[Newsmaker] Korean banks’ oligopoly hinders global competitiveness: FSS chief

The head of Korea’s top financial watchdog criticized the current oligopolistic system dominated by five major commercial lenders, which hinders them from sharpening their global competitiveness. “If (Korean banks) stay the way they are now, they will likely have a hard time gaining an edge in the global market,” Financial Supervisory Service Chief Lee Bok-hyun said during a meeting with foreign investors in Seoul on Wednesday. This meeting was organized by the FSS to provide i

Feb. 22, 2023

[Newsmaker] [Hello Hangeul] Tale of a script: From invention to widespread adoption

In the winter of 1443, Korea’s native writing system called Hunminjeongeum, which means “the correct sound that teaches the people,” was born. Three years later, a book of the same name was published under commission of the king to explain how the novel writing system works and how it was created. Nearly six centuries have passed, and the writing system, now called Hangeul, is credited for South Korea’s near-100 percent literacy rate, with many taking pride in the scienti

Feb. 19, 2023

[Newsmaker] Time to take the 'human' out of HR?

Looking to get hired? Your next job interview could be with a robot. As artificial intelligence applications grow across industries, it is increasingly being used in human resources. According to a survey conducted by Saramin, an online recruiting company, in 2022, nearly 2 out of 3 local companies said that AI recruiting programs have helped them save time and human labor. At present, AI is mainly used by recruiters to save time and give more chances to more candidates by screening a lot more r

Feb. 17, 2023

[Newsmaker] ChatGPT not to be trusted on Korean names

Artificial intelligence-powered chatbot ChatGPT is all the rage, with the potential to change the way many people work. But for those hoping to get quick answers about Korea from the AI platform, it is not to be trusted, at least for now. As of Thursday, the bot developed by Microsoft-backed OpenAI gives error-ridden answers to some basic questions about Korea, starting from the profile of Korea’s current President, Yoon Suk Yeol. For the question, “Who is President Yoon Suk Yeol?&rd

Feb. 16, 2023

[Newsmaker] 'Someone else' could be running Twitter this year, says Musk

DUBAI--Twitter boss Elon Musk said Wednesday that a new CEO might be running the online platform by the end of 2023, after a "rollercoaster" since he took full ownership last year. "I'm guessing probably towards the end of this year should be good timing to find someone else to run the company," he told the World Government Summit conference in Dubai via video. "I need to stabilise the organisation and make sure it's in a healthy place and that the product roadmap is cle

Feb. 15, 2023

[Survive & Thrive] Becoming a Korean

Survive & Thrive is a weekly series offering a guide to living in South Korea for those born outside of the country. – Ed. According to the latest government data, there are 210,990 naturalized Koreans in South Korea, making up for roughly 0.4 percent of the population for the nation. Each year, around 10,000 people become naturalized citizens, with recent figures being 11,752 in 2021, 13,400 in 2020 and 8,813 in 2019. There are basically three types of naturalization: general, simpl

Feb. 14, 2023

[Newsmaker] [Herald Interview] ChatGPT shows limitations in East Asian languages, but not for long: linguist

  ChatGPT, the artificial intelligence chatbot taking the English-speaking world by storm, is being called by many as a mind-blowing “game changer.” For now, East Asian countries, which use their own search engines and platforms different from the rest of the world, are spared by the immediate impact, although it won’t be long before AI is trained to get information from them as well, according to Jieun Kiaer, a professor of Korean linguistics at the University of Oxford.

Feb. 13, 2023

[Newsmaker] [Hello Hangeul] Yonsei vs Sogang: A closer look at decades-old rivalry in Korean language education

Among those considering coming to Korea for language study, two university-run language institutes have long been considered the best options. Associated with and located on the main campuses of Yonsei University and Sogang University, they take pride in providing the “most immersive learning experience.” Here’s a closer look at the archrival language institutes, whose competition for reputation has brought about benefits to not just learners but the field of Korean language

Feb. 12, 2023

[Newsmaker] Star lecturers: Divas of private education and inspiration for many

In today’s world of live broadcast sports and entertainment backed with mega corporate endorsements, there’s a constant stream of people whose net worth amounts to hundreds of millions of dollars -- sports legends, music greats, movie stars and business magnates. In South Korea, there’s one more profession on the list -- star lecturers. In the tvN drama “Crash Course in Romance,” which began streaming on Netflix last month, the male protagonist Choi Chi-yeol is call

Feb. 10, 2023

[Newsmaker] Turkey, Syria quake toll rises, cold compounds misery

ANTAKYA, Turkey -- Freezing temperatures deepened the misery Thursday for survivors of a massive earthquake in Turkey and Syria that killed at least 15,000 people, as rescuers raced to save countless people still trapped under rubble. The death toll from Monday's 7.8 magnitude quake is expected to rise sharply as rescue efforts near the 72-hour mark that disaster experts consider the most likely period to save lives. Turkish President Recep Tayyip Erdogan on Wednesday conceded "shortco

Feb. 9, 2023

[Newsmaker] Fears grow for untold numbers buried by Turkey earthquake

NURDAGI, Turkey -- Rescuers raced against time early Wednesday to pull survivors from the rubble before they succumbed to cold weather two days after an earthquake tore through southern Turkey and war-ravaged northern Syria. The death toll climbed above 7,700 and was expected to rise further. The last two days have brought dramatic rescues, including small children emerging from mounds of debris more than 30 hours after Monday’s pre-dawn quake. But there was also widespread despair and gro

Feb. 8, 2023

[Newsmaker] [From the Scene] Robot shelves, packagers behind Coupang's ultra-fast Rocket Delivery

DAEGU -- Unmanned robots glide about a fulfillment center, depositing goods into boxes. The boxes are each plastered with stickers bearing names of South Korean regions, such as "Daegu 1" and "Jeju Island." Once the boxes are full, delivery trucks come to ship them to their appropriate destinations. The robots sort and move products by delivery destination in just a few seconds with several human employees overseeing the entire station. The robots, which are named “Sort

Feb. 7, 2023

[Newsmaker] Powerful quake topples homes in Turkey and Syria; toll rises

ANKARA, Turkey — A powerful 7.8 magnitude earthquake hit southeast Turkey and Syria early Monday, toppling buildings and sending panicked residents pouring outside in a cold winter night. At least 207 people were killed in both countries, hundreds were injured and the toll was expected to rise. Rescue workers and residents frantically searched for survivors under the rubble of crushed buildings in multiple cities on both sides of the border. In one quake-struck Turkish city, dozens pulled

Feb. 6, 2023

[Newsmaker] US downs Chinese balloon, drawing a threat from China

WASHINGTON -- The US military on Saturday shot down a suspected Chinese spy balloon off the Carolina coast after it traversed sensitive military sites across North America. China insisted the flyover was an accident involving a civilian aircraft and threatened repercussions. President Joe Biden issued the order but had wanted the balloon downed even earlier, on Wednesday. He was advised that the best time for the operation would be when it was over water, US officials said. Military officials de

Feb. 5, 2023

[Newsmaker] Free subway rides for seniors: Calls mount to raise eligible age to 70

Since 1984, turning 65 in Korea has come with one nice perk: free subway rides. It has encouraged older adults to travel more for social gatherings, hiking and other activities, helping reduce rates of suicide and depression, as well as medical fees, according to research from the Korea Transport Institution. However, as Seoul's city government pushes to raise subway and bus fares from as early as April, on top of a taxi fare hike that started Wednesday and a steep rise in gas and electricity ra

Feb. 3, 2023

[Newsmaker] Why are helicopter parents tailing school trips?

For many Koreans, their most treasured memories from their student days are often of multiday trips to renowned historic or natural sites around the country. These include the UNESCO-recognized historic city of Gyeongju; the country’s wartime capital and now second-biggest city Busan; and Jeju Island, the one and only Korean entry to the World’s Seven Wonders of Nature. However, an online post purportedly written by a teacher about a field trip to Jeju has gone viral, sparking some h

Feb. 2, 2023

[Newsmaker] New visas, faster entries: Immigration changes in 2023

South Korea has recently rolled out a series of changes for foreign visitors and residents in the country, ranging from new visas to giving young children access to automated immigration gates at airports. The measures are intended to draw more foreigners, from tourists to long-term workers, after a period of pandemic-induced strict border controls. Introduction of new visas Two new visa types will be made available to visitors, the Ministry of Culture, Sports and Tourism announced last mont

Feb. 1, 2023

[Newsmaker] Facebook or Twitter? Choice reflects young Koreans' politics

Liberals in their early 20s are more likely to use Twitter, while conservatives in the same age group prefer Facebook, according to a local study released Tuesday. Two out of 5 South Koreans aged between 19 and 24 are on their smartphones for more than five hours a day, according to an online poll of 2,214 people of this age group conducted in July last year by the state-funded National Youth Policy Institute. They mostly use YouTube, KakaoTalk, Instagram and Facebook and come across a lot of fa

Jan. 31, 2023

[Newsmaker] Why is Samsung starting a legal fight against smartphone repair shops in US?

Samsung Display has recently filed a complaint against 17 smartphone repair shops in the US over their use of “illegal” panels that it says infringed its highly sophisticated OLED patents, according to industry sources Monday. The display-making unit of Samsung Electronics is a market leader making almost 70 percent of OLED panels used in high-end mobile devices, including Samsung Galaxy and Apple iPhone smartphones. Sources say the company seems determined to offer no leniency for

Jan. 30, 2023

[Newsmaker] [Hello Hangeul] Hangeul is just a few clicks away

Ana Perez, a graduate student living in New York, was ecstatic when she got her first “golden owl” in Korean on the popular language education app Duolingo. The golden owl is a trophy given to users who complete a certain set of skills in the language of their choice. "As there are so many levels here, that took me about four months to get. I feel proud of myself, or jarang seu reo weo," said Perez, adding the word for "proud" in Korean to emphasize her language s

Jan. 29, 2023