 percent.Earlier this month, the benchmark Dubai crude shot up to nearly $70 pe

EconomyJan. 15, 2020

N. Korea holds nationwide party meetings to discuss Kim's New Year's message

North Korea held nationwide regional meetings of the Workers' Party to discuss leader Kim Jong-un's New Year's message urging stepped-up "self-reliance" and a "frontal breakthrough" against challenges facing the communist nation, state media reported Wednesday.Provincial committee meetings were held on Monday and Tuesday across the nation to discuss the results of the plenary session of the WPK's Central Committee in late December, according to the Rodong Sinmun, the official

North KoreaJan. 15, 2020

Cheong Wa Dae spokesperson to quit for upcoming election

Cheong Wa Dae spokesperson Ko Min-jung has tendered her resignation, seeking to run in the April 15 general elections, an informed source said Wednesday.President Moon Jae-in is expected to accept it later in the day, as his office is in the final stage of selecting her successor, according to the source."Her replacement will likely be announced soon, probably before the Lunar New Year holidays," the source added, requesting anonymity. Lunar New Year starts late next week. Two other pr

PoliticsJan. 15, 2020

Samsung ranks No. 3 in global wireless headset shipments in 2019: data

Samsung Electronics Co., South Korea's top electronics firm, ranked third in global wireless headset shipments last year, industry data showed Wednesday, though it trailed far behind its rival Apple Inc. Samsung shipped 7.4 million totally wireless headsets for a 6.9 percent market share in 2019, according to data from market tracker Strategy Analytics. TWS refers to Bluetooth stereo headsets that do not have a wire connecting the two earpieces.Apple was the dominant force in the TWS market with

IndustryJan. 15, 2020

Samsung ranks 2nd in 2019 US patent grants

Samsung Electronics Co. took the No. 2 spot in US patent grants last year, industry data showed Wednesday.The world's top smartphone and memory chip maker, received 6,417 US patent grants in 2019, up 11 percent from the previous year, according to the data from IFI Claims Patent Services, a provider of a top global patent data platform. Samsung has been the runner-up in IFI's US patents grants rankings since 2006.  IBM Corp. topped the list with 9,262 grants last year, up 2 percent from a y

IndustryJan. 15, 2020

Kia workers tentatively agree on revised wage offers

Unionized workers at Kia Motors Corp. have tentatively agreed on the company's revised offerings in wage negotiations for the year of 2019, the company said Wednesday.Last month, Kia and its union reached a tentative wage and collective bargaining deal but 56 percent of 27,050 Kia workers voted down the deal. The union workers staged three rounds of partial strikes last month and held an eight-hour strike on Monday.  They demanded the company narrow an income gap with workers at bigger affi

IndustryJan. 15, 2020

US sanctions 2 N. Korean entities over labor exports

The United States on Tuesday sanctioned two North Korean entities, including one based in China, for involvement in North Korean labor exports in violation of international sanctions.The US Treasury Department said it is targeting a North Korean trading corporation, Namgang Trading Corp., and a China-based North Korean lodging facility, Beijing Sukbakso, for facilitating North Korea's practice of sending laborers abroad."The exportation of North Korean workers raises illicit revenue for the

Foreign AffairsJan. 15, 2020

Korea's export prices slightly rise in Dec.

South Korea's export prices slightly increased from a month earlier in December, ending a three-month drop, central bank data showed Wednesday.The export price index, in terms of Korean won, came to 97.54 in the month, up 0.8 percent from revised 96.74 in November, according to preliminary data from the Bank of Korea.The increase follows three consecutive months of on-month decline since September. However, it comes largely on the weakening of the won against the US dollar that pushed up prices

EconomyJan. 15, 2020

Pompeo calls for collective efforts to safeguard Strait of Hormuz: Seoul official

US Secretary of State Mike Pompeo on Tuesday called for collective efforts to safeguard the Strait of Hormuz, a South Korean official said, suggesting that Washington seeks increased commitments from Seoul.Pompeo and South Korean Foreign Minister Kang Kyung-wha held talks in Palo Alto, California, to discuss the situation in the Middle East and North Korea.The meeting came as Seoul has been looking at options to support U.S.-led security operations in the Middle East amid heightened tensions bet

Foreign AffairsJan. 15, 2020

Job additions hit over 5-year high in Dec., jobless rate steady at 3.4%

South Korea's jobless rate remained flat at 3.4 percent in December, but Asia's fourth-largest economy reported a stronger-than-expected job growth last month with job additions coming to 516,000, data showed Wednesday.It was the strongest monthly job additions in five years and four months, according to the data compiled by Statistics Korea.The unemployment rate for young adults -- those aged between 15 and 29 -- fell to 7.3 percent last month from 8.3 percent tallied a year earlier. For all of

EconomyJan. 15, 2020

BTS to hold joint exhibitions with internationally acclaimed artists

The world’s biggest boy band from South Korea has teamed up with internationally acclaimed artists and curators to hold joint exhibitions around the globe. Titled “Connect, BTS,” the band’s latest project involved collaborating with artists and curators to showcase artworks that are in line with the boy band’s philosophy, which stresses on diversity and supports those who are marginalized. A total of 22 international artists have joined the event dire

Arts & DesignJan. 14, 2020

CICI recognizes SK Telecom, K-pop writer Benjamin, jazz singer Nah for contributions to Korea’s image

Mobile carrier SK Telecom, K-pop columnist Jeff Benjamin and jazz vocalist Nah Youn-sun were awarded the Corea Image Communication Institute’s Korea Image Awards on Tuesday for their contributions to building a positive image of South Korea at home and overseas. At the awards ceremony held at the InterContinental Seoul Coex, SK Telecom Vice President Yoo Young-sang received the Korea Image Stepping Stone Award on behalf of the mobile carrier for its efforts to commercialize 5G technology w

PeopleJan. 14, 2020

S. Korea to strengthen regulations for better animal welfare

South Korea said Tuesday it plans to adopt tougher regulations to prevent animal cruelty and to provide animals with a better living environment as part of efforts to improve animal welfare in the country. The set of strengthened policies, which runs through 2024, will focus on enhancing the public's awareness of animal welfare and on improving living conditions for not only pets but also laboratory animals and livestock, according to the Ministry of Agriculture, Food and Rural Affairs.Compared

Social AffairsJan. 14, 2020

[Graphic News] Population growth slows in 2019 as number of seniors hits record high

　The number of people aged over 65 years in South Korea climbed to a new high last year, breaching the 8 million mark for the first time in history, while the country’s overall population grew at the slowest pace ever, data showed.　The country’s overall population remained nearly unchanged at just under 51.85 million as of end-December, up only 23,802 or 0.05 percent from a year earlier. It was the slowest on-year gain since the country began publishing related data in 2008, accordin

Social AffairsJan. 14, 2020

Hi Investment & Securities’ W217.5b fundraising plan hits snag

The fundraising plan of Seoul-based investment bank Hi Investment & Securities to fetch a combined 217.5 billion won ($187.8 million) is facing obstacles due to a possible court injunction.A total of 16 plaintiffs are seeking legal action to halt Hi Investment & Securities’ plan to raise 100 billion won by issuing 62.5 million redeemable and convertible preference shares, the investment bank said in a disclosure Tuesday.The Busan District Court will make a final ruling on the matte

MarketJan. 14, 2020

Marketing startup Marketit scores new funding from investor behind BTS

Influencer marketer Marketit said Tuesday that it has attracted 5 billion won ($4.3 million) from investors including AlpenRoute Asset Management.AlpenRoute was one of the early investors in Big Hit Entertainment, the agency behind global pop sensation BTS, and Market Kurly, a startup unicorn that operates a grocery delivery platform. With the new funding, the startup has secured 7 billion won in total investments, according to officials.It plans to advance its data management systems and r

MarketJan. 14, 2020

S.M. Entertainment head blames online ‘hate speech’ for K-pop suicides

Lee Soo-man, founder and chief producer of S.M. Entertainment, one of the big three agencies in the K-pop world, said Tuesday that he sees no fault in artist management and that online hate speech is to blame for suicides and increasing cases of K-pop stars suffering from anxiety disorders.  “There is no fault in the system. I take pride in (our artist management) system … we are possibly No. 1 worldwide. We think a lot about the education and character (of artists),” Lee

Diplomatic CircuitJan. 14, 2020

[Robert J. Fouser] Outlook for the National Assembly election

Rumbling and positioning for the National Assembly election this April will intensify after the Lunar New Year holiday at the end of January. The results of the election will impact the rest of President Moon Jae-in’s term and set the stage for the next presidential election in May 2022.Currently, no party has a majority in the National Assembly. President Moon’s Democratic Party is the largest party, but it relies on support from sympathetic minor parties and independents. The large

ViewpointsJan. 14, 2020