[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

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