Gwangju archbishop hopes for justice for missing victims of 1980 military crackdown

Archbishop Kim Hee-joong of Gwangju wished justice would be served for victims of atrocities committed during martial law in May 1980 in a Christmas message issued Monday.Speaking about the recently unearthed human remains at a former prison site in Gwangju, a city with a history of pro-democratic struggles, the archbishop said he hoped perpetrators of the violent crackdown on civilian protesters would come forward and bring truth to light.He said he hoped those who were involved “would sp

Social AffairsDec. 23, 2019

Credit rating downgrades of Korean firms hit 3-year high

The average number of companies that suffered credit rating downgrades hit a three-year high this year, as they have been struggling to cope with the risks stemming from the US-China trade war and global economic slowdown, latest data showed Monday. According to separate evaluations by three major credit rating agencies here, the average number of firms that were downgraded so far this year increased to 55 firms, 15 more than last year. The corresponding figure stood at 37 in 2018 and 45 in

MarketDec. 23, 2019

Woori heeds FSS proposal on DLF compensation

The head of Woori Bank on Monday urged employees to do their best to compensate clients who faced losses from derivative options based on their recommendation, in an apparent move to heed the financial watchdog’s reccomendation.“I ask that you actively listen to what customers have to say and draw up additional measures that could minimize their damages,” Woori Financial Group Chairman and Woori Bank CEO Sohn Tae-seung told his employees in a meeting. The meeting was attended b

MarketDec. 23, 2019

Motel arson suspect admits guilt, to face psychiatric assessment

The suspect in a Sunday arson attack at a motel in Gwangju that killed two people and injured 31 others will undergo profiler questioning, police said Monday.Police on Sunday arrested the 39-year-old, identified only by the surname Kim, who was initially sent to a hospital after being found at the scene by a fire official. He was released from the hospital after medical staff confirmed he sustained no serious injuries.Kim later told police he set the bedding on fire in a third-floor room at the

Social AffairsDec. 23, 2019

[Newsmaker] Hanjin Group siblings up ante in battle for throne

A family war is brewing in Hanjin Group, one of Korea’s vast conglomerates which also owns flag carrier Korean Air, with siblings battling to assume management control. Late Chairman Cho Yang-ho’s eldest daughter Cho Hyun-ah is stepping up her attack against her younger brother and present Chairman Cho Won-tae, hinting at continued dispute about succession.Former Korean Air Vice President Cho Hyun-ah said in a statement Monday via a law firm that “ Cho Won-tae’s busi

IndustryDec. 23, 2019

Orion taps Lee Seung-jun as new president

Korean confectionery company Orion said Monday it has tapped Vice President Lee Seung-jun as its new chief. Lee has served as head of Orion’s research and development center. He was promoted to president and will also head the company’s global R&D center, Orion said. After joining the company in 1989, he played key roles at product development and R&D teams in China as well as supervised megahit products including its signature corn chip Kkobup Chip, Market O Granola, Fr

IndustryDec. 23, 2019

LTE download speed in S. Korea up 5.2% in 2019: ministry

The average download speed via 4G LTE networks in South Korea got faster this year, the country's ICT ministry said Monday, with SK Telecom Co. offering the fastest data transmission speed. The average 4G LTE download speed in South Korea reached 158.53 megabits per second in 2019, up 5.2 percent from a year earlier, according to the Ministry of Science and ICT's telecommunication service report. The average LTE upload speed, however, was 42.85 Mbps, down 2.5 percent from a year ago.  SK Te

IndustryDec. 23, 2019

ATU Partners to acquire DragonX through esports-focused fund

Private equity house ATU Partners said Monday that it had signed a deal to buy a controlling stake in South Korean professional esports team DRX through its esports-focused fund worth 20.2 billion won ($17.4 million).The terms of the deal involving the League of Legends team, rebranded from Kingzone Dragon X, remain undisclosed. Alongside the deal, ATU Partners also reached an agreement to buy an undisclosed stake in esports agency Azyt. The fund is backed by limited partners including Kaka

MarketDec. 23, 2019

Tax agency to probe buyers of expensive homes over alleged tax evasion

South Korea's tax agency said Monday that it will launch an investigation into buyers of expensive homes over alleged tax evasion, a week after the government unveiled tougher regulations to rein rising home prices.  The National Tax Service said it will start the probe into 257 people who are suspected of evading taxes or illegitimately raising money to buy homes.  Debt accounted 69 percent of 512.4 billion won ($440 million) spent in 531 home transactions, which have been under scrut

EconomyDec. 23, 2019

[Herald Interview] ‘Korean firms should raise voice on digital tax’

South Korean companies should be more vocal in the global discussion on digital tax before it becomes too late, said a partner lawyer at a local law firm. As the world faces a new paradigm where more businesses are being conducted online, the necessity to define digital tax is growing worldwide and a debate is underway in the Organization for Economic Cooperation and Development. Pressed by the US, home to many digital firms, the OECD discussion is also considering whether manufacturing companie

IndustryDec. 23, 2019

Hyundai's upgraded Grandeur gets more than 50,000 preorders in S. Korea

Hyundai Motor Co., South Korea's top automaker, said Monday its face-lifted Grandeur sedan has received more than 50,000 preorders in just over a month since the vehicle's launch at home. Hyundai said it received orders for 52,640 new Grandeurs as of last week since the preorders started on Nov. 3.Hyundai said consumers in their 40s were the biggest buyers of the upgraded Grandeur, as they accounted for 31 percent of the total preorders. They were followed by consumers in their 50s, who made up

MobilityDec. 23, 2019

Ryu Hyun-jin signs with Toronto Blue Jays: report

South Korean free agent left-hander Ryu Hyun-jin has signed with the Toronto Blue Jays, a US report said.Jeff Passan of ESPN reported on Sunday (US Eastern Time) that Ryu has agreed to a four-year deal worth $80 million, citing multiple sources. Other reports said the deal has a full no-trade clause and no opt outs.The Blue Jays have not yet confirmed the deal. If the deal is finalized, Ryu will be the second South Korean player to play for the Jays, after reliever Oh Seung-hwan, who spent half

BaseballDec. 23, 2019

Arrest warrant sought for ex-justice minister

The prosecution on Monday sought an arrest warrant for former Justice Minister Cho Kuk over allegations he abused his power to end a presidential inquiry into a former Busan vice mayor. The Seoul Eastern District Court will hold a hearing Thursday morning to decide whether to arrest him on a charge of abuse of power, and a decision is expected later in the day or early Friday morning.    　Cho, then-presidential secretary for civil affairs, faces suspicions that he ordered the susp

Social AffairsDec. 23, 2019

Naver's online comic arm begins services in French, Spanish

The webcomic arm of South Korea's top portal operator, Naver Corp., said Monday that it has kicked off service in French and Spanish as part of ongoing efforts to reach foreign audiences.  Line Webtoon, a global service provided by Naver Webtoon Corp., added two languages in Europe, in addition to English, Japanese, Thai, Indonesian and Chinese, the company said.  A total of 40 contents from both home and abroad were released in Europe, with more to be added, it said.   "

IndustryDec. 23, 2019

[News Focus] Men’s population in Korea falls for 4 consecutive months

SEJONG -- South Korea’s sex ratio -- ratio of males to females in a population -- has been showing drastic changes in recent years.The female population in Korea came to 25.98 million as of November 2019, which is higher than the figure for men by 120,000, according to the data of the Ministry of Interior and Safety.Women began outstripping men on June 2015, with 25.7157 million female Koreans as against 25.7153 million for males.The latest data suggests that women, who have longer lifespa

Social AffairsDec. 23, 2019

BTS' latest three concerts in Seoul had economic effect of W1tr: report

K-pop boy band BTS created an economic effect worth 1 trillion won ($860.7 million) with its latest three concerts in Seoul, an academic report showed Monday.The septet finished off its latest world tour, "Love Yourself:Speak Yourself," with the final leg in Seoul where three evening concerts at Olympic Stadium on Oct. 26, 27 and 29 drew a total of some 130,000 fans.According to a report by a research team led by Pyun Ju-hyun, a business professor at Seoul's Korea University, the conce

PerformanceDec. 23, 2019

S. Korea to nurture smart farming industry, promote exports

South Korea said Monday it will launch a set of programs next year to nurture its smart farming industry with an aim to become one of the world's major exporters in the sector.Under the vision, South Korea's annual exports of smart farm solutions will hit $300 million in 2025, growing threefold from $100 million posted in 2018, according to the Ministry of Agriculture, Food and Rural Affairs.The concept of smart farming centers on the application of cutting-edge technologies, such as big data, t

IndustryDec. 23, 2019

Seoul to increase taxi supply to meet seasonal demand

The Seoul government said Monday it will increase the supply of taxi services in anticipation of a spike in transportation demand around the end of the year and strengthen a crackdown on taxi drivers refusing passengers.The municipal government said it will increase the number of privately owned taxis operating on Fridays by 2,000 by temporarily lifting as many taxis from their regulatory off days.Under the current system, all private-owned taxis in Seoul are divided into four groups and take tu

Social AffairsDec. 23, 2019

Kumho to sign deal this week to sell Asiana Airlines

Kumho Asiana Group is set to sign a formal deal with a local consortium this week to sell its flagship airline unit, industry sources said Monday.Kumho Industrial Co., the largest shareholder of Asiana, will sign the deal with a consortium comprised of HDC Hyundai Development Co. and brokerage house, Mirae Asset Daewoo Co., on FridayLast month, the consortium submitted an overall acquisition price of 2.5 trillion won ($2.1 billion), and was picked as the preferred bidder for the country's No.-2

IndustryDec. 23, 2019

Number of foreign cruise tourists switches to upturn in 2019: data

The number of foreign cruise tourists visiting South Korea switched to an upturn this year for the first time in three years, mainly on the back of more arrivals from Japan and Taiwan, industry data showed Monday.Some 249,000 foreigners arrived in the country on cruise ships over the January-October period, compared with 202,000 tallied for the whole year of 2018, according to the Ministry of Oceans and Fisheries. After peaking at 1.05 million in 2014, the number sank to 394,000 in 2017 followin

IndustryDec. 23, 2019