Prolonged Seoul-Tokyo trade dispute to further affect tech sector: Moody's Analytics

Moody's Analytics said Friday a prolonged Seoul-Tokyo trade dispute would deal a further blow to the "already depressed" global tech sector.Japan began last week to apply tighter regulations on exports to South Korea of three materials used in smartphone displays and chips, in an apparent retaliation for Seoul court rulings that ordered Japanese companies to compensate Korean plaintiffs mobilized for forced labor during World War II. "Our baseline is that this dispute will not dra

IndustryJuly 12, 2019

Moon upbeat about South Jeolla Province's development, making 'economy tour'

President Moon Jae-in traveled to South Jeolla Province on Friday as part of his tours of non-Seoul areas aimed at helping boost local economies and balanced growth.He received a briefing from provincial authorities on their "Blue Economy" vision at the provincial government office in Muan County.Gov. Kim Yung-rok presented five projects for the sustainable development of the province, located in the southwestern swathe of the country: Blue Energy, Blue Tour, Blue Bio, Blue Transport a

PoliticsJuly 12, 2019

Kim Basinger joins demonstration against dog meat consumption in Seoul

American actress and singer Kim Basinger on Friday urged South Korea to stop dog meat consumption, joining a protest organized by a local animal rights group.“It (South Korea) is the only country that raises dogs for consumption. You have companion animals here as well. … It boggles the mind that you can raise them to eat for human consumption and then you walk them,” Basinger said at a press conference Thursday.“I chose Seoul because you have a great opportunity to ring

Social AffairsJuly 12, 2019

Two French tourists booked for burgling cafe to fund trip

Two tourists of French nationality have been booked without detention on suspicion of burglary, the police said Friday.According to Busan Jin Police Station, the French tourists are suspected of breaking and entering a cafe in Busan and stealing money from the cash register. Police said the suspects, aged 25 and 23, broke into the cafe at 4:12 a.m. on June 23, and stole some 300,000 won in cash. They were found and arrested near a nightclub in Itaewon.The two French nationals entered the country

Social AffairsJuly 12, 2019

Lena Park to unveil 9th album

Singer Lena Park, also known as Park Jung-hyun, will release her ninth full-length album on July 18. Titled “The Wonder,” the upcoming album marks her first full-length album in seven years. Her most recent album “Parallax” was released in 2012.  Park has been releasing a series of EP albums under the same title to mark the 20th anniversary of her debut in 1998. “The Wonder” will comprise a total of seven songs in which Park’s fellow musicians have

PerformanceJuly 12, 2019

LS Cable & System inks $100 million deal to supply submarine power cables to Taiwan

LS Cable & System won a deal worth 89 million euros ($100 million) with Denmark’s state-run energy firm, Orsted, to build a submarine power grid in Taiwan, the firm said Friday. The Korean industrial company said it had agreed with Orsted to supply submarine power cables to offshore wind farms in Changhua, a city in central Taiwan, and put them in place by 2022. The Taiwanese government plans to invest around $23 billion to increase the amount of renewable energy generated in the

IndustryJuly 12, 2019

Samsung heir’s extended Japan trip raises concerns

Concerns about the impact of the latest export restrictions imposed on South Korean companies by Japan are growing more intense as Samsung Electronics Vice Chairman Lee Jae-yong’s trip to Tokyo has gone on longer than many had expected, industry sources said Friday. Lee hopped on a jet to Tokyo on Sunday to meet with major suppliers of the three key materials for which new orders placed after July 4 will be scrutinized by the Japanese government. It was widely expected that the Samsung hei

TechnologyJuly 12, 2019

Japan’s curbs aimed at containing S. Korea’s semiconductor industry: report

The latest restrictions on exports of key chip-making materials imposed by the Japanese government could be aimed at containing South Korea’s thriving semiconductor industry, a report claimed Friday. Park Sang-hyun, analyst at HI Investments & Securities said in a report that the rising tensions between Japan and Korea could be based not only on diplomatic issues but also the widening gap between the competitiveness of the Japanese and Korean semiconductor industries. “The Japan-

TechnologyJuly 12, 2019

Exports, investments remain dull amid worsening external conditions: ministry

South Korea’s economy continues to face pressure in exports and investments, mainly due to the prolonged trade war between the United States and China, the Finance Ministry said Friday.Japan’s export control measures, while remaining a core risk factor, will not affect Seoul’s growth outlook, it added.“Despite the gradual improvement in domestic consumption, exports and investments continue to remain dull,” the Ministry of Economy and Finance said in its monthly eco

EconomyJuly 12, 2019

Empty boat reportedly from N. Korea found near eastern sea border

The Coast Guard found a small wooden boat believed to be from North Korea near the eastern sea border Friday morning, according to the Joint Chiefs of Staff. Joint Chiefs of Staff said Friday the boat was found some 30 meters off the coast of Goseong, Gangwon Province. The town is situated about 20 kilometers away from the border with the North.They also noted that nobody was aboard the boat at the time of the discovery. Authorities said while circumstances do not seem to merit suspicion of espi

North KoreaJuly 12, 2019

BOK to face further delays in construction of new headquarters

The Bank of Korea is likely to experience further delays in the reconstruction of its headquarters as a disputed builder asserted its rights as the successful bidder, challenging the procurement office’s plan to carry out a re-tendering process.The Seoul Central District Court on Thursday granted a provisional injunction filed by Kyeryong Construction Industrial, demanding that the Public Procurement Service halt its re-tendering process for the reconstruction of the BOK’s annex, BOK

EconomyJuly 12, 2019

Things to do at FINA championships

GWANGJU —Water sports competitions are not the only attraction during the 2019 FINA World Aquatics Championships, being held July 12-28. There are a wide range of sideline events for spectators and visitors.Upon entering the gate of Nambu University, the main FINA championships venue, visitors will encounter what is called Market Street, featuring an IT showroom, food trucks and cultural performances. At the IT showroom, visitors can get hands-on experience of 5G networks, including autono

CultureJuly 12, 2019

Medytox shares stumble following reports of alleged irregularities

Medytox shares on Friday fell on news reports that the botulinum toxin maker was responsible for illegal administration of Meditoxin prior to gaining the Ministry of Food and Drug Safety’s approval.Medytox shares finished Thursday at 415,000 won ($123), 1.96 percent down from a day earlier. At one point during the day the shares fell to 391,300 won, marking the lowest point in 52 weeks. The shares continued to vacillate undecidedly throughout Friday.  Medytox admitted it had administe

IndustryJuly 12, 2019

S. Korean Woo Ha-ram advances to final in men's 1m springboard diving

South Korean diver Woo Ha-ram advanced to the final in the men's 1m springboard at the 2019 FINA World Championships on Friday, raising hopes for the host country's first medal in the event. Woo finished third among 44 divers with 396.10 points after six attempts in the preliminary at Nambu University Municipal Aquatics Center to qualify for the final, open to the top 12 divers in the preliminary.Fellow South Korean Kim Yeong-nam placed 13th with 349.10 points.The final will begin at 3:30 p.m. S

More SportsJuly 12, 2019

Cheong Wa Dae proposes int'l probe into Japan's claim over S. Korea's strategic material control

The office of President Moon Jae-in on Friday bristled at Japan's accusations that South Korea might have leaked sensitive industrial materials to North Korea or third countries, demanding that Tokyo agree to have an international panel look into the issue.Cheong Wa Dae urged the Japanese government to apologize and retract its recent export control against Seoul if its assertion turns out to be false.In a statement, Kim You-geun, deputy chief of Cheong Wa Dae's national security office, emphasi

PoliticsJuly 12, 2019

[Newsmaker] Unification Ministry partially disputes media report on arrival of NK defectors from Thailand

Ministry of Unification Deputy Spokesperson Kim Eun-han said a media report on the “mass” arrival of North Korean defectors from Thailand was partially incorrect.News 1, a Seoul-based news agency, reported Friday morning that around 20 North Koreans were in government custody after arriving in the country on a Korean Air flight from Thailand on Thursday morning.In a phone call with The Korea Herald on Friday afternoon, Kim said the number of North Korean defectors that were reported

North KoreaJuly 12, 2019

Naval officer under probe for allegedly coercing subordinate's false confession

A Navy officer is under investigation on charges of forcing a soldier to make false confessions in an investigation launched after an unidentified person was found inside his naval base last week, officials said Friday.On July 4, soldiers on guard duty found the unidentified person near the ammunition depot inside the Navy's Second Fleet Command in Pyeongtaek, 70 kilometers south of Seoul. When asked for a countersign, the person failed to give an answer and ran away, according to the Navy. An i

DefenseJuly 12, 2019

Kakao Bank accounts top 10 million

Kakao Bank, one of the first internet-only banks launched in South Korea nearly 2 years ago, said Friday that its customer count surpassed 10 million the previous day. Launched in July, 2017, the online bank owned by Kakao Corp. has been outperforming its industry rival K-Bank in terms of popularity and users. Kakao and K-Bank are the nation’s only internet banks at the moment, with financial authorities currently mulling the approval of the nation’s third and fourth candidates. 

MarketJuly 12, 2019

[Weekender] What to watch out for at FINA World Championships

The 18th FINA World Aquatics Championships kick off a 17-day run in the southwestern city of Gwangju, Friday, a biennial meet of the world’s swimming and diving stars. Taking place at five different venues in Gwangju and nearby Yeosu, South Jeolla Province, through July 28, this year’s event is the largest ever, with 2,639 athletes from 194 countries participating. Here are some of the interesting storylines to follow.  A prelude to 2020 Tokyo Olympics With a year to go until th

More SportsJuly 12, 2019

Assembly speaker seeks to send delegation to N. Korea

South Korea's parliamentary chief said Friday he will consider sending a delegation of lawmakers to North Korea to give fresh impetus to inter-Korean relations.National Assembly Speaker Moon Hee-sang said an improvement in relations between the two Koreas is indispensable to the success of bilateral negotiations between the United States and North Korea. "There should be new momentum in inter-Korean relations. On the parliamentary level, I'll push to send a delegation to the North," Mo

North KoreaJuly 12, 2019