South Korea's presidential hopefuls laid out their policies for gender equality and women's empowerment to mark the 109th International Women's Day on Wednesday.Front-runner Moon Jae-in of the Democratic Party said that he will become a "feminist president," offering to allocate more government positions to women."It is crucial that females speak out not only for women-related policies, but in all areas, including the economy, diplomacy and security," the former head of the Democratic Party said

Politics March 8, 2017

South Korea began full-fledged preparations Wednesday for a new global accounting regulation on insurers to take effect in the early 2020s.The International Accounting Standards Board is scheduled to introduce the rule, called IFRS17, on the accounting of insurance products in 2021 with detailed guidelines to be issued in May.A composite photo on insurance services provided by Yonhap News TV (Yonhap)Under the rule, insurers' liabilities will be assessed on the basis of market value, instead of b

March 8, 2017

"Okja," South Korean director Bong Joon-ho's follow-up to his smash-hit "Snowpiercer," will get a worldwide release on Netflix on June 28, officials at the US streaming service's local PR agency said Wednesday.The film is also set to be shown in South Korea in the same month, but the exact date for the domestic release has yet to be set, they said. This image provided by Netflix shows An Seo-hyun as Mija in South Korean director Bong Joon-ho`s new sci-film "Okja." (Yonhap)"Whether to open in the

Film March 8, 2017

Beijing Symphony Orchestra has scrapped its planned concerts in South Korea, its organizer said Wednesday, as China curbs cultural exchanges in response to the deployment of a US missile shield in the neighboring country.The Korean and US militaries began the installation of the Terminal High Altitude Area Defense this week despite China's vehement opposition to the missile defense system which it feared would hurt its security interests. Seoul-based concert organizer JK & Company said that it w

Performance March 8, 2017

South Korean singer Lim Hyung-joo has been named a voting member of the Grammy Awards for the first time as an Asian operatic pop artist, his management agency said Wednesday.The renowned singer was recently accepted as a new member of the Recording Academy and was granted a five-year term as a voting member, the highest of all membership grades, according to DGNcom.The Recording Academy is a US organization of musicians, producers, recording engineers and other recording professionals that host

Performance March 8, 2017

Large-scale real estate developments funded by Chinese investors on South Korea's resort island are struggling to move forward amid deepening diplomatic tension between China and Korea over the deployment of a US anti-missile defense system.A subcontractor for the development of a resort hotel on Jeju Island, led by Shanghai-based Greenland Holdings Corp., pulled all their construction equipment from the site last week in protest of overdue payments.An image depicting the real estate market in K

March 8, 2017

The ratio of women reaching executive posts was less than 3 percent of all promotions at the country's 30 biggest business groups this year, data showed Wednesday.Only 37 female employees were tapped as executives at 18 conglomerates that announced their new lineups of senior managers this year, according to the statistics by industry tracker CEO Score.Major conglomerates in Korea (Yonhap)The figure represents 2.4 percent of 1,517 promotions.The proportion of female workers at the country's 30 b

Industry March 8, 2017

South Korea's tourism sector and consumer goods makers are bearing the brunt of China's retaliation for Seoul's deployment of an advanced US missile defense system, analysts said Wednesday, urging efforts to brace for tougher and prolonged retaliatory steps down the road.Last week, China ordered travel agencies to stop selling group tours to South Korea after Seoul finalized a deal with Lotte Group to station a Terminal High Altitude Area Defense battery on a Lotte golf course in the southeaster

Industry March 8, 2017

A park for mixed-race Korean adoptees sent abroad in the years after the 1950-53 Korean War will be built inside a former US military base on the outskirts of Seoul, officials said Wednesday. The park named "Mother's bosom" in Korean will be constructed in Paju, some 30 kilometers north of Seoul, this year to help biracial adoptees feel a sense of pride and affinity toward their motherland, municipal authorities said. This image, provided by the Paju municipal government, shows a blueprint of a

Social Affairs March 8, 2017

The won's erratic movement against the dollar eased considerably in February from a month earlier as overall volatility in global foreign-exchange markets eased, central bank data showed Wednesday.The South Korean currency posted 6.8 won in daily value changes against the dollar in February, down from 7.7 won a month earlier, the Bank of Korea said in a statement. The won finished February trade at 1,130.7 against the greenback compared to 1,162.1 won at the end of January.Stacks of dollar bills

March 8, 2017

South Korean companies are expected to increase their investment in research and development this year, a survey by a local think tank showed Wednesday.According to the Korea Industrial Technology Association, 1,000 firms surveyed said they will increase their R&D investment by an average of 2.5 percent compared to the year before.A researcher working in a lab in Korea (Yonhap)Based on the outcome of the survey, KOITA said the total R&D spending by the companies that have an institute or office

Industry March 8, 2017

A local high school on Wednesday nullified the diploma of the daughter of President Park Geun-hye's close friend who is at the center of a massive political scandal, after multiple records of her academic affairs were found to have been fabricated.Seoul Chungdam High School said on its website that it has corrected the academic grades of Chung Yoo-ra, the only daughter of Choi Soon-sil, and invalidated the awards she received from the school.This file photo, taken from a clip on YouTube on Jan.

Social Affairs March 8, 2017

KEB Hana Bank, a major South Korean lender, said Wednesday it has relieved a senior executive of his duties for allegedly being promoted to his previous post with the backing of President Park Geun-hye's confidante.The bank said Lee Sang-hwa had been relieved of his duties as of Tuesday, adding it plans to hold a disciplinary committee to further punish him.The building of KEB Hana Bank (Yonhap)The move came a day after special prosecutors said that Park's longtime friend Choi Soon-sil helped to

March 8, 2017

South Korea's annual growth could be slashed by as much as 0.5 percentage point should China continue its economic offensive against the South's decision to install a US missile defense system on its soil, analysts said Wednesday.Asia's fourth-largest economy is predicted to suffer some $7.3 billion in losses -- a 0.53 percent on-year drop of its annual GDP -- should it end up losing about half of its Chinese travelers on an annual basis, Credit Suisse said in its latest report. Large Korean cor

March 8, 2017

South Korean shipyards stood at third place in terms of new orders secured last month, from the top slot the previous month, industry data showed on Wednesday.According to the data compiled by global research firm Clarkson Research Institute, Korean shipyards clinched new orders worth a combined 160,000 compensated gross tons last month to build five ships. The shipbuilding industry in Korea (Yonhap)Italy came first with 610,000 CGTs in new orders, or 6 ships, followed by China with 250,000 CGTs

Industry March 8, 2017