S. Korea’s policy rate is high, considering inflation: OECD

South Korea’s actual key interest rate, in relative term to its inflation, is one of the highest among peer economies, data showed Monday, raising speculations that the country may carry out additional rate cuts.According to data compiled by the Organization for Economic Cooperation and Development and cited by experts here, Asia’s fourth-largest economy had the third highest “actual” base rate in October, next to Turkey and Mexico.The official policy rate here currently

EconomyNov. 18, 2019

'Kawaii!' Olympic robot mascots thrill Tokyo students

TOKYO (AFP) -- Robot versions of Japan's Olympic and Paralympic mascots thrilled hundreds of school children in Tokyo on Monday, striking sporting poses and displaying hearts in their electronic eyes.The event at a local elementary school was billed as a chance to showcase some of the technology Japan hopes will wow visitors at the Tokyo 2020 Games.Some 600 pupils clapped and shouted "kawaii (cute)!" as the toddler-sized versions of the Tokyo 2020 Olympic and Paralympic mascots were un

World NewsNov. 18, 2019

US moves to seal nuclear deal with N. Korea before year-end deadline

The United States has stepped up efforts to keep up momentum for dialogue with North Korea, urging the North’s leader to take swift action to forge a denuclearization agreement and accepting the regime’s demand to postpone the US joint military exercise with South Korea. “I am the only one who can get you where you have to be,” US President Donald Trump told North Korean leader Kim Jong-un via a tweet Sunday. “You should act quickly, get the deal done. See you soon!

North KoreaNov. 18, 2019

Major companies’ Q3 profits fall sharply over trade disputes, economic slump

A majority of top South Korean companies listed on the nation’s major bourse saw their operating profits fall rapidly in the third quarter on-year over protracted trade disputes and the stagnant global economy, data showed Monday.According to Infobigs, a data analysis unit of Yonhap News Agency, the combined operating profits of 90 affiliates from top 10 conglomerates plummeted 75 percent between July and September to 6.16 trillion won ($5.3 billion) from 25.28 trillion won in the same per

IndustryNov. 18, 2019

[Andy Mukherjee] India’s growth needs consumers

A long-held belief of analysts in India is that the economy is supply-constrained. Demand isn’t even worth a footnote, while a temporary squeeze in the onion market deserves obsession because it could be inflationary. It’s increasingly obvious that this view is outdated. In October, inflation quickened more than expected to 4.62 percent because of, yes, an onion shortage. Yet core inflation, which strips out volatile commodity prices, slumped to 3.4 percent, the lowest since the

ViewpointsNov. 18, 2019

[Elizabeth Drew] Trump's wrong-headed views put him in trouble

The most dismaying thing about the impeachment proceedings against US President Donald Trump is that they are falling so short of the constitutional gravamen of the issue. True, some Democrats in the House of Representatives, particularly Adam Schiff of California, the chairman of the House Intelligence Committee, do appear to understand the seriousness of the question before them. But most Republicans -- egged on by Trump, who often complains that they are not doing enough for him -- are o

ViewpointsNov. 18, 2019

Hyundai Motor tops CSR list in China for 4th consecutive year

South Korean automaker Hyundai Motor ranked No. 1 on a list measuring carmakers’ corporate social responsibility activities in terms of the impact they had on the Chinese community, the company said Monday. According to an index published by the CSR Research Center of the Chinese Academy of Social Sciences, Hyundai topped the list for the fourth consecutive year. It also climbed up one notch to fourth place in a separate ranking that listed companies across industries. The research institu

MobilityNov. 18, 2019

Prosecutors indict ex-Justice Minister Cho’s brother

On Monday, prosecutors indicted former Justice Minister Cho Kuk’s brother, Cho Kwon, accused of filing fraudulent lawsuits against a school foundation run by his family and of accepting money from job applicants in exchange for teaching positions at the school.  Cho Kwon, who has been in custody since Oct. 31, is now the third member of the Cho family, after Cho Kuk’s wife and his cousin’s son, to face corruption charges. Cho has reportedly turned down ever

Social AffairsNov. 18, 2019

[Photo News] MAN Truck & Bus expects weak sales in Korea

Thilo Halter (center), Asia-Pacific president of MAN Truck & Bus, speaks during a press conference in Yongin, Gyeonggi Province, Monday. The German automaker expects sales here to remain weak next year, citing the economic slowdown as the reason. In the January-September period, the company sold 519 trucks and buses here. Last year, it sold 1,020 trucks and buses. The company held its second annual Truck & Bus Korea Fair at Yongin Speedway to promote its lineup, including

IndustryNov. 18, 2019

Hanwha Aerospace, GE sign $300m plane engine parts supply deal

Chemicals-to-finance conglomerate Hanwha Group’s aviation unit Hanwha Aerospace said Monday that it has clinched a $300 million deal to supply aircraft engine parts to US airplane engine maker General Electric. Under the contract, Hanwha Aerospace will supply six kinds of engine parts for GE’s GE9X which is used for Boeing’s 777X, and some 40 kinds for LEAP engines for Airbus A320 Neo, such as high pressure compressors and turbine cases. The South Korean company will offer part

IndustryNov. 18, 2019

[Herald Interview] Unreal opportunities for Epic Games in Korea

BUSAN -- A rich developer community means Epic Games keeps a close eye on Korea, according to the firm’s local representative.The country has the highest number of developers in the world who can use the Unreal Engine with proficiency, Epic Games Korea’s representative director Ray Park told The Korea Herald during the G-Star 2019 game expo in Busan last week.“Epic Games founder Tim Sweeney is often pleasantly excited by the level of games created by Korean developers using Unr

IndustryNov. 18, 2019

Investment banking becomes primary profit source for brokerages

For South Korea’s largest brokerages, investment banking has replaced traditional income sources such as stock trading and wealth management as the No. 1 profit maker this year, data showed Monday.Local brokerages are bolstering their investment banking divisions and looking to this business area as a steady income source due to the sluggish stock market. According to regulatory filings compiled by the Financial Supervisory Service, Mirae Asset Daewoo’s investment banking unit posted

MarketNov. 18, 2019

Samsung helps 200 students land software jobs

Around 200 students who have received training at Samsung Software Academy for Youth since December last year landed jobs in the software sector, the South Korean tech giant said Monday. Known as SAFFY, the software academy is a training institution for students who are seeking jobs in the software field. Four centers were opened in Seoul, Daejeon, Gwangju and Gumi at the end of last year as part of Samsung Electronics’ plan to support the country’s software talent. A total of 500 jo

TechnologyNov. 18, 2019

Seoul to unveil master plan for AI this year: science minister

South Korea will announce a strategy to build up its artificial intelligence  capability this year as part of its broader effort to achieve sustainable growth, the country's science minister said Monday.In a meeting with reporters in Seoul, Choi Ki-young said that while the country's AI sector is currently trailing global leaders, the country's advanced infrastructure in information and communication technology should allow it catch up rapidly going forward. The top policymaker for science

IndustryNov. 18, 2019

S. Korea sees lowest trade deficit with Japan in 16 years

Amid growing trade tensions between the two neighboring nations, South Korea’s trade deficit with Japan is expected to hit the lowest level in 16 years, according to government data. In the January-October period this year, Korea’s trade deficit with Japan stood at $16.3 billion, down 20 percent on-year, the smallest deficit with the neighboring nation since 2003, according to the Industry Ministry. Korea’s exports to Japan amounted to $23 billion, down 6.5 percent from a year

IndustryNov. 18, 2019

Hong Kong anti-mask law 'unconstitutional': High court

HONG KONG (AFP) -- A government ban on demonstrators wearing face masks, aimed at helping to quell months of pro-democracy unrest in Hong Kong, is unconstitutional, the territory's high court ruled Monday."The restrictions it imposes on fundamental rights... go further than is reasonably necessary... and therefore fail to meet the proportionality test," the court said, according to a press summary. The ban on face-covering came into force in October, when the city's unelected pro-Beiji

World NewsNov. 18, 2019

[Newsmaker] Korean man accused of murdering Vietnamese wife

A Korean man in his 50s was apprehended for allegedly murdering his Vietnamese wife, a woman 25 years his junior, the police said Monday.  The Yangju Police Station said they are investigating a 55-year-old man on suspicion of murdering his 30-year-old Vietnamese wife at around 5:30 a.m. Saturday at his home, putting her body in the trunk of his car and dumping it in his hometown of Wanju, North Jeolla Province. The man, who was apprehended at around 1 p.m. on Sunday, reportedly admitted to

Social AffairsNov. 18, 2019

BOK chief calls for bank's preemptive, practical changes

The head of South Korea's central bank called for preemptive measures Monday to actively prepare the bank for future changes, but insisted such measures must be practical enough to win the support of not only bank officials but also the general public."Changes and innovations are becoming much faster and more complicated than ever before in each sector of our society," Bank of Korea Gov. Lee Ju-yeol said in a biennial meeting of top BOK officials. "Should we not react activel

MarketNov. 18, 2019

S. Korea to grant smaller firms grace period on 52-hour policy

South Korea plans to apply a grace period for smaller firms in adopting the 52-hour workweek system, the labor minister said Monday, reflecting concerns over financial costs and a legislative deadlock at the National Assembly."In the case (the policies) are not legislated, the government will push for all possible measures focusing on areas that (companies are) struggling within the extent of not harming the intent of the 52-hour workweek system," Lee Jae-kap, minister of employment an

IndustryNov. 18, 2019