South Korea’s state-owned energy corporations and think tanks have recently been observed empowering their inter-Korean economic cooperation functions, in anticipation that the latest US-North Korea talks for denuclearization may open the door to the long-secluded northern part of the peninsula.While research institutes made gestures to expand their related research, ministries and state-owned entities largely remained cautious and settled for subtle personnel readjustments, keeping an eye

Economy June 12, 2018

Seoul’s stock market is expected to be highly active this week, with investors optimistic about the widely tipped momentum following the Washington-Pyongyang summit on Tuesday. All the while, monetary policymakers are tense over expected rate hikes by the United States and European Union later in the week.While guarding against excessive optimism, market observers suggested that the eased peninsular tension would encourage foreign investment by leading to a stronger won. “Should the

Economy June 11, 2018

The Korea Herald is publishing a series of interviews with experts in the intellectual property sector. This is the 16th installment. -- Ed.Responding to the fast-paced advancement of digital culture and replication technology, publishing copyright laws around the world have evolved in a way to expand creators’ range of rights over their work of originality and to toughen penalties upon infringements.This black-and-white logic of “creator versus infringer,” however, may no longer be valid in an

Industry June 10, 2018

Deputy Prime Minister and Finance Minister Kim Dong-yeon on Thursday vowed assertive fiscal measures regarding the nation‘s widening income disparity, extending his concerns for the Moon Jae-in administration’s income-led growth initiative. The top economic policymaker, however, toned down on his disapproval of the nation‘s fast-paced legal minimum wage hike plan, which he regarded as a hindrance to employment and income distribution.“The decline in earnings in low-income

Economy June 7, 2018

A major state-run think tank on Monday warned that the government’s minimum wage hike plan could hinder employment in the upcoming years, underpinning the uneasiness over drastic changes and the consequent impact on the market. The study also laid bare the recently suspected feud between the nation’s top two economic officials -- presidential chief of staff for policy Jang Ha-sung and Deputy Prime Minister and Finance Minister Kim Dong-yeon.The Korea Development Institute, affil

Economy June 4, 2018

Amid ongoing claims that the country’s headline growth indicators fail to fully reflect the economic situation in Korea, officials are countering skeptical media reports, in apparent support of President Moon Jae-in’s economic growth initiative.Despite the economic upturn in the first quarter, as well as strong exports, the Moon administration has recently been criticized for failing to realize its vision of a “people-centered, innovative economy.”In a press briefing Frid

Economy June 1, 2018

Warming up for next year‘s budget planning, South Korean President Moon Jae-in on Thursday indicated a further increase in government expenditure as part of its long-term plan to address the nation’s structural problems such as low birth, elderly poverty and unemployment. He also added pressure on the economic team -- led by Deputy Prime Minister and Finance Minister Kim Dong-yeon -- to speed up with the government‘s innovative growth initiative.“Key macroeconomic in

Economy May 31, 2018

From its very early years, South Korea’s leading asset management firm Mirae Asset Global Investments has kept ahead of its competitors in expanding business overseas -- a strategy turning out to be rewarding in recent years.The company has launched an asset management firm in Vietnam this year in partnership with the Southeast Asian country’s State Capital Investment Corporation, expanding its business leverage in the area, according to officials.“Based on our research capacit

Market May 30, 2018

South Korea has designated Ulsan, Geoje, Mokpo and other cities reeling from the ailing shipbuilding business as emergency industrial zones, in line with its economic drive to boost employment and growth, the country’s chief economic policymaker said Tuesday.The designation is a follow-up measure, as the cities were already subject to government subsidies and incentives due to the prolonged slump of the country’s once-prosperous shipbuilding industry.“The newly designated areas

Economy May 29, 2018

South Korea’s state-run Korea Water Resources Corp., or K-Water, last week chaired a key regional council meeting to discuss Asia’s water problems, as part of its initiative to alleviate water scarcity and to promote jobs in the water industries.The sixth annual meeting of the Asia Water Council, the largest regional body dedicated to water-related problems, was held in Bangkok from Thursday to Saturday, officials said Sunday. The AWC, established in March 2016 under the leadership o

Economy May 27, 2018

The Korea Herald is publishing a series of interviews on experts in the intellectual property sector. This is the 15th installment. -- Ed.Amid the recent conciliatory mood on the Korean Peninsula, the unthinkable just a couple of months ago -- for instance, forming an integrated market system in the future -- has become a probability as what optimists view as phase zero step for inter-Korean reunification. Seizing upon this opportunity of potential market expansion, South Korea should take pre-e

Industry May 27, 2018

South Korea’s economy will remain on its course to a 3 percent growth this year, the nation’s top economic policymaker said Thursday, downplaying lower forecasts by think tanks on sluggish employment and investment.“As for now, we have no plans to revise the 3 percent growth target,” Deputy Prime Minister and Finance Minister Kim Dong-yeon said in a morning radio interview with CBS.“The economy grew 1.1 percent in the first quarter this year, which is more or less o

Economy May 24, 2018

Duty-free shop operators will be allowed to maintain their business licenses for up to 10 years instead of the conventional five-year limit, a related government task force said Wednesday.“While the license period will be maintained at the conventional five years, conglomerates are to be permitted for a qualification renewal (for another five years),” Yoo Chang-jo, chairman of the task force for improving the duty-free shop system, said in a press briefing. Yoo Chang-jo (right), chairman of the

Industry May 23, 2018

The late LG Group Chairman Koo Bon-moo was widely recognized for his business insights and perseverance, which created momentum that drove local home appliance manufacturer Lucky-Goldstar Group to become an innovative global tech giant in less than three decades.The 73-year-old businessman was also a rare figure among chaebol owners here -- especially in the wake of recent ethical and legal breaches by owner family members -- to be praised for his mild temper and humble character.News of his dea

Industry May 20, 2018

Always bristling with tourists -- local and foreign, many dressed in modernized hanbok -- Jeonju Hanok Village is a top priority tourist spot in the North Jeolla Province city.The antique traditional residential district, however, is not just a photogenic theme park. It is living proof of Korea’s modern history in the early 20th century. It is also a symbol of balance which the ancient city has achieved between its traditional cultural assets and development.The hanok village originates from the

Travel May 18, 2018