[Pankaj Mishra] Trump’s trade wars expose an abiding truth

As the year ends, a partial and brief cease-fire seems imminent in Donald Trump’s trade war on the world. The United States and China may sign a deal as early as next month. But make no mistake: The protectionist impulse behind the trade war remains as ineradicable as ever.Nor should it be forgotten that economic nationalism has guided the destiny of all major nations since the 19th century. According to the ideological prejudices of the present, built up over nearly four decades of global

ViewpointsDec. 29, 2019

Korean content drawing interest in Korean culture in US

The rising popularity of South Korean cultural content is drawing interest among US consumers in Korea’s culture and its products, according to a recent survey by a state-run agency.The Korea Creative Content Agency on Friday released the results of a survey it conducted from July to September on consumer trends in the US market related to Korean content. The online survey had three categories -- Korea pop, Korean dramas and Korean variety shows. In all three sections, respondents wer

TelevisionDec. 29, 2019

Gamut of big name orchestras onstage in 2020

Fans of classical music in Korea have a lot to look out for in 2020, as the stage will be packed with celebrated orchestras led by old masters and rising stars.For start, the Seoul Philharmonic Orchestra is set for a new beginning with its new maestro Osmo Vanska. The Finnish conductor begins his term at the SPO with inaugural concerts at the Lotte Concert hall Feb.14-15.  The Mahler and Sibelius specialist will be presenting Mahler’s Symphony No. 2 in C minor “Resurrection.&rdq

PerformanceDec. 29, 2019

[News Focus] Can NPS shareholder engagement curtail power of chaebol?

The world’s third-largest pension fund, South Korea’s National Pension Service, may opt to present shareholder proposals to its portfolio companies in Korea -- which number as many as 800 -- starting from Korea’s upcoming proxy season in March next year.The move, long awaited by civic groups that denounced chaebol families’ alleged misdeeds, comes as the public pension fund approved its shareholder engagement guidelines Friday, effective immediately. The latest action wou

MarketDec. 29, 2019

[Herald Review] ‘The Rise of Skywalker’ wraps up ‘Star Wars’ with fool’s gold

At first, I was enraged. Then, I thought it wasn’t so bad. And then, I was confused. The latest and final entry in the famed franchise, “Star Wars: The Rise of Skywalker,” was as multifaceted as my reaction to the film. It had an ample amount of kick-ass moments, but ultimately came up short in satiating what amounted to comically bloated expectations from the fans.Rey (Daisy Ridley) continues her training under Leia Organa -- Carrie Fisher -- but is distracted by Ren’s o

FilmDec. 29, 2019

[Monitor] Fried chicken joints earn least amongst franchises

Among franchise stores in Korea, fried chicken chains earned the least throughout last year, according to data from Statistics Korea last week.The number of franchise stores, the number of employees there and the annual revenue all inched up from the previous year.Gangwon Province had the largest number of franchise stores per capita, while South Jeolla Province had the least.Fried chicken chains earned an average of 169.1 million won throughout last year, the lowest among 12 types of franchises

IndustryDec. 29, 2019

MLB's Ryu Hyun-jin to join Bosingak bell-ringing event

South Korean left-hander Ryu Hyun-jin, who recently signed with the Toronto Blue Jays, plans to participate in this week's Bosingak bell-ringing ceremony, a Seoul city official said Sunday.The annual ceremony is held at the Bosingak belfry in Jonggak, central Seoul, as a New Year's Eve celebration to greet the new year.Ryu plans to ring the bell, along with 11 other civilian representatives, including Pengsoo, a popular penguin character, at the start of New Year's Day. Ryu initially had a sched

BaseballDec. 29, 2019

[Newsmaker] Feud for helm of Hanjin Group intensifies

The family feud for the helm of Hanjin Group, the South Korean conglomerate that owns flag carrier Korean Air, appears to be intensifying as the chairman reportedly kicked up a storm at his mother’s house on Christmas.On Sunday, media outlets here reported that group Chairman Cho Won-tae visited the home of his mother, Lee Myung-hee, in the Jongno area of Seoul on Wednesday with his family. There, he reportedly broke a window and items in the house.The incident reportedly occurred because

MobilityDec. 29, 2019

S. Korea expands benefits for IP-backed financing

In line with its policy initiative to boost innovative growth, South Korea will expand administrative and financial benefits for small companies with source technology and banks that approve loans based on intangible intellectual assets, the country’s intellectual property office said Sunday.Starting Tuesday, the Korean Intellectual Property Office will offer a 50 percent discount on its annual IP fees for banks that hold collateral in the form of patents, utility model rights or design ri

EconomyDec. 29, 2019

Housing rule violators to be forced to pay back mortgage loans

Starting as early as mid-January, home buyers caught breaking the government’s real estate regulations will immediately have to redeem their mortgage loans, financial authorities said Sunday.The Financial Services Commission is working on an additional set of measures to restrain speculative buying sprees in the housing market, focusing on jeonse loan borrowers, officials said Sunday.Under the forthcoming rules, jeonse loan borrowers who purchase a residence priced over 900 million won ($7

EconomyDec. 29, 2019

Gold investment marks biggest profit in 2019

After soaring nearly 17 percent in 2019, the gold price on South Korea’s bourse is expected to prolong its winning streak throughout 2020, reflecting the market’s preference for risk-free assets amid persistent volatility, local experts said Sunday. According to Daishin Securities, the wholesale price of gold on Korea Gold Exchange closed at 60,670 won ($52.30) per gram Saturday, up 10,400 won, or 17.14 percent, from the end of 2018.The popularity of gold as an investment is seen as

MarketDec. 29, 2019

[News Focus] Final vote expected on new corruption investigation body

A bill on setting up an independent body tasked with investigating corruption of high-ranking officials was expected to be put to vote Monday amid fierce opposition from the prosecution and the main opposition party. The nearly 27-hour filibuster, which the main opposition Liberty Korea Party began Friday to stop the bill’s passage, ended at midnight Sunday as the extra parliamentary session ended. A new session was called for Monday, where lawmakers are expected to vote on the contentious

Social AffairsDec. 29, 2019

Hana Financial Investment, Hotel Lotte buy $175m hotel in US

Korean brokerage Hana Financial Investment said Sunday that it had acquired a premium hotel in the US, marking its first acceptance financing business via strategic partnership. The brokerage firm on Tuesday acquired Hotel at the Mark, a 44-story building located in downtown Seattle that was previously owned by Hotel Lotte and private equity real estate investment management firm Stockbridge, officials said.Hotel Lotte joined in the $175 million deal as the consigned manager of the hotel. Starti

MarketDec. 29, 2019

Mercedes-Benz Korea launches S 560 e for diversified hybrid sedan choices

Mercedes-Benz said Sunday its luxury flagship sedan the new Mercedes-Benz S 560 e has landed in South Korea, as part of the efforts to diversify its plug-in hybrid sedan lineup here. The German automaker’s S-Class sedan is conspicuous by its long wheelbase, spacious interior, innovative suspension system and high fuel efficiency, being a 70-year-long steady-selling luxury sedan, Mercedes-Benz Korea said.With the third-generation plug-in hybrid new S 560 e launching in Korea, the company sa

MobilityDec. 29, 2019

Daewoo E&C develops remote drone control system

Daewoo Engineering & Construction said Sunday it has succeeded in developing a remote drone control system, the first by a South Korean construction company.Daewoo Construction Drone Surveillance (DW-CDS) is capable of remotely and comprehensively controlling drones at a control center through an exclusive application and program. It can also monitor up to 256 sites simultaneously by transmitting video to its control platform called CDS.Live on 4G and 5G networks, the firm said The system su

IndustryDec. 29, 2019

Korean IT CEOs to flock to CES 2020

Heads of Samsung Electronics and LG Electronics are to attend the Consumer Electronics Show 2020 in Las Vegas from Jan. 7-10.Samsung’s Consumer Electronics division CEO Kim Hyun-suk will deliver the keynote speech on Jan. 6, the company said Sunday. LG’s president and chief technology officer Park Il-pyung had been the keynote speaker at the CES 2019.  Top officials from Samsung to attend the CES 2020 are Device Solution division’s vice chairman and CEO Kim Ki-nam, IT &

IndustryDec. 29, 2019

[News Focus] With Asiana officially under HDC, financial improvement emerges as top priority

Following Asiana Airlines’ new owner Hyundai Development Company finalizing a stock purchase agreement with the air carrier’s parent company Kumho Industrial on Friday, market analysts viewed that the priority mission for HDC is to improve the financial status of the debt-ridden air carrier. In short, it may cost the firm more than the promised 2 trillion won ($1.73 billion). According to the HDC consortium, which includes Mirae Asset Daewoo that will take 15 percent stake, it clinch

MobilityDec. 29, 2019

Regulator to punish heads of 2 banks for derivatives-linked product fiasco

South Korea's financial regulator is planning to punish the heads of two commercial lenders for their improper sales of derivatives-linked products, industry sources said Sunday.According to the sources, the Financial Supervisory Service is set to punish the banks' heads in mid-January.In October, the FSS said about 20 percent of 3,954 cases detected may violate law or internal rules in selling the derivatives, but further investigation is needed into the two leading lenders -- Woori Bank and KE

MarketDec. 29, 2019

Number of moviegoers in S. Korea exceeds 220m in 2019

The aggregate number of moviegoers in South Korea set a new annual record in 2019, surpassing 220 million, industry data showed Sunday.Cinemas across the nation drew around 225 million people between Jan. 1 and Dec. 28, according to the ticket sales tally system of the Korean Film Council. The previous record was set in 2017 with 220 million moviegoers. The number of moviegoers in South Korea first broke the 200 million mark in 2013.This year, five films screened here attracted more than 10 mill

FilmDec. 29, 2019