Police to summon K-pop star, ex-chief of YG Entertainment on gambling charges this week

Police will likely summon a K-pop star and the ex-chief of YG Entertainment on charges of overseas gambling, sources said Monday.Seungri, 29, a former member of popular boy band BIGBANG, and Yang Hyun-suk, 50, former chief producer and founder of YG Entertainment, will be questioned on Wednesday and Thursday, respectively, according to the sources. The two were booked by the police earlier this month on charges of gambling in a hotel casino in Las Vegas and securing gambling money in violat

Social AffairsAug. 26, 2019

Trump claims serious trade negotiations with China to begin

BIARRITZ, France — President Donald Trump, facing pressure to scale back a US-China trade war contributing to a global economic slowdown, claimed Monday that serious talks will begin soon although another round has been expected in Washington in September.Trump said his trade negotiators had received two “very good calls” from China on Sunday. But a spokesman for China’s foreign ministry said Monday that he didn’t know what calls Trump was talking about.Trump expres

World BusinessAug. 26, 2019

FSC nominee vows to reform financial industry regulations

The nominee for the nation's top financial regulator said Monday that the government should continue to reform regulations and lower the entry barrier to the financial sector to boost the dynamic of the industry.Eun Sung-soo, President Moon Jae-in's nominee for the Financial Services Commission, made the remark in a report submitted to a parliamentary committee on national policy ahead of his confirmation hearing slated for Thursday. "Once a financial incident or scandal breaks out, su

MarketAug. 26, 2019

[Newsmaker] Kolon TissueGene at brink of delisting, W489.6b at risk of vaporizing

Shares of Kolon Group affiliates took a dip Tuesday, following the Korea Exchange’s announcement that it has tentatively to delist Kolon TissueGene.　Kolon TissueGene, which had traded at 75,000 won ($62) at its peak, stands at 8,010 won per share, with trading halted and not taking place Tuesday. Kolon LifeScience, the umbrella company of TissueGene, closed at 21.82 percent lower than the previous day at 17,200 won. Kolon fell 5.41 percent.　The Korea Exchange (KRX) made the decision the pr

IndustryAug. 26, 2019

Hyundai Heavy unit bags 410 bln won in orders for 5 ships

Hyundai Samho Heavy Industries Co., a local shipbuilder, said Monday it has won orders to build five ships -- two liquefied petroleum gas carriers and three petrochemical carriers -- for some 410 billion won ($337 million) combined.Under a deal with an unidentified Asian customer, Hyundai Samho will build two LPG carriers with a cargo capacity of 84,000 cubic meters by November 2021 for 197.3 billion won. The company added it has also secured a 211 billion-won order from a separate Asian sh

IndustryAug. 26, 2019

[Herald Design Forum 2019] A brief overview of Herald Design Forum 2019

Herald Design Forum 2019 will be held Oct. 10 at Grand Hyatt Seoul, under the slogan “Do We Need Another Planet?”The forum, now in its ninth year, will invite internationally recognized designers, artists and scientists to discuss issues related to ecology and the environment, as well as prospects for our future.Opening this year’s forum is a keynote speech by actress Gong Hyo-jin, also an environmental activist who leads a local upcycling project titled “Super Magic Fact

Arts & DesignAug. 26, 2019

Parties agree to hold hearing on Cho Kuk from Sept. 2-3

The National Assembly judiciary committee agreed Monday to convene a two-day confirmation hearing starting Sept. 2 on Justice Minister nominee Cho Kuk, who is plagued by a series of allegations involving his daughter and family.The ruling Democratic Party of Korea and the opposition bloc had bickered over the confirmation hearing date amid allegations ranging from university admission irregularities involving his daughter to his family’s dubious investment in a private equity firm.Rep. Son

PoliticsAug. 26, 2019

[Graphic News] China world’s No. 1 rare earth producer　

　Vital for smartphone screens, electric vehicle batteries and wind turbines alike, rare earths are highly sought after.　These metals and elements have become indispensable for many advanced industries.　About 35 percent of the world’s rare earth reserves are in China, which produced 120,000 metric tons, or 70 percent, of the global supply in 2018. (AFP)

World BusinessAug. 26, 2019

Renault Samsung may slash jobs; others consider restructuring

Carmakers here are mulling job cuts and restructuring as they enter the fog of uncertainties over a sharp drop in sales, continued confrontations with labor and the delayed launches of some new vehicles.Renault Samsung Motors, the Korean unit of the French carmaker, said Sunday that it may consider slashing jobs in response to declining production volume at its plant in Busan and sluggish sales. The management met union representatives last week to notify the union of its plan to reduce producti

MobilityAug. 26, 2019

[Newsmaker] Samsung on high alert ahead of Supreme Court ruling in bribery case against Lee

Amid the harsh trade and market conditions surrounding South Korea’s largest conglomerate, Samsung Electronics, the company is on high alert as the country’s highest court is set to rule this week on a bribery scandal involving Samsung’s heir and the former president. The Supreme Court is scheduled to deliver a final verdict Thursday at 2 p.m. in the cases of former President Park Geun-hye, her confidante Choi Soon-sil and Samsung heir Lee Jae-yong. The top court will decide wh

TechnologyAug. 26, 2019

Cellist Yo-Yo Ma hopes to bring peace to Korea

Cellist Yo-Yo Ma is to perform near the Demilitarized Zone separating the two Koreas during his stay in Seoul for The Bach Project.The cellist, 64, will perform J.S. Bach’s six cello suites for solo cello at the Olympic Park in Jamsil, eastern Seoul, as part of Credia Park Concert. The unaccompanied cello suites are iconic pieces that fully explore the instrument. The Olympic Park performance is a part of Ma’s The Bach Project, which began in August, aiming to raise awareness of

PerformanceAug. 26, 2019

[Diane Rozells] Academics work toward building stronger Korea-ASEAN ties

Beginning from an initiative of the ASEAN-Korea Center, a new advisory committee has been formed among professors from ASEAN countries who are currently working in Korea. CAPK, which stands for the Council of ASEAN Professors in Korea, comprises about 50 professors from ASEAN member states, who work in universities across South Korea, in cities such as Seoul, Busan, Ulsan and Daegu.Their mission is to enhance the awareness of ASEAN countries among Koreans and to build stronger relationships betw

ViewpointsAug. 26, 2019

[Karl W. Smith] How slavery hurt the US economy

The 400th anniversary of the arrival of the first African slaves in what was to become America has reopened an old debate: How important was slavery to the rise of the US as an economic power?One school of thought argues that slavery in general, and cotton in particular, was the driving force behind the development of America’s distinctive brand of capitalism. The New York Times’ ambitious 1619 Project contains a good encapsulation of this argument. But not only has this theory come

ViewpointsAug. 26, 2019

[Mac Margolis] Torching farmers and ranchers won’t stop fires in the Amazon

The world’s biggest tropical forest is back in the headlines, for all the wrong reasons. Leonardo DiCaprio and Madonna are worried. NASA and Amnesty International are tracking the ruin. French President Emmanuel Macron vowed to make the Amazon emergency a priority during the meeting of the G-7 countries in Biarritz and threatened to block the recently signed trade pact between the European Union and South America’s Mercosur countries because of Brazil’s dereliction of duty in t

ViewpointsAug. 26, 2019

[News Focus] Young jobless Koreans de facto exceed 1 million

SEJONG -- South Korea’s unemployment rate for people aged between 15 and 29 posted 9.8 percent in July, a government release showed.This might indicate that 9 out of every 10 young Koreans are employed. The estimation, however, is based on wide inclusion of those engaged in nonregular or temporary jobs as being hired, which cannot exactly reflect the tight job market situation in the nation.Youth employment in the nation turns critical when it refers to the Supplementary Index III for Empl

Social AffairsAug. 26, 2019

S. Korea to insert W2tr to industries next year amid trade woes

South Korea’s government said Monday that it will insert more than 2 trillion won ($1.64 billion) of the budget next year to help local industries respond to Japan’s economic retaliations and consequent challenges on trade fronts.Also, President Moon Jae-in subscribed to an equity fund that invests in local materials and parts makers, in a supportive gesture for such aggressive fiscal actions.“(The government) will play its due fiscal role, even at the cost of temporary fiscal

EconomyAug. 26, 2019

[Feature] Gwanghwamun Square stands in the way of Seoul Mayor’s path to Blue House

Back in 2017, Seoul Mayor Park Won-soon gave up on entering the presidential race, saying he could not “win the hearts of the people.” 　Having won his third consecutive mayoral term in an overwhelming victory in June 2018, becoming the city’s longest-serving mayor, Park is now considered one of the strongest candidates for the 2022 presidential election. 　The 63-year-old former human rights lawyer and civic activist has not given a direct answer about his presidential ambitions

Social AffairsAug. 26, 2019

[Advertorial] LG Chem aims global top with high-value products

LG Chem said Monday it has reached 30 trillion won ($24.6 billion) in sales this year, following its achievement of being named among the global top 10 chemical companies of 2018 in a magazine published by the American Chemical Society.LG Chem said it now seeks a spot in the global top five by achieving 59 trillion won in sales and a double-digit operating profit margin by 2024.To do so, LG Chem said the petrochemicals sector will continue its investments in high-value products, including synthe

IndustryAug. 26, 2019

[Photo news] GM Korea launches Chevrolet Colorado in Korea

Brent Deep, vehicle performance manager at GM North American Headquarters, presents Chevrolet’s Colorado at Welli Hilli Park in Gangwon Province on Monday. GM Korea launched the US-made Chevrolet Colorado pickup truck in hopes for it to perk up lackluster sales. The Colorado pickup comes with a 3.6-liter six-cylinder gasoline engine with up to 312 horsepower and an eight-speed automatic transmission. The pickup truck segment now accounts for 2 percent of the country’s automobile mark

MobilityAug. 26, 2019