[Newsmaker] Founder of Yoido Full Gospel Church Rev. Cho Yong-gi dies at 85

Pastor Cho Yong-gi, the founder of Yoido Full Gospel Church, died at the age of 85 at Seoul National University Hospital on Tuesday. He had been hospitalized since July 2020 after suffering a brain hemorrhage. The pastor emeritus of Yoido Full Gospel Church is known for establishing and developing Yoido Full Gospel Church as the world‘s largest church. Cho started a church in Bulgwang-dong, western Seoul, on May 18, 1958, with the late Rev. Choi Ja-sil, who died on Nov. 9, 1989. Throug

CultureSept. 14, 2021

[Newsmaker] Seoul Metro union calls off planned walkout on last-minute deal

The unionized workers of Seoul Metro, operator of the Seoul subway system, called off a planned walkout that was set to take place Tuesday as they reached a last-minute deal with the management. The deal was reached shortly before midnight following a marathon negotiation that began at 3 p.m. Under the agreement, Seoul Metro withdrew its earlier plan to lay off 1,539 workers, or 10 percent of its workforce. The parties also agreed to establish a consultation body between the management and the u

Social AffairsSept. 14, 2021

[Newsmaker] Yoon Seok-youl allegations threaten to push political arena

The allegations surrounding conservative presidential hopeful Yoon Seok-youl are expanding, with Yoon accusing the head of the National Intelligence Service of meddling in a presidential election. On Monday, Yoon reported NIS chief Park Jie-won and informant Cho Sung-eun to the Corruption Investigation Office for High-ranking Officials, in a countermove for coming under investigation for allegations raised by Cho. Yoon has accused Park and Cho of violating the National Intelligence Service Ac

PoliticsSept. 13, 2021

[Newsmaker] Retail investors sweep W1tr Kakao shares hit by short attack, regulation

　Retail investors bought more than 1 trillion won ($854 billion) worth of Kakao shares for three days from Wednesday to Friday, when they fell 15 percent amid record short-selling triggered by mounting concerns over tightening regulations.   The country’s fifth-biggest in market capitalization has been targeted for massive short selling due to a rapid price fall last week over the political move to regulate platform giants,  Foreign investors also dumped shares worth 749.8 bill

MarketSept. 12, 2021

[Newsmaker] Opposition party files complaint against CIO over alleged illegal raid

The main opposition People Power Party (PPP) on Saturday filed a complaint with the prosecution over what it called an illegal raid against one of its lawmakers in a snowballing political meddling scandal. The complaint accuses Kim Jin-wook, chief of the Corruption Investigation Office for High-ranking Officials (CIO), and five investigators of abuse of power and an illegal raid on the office of PPP Rep. Kim Woong on Friday. Rep. Jun Joo-hyae, a PPP spokeswoman, delivered the complaint to the

PoliticsSept. 11, 2021

[Newsmaker] Demand for apartments on rise despite loan restrictions

Demand for apartments in South Korea’s capital and the surrounding areas continued to rise for two consecutive weeks, despite the central bank’s latest rate hike and financial institutions’ efforts to cut back lending, data showed Friday. According to the Korea Real Estate Board, the index measuring supply and demand for apartments in Seoul and the surrounding area inched up 0.4 points on-week to 112.1 as of Monday, extending gains for two consecutive weeks. It had gained 0.9

MarketSept. 10, 2021

[Newsmaker] Wireless EV charging service and 9 others approved under regulatory sandbox

Hyundai Motor’s plans to develop a remote charging system for battery-powered electric vehicles has been given a go-ahead from the Korean government, it was announced Thursday. The wireless EV charging system is among the 10 pilot projects granted a regulatory sandbox, according to the Ministry of Science, ICT and Future Planning and the sandbox support center at the Korea Chamber of Commerce and Industry. The regulatory sandbox measure, introduced in 2019, seeks to foster new business

MobilitySept. 9, 2021

[Newsmaker] Disney+ arrival heralds fiercer competition in Korean streaming market

  After years of courtship by mobile carriers, Disney+, another US-based content giant, is to arrive in South Korea in November, raising expectations of a new phase of growth for the local streaming market after Netflix’s entry years ago.  The Walt Disney Co. Korea announced Wednesday its mobile content streaming app would be available here from Nov. 12, promising a wide-ranging library of content.  Content available for streaming will include that produced by Disney, Pix

BusinessSept. 8, 2021

[Newsmaker] LX Hausys enters race for top furniture maker Hanssem

LX Hausys, formerly LG Hausys, which specializes in windows and interior materials, has entered the race to acquire South Korea’s top furniture maker Hanssem. The company, which is part of LX Group – a new entity that was separated from LG Group earlier this year, is the latest to show interest in buying a controlling stake in the firm, following other retail giants including Lotte, according to multiple reports. For its bid, LX Hausys will be joining a private equity fund set up

ConsumerSept. 7, 2021

[Newsmaker] Over 90% of public says climate crisis should be major presidential election issue: survey

More than 90 percent of South Koreans think the climate crisis should be a prominent issue in the upcoming presidential election, a survey showed Sunday. According to the Gallup Korea poll, conducted at the request of environmental group Green Korea and involving 1,500 people nationwide, 91.1 percent of the respondents said Korea’s climate crisis response should be a major topic ahead of the March 9 election. Where most public opinion polls target people over 19, Green Korea said, the m

Social AffairsSept. 6, 2021

[Newsmaker] Sales of local restaurants dropped during COVID-19 pandemic

Sales of local restaurants and bars have dropped to their lowest level due to toughened social distancing rules during the COVID-19 pandemic, government data showed Sunday. According to the Korean Statistical Information Service, the retail sales index of restaurants and bars for the first seven months of this year marked 77, the lowest since it started to compile related data in 2015 with a benchmark of 100. The data showed the COVID-19 pandemic has weighed on the already-struggling restaur

IndustrySept. 5, 2021

[Newsmaker] Demand for apartments higher despite rate hike

South Korea’s demand for apartments in the capital and its surrounding areas only got higher, despite the central bank’s recent decision to end 15 months of record-low interest rates, data showed Friday. According to the Korea Real Estate Board, the index measuring supply and demand for apartments in Seoul and the surrounding area inched up 0.9 point on-week to 111.7 as of Monday, compared with 110.8 last week. When the index is higher than 100, it signals that there are more buyer

MarketSept. 3, 2021

[Newsmaker] Hyundai Heavy readies to become first-mover for eco-friendly ships via W1.08tr IPO

Hyundai Heavy Industries announced a blueprint to usher in a paradigm shift in the global shipbuilding industry of its planned market debut on the South Korean main board Kospi on Sept. 16. The major shipbuilder here unveiled its vision of being a first mover for eco-friendly ships during an online press conference with reporters Thursday, while also detailing specific plans for its initial public offering. “Developing eco-friendly and digitalized vessels, constructing smart shipyards

MarketSept. 2, 2021

[Newsmaker] A majority of Koreans support ban on raising dogs on short leash

Dogs living outside on a short leash are a common sight in Korea, but the majority of people here feel such practices should be banned by law, a survey shows. Private animal welfare research institute Aware recently published survey results on the public perception of animal welfare policies. It surveyed 2,000 adults in 17 cities nationwide on laws and awareness of animal protection. According to the survey, 82.5 percent of respondents agreed that raising animals tied to short ropes or locke

Social AffairsSept. 1, 2021

[Newsmaker] 'It is regrettable that I failed to kill more'

The Seoul court issued an arrest warrant for a 56-year-old sex offender surnamed Kang, who is suspected of murdering two women, saying he could flee. Kang with 14 prior criminal convictions, including sex crimes, is accused of murdering women in their 40s and 50s before and after damaging his electronic anklet on Friday. On Monday, police applied for an arrest warrant and the prosecution immediately filed it with the court. Kang attended the court for the arrest warrant hearing Tuesday m

Social AffairsAug. 31, 2021

[Newsmaker] S. Korea proposes record W604tr budget for 2022 amid pandemic

South Korea on Tuesday proposed a record high budget of 604.4 trillion won ($519 billion) for next year as it plans to maintain expansionary fiscal spending to cement the economic recovery and narrow social gaps caused by the pandemic. The proposed budget, endorsed by the Cabinet, marks an 8.3 percent on-year rise from this year's 558 trillion-won budget, according to the Ministry of Economy and Finance. The increase is lower than the 8.9 percent increase for this year. The government plans to

EconomyAug. 31, 2021

[Newsmaker] 7 in 10 Koreans agree with granting long-term stay visas for Afghan evacuees: survey

Nearly 7 out of 10 Koreans agree with the government’s plan to grant long-term visas for Afghan evacuees, a survey showed Monday. The government evacuated 390 Afghan nationals, including people who worked for Korean organizations and their families, and plan to grant them long-term stay visas. According to Realmeter’s survey, 68.7 percent of the respondents said they “empathize with” the government’s plan whereas 28.7 percent said they do not agree with it. By

Social AffairsAug. 30, 2021

[Newsmaker] Chances grow for ‘fake news’ bill to be voted on a later date

Lawmakers on Monday continued to debate the timing of a final vote on a bill on penalizing the press for “fake news,” with fierce opposition from those outside the ruling party likely pushing the date back. In face of fierce protest from the media and opposition lawmakers, the ruling Democratic Party of Korea was debating within its members whether to walk back from its plan to push the bill through the National Assembly within this month’s provisional session. The bill has f

PoliticsAug. 30, 2021

[Newsmaker] Opposition lawmakers warn of conflict of interest involving FSC nominee

Despite the Parliament’s approval of the nomination of the Financial Services Commission’s new chairman on Friday, concerns remain over his familial ties with the chairman of Korea Investment Holdings, the parent group of a major South Korean brokerage firm. The FSC chief nominee, Koh Seung-beom, is the brother-in-law of Kim Nam-goo, chairman and CEO of Korea Investment Holdings, which controls Korea Investment & Securities, the nation’s second-largest securities company

EconomyAug. 29, 2021

[Newsmaker] Doctors protest operating room surveillance bill

Doctors in South Korea are fiercely opposing the passage of a bill that would require surveillance cameras being installed inside operating rooms, as they believe the move would negatively influence surgical procedures and serve as potential leak of personal data. The Korean Medical Association has been staging a one-person rally since Tuesday to oppose the bill from being enacted on coming Monday during the next plenary meeting of the National Assembly. KMA head Lee Pil-soo started the rally o

Social AffairsAug. 27, 2021