[Pankaj Mishra] India’s problems bigger than Modi

A new narrative about India is suddenly emerging. Until very recently, India appeared to be a great democracy as well as a rising economic power, a potential partner of the West in its policy of containing China. Writing in Time magazine in 2015, no less a moral and political authority than Barack Obama hailed Prime Minister Narendra Modi as India’s “reformer-in-chief” who “reflects the dynamism and potential of India’s rise.”However, the latest, radically dif

ViewpointsDec. 10, 2019

Samyang Biopharm USA in-licenses Talix Therapeutics’ first-in-class compound

Samyang Biopharm USA has licensed in Belgium’s Talix Therapeutics’ first-in-class immuno-oncology compound for global rights, the companies said Tuesday. Financial details of the agreement were not disclosed.Under the agreement, Samyang Biopharmaceuticals’ subsidiary will gain the research rights, as well as exclusive options to worldwide rights for development, manufacturing and commercialization of Talix’s anti-CD96 antibody.The anti-CD96 antibody is a first-in-class co

IndustryDec. 10, 2019

LG rolls out 8K OLED TV in Japan ahead of Tokyo Olympics

LG Electronics said Tuesday it has kicked off sales of 8K organic light-emitting diode TVs in Japan, a market that is receptive to OLED TVs, ahead of the upcoming Tokyo Olympics.The South Korean TV maker has displayed the LG Signature OLED 8K model at flagship retailers across Japan. Due to the preference for OLED TVs in Japan, OLED TVs accounted for 20 percent of the country’s TV sales this year, far larger than OLED TVs’ global market share at 6 percent.  Amid the growing inte

TechnologyDec. 10, 2019

SK Telecom launches 5G autonomous platform for vessels

SK Telecom announced Tuesday the mobile carrier has established an autonomous sailing platform for vessels based on its 5G network in collaboration with Samsung Heavy Industries, expanding the concept of autonomous operation to ships. The telecom company worked with Samsung’s shipbuilding unit at its shipyard in Geoje, South Gyeongsang Province. Using the SKT 5G network established at the shipyard, the mobile carrier tested its autonomous and remote control platform connected to 3.3-meter-

TechnologyDec. 10, 2019

[Photo News] Nature conservation project

W-Foundation Chairman Lee Wook speaks at the UN Climate Change Conference COP25 in Madrid on Monday, explaining the eco-friendly HOOXI project, which includes the HOOXI app, designed to help preserve nature, and paper-packaged HOOXI Water. Established in 2012, W-Foundation is a nonprofit environmental organization spearheading nature conservation projects in partnership with state institutions and organizations from around the world. (W-Foundation)

PeopleDec. 10, 2019

[News Focus] Korea 7th-highest in temporary-job portion among 42 countries

SEJONG -- In South Korea, the government does not include people with nonregular jobs -- like temporary or contract employees -- when it counts the official number of jobless. As a result, the nation’s official unemployment rate stayed at 3 percent as of October (the latest figure).The figure is far from the people’s sentiment toward the hiring market, in which the “extended (or sentiment–reflected)” unemployment rates, compiled by Statistics Korea, have remained ab

EconomyDec. 10, 2019

Moon to attend annual summit with Chinese, Japanese leaders

South Korean President Moon Jae-in will visit China later this month for annual summit talks with Chinese and Japanese leaders, Cheong Wa Dae announced Tuesday.Moon is scheduled to make a two-day trip to the southwestern Chinese city of Chengdu starting Dec. 23.The summit will be joined by Japanese Prime Minister Shinzo Abe and Chinese Premier Li Keqiang. They plan to "focus consultations on ways to have substantive cooperation among the three countries and have in-depth discussions on regi

Foreign AffairsDec. 10, 2019

Biz circle mourns Daewoo founder's death

Kim Woo-choong, founder of Daewoo Group -- once among Korea’s four major conglomerates -- died from a chronic disease Monday evening at the age of 82. The self-made man had contributed to the country’s industrial growth in the 1970s and 1980s. The former chairman of Daewoo Group died at 11:50 p.m. at a hospital in Suwon, Gyeonggi Province, where he had been receiving medical treatment since December last year due to his worsening health condition, Kim’s family said.&n

IndustryDec. 10, 2019

S. Korea to join this week's UNSC session on possible NK provocation

A South Korean representative will attend a UN Security Council session set to convene this week following a US request to discuss North Korea's recent missile launches and a possible escalatory provocation, an official at Seoul's foreign ministry said Tuesday.The meeting will be held on Wednesday, according to Reuters, just days after the North said it conducted a "very important test" at its Dongchang-ri satellite launch site. The test is presumed to have been a rocket engine experim

Foreign AffairsDec. 10, 2019

[Monitor] Owner families’ presence in boardrooms down

Conglomerate owners or family members accounted for 17.8 percent of the board members of affiliates this year, according to the Fair Trade Commission. The number has been falling steadily since it reached 27.2 percent in 2012, the watchdog said.Chaebol chiefs have been refraining from officially joining company boards as the positions are subject to legal responsibility in case of disputes or accusations, according to observers.(khnews@heraldcorp.com)

IndustryDec. 10, 2019

[Contribution] Breakthrough in exports decline needs support of overseas

South Korea’s exports fell in November on-year, keeping its downward trend for the 12th consecutive month. Concerns are growing over the protracted slump in exports, the nation’s key driver for growth -- due to the sluggish semiconductor industry and falling exports to China. It is important to recover the level of export duties collected from key industries and on shipments heading to major overseas destinations. However, we need to think whether our nation is heavily dependent on a

MarketDec. 10, 2019

Police chief calls for checks on prosecution

DAEJEON -- A prosecution with only the power to indict is what we see in developed countries, Hwang Un-hah, commissioner of the Daejeon Metropolitan Police Agency, said Monday. “Besides indicting, our prosecutors go on investigating numerous cases they either shouldn’t or needn’t,” Hwang said at an event marking the release of his book, which explores the much-debated prosecution reform. Checks and balances are not found in the prosecution, he added. The commissioner, w

Social AffairsDec. 10, 2019

Korea to bolster protection for foreigners on ‘entertainment visas’

South Korea will introduce measures to protect foreign workers in the entertainment industry starting next year, the Ministry of Justice said Tuesday. The ministry said the new measures will apply to foreigners holding the E-6 visa, a long-term work visa for the culture and entertainment sectors, effective from Jan. 1, 2020. Proxy applications will no longer be allowed for stay permit evaluations, the duration of visits will be shortened from a year to six months, and confirmation of health insu

Social AffairsDec. 10, 2019

35 conglomerates earn W1.28tr in brand license fees

Thirty-five conglomerates earned 1.28 trillion won ($1.07 billion) last year by selling brand licenses to their affiliates, South Korea's antitrust watchdog said Tuesday, amid concerns that such transactions may help owners of conglomerates pocket profits.Brand commission fees earned by 35 conglomerates last year rose 11.5 percent on-year, the Fair Trade Commission said in a statement.LG and SK topped the list by charging their affiliates 268.4 billion won and 233.2 billion won, respectively, la

IndustryDec. 10, 2019

Business likely to hit low in Q4, rebound next year: FN Guide

South Korea’s key listed companies are likely to emerge gradually from their longtime slump, with the majority expected to see a rebound in their business performance as early as this quarter, data showed Tuesday.According to financial market tracker FN Guide, the aggregated operating profit of 217 key listed companies for the fourth quarter came to 27.87 trillion won ($23.36 billion) as of Monday.This was down only 0.3 percentage point from the actual operating profit for the fourth quart

IndustryDec. 10, 2019

Average apartment price soars 40% under Moon administration

The average market price of Seoul apartments has soared 40 percent in the past 2 1/2 years, notwithstanding the incumbent Moon Jae-in administration’s series of price-curbing measures, data showed Tuesday.According to a survey conducted by housing information provider Real Estate 114 on 241,621 apartments, the average sale price of Seoul apartments stood at 823.76 million won ($690,263) as of last week, up 40.8 percent from 585.24 million in the first half of 2017.It was in May that year t

EconomyDec. 10, 2019

LG Uplus to use Canadian software for 5G in-building network design

LG Uplus Corp., South Korea's No. 3 mobile carrier, said Tuesday its 5G in-building network will be designed through a Canadian-made software platform that will allow the company to provide faster and reliable 5G services.LG Uplus said it has adopted Quebec-based iBwave Solutions Inc.'s designing tool for 5G in-building wireless networks. The software can offer better wireless coverage inside buildings after analyzing the building structure and interior materials, according to LG Uplus. The 5G n

IndustryDec. 10, 2019

Bio startup Aprogen gets S. Korea's 11th unicorn status

South Korean bio venture firm Aprogen Pharmaceuticals Inc. was listed as the country's 11th unicorn, according to an industry tracker on Tuesday.  Aprogen was registered as a unicorn company with a valuation of more than $1 billion by CB Insights, a tech market intelligence platform.  In May, Aprgoen attracted 20 billion won ($16.7 million) in investment from venture capital firm Lindeman Asia Investment.   Aprogen is a venture enterprise founded with proprietary technologies

IndustryDec. 10, 2019

[News brief] Man booked on attempted murder charges for stabbing woman in shop

Incheon police said Tuesday they have tracked down a man accused of fleeing after stabbing a woman believed to be his onetime girlfriend with intent to kill her.Incheon Seobu Police Station has booked the man on charges of attempted murder. On Dec. 3, the man allegedly stabbed the woman, 43, inside her shop in Seo-gu, Incheon, after she tried to report him to police for assault. The man allegedly used a knife he had prepared in advance and ran from the site. Police said the woman is being treate

Social AffairsDec. 10, 2019