This summer, South Korean police busted an online drug cartel circulating methamphetamine and MDMA via an encrypted messaging app. The mastermind, as it turned out, was no Pablo Escobar but an 18-year old looking to earn some extra spending cash. The case is part of a disturbing new trend -- digital-savvy youth falling into illicit substance use within a country once considered to be “drug-free.” Professor Chung Hee-sun of Sungkyunkwan University, who formerly headed the National F

National Dec. 5, 2022

HANOI, Vietnam -- When South Korea first forged diplomatic ties with Vietnam 30 years ago, not many expected the fledgling bond to become as strong as it is today. Now the Southeast Asian country is one of Korea’s closest partners, or a “diplomatic hotspot” as Korea’s Ambassador to Vietnam Oh Young-ju likes to put it. “When the Korean embassy was first established 30 years ago, there were only two government officials here – an ambassador and an attache. Now

Foreign Affairs Dec. 5, 2022

A Korean government-organized youth camp for teenagers across the world who are learning Korean language as second language completed its four-day run on Thursday. Organized by the Education Ministry here, the 2022 International Korean Education Youth Camp had 100 international students joining from 32 different countries its first in-person event since 2019. On Thursday, marking the finale of the event-packed schedule, an awarding ceremony took place at Hana Global Campus in Cheongna, Incheon

Social Affairs Dec. 2, 2022

South Korea’s top five crypto exchanges' decision to delist the token issued by Wemade’s blockchain platform has sent another shock wave through the digital currency market here that is still reeling from the earlier terraUSD-luna crash. The Digital Asset Exchange Alliance (DAXA) comprising Bithumb, Upbit, Coinone, Korbit and Gopax announced Thursday they would halt trading of Wemix tokens on their platforms from Dec. 8. DAXA cited that the gaming giant’s blockchain platform

Market Nov. 27, 2022

South Korea’s financial authorities on Thursday were mulling a delay on the adoption of the law to levy a capital gains tax on stock investment slated to start next year. In a morning meeting, the regulator Financial Services Commission met with market analysts from 10 local brokerages to address the effects of the new tax system on the market, according to industry sources. The move was widely received by onlookers as a sign that the authorities are actively considering the delay of the

Market Nov. 17, 2022

SINGAPORE -- Germany and Singapore bolstered their partnership for supply chain diversification, stressing pipeline expansion instead of decoupling with China. The move comes as the European Union member nation, among many other key economies, has been burdened with the task of cutting back their reliance on China. “Reducing risky, one-sided dependencies when it comes to certain raw materials or critical technologies will play an important role in the National Security Strategy that we a

Economy Nov. 16, 2022

FTX’s plan to buy South Korean crypto exchange Bithumb appears to have gone up in smoke, with billionaire Sam Bankman-Fried’s empire being rocked by a liquidity crisis, industry watchers said Thursday. Crypto exchange giant Binance’s announcement on Wednesday to back out of its plans to acquire FTX is likely to halt the ongoing deal between the Bahamian crypto exchange platform and Bithumb, according to experts. “Investors have been wary of the crypto market because of

Market Nov. 10, 2022

Chiefs of South Korea’s top banks are fast approaching the end of their current terms amid concerns of a looming debt crisis in the financial sector, sources said Wednesday. Starting with NH Financial Group Chairman Son Byung-hwan’s term ending next month, Shinhan Financial Group Chairman Cho Yong-byoung and Woori Financial Group Chairman Son Tae-seung are inching towards the end of their current terms in March next year. CEOs of some banking giants’ flagship commercial lende

Market Nov. 9, 2022

South Korea’s state pension fund, the country’s main retirement plan, is in need of a major reform centered on cutting off excessive government intervention, an insider said Monday. Jeong Woo-yong, a member of the National Pension Service’s Fiduciary Liability Committee, pointed out that the fund’s key decision-making bodies consist of “too many” government officials and lack economic experts. This hinders the fund’s growth, as it increases the fund&rsq

Business Nov. 8, 2022

Restaurants, cafes and clubs in Seoul's popular nightlife district of Itaewon seemed to be on a smooth road to recovery at last after years of pandemic disruptions -- before Saturday. But now its hopes of revival have been set back again following a disastrous overnight crowd surge. The neighborhood -- once mainly the realm of expats and American soldiers -- has transformed into a culturally diverse and trendy area beloved by locals and visitors alike in recent years. Its “Brooklyn-type&r

Economy Oct. 30, 2022

Bowed heads, a mumbled apology and camera flashlights. The public apology issued last week by the head of South Korean food and beverage giant SPC was any businessperson's worst nightmare. Chairman Hur Young-in of the food and bakery giant apologized for the death of a 23-year-old worker who was crushed by a sauce mixing machine at a factory affiliated with SPC during an overnight shift. The chairman does not just face public humiliation and a nationwide boycott of his company’s product

Industry Oct. 30, 2022

The area around Itaewon in Yongsan-gu, central Seoul, full of excited Halloween partygoers on Saturday night, turned into a catastrophic scene in an instant. At least 153 people died and dozens were injured in a crowd crush that took place in a narrow alley near the neighborhood’s famous Hamilton Hotel. The celebratory scene quickly turned into a nightmare as screams and cries for help erupted from the crowd, and the sounds of ambulance sirens mixed with thumping music that continued to fl

Social Affairs Oct. 30, 2022

South Korean authorities are trying to contain a possible liquidity crunch from an overheated real estate project financing market, with Legoland Korea’s debt payment default rising adding to perceived risk levels. The total value of loans extended for the purpose of real estate project financing has rapidly grown, but the central bank’s aggressive rate hikes have increased borrowers’ debt repayment burdens. The rising costs of raw materials added to the worries. Finance Mini

Business Oct. 25, 2022

South Korea's exchange-traded funds combined market cap amounted to 75.5 trillion won ($52.6 billion) as of September, some 220 times larger than 344.4 billion won in October 2002, the latest data from the Korea Exchange showed. ETFs -- a type of pooled investment security that tracks a particular index, sector, commodity, or other assets, which can be traded on a stock exchange -- have managed to capture the attention of Korean investors in recent years. Twenty years ago, ETFs first landed in

Market Oct. 23, 2022

Humanity is entering a second era of the digital age, with the rise of new technologies such as blockchain and the virtual world. In its transition, new leaders will emerge, which could include South Korea, renowned tech visionary Don Tapscott said. “There’s no reason why one of the global centers can’t be Korea,” Tapscott, the executive chairman of Toronto-based Blockchain Research Institute, said Wednesday in Seoul pointing to this Asian country’s strength in rel

Technology Oct. 19, 2022