Saudi Aramco's IPO Is Vulnerable to the Russians

In finance, as in comedy, timing is everything. Get it right and you have investors (or the audience) in the palm of your hand. Get it wrong and the ensuing silence is painful.Saudi Arabia has stepped on stage finally to launch the initial public offering of its oil monopoly Saudi Aramco. By a strange quirk of the calendar, the price of the shares will be set on the same day OPEC meets to decide the next step in its strategy of propping up the price of crude.It’s hard to see this coinciden

World BusinessNov. 12, 2019

S. Korea to offer $100,000 in aid for flood-hit Central African Republic

South Korea plans to provide Central African Republic with $100,000 in emergency humanitarian assistance, Seoul's foreign ministry said Tuesday, as tens of thousands of local residents have been left homeless due to floods.The ministry said the decision represents South Korea's commitment as a "responsible member of the international community." The government will "expand humanitarian aid to join in recovery efforts by countries and people dealing with natural disaster damages,&q

Social AffairsNov. 12, 2019

Man test-parachuting from skyscrapers under investigation

Police said Tuesday they are questioning one of two men, identified as Russians, who performed a parachute glide from a 155-meter-tall, 42-story hotel in the Haeundae district of Busan on Sunday a week earlier.  The two Russians, who call themselves “base-jumping artists,” sky-dived from the building with a parachute without the permission of building maintenance. The two men have been conducting similar stunts at other skyscrapers in the city, according to police. Police 

Social AffairsNov. 12, 2019

[Graphic News] Over 800 North Koreans have defected to S. Korea this year

　Over 800 North Koreans have defected to South Korea so far in 2019, government data showed, indicating their annual figure will be similar to that recorded a year earlier.　A total of 828 North Koreans defected to the South during the January-October period, according to data provided by the Unification Ministry handling inter-Korean affairs.　At the current rate, the annual number of North Koreans settling here is expected to be similar to 1,137 registered last year. (Yonhap)

North KoreaNov. 12, 2019

Parliamentary inquiry into N. Korean deportation an option

The main opposition Liberty Korea Party on Tuesday said the parliament could open an investigation into what really happened when Seoul deported two North Korean fishermen on Thursday a week ago. “The committees -- intelligence, defense and foreign affairs -- will convene to find out what happened that day,” said Na Kyung-won, floor leader of the Liberty Korea Party. “If that’s not enough, we could open a parliamentary investigation.” Last Thursday, South Kor

North KoreaNov. 12, 2019

Chinese novelist Yan Lianke to meet local readers with upcoming Korean editions

Chinese novelist Yan Lianke is known for realistically describing Chinese society in his novels, naturally unveiling unpleasant sides the privileged class would prefer to keep in the dark. “Although China has grown to a superpower, becoming one of the ‘G2,’ I want people to have more interest in the lives of the ordinary people in China,“ Yan, 61, said on the recent China-US trade war at a press conference held in Seoul Tuesday. ”China’s economy has improved s

BooksNov. 12, 2019

[ASEAN-ROK summit] ASEAN Cinema Week 2019 to be hosted in Busan

A film festival showcasing works from Association of Southeast Asian Nations member states will take place in Busan on Friday and Saturday, on the sidelines of the upcoming ASEAN-ROK Commemorative Summit. The venue for ASEAN Cinema Week 2019 -- ASEAN Cinema NOW! is the Busan Cinema Center, a landmark of the southern port city that is best known for hosting the annual Busan International Film Festival. Ten films will be screened at the ASEAN event, one from each member state. The films are &ldquo

CultureNov. 12, 2019

[Video] Exhibition offers unique joy of taking pictures

Karl Lagerfeld famously said, “Pictures capture a moment that is gone forever, impossible to reproduce.” Whipping out a camera and taking photos yourself helps you grab the precious memories. This is mainly because when you see yourself in pictures, you can flashback to how you laughed, posed and even smiled during that particular click. The Korea Herald’s intern reporters visited today’s trendiest photo studio exhibition, located in Garosugil, southern Seoul, and explore

Arts & DesignNov. 12, 2019

US military chief voices hope for resolution of Seoul-Tokyo intel-sharing pact

US Joint Chiefs of Staff Chairman Gen. Mark Milley expressed hope Tuesday of finding a way for South Korea and Japan to renew their military information-sharing pact before it expires next week, a news report said.Milley, who was in Tokyo as part of a trip to the Indo-Pacific region, made the remarks following a meeting with Japanese Prime Minister Shinzo Abe, Japan's Kyodo News reported. Milley is scheduled to arrive in Seoul on Wednesday from Japan.Milley said he and Abe discussed the issue of

Foreign AffairsNov. 12, 2019

Primera ‘Let’s Love’ campaign benefits girls in Indian town

Primera, a skin care cosmetics brand under South Korean beauty giant Amorepacific, has launched a limited edition of its Mango Butter Comforting product line as part of its “Let’s Love” campaign.The campaign was first launched in 2013 as part of its corporate social responsibility efforts and benefits girls in Jamui, India, who are affected by poverty and inequality.  The product cases feature typography and illustrations inspired by the girls’ handwritten letters an

IndustryNov. 12, 2019

Samsung Electronics’ biggest trade union to launch this week

The fourth and biggest Samsung Electronics labor union will be launched under the Federation of Korean Trade Unions this week, industry sources said Tuesday.Breaking a 50-year streak of adherence to an anti-union stance, it marks the first time that the country’s largest family-run conglomerate will allow the establishment of a union under the federation. It already has three small labor unions. Around 400 Samsung employees are rumored to have signed up for the fourth union. The company di

TechnologyNov. 12, 2019

McDonald's reaches settlement with 'hamburger disease' victim

McDonald's Korea said Tuesday it has reached a settlement with a girl suffering from so-called "hamburger disease" to pay medical bills for her treatment, in an apparent effort to ease negative public sentiment over the US fast food chain. A mother filed a complaint against the Korean arm of McDonald's in July 2017, claiming her four-year-old daughter was diagnosed with hemolytic uremic syndrome after eating an undercooked hamburger patty purchased from the chain in September 2016.&nbs

Social AffairsNov. 12, 2019

[Kim Seong-kon] Between ‘take-off’ and ‘crash-landing’

In the 1970’s when the South Korean economy bypassed North Korea, the foreign press reported that it was finally in the stage of taking-off after a long taxi on the runway. Indeed, the whole world was watching South Korea’s successful take-off at the time. The South Koreans were very excited because they finally made their way out of the long, dark tunnel of postwar poverty.Recently, however, I came across a rather depressing newspaper article by professor Kim Young-min entitled, &ld

ViewpointsNov. 12, 2019

[Daniel Moss] Trade war frontlines are friendlier than you think

The island of Tsushima, halfway between Japan and South Korea, is about as close as you can get to the frontline of their trade war. Now part of Nagasaki prefecture, waves of Korean cultural, commercial and military influence have crested and receded over the hills of this verdant island since the Middle Ages.Here it’s apparent that centuries-old ties between the nations can’t be unwound by political rhetoric spewing from capital cities hundreds of miles away. Economic life crawls al

ViewpointsNov. 12, 2019

Banks not as top-heavy as conglomerates: data

The competition to join the C-suite is higher at major banks than at top-tier conglomerates such as Samsung Electronics and Hyundai Motor, data showed Tuesday.When it comes to the four major sectors of the financial market -- banks, insurers, brokerages and credit card companies -- executives accounted for 2,969 of the 23,595 employees as of the end of June, or 1.3 percent, according to the Financial Information Statistics System of the market watchdog Financial Supervisory Service.The correspon

IndustryNov. 12, 2019

GS Caltex joins new oil futures exchange in Abu Dhabi

GS Caltex said Tuesday it is the first South Korean oil refiner to take part in the launch of ICE Futures Abu Dhabi, a new exchange in the United Arab Emirates. The company has signed a deal with Intercontinental Exchange, an American company that owns exchanges for financial and commodity market exchanges, along with nine other energy traders for the launch of the exchange. The other large energy firms include Abu Dhabi National Oil Co., BP, Shell, Total, Vitol, Petrochina, Inpex, JXTG and

IndustryNov. 12, 2019

Posco launches premium construction steel brand

Posco announced Tuesday the launch of Innovilt, an integrated brand of its premium construction steel materials. The materials are used in buildings and other infrastructure projects. Posco said its new integrated brand will help not only construction experts but also end-users easily recognize and select the materials. “We are trying to cope with challenges such as oversupply of steel and slowing economic growth index through the integrated brand,” said Jang In-hwa, head of Pos

IndustryNov. 12, 2019

Taihan selected as Kepco’s top cable supplier

South Korean cable maker Taihan Electric Wire was chosen as the top-quality power manufacturer of the year by the Korea Electric Power Corp., according to the firm Tuesday.Taihan said its underground cables for distribution received an award at the 2019 BIXPO Awards hosted by Kepco in Gwangju last week. The evaluation was made based on quality factors such as defect rate, failure rate, electricity quality and violation of fair trade. Taihan was selected as one of the top 10 manufacturers am

IndustryNov. 12, 2019

Samsung Bioepis expects 2019 to yield first-ever profit

Samsung Bioepis is anticipated to turn a profit for the first time since the company’s foundation, CEO Ko Han-sung said Tuesday at a press conference, estimating over 1 trillion won ($859 million) revenue in 2019. “We have never held a press conference prior to this one, thinking a company in deficit has nothing to say -- but we expect to turn a profit this year,” said Ko during the conference on the sidelines of the BIOplus 2019 forum at Coex exhibition hall in Seoul.  Sa

IndustryNov. 12, 2019