The Korean art market saw a difficult third quarter, with auction sales falling a 27.2 percent on-year to 23.8 billion won ($17 million). According to a report from the Korea Art Authentication and Appraisal Institute, the market is expected to remain subdued in the long term, as it typically responds to economic trends as a lagging indicator. “The Korean art market saw the worst third quarter and what the market actually experiences seems more pessimistic,” the market report release

Arts & Design Nov. 3, 2024

In a season unlike any other in South Korean baseball history in 2020, the year of the coronavirus pandemic, the NC Dinos emerged as the first-time champions. While the rest of the Korea Baseball Organization (KBO) may be hoping the 2021 season will be different than last year -- more fans in the stands would be a nice change, for one -- the Dinos will try to ensure the end result will be the same, with the Korean Series title staying with them. The 2021 season will open Saturday, an on-time s

Baseball April 1, 2021

RM, the leader of K-pop group BTS, donated 100 million won ($84,426) to the National Museum of Modern and Contemporary Art Foundation, Korea towards the production of the museum’s art publication that will be donated to public libraries and schools across the country. The donation was made to mark the singer‘s 27th birthday, on Sept. 12, the foundation said Monday. The art publications, some of which are currently out of print, include those on Korea’s representative modern

Arts & Design Sept. 14, 2020

National Assembly Speaker Chung Sye-kyun voiced hopes Monday that ruling and opposition parties can come up with a joint proposal for a constitutional revision by the end of the year and submit it early next year.During his speech marking the 69th Constitution Day, Chung also said that the amendment of the decades-old basic law must be carried out "for the benefit of the country's citizens and its future" in an open, transparent way.  National Assembly Speaker Chung Sye-kyun speaks during a cere

Politics July 17, 2017

South Korea’s central bank kept its key base rate unchanged at 1.25 percent for third straight month on Friday, as largely expected by market analysts, citing high household debt and uncertainties concerning the US Federal Reserve’s monetary policy.The decision to freeze its September rate was unanimous, as the Bank of Korea already noted in its minutes of last month’s policy committee meeting that a rapid increase in household debt was posing a risk to the economy.Also, the difficulty in foreca

Sept. 9, 2016

[THE INVESTOR] South Korea’s central bank kept its key base rate unchanged at 1.25 percent for third straight month on Friday, as largely expected by market analysts, citing high household debt and uncertainties concerning the US Federal Reserve’s monetary policy.The decision to freeze its September rate was unanimous, as the Bank of Korea already noted in its minutes of last month’s policy committee meeting that a rapid increase in household debt was posing a risk to the economy. BOK Governor L

Sept. 9, 2016

South Korea’s political circles began their parliamentary probe into the government’s mismanagement of the debt-laden shipping and shipbuilding industry, particularly state-owned Daewoo Shipbuilding & Marine Engineering at the National Assembly on Thursday.The two-day hearing, which was supposed to analyze the root cause of the industry downturn and find solutions to the problem, already turned into a heated debate with the conservative and progressive lawmakers blaming each other over the lates

Sept. 8, 2016

South Korea’s population reached more than 50 million for the first time last year, according to Statistics Korea on Wednesday.After including the population of foreigners residing in Korea, the country’s population stood at around 51.07 million as of Nov.1, 2015, up 2.7 percent from the 49.71 million five years ago.The male population stood at 25.61 million, 150,000 more than the female population.The number of foreigners in Korea also surpassed 1 million for the first time, reaching 1.36 milli

Sept. 7, 2016

[THE INVESTOR] South Korea’s population reached more than 50 million for the first time last year, according to Statistics Korea on Wednesday.After including the population of foreigners residing in Korea, the country’s population stood at around 51.07 million as of Nov.1, 2015, up 2.7 percent from the 49.71 million five years ago.The male population stood at 25.61 million, 150,000 more than the female population.The number of foreigners in Korea also surpassed 1 million for the first time, reac

Sept. 7, 2016

South Korean financial authorities are drawing criticism from the market for their inability to pre-emptively deal and manage repercussions in the logistics sector following the fallout of Hanjin Shipping.As of early this week, about 70 percent of more than 120 ships run by Hanjin have been blocked, stranded and denied entry at major ports around the world, according to the Korea Shipowners’ Association. Yim Jong-yong (left), chairman of the Financial Services Commission, and Maritime Affairs Mi

Sept. 6, 2016

[THE INVESTOR] Hanjin Shipping, Korea’s largest shipping company, has filed for bankruptcy protection in the US, with more than 70 of the company’s ships blocked, stranded and denied entry at major ports around the world and its creditors taking control of some of its assets. Under the chapter 15 bankruptcy code, Hanjin creditors will not be able to seize the company’s overseas assets including in the US. However, the jurisdiction of the US court protection does not extend to South Korea, where

Sept. 5, 2016

Korea’s largest shipping company Hanjin Shipping has filed for bankruptcy protection in the US, with more than 70 of the firm’s ships blocked, stranded and denied entry at major ports around the world and its creditors taking control of some of its assets, Under the chapter 15 bankruptcy code, Hanjin creditors will not be able to seize the company’s overseas assets including in the US. However, the jurisdiction of the US court protection does not extend to South Korea, where a Seoul court has be

Sept. 5, 2016

South Korea’s Finance Minister Yoo Il-ho said the government will deal with companies under creditor-led restructuring programs by the book and those that do not come up with reasonable self-rescue plans will not receive any state support.“The government will strictly and rapidly execute its restructuring policy on the principle that debt-laden companies share the burden and try to find solutions to stay afloat and regain competitiveness,” Yoo said in an industry-related ministerial meeting Wedn

Aug. 31, 2016

All eyes and ears are on the US Federal Reserve -- will the world’s most influential central bank raise its interest rate twice this year?Analysts are scrambling trying to decode what Fed Chairwoman Janet Yellen said at a recent symposium in Kansas City, Jackson Hole, Wyoming, followed by Fed Vice Chairman Stanley Fischer’s televised interview.“Looking ahead, the Federal Open Market Committee expects moderate growth in real gross domestic product, additional strengthening in the labor market, an

Aug. 30, 2016

The South Korean government will increase its spending to 400.7 trillion won next year, up 3.7 percent from this year, with a primary focus on boosting social welfare and creating jobs through fiscal stimulus, the Finance Ministry said Tuesday.This marks the first time for the national budget to exceed 400 trillion won with about one-third of it allocated to spending on welfare, or 130 trillion won, the highest. Of 130 trillion won allocated to social welfare, the budget includes spending 17.5 t

Aug. 30, 2016

[THE INVESTOR] All eyes and ears are on the US Federal Reserve -- will the world’s most influential central bank raise its interest rate twice this year?Analysts are scrambling trying to decode what Fed Chairwoman Janet Yellen said at a recent symposium, followed by Fed Vice Chairman Stanley Fischer’s televised interview. Fed Chair Janet Yellen“Looking ahead, the Federal Open Market Committee expects moderate growth in real gross domestic product, additional strengthening in the labor market and

Aug. 30, 2016