Samsung SDI pledges to reduce wage gap with contractors

Samsung SDI said Wednesday it will help reduce the wage gap between the company and its contractors as part of efforts to seek co-prosperity. South Korea’s leading lithium-ion battery maker, an affiliate of Samsung Electronics, will run a 132.2 billion won ($113 million) worth program to support its contractors to increase wages of their employees. It has signed a trilateral agreement for this with suppliers and Korea Commission for Corporate Partnership.  “Through the agreement

TechnologyNov. 20, 2019

Korean, Japanese lawyers demand action for forced labor victims

South Korean and Japanese legal professionals on Wednesday called for action to enforce Korean Supreme Court rulings holding Japanese firms responsible for compensating Koreans forced to work in their factories during Japan’s colonial rule of Korea.　 Six Korean and seven Japanese lawyers’ groups, as well as 123 individual lawyers and scholars from Japan, jointly released a statement urging the Japanese companies to accept the rulings and the Japanese government not to impede the

Social AffairsNov. 20, 2019

BTS will not be exempted from military service: culture minister

PARIS -- Globally acclaimed superstars BTS and other high-flying K-pop stars will not be exempted from mandatory military service under the government's new guidelines on conscription waivers, the culture minister has said. Since early this year, a government task force has been working to revamp the guidelines to raise fairness in military conscription, and the final result is due for announcement this week. The government has been facing rising calls to allow BTS a military service waiver, whi

PerformanceNov. 20, 2019

S. Korea’s producer prices slip for 4th month in Oct.

South Korea’s producer prices declined in October for the fourth straight month, central bank data showed Wednesday, reflecting sluggish growth and changes in pork prices.The overall producer price index stood at 103.61 last month, down 0.2 percent from a month earlier and down 0.6 percent from a year earlier, according to preliminary data from the Bank of Korea.This marked the fourth consecutive month of an on-year drop and the first on-month fall in three months.The key reason for the de

EconomyNov. 20, 2019

[Kim Myong-sik] Suggesting plebiscite on energy denuclearization

Passing the halfway point in his five-year tenure, President Moon Jae-in’s approval rate hovers just above the 40 percent mark, half the level immediately after his election in May 2017. Woes grow among manufacturers, traders and consumers, security threats loom large and political groups are sharpening hostility. Amid rising discontent, the energy denuclearization policy has emerged as a top destabilizing issue.University students at nuclear science departments see no future in their chos

ViewpointsNov. 20, 2019

[Arvind Subramanian] Is Sri Lanka the next Argentina?

As Sri Lanka makes another crucial political transition, it faces a major risk of macroeconomic instability. Minimizing that risk will depend, above all, on whether the country’s newly elected President Gotabaya Rajapaksa can defy his reputation and embrace inclusive politics.This idyllic island in the Indian Ocean was once a star performer. In the years following independence in 1948, progress on leading social indicators such as poverty, infant mortality, and primary education put Sri La

ViewpointsNov. 20, 2019

Moon’s top policy aide urges businesses to embrace ‘labor-friendly’ initiatives

President Moon Jae-in’s top policy aide urged business leaders on Wednesday to support a government bill drafted to expand the scope of the 52-hour-week system, amid growing concerns that the administration’s policies are imposing a financial burden on them.“The government will continue to advocate labor rights. Such a policy stance won’t change,” said Kim Sang-jo, chief policy secretary for the president, at a meeting with members of Korea Employers’ Federati

TechnologyNov. 20, 2019

Lawmakers criticize US negotiation tactic, calling it diplomatic discourtesy

US Ambassador Harry Harris and his negotiation team for a defense cost-sharing deal have come under fire for what lawmakers here called “diplomatic discourtesy” as they continue to demand that South Korea pay more for the upkeep of US troops stationed here. The US team, led by James DeHart of the State Department, left the negotiation table earlier than planned Tuesday, the second day of talks in Seoul with the South Korean delegation for the 11th Special Measures Agreement, the two

Foreign AffairsNov. 20, 2019

Foreigners continue selling spree of Korean stocks despite trade volume rebound

Foreign investors continued to offload Korean stocks despite a rebound in daily trading volume, a Korea Exchange data showed Wednesday.Analysts cited the lingering uncertainties surrounding the ongoing US-China trade war that has dampened global investor sentiment behind the move. According to the bourse operator, foreigners were net sellers of shares on the benchmark Kospi worth nearly 1.4 trillion won ($1.2 billion) from Nov. 7 to Wednesday. The offloading observed throughout 10 consecutive tr

MarketNov. 20, 2019

Tottenham Hotspur appoint Jose Mourinho as manager

LONDON (AFP) -- Tottenham Hotspur have appointed Jose Mourinho as their new head coach after sacking Mauricio Pochettino, the club said on Wednesday. The former Chelsea and Manchester United manager has signed a contract that runs until the end of the 2022/23 season, the north London club said in an online statement.Spurs Chairman Daniel Levy said: "In Jose we have one of the most successful managers in football. We believe he will bring energy and belief to the dressing room." (AFP)

SoccerNov. 20, 2019

US Senate passes Hong Kong rights bill, angering China

WASHINGTON (AFP) -- The US Senate unanimously adopted legislation Tuesday supporting "human rights and democracy" in Hong Kong and threatening to revoke its special economic status, angering China which promptly summoned a US diplomat and threatened countermeasures.The lawmakers also approved a measure that would ban the sale of tear gas, rubber bullets and other equipment that have been used by security forces to suppress pro-democracy protests for nearly six months.Chinese vice forei

World NewsNov. 20, 2019

Hotel Shilla launches global brand for overseas operations

Hotel Shilla, a leading hospitality and duty-free operator in South Korea, unveiled the brand identity of its global operations -- Shilla Monogram -- on Wednesday, prior to the February opening of its first overseas hotel in Vietnam’s resort city of Da Nang.To minimize operational risk in the new market, Hotel Shilla will operate the new Da Nang hotel of Shilla Monogram by forging a contract with a third party. It will consist of 300 rooms in a nine-story building. According to the company

IndustryNov. 20, 2019

Ediya Coffee opens 3,000th store in Daejeon

Ediya Coffee said it has opened its 3,000th store in Daejeon on Wednesday, setting a new record as a local coffee franchise in the country. Ediya opened its first store in Seoul 18 years ago.According to the coffee franchiser, it has opened at least 300 stores each year within recent six years. Besides Ediya, only bakery franchise Paris Baguette from SPC Group runs over 3,000 stores in the country. To strengthen its competitiveness amid business expansion, Ediya said it has appointed two in

IndustryNov. 20, 2019

[Newsmaker] Moon’s televised town hall meeting draws mixed reactions

President Moon Jae-in’s television appearance on Tuesday is being met with mixed reactions from the public and political arena. On Tuesday, Moon took part in an unscripted question-and-answer session televised live on major terrestrial and cable networks. The program invited 300 members of the public -- selected to represent South Korea’s demographics -- to pose any question to the president. Although the program gave members of the public a chance to address the president direc

PoliticsNov. 20, 2019

Samsung Bioepis gears up for approval of Avastin biosimilar in US

The clock has started ticking for the approval process of Samsung Bioepis’ fifth biosimilar in the US. The company said Wednesday that the US Food and Drug Administration has agreed to review the license application it submitted in September for SB8, a biosimilar candidate referencing Avastin (bevacizumab).  Avastin is a blockbuster biologics drug of Roche that prevents tumor growth by blocking blood supply. It inhibits a protein called vascular endothelial growth factor that creates

IndustryNov. 20, 2019

FTC reviews legal actions against Mirae Asset owner family for alleged profiteering

South Korea’s antitrust watchdog is likely to press a charge against Mirae Asset Financial Group over allegations that the controlling family of the financial empire has been illegally benefitted from suspicious intra-trading deals, the authorities confirmed on Wednesday. Ending a two-year investigation, the Fair Trade Commission said it has recently sent a review report to the group, stating that Chairman Park Hyeon-joo and his family made financial gains through Mirae Asset Consulting, a

IndustryNov. 20, 2019

SuperM, BoA to perform at 2020 Global Goal in South Korea

LOS ANGELES (AP) -- K-pop supergroup SuperM and singer BoA will perform at a Global Citizen event in Asia as part of a massive multi-continent concert next year.The advocacy organization says the performers will join the lineup of Global Goal Live: The Possible Dream in Seoul, South Korea, on Sept. 26, 2020. The event is a part of a yearlong initiative to achieve the United Nations' Global Goals to end poverty and tackle climate change. The goal is to secure $350 billion for the next 10 years.Th

PerformanceNov. 20, 2019

Rice connects cuisines of Italy, Korea

Rice was the focus of a culinary event jointly organized by the Korean Food Promotion Institute -- affiliated with the Ministry of Agriculture, Food and Rural Affairs -- and the Embassy of Italy in Seoul at the Korean Cuisine Culture Center in central Seoul on Tuesday. Italy and South Korea have very different culinary cultures, but rice is an important ingredient in both.  “I think rice is a great ingredient that works (harmoniously) with the body for both Italians and Koreans,&rdquo

FoodNov. 20, 2019

Pangovernmental Hallyu team to be launched this year: culture minister

PARIS -- As Korean culture gains influence around the world, the Ministry of Culture, Sports and Tourism is seeking to launch a pangovernmental team that would serve as a Hallyu control tower. Culture Minister Park Yang-woo said the government is planning to support the Hallyu in a way that will enable it to have a positive influence in diverse fields, in addition to culture. “I believe Hallyu should be linked to other fields like export, manufacturing and service industries. For this, the

CultureNov. 20, 2019