[News Focus] Auto industry faces daunting challenge: Workforce reductions

South Korea’s auto industry, a key driver of the nation’s economic growth, is likely to go through throes of change as carmakers’ restructuring plans are gaining market support.An advisory group consisting of five independent industrial experts said Sunday in a report presented to the management and the labor union of Hyundai Motor that it would be inevitable for the largest carmaker here to reduce its manufacturing workforce by 20-40 percent by 2025. Stressing several changes

MobilityOct. 7, 2019

Moon urges speedy prosecution reform

President Moon Jae-in on Monday urged the National Assembly to process bills concerning the reform of the public prosecutors’ office. Speaking at a weekly meeting with his top aides, Moon said the public is calling for prosecution reform, despite holding differing views on related issues. “Even among the various opinions, the will of the people that comes together is that the need for prosecution reform is as urgent as guaranteeing the prosecution’s political neutrality,&r

PoliticsOct. 7, 2019

[Newsmaker] Cho Kuk probe takes center stage at parliamentary audit of prosecutors’ office

An audit of the Seoul Central District Prosecutors’ Office at the National Assembly saw a heated confrontation between the ruling and opposition parties Monday. The prosecutors in Seoul are leading a probe into corruption allegations surrounding Justice Minister Cho Kuk’s family, even as he has refused to quit.Ruling Democratic Party lawmakers accused the prosecution of conducting a “politically charged” and “biased” probe and of colluding with a main oppositi

PoliticsOct. 7, 2019

N. Korea's deployment of new SLBM would take years: Seoul's defense agency chief

North Korea would need several more years to operationally deploy a recently tested new submarine-launched ballistic missile, the chief of South Korea's defense development agency said Monday.Last week, North Korea claimed to have successfully conducted a test-firing of what it claimed was its "new-type SLBM Pukguksong-3" missile from waters off its eastern coast town of Wonsan, according to the North's Korean Central News Agency.  "It was the first time that the new version

North KoreaOct. 7, 2019

Prices of apartments in redeveloped Seoul areas soar 53% in 4 years

The average sale price of real estate in redeveloped apartment complexes in Seoul has soared more than 50 percent over the past four years, data showed Monday.According to data submitted by the state-run Korea Housing & Urban Guarantee Corporation to the parliamentary land committee, the average sale price per pyeong for reconstructed apartments stood at 31.5 million won ($26,345) as of this year. A pyeong is a unit of area used in real estate measuring, equivalent to 3.3 square meters. This

EconomyOct. 7, 2019

Hyundai Motor, Doosan Fuel Cell join hands for hydrogen fuel cell development

Hyundai Motor Group and Doosan Fuel Cell have agreed to co-develop and jointly study hydrogen fuel cell systems and generation networks, the two firms said Monday.According to the companies, Hyundai Motor Group, Doosan Fuel Cell and a state-run automotive parts innovation center called Ulsan TechnoPark signed a memorandum of understanding to cooperate on hydrogen-based microgrid demonstration project, aimed to create an independent hydrogen fuel cell energy network.  They will develop new b

IndustryOct. 7, 2019

[Elizabeth Drew] Logic of impeachment does not favor Trump

US President Donald Trump’s presidency is in peril. He’s likely to be impeached -- the equivalent of an indictment -- by the House of Representatives, and it cannot be ruled out entirely that the Senate will vote to convict him and therefore remove him from office. Impeachment alone would leave an asterisk by Trump’s name in history. And even if he isn’t convicted, which requires a two-thirds vote, any Senate Republican votes against him will undermine his argument that t

ViewpointsOct. 7, 2019

[Contribution] Chilean Navy’s training ship Esmeralda visits Busan

The Chilean Navy’s training ship Esmeralda visited the Republic of Korea from Friday to Tuesday. This occasion constituted a source of personal satisfaction for me, because it brought back memories that stretch back in time along with my diplomatic career. I had received the vessel and its crew in different capacities in New York (1986), Wellington (1993), Singapore (1995), Bali (2002), Singapore again in 2012 and Busan in 2016. I often say that this magnificent ship has been present in so

Diplomatic CircuitOct. 7, 2019

[Diplomatic circuit] Saudi Arabia opens doors to tourists from South Korea

Saudi Arabia will issue travel visas for South Koreans and citizens of 48 other countries as part of its Vision 2030, the Saudi Embassy in Seoul said.The visa issuance starting Sept. 27 comes amid a series of decisions to ease strict laws and regulations in one of the most conservative countries in the Middle East.“Saudi Arabia is now opening its doors to international tourists. We are expecting that the tourists from all around the world can enjoy the UNESCO World Heritage Sites, the Red

Diplomatic CircuitOct. 7, 2019

[Diplomatic circuit] French ambassador, chamber of commerce highlight upcoming tech summit

The French Korean Chamber of Commerce and Industry and newly appointed French Ambassador to South Korea Philippe Lefort held a networking event for members of the FKCCI, highlighting the upcoming French-Korean tech summit, the FKCCI said. The event, the “FKCCI Networking Evening With the New French Ambassador to Korea,” took place Oct. 2 in central Seoul with roughly 80 FKCCI members and related officials in attendance.Its purpose was to give the French business community here a

Diplomatic CircuitOct. 7, 2019

[Diplomatic circuit] Indian Embassy launches fifth ‘Sarang Festival’ to spread Indian culture

The Embassy of India in Seoul has launched an annual festival showcasing India’s diverse culture. The fifth edition of “Sarang: The Festival of India in the Republic of Korea” kicked off Oct. 2 and will run until Nov. 22, introducing different aspects of Indian culture including classical bharata natya dance and traditional carnatic instrumental music, as well as Indian film, art and food.“We begin tomorrow, Oct. 2, which is the 150th birth anniversary of Mahatma Gandhi,

Diplomatic CircuitOct. 7, 2019

[Diplomatic circuit] Korea Foundation launches Indonesia office

The Korea Foundation, a nonprofit organization under the Ministry of Foreign Affairs, has opened an office in Jakarta, marking its eighth overseas office aimed at promoting public diplomacy.The office in Indonesia will function as a hub for public diplomacy targeting Southeast Asian countries as part of the Moon Jae-in administration’s New Southern Policy. “Indonesia has a population of 260 million people, standing as the world’s fourth most populous country. It is the lar

Diplomatic CircuitOct. 7, 2019

[Diplomatic circuit] British Council in Korea holds dance workshop for seniors

British community-dance professional Diane Amans led a dance workshop for seniors in Yecheon, North Gyeongsang Province, at the invitation of the British Council in Korea. The event held Sept. 25 to Oct. 2 aimed to promote healthy and “creative aging” through the arts as well as to foster arts programs here tailored for the older generation.“The British Council in Korea has held a number of arts projects by inviting UK professionals to share their inclusive approaches to arts.

Diplomatic CircuitOct. 7, 2019

LG Electronics reports largest-ever 3Q sales

LG Electronics said Monday it posted its largest-ever third-quarter sales this year, as it released its preliminary guidance for its third-quarter earnings. LG is forecast to post 15.69 trillion won in sales and 781.1 billion won in operating profit for the period between July and September, the company said.  The sales and operating profit both are expected to increase 1.8 percent and 4.3 percent, respectively, from the same period last year. The third-quarter sales marked the greatest amo

TechnologyOct. 7, 2019

Samsung to fund W33b for research on future tech

Samsung Electronics said Monday it will dole out 33 billion won ($27.6 million) for academic research projects on future technologies in the fields of basic science, materials and information communications technology. The South Korean tech giant will support 26 research projects, including seven in basic science, 10 in material technology and nine related to ICT. In basic science, Samsung will offer funds for discovering treatments for brain tumors and theorization for quantum optics, it said.I

TechnologyOct. 7, 2019

Baroque music with French flair to grace stage in October

Two Francophone Baroque music ensembles will go onstage here this month. One of the groups, Les Arts Florissants, is a French ensemble founded in 1979 by William Christie. It is credited with efforts to revive 17th to mid-18th century European music. Christie, a conductor and harpsichordist, is often referred to as “a pioneer in the rediscovery of Baroque music” in France, introducing lesser-known French Baroque music pieces. On Oct. 17, the ensemble will present Handel’s

PerformanceOct. 7, 2019

Financial watchdog to audit Shinhan for irregularities

South Korea’s financial watchdog said Monday it will start a comprehensive audit of Shinhan Financial Group and its commercial banking unit this month. According to a Shinhan Bank spokesperson, the Financial Supervisory Service sent a request last month for documents, ahead of a change in management next year.  “We have received a request for a comprehensive inspection from the FSS slated around the end of the month,” the spokesperson told The Korea Herald, without elabora

MarketOct. 7, 2019

Retail investors’ short selling is lackluster despite govt. efforts

Retail investors’ short selling transactions in the third quarter accounted for merely 1 percent of the total transaction volume, according to Korea Exchange data Monday.Short selling is a high-risk trading strategy when investors borrow shares to sell them on the market, in order to buy them back later at a lower price. The investors hope to profit by returning them to the lender at a later date. According to the nation’s main bourse operator, short selling by retail investors

MarketOct. 7, 2019

North Korea says future of nuclear talks depends on US

North Korea said Monday that it is up to the US to decide whether to hold follow-up nuclear talks with the regime, warning unpreparedness could lead to “terrible consequences” after claiming their working-level meeting in Sweden had broken down. Resorting to harsh language, North Korea’s top nuclear envoy Kim Myong-gil expressed his frustration at not making progress during his meeting with the US delegation -- headed by US Special Representative for North Korea Stephen Biegun

North KoreaOct. 7, 2019