President Moon makes 8% return from W50m investment

A local equity fund, which gained recognition for President Moon Jae-in’s investment, has achieved an earnings rate three times higher than the industry average.NH-Amundi Asset Management said through a release Sunday that its NH-Amundi Victorious Korea Equity Fund logged a 3.88 percent return rate over the past month, Friday.The average return of equity funds here stood at 1.28 percent as of this month, according to financial information vender FN Guide. The given research was conducted o

MarketOct. 20, 2019

BOK’s base rate cut rings alarm on household debts

Concerns are mounting that the central bank’s latest base rate cut may encourage easy borrowing and aggravate the country’s household debt problem.But others suggest that the government’s enhanced loan regulations and slow economic growth pace will help prevent reckless borrowing.The total balance of household credit as of the end of June this year stood at 1,556.1 trillion won ($1,318 billion), according to data released by the Bank of Korea on Sunday.Household credit is a com

EconomyOct. 20, 2019

Musical ‘Aida’ to kick off final run in Korea next month

The final South Korean production of the beloved musical “Aida” will kick off next month, wrapping up a run that spans 732 performances, 14 years and 730,000 audience members.The local promoter for “Aida,” the Seensee Company, said the musical will be performed Nov. 13 to Feb. 23, 2020, at the Blue Square Interpark Hall in central Seoul. Yoon Gong-ju and Jeon Na-young have been cast as the title character and will appear along with other musical stars such as Kim Woo-hyun

PerformanceOct. 20, 2019

South Korea’s eco-friendly car exports expand

South Korea’s export of eco-friendly cars mainly involving compact sport utility vehicles such as Hyundai Motor’s Kona and Niro have expanded significantly, government data showed Sunday.According to data compiled by the country’s Transport Ministry and Korea Automobile Manufacturers Association, exports of eco-friendly vehicles including electric vehicles and hybrid cars increased 41.8 percent to 189,033 units from January to September, compared to a year ago.  In Septemb

MobilityOct. 20, 2019

Bill to tackle university admission fraud to be tabled

A ruling Democratic Party lawmaker plans to submit a special bill on reviewing university admissions of lawmakers’ children early this week.  The move comes amid public uproar over fairness in university admissions triggered by allegations that the daughter of former Justice Minister Cho Kuk enjoyed extra privileges. The bill, which Rep. Park Chan-dae of the Democratic Party will be submitted this week, stipulates the creation of a 13-member special investigation committee. The Nation

Social AffairsOct. 20, 2019

Remains of abandoned dogs in Jeju turned into feedstock

An animal protection center operated by the provincial government of Jeju Island said Sunday parts of dead animals have been used for producing feedstock.The Jeju animal hygiene lab -- to which the animal center is affiliated -- said Sunday that remains of dogs from the center were forwarded to a rendering firm which sold the bone parts to feedstock manufacturers between January and Oct. 9 this year.  Rendering refers to the process of converting waste animal tissues into usable materials s

Social AffairsOct. 20, 2019

S. Korea, China to hold first 'strategic' defense talks in 5 years

South Korea and China will hold high-level defense talks this week, resuming an annual dialogue that has been suspended since its last session in 2014 due to tensions over Seoul's decision to host an advanced US missile defense system.Vice Defense Minister Park Jae-min plans to make a three-day trip to Beijing through Tuesday. He's scheduled to hold the fifth South Korea-China vice ministerial strategic defense dialogue Monday with Lt. Gen. Shao Yuanming, deputy chief of the Joint Staff Departme

DefenseOct. 20, 2019

BOK expected to hold fire on rates until July next year: report

The Bank of Korea is expected to keep its key rate at a historic low until July next year as it maintained expectations of a modest economic recovery in 2020, according to a report Sunday. But the BOK may have no choice but to cut the key rate next July unless the United States and China agree to end their lengthy trade war by that time, Goldman Sachs said in the report.In a widely expected move, the BOK slashed the key rate to 1.25 percent from 1.5 percent last week, marking the second rate cut

EconomyOct. 20, 2019

British PM sends unsigned letter seeking Brexit delay

LONDON (AFP) -- British Prime Minister Boris Johnson reluctantly wrote to Brussels asking for a Brexit extension after MPs voted Saturday to force him into seeking a delay beyond October 31.But Johnson, who has pinned his premiership on getting Britain out of the European Union on time, refused to sign the letter he sent to European Council President Donald Tusk. The Conservative leader, who had to send the letter to abide by the law, also sent a second signed letter insisting he was not seeking

World NewsOct. 20, 2019

‘Cho Kuk’s resignation did not douse ideological flames’

As controversies surrounding his family peaked, Cho Kuk resigned as justice minister on Monday, but protests continued, both for and against President Moon Jae-in’s key aide.A pro-Cho group called Gaegukbon -- a Korean acronym for People’s Brawl Movement Headquarters -- kicked off its 10th demonstration at 5 p.m. Saturday, this time in front of the National Assembly in Yeouido. Its former gatherings took place at the prosecution office district in Seocho-dong, southern Seoul.Two days

PoliticsOct. 19, 2019

FAO projects N. Korea's food situation to worsen in Q4

The UN Food and Agricultural Organization forecast North Korea's food situation will worsen in the fourth quarter due to Typhoon Lingling and African swine fever, a US broadcaster reported Saturday.Citing the FAO's Early Warning Early Action report on food security and agriculture released Thursday, the Voice of America said North Korea is among nine high-risk countries that face further food shortages in the October-December period. The FAO picked drought, natural disasters, such as typhoo

North KoreaOct. 19, 2019

Pork prices in S. Korea on wane amid African swine fever outbreaks

The average wholesale price of pork in South Korea decreased nearly 40 percent in October from a month earlier, as consumers shunned the meat amid the outbreak of African swine fever here, data showed Saturday.A kilogram of pork cost 2,969 won ($2.52) as of Friday morning, down 38 percent from a month earlier, according to the data compiled by the Ministry of Agriculture, Food and Rural Affairs.  Compared with 2018, the price surrendered 24.1 percent.The retail price of pork belly, one of t

Social AffairsOct. 19, 2019

S. Korea, Australia to strengthen currency ties: ministers

Finance ministers of South Korea and Australia discussed ways to strengthen the two countries' currency swap and other financial cooperation in Washington, the finance ministry said Saturday. Finance Minister Hong Nam-ki met with his Australian counterpart Josh Frydenberg to discuss cooperation in currency swap, hydrogen economy and external policies in Washington, D.C. on Friday (local time), according to the Ministry of Economy and Finance. Hong is in the U.S. capital for the Group of 20 finan

Foreign AffairsOct. 19, 2019

[ASEAN-Korea summit] Moon requests support for peace efforts, Busan summit with ASEAN

President Moon Jae-in asked foreign ambassadors here Friday to join a "historic" peace journey on the Korean Peninsula. He also requested their keen attention to South Korea's efforts to play a bigger role on the global stage, as he hosted more than 110 foreign ambassadors serving in South Korea and their spouses to a Cheong Wa Dae garden reception.It marked Moon's first formal invitation for all of the heads of foreign diplomatic missions in Seoul since his inauguration in May 2017.&q

Foreign AffairsOct. 19, 2019

US likely to release report on cargo ship accident next year

The United States is likely to issue a final report next year on its joint probe with South Korea into the capsizing of a cargo ship off the US east coast, an official has said.The 71,000-ton, Marshall Islands-flagged Golden Ray carrying about 4,000 cars capsized in St. Simons Sound near the Port of Brunswick, Georgia, on Sept. 8. The Golden Ray was operated by Hyundai Glovis Co., a logistics unit of South Korea's Hyundai Motor Group. Last month, officials of South Korea and the Marshall Islands

Foreign AffairsOct. 19, 2019

Seoul stocks to move in tight range next week

South Korean stocks are expected to move in a tight range next week as investors remain wary over the US-China trade row, analysts said Saturday. On Friday, the benchmark Korea Composite Stock Price Index ended down 17.25 points, or 0.83 percent, at 2,060.69 as China's third-quarter growth slowed to a 27-year low of 6 percent.This week, the KOSPI gained 0.79 percent. In a widely expected move, the Bank of Korea slashed its key rate to 1.25 percent from 1.5 percent this week -- the second rate cu

EconomyOct. 19, 2019

S. Korean beauty retailers vying to secure customers amid Sephora's debut

South Korean big-name beauty retailers are set to vye for a lion's share in the country's already saturated market, as the global heavyweight, Sephora, is set to open its first outlet in the country next week, industry sources said Saturday.Sephora will be coming to Parnas Mall in the posh district of Gangnam in southern Seoul next Thursday, Sephora Korea said. Spread across 547 square feet, the store will feature hundreds of cosmetics, skin care, body and fragrance brands, along with its own pr

IndustryOct. 19, 2019

Defending champion Koepka withdraws from CJ Cup with knee injury

Defending champion Brooks Koepka has withdrawn from the CJ Cup @ Nine Bridges, the lone PGA Tour stop in South Korea, after aggravating a knee injury.The world No. 1 will not have a chance to win his second straight title in Jeju Island, after taking himself out of the no-cut event before the start of Saturday's third round. Koepka opened his title defense with rounds of 69-75 to sit in a three-way tie for 51st place at even par, 13 strokes behind the 36-hole leader Justin Thomas at the Club @ N

SportsOct. 19, 2019

World's 1st female spacewalking team makes history

The world's first female spacewalking team is making history high above Earth. NASA astronauts Christina Koch and Jessica Meir exited the International Space Station on Friday, the first time in a half-century of spacewalking that a woman floated out without a male crewmate. Their job is to fix a broken part of the station's solar power network. America's first female spacewalker from 35 years ago, Kathy Sullivan, is delighted. She says it's good to finally have enough women in the astronau

World NewsOct. 18, 2019

Police request arrest warrants for 9 students over break-in

Police said Saturday they have requested warrants for the arrests of nine South Korean university students for breaking into the residence of the top US envoy in South Korea.The request comes a day after 17 student members of a progressive civic group broke into the residence of US Ambassador Harry Harris in central Seoul by climbing over its wall using a ladder.They staged a surprise protest criticizing the US demand for a hefty rise in South Korea's share of the cost for the upkeep of the 28,5

Social AffairsOct. 18, 2019