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

Samsung Display CEO boosts internal communication

Samsung Display CEO Lee Dong-hoon held an event to boost communication with employees, underscoring that the company was taking steps forward despite facing challenges the company said Thursday. At its corporate campus in Asan, South Chungcheong Province, on Wednesday, Lee had a question-and-answer session with around 450 employees. The event was broadcast live for employees who were not able to be present.  During the 1 1/2 hour meeting, Lee offered frank answers to questions raised by emp

TechnologyAug. 22, 2019

[Advertorial] Citibank Korea emphasizes social contribution through outreach activities

Citibank Korea said Thursday it has carried out two corporate outreach programs so far this year, participated by its executives and employees.In June, some 2,000 employees and their families participated in the 14th annual Global Community Day, a volunteer day celebrated by all Citibank units around the world. The following month some 1,700 employees and their families welcomed the 22nd annual Citi Building Hope and Home, visiting a Habitat for Humanity construction site in Cheonan, South Chung

IndustryAug. 22, 2019

Dong-A Pharmaceutical promotes acne treatment gel

Dong-A Pharmaceutical said Thursday its pharmaceutical product for acne treatment, Noscarna, leads to a 33.2 percent reduction in scar thickness.According to the company, Noscarna could reduce scar visibility when applied to skin with acne scarring or keloid scars from surgery. Through clinical trials conducted on animals, the results showed 78 percent skin color recovery on skin with scarring as well as 33.2 percent reduction in scar thickness, compared to before the product was used. The produ

IndustryAug. 22, 2019

Allies could begin negotiations on defense cost sharing as early as mid-Sept.: official

South Korea and the United States could launch negotiations on sharing the cost for the upkeep of American troops here as early as the middle of next month, an official at Seoul's foreign ministry said Thursday.The allies have been bracing for the negotiations on how much Seoul will pay next year for the stationing of the 28,500-strong US Forces Korea (USFK), as this year's Special Measures Agreement (SMA), a defense cost-sharing deal, is set to expire at the end of this year. "I predict th

DefenseAug. 22, 2019

SK’s drug unit set for market debut this year

SK Holdings, the holding company of the nation’s third-largest conglomerate, held a board meeting last month to push for the market listing of its drug unit, according to industry sources Thursday.With the board’s approval, SK Biopharmaceuticals is expected to apply for preliminary approval from the stock exchange soon, they added. In April, the drug unit named NH Investment and Securities to lead the initial public offering of the company and Korea Investment and Security as a joint

IndustryAug. 22, 2019

[Photo News] Hyundai chief's green zone project

Hyundai Motor Group Executive Vice Chairman Chung Euisun (center) participates in a corporate social responsibility program designed to curb desertification in the region of Qagan Nor, Neimenggu, China, by making walls with tree branches to prevent grass seeds from flying off in the wind. Since 2008, the South Korean carmaker has carried out the Hyundai Green Zone project to turn infertile deserts into grassland in China. (Hyundai Motor Group)

MobilityAug. 22, 2019

Koreans' overseas card spending inches down in Q2

Overseas card spending by South Koreans slightly dropped from three months earlier in the second quarter, partly due to a decrease in the number of people going abroad, central bank data showed Thursday.In the April-June period, overseas card spending came to $4.67 billion, down 0.1 percent from $4.68 billion in the first quarter, according to the data from the Bank of Korea. On an annual basis, the second-quarter card spending overseas gained 0.1 percent, marking the slowest on-year growth at l

MarketAug. 22, 2019

Court rejects injunction against Hyundai Heavy's shareholders meeting over split-up plan

A Seoul court has rejected an injunction filed by Hyundai Heavy Industries' labor union seeking to nullify the company's split-up plan in its proposed merger with Daewoo Shipbuilding & Marine Engineering, the shipbuilder said Thursday. Hyundai Heavy said the Seoul Central District Court on Wednesday turned down the injunction against its shareholders meeting that approved the company's split. The union has been claiming that the shareholders' meeting in Ulsan on May 31 didn't follow the prop

IndustryAug. 22, 2019

New young adult English novel to recount devastation of Japanese wartime sexual slavery

A young adult novel on Japan's wartime sexual slavery, which was recently translated into English, will hit the shelves in the United States and other countries this year to recount the devastation of the Japanese wartime atrocity, according to its publisher Thursday.The 248-page novel, "Trampled Blossoms: What They Stole from Grandma," written by Moon Young-sook and translated by David Carruth, will go on sale at the US online bookseller Amazon and through other global circulation cha

BooksAug. 22, 2019

SKT becomes world’s first to hit 1 million 5G subscriptions

Korea’s SK Telecom said Thursday that it became the first in the world to have over 1 million 5G subscribers for a single network service, vying against 28 other such telecommunication network services in the world.Yoo Young-sang, SKT’s executive vice president and head of the Mobile Edge Computing department, said, “Korea is a unique country that has all the facets that enable a 5G ecosystem such as the technology, the infrastructure, the service and the subscribers. “We

IndustryAug. 22, 2019

Gyeongbokgung to open its gates for autumn nights

Gyeongbokgung Palace will invite visitors to enjoy its grounds at night this coming autumn, opening its gates between 7 p.m. and 9:30 p.m. from mid-September until early November.According to Cultural Heritage Administration, the annual nighttime special tours of the Joseon-era palace will take begin Sept. 12 -- during the Chuseok Holidays -- and will conclude on Nov. 6. The hours will be extended from the usual 9 a.m. to 6:30 p.m., but only up to 4,500 people a day will be able to visit the pal

TravelAug. 22, 2019

[Box Office] Movies in theaters this week

Fast & Furious Presents: Hobbs & Shaw(US)Opened Aug.14Action, Adventure Directed by David Leitch Ever since hulking lawman Hobbs (Dwayne Johnson) and lawless outcast Shaw (Jason Statham) first faced off in 2015’s Furious 7, the duo have swapped smack talk and body blows as they’ve tried to take each other down. But when cyber-genetically enhanced anarchist Brixton (Idris Elba) gains control of an insidious bio-threat that could alter humanity forever, these two sworn enemies

FilmAug. 22, 2019

[Travel Bits] Festivals, sights across Korea

Muchangpo Mystic Sea Road FestivalA 1.5 kilometer path opens up across the sea from Muchangpo Beach to Seokdaedo Island when the tide goes out during this festival. Visitors can enjoy a wide range of attractions and hands-on programs such as celebratory performances, fishing with a torch, the Mystic Sea Road torch parade, barehanded fishing, catching manila clams, gathering razor shells and many more.It is open to all visitors, and is held until Sept. 1.For more information in Korean, English, J

TravelAug. 22, 2019

NK says it has no interest in talks if military threats continue

North Korea said Thursday it had no interest in dialogue as long as military hostilities continue, mentioning South Korea’s introduction of F-35A stealth fighters.A spokesperson for the North’s Foreign Ministry said in a statement that South Korea violated inter-Korean agreements by continuing to bring in the high-tech weapons from the US.The statement came a day after two additional F-35A fighter jets arrived in South Korea, raising the total number of the stealth fighters in the co

North KoreaAug. 22, 2019

Trump vows again to help Apple against Samsung

US President Donald Trump vowed again Wednesday to help Apple in its competition against Samsung, citing the issue of tariffs. Trump told reporters on Sunday that Apple CEO Tim Cook expressed concern about the impact US tariffs on Chinese goods could have on his company's products, parts of which are manufactured in China.The president said he was "thinking about it" after Cook made a "very compelling argument" that Samsung won't have to pay tariffs because it is based in Sou

IndustryAug. 22, 2019

Vice foreign minister discusses Korea-Japan row with US officials

South Korean Vice Foreign Minister Lee Tae-ho met with US officials in Washington on Wednesday to discuss ongoing trade tensions between Seoul and Tokyo, as well as other mutual interests.Lee met with US Assistant Secretary of State for East Asian and Pacific Affairs David Stilwell and then with US Under Secretary of State for Economic Growth Keith Krach. His visit came days ahead of a Group of 7 summit in France, where Japan is expected to rally support for its position in the row. South Korea

Foreign AffairsAug. 22, 2019

S. Korea strikes FTA with Israel

South Korea has struck a free trade deal with Israel as part of efforts to strengthen economic ties with the Middle Eastern country and cope with the growing protectionism around the globe, Seoul’s Trade Ministry said Wednesday.In Jerusalem, Trade Minister Yoo Myung-hee and her counterpart, Eli Cohen, declared their bilateral free trade agreement around three years after the two held the first round of negotiations in 2016.The deal is expected to take effect in the first half of 2020, as i

EconomyAug. 21, 2019

President Moon receives six new ambassadors to Seoul

President Moon Jae-in on Wednesday welcomed six new foreign ambassadors and asked for their support for his peace initiatives involving North Korea. Moon received the credentials of envoys from Singapore, the Philippines, Brunei, Colombia, Bulgaria and Nicaragua during ceremonies at Cheong Wa Dae, according to a press release. Expressing gratitude for the countries’ support for peace on the Korean Peninsula, the president asked for their continued backing for the successful implementa

Foreign AffairsAug. 21, 2019

[Herald Interview] Sports bodies need to make own assessments of Fukushima: Greenpeace nuclear specialist

With less than a year to go until the Tokyo 2020 Summer Olympics, concerns are growing over the safety of the baseball and softball venues in disaster-hit Fukushima.Seeking to break away from Japan’s association with high levels of radioactivity, the Abe government has branded the 2020 Olympics the “Recovery Games.”But health and environmental risks from high levels of radiation persist in parts of Fukushima after the 2011 nuclear meltdown.According to Shaun Burnie, a senior nu

Social AffairsAug. 21, 2019