S. Korea's tax-GDP ratio nears 27% in 2018

South Korea's tax-to-gross domestic product ratio reached nearly 27 percent in 2018, but it was lower than that for other major economies, a report showed Monday.The country's tax-to-GDP ratio came to 26.8 percent last year, up 1.4 percentage points from the prior year, according to the report from the National Assembly Budget Office. It was the steepest on-year increase in 10 years, and last year marked the fifth consecutive year of rise.The ratio refers to a country's tax revenue and social se

EconomyAug. 26, 2019

World No. 1 Ko Jin-young picks up 4th LPGA win of '19 in Canada

By now, there should be no doubt in anyone's mind that Ko Jin-young is the best female golfer in the world today.Ko, world No. 1 since July 29, dominated the field to capture the CP Women's Open in Aurora, Canada, on Sunday (local time), for her fourth LPGA victory of the year. With a bogey-free round of eight-under 64, Ko finished at 26-under 262, beating Nicole Broch Larsen of Denmark by five strokes at Magna Golf Club.Ko, a sophomore with six career LPGA titles, didn't commit a bogey all week

GolfAug. 26, 2019

Cheong Wa Dae refutes analysis on widening income inequality

The office of President Moon Jae-in on Sunday refuted analysis of the government's latest data claiming that household income inequality widened during the second quarter, defending the administration's fiscal policy.On Thursday, Statistics Korea announced the average household income for the April-June period, with most media reports analyzing that household income inequality widened to the worst level in more than a decade despite the government's efforts to bridge the gap for the low-income b

PoliticsAug. 25, 2019

Buddhist activities to be offered at Insa-dong cultural festival

The Cultural Corps of Korean Buddhism, an affiliate of the Jogye Order of Korean Buddhism, is offering a variety of events connected with its Templestay program at this week’s 32nd Insadong International Culture Expo. The annual event takes place Aug. 29 to Sept. 2 on the main street of Insa-dong, central Seoul, where vendors in the area will showcase the traditional appeal of the historic district. During the expo, the Buddhist institution will operate a booth from 1 to 5 p.m. every

CultureAug. 25, 2019

[Graphic News] ICT exports fall for 9th month in July

　South Korean exports of information and communications technology products dropped for the ninth straight month in July on sluggish demand for chips, mobile phones and displays, data showed.　Outbound shipments totaled $14.51 billion last month, down a whopping 21.8 percent from a year ago, according to the data compiled by the Ministry of Science and ICT.　Korea’s ICT exports have been on the decline since November last year, with overseas shipments plunging 22.5 percent in June. (Yonhap)

BusinessAug. 25, 2019

Cho Kuk apologizes over daughter, vows not to step down

Embattled Justice Minister nominee Cho Kuk on Sunday apologized over a series of allegations involving his daughter, but expressed determination to undergo a confirmation hearing and help carry out the Moon Jae-in administration’s judicial reforms. His apology comes amid growing calls from the opposition bloc to step down as he faces allegations on matters ranging from a dubious investment in a private equity firm to his daughter’s questionable university admission process. &ldq

Social AffairsAug. 25, 2019

Seoul and Tokyo should contain dispute within political sphere

South Korea and Japan must make separate efforts to address history and must maintain a relationship of cooperation to resolve the current diplomatic issues, says Korean Culture and Information Service Director Kim Tae-hoon. “Just like domestic politics, international politics need compromise. Fundamentally, trust (between Korea and Japan) must be rebuilt based on (mutually acceptable) historical views,” Kim said, describing the current situation as a case where trust has been damage

Foreign AffairsAug. 25, 2019

[Supalak Ganjanakhundee] ASEAN should guarantee safe return of Rohingyas to Myanmar

ASEAN has a lot of work to do for the sake of its own relevancy as Myanmar and Bangladesh make another attempt to repatriate thousands of Muslim Rohingyas to strife-torn Rakhine state while the situation on the ground remains unsafe.The authority in Myanmar’s capital Naypyitaw announced last week that Myanmar would accept 3,450 refugees from the list of 22,000 provided by Bangladesh earlier this month, as the first batch of people to resettle in Myanmar.It is not known publicly how the lis

ViewpointsAug. 25, 2019

[David Ignatius] An obvious proviso for readmitting Russia to G-7

As the G-7 gathers this weekend in Biarritz, President Donald Trump has expressed hope for the return of Russia, the missing guest at the table. But any consideration of this issue requires dealing with his least favorite subject -- Russian cyber-meddling in US elections. The stark reality is that the United States is now fighting a low-level cyberwar to combat Kremlin political interference and other malign actions. US Cyber Command launched this “hunt forward” campaign last summer

ViewpointsAug. 25, 2019

[Behind the Wheel] Korando gasoline upgrades style, sophistication

The name Korando, SsangYong Motor’s signature sport utility brand and the oldest such brand in Korea, has represented power, firmness and masculinity for the last 37 years. The all-new Korando that returned to the market early this year after an eight-year hiatus, however, flips the common image of the SUV on its head. It is stylish and sophisticated, yet affordable. The Korando gasoline model, launched six months after the 2.0-liter diesel version, showed no major flaws throughout the med

MobilityAug. 25, 2019

S. Korea beats China to finish 3rd at Asian women's volleyball tourney

Host South Korea finished third at the Asian Women's Volleyball Championship on Sunday with a straight-set victory over China. South Korea took care of China 3-0 (25-21, 25-20, 25-22) at Jamsil Arena in Seoul for its second consecutive third-place finish. At the biennial event in 2017, South Korea also prevailed over China to take the third spot.South Korea is a first-time host of the Asian championship, which was inaugurated in 1975. The country has never won the event, with seven runner-up fin

More SportsAug. 25, 2019

Japan must show ‘sincere, consistent contrition’ toward Koreans: US scholar

An op-ed piece on the trade row between Korea and Japan, published Aug. 11 by the Washington Post, has grabbed the spotlight in both nations. Written by Gregg A. Brazinsky, a professor of history and international affairs at George Washington University in the US, the piece blamed the bilateral spat on Japan’s lack of apology for past wrongdoings.  Specializing in East Asian history and diplomacy, the scholar is an expert on Korea’s international relations and has written two bo

Foreign AffairsAug. 25, 2019

North Korea boasts test-firing of newly developed ‘super-large multiple rocket launcher’

North Korea on Sunday boasted the successful test-firing of what it called a “newly developed super-large multiple rocket launcher,” a day after it fired two projectiles into the East Sea. Releasing pictures of the new weapon system, the state-run daily Rodong Sinmun said North Korean leader Kim Jong-un highly praised the new system after overseeing the test-firing.“The test-fire proved that all the tactical and technological specifications of the system correctly reached the p

North KoreaAug. 25, 2019

Does 52-hour workweek rule create more jobs?

Despite the government’s efforts to create more jobs by mandating companies to cut their employees’ maximum weekly work hours to 52 hours, it has not contributed to creating more jobs, a report claimed Sunday. According to a survey by corporate research firm CEO Score, those who adopted the 52-hour workweek rule last year saw their annual hiring increase by up to 1.8 percent compared to a year earlier. But the growth was almost the same as the time when the policy was not implemented

EconomyAug. 25, 2019

BOK likely to freeze base interest rate amid Japan factor, uncertainties

With growing economic uncertainties and ongoing trade tensions with Japan, the South Korean central bank is highly likely to freeze the base interest rate at an upcoming meeting of its Monetary Policy Board, market analysts said Sunday. The Bank of Korea is slated to hold its rate-setting Monetary Policy Board meeting Friday. On July 18 the central bank cut the country’s policy rate to 1.5 percent, citing mounting external uncertainties. It has also lowered its growth outlook for

MarketAug. 25, 2019

Record numbers: BTS hits milestone with 2nd Gold record in US

BTS has added more accolades to its already impressive resume, becoming the first South Korean act to win two Gold certifications in the US market with its “Map of the Soul: Persona” album.Recent data from the Recording Industry Association of America confirmed that the boy band’s sixth EP had received Gold certification as of Aug. 22, a little over four months after its April 12 release. The RIAA grants recognition to albums based on the number of sales: 500,000 or more for Go

PerformanceAug. 25, 2019

Police to summon K-pop star Seungri, YG Entertainment chief over gambling charges

Police plan to summon this week Seungri, a former member of popular K-pop boy band BIGBANG, and the former chief of the band's music label on charges of overseas gambling, according to officials Sunday. Seungri and Yang Hyun-suk, the former CEO of YG Entertainment, were booked by the police earlier this month on charges of gambling in a foreign country and securing gambling money in violation of the country's Foreign Exchange Transaction Act. Cable network JTBC earlier reported that Yang an

Social AffairsAug. 25, 2019

GS Group braces for low-growth era at strategic meeting

GS Group Chairman Huh Chang-soo called for preemptive measures to respond to the sluggish economy at a strategy meeting held on Saturday and Sunday. Under the theme “Strategies for Growth in Low-Growth Era,” the meeting was attended by some 60 CEOs and managers of group affiliates, the firm said.“I hope this conference will be the first step in providing insights amid the changes and uncertainties we are facing in the low-growth era,” Huh remarked.At the two-day meeting,

IndustryAug. 25, 2019

Binggrae offers variations of steady-seller ‘Banana Flavored Milk’

South Korea’s food and beverage giant Binggrae has multiple signature brands under its belt, and the underlying theme of most of them is that the firm stays true to its original brand image. Most prominent of them is the market’s No. 1 processed milk “Banana Flavored Milk,” with its unique taste and bottle shape.Since its launch in 1974, the beverage has been considered a popular substitute for milk, and thereby responsible for 80 percent of the market specific to banana-

IndustryAug. 25, 2019