S. Korea's ratio of unemployed in late 20s ranks highest among OECD nations

The proportion of unemployed people aged 25-29 in South Korea has ranked the highest among member nations of the Organization for Economic Cooperation and Development, a report showed Monday. According to the report by the Bank of Korea, the 25-29 age bracket accounted for 21.6 percent of unemployed people in South Korea in 2018, marking the highest ratio among OECD members.It marked the seventh consecutive year that the proportion of unemployed people aged 25-29 in South Korea ranked highest am

EconomyJan. 13, 2020

BOK tipped to keep policy rate steady at record low: poll

The Bank of Korea is widely expected to keep its policy rate frozen at a record low of 1.25 percent this week, a poll showed Monday, amid growing signs of recovery in the global chip market that could finally end the steady decline in the country's exports after 13 months.All 19 analysts surveyed in a poll by Yonhap Infomax forecast a rate freeze this Friday when the BOK monetary policy board holds its first rate-setting meeting of the year. "We expect the BOK to keep the rate steady f

EconomyJan. 13, 2020

Korea's exports up 5.3% in first 10 days of January

South Korea's exports rose 5.3 percent in the first 10 days of January, mainly due to rising shipments of semiconductors, customs data showed Monday.The country's exports stood at $13.3 billion in the January 1-10 period, compared with $12.7 billion in the same period last year, according to the Korea Customs Service. By product, exports of semiconductors and petrochemical goods rose 11.5 percent and 30.6 percent, respectively. In contrast, outbound shipments of passenger cars and wireless

EconomyJan. 13, 2020

S. Korea qualifies for women's volleyball at Tokyo 2020

South Korea qualified for the women's volleyball tournament at the 2020 Tokyo Olympics on Sunday, with a 3-0 (25-22, 25-20, 25-20) victory over Thailand to take the Asian Olympic qualifying tournament.Captain Kim Yeon-koung returned from one-game absence to put on a dominant show with 22 points at Korat Chatchai Hall in Nakhon Ratchasima, Thailand, helping South Korea to reach its third straight Olympics in women's volleyball.Only the winner of this qualifying tournament earned the ticket to Jap

More SportsJan. 13, 2020

Iran agrees de-escalation 'only solution' to solve crisis with US

TEHRAN (AFP) -- Iran signalled Sunday it favours a de-escalation after 10 days of heightened tensions with the United States during which both sides fired missiles and Tehran accidentally shot down a passenger aircraft.Security was stepped up in Iran's capital after a vigil the previous night for those killed in the air disaster turned into an angry protest and police temporarily arrested the British ambassador for being there.US President Donald Trump warned Iran against harming demonstrators a

World NewsJan. 13, 2020

Ash pours from Philippine volcano, halting flights

MANILA (AFP) -- The Philippines was on alert Monday for the "explosive eruption" of a volcano south of Manila, which officials said could be imminent after a massive column of ash forced a halt to flights at the capital's main airport.  Taal volcano, a popular tourist attraction set in the centre of a picturesque lake, spewed ash, rumbled with earthquakes and exploded with lightning above its crest.Thousands of people living nearby were evacuated from their homes, but other locals

World NewsJan. 13, 2020

Taiwan leader meets top US official after her election win

TAIPEI, Taiwan (AP) -- Fresh from a landslide reelection victory, Taiwan President Tsai Ing-wen met Sunday with the de facto US ambassador to Taipei, as China warned that countries should stick with recognizing communist-ruled Beijing as the rightful government of ''One China,'' including Taiwan. William Brent Christensen, a US diplomat who is director of the American Institute in Taiwan, congratulated Tsai on her victory and she thanked him for his support. ''The Taiwan-US partnership

World NewsJan. 12, 2020

China slams US for congratulating Tsai on Taiwan poll win

BEIJING (AFP) - China on Sunday slammed officials from the US and other countries for congratulating Taiwan President Tsai Ing-wen after she was re-elected with a landslide victory in a stunning rebuke of Beijing's campaign to isolate the self-ruled island. Tsai, who had pitched herself as a defender of liberal democratic values against an increasingly authoritarian China, secured a record-breaking win in Saturday's presidential election.US Secretary of State Mike Pompeo, as well as top diplomat

InternationalJan. 12, 2020

Iran braces for protests after admitting plane shootdown

DUBAI, United Arab Emirates (AP) -- Iran deployed riot police in the capital on Sunday expecting more protests after its Revolutionary Guard admitted to accidentally shooting down a passenger plane at a time of soaring tensions with the United States. Riot police and plainclothes officers could be seen massing in Vali-e Asr Square in Tehran as calls circulated for protests later in the day. A large black banner unveiled in the square bore the names of those killed in the plane crash.The plane cr

InternationalJan. 12, 2020

[Graphic News] Bushfires flare as Australia heat wave sets in

　Australia is experiencing an unprecedented, drought-fueled bushfire crisis that has burnt swathes of land across the vast continent. 　The catastrophic bushfires have killed at least 26 people, destroyed more than 2,000 homes and scorched some 8 million hectares -- an area the size of the island of Ireland.　Scientists say the drought-fueled blazes are being worsened by climate change, which is increasing the length and intensity of Australia’s fire season. (AFP)

World NewsJan. 12, 2020

Kakao Bank co-CEO joins ruling party, forfeits W2.6b stock option

Lee Yong-woo, co-chief executive of South Korea’s largest neobank Kakao Bank, said Sunday he had agreed to join the ruling Democratic Party in an apparent bid to run in the general elections here in April.The accompanied move to quit the mobile-only lender comes at the cost of his stock option -- 520,000 shares in the commercial lender that may be converted to at least 2.6 billion won ($2.2 million) starting March 2021.  “I’m confident that the Moon Jae-in administration&r

MarketJan. 12, 2020

Lime Asset fund fiasco intensifies amid snowballing petitions, imminent lawsuit

The fiasco surrounding Lime Asset Management is likely to escalate further as investors have filed related complaints and banks which sold its fund options are gearing up to file a lawsuit.From end-October to Friday, the Financial Supervisory Service received over 100 investor petitions concerning the disputed fund sales by Lime Asset Management, according to the financial watchdog Sunday.“We are currently looking into individual cases,” said an official of the FSS. “Upon every

MarketJan. 12, 2020

[Feature] Korea urged to pay conscripts better

All able-bodied men in South Korea must serve in the military for about two years. The duty, which is a reminder that the 1950-53 Korean War ended in an armistice, not a peace treaty, has rarely invited questions about whether soldiers are duly compensated for their service. That now shows signs of change. Both the public and the government are increasingly becoming aware of soldiers’ right to due monetary compensation, shifting away from considering military service as a statutory civi

DefenseJan. 12, 2020

Samsung’s market cap rises to world’s 18th

Blue chip Samsung Electronics, listed on South Korea’s main bourse Kospi, hit a record high last week pulling its market cap to the top 20 global list.The tech giant is expected to extend its winning streak on a widely optimistic forecast of its 2020 performance on the back of the recovering semiconductor market, according to industry sources.According to Bloomberg’s data, the total market valuation of Samsung as of Thursday last week came at $301.6 billion, the 18th-highest worldwid

IndustryJan. 12, 2020

[Trudy Rubin] Phase 2 of US-Iran conflict will take place in Iraq

This is a moment -- in the wake of the Soleimani killing and the mild Iranian response -- when everyone needs to take a deep breath.Iranian officials are clearly shocked and debating their options. They will have to factor in the fallout if, as evidence indicates, Iran mistakenly downed a Ukrainian airliner.Whether or not it was necessary or wise to kill Gen. Qassem Soleimani, his death won’t produce World War III. The Iranian response, as I’ve written, will be asymmetric and occur o

ViewpointsJan. 12, 2020

Presidential spokesperson expected to run in April election

Cheong Wa Dae spokesperson Ko Min-jung is leaning towards running in the upcoming general election, a ruling party official said Sunday. "Ko seems to have made up her mind to run in the general election. But it has yet to be decided which electoral constituency she will run in," a key ruling Democratic Party (DP) official said in a phone interview with Yonhap News Agency.The official said Ko will likely wrap up her current position as presidential spokesperson by Thursday, the deadline

PoliticsJan. 12, 2020

S. Korean policymakers on tenterhooks ahead of key economic data

A series of key macroeconomic data due to be released this week is giving cold sweat to fiscal policymakers, as they could throw light on South Korea’s economic outlook this year.Market watchers are paying close attention to whether employment in the manufacturing sector will show an uptick, along with a recovery in exports and construction investments.  On Wednesday, Statistics Korea will present its employment report for December and for the entire year.The number of newly added job

EconomyJan. 12, 2020

[Monitor] Long labor strikes in South Korea on decline

The number of working days lost due to labor strikes dropped to the lowest point last year since 2000, data from the Employment and Labor Ministry showed last week.A total of 402,000 days were lost last year, down 27.2 percent from 2018. The figure was calculated based on the total number of workers participating in strikes, the duration of the strikes, and businesses that have suffered from strikes for at least eight hours per day. The ministry attributed the decline to the deal reached between

IndustryJan. 12, 2020

[News Focus] Reforming the prosecution, or taming it?

Reforming the “almighty prosecution” was one of President Moon Jae-in’s top priorities, one he was painfully aware could threaten his political fortunes but saw as too important to fail.  　His campaign so far to overhaul the powerful law enforcement agency has proved as difficult as he must have anticipated. Two justice ministers have been appointed for the task. One bowed out after two weeks on the job and the other, the incumbent, faces an opposition-led parliamentary im

PoliticsJan. 12, 2020