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[Editorial] End of easing?

EditorialJun 14, 2017

The Bank of Korea’s indication that monetary easing may be coming to an end should prepare all economic players for higher interest rates in the not-too-distant future. BOK Gov. Lee Ju-yeol made it clear Monday that the central bank would maintain monetary easing “for the time being,” saying the recovery was not strong enough yet and inflationary pressure on the demand side was not high.　But the message he wanted to deliver through a statement marking the central bank’s 67th anniversary was clea
[Kim Ji-hyun] Thirst for a female leader

ViewpointsJun 14, 2017

“No country can ever truly flourish if it stifles the potential of its women and deprives itself of the contributions of half of its citizens.” — Michelle Obama ... It’s a well-known quote, and by a woman who was a working professional, a mother and also the wife of one of the most respected men on earth. So the saying, that behind every great man is a great woman, really does ring true in this case. And unlike many of Obama’s predecessors, Michelle went her own way and showed that the wife of a
Korea’s employment rate improves, but optimism premature

EconomyJun 14, 2017

The number of employed has surged by over 300,000 compared to a year ago, while the jobless rate declined. Youth employment, however, continues to stagger while the number of employees in manufacturing fell for the 11th month running, the data also showed. Statistics Korea said Wednesday that in May, a total of 26.8 million people were employed, up 375,000 from a year before.While the increase is slightly lower than that of March and April, it remains to hover above the 300,000 mark, the statist
AIIB annual meetings to open in Jeju

TechnologyJun 14, 2017

South Korea, the fifth-largest stakeholder of the China-led Asia Infrastructure Investment Bank, will host the second annual meetings of the institution on Jeju Island from Friday to Saturday. The AIIB is a multilateral financial institution founded last year to bring countries together to address infrastructure needs across Asia. It is sometimes described as the “World Bank for Asia.” In its first year of operation, the AIIB welcomed 57 signatory countries and approved loans of over $1.7 billio
[Monitor] Dominance of 3 mobile carriers under scrutiny

TechnologyJun 14, 2017

With debate brewing over ways to lower the mobile phone expenses, focus is also being paid to the dominance of the three major carriers in the industry.According to industry sources, the mobile market is currently shared by SK Telecom, KT and LG Uplus at a ratio of 43.2 percent, 25.7 percent and 19.6 percent, respectively, based on the shares of applicants to mobile phone services as of the end of April. It does not include subscribers to sub-brands. This three-way dominance has been unchanged f
China welcomes Rodman's visit to N. Korea

Foreign affairsJun 14, 2017

BEIJING -- China welcomed former basketball star Dennis Rodman's visit to North Korea Wednesday, saying it supports efforts to build ties between Washington and Pyongyang.Lu Kang, spokesman of China's foreign ministry, made the remark in response to a question about whether Beijing views this week's trip by Rodman and the release of an American student detained in the North as being in line with its call for a peaceful solution to North Korea's nuclear problem. Lu Kang (right), spokesman of Chin
[Photo News] Samsung participates in Infocomm 2017

IndustryJun 14, 2017

SAMSUNG DISPLAY SOLUTIONS – Staff members help display Samsung Electronics’ signage campaign at the world’s largest display solutions exhibition, Infocomm 2017, in Orlando, US, Wednesday. (Yonhap)
Hyundai, Kia Motors host R&D event with partners

TransportJun 14, 2017

Hyundai Motor and Kia Motors on Wednesday held an event to recognize their partner companies, an annual program that they hope will boost research and development efforts, the companies said Wednesday. “We must accelerate the creation of high quality products and technologies to survive in the highly competitive future car development,” Yang Woong-chul, vice chairman of the R&D center for Hyundai and Kia Motors, said at the 2017 R&D Tech Day held in Hwaseong, Gyeonggi Province. The event has bee
Opposition digs in heels

PoliticsJun 14, 2017

Parliamentary committees held confirmation hearings on President Moon Jae-in’s three Cabinet picks Wednesday, with opposition lawmakers in a more combative posture following Moon’s appointment of the antitrust body chief despite their objection. The hearings on Democratic Party of Korea’s Reps. Do Jong-hwan, Kim Boo-kyum and Kim Young-choon were originally scheduled for 10 a.m., but could only begin at 2 p.m. due to a boycott by Liberty Korea Party lawmakers. The main opposition party called an
Samsung, LG prepare defense against Whirlpool’s anti-dumping call

TechnologyJun 14, 2017

Samsung Electronics and LG Electronics are preparing to defend themselves against their US rival Whirlpool, which accused them of circumventing US laws in a recent petition to the US International Trade Commission.The South Korean home appliance manufacturers are currently working on refuting the claim that their businesses harm the US industry, in order to counter their American rival’s call for the US ITC to impose anti-dumping tariffs on Samsung and LG washers. (Yonhap)Whirlpool filed the pet
Moon vows efforts for greater local autonomy

PoliticsJun 14, 2017

President Moon Jae-in on Wednesday vowed efforts to decentralize state powers, saying he wants local municipalities and provinces to be run more autonomously “like in federalism.” “During the election campaign season, I vowed to build a decentralized state which comes close to a federal system,” Moon said at a meeting with the heads of 17 municipalities and provincial governments at the presidential office in Seoul. “For this, I plan to prepare the constitutional grounds for ‘the secondary Cabin
Posco provides AI education for disadvantaged youth

IndustryJun 14, 2017

Posco will help youths from underprivileged households prepare for the upcoming “fourth industrial revolution” by providing free education on the Internet of Things, big data and artificial intelligence, the company said Wednesday.The company will fund the costs of the education, provide the required training equipment and offer employment guidance through Posco’s corporate education Posco Group University, it said. (Yonhap)Posco partnered with leading professors from Pohang University of Scienc
FTC chief says he won't be 'too pushy' on chaebol reform

IndustryJun 14, 2017

South Korea’s new head of the antitrust watchdog said Wednesday the Fair Trade Commission will not carry out chaebol reform at an excessively high pace, toning down his original hard-line stance. Kim Sang-jo, who was appointed as the FTC chairman by President Moon Jae-in on Tuesday despite strong objection from conservative opposition parties, had vowed to enhance monitoring on the four largest business groups -- Samsung, Hyundai Motor, SK and LG -- when picked as the nominee for FTC chief a mon
Booyoung begins sales of apartments in Vietnam

IndustryJun 14, 2017

Booyoung Group has begun its first overseas housing business in Hanoi, Vietnam, by putting up for sale its first batch of apartment units for 756 households Wednesday at a model house located in the Handico building.Currently under construction, the apartment complex will provide housing for up to 3,482 families when completed.Built in Ha Dong district’s Mo Lao new town, the complex will comprise of 10 apartment buildings. Each building will cover an area of 73 to 108 square meters and will have
SME exports to help create more jobs

EconomyJun 14, 2017

The success of President Moon Jae-in’s economic policy to promote income-led growth will eventually hinge on whether and how to nurture more competitive and profitable small and medium-sized enterprises, economists say.More contributions by SMEs will be essential to creating quality jobs and boosting growth potential -- key tasks for the Moon administration.SMEs account for about 99 percent of corporations operating across the country, hiring nearly 90 percent of waged workers.Moon has vow