SHANGHAI (AFP) -- Chinese consumers closed in on a new spending record Monday during the annual "Singles' Day" frenzy, the world's biggest 24-hour shopping event, which kicked off this year with a glitzy show by US megastar Taylor Swift.E-commerce leader Alibaba said that within the first 12 hours, nearly 192 billion yuan ($27.4 billion) had been spent -- apparently on pace to shatter last year's full 24-hour record of $30.7 billion.China's economy is in the midst of an extended slowdo

World NewsNov. 11, 2019

The Ministry of Justice will put into place a number of key prosecutorial reform measures within the year to maintain the momentum of reform, Cheong Wa Dae said Monday.  According to Cheong Wa Dae spokesperson Ko Min-jung, Vice Minister of Justice Kim O-su briefed President Moon Jae-in on the ministry’s prosecutorial reform plans on Friday, listing changes the ministry aims to complete by the end of the year. According to the plans, the Justice Ministry has selected core tasks for pro

PoliticsNov. 11, 2019

Singer Kim Gun-mo, who will tie the knot with a pianist in January, will wrap up his nationwide concert tour in February. The 51-year-old has been touring the nation since December 2016, a month after he released the EP “50” in celebration of the 25th anniversary of his debut.  The final stop of the two-year tour will be held at KSPO Dome in Olympic Park in eastern Seoul on Feb. 29. Since his debut in 1992, Kim has been one of the most celebrated artists with his unique voice, r

PerformanceNov. 11, 2019

Vickers Venture Partners is looking to invest in promising Korean startups, eyeing the market as a hot spot for innovation, according to a top executive of the Singapore-based firm.The largest venture capital firm in Southeast Asia, with around $1 billion in assets under management, invests in areas including information technology, real estate, platform and consumer goods. It hosted a networking event last week with seven other Southeast Asian VCs and some Korean startups in Seoul to look for i

IndustryNov. 11, 2019

The Cannes-winning Korean film "Parasite" has garnered more than $11 million in revenue in North America, becoming the most commercially successful foreign language title of this year so far, industry data showed Monday.The film's revenue from the one-month period since its North American release on Oct. 11 till Sunday came to $11.28 million, according to the data by the US box office and the American magazine Variety.  This marks the most revenue garnered by a foreign-language ti

FilmNov. 11, 2019

South Korea's finance minister said Monday that the government will make efforts to achieve economic growth of more than 2.3 percent next year.Hong Nam-ki made the pledge citing recent improved growth forecasts by the International Monetary Fund and the Organization for Economic Cooperation and Development.The IMF and the OECD have projected that the South Korean economy could grow 2.2 percent and 2.3 percent, respectively, in 2020."I am neither excessively optimistic nor pessimistic on nex

EconomyNov. 11, 2019

Despite the absence of Nexon and NCSoft, global gaming convention G-Star 2019 that will be held in Busan this week will showcase many new games to whet the appetite of enthusiasts. The two Korean game heavyweights have decided to skip this year’s biggest game event in South Korea to focus on their new titles. Their gap will be filled by small and midsized local companies, Chinese firms, game engine developers and major tech firms here. Netmarble is showcasing four games at its booth includ

IndustryNov. 11, 2019

The Supreme Prosecutors’ Office on Monday launched a special investigation unit to probe allegations surrounding the sinking of the Sewol ferry in 2014.During a press briefing at the Seoul Central District Prosecutors’ Office, the unit said it is “committed to making its probe so thorough that it will be the last one to be conducted into the Sewol sinking.”The unit will take on investigations conducted by a provisional state commission formed in January 2015 with a f

Social AffairsNov. 11, 2019

The Unification Ministry on Monday denied that two North Koreans were returned to the North unlawfully, saying they were not entitled to protection due to the serious nature of their crimes. “The two North Koreans are not subjected to protection under the North Korean Refugees Protection and Settlement Support Act, as they are ‘nonpolitical’ serious criminals and their acceptance as refugees could pose a danger to the lives and safety of citizens here,” Lee Sang-min, the

North KoreaNov. 11, 2019

Korea’s top games companies Nexon and NCSoft are to come head-to-head in the fourth quarter, with mobile games V4 and Lineage2M squaring off.Nexon’s V4 launched Thursday, and in less than five days climbed to the top domain on local mobile games rankings by revenue.  On Monday, V4 was the top revenue-generating mobile game on Apple’s App Store, while on Google Play it came second only to longstanding champion Lineage M, threatening to break the latter’s 29-month cons

IndustryNov. 11, 2019

Among South Korea’s chaebol owner family members, 51 are aged 30 or younger and also own stocks worth 10 billion won ($8.6 million), industry data showed Monday.According to conglomerate tracker Chaebul.com, the total value of such stocks amounted to over 1.8 trillion won, with the per capita average of 36.8 billion won, as of the closing price Wednesday. Compared to the previous survey in January 2017, the number of young superrich dropped by one while the aggregated value of their assets

MarketNov. 11, 2019

Laying out a vision for the latter half of his presidency, President Moon Jae-in said Monday he will make constant efforts to promote peace on the Korean Peninsula, foster innovative and inclusive growth as well as enhance the level of fairness in South Korea.He described his 2 1/2 years of presidency so far as a period of "transformation" for the country to overcome the past and move toward a new future."The coming 2 1/2 years is a very important period for the people and the cou

PoliticsNov. 11, 2019

The Australian Embassy in Seoul said Monday it has initiated water safety campaign at Sangcheon Elementary School in northeastern Seoul last week to minimize water-related risks involving children.“The Australian Embassy is proud to collaborate with Lifesaving Society Korea to help educate young South Koreans about how to minimize risks when having fun in water,” Australian Ambassador to Korea James Choi said. “I hope this helps raise awareness of the risks and encourages all K

Diplomatic CircuitNov. 11, 2019

French Secretary of State for Digital Affairs Cedric O said Korean IT giants were created on the back of early adopters and Koreans’ familiarity with English.“South Korea and France have a similar number of unicorns totaling about seven to eight. South Korean IT companies are championing in the field compared to French companies because … the Korean market has a lot of early adopters,” O said.The French minister recalled seeing Koreans watching television on their cellph

Diplomatic CircuitNov. 11, 2019

Prior to the cancellation of the APEC summit in Chile, South Korean officials kept tabs on the now-delayed encounter between South Korean President Moon Jae-in and Mexican President Andres Manuel Lopez Obrador in hopes the meeting would speed up a trade agreement.Mexico’s top diplomat in Seoul said earlier this month the Latin American country hopes to promptly conclude negotiations on Korea’s associate membership of the Pacific Alliance.Seoul kicked off talks to become part of the t

Diplomatic CircuitNov. 11, 2019

From gambas al ajillo to paella to iberico pork, Spanish cuisine has become familiar here thanks to a surge in South Korean tourists visiting the country on vacation and honeymoon.However, there are a number of common misconceptions here about Spanish food -- that Spanish dishes are heavy on sodium and that olive oil, the majority of which is produced in Spain, is not suitable for frying.Dispelling such misconceptions was the aim of the second Spanish Extravaganza Festival held at the Four Seaso

Diplomatic CircuitNov. 11, 2019

South Korea suffered a some 41 percent tumble in the number of visiting Chinese tourists over the past three years since its decision to deploy an advanced US missile defense system here, a report said Monday.A total of 4.79 million Chinese visited South Korea in 2018, down 40.6 percent from 8.07 million two years earlier, according to the report from the Federation of Korean Industries. In contrast, the number of Chinese tourists to Japan surged 31.4 percent to 8.38 million over the cited perio

EconomyNov. 11, 2019

A fall from grace by "Produce 101," South Korea's most sensational idol audition show to date, is derailing the burgeoning K-pop careers of the show's winners.Last week, police put in custody An Joon-young, the director of the Mnet cable show, and the program's chief producer over suspicions of rigging the results of the fan-voted competition show's four seasons.The police have reportedly secured circumstantial evidence alluding to the production staff's collusion with talent agencies

PerformanceNov. 11, 2019

South Korea appointed new ambassadors to Malaysia, Mongolia and eight other countries, the foreign ministry said Monday, in a regular reshuffle that also includes replacements of those under probe over alleged misconduct. Former Environment Minister Lee Chi-beom will head the South Korean Embassy in Malaysia and Lee Yeo-hong, previously a minister at the South Korean Embassy in China, will serve as the ambassador to Mongolia, the ministry said in a release.  The former top envoy to Malaysia

Foreign AffairsNov. 11, 2019