South Korea pulls out of intel-sharing pact amid spat with Japan

South Korea decided to withdraw from the bilateral military intelligence-sharing pact with Japan on Thursday, amid escalating friction over trade and historical issues.In a televised announcement, Cheong Wa Dae said it has made the decision to abolish General Security of Military Information Agreement and will notify Japan via diplomatic channels by midnight on Saturday, the deadline for a decision on whether to renew the agreement.“The government deemed that Japan caused grave change

Foreign AffairsAug. 22, 2019

S. Korea signs FTA with Britain, bracing for post-Brexit

South Korea signed a free trade agreement (FTA) with Britain on Thursday, a step to help maintain the continuity of their trade and economic ties even after London's departure from the European Union (EU).There have been concerns that South Korean exporters may no longer enjoy the benefits under the existing South Korea-EU FTA when Britain leaves the world's single largest economic bloc without agreeing on post-Brexit conditions.In London, South Korean Trade Minister Yoo Myung-hee and her Britis

Foreign AffairsAug. 22, 2019

[Graphic News] Over 50% of Seoul citizens watch TV or go online for weekday leisure

　More than half of Seoul citizens watch TV or use the internet and play online games for leisure during weekdays, a poll showed.　The survey of 1,000 people by the Seoul Metropolitan Government showed that 51.2 percent spend their free time on weekdays watching TV and doing online activities, followed by exercising with 17.5 percent and taking a rest with 6.6 percent.　On the weekend, traveling or doing outdoor activities topped the list, followed by watching TV or playing online games at 17.3 per

Social AffairsAug. 22, 2019

Top court to rule on ex-leader Park, Samsung heir Lee on Aug. 29

South Korea's highest court is scheduled to deliver a final verdict next week on former President Park Geun-hye, her confidante and Samsung Electronics Co. Vice Chairman Lee Jae-yong in a massive corruption scandal, officials said Thursday.The Supreme Court will decide on Aug. 29 whether to uphold or dismiss a lower court's ruling that sentenced Park to 25 years in prison in the corruption case that led to her removal from office in March 2017. The ruling comes after the appeals court increased

Social AffairsAug. 22, 2019

[Breaking] S. Korea to scrap military info-sharing pact with Japan

South Korea announced its decision Thursday to ditch a bilateral agreement with Japan on exchanging classified military information, citing a "grave change" in security cooperation conditions attributable to Japan's export restrictions.   Seoul plans to inform Tokyo of the measure before the Aug. 24 deadline via a diplomatic channel, according to Kim You-geun, deputy director of South Korea's presidential national security office.   The government concluded that it

DefenseAug. 22, 2019

South Korea-US defense cost-sharing deal may begin mid-Sept.

South Korea and the US are expected to launch defense cost-sharing talks in mid-September, according to a Foreign Ministry official, amid a growing concern here over US President Donald Trump’s push for the Asian ally’s substantial hike in contribution. The negotiation for the Special Measures Agreement is for deciding South Korea’s share of the cost for the upkeep of the 28,500 US troops. “I predict that SMA talks could open in mid-September at the earliest, after t

Foreign AffairsAug. 22, 2019

[From the scene] Students angered by university admission allegations involving Cho Kuk’s daughter

A spiraling series of allegations ranging from his dubious investment in a private equity fund to his involvement in a left-leaning group have cornered Cho Kuk since he was nominated as justice minister earlier this month.What appears to be further pushing him into the corner are allegations surrounding his daughter’s college admission, with young Koreans planning to hold candlelight vigils in protest of the former progressive icon.Cho is facing criticism over his 28-year-old daughter, who

Social AffairsAug. 22, 2019

Posco starts overseas production of cathode materials in China

South Korean steelmaker Posco said Thursday that it has completed construction of a plant in China that will produce cathode materials for rechargeable batteries starting late this year. Under a joint venture with China’s Huayou Cobalt, Posco built the plant in Zhejiang province, capable of producing 5,000 tons of cathode materials per year. It is Posco’s first overseas plant for cathode material production, officials said. Posco holds 60 percent in the venture, with Huayou Cobalt ta

IndustryAug. 22, 2019

[David Ignatius] Unlikely crusade to save capitalism from itself

“Evolve or die,” wrote hedge-fund billionaire Ray Dalio in a manifesto published in April titled “Why and How Capitalism Needs to be Reformed.” With each passing month, more business executives have been joining this unlikely crusade to save capitalism from itself. The loudest reform call yet from inside the system came this week from the Business Roundtable, which represents the chief executives of 192 of the nation’s largest companies. Most of its members signed a

ViewpointsAug. 22, 2019

To things that we find ambivalent, inconsistent

Confusion has recently followed after the relocation of “Mona Lisa,” as it created bottlenecks of visitors coming to see Leonardo da Vinci’s most widely known masterpiece. To what end do people toil all the way to see the artwork? Why is it that “Mona Lisa” gets the spotlight while masterpieces by Peter Paul Rubens that hang on the wall behind it do not get attention they rightfully deserve?Local artist Kim Hong-shik’s works shown at Gallery Su’s exhibit

Arts & DesignAug. 22, 2019

Blue House expects imminent resumption of US-NK talks

The US and North Korea are expected to resume denuclearization talks soon, Kim Hyun-chong, a deputy director at the presidential National Security Office, said Thursday after a meeting with a top US envoy for Pyongyang. “The impression I have (from the meeting) is that talks between the US and North Korea will soon begin and it will go well,” Kim told reporters at the Government Complex in Seoul. But Kim said he cannot disclose the details that convinced him US-North Korea nuclear ta

North KoreaAug. 22, 2019

'Parasite' selected as S. Korea's Oscar contender

The Cannes-winning film "Parasite" by renowned auteur Bong Joon-ho has been selected as South Korea's entry to the best international feature film category at the upcoming Academy Awards.The Korean Film Council (KOFIC) said Thursday that it picked Bong's black comedy film to compete for an Oscar nomination for best foreign film next year.The state-run council said it chose "Parasite" for its Palme d'Or achievement at this year's Cannes Film Festival, the worldwide reputation

FilmAug. 22, 2019

Teaser image for Hyundai Motor’s EV concept car 45 revealed

Hyundai Motor Group released a teaser image for its electric vehicle concept car 45 on Thursday, ahead of the 2019 Frankfurt Motor Show next month.According to Hyundai Motor, 45 is a reinterpretation of the carmaker’s first concept car design revealed in 1970. It has been renewed under Hyundai Motor’s next-generation design philosophy -- “sensuous sportiness.”  The latest concept car has customized customer experience under the new brand strategy “Style Set Fre

MobilityAug. 22, 2019

NK notifies UN its FM will attend General Assembly in Sept.: source

North Korea has notified the United Nations that its Foreign Minister Ri Yong-ho will attend this year's session of the General Assembly slated to take place in New York next month, a diplomatic source here said Thursday.His possible trip to New York raised the prospects of bilateral talks with his US counterpart, Mike Pompeo, as Washington is seeking to restart working-level nuclear negotiations with Pyongyang. "The North has informed the UN that Foreign Minister Ri Yong-ho will deliver a

North KoreaAug. 22, 2019

[News Focus] Korea marks 20th anniversary of FTA talks across globe

SEJONG -- It has been two decades since South Korea took its first steps into the free trade market, seeking bilateral deals with major world economies in hopes of enjoying tariff benefits.Since launching negotiations toward a free trade agreement with its first partner, Chile, in 1999, Korea has put 15 FTAs in place with three continental trade blocs (that involve 42 countries collectively) and 12 countries.The three trade blocs are the 28-member European Union, the 10-member Associat

EconomyAug. 22, 2019

[Newsmaker] Facebook wins court battle over network cutoff

　Facebook Korea has won a yearlong legal battle against the government’s decision to impose a financial penalty for a massive network cutoff in 2017.　The Seoul Administrative Court ruled Thursday that it was unlawful for the Korea Communication Commission to impose a 396 million won ($367,000) fine on Facebook for delaying access for those subscribed to SK Telecom, SK Broadband and LG Uplus by changing network connection routes.  　Facebook had denied the accusation, saying that the te

TechnologyAug. 22, 2019

[Herald Review] 'Tune In for Love' a mediocre film with familiar tune, but has heart

We’ve seen this before, literally. Ever since “Architecture 101” stole the hearts of many who spent their youth in the 1990s, romance dramas riding on wistful ’90s nostalgia have popped up every few years.“Tune In for Love,” directed by Jung Ji-woo, is nothing special and has glaring flaws in its somewhat clunky storytelling. Despite its familiarity -- if you are a child of the ’90s -- it does send you back to the good ol’ days, which is always a w

FilmAug. 22, 2019

LG Chem prioritizes sustainability in battery material suppliers

South Korea’s leading battery maker LG Chem has introduced sustainability as an evaluation factor for battery material suppliers to incorporate the rising importance of supply chain management and ethical purchases, the company said Thursday.  The company recently conducted the first assessment of its material suppliers, in which it evaluated the suppliers’ sustainability by examining working conditions, human rights of employees, safety of the work environment, management of ma

TechnologyAug. 22, 2019

S. Korea issued $2.7b high-risk derivative products in 2018: data

South Korea’s financial institutions issued 3.2 trillion won ($2.7 billion) worth of high-risk derivatives-linked securities last year that did not guarantee the return of the investor’s original investment, according to data from the Korea Financial Investment Association released Thursday.The volume of such DLS issued increased 29 percent on-year from 2.9 trillion won in 2017 and hit a record high, feeding concerns over South Korean investors’ growing appetite for high-risk,

MarketAug. 22, 2019