Korea to institute seasonal work visa in farming, fishing

The South Korean government plans to introduce a medium-term seasonal worker program for the agriculture and fisheries sector.Ministry of Justice said Wednesday a revision to the immigration control laws was passed at Tuesday’s Cabinet meeting. The new E-8 visa would allow for the holder to stay as long as five months. This is an extension from the short-term work visa, C-4, whose length of stay is up to 90 days.The ministry said the newly instituted visa would help employers in rural area

Social AffairsDec. 18, 2019

[Kim Myong-sik] Awaiting young leaders who reject left, right extremism

South Korea’s political leaders are neither too old nor too young. Out of some 18 people so far mentioned in the media as presidential aspirants, 10 are in their 60s, seven are in the 50s and the oldest, Sohn Hak-kyu of the Bareunmirae Party, is 71. Lee Hae-chan of the ruling Democratic Party, not a serious contender, is 67 years old.Sorry to say this, but the news of Sanna Marin, 34, being installed as the new prime minister of Finland made the power contestants here, who are almost twice

ViewpointsDec. 18, 2019

[Mohamed A. El-Erian] US-China deal a short-term truce

There are times, including in armed conflict, when adversaries see it in their own interests to opt for a truce and sell it to the outside world as a steppingstone to a comprehensive peace. But both sides know it will be only a prelude to renewed tensions down the road.This could well be the best way to think of the “phase one deal” between China and the United States. Yet, it’s not how the equity markets see the situation. Instead, they are pricing the deal as simultaneously i

ViewpointsDec. 18, 2019

LG recalls clothes dryers in S. Korea

LG Electronics Inc. on Wednesday announced a voluntary recall of its clothes dryers sold in South Korea following customer complaints over a key component. "Although we couldn't find safety issues or defects regarding our dryers, we decided to voluntarily recall the products in order to serve our customers sincerely," LG said in a statement. The electronics maker said it will expand free services to repair the dryers. Previously, LG sent servicemen upon consumers' request, but now the

IndustryDec. 18, 2019

Han Sung Motor sells artistic goods at Seoul Design Festival for donation

Han Sung Motor, an official local dealer of Mercedes-Benz in Korea, said it had sold artistic goods at its booth at the 2019 Seoul Design Festival to help children in need.The five-day annual event that kicked off on Dec. 4 involved rising artists and young designers as well as collaborative projects between art groups.  Han Sung Motor participated by arranging a collaboration project between its Dream Gream scholarship students and local design studio Maeum.Dream Gream is a schol

MobilityDec. 18, 2019

PM’s secretariat raided in Ulsan election probe

Prosecutors on Wednesday raided the Seoul-located Civil Affairs Office under the Prime Minister’s Secretariat in Sejong and secured office records including electronic hardware belonging to an official only identified by the surname Moon, in the ongoing election-meddling probe. Moon, who was then working at the Blue House Civil Affairs and Justice Office, is suspected of tampering with intelligence with his superiors, and of tipping off police with the intention to influence the 2018 Ulsa

Social AffairsDec. 18, 2019

Biegun may hold secret meeting with NK in Beijing: ex-unification minister

The US point man on North Korea, Stephen Biegun, could hold a secret meeting with North Korean officials when he travels to China later this week, a former South Korean unification minister said Wednesday.The State Department announced earlier that Biegun, US special representative for North Korea policy, will visit Beijing on Thursday and Friday "to discuss the need to maintain international unity on North Korea."The previously unannounced trip, which follows his visits to Seoul and T

North KoreaDec. 18, 2019

[Herald Review] ‘Forbidden Dream’ tells of beautiful friendship between two dreamers

Oscar Wilde once said, “A dreamer is one who can only find his way by moonlight, and his punishment is that he sees the dawn before the rest of the world.” These words echo through the story of King Sejong of Joseon and his trusted inventor Jang Yeong-sil, who aspired to that which was beyond the realm of their reality, and believed in their dreams despite what the world said.Director Hur Jin-ho’s “Forbidden Dream” is a period piece about the two great men and the b

FilmDec. 18, 2019

[Monitor] Property values of 5 major groups surge

As South Korea’s overheated real estate market continued to reel from the repercussions of the Moon Jae-in administration’s rigorous anti-real estate deal regulations announced earlier this week, a civic group released data showing that major businesses are responsible for the investment hype.According to the Citizens’ Coalition for Economic Justice, land owned by five major conglomerates -- Hyundai Motor, Lotte, Samsung, SK and LG -- saw their property value surge 61 trillion

EconomyDec. 18, 2019

North Korea may not fire long-range missile until year-end: think tank

North Korea is unlikely to launch intercontinental ballistic missiles at least until the end of the year in order not to embarrass China, experts said Wednesday, amid concerns the regime could express frustration at the stalled denuclearization talks with the US through a major military provocation. “Chances are high that North Korea won’t test-fire missiles before and after a China-Japan-South Korea trilateral summit or even until the year-end, taking into account Beijing’s po

North KoreaDec. 18, 2019

[Herald Interview] Photographer dedicates sunset years to int’l competitions

In his sunset years, a civil engineer-turned-photographer has been making his name at international photography competitions. Over the past five years, professional photographer Ryu Shin-woo, 76, has won 2,420 acceptances for 352 works in 466 competitions across 73 countries,  sponsored by the Federation Internationale de l’Art Photographique, also known as the International Federation of Photographic Art.  The federation, a nongovernmental organization recognized by UNESCO,

Arts & DesignDec. 18, 2019

[News Focus] Korean economy in dire straits as policies flounder

SEJONG -- As the 2010s is due to expire in two weeks, South Korea continues to face heightened economic uncertainties.The year 2000 was a new starting point for the fourth-largest economy in Asia. After overcoming the 1997-98 financial crisis, Korea posted 8.9 percent economic growth in the last year of the 20th century.The nation’s gross domestic product growth was robust in the early 2000s. Following a 7.7 percent rise in 2002, buoyed by the Korea-Japan FIFA World Cup

EconomyDec. 18, 2019

S. Korea's risk premium hits more than ten-year low on US-China trade deal, British election

South Korea's credit default risk has plunged to a more than ten-year low on a much-awaited trade deal between the US and China and the outcome of the British election, which effectively green lights the United Kingdom's exit from the European Union, the finance ministry said Wednesday. The credit default swap premium for South Korean foreign exchange stabilization bonds with a five-year maturity came to 22.2 basis points, marking the lowest since the 22.1 basis points recorded on Oct. 15, 2007.

EconomyDec. 18, 2019

Korea's R&D spending 5th largest among OECD members in 2018: ministry

South Korea's research and development spending was the fifth largest among OECD nations in 2018, the country's science ministry said Wednesday. South Korea spent 85.7 trillion won ($73.3 billion) on R&D activities last year, up 8.8 percent from a year earlier, according to the Ministry of Science and ICT. In terms of the proportion of R&D spending to gross domestic product, South Korea was the leading nation in the world, the ministry said, reaching 4.81 percent in 2018, up 0.26 percent

EconomyDec. 18, 2019

2020 to be big year for South Korean IPOs

With a healthy pipeline of companies seeking initial public offerings next year, industry watchers say the proceeds raised could exceed 10 trillion won ($.8.9 billion) for the first time since 2010. According to corporate announcements made so far, the first major IPO of 2020 is expected to be South Korean drug development firm SK Biopharmaceuticals. The drug unit of South Korea’s telecom-to-energy conglomerate SK Group submitted a preliminary application for an IPO to the Korea Exchange i

MarketDec. 18, 2019

Korean investment in European office market jumps 152%

South Korean investments in the European office market increased 152 percent as of November on-year, buoyed by a currency-swap premium, but is projected to decline and diversify next year, commercial real estate services company Cushman & Wakefield said Wednesday. “Around 18 trillion won ($16.5 billion) was invested in the overseas office building market so far this year and European properties accounted for 86 percent of the total volume,” Philip Jin, head of research at the Kor

MarketDec. 18, 2019

Seoul mayor calls for three-fold increase in real estate taxes

Seoul Mayor Park Won-soon said Wednesday that real estate taxes should be raised three-fold, as housing prices soar despite governmental efforts to discourage real estate speculation. “The ratio of comprehensive real estate taxes in Korea stands at only 0.16 percent, which is a third of the average of the Organization for Economic Cooperation and Development,” he said on an MBC radio program. “It is appropriate that the ratio increases three-fold.”　On Monday, the governme

Social AffairsDec. 18, 2019

S. Korea formally launches ‘open banking’ service

South Korea formally launched an open banking service Wednesday to increase convenience and lower transaction costs for bank customers. The new system enables bank customers to access nearly all banking services offered by any bank through a single smartphone application, including withdrawals and transfers, according to the Financial Services Commission.Previously, 10 commercial banks, including KB Kookmin Bank, Shinhan Bank, Woori Bank and KEB Hana Bank, joined a preliminary service that began

MarketDec. 18, 2019

Togolese President, IYF founder discuss ‘mind’ education

Togo’s President Faure Essozimna Gnassingb met with Park Ock-soo, the founder of Good News Mission and non-government organization International Youth Fellowship to discuss promoting character education in Togo, the IYF said Wednesday. Park, who is the head pastor of the Good News Gangnam Church, met with Gnassingb at the Togolese President’s palace on Monday at the president’s official invitation. It was their third meeting.The two discussed the IYF’s plans to help

Social AffairsDec. 18, 2019