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[Adam Minter] China’s war on foreign garbage

ViewpointsJul 26, 2017

For more than 30 years, imports of recycled goods have fueled China’s manufacturing boom. On Wednesday, the government announced that it’d had enough. By the end of the year, it told the World Trade Organization, it would stop accepting most recycled plastics, paper, textiles and other products from overseas. The decision, it said, was part of a campaign against “foreign garbage” that harms public health and the environment.It’s a crowd-pleasing stand. But far from solving China’s environmental
[Monitor] Vehicle recalls to hit record-high in Korea

TransportJul 26, 2017

The Ministry of Land, Infrastructure and Transport has ordered local and multinational automakers to recall a combined 1.3 million vehicles so far this year. The number is expected to hit record high by the year’s end. The past record has been 1,369,925 vehicles in 2004.The spike in the number this year is driven by compulsory vehicle recalls by Hyundai Motor and Kia Motors, which are ordered to recall a combined 979,687 cars this year, a ministry official said.
[Advertorial] Citibank streamlines online loan serviceability assessments

MarketsJul 26, 2017

Citibank Korea’s quest for online penetration is not limited to online banking but also extends to the loan serviceability assessment of customers, the firm said Wednesday.The launch of an internet-only loan assessment platform on July 18, dubbed Debt Consolidation Service, allows customers to check their eligibility for loans and reduce the cost of consolidating debts. The assessment is not exclusively offered to the customers of Citibank Korea’s online banking service. Users are re
Prospect of higher electricity rates to turn away foreign firms

EconomyJul 26, 2017

Concerns are rising that the new government’s policy to phase out nuclear power generation will result in rising electricity prices in the long run, posing an impediment to foreign investment in the country.Low electricity costs have been cited as a key factor leading foreign manufacturing firms to build factories in Korea despite other unfavorable conditions.In particular, many Japanese companies have moved production to Korea in search of stable electricity supply at lower rates since Ja
FTC gestures at stern legal measures against rule breakers

IndustryJul 26, 2017

The nation’s antitrust watchdog Fair Trade Commission on Wednesday filed complaints against two business operators that “deliberately breached laws,” in addition to sending down penalties, signaling stern action against rule breakers.　The measure was also seen as reflecting the stance of the new FTC chief Kim Sang-jo, a former civic activist known for his strong call for transparent business operations.The watchdog decided to file complaints against multilevel marketing firm Nucerity and funeral
[Newsmaker] Death of ‘coffee chain king’ rattles Korean franchise industry

IndustryJul 25, 2017

A businessman who had once beaten Starbucks in the coffee franchise race in South Korea some years ago has been found dead, police said Tuesday. Kang Hoon, CEO of the local dessert cafe franchise MangoSix was discovered in a bathroom at his residence in Seocho-dong by an employee on Monday afternoon, according to investigators. He was 49.Kang was a pioneer in the local coffee franchise industry, as he brought domestic coffee brands to huge success and attempted market entries to other Asian mark
[Graphic News] Over half of people with HIV being treated

World NewsJul 25, 2017

For the first time, more than half of all people with HIV are on drugs to treat the virus, said the United Nations. According to a UNAIDS report in 2016, 19.5 million of 36.7 million people with HIV had access to treatment, while AIDS-related deaths fell from 1.9 million in 2005 to 1 million in 2016. The death toll from AIDS has dropped in recent years, due to the availability of affordable, life-saving drugs.
[News Focus] Panel on Shin-Kori reactor fate under fire

PoliticsJul 25, 2017

The government’s attempt at public deliberation on the fate of the Shin-Kori nuclear reactors is sparking fresh interparty conflict and raising questions on the legality of related plans, indicative of troubles lying ahead for President Moon Jae-in’s plan to go nuclear free. 　On Monday, a committee tasked with deliberating the question of scrapping the Shin-Kori 5 and 6 nuclear reactors was launched, 10 days after their construction was put on hold. The temporary suspension, which reflects Presi
[Editorial] Ensure fairness

EditorialJul 25, 2017

A government committee has been launched to plan and manage public debates which will decide the fate of two nuclear reactors: Shin Kori 5 and 6.However, as President Moon Jae-in has proclaimed a policy to wean the nation from nuclear power generation, the concern is that the commission activity will be biased. The construction of the reactors has been suspended temporarily in line with the policy.Minister of Trade, Industry and Energy Paik Un-gyu said to reporters after his inauguration ceremon
Korea ups economic growth forecast to 3% for 2017

EconomyJul 25, 2017

South Korea on Tuesday raised its economic growth forecast for this year to 3 percent, pledging to create inclusive growth with its four major economic policy pillars of income-led growth, job creation, a fair economy and innovative growth.The Ministry of Strategy and Finance on Tuesday drew up the Moon Jae-in government’s economic policy directions, in which it raised the nation’s growth forecast from 2.6 percent to 3 percent on the back of an uptrend in exports and an incoming fisc
Banks post record-high H1 profits on household lending

MarketsJul 25, 2017

South Korea’s leading banks last week posted record-high first-half earnings, attributing the result to the economic recovery, cost savings, structural improvements and success in nonbanking sectors.But their positive performance was mostly due to an increase in interest rates, a factor weighing on the nation’s households as debt levels continue to rise.The rates for business loans, in contrast, were eased during the period, placing the issue as a task for the Moon Jae-in government
[Monitor] Korean firms increase spending on US lobbying

IndustryJul 25, 2017

Korea’s leading exporters have raised their lobbying activities in the US since the inauguration of the Donald Trump administration, data by the US Senate Lobbying Disclosure Database showed Tuesday.Samsung Electronics spent $1.47 million on lobbying activities in the first half of this year, triple the $490,000 spent in the same period last year. Trade issues, including the bilateral free trade agreement, North America Free Trade Agreement, Trans-Pacific Partnership, trade restrictions and fore
Daejeon brewery keeps local flavor on tap

Expat LivingJul 25, 2017

DAEJEON -- It doesn’t get much better than a cool beer in the heat of the Korean summer. Maybe unless it’s brewed right in your city, just up the hill. Overlooking the Geum River, the Ranch Brewing Co. is Daejeon’s only microbrewery. It started producing craft beers in June. Manned by three people who are all proud to call Daejeon home, the company wants its beer to become a local fixture.“We want to increase the quality of (life of) the people of Daejeon by having better local beer. I believe l
Itaewon internet radio puts Korean underground on air

Expat LivingJul 25, 2017

It is 9 p.m. on a weekday and most Seoul dwellers are looking to wind down after a long day of work or study. But in an obscure basement, the night is just beginning -- one of the city’s most in-demand DJs is dropping some “warm Tuesday night house” tracks, and thousands of listeners are tuning in via social media. Seoul Community Radio is an Itaewon-based audiovisual streaming platform dedicated to Korean underground music and culture. Artists play one- to two-hour sets at the studio for live F
Parties on collision course over ‘superrich’ tax hike

PoliticsJul 24, 2017

The National Assembly appears to be headed for yet another deadlock over a possible tax increase on the top bracket of income individuals and corporations. The ruling party chief Rep. Choo Mi-ae speaks during a party meeting on Monday.Following President Moon Jae-in’s declaration Friday that it is “time to consider tax hikes,” the ruling camp on Monday confirmed the issue as the main agenda item at the next government-party consultation meeting slated for Thursday. “The blueprint for a ‘pincett