[Tyler Cowen] In defense of the German saver

If there is one thing the world should have learned over the last decade, it is that politics is usually more symbolic than pragmatic. A good policy attached to the wrong symbols can fail, while impractical or even irresponsible leaders can succeed by promoting popular symbols.And yet this is a lesson we are still learning. Take, for example, the policy of the European Central Bank to charge negative interest rates, currently at minus 0.4 percent. Practically speaking, this does not bring big ma

ViewpointsAug. 7, 2019

[Mahfuz Anam] 'Praise Freedom' is new press freedom

Press freedom was a fundamental pillar of modern civilization. Nearly all countries, save the communist bloc and dictatorial regimes, ensured special protection for the media in their constitutions.Jailing a newsperson was quite rare and closing down a media outlet was even more so.Sadly, not so anymore.In the age of populism, ultranationalism, rising authoritarianism, post-truth and the emergence of leaders who can commit no-wrong, there is a new incarnation of press freedom.It is “praise

ViewpointsAug. 7, 2019

Comedic talents team up for ‘Cheer Up, Mr. Lee’

Cha seung-won is a rather peculiar presence in the Korean cinema scene. Standing 188-centimeters tall without a hair out of place, his model-turned-actor looks like a slick James Bond villain, but he has left a lasting mark as a funnyman in early to late 2000s.The actor will appear in his first comedy film since 2007 as an overgrown man-child in the upcoming “Cheer Up, Mr. Lee.” He plays the protagonist Cheol-su, who comes face-to-face with a daughter he never knew existed.“I&r

FilmAug. 7, 2019

Pyongyang says projectiles a ‘warning’ to Seoul, US

North Korea on Wednesday said that its recent weapon tests are a warning to South Korea’s “warmongers” who are raising tension on the peninsula. “Our military actions will be an opportunity to send an accurate warning on the joint military exercise the US and South have begun,” North Korean leader Kim Jong-un was quoted as saying by the North’s Rodong Sinmun.  The message comes a day after North Korea fired what it calls a newly developed guided bomb. Tue

North KoreaAug. 7, 2019

Ministry plans campaign to boost local tourism

Minister of Culture, Sports and Tourism Park Yang-woo said Wednesday that the ministry is planning a special campaign to promote local tourism around the Liberation Day holiday Aug. 15, as more South Koreans boycott travel to Japan in response to Tokyo’s recent decision to impose retaliatory export restrictions.“If we could turn the falling demand for overseas travel into domestic travel, it would greatly help stimulate regional economies and boost domestic demand,” Park said d

TravelAug. 7, 2019

Moon visits high-tech material maker amid trade fight with Japan

President Moon Jae-in on Wednesday demonstrated his administration's resolve, with action, to help South Korean firms overtake Japanese ones in the supply of high-tech materials amid an escalating trade fight between the Northeast Asian powers.He visited SBB TECH Co., based in Gimpo, just northwest of Seoul, which manufactures ceramic bearings and precision decelerators for use in robots.Moon's move followed a stream of his strongly worded statements against Japan for its retaliatory export rest

PoliticsAug. 7, 2019

Authorities vow to stabilize market amid volatility

South Korea’s financial authorities vowed Wednesday to take preemptive stabilizing measures, responding to the latest local stock market crash incurred in line with the intensifying US-China trade feud and Japan’s export curbs against Korea.Their action plan includes aggressive government interferences such as reinforced regulations on stock short-selling and alleviated rules on treasury stock purchases, as well as possible intervention in the currency market.“The government wi

EconomyAug. 7, 2019

Yuhan launches subsidiary in Australia

　South Korean pharmaceutical giant Yuhan  has established a subsidiary in Australia to expand its global clinical network and drug development pipelines. 　The subsidiary, Yuhan ANZ, was launched in June. Some 2 billion won ($1.6 million) was reportedly invested for the project. 　The company said Australia is one of the countries with bright prospects for the pharmaceutical market, given its increasing demand for medical products. 　“Launching a subsidiary in Australia is a part of our

IndustryAug. 7, 2019

LG H&H CEO leads biggest market cap growth

Local corporate tracker CEO Score revealed Wednesday that among CEOs of major listed companies in South Korea, LG Household & Health Care Vice President Cha Suk-yong raised the market cap of the company by the largest margin during his tenure. According to CEO Score, LG H&H’s market cap was valued at 435.7 billion won ($358.6 million) in January 2005, when Cha was first appointed as the CEO, but rose to 19.63 trillion won as of end-July, a whopping 4,405.4 percent increase in 14.6

IndustryAug. 7, 2019

Asiana Airlines to suspend flights on Busan-Okinawa route

Asiana Airlines Inc. said Wednesday it will suspend flights on the Busan-Okinawa route later this month due to falling demand stemming from a trade row between South Korea and Japan. A series of Tokyo's export curbs on Seoul has sparked a "Boycott Japan" campaign here against travel to the neighboring country and purchases of Japanese products. Asiana said flights departing from the southeastern port city of Busan for Japan's southern resort island of Okinawa will be suspended starting

IndustryAug. 7, 2019

Activists hold rally against Japan's wartime sex slavery amid trade spat

A group of activists in Seoul, protesting against Japan's wartime sexual enslavement of Korean women, held a weekly rally Wednesday, expressing hope that it would be their last one.More than 1,000 people gathered in front of the Japanese Embassy in Seoul, where a girl statue is located to symbolize those who were forced to serve as sex slaves for Japanese troops during World War II, according to an organizing civic group. The victims are widely called "comfort women." Local activists,

Social AffairsAug. 7, 2019

KT Q2 net down 33% on increased 5G investment

KT Corp. said Wednesday its net profit sank 33.4 percent in the second quarter from a year earlier as it ramped up spending on its 5G network and marketing. The South Korean telecom provider posted 139.7 billion won ($115 million) in net profit in the April-June period, compared with 209.9 billion won a year ago. Its operating profit dipped 37.9 percent on-year to 191.1 billion won, while sales rose 6.4 percent to 4.5 trillion won in the three-month period, the firm said in a financial statement

IndustryAug. 7, 2019

[Newsmaker] South Korea expected to conduct maritime defense drills on Dokdo this month

South Korea is planning to conduct combined maritime defense drills on and around its easternmost islets of Dokdo as early as this month, government sources said Wednesday. During a parliamentary committee session, National Security Director Chung Eui-yong confirmed Tuesday that the government would carry out two maritime drills this year. While the date has not yet been decided, military sources said the maritime drills are likely to take place before or after the Liberation Day holiday Aug. 15

DefenseAug. 7, 2019

Domestic carriers jittery over Korea-UAE aviation talks

South Korea’s aviation industry is on the edge with the aviation talks this week between South Korea and the United Arab Emirates, over the latter’s demand to double the route allocation.During the summit being held on Wednesday-Thursday in Abu Dhabi attended by Korea’s Transport Ministry officials, their UAE counterparts are likely to request increasing the Incheon-Dubai and Incheon-Abu Dhabi routes up to 14 times a week, according to industry sources.Their previous talks in J

IndustryAug. 7, 2019

Police track far-right online community post plotting President Moon assassination

Police are tracking an online community post plotting the assassination of President Moon Jae-in.Seoul Gangbuk Police Station said Wednesday they are trying to identify the user behind a post published on far-right website Ilbe on Saturday.In the post, an unidentified member claims to have illegally obtain a gun with the intention to assassinate the president, alongside a photo of a handgun, two pistol magazines and cartridges. Beneath that photo is a digitally manipulated photo of Moon in priso

Social AffairsAug. 7, 2019

S. Korea to launch M&A consultative body in response to Japan’s export curbs

South Korea’s financial authorities said Wednesday they plan to launch a consultative body by the end of the month to help local firms seeking mergers and acquisitions that could reduce the country’s dependency on imported materials from Japan. The plan is in line with the government’s contingency plans -- announced a few days ago in response to Japan’s decision to remove Korea from its list of trusted trade partners -- including financial support for firms eyeing a foray

MarketAug. 7, 2019

Novus String Quartet to go on tour with Prague-inspired music

The Novus String Quartet is to embark on a nationwide tour, highlighting composers from the Czech Republic.The tour, slated to take place Aug. 27 to Sept. 1, kicks off in Gwangju and will move on to Seoul, Pohang, North Gyeongsang Province, Ulsan and South Gyeongsang Province before a final concert in Seoul. Titled “Slavic,” the program includes Dvorak String Quartet No. 7 in A minor, Janacek String Quartet No. 1 “The Kreutzer Sonata” and Smetana String Quartet No. 1

PerformanceAug. 7, 2019

Lawmaker pushes bill to strip convicted doctors of licenses

Ruling Democratic Party Rep. Kwon Chil-seung proposed Tuesday a bill prohibiting doctors convicted of violent crimes from practicing medicine. If it passes, physicians who have committed murder, burglary, sexual assault, drug offenses or human trafficking will be banned from practicing medicine.The proposed bill asks to revoke the licenses of medical professionals found guilty of such crimes and grant patients access to information about medical professionals with criminal records. Kwo

Social AffairsAug. 7, 2019

Fire in Anseong put out after injuring 11

A fire at a box factory in Anseong, Gyeonggi Province, was extinguished early Wednesday, 12 hours after it broke out, injuring two firefighters and nine others. According to the Gyeonggi-do Fire Department, the fire started around 1:15 p.m. Tuesday at the two-story manufacturing building with a single underground floor. It was completely put out around 1:30 a.m. Wednesday. Authorities said the fire was started by an explosion inside the fuel tank located on the basement floor. The fire departmen

Social AffairsAug. 7, 2019