SsangYong Motors mulls self-rescue plans amid financial woes

SsangYong Motors, the South Korean unit of India’s Mahindra & Mahindra, is seeking measures to revive its business amid dwindling sales and liquidity woes, according to the company Tuesday.According to a letter sent to employees, SsangYong Motor CEO Yea Byung-tae said the company would conduct an organizational reshuffle in September to normalize business. The company will also reduce 10 to 20 percent of its senior executive workforce in the annual reshuffle slated for February, as wel

MobilityAug. 6, 2019

Ministry to process all illegal waste within the year

The Ministry of Environment announced its plan Tuesday to process all waste across the country that has been illegally dumped, neglected and exported within this year, three years earlier than initially scheduled. As of the end of July the ministry had completed treatment of 45.7 percent, or 550,000 tons, of the illegal waste and plans to process the remaining 650,000 tons within the year, according to the ministry.The illegal waste around the country is composed of 859,000 tons of waste that ha

Social AffairsAug. 6, 2019

[News Analysis] Markets roiled as US-China spat dwarfs impact of Japan factor

As South Korea’s financial market continued to totter Tuesday after a “Black Monday,” experts observed that the key reason behind the current anxiety is the prolonged US-China trade conflict rather than the escalating feud with Japan.Tense about the US-China situation and its anticipated leverage in the global financial markets, authorities here vowed to take stabilizing steps in case of increased volatility, signaling a possible intervention in the local foreign exchange marke

EconomyAug. 6, 2019

Major corporate groups on high alert against Japan impact

South Korea’s major corporate groups are tightening their supervision of key businesses as they brace for repercussions from the possible expansion of Japan’s trade curbs, according to industry sources Tuesday.Samsung Electronics’ de facto leader Vice Chairman Lee Jae-yong visited the company’s semiconductor packaging plant located in Onyang, South Chungcheong Province, to check out the chipmaking operations. He held a meeting with the top executives of the chipmaking, TV

TechnologyAug. 6, 2019

Japan unlikely to target Korea’s financial market: state policy chief

Kim Sang-jo, the president’s chief of staff for policy, said Tuesday the “possibility is very low” that Japan will target Korea’s financial market for economic retaliation amid thorny relations between the two countries after Japan toughened trade restrictions against Korea. Asked by Rep. You Sung-yop of the minor progressive Party for Democracy and Peace wither Japan would target the country’s financial market, Kim said, “Compared with the IMF (Asian) financi

PoliticsAug. 6, 2019

‘No Japan’ flags in Seoul streets taken down in face of public outrage

The Jung-gu district office in Seoul took down its “No Japan” flags from the streets following a firestorm of public criticism on the internet.The move came after the embattled office on Tuesday had pushed ahead with putting up the placards on streets in the crowded downtown district, ignoring the widespread condemnation and ridicule from South Koreans.In announcing a reversal of the decision, Seo Yang-ho, head of the Jung-gu office, said on social media, “We intended to fight

Social AffairsAug. 6, 2019

Kospi dips under 1,900 for first time in 3 years

South Korea’s benchmark Kospi dipped below the 1,900 mark for the first time in three years Tuesday, with risks stemming from the ongoing trade row between Seoul and Tokyo, the intensifying trade war between Washington and Beijing, and Pyongyang’s latest missile launches pushing the market down. The Kospi fell 1.51 percent from the previous trading to close at 1,917.5. It rebounded slightly after falling to 1,891.81 in the early trading hours. The 1,891.81 point marked the lowes

MarketAug. 6, 2019

[Newsmaker] Korean victims of WWII atomic bombings remembered in ceremony

On the 74th anniversary of the Hiroshima and Nagasaki bombings, a ceremony in South Gyeongsang Province remembered the tens of thousands of Koreans who lost their lives in the foreign cities after being taken there against their will.Over 200,000 people were killed by the two atomic bombs that were dropped Aug. 6 and 9, respectively, in 1945. Most of the victims were Japanese civilians, but some of the dead and injured were Koreans who had been drafted for forced labor and other forms of exploit

Social AffairsAug. 6, 2019

Japanese cities ask S. Korean LCCs to retain flight routes

Several Japanese local governments have asked South Korean low-cost carriers to retain flight routes to Japan amid a rising boycott of travel to the neighboring country, industry sources said Tuesday.High-level delegations from Japanese cities and prefectures, including Takamatsu City, recently visited such South Korean budget carriers as Air Seoul, Jeju Air and Eastar Jet to make such requests.Those Japanese local governments also proposed a variety of cooperative projects in a bid to win the h

IndustryAug. 6, 2019

BTS' 'Bring The Soul: The Movie' poised for strong showing at S. Korean box office

As South Korean K-pop sensation BTS is returning to the silver screen with its documentary film "Bring The Soul: The Movie," people are waiting to see whether the boy band can join other local movies to break the monthslong Disney dominance at the local box office."Bring The Soul" is its third documentary film about their behind-the-scenes lives during their "Love Yourself" world tour, aimed at promoting their "Love Yourself" album series last year, as wel

PerformanceAug. 6, 2019

[Newsmaker] Presbyterian court rules against father-to-son leadership transfer at megachurch

The court of the Presbyterian Church of Korea ruled early Tuesday that a megachurch pastor’s succession to the post previously held by his father was invalid, in what is seen as a warning about the widespread practice of hereditary leadership in Korean churches.Rev. Kim Sam-hwan, the founder of Myungsung Church in southeastern Seoul, which has a membership of 100,000, named his eldest son, Rev. Kim Ha-na, as his successor in 2017, giving him control over the church’s massive finances

Social AffairsAug. 6, 2019

Typhoon Francisco to land at Busan-Geoje area Tuesday night: weather agency

South Korea's weather forecasters on Tuesday revised the expected route of Typhoon Francisco, the eighth of the season, saying the small-scale typhoon will land on the country's southern coast between Busan and nearby Geoje Island late at night.The Korea Meteorological Administration (KMA) said Francisco is forecast to make landfall in the Busan-Geoje region between 9 p.m. and midnight Tuesday before weakening to a tropical storm near Andong, a North Gyeongsang Province city, 268 kilometers sout

Social AffairsAug. 6, 2019

Angelina Jolie’s eldest son to study at Yonsei University

Actress Angelina Jolie’s eldest son Maddox will study at Yonsei University’s Underwood International College starting fall this year.Maddox is slated to begin his first semester as a life science and biotechnology major early next month at the school’s international campus in Songdo, Incheon. According to several local news outlets, the 18-year-old chose to attend a South Korean college because of his interest in K-pop and Korean culture. In November, the Hollywood actress

FilmAug. 6, 2019

US scraps visa waiver for S. Koreans with record of NK visit

The United States is no longer waiving visas for South Koreans and other foreign nationals with records of a visit to North Korea since March 2011, Seoul's foreign ministry said Tuesday.The tightened measure, effective Tuesday (US time), requires them to apply for a US visa in person through the embassy and undergo necessary steps, including an interview. "It does not mean a travel ban to the US for having visited North Korea. (The applicant) can still enter the country after obtaining a vi

North KoreaAug. 6, 2019

UN report: North Korea cyber experts raised up to $2 billion

A panel monitoring UN sanctions says North Korean cyber experts have illegally raised money for the country's weapons of mass destruction programs "with total proceeds to date estimated at up to $2 billion.''The experts said in a new report to the Security Council that North Korea is using cyberspace "to launch increasingly sophisticated attacks to steal funds from financial institutions and cryptocurrency exchanges to generate income.''Cryptocurrency exchanges deal in virtual money li

North KoreaAug. 6, 2019

Hong Kong unrest spreads as leader warns city on brink

HONG KONG (AFP) -- Hong Kong's unrest spread more widely throughout the financial hub Monday as riot police clashed with pro-democracy protesters at multiple locations and the city's leader warned of a "very dangerous situation".The third consecutive night of police-protester confrontations occurred after a rare strike caused transport chaos.Activists disrupted vital rush-hour commuter train service, held multiple rallies, besieged police stations and launched projectiles at the legisl

World NewsAug. 6, 2019

Phil Mickelson commits to S. Korea's lone PGA Tour event

Five-time major champion Phil Mickelson has committed to playing in the lone PGA Tour stop in South Korea this fall.Mickelson, who ranks ninth all time with 44 PGA Tour wins, will play at the CJ Cup @ Nine Bridges from Oct. 17-20 at the Club at Nine Bridges on the resort island of Jeju, the local tournament organizers announced Tuesday. This will be Mickelson's first appearance in South Korea since the Presidents Cup held in Incheon, 40 kilometers west of Seoul, in Oct. 2015. The American star t

GolfAug. 6, 2019

Korean won dips further amid looming currency war

The South Korean won continued to sink to new lows against the US dollar Tuesday amid escalating trade tensions between the world's two largest economies that now appear to be set to include a currency war.After opening at 1,220.00 won, the local currency was changing hands at 1,217.45 won with the US dollar as of 9:37 a.m., down 2.15 won from the previous session's close.On Monday, the won closed at 1,215.30 to the dollar, the lowest in over three years.The won's continued decline came after Be

MarketAug. 6, 2019

Korea's current account surplus surges to 8-month high in June

South Korea's current account surplus reached an eight-month high in June on a goods account surplus and record high returns from foreign investment, central bank data showed Tuesday.The country's current account surplus came to $6.38 billion in the month, the highest since October when the country posted a $9.35 billion surplus, according to the preliminary data from the Bank of Korea. The reading also marks the second consecutive month of surplus after the country posted its first current acco

MarketAug. 6, 2019

US designates China a 'currency manipulator' as trade war rages

WASHINGTON (AFP) -- The United States on Monday formally accused China of manipulating its currency, marking the second major escalation in the two countries' spiraling trade war in just 24 hours.Washington's sudden move came the day China allowed the yuan to fall below 7 to the dollar for the first time in about a decade -- provoking US President Donald Trump's ire and sending global equities markets diving into the red.Wall Street on Monday posted its worst one-day losses of 2019 as hope of an

World NewsAug. 6, 2019