KB Securities accuses Australian borrower of misusing fund assets

South Korean financial institutions KB Securities and JB Asset Management said Wednesday that an Australian borrower of their private equity real estate fund breached contracts by not carrying out investments as promised.According to them, Australian investor LBA Capital used the money from JB Australia NDIS Fund for some real estate transactions different from the original agreement. The fund was initially intended for investments in businesses related to the Australian government’s housi

MarketSept. 4, 2019

S. Korea, China ink advance pricing agreement

South Korea and China on Wednesday signed a deal that would ease tax audit burdens for several South Korean companies doing business in the world's second-largest economy, South Korea's tax agency said.The advance pricing arrangement is an ahead-of-time agreement between the tax authorities of the two countries to specify a pricing method that a South Korean company will apply to its transactions with its subsidiary in China. The arrangement can make it possible for tax officials to verify if a

EconomySept. 4, 2019

S. Korea opens annual int'l security forum to discuss 'challenges, vision for peace'

An annual international security forum hosted by South Korea's defense ministry kicked off in Seoul on Wednesday for discussions on situations on the Korean Peninsula and the surrounding region, as well as peacekeeping operations and cybersecurity.The eighth vice-ministerial Seoul Defense Dialogue, set to run for three days until Friday, brought together hundreds of officials and experts from around 50 countries and two international organizations, including the United Nations, according to the

DefenseSept. 4, 2019

Moon presents S. Korea-Myanmar partnership vision at Yangon business forum

YANGON, Myanmar -- On a visit to Myanmar's largest city, South Korean President Moon Jae-in laid out his vision Wednesday for closer partnerships between the two nations, with a focus on revving up cooperation on infrastructure and culture as well as promoting people-to-people exchanges.He was addressing a business forum in Yangon, the economic hub of the Southeast Asian country, involving hundreds of South Korean and Myanmar business figures. Vice President Myint Swe was among the dignitaries.A

Foreign AffairsSept. 4, 2019

[Newsmaker] Hong Kong leader shelves loathed extradition law

HONG KONG (AFP) - Hong Kong's leader on Wednesday bowed to a key demand of pro-democracy protesters following three months of unrest, announcing the withdrawal of a loathed extradition bill, but activists vowed to press on with their campaign.Millions of people have taken to Hong Kong's streets since June in the biggest challenge to China's rule of semi-autonomous Hong Kong since its handover from the British in 1997.After refusing for months to permanently withdraw the bill, which aimed to allo

World NewsSept. 4, 2019

SKT, Microsoft team up for cloud gaming platform

South Korea’s No.1 mobile carrier SK Telecom said Wednesday it has joined hands with global IT software giant Microsoft to build a cloud gaming platform supported by the 5G network.Starting next month, a pilot version of Project xCloud will be available for LTE and 5G subscribers of SKT. Users can experience various games stored in the cloud without downloading them to their devices. At the core of the latest partnership lies the Xbox game console technology of Microsoft, according to SKT.

TechnologySept. 4, 2019

Controversy surrounding Cho Kuk expands

Fresh allegations continued to surface Wednesday surrounding embattled Justice Minister nominee Cho Kuk’s daughter as a confirmation hearing for Cho was scheduled for Friday.  Local reports said Cho’s wife, a professor at Dongyang University, fraudulently issued an award for her daughter under the name of the university’s president without the president’s knowledge. The daughter, now 28, listed the award as one of her achievements on her application to the Pusan Nati

Social AffairsSept. 4, 2019

[Graphic News] 42% of N. Koreans likely to face food insecurity by 2029: USDA

　Forty-two percent of North Korea’s population is expected to remain food insecure even 10 years later, a recent US Department of Agriculture report said, as the impoverished country grapples with worsening food shortages. 　Referring to North Korea as one of Asia’s “most food-insecure” countries, along with Yemen, the International Food Security Assessment, 2019-2029 by USDA’s Economic Research Service showed an estimated 57.3 percent of North Korea’s populati

North KoreaSept. 4, 2019

[팟캐스트] (316) 정갑윤 의원 성차별 발언 논란 / 조국 기자회견

진행자: 임현수, Kevin Lee Selzer1. Opposition lawmaker under fire for sexist remark기사요약: 야당인 자유한국당 정갑윤 의원의 ‘본인의 출세도 좋지만 국가 발전에도 기여해주시기 바랍니다’ 라는 성차별적 발언은 거센 비판을 받았다.아이튠즈(아이폰): https://itunes.apple.com/kr/podcast/koliaheleoldeu-paskaeseuteu/id686406253?mt=2팟빵 (안드로이드): http://www.podbbang.com/ch/6638[1] An opposition lawmaker came under fire Tuesday after he asked an unmarried female Fair Trade Commission chair nominee to “contribute to the country’s development” by giving b

PodcastSept. 4, 2019

GM Korea launches Chevrolet Traverse for growing large-SUV market

SOKCHO, Gangwon Province -- Targeting a young market that is led by Hyundai’s first large sport utility vehicle the Palisade, GM Korea on Wednesday launched the Chevrolet Traverse, highlighting its “aggressive” price strategy, quality features and American heritage.Introducing the vehicle as a “super SUV,” the carmaker said the Traverse will expand the choice of Korean customers wanting to experience premium outdoor activities with driving convenience. The three-row

MobilitySept. 4, 2019

MMCA’s Deoksugung outdoor project remembers Gojong, last Joseon king

The National Museum of Modern and Contemporary Art, Korea kicks off an outdoor exhibition in the area around Deoksugung and its main branch in Samcheong-dong on Thursday.“Architecture and Heritage: Unearthing Future” features works by architects from five architectural firms based in Asia -- Space Popular, CL3, Bureau Spectacular, OBBA and Obra Architects.It celebrates the 100th anniversary of the March 1 Independence Movement and the death of Emperor Gojong, the last king of the Jos

Arts & DesignSept. 4, 2019

BIFF award recipients to open and close this year’s festival

Films by directors who previously received commendations will open and close the upcoming 24th Busan International Film Festival, which organizers said was a testament to the annual film festival’s contributions to the Asian film scene.Opening BIFF 2019 is “The Horse Thieves. Roads of Time” by Kazakhstan’s Yerlan Nurmukhambetov and Japan’s Lisa Takeba. The film is about a boy, his encounter with horse thieves and his life after his childhood is dismantled following

FilmSept. 4, 2019

[Nir Kaissar] Ending inequality is not as easy as it seems

Buried among the storylines about global trade and political intrigue from the G-7 summit last month is perhaps the most noteworthy one of all. Business for Inclusive Growth, or B4IG, a coalition of 34 multinational companies with more than 3 million employees and revenues topping $1 trillion, unveiled an initiative to tackle inequality with help from the Organization for Economic Cooperation and Development.In its “pledge against inequalities,” the B4IG states what should be obvious

ViewpointsSept. 4, 2019

[Ana Palacio] Twilight of the global geopolitical order

We live in an era of hyperbole, in which gripping accounts of monumental triumphs and devastating disasters take precedence over realistic discussions of incremental progress and gradual erosion. But in international relations, as in anything, crises and breakthroughs are only part of the story; if we fail also to notice less sensational trends, we may well find ourselves in serious trouble -- potentially after it is too late to escape.The recent G-7 Summit in Biarritz, France, is a case in poin

ViewpointsSept. 4, 2019

Samsung launches first 5G-integrated mobile processor

Samsung Electronics has added a 5G modem-integrated chip edition to its mobile processor lineup Exynos, with the aim of popularizing 5G mobile devices, the tech giant announced Wednesday. Dubbed “Exynos 980,” it is the first artificial intelligence mobile processor with an integrated 5G modem in a single chip. The newest chip is being provided for customers this month and is scheduled to be mass-produced within the year.  Compared to previous chips that are separated from commun

TechnologySept. 4, 2019

Public institutions to expand investments to W55tr this year

South Korea’s top fiscal policymaker said Wednesday that public institutions will expand the size of their combined investments to 55 trillion won ($45.5 billion) this year as part of the government’s continued struggle to revitalize domestic economy amid growing uncertainties.“(The government) will ensure that public institutions make investments of 55 trillion won within the year, by advancing the timeline of some incoming investment projects,” said Deputy Prime Ministe

EconomySept. 4, 2019

Rival parties agree to hold Cho Kuk hearing on Friday

After weeks of wrangling, the ruling and main opposition parties agreed to hold a parliamentary confirmation hearing of Justice Minister nominee Cho Kuk on Friday.The dramatic agreement came after the rival parties sparred on Wednesday over the date of a parliamentary confirmation hearing for the nominee is facing a flurry of allegations involving his daughter and wife.All the parties have agreed not to summon Cho’s family members to the hearing.“We had many differences, but based on

PoliticsSept. 4, 2019

Kono blames S. Korea for breaking international law

Japanese Foreign Minister Kono Taro has criticized the South Korean government for having “unilaterally abrogated” a treaty signed by the two countries, arguing that a lack of trust led to their bilateral relations plummeting. Japan claims that the 1965 treaty that normalized ties between the two countries settled the issue of Tokyo’s forced labor mobilization of Korean nationals during the colonial period.“The heart of the problem is whether the promises made between our

Foreign AffairsSept. 4, 2019

KT unveils comprehensive system to prevent network fires

Last November, when a fire broke out in the basement of a KT building in the Ahyeon neighborhood of central Seoul, those living in the country’s most wired city discovered how fragile their telecommunication system could be. 　Not only did residents find themselves unable to make calls or access the internet, but they were also restricted from using credit cards. An emergency room at a major hospital had to close temporarily as diagnosis data was shut down. Full recovery works took about a

TechnologySept. 4, 2019