Samsung heir to meet Sweden’s biggest biz tycoon Wallenberg

De facto Samsung Electronics leader Lee Jae-yong is expected to meet with the owner of largest Swedish business group Wallenberg later this month, according to news reports Wednesday. Lee will reportedly hold a meeting with Chairman Marcus Wallenberg, who is scheduled to come to Seoul on Dec. 18 as part of a business delegation accompanying the Swedish prime minister’s visit to the country. A business summit that promotes Korean businesses’ investments in Sweden will be held at a hot

TechnologyDec. 4, 2019

[Herald Review] Two’s company: Hopkins and Pryce enliven papal buddy film ‘The Two Popes’

This was honestly not what I expected from a film about papal succession: a delightful buddy film about an unlikely friendship that took place -- of all places -- at the Vatican. Forget about grappling with faith or messages about the Catholic Church reaching out to the world in a humble way. “The Two Popes” director Fernando Meirelles has created a perfectly riveting drama brought to life by the fascinating back-and-forth performance by Anthony Hopkins and Jonathan Pryce.The story t

FilmDec. 4, 2019

Classical Chinese fellowship to foster future Korean studies researchers

Professor Kim Chi-hyoun spoke at a slightly slow pace and pronounced every Korean word clearly when she explained the meaning of Chinese words and sentences selected from “The Mencius,” a classical Confucian text. Her unusual teaching style was designed to better deliver her lecture to seven international students who are on the AKS Hanmun (classical Chinese) Fellowship program.The Academy of Korean Studies started the 16-week fellowship this year in order to help foreign students in

Social AffairsDec. 4, 2019

China seeks Seoul’s cooperation to counter ‘US unilateralism’

Chinese Foreign Minister Wang Yi said Wednesday that Seoul and Beijing should strengthen their cooperation to protect the international order that he said had been threatened by unilateralism, amid the neighbor’s ongoing trade war with the United States.During a meeting with South Korean Foreign Minister Kang Kyung-wha, Wang apparently asked Seoul to join Beijing in the fight against unilateralism and protectionism, a reference to US President Donald Trump’s economic policy, and crit

Foreign AffairsDec. 4, 2019

Samsung likely to hide hinge in Galaxy Fold 2

Samsung Electronics appears to be working on hiding the hinge component in the second edition of Galaxy Fold that is expected to be launched next August, according to industry sources Wednesday. The South Korean tech giant has trademarked a patent for something called “Hideaway Hinge” with the European Union Intellectual Property Office, according to online outlet LetsGo Digital based in the Netherlands. The trademark application was filed Monday. The description suggests the new des

TechnologyDec. 4, 2019

Restructuring involves inevitable financial consequences: KDB chief

Social disturbances and financial costs during restructuring are the inevitable price one has to pay in order to reform the economy and prevent further damages, according to the chief of South Korea’s largest state-run bank.“During my past 2 1/2 years in office, I have felt the high level of distrust in our society,” said Lee Dong-gull, chairman of the Korea Development Bank, in a press conference.“Many blame us for persecuting workers along the way but our unchanging goa

MarketDec. 4, 2019

[News Brief] Bomb scare in Incheon caused by toy

The police said a report that an explosive material was found under an overpass in Incheon on Wednesday turned out to be false.Around 11:56 a.m. on Wednesday, a resident reported to the police that an object which looked like a dynamite was found under road bridge in Jung-gu district. Police and military authorities dispatched bomb disposal technicians and sniffer dogs to the site and searched for signs of explosives, closing off the surrounding area. What was reported as a dynamite turned

Social AffairsDec. 4, 2019

Samsung BioLogics bags W86b contract deal

A new contract manufacturing deal bagged by Samsung BioLogics, potentially worth 86 billion won ($72 million), has boosted its target stock price. SK Securities on Wednesday adjusted its target price for Samsung BioLogics shares to 470,000 won, from the previous 400,000 won. “Samsung BioLogics’ 2020 unconsolidated operating profit is anticipated to increase 684.5 percent on-year to 234 billion won,” said analyst Lee Dal-mi, along with forecasting that its 2019 operating profit

IndustryDec. 4, 2019

Pyongyang to hold party meeting ahead of year-end deadline

North Korea will hold a plenary meeting around the end of December to decide on “crucial issues,” its state-run news agency said Wednesday.On the same day, the Korean Central News Agency reported that North Korean leader Kim Jong-un rode up Paektusan on a white horse accompanied by military commanders, raising speculation that the communist regime may take more provocative military actions as the year-end deadline it set for denuclearization talks with the US quickly approaches.North

North KoreaDec. 4, 2019

S. Korea to spend W300b on ‘fintech unicorn’ project

The Finance Ministry announced Wednesday plans to establish a 12 trillion won ($10 billion) fund to help support competent startups scale up as unicorns, allocating 300 billion won exclusively for fintech firms.Unicorns refer to startups valued at over $1 billion. “(The government) will actively adopt policies to scale up and advance the fintech ecosystem both quantitatively and qualitatively, so that South Korean startups can emerge as global unicorns,” Deputy Prime Minister and Fin

EconomyDec. 4, 2019

Naver joins cross-border mobile payment alliance

A financial arm of South Korea's leading portal operator Naver Corp. said Wednesday it has joined a cross-border mobile payment alliance with its Asian partners.The collaboration enables the four companies' nearly 80 million users to make electronic payments at stores that use Naver Pay, Line Pay and Payco in South Korea, Japan, Thailand and Taiwan, according to Naver Financial Corp. The partnership was signed with Japan-based Line Pay Corp., Taiwan's iPass Corp. and Naver's NHN Payco Corp. Unde

IndustryDec. 4, 2019

Plastic surgeon devotes decades to facial rejuvenation

Dr. Kim Jong-hwan, a South Korean plastic surgeon who has devoted 26 years to developing facial rejuvenation procedures, says he has made the search for beauty his life’s mission.Dr. Kim is founder and president of Gold Happy Mirae Aesthetic Clinic, located in Gangnam, southern Seoul.“I was an orthopedic surgeon, but I abandoned the field because personally, I felt there was no ‘beauty’ there,” he said. Dr. Kim, a graduate of Korea University College of Medicine, sa

PeopleDec. 4, 2019

‘Facial rejuvenation therapy revolutionized’

Plastic surgeon Dr. Kim Jong-hwan, who specializes in facial rejuvenation, says anti-aging is fundamentally about defying gravity.“First thing one must understand about anti-aging procedures that I pursue is that they are about making you actually younger, rather than making you ‘look’ younger,” he said. Kim emphasized that plastic surgeons “should not focus merely on making patients temporarily ‘look younger,’” but instead seek to revitalize the s

PeopleDec. 4, 2019

S. Korea, US seek Biegun's visit to Seoul ahead of NK's year-end deadline

South Korea and the United States are working to set up a visit to Seoul by US Special Representative Stephen Biegun later this month ahead of an end-of-year deadline that North Korea set for Washington to show flexibility in their deadlocked nuclear talks, a source said Wednesday.Should the trip take place, Biegun, now the nominee for deputy secretary of state, would hold talks with his South Korean counterpart Lee Do-hoon to discuss joint efforts toward progress in the negotiations before the

Foreign AffairsDec. 4, 2019

4 industry doyens join race to be next KOFIA leader

Four industry experts have joined the race to head the leading nonprofit, self-regulatory financial organization in South Korea.According to the Korea Financial Investment Association on Wednesday, Daishin Securities CEO Na Jae-chul, Hana Financial Investment Executive Managing Director Seo Jae-ik, former IBK Securities CEO Shin Seong-ho and KTB Asset Management Vice Chairman Jung Ki-seung have thrown their hats into the ring.  Other strong potential candidates, including Korea Investm

MarketDec. 4, 2019

Hyundai Motor to invest W61.1tr for R&D, future tech under 2025 road map

Hyundai Motor said Wednesday it plans to invest 61.1 trillion won ($51 billion) in research and development and future technology by 2025, with the aim of transforming into a smart mobility solution provider. Under the Strategy 2025 road map, the automaker will foster smart mobility devices and smart mobility services as the two main pillars of its business.“The key to our future strategy is to focus on customers and to present the most desirable products and services. We want to offe

MobilityDec. 4, 2019

Tax agency unveils list of habitual tax delinquents

The country's tax agency on Wednesday disclosed a fresh list of some 6,800 new citizens and corporate entities with unpaid taxes exceeding 200 million won ($167,462) for one year or longer. The National Tax Service said that it decided to reveal those on the list after they refused to specify their reasons for failing to pay their taxes even though they have been asked to do so for more than six months. The list includes 4,379 individuals. Also included on the list are 2,099 companies that

EconomyDec. 4, 2019

Finance minister dismisses fears of deflation

South Korea's chief economic policymaker said Wednesday he sees no acute risk of deflation, adding that next year's projected inflation rate will be higher than this year's. The remarks by Finance Minister Hong Nam-ki came days after the Bank of Korea announced that the third-quarter gross domestic product deflator -- a measure of inflation used to calculate economic growth in real terms -- fell 1.6 percent on-year, marking the sharpest decline in two decades.Consumer prices rose 0.2 percent on-

EconomyDec. 4, 2019

[Newsmaker] Verdicts vary for Jehovah’s Witnesses refusing conscription

Jehovah’s Witnesses refusing mandatory military service have regularly been found guilty or not guilty of evading conscription based on whether they had “true faith.”A 24-year-old Jehovah’s Witness received a notice of enlistment from the Daejeon-South Chungcheong Regional Military Manpower Administration in September 2017, and refused conscription citing religious grounds.He submitted to the authorities papers stating that he belongs to the religious group and that he re

Social AffairsDec. 4, 2019

Intel eyes AI on 'edge computing'

US chipmaker Intel Corp. said Wednesday that it will focus on "edge computing" that could hold the key to the success of artificial intelligence in the future.Edge computing refers to the practice of storing data on computers located near cell towers and other network equipment to improve network response times. It is different from today's cloud-based system, where information is sent to a distant data center."Forty-three percent of AI tasks will be handled by edge computing in 2

IndustryDec. 4, 2019