US and China near deal that would suspend planned tariffs

WASHINGTON (AP) -- The Trump administration and China are close to finalizing a modest trade agreement that would suspend tariffs that are set to kick in Sunday, de-escalating their 17-month trade war."We're close to a deal," said Myron Brilliant, the US Chamber of Commerce's head of international affairs, who has been briefed by both sides.Brilliant said the administration has agreed to suspend Trump's plans to impose tariffs on $160 billion in Chinese imports Sunday and to reduce exi

World NewsDec. 13, 2019

N. Korea slams US over UN meeting

North Korea slammed the United States on Thursday for convening a UN Security Council meeting, saying the "provocative act" has helped it decide which path to take in the deadlocked nuclear talks.A spokesperson of the North's foreign ministry made the remarks after the UNSC held a session on Wednesday at the request of the US At the meeting, the US envoy called on the council to "act accordingly" against Pyongyang's tension-heightening behavior. "We will never toler

North KoreaDec. 12, 2019

S. Korea warns against e-cigarette use until further notice

The Ministry of Food and Drug Safety on Thursday reiterated its advisory against the use of e-cigarettes, citing recent evidence of carcinogenic ingredients. After reviewing 137 liquid e-cigarettes, authorities concluded that some of the products contained flavorings that cause cancer. Several contained vitamin E acetate, which impairs lung functioning when inhaled.  None of the products, however, contained THC, the active ingredient in cannabis, which also has harmful effects. THC was not

IndustryDec. 12, 2019

Samsung Electro-Mechanics to shut down HDI production unit in China

Samsung Electro-Mechanics Co., an electronic components maker affiliated with Samsung Electronics, said Thursday it will shut down one of its Chinese units that produces high density interconnect substrates due to low profitability.Kunshan Samsung Electro-Mechanics Co. in Jiangsu, China, will halt production and sales, Samsung Electro-Mechanics said, adding that it also plans to sell assets of the Chinese unit. Kunshan Samsung Electro-Mechanics produces HDI, a type of printed circuit board used

IndustryDec. 12, 2019

S. Korea limits sale of equity-linked trusts at banks

South Korea said Thursday that it has decided to allow banks to sell equity-linked trusts worth less than 40 trillion won ($33.7 billion) in total in the latest move to better protect individual investors.The Financial Services Commission said ELTs whose underlying assets should be the KOSPI200, the S&P500 and three other major indices, and which are issued through public offerings, can be sold at banks. Three other stock indices are the Euro Stoxx 50, the HSCEI and Japan's Nikkei 225.

MarketDec. 12, 2019

FM asks Hungary for efforts to find last S. Korean missing in boat sinking

Foreign Minister Kang Kyung-wha asked Hungary to continue the search efforts for the last remaining South Korean tourist missing in a deadly boat sinking in Budapest, her ministry said Thursday.Kang made the appeal during the bilateral talks with her Hungarian counterpart, Peter Szijjarto, earlier in the day, as she expressed appreciation for the country's assistance in the search and rescue operations in the May 29 sinking of a sightseeing boat in the Danube River. The accident claimed 25

NationalDec. 12, 2019

[Graphic News] Life expectancy of Koreans unchanged at 82.7 years in 2018

　South Korean babies born in 2018 can be expected to live just over 82 years, government data showed, as a growing number of people are taking care of their health by receiving regular medical checkups and treatment.　Life expectancy at birth averaged 82.7 years in 2018 and remained unchanged from a year ago, according to the data compiled by Statistics Korea. The figure represents a sharp hike from 62.3 years in 1970, when Korea began to compile relevant data.　Baby boys and girls born in 2018 we

Social AffairsDec. 12, 2019

Ex-Minister Cho to be summoned in power abuse probe

Former Justice Minister Cho Kuk will soon be questioned by prosecutors about his involvement in alleged power abuse involving Cheong Wa Dae. Cho is already under investigation over corruption allegations involving his family. On Wednesday, Cho appeared before the Seoul Central District Prosecutors’ Office for a third round of questioning on the corruption accusations. Cho allegedly influenced battery firm WFM to undersell its shares to his wife, and rigged the university applications of h

Social AffairsDec. 12, 2019

Justice Ministry seeks to overturn prosecution reform bill

The Justice Ministry is seeking to overturn a pending prosecution reform bill that would strip prosecutors of its investigative powers and delegate them to police, a local media outlet reported Wednesday. The reports said a senior Justice Ministry official met with several lawmakers -- from both sides of aisle -- and discussed restrengthening the prosecution, amid a prolonged parliament deadlock over the reform bill. The senior official reportedly told legislators that the prosecution should b

Social AffairsDec. 12, 2019

Coupang offers preorders for Xiaomi Redmi Note 8T

South Korea’s e-commerce platform Coupang said Thursday that it offers a preorder service for Redmi Note 8T, the latest device from China’s cost effective IT brand Xiaomi.Via the platform’s early morning delivery service Rocket Wow, purchasers may receive their newest Xiaomi device by 7 a.m. next Monday, becoming the first users in Korea. The Xiaomi Redmi Note series has gained popularity on the back of its high quality and affordable price -- 239,000 won ($201) in Coupang.The

IndustryDec. 12, 2019

S. Korea to allow visa-less foreigners to stay up to 72 hours at regional airports

South Korea announced a package of policy measures, including the expansion of a visa-free stay program, on Thursday to help the country's flourishing tourism trickle down to smaller regional provinces.The measures were discussed in a government meeting on strategies to promote regional tourism held in the southern city of Cheongju.Presided over by Prime Minister Lee Nak-yeon, the meeting was attended by the culture, health and transportation ministers as well as vice ministers from the finance,

IndustryDec. 12, 2019

[Leonid Bershidsky] Europe’s young leaders are bucking politics as usual

The emergence of 34-year-old Sanna Marin as Finland’s new prime minister is no fluke: In recent years, Europe has seen its leaders get younger as the new generation appears better at navigating increasingly complex political landscapes.The average age of global leaders actually has increased since the 1950s, according to the Rulers, Elections and Irregular Government dataset, created by Curtis Bell from the University of Tennessee at Knoxville. In Europe, though, it has been going down sin

ViewpointsDec. 12, 2019

[Noah Smith] Military spending on R&D a boon for private sector

There has been a clamor for the US government to spend more on research and development. Economic theories such as those of Paul Romer, who won the Nobel Prize in 2018, suggest that spending more on R&D would promote long-term economic growth. A growing number of economists also believe that basic research is a job that only government can do; because basic research is so hard to profit from directly, there’s a clear pipeline from government-funded discoveries to private sector innovat

ViewpointsDec. 12, 2019

[Newsmaker] Korean Air recognizes same-sex Korean couple as family

A same-sex couple of Korean nationality were recognized as family members by Korean Air’s membership rewards program, South Korea’s flag carrier said Thursday, a step hailed by sexual minorities’ rights advocates. The female couple, who are in their 40s, completed registering as family members in Korean Air’s SkyPass program on Monday after the country’s largest airline accepted their marriage certificate, which had been issued in Canada. The couple, who have b

Social AffairsDec. 12, 2019

23,000 North Korea workers sent back home as UN deadline looms

Some 23,000 North Korea workers abroad have been repatriated in the last two years under a UN sanctions resolution adopted in 2017, according to data from a UN panel monitoring sanctions implementation that was released Thursday.The resolution adopted by the UN Security Council in December 2017 calls for the repatriation of all North Korean workers by the end of this year to stop them from earning foreign currency that could be funneled into the regime’s missile and nuclear programs. Based

North KoreaDec. 12, 2019

Arko announces 25 performing arts productions for Arko Selection

A total of 25 performing arts productions will go onstage for three months, funded by the Art Council Korea (Arko) under a support program called the 2019 Arko Selection. For the past 12 years, Arko -- affiliated with the Ministry of Culture, Sports and Tourism -- has operated the Arko Selection program to support the local performing arts scene, covering the production costs for selected productions. The council released this year’s Arko Selection list Thursday.  A total of 25 produc

PerformanceDec. 12, 2019

Finance ministry to make preparations for early spending of 2020 budget

The Ministry of Economy and Finance will make preparations to swiftly spend next year's budget to prop up a slowing economy and support the welfare sector, a senior official said Thursday. Vice Finance Minister Koo Yun-cheol told a meeting on fiscal spending that the government plans to begin implementing next year's budget from Jan. 1 next year, when the nation's fiscal year starts. Earlier this week, the National Assembly passed next year's state budget of 512.3 trillion won ($431.5 billion),

EconomyDec. 12, 2019

[News Focus] Only 1 in 5 support Moon’s apartment policies: poll

SEJONG -- The approval ratings for President Moon Jae-in have recently inched up to hover around 45 percent, according to a variety of surveys by major pollsters.A noteworthy point in the latest polls was that citizens showed wide disparity in their approval or disapproval of the president according to policy segments. This was seen in support ratings for Moon between real estate policies and prosecution reform.According to a survey from Gallup Korea -- conducted Dec. 3-5 and released Dec. 8 --

PoliticsDec. 12, 2019

Six-term lawmaker Chung rises as potential prime minister

The presidential office is looking into six-term lawmaker Rep. Chung Sye-kyun as a possible replacement for Prime Minister Lee Nak-yon, local news outlets reported Thursday. According to reports, Cheong Wa Dae received written confirmation from Chung agreeing to be subjected to the presidential office’s vetting process, Wednesday. Chung is a six-term lawmaker of the ruling Democratic Party of Korea. He served as National Assembly speaker from June 2016 to May 2018. He has also served

PoliticsDec. 12, 2019