Multiple-home-owning government officials would rather keep Seoul properties

Senior administration officials who own two or more homes are not complying with Cheong Wa Dae guidelines against multiple property ownership by public servants, the main opposition Liberty Korea Party said, despite a recently introduced housing policy designed to discourage the practice among the general public.The party’s spokesperson Kim Sung-won told The Korea Herald that the Moon Jae-in administration’s real estate measures prevented the middle class from purchasing homes by res

Social AffairsDec. 19, 2019

S. Korea’s GNI per capita surges 500-fold since Korean War: data

Since the end of the 1950-53 Korean War, South Korea’s gross national income per capita had increased nearly 500-fold as of 2018, data provided by the nation’s central bank showed Thursday. The figure is part of the Bank of Korea’s latest data, as it changed its reference year from 2010 to 2015. According to the updated data, the nation’s GNI per capita stood at $33,434 in 2018, which was 503 times more than the corresponding figure in 1953 of $76. Before the BOK adopted

EconomyDec. 19, 2019

Thousands to join rallies in central Seoul and Seocho on Saturday

The police warned of heavy traffic congestion in the central and southern parts of Seoul as thousands are expected to take to the street on Saturday in separate rallies.According to Seoul Metropolitan Police Agency, more than 10 conservative civic groups protesting President Moon Jae-in’s administration will be holding several rallies in parts central Seoul.  With the earliest rally starting at noon in front of Kyobo Building in Gwanghwamun district, more than 15,000 people are expect

Social AffairsDec. 19, 2019

SsangYong Motor workers OK self-rescue measures amid sales slump

Workers at SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., Thursday accepted a cut in bonuses and other cost-saving measures proposed by the company amid declining sales.SsangYong Motor workers have agreed to the company's proposals that require them to return some of their annual bonuses and performance-based pay, the company said in a statement. In September, SsangYong Motor proposed some cost-saving plans to its 5,046 employees. The plans include si

IndustryDec. 19, 2019

Prosecutor in Lee Chun-jae killings probed

Prosecutors on Thursday questioned the former lead prosecutor in the eighth of the Lee Chun-jae serial killings that occurred in the 1980s and 1990s. The former prosecutor was booked Tuesday on charges of abuse of power including unlawfully detaining the man who would later be convicted of the crime, surnamed Yun. Yun filed for a retrial after Lee Chun-jae, who is already in prison for raping and killing his sister-in-law, admitted to the serial killings. While the former prosecutor will not

Social AffairsDec. 19, 2019

China stresses ties with NK while seeking sanctions relief

North Korea and China stressed their friendship and cooperation while Beijing and Moscow have requested from the UN partial sanctions relief for Pyongyang.According to Yonhap News Agency, China’s Ministry of Culture and Tourism and the North Korean Embassy in China held an exhibit at the National Library of China in Beijing on Tuesday in commemoration of the 70th anniversary of the two countries’ diplomatic ties.  About 100 people, including North Korean ambassador to China Ji J

North KoreaDec. 19, 2019

Delivery Hero to conquer S. Korea's delivery app market: data

Germany-based online delivery service provider Delivery Hero is forecast to take control of South Korea's food delivery app market following its proposed megadeal to buy the country's top food delivery app operator, Woowa Brothers Corp., industry data showed Thursday.On Friday, Delivery Hero announced that it will acquire an 87 percent stake in Woowa Brothers, the operator of delivery app Baedal Minjok, or Baemin, from existing investors such as Goldman Sachs and Singaporean fund GIC. The German

IndustryDec. 19, 2019

Ozil cut from video game in China over Xinjiang comments

SHANGHAI (AFP) -- Arsenal midfielder Mesut Ozil has been deleted from Chinese versions of the popular Pro Evolution Soccer mobile game, the title's China distributor has said, as the fallout continued over his criticism of the country's treatment of its Uighur minority.US-listed Chinese internet company NetEase said it removed Ozil from the game due to his "extreme comment about China."Ozil, a German national of Turkish origin, condemned China's crackdown on Muslim minorities in the we

World NewsDec. 19, 2019

‘Beasts Clawing at Straws’ to get premiere at Film Festival Rotterdam

Korean film “Beasts Clawing at Straws” has been invited to International Film Festival Rotterdam to screen early next year, marking its world premiere at the film festival. The film is one of 10 films to have its world premiere at the film festival, as it also competes for the top honor of the film festival, the Tiger Award, according to IFFR.  The annual film festival, which is scheduled to for Jan. 23-Feb. 2, focuses on recent works by talented new filmmakers and unveils a lin

FilmDec. 19, 2019

Daewoong’s wrinkle-smoothening Nabota to enter UAE, Indonesia

Daewoong Pharmaceutical’s botulinum toxin Nabota has acquired the United Arab Emirates and Indonesian health authorities’ approvals for forehead wrinkle smoothening functions, the company said Thursday. This is the first time a Korean BTX has forayed into the two countries, characterized by their halal customs and the untapped, sizable markets. “Both UAE and Indonesia are posting continuous growth of their pharmaceuticals markets,” said Park Sung-soo, head of Daewoong&

IndustryDec. 19, 2019

Foreign currency deposits slightly drop in Nov.

Foreign currency deposits held by banks in South Korea dropped slightly from a month earlier in November, largely on local businesses taking advantage of favorable exchange rates, central bank data showed Thursday.The outstanding foreign currency deposits held by banks here came to $74.87 billion as of the end of last month, down $3.67 billion from a month before, according to the data from the Bank of Korea.It marked the first on-month drop since July, when the amount slipped $700 million from

MarketDec. 19, 2019

Number of immigrants in S. Korea tops 1.3m in 2019

The number of immigrants, including naturalized citizens, in South Korea topped 1.3 million as of May this year, government data showed Thursday. The number of immigrants, including naturalized citizens, in South Korea has been rising steadily, reaching 1.32 million this year, up 1.7 percent from a year ago, according to the data compiled by Statistics Korea.However, the number of naturalized citizens fell 6.7 percent on year to 49,000 as of end-May, the data showed.  By nationality, Chines

EconomyDec. 19, 2019

Posco International completes solar power system in Myanmar

Posco International has completed a solar power system in Manaung Island, Myanmar, to provide electricity to around 1,000 households, the firm said Thursday. The photovoltaic system built by Posco International is a combination of 500 kilowatt power generation and 2,000 kilowatt-hours of energy storage system. It is capable of providing power to around 1,000 households in Manaung Island, Rakhine state situated on the western coast of the nation with about 60,000 inhabitants.  Through the pr

IndustryDec. 19, 2019

S. Korea all out to escape slow growth trap in 2020

Facing continuing external challenges and structural problems next year, South Korea vowed to add speed to innovation and investment, determined to edge its way out of prolonged slow growth.Pinning its hopes on a global economic uptrend, progress in US-China trade tensions and recovery of the chip business, the government forecast that Asia’s fourth-largest economy will achieve 2.4 percent growth next year, while its inflation will recover to around 1 percent, despite market skepticism.&ld

EconomyDec. 19, 2019

ETFs' net asset value hits record high

The net asset value of exchange traded funds hit a record high on the back of the bullish run on the local stock market, fueled by eased uncertainties over the Sino-American trade tussle, data showed on Thursday.The net asset value of ETFs reached 48.83 trillion won ($41.89 billion) as of Wednesday, the highest on record since 2002, when the investment vehicle made a debut on the local stock market, according to the data compiled by the Korea Exchange.An ETF refers to an investment fund traded o

EconomyDec. 19, 2019

Moon to hold summit with Xi next week amid stalled NK nuke talks

South Korean President Moon Jae-in will hold a summit with his Chinese counterpart, Xi Jinping, next week when he visits China for annual trilateral talks with Chinese and Japanese leaders, Moon's office said Thursday.  The Moon-Xi summit will take place on Dec. 23 in Beijing, where the two leaders will discuss ways to promote bilateral ties and the Korea peace process, according to Cheong Wa Dae.  The meeting comes as North Korea has threatened to take a "new way"

Foreign AffairsDec. 19, 2019

'Mermaid of Asia' named second vice culture-sports minister

Choi Yoon-hee, a former South Korean female swimming star, was appointed as new second vice minister of the Ministry of Culture, Sports and Tourism in a reshuffle of four vice minister-level officials conducted by President Moon Jae-in on Thursday.The president named 52-year-old Choi to succeed Roh Tae-kang as the No. 2 official at the culture and sports ministry, the presidential office Cheong Wa Dae said.Choi, who gained fame in the 1980s after winning five Asian Games gold medals in swimming,

CultureDec. 19, 2019

Exports of farm goods up despite overall trade slump

South Korea's outbound shipments of agricultural products edged up in the January-November period from a year earlier, data showed Thursday, although other sectors faced an extended slump in outbound shipments.The country's exports of agricultural goods grew 0.8 percent to reach $6.41 billion in the first 11 months of the year, according to the Korea Agro-Fisheries & Food Trade Corp. Outbound shipments of fresh goods especially shot up, rising 7 percent on-year to hit $1.23 billion, and expo

IndustryDec. 19, 2019

S. Korea eyes more FTAs with emerging countries in 2020

South Korea said Thursday it plans to expand its global network of free-trade agreements in 2020 by establishing deeper ties with emerging countries to ease its reliance on the world's top two economies and seek a balanced portfolio."We need to ease our export dependence on specific countries and diversify our basket," Trade Minister Yoo Myung-hee said during a meeting with related ministries held in Seoul. "Thus, we need to discover business opportunities that can benefit trading

EconomyDec. 19, 2019

[Newsmaker] Govt. discloses personal info of 261 draft dodgers online

The state manpower agency on Thursday publicly disclosed the personal information of 261 citizens who failed to comply with state orders to fulfill mandatory military service last year without due reasons. The disclosure is in accordance with the 2015 revision of the Military Service Act as part of efforts to ensure fairness in the implementation of the compulsory system, according to the Military Manpower Administration. The list of dodgers has been disclosed once a year on its website since 20

Social AffairsDec. 19, 2019