[Newsmaker] Wealth gap widening among young Koreans: data

The wealth gap among young Koreans has widened, with data showing that familial transfer of wealth, not income differences, are aggregating the divide, a lawmaker said Monday. According to Statistics Korea data of two groups of Koreans between ages 20 to 30, the upper 20 percent of young Koreans accumulated 35 times more wealth than the lower 20 percent last year. The wealth gap increased from 776 million won ($650,000) in 2019 to 846 million won in 2020, according to Kim Hoe-jae, a member of

MarketOct. 11, 2021

[Newsmaker] ‘Squid Game’ pokes at the far side of Korea

　Everyone from the “Squid Game” has good reasons to win it all: 45.6 billion reasons to be exact. But some have problems that are mirrored from real-life version of the society they are in. 　Part of why Netflix’ record smashing hit drama has resonated with so many people is that it is also a social commentary on the actual incidents that had occurred in Korea, and perhaps the problems prevalent in the modern society. 　Young, smart, broke and from N.K. 　Jung Ho-yeon portraye

FilmOct. 10, 2021

[Newsmaker] ‘Squid Game’ sensation spreads to Korean content creators

International craze aside, the Netflix original series “Squid Game” is inspiring parodies and send-ups throughout the South Korean entertainment industry. Cable channel Channel A was one of the first to air a parody of the global megahit. “The Fisherman and the City,” a show featuring five Korean TV celebrities who are obsessed with fishing, introduced its cast as if they were “Squid Game” contestants, with tags like those used in the Netflix series. &ldquo

TelevisionOct. 8, 2021

[Newsmaker] Prosecutors seek 15-year prison term for airman over death of sexual harassment victim

Military prosecutors on Friday sought a 15-year prison sentence for a noncommissioned Air Force officer for the alleged sexual abuse of a female colleague that led to her death by suicide, officials said. The master sergeant, surnamed Jang, is suspected of sexually harassing the victim of the same rank inside a car on their way back to their base in the western city of Seosan after a private gathering in March. Following the military's poor initial responses to the case, she took her own life in

Social AffairsOct. 8, 2021

[Newsmaker] ABL Bio begins clinical trial of anticancer drug candidate

South Korean biotech firm ABL Bio said Thursday that it has begun the phase 1 clinical trial of anticancer drug candidate ABL501. ABL501 is an antibody that uses the Grabody-I platform technology to block both the PD-L1 and LAG-3 checkpoint pathways, improving the current limitation in PD-L1 therapies. ABL Bio said the company has administered the drug candidate to the first patient with a solid tumor at Samsung Medical Center in Seoul. An official from ABL Bio said the phase 1 clinical tria

TechnologyOct. 7, 2021

[Newsmaker] World steelmakers discuss decarbonizing at Posco forum

To respond to the growing pressure to meet net-zero pledges, steelmakers around the world must work together to find ways to decarbonize steelmaking, mostly likely with the use of hydrogen, the chief of South Korea’s top steel manufacturer said Wednesday. Hosting the Hydrogen Iron & Steel Making Forum 2021, the world’s first international forum on hydrogen steelmaking, Posco Chairman Choi Jeong-woo highlighted the need for urgent, concerted action as an industry and an open pla

IndustryOct. 6, 2021

[Newsmaker] Finance minister blasted for failing to curb housing prices

Finance Minister Hong Nam-ki came under fire during a parliamentary inspection on Tuesday for failing to stop the relentless rise in housing prices despite dozens of policy measures implemented in recent months. To address the nationwide outcry over soaring housing prices, the Moon Jae-in administration has introduced 26 sets of real estate policies. The latest centered on raising taxes on owners of multiple homes and rooting out property speculation. But there are signs these policies may ba

EconomyOct. 5, 2021

[Newsmaker] Park Ji-sung asks United supporters to stop singing his fan chant

South Korean soccer icon Park Ji-sung called on Manchester United fans to stop singing a song about him, during an interview with the team’s podcast released Sunday. Park recalled hearing his song, which includes a disparaging joke about Koreans eating dog meat, and shared his mixed feelings. “Having a fan chant is meaningful for the player. This is something that I am very proud of. But when I heard the lyrics, I was uncomfortable,” said Park, who joined Manchester United in

SoccerOct. 4, 2021

[Newsmaker] Over half of young Seoulites can’t afford buying house without parents’ support: survey

Over half of young people living in Seoul say they couldn’t buy a home without the help of their parents, data showed Friday. According to a survey conducted by the Seoul Institute, a think tank under the Seoul Metropolitan Government, 53 percent out of 676 Seoul citizens ranging in age from 18 to 34 said that it would be impossible to purchase a house without financial support from their parents. The nationwide average is 46 percent. While 44 percent of respondents said that they would

MarketOct. 1, 2021

[Newsmaker] Prosecutors arrest key suspect in Seongnam land development scandal

A key figure in the snowballing land development scandal in Seongnam, just south of Seoul, was arrested Friday for questioning over allegations that Gyeonggi Gov. Lee Jae-myung, the ruling Democratic Party's leading presidential contender, gave business favors to certain developers. Yoo Dong-gyu, former acting president of Seongnam Development Corp., was apprehended by prosecutors at a hospital Friday morning and was taken to the Seoul Central District Prosecutors Office. He was asked to appear

PoliticsOct. 1, 2021

[Newsmaker] COVID-19 cashback scheme criticized over fairness

South Korea’s new cashback scheme, designed to encourage private spending, has rather unusual criteria for coverage. Money spent at Emart Every Everyday stores is eligible for rewards, but not at Emart outlets. Businesses covered by the scheme include Ikea, Starbucks, small supermarket chains, hotels, movie theaters, restaurants as well as delivery apps. But purchases made at big supermarket chains such as Emart, Costco and Homeplus as well as department stores and duty-free stores do n

ConsumerSept. 30, 2021

[Newsmaker] Assimilation programs begin for Afghan evacuees in S. Korea

The government on Wednesday started assimilation programs for Afghan evacuees who settled in South Korea in August upon fleeing their country after it was taken over by the Taliban. Various programs, offered by relevant ministries, are aimed at helping them learn the language, get familiar with the culture and more easily assimilate into Korean society. The Ministry of Justice runs the Korea Immigration and Integration Program (KIIP) with a goal to teach them Korean culture and language, along w

Social AffairsSept. 29, 2021

[Newsmaker] Transport ministry lays out plans for ‘flying taxis’ in 2025

Urban air mobility, which has been described as ‘flying taxis,’ is on course to become a reality in Korea in 2025 as the Transport Ministry outlined the timeline in a white paper released on Tuesday. According to the paper, an air corridor will be built for drone taxis to fly between Seoul and the outskirts of the city, including Incheon International Airport, during the early stages of the project. The UAM aircraft will be allowed to fly at an altitude of 450 meters with a margin

MobilitySept. 28, 2021

[Newsmaker] Netflix unveils 10 upcoming Korean dramas, shows after ‘Squid Game’ success

Days after “Squid Game” became the first Korean drama series to rank first on Netflix’s US top 10 TV show list, the global streaming service has unveiled its line-up of Korean programming for the upcoming months, spotlighting 10 drama series and reality shows. Netflix Korea introduced the shows during Tudum, Netflix’s global fan event, on Saturday, which was streamed on Netflix Korea’s YouTube channel. The real-time fan event was moderated by K-pop band Super J

TelevisionSept. 26, 2021

[Newsmaker] Moon says BTS helped spread awareness of climate change, other global issues

WASHINGTON -- South Korean President Moon Jae-in thanked and praised South Korean superband BTS for using their powerful influence in encouraging people to act on various global issues such as climate change and COVID-19. "Since BTS represents the younger generation and many young people relate to them, I believe they can spread awareness and empathy," Moon said in an interview with U.S. TV network ABC. The interview, also attended by the seven members of BTS, took place on Tuesday,

PoliticsSept. 25, 2021

[Newsmaker] Mergepoint saga sparks flood of complaints in Aug.

Amid the snowballing fiasco of prepaid discount service Mergepoint that played out in August, the number of consumer requested consultations regarding the scandal marked more than 16,000, according to data provided by the Korea Consumer Agency and Korea National Council of Consumer Organizations Friday. The consumer consultation center operated by South Korea’s Fair Trade Commission received 16,188 inquiries from consumers requiring consultations about their complaints and damages over t

MarketSept. 24, 2021

[Newsmaker] Korea raises electricity price for first time in 8 years

A family of four in South Korea will see electricity bills rise as much as 1,050 won ($0.89) per month starting October as the Korea Electric Power Corp. decided to raise utility prices for the first time in eight years to mitigate skyrocketing fuel costs. According to the state-run utility firm Thursday, the electricity bill will go up 3 won per kilowatt-hour, the first increase since November 2013. For an average four-member household that consumes 350 kW of electricity per month, this would

IndustrySept. 23, 2021

[Newsmaker] Kakao Pay faces renewed scrutiny ahead of IPO

Ant Group-backed financial technology firm Kakao Pay is facing renewed scrutiny ahead of its upcoming initial public offering as South Korea’s tech crackdown shows no signs of abating. Regulators’ tightening grip on online financial platforms puts Kakao Pay, known for its mobile payment app interoperable with Korea’s popular messenger app KakaoTalk, under mounting pressure to revise its prospectus again to scale down its fintech service. The stock market debut of Kakao Pay,

MarketSept. 22, 2021

[Newsmaker] More than 30 crypto exchanges expected to announce shutdown on Friday

Time ran out Friday for cryptocurrency exchanges to announce the closure of their services if they would not be operable after Sept. 24, marking a critical time that will decide the fate of many cryptocurrency exchanges in the country. More than 30 cryptocurrency exchanges were expected to give notice for a service shutdown by the end of Friday, as 24 exchanges have not applied for the Information Security Management System and 10 failed to acquire a certificate, according to industry source

MarketSept. 17, 2021

[Newsmaker] Compensation to pandemic-hit merchants to begin in late Oct.: official

South Korea plans to start to compensate pandemic-hit small merchants from late October for their losses incurred by anti-virus restrictions, a senior government official said Friday. The government set aside 1.03 trillion won ($873 million) to operate a state scheme to compensate small merchants for losses that have been generated since July due to state orders to shut down or suspend business over the pandemic. "The government is making seamless preparation to provide compensation to the

Social AffairsSept. 17, 2021