[Newsmaker] Top regulators have nothing to celebrate

Financial Supervisory Service Gov. Choi Soo-hyun and Financial Services Commission chairman Shin Je-yoon may consider themselves unfortunate, as they are burdened with the role of leading Korea’s financial industry at a difficult time. Shin and Choi would have celebrated their first inauguration anniversary amid much fanfare this week, if it were not for the sluggish economic performance and the escalating pressure for their resignation.Instead of celebrations, the two chiefs have chosen to rema

March 20, 2014

[Newsmaker] Top regulators have nothing to celebrate

　Financial Supervisory Service Gov. Choi Soo-hyun and Financial Services Commission Chairman Shin Je-yoon may consider themselves unfortunate, as they are burdened with the role of leading Korea’s financial industry at a difficult time. Shin and Choi would have celebrated their first inauguration anniversary amid much fanfare this week, if it were not a sluggish economic performance and the escalating pressure for their resignation.Instead of celebrations, the two chiefs have chosen to remain lo

March 20, 2014

[Newsmaker] World anxious about Putin’s next move

MOSCOW (AP) ― With Crimea in Russia’s pocket, the world anxiously awaits Vladimir Putin’s next move. Beyond the prize of the Black Sea peninsula, a picture is emerging of what the Russian president ultimately wants from his power play: broad autonomy for Ukraine’s Russian-speaking regions and guarantees that Ukraine will never realize the Kremlin’s worst nightmare ― joining NATO. The big question is whether Putin is willing to invade more areas of eastern Ukraine to achieve these goals. In a tel

World NewsMarch 19, 2014

[Newsmaker] New uncertainty about missing Malaysian jet

KUALA LUMPUR (AP) ― Officials have revealed a new timeline suggesting the final voice transmission from the cockpit of the missing Malaysian plane may have occurred before any of its communications systems were disabled, adding more uncertainty about who aboard might have been to blame.The search for Flight 370, which vanished early March 8 while flying from Kuala Lumpur to Beijing with 239 people on board, has now been expanded deep into the northern and southern hemispheres. Australian vessels

World NewsMarch 18, 2014

[Newsmaker] Rare meteorites spark gold rush in Jinju

A town in the south of Korea has quickly turned into a hot spot for treasure hunters and researchers, as scientists confirmed that two rocks recently unearthed in the area were rare meteorites.Officials from Jinju, South Gyeongsang Province, said there had been a flood of inquiries about meteorites since two were found at local farms. They added that some people had even visited the area hoping to find a valuable piece of extraterrestrial rock.The market price for meteorites ranges between $5 an

Social AffairsMarch 17, 2014

[Newsmaker] KCC nominee to fight illegal subsidies

Korea Communications Commission’s chair-nominee Choi Sung-joon vowed to eliminate excessive, illegal smartphone subsidies in the nation’s telecom market on Saturday. “The vicious cycle causing users to run out and buy cheaper smartphones at dawn should end. I will put the utmost effort into eradicating excessive smartphone subsidies with several policies,” Choi, a former judge, told reporters on his way to work in Gwacheon city. His remark came one day after his nomination by President Park Geun

March 16, 2014

[Newsmaker] Park's metaphors gild the lily

President Park Geun-hye’s use of uncharacteristically colorful expressions as she pushes for regulatory reform is generating ripples across the nation.Politicians on both sides are closely following her words, with some taking to mimicking her to further their own agendas, while her words have decorated newspaper headlines on a daily basis. Since the beginning of February, Park has used increasingly strong expressions to stress the need to ease regulations.On Feb. 5, she called for the governmen

PoliticsMarch 13, 2014

[Newsmaker] Korean Catholics deserve spotlight

It’s official: Pope Francis is coming to Korea. His visit was widely predicted. In multiple news reports, sources at the Vatican and Seoul had said the papal visit was highly likely. Still, the announcement by the Vatican on Monday was a source of surprise, and of course joy, for many Catholics here because the holy man decided to commit the entire five days of his trip to Asia, his first as pontiff, to Korea. Since becoming pope a year ago, he has received invitations from a number of countries

CultureMarch 12, 2014

[Newsmaker] Fukushima: Still a long road ahead

FUKUSHIMA, Japan (AFP) ― In complete darkness, a group of men tried everything they could to save the Fukushima nuclear plant from catastrophe. Their struggle was in vain.Three years later, the control room at the site of the worst atomic crisis in a generation ― which forced a hard look at Japan’s energy policy ― sits as a grim time capsule.Helmets, masks, several pairs of gloves and overalls remain as reporters are taken on a tour of the inner sanctum, a first since the accident. Notes are scr

World NewsMarch 11, 2014

[Newsmaker] ‘My Love’ signals K-drama revival

In China, Korean TV drama “My Love from the Star” seems to have stirred up a syndrome that stands strong even amid a series of national tragedies ― a terrorist attack that left 33 people dead and a flight gone missing with another 152 of its nationals aboard.Kim Soo-hyun, the male lead in the drama, has become the heartthrob of Chinese girls. In the series, he played Do Min-jun, an alien in the form of a perfect male specimen who falls in love with an arrogant A-list actress played by Jun Ji-hyu

TelevisionMarch 10, 2014

[Newsmaker] Bitcoin creator’s identity still a mystery

WASHINGTON (AFP) ― The world was little closer to knowing for sure who invented Bitcoin Friday, despite Newsweek’s claim to have unmasked the enigmatic “Satoshi Nakamoto” behind the computer-coded currency.The magazine relaunched its print version with an ostensibly huge scoop, identifying 64-year-old Japanese-American engineer Dorian Satoshi Nakamoto as the creator.But the mystery remained after the apparently retired model train enthusiast from suburban Los Angeles asked a reporter to buy him

World BusinessMarch 9, 2014

[Newsmaker] Economic team blasted for inconsistency

The Park Geun-hye administration appears to be discontented with the economic policies created by Deputy Prime Minister and Finance Minister Hyun Oh-seok.This was suggested through the remarks of Prime Minister Chung Hong-won on Thursday, who claimed that the state economic policy team has failed to gain public credibility due to its inconsistency in carrying out major policies.During a ministerial meeting for national policy fine-tuning, Chung criticized the Finance Ministry’s recent reversal o

March 6, 2014

[Newsmaker] Gyeonggi to be biggest match of June poll

The Gyeonggi Province gubernatorial race is becoming one of the hottest contests in the June 4 local elections with the ruling and opposition parties going to great lengths to bring their best cards into the game. For the ruling Saenuri Party, five-term lawmaker Rep. Nam Kyung-pil is considered the favorite to fill the post currently held by potential conservative presidential hopeful Kim Moon-soo. Announcing his plans, Nam did not mince words and launched a direct attack on the opposition bloc.

PoliticsMarch 5, 2014

[Newsmaker] Will new BOK chief pass the first test?

The nomination for the new governor of the Bank of Korea came as a bit of a surprise as many had speculated that President Park would pick an outsider with an academic or political background to guide the central bank amid increasing concerns over a volatile global economy.Instead, on Monday Park nominated Lee Ju-yeol, the central bank’s former senior deputy governor, to take over the governorship after incumbent Kim Choong-soo completes his four-year term at the end of March. Lee, who worked at

March 4, 2014

[Newsmaker] China’s legislature faces familiar problems

BEIJING (AFP) ― China’s annual show of political theater, the National People’s Congress, opens this week ― the first under a new Communist Party leadership facing intractable problems including endemic corruption, slowing economic growth and tensions with neighboring countries.The rubber-stamp NPC, which begins Wednesday at the imposing Great Hall of the People on Tiananmen Square in Beijing, serves as a show of unity in the nation and the ruling party.The event kicks off amid much fanfare, wit

World NewsMarch 3, 2014

[Newsmaker] Chung leads Saenuri big guns in Seoul polls

Rep. Chung Mong-joon, who announced his candidacy in the Saenuri Party’s primary for Seoul mayor, is a veteran politician with a career only a few can match. Chung has had a very successful political career despite criticism that he lacks common touch, a claim that is backed up by comments such as that regarding Seoul’s bus fares. The seven-term lawmaker has been quoted estimating bus fares to be about 70 won, when the actual figures stand at more than 1,000 won. Regardless, Chung has served as

PoliticsMarch 2, 2014

[Newsmaker] Pollution Beijing’s biggest challenge

Chinese President Xi Jinping said pollution was Beijing’s biggest challenge as thick smog blanketing northern China cleared after seven straight days at hazardous levels.Xi called preventing air pollution the “most prominent” problem Beijing faces, according to a report on China National Radio, as pollution dropped to “very unhealthy” levels from “hazardous,” according to a U.S. Embassy monitor.The lingering pollution in China’s capital renewed questions about the government’s determination to

World NewsFeb. 27, 2014

[Newsmaker] Fake evidence scandal hits prosecution, NIS

Hamstrung by allegations of evidence fabrication, the prosecutors’ office is facing a major crisis. The developments that threaten to undermine not only the prosecutors’ office but also cast doubt on the integrity of South Korea’s entire legal system began to play out last year when a former Seoul city official was tried on charges of espionage. Although the defendant, Yoo Woo-seong, a North Korean of Chinese descent who came to the South in 2004, was initially acquitted, the prosecution appeale

PoliticsFeb. 26, 2014

[Newsmaker] Stunning growth of messaging apps

NEW YORK (AFP) ― The astonishingly high price paid for the messaging service WhatsApp underscores how mobile apps are transforming the way we communicate, shaking up the global telecom sector.Facebook’s deal to pay up to $19 billion for WhatsApp comes on the heels of a $900 million purchase of another messaging service, Viber, by Japanese Internet giant Rakuten.And the California-based messaging firm Snapchat, known for its disappearing messages, reportedly turned down a $3 billion offer from Fa

TechnologyFeb. 25, 2014

[Newsmaker] Freed Ukrainian icon coy on next steps

Thrust to centre stage in Ukraine’s fast-moving political drama, the hugely charismatic but equally divisive Yulia Tymoshenko has remained coy about her political future after being set free by parliament.The fiery 53-year-old, who was jailed after losing to Viktor Yanukovych by a razor-thin margin in a 2010 presidential poll, walked free on Saturday in the latest dramatic twist to antigovernment unrest that had swept Ukraine for more than three months and left scores dead.The former pro-Western

World NewsFeb. 24, 2014