[Diplomatic circuit] [Photo News] Promoting wonders of Cuneo

PROMOTING WONDERS OF CUNEO -- Italian Ambassador to South Korea Federico Failla (fourth left), Mayor of Cuneo Federico Borgna (fifth left), Assessor for Tourism for the Province of Cuneo, Piemonte Italy Luca Serale (sixth left), and Secretary General of Italian Chamber of Commerce in Korea Jacopo Giuman (first right) post for a photo at a seminar titled “Discovering the Cuneo Province,” an event aimed at promoting the northwestern province that borders France, hosted by the ITCCK at

Diplomatic CircuitDec. 2, 2019

Moon urges parliament to process budget, bills

President Moon Jae-in on Monday urged the National Assembly to process the budget and other pending bills, saying the country’s political arena is overwhelmed by “bad politics.” “Bad politics that puts the interests of the parties and political wrangling above the people have impeded normal politics,” Moon said at his weekly meeting with top aides. In an apparent barb aimed at the main opposition Liberty Korea Party, Moon said that exploitation of the National Assem

PoliticsDec. 2, 2019

Tourists to Jeju expected to top 15m again this year

The number of visitors to Jeju Island, South Korea's southern holiday destination, is expected to top 15 million again this year, officials said Monday.According to the Jeju Tourism Association, a total of 13,985,000 tourists arrived in Jeju in the first 11 months of this year, marking an increase of 5.7 percent over 13,228,000 recorded for the same period of last year.An average of 1.27 million people visited per month this year, it said, noting the daily average rose to about 40,000. If the to

IndustryDec. 2, 2019

[Diplomatic circuit] BCCK to host first Tax & Finance Forum 2019

The British Chamber of Commerce in Korea is to hold the first Tax & Finance Forum this week under the theme “2020 Vision: Shaping the Future of Tax & Finance,” the chamber said Monday.Sponsored by Samil PricewaterhouseCoopers, the forum is to take place Wednesday at the Four Seasons Hotel Seoul, inviting industry leaders from PwC, the Bank of Korea, and Korean law firms. “Tax and finance professionals working at multinational companies in Korea are encouraged to partici

Diplomatic CircuitDec. 2, 2019

NK defectors caught in Vietnam face risk of deportation

Seoul’s Foreign Ministry has come under fire for its handling of a case involving North Korean defectors who were caught while attempting to flee to South Korea via Vietnam and who possibly face deportation to North Korea. A human rights group has accused the Foreign Ministry of lack of action, but the ministry said it has been working on the case since it was reported.On Friday, about 10 North Korean defectors were caught for the second time by Vietnamese guards in Lang Son at the border

North KoreaDec. 2, 2019

FSS chief warns foreign financial firms against high-risk, short-term gains

South Korea’s financial market watchdog on Monday expressed concerns over financial firms’ tendency of seeking short-term gains, referring to the recent disputes on the mis-selling of high-risk derivatives.“The conventional business practices, which led to the derivative-linked fund controversies, inflict heavy losses on both investors and financial firms,” said Yoon Suk-heun, governor of the Financial Supervisory Service.The FSS chief was speaking during a luncheon at Co

MarketDec. 2, 2019

Monthly sales of Renault Samsung’s QM6 surge 50% on-year

Renault Samsung, a South Korean subsidiary of the French carmaker, sold 5,648 units of its sport utility vehicle QM6 in November, up 50 percent from the same month last year, the company said Monday.It was the first time since 2016 that sales of the QM6 surpassed the 5,000 mark. It ranked second in the mid-sized SUV segment, after Hyundai Motor’s Santa Fe, added the company. Driven by growing interest in vehicles powered by liquefied petroleum gas, 3,626 units of the QM6 LPe were sold

MobilityDec. 2, 2019

7 importers to recall over 12,000 vehicles

Seven distributors of foreign car brands in South Korea are voluntarily recalling more than 12,000 vehicles over faulty parts, the Ministry of Transport said Monday.Audi Volkswagen Korea, FCA Korea, Porsche Korea, Scania Korea, Bike Korea, Moto Rossa and Hanbul Motor -- which imports Peugeot and Citroen vehicles -- will recall 12,053 units of 16 models.VW’s Tiguan was found to have a faulty air bag while Peugeot 5008 1.5 BlueHDi SUV reported problems with the spare tire holder. Defects in

MobilityDec. 2, 2019

Hanwha chief’s eldest son promoted to Hanwha Q Cells VP

Kim Dong-kwan, the eldest son of Hanwha Group Chairman Kim Seung-youn, has been promoted as the vice president of Hanwha Q Cells and Advanced Materials, the conglomerate’s solar panel maker.The 36-year-old chaebol scion has been serving as the chief commercial officer and a senior executive of Hanwha Q Cells for four years. Officials said he was promoted in recognition of his contributions in raising the company’s profile as the world’s leading photovoltaic panel manufacture. H

MobilityDec. 2, 2019

Han Sung Motor’s Dream Gream students to participate in Seoul Design Festival

A corporate social responsibility project by Han Sung Motor, the largest official dealer of Mercedes-Benz in South Korea, will join the 2019 Seoul Design Festival that kicks off Wednesday for a five-day run.Taking place at Coex in southern Seoul, the annual event invites prominent designers, design brands and companies to exchange their artistic talents and to support local designers in making international debuts. Recipients of Han Sung’s Dream Gream scholarship program will demonstr

MobilityDec. 2, 2019

‘Frozen 2’ accused of monopoly, fueling screen-quota controversy

A Korean civic group on Monday filed a complaint against Walt Disney Company Korea with prosecutors, claiming the film “Frozen 2” violated anti-monopoly law here.The Public Welfare Committee said the screening of the hit Disney animation film at over 88 percent of screens throughout the country on Nov. 23 violates the country’s anti-monopoly law.It claimed the film falls under the clause that defines any individual that has over 50 percent of market share as a market-dominant e

FilmDec. 2, 2019

[Newsmaker] Tada claims legitimacy by adding mobile tech to existing service

Top executives of van-hailing service Tada, which is owned by car-sharing company SoCar, argued in court on Monday that their operations are fully within the ambit of current laws.They claimed during the first trial held at the Seoul Central District Court that the company has only upgraded an existing business model with a mobile application platform. SoCar CEO Lee Jae-woong and CEO Park Jae-wook of its subsidiary and Tada operator VCNC attended the trial after they were indicted by prosec

MobilityDec. 2, 2019

TWICE to close world tour in Seoul next year

K-pop girl group TWICE will close its almost one-year-long concert journey in Seoul next year, the band's agency said Monday.The two-day concert, titled "TWICE World Tour 2019 Twicelights," will be held at the Olympic Gymnastics Arena in southeastern Seoul from March 7, according to JYP Entertainment.That will put an end to the nine-member team's world tour that kicked off in May at the same venue. By March next year, TWICE will have traveled to 16 cities, including Tokyo, Los Angeles

PerformanceDec. 2, 2019

[News Focus] Gyeonggi, Sejong see unemployment-payouts surge

SEJONG -- More than 3 million of the working-age population, aged 15-64, in South Korea have been de facto out of work, while the government highlighted that the nation’s jobless people stayed under 1 million (864,000) last month with official unemployment rate falling to 3 percent.According to the Supplementary Index for Employment III, a database held by Statistics Korea, the extended (or sentiment-reflected) jobless rate posted 10.6 percent as of October 2019.The figure is generated fro

EconomyDec. 2, 2019

With brokerage CEOs’ terms to end, are reshuffles on the cards?

The chief executives of around 10 major brokerages in South Korea are set to end their terms in the first quarter of 2020, data from the Financial Supervisory Service showed Monday, signaling an industrywide leadership reshuffle. But market watchers also expect many of them to extend their average two-year terms based on their performance. CEOs who led strong earnings this year are likely to retain their positions due to the lack of major issues that usually prompt a reshuffle, according to Hwan

MarketDec. 2, 2019

[Herald Interview] ‘We will support conscientious objectors in fulfilling alternative service’

Ki Chan-soo, the commissioner for the Military Manpower Administration, vowed support for conscientious objectors, highlighting the MMA’s change of role with the upcoming introduction of an alternative form of service.The chief of the military recruitment agency also asserted that a corruption-free draft system must be maintained, touching on the controversies surrounding the enlistment of K-pop stars and celebrities, such as Big Bang’s Seungri and the members of boy group BTS.&ldquo

DefenseDec. 2, 2019

Ryan Reynolds says ‘6 Undergrounds’ shows how times are changing

For decades, big-budget Hollywood blockbusters have been linked to the silver screen.But the upcoming release of Michael Bay’s “6 Underground” by global streaming giant Netflix is a reminder that the movie distribution industry is changing fast. “I’ve been lucky enough to work in this business for 25 years now, and I don’t think I’ve worked on a movie of this scale and scope. Just the fact that they’re bringing this to Netflix is a real sign of the

FilmDec. 2, 2019

Mirae Asset Global sells prime building in Germany

South Korea’s Mirae Asset Global Investments said Monday it has sold a premium authority building in Germany for 500 million euros ($551 million), earning a hefty profit.The asset management unit of Mirae Asset Financial Group has signed a deal to sell Cologne City Hall building -- the third-biggest building in the city, the company said in a press release.Mirae had acquired the building in February 2016 for 365 million euros through an overseas real estate blind fund. The firm’s div

MarketDec. 2, 2019

Hanwha Life CEO resigns before end of 4th term

Hanwha Life Vice President and CEO Cha Nam-gyu has tendered his resignation, citing the need for a generational shift. The local insurer announced Monday via DART -- the Financial Supervisory Service’s electronic disclosure board -- that he has stepped down after nearly nine years of overseeing the management.“Cha Nam-gyu decided to step down from his position on Saturday and his resignation has been accepted,” the company said.“He hopes (Hanwha Life) will promote a new m

MarketDec. 2, 2019