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☆ South Korea proposes public foundation to resolve forced labour dispute with Japan
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +3 min

[1/5] South Korean Foreign Minister Park Jin speaks during a briefing announcing a plan on Monday to resolve a dispute over compensating people forced to work under Japan's 1910-1945 occupation of Korea, at the Foreign Ministry in Seoul, South Korea, March 6, 2023. REUTERS/Kim Hong-Ji/PoolSEOUL, March 6 (Reuters) - South Korea announced a plan on Monday to resolve a dispute over compensating people forced to work under Japan's 1910-1945 occupation of Korea, although victims groups have expressed doubts. Under the plan, South Korea would compensate former forced labourers through a public foundation funded by private-sector companies, Foreign Minister Park Jin told a briefing. Park said that he believes the Japanese government would not prevent Japanese companies from voluntarily contributing. Reporting by Josh Smith, Soo-hyang Choi, and Ju-min Park in Seoul and Yoshifumi Takemoto in Tokyo.

☆ South Korean romance reality shows boom, but marriage no longer the end game
▼ + stars: | 2023-03-05 | by ( Jihoon Lee | ) www.reuters.com time to read: +5 min

[1/5] Choi Seo-eun, a participant in Single's Inferno 2 takes a selfie with her fans during a fan meeting event in Seoul, South Korea, February 11, 2023. While official statistics on their numbers are not kept, unmarried couples living together no longer raise eyebrows in South Korea. And while romance reality shows may be all the rage, a substantial number of Koreans also appear prepared to eschew relationships altogether. Even on dating shows like Netflix's (NFLX.O) hit "Single's Inferno" which transports young people to a deserted island, most of the shows' content revolves around long conversations between participants. The conversations in and around dating and relationship shows are good for South Korea, says Lim Myung-ho, a professor of psychology at Dankook University.

☆ S.Korea court accepts injunction against Kakao purchase of SM shares
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

SEOUL, March 3 (Reuters) - A South Korean court accepted on Friday an injunction filed by SM Entertainment (041510.KQ) founder Lee Soo-man against the acquisition of SM shares by Kakao Corp (035720.KS), blocking its bid to own a 9.05% stake in the K-pop agency, Lee's lawyer said. HYBE has already secured a 15.8% stake in SM and is seeking to acquire more shares through a tender offer bid. SM's current management have called the takeover attempt hostile and has sought to team up with Kakao to pursue various businesses. SM and Kakao did not immediately reply to requests from Reuters for comment. Reporting by Hyunsu Yim; editing by John Stonestreet, Robert BirselOur Standards: The Thomson Reuters Trust Principles.

Hong Kong/Seoul CNN —The billionaire mastermind behind some of the world’s biggest K-pop stars is pushing back on accusations that he’s trying to monopolize the Korean music industry. “It wouldn’t be correct to say that we’re trying to take over the whole industry,” Bang told CNN in an exclusive interview in Seoul. Bang Si-Hyuk, who chairs the HYBE management agency, spoke with CNN's Richard Quest on Tuesday. “When the two companies are combined, a monopoly and oligopolistic group of companies that account for approximately 66% of total market sales will be created,” it told CNN. The company would then announce the outcome and next steps, it told CNN on Friday.

☆ How cybersecurity executives make the case for continued tech investments in a tough economy
▼ + stars: | 2023-02-23 | by ( Bob Violino | ) www.cnbc.com time to read: +5 min

Cybersecurity executives have enjoyed a nice run of receiving the financial resources they need to keep their organizations protected against attacks. But given the current economic uncertainty, many will likely need to rethink their approach to investments in tools and services. "Cybersecurity is not immune to economic pressures and uncertainty," said Daniel Soo, risk and financial advisory principal in cyber and strategic risk at Deloitte. When prioritizing security investments, security leaders should continue to invest in security controls and solutions that protect the organization's customer-facing and revenue-generating workloads, Maxim said. They should continue to defend any investments that support the organization's modernization efforts with cloud and its evolution to zero trust security, he said.

☆ South Korea to scrap COVID test on arrival rule for travellers from China
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Feb 22 (Reuters) - South Korea will not require travellers from China to test for COVID-19 upon arrivals from next month although they will still need to take pre-departure tests, a South Korean official said on Wednesday, its latest easing of rules to stop the virus. South Korea imposed several restrictions on passengers from China after it lifted its stringent zero-COVID policy late last year, but it has been easing them, citing an improved COVID situation in its neighbour. Effective March 1, South Korea will also allow flights from China to land in airports other than its main Incheon International Airport, which has been the sole gateway for flights from China since early January. Mandatory PCR tests before departure for passengers from China will remain in place until March 10, Kim said, to monitor and evaluate the impact of the rule relaxation. South Korea earlier resumed issuing short-term visas for travellers from China, followed by Beijing's lifting of similar visa curbs that were imposed in a response for Seoul's border restrictions.

☆ Analysis: How North Korea could use a Pacific 'firing range' to perfect its missiles
▼ + stars: | 2023-02-22 | by ( Josh Smith | ) www.reuters.com time to read: +6 min

North Korea launched two short-range ballistic missiles (SRBMs) on Monday, after firing a massive Hwasong-15 intercontinental ballistic missile (ICBM) on Saturday. So far North Korea has fired three variants of the Hwasong-12 intermediate range ballistic missiles (IRBMs) over Japan and into the Pacific Ocean. "As soon as it is out of range, or if it crosses below the horizon, North Korea will be blind." Schiller said he is not aware of any tracking vessels that North Korea positions along the flight path, and for now it doesn't have data relay satellites. If those two conditions are met, then North Korea will have fully demonstrated its deterrence capability against the United States, he said.

☆ South Korea's world lowest fertility rate drops again
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Feb 22 (Reuters) - South Korea's fertility rate dropped last year to a record low, data showed on Wednesday, in yet another grim milestone for the country with the world's lowest number of expected children for each woman. The government has failed to reverse the falling birth rate despite spending billions of dollars each year on childcare subsidies. As of 2020, South Korea was the only country among the OECD members to have a rate below 1, giving it a shrinking population. Being married is seen as a prerequisite to having children in South Korea, but marriages are also plunging in the country amid sky-high costs of housing and education. The nation's capital Seoul logged the lowest birth rate of 0.59.

☆ South Korea to lift post-arrival COVID test requirement for travellers from China
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Feb 22 (Reuters) - South Korea will not require travellers from China to test for COVID-19 after arrival starting next month, although they will still need to take pre-departure tests, a senior South Korean official said on Wednesday, in the country's latest relaxing of rules that were put in place after China's reopening. South Korea had imposed a number of border measures on passengers from China after Beijing's decision to lift stringent zero-COVID policies, but has been easing some of them citing an improved COVID situation in its neighbour. Mandatory PCR tests before departure for passengers from China will remain in place until March 10, Kim said, to monitor and evaluate the impact of the relaxation of other COVID rules. South Korea earlier resumed issuing short-term visas for travellers from China, followed by Beijing's lifting of similar visa curbs that were imposed in a retaliatory move against Seoul's border restrictions. Reporting by Hyonhee Shin and Soo-hyang Choi; Editing by Himani Sarkar and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Worldwide boy-band sensation BTS may be on hiatus, but refreshing new financial acts threaten to upend the world of K-pop, and perhaps South Korea. The battle over 28-year-old SM Entertainment, the $2.3 billion force behind Girls' Generation and EXO, is at heart a family feud. It helps, too, that K-pop has turned into one of South Korea’s strongest exports, thanks largely to “Butter” and “Dynamite” singers BTS. "We oppose all aggressive outside mergers and acquisitions, including Hybe," SM said in a statement, according to Reuters. Separately, internet conglomerate Kakao said on Feb. 7 it would acquire a 9.05% stake in SM via 112 billion won of new shares and 105 billion won of convertible bonds.

☆ South Korean court recognises spousal coverage of state insurance for same-sex couple -Yonhap
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Feb 21 (Reuters) - A South Korean court on Tuesday recognised spousal coverage of state health insurance for a same-sex couple in a landmark verdict, overturning a lower court's ruling that said the union cannot be considered a common law couple under current law, South Korea's Yonhap news agency reported. The plaintiff, So Sung-wook, filed a suit against the National Health Insurance Service in 2021 after the state health insurer denied his rights to receive spousal coverage despite granting such rights to other common law couples. But the appellate court said the spousal coverage system under the state health insurance scheme is not just for families as defined by law, and not granting the rights to same-sex couples was discrimination, Yonhap reported. Protecting the rights of minorities is the "biggest responsibility" of the court as the "last bastion" of human rights, the court added. Telephone calls by Reuters to the National Health Insurance Service seeking comment went unanswered.

☆ North Korea fires ballistic missiles, warns of turning Pacific into 'firing range'
▼ + stars: | 2023-02-19 | by ( Soo-Hyang Choi | ) www.reuters.com time to read: +3 min

SEOUL, Feb 20 (Reuters) - North Korea fired two ballistic missiles off its east coast, South Korea's military said on Monday, as the powerful sister of leader Kim Jong Un warned the isolated and nuclear-armed state could turn the Pacific into a "firing range". The launches come just two days after North Korea fired an intercontinental ballistic missile (ICBM) into the sea off Japan's west coast, prompting joint air exercises by the United States and South Korea on Sunday. "North Korea's series of actions, including its repeated ballistic missile launches, threaten the peace and security of Japan, the region, and the international community," the ministry said. "Japan lodged a strong protest and forcefully condemned North Korea." "The frequency of using the Pacific as our firing range depends upon the U.S. forces' action character."

☆ North Korea confirms it tested ICBM, touts 'fatal nuclear counterattack' capabilities
▼ + stars: | 2023-02-18 | by ( Soo-Hyang Choi | ) www.reuters.com time to read: +3 min

SEOUL, Feb 19 (Reuters) - North Korea said on Sunday it had tested a Hwasong-15 intercontinental ballistic missile (ICBM) the previous day in a "sudden launching drill" that confirmed its readiness for "mobile and mighty counterattack" against hostile forces. North Korea launched a long-range ballistic missile into the sea off Japan's west coast on Saturday afternoon after warning of a strong response to upcoming military drills by South Korea and the United States. A North Korea flag flutters next to concertina wire at the North Korean embassy in Kuala Lumpur, Malaysia March 9, 2017. Analysts say North Korea is likely to conduct more weapons tests, including a possible new solid-fuel missile, which could help the North deploy its missiles faster in the event of a war. North Korea's ballistic missile and nuclear weapons programmes are banned under U.N. Security Council resolutions, but Pyongyang says its weapons development is necessary to counter "hostile policies" by Washington and its allies.

☆ North Korea threatens unprecedented action over allied military drills
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Feb 17 (Reuters) - North Korea threatened on Friday to take "unprecedentedly constant, strong responses" if South Korea and the United States press ahead with planned military drills, accusing the allies of raising tensions in the region. In a statement carried by state media KCNA, the North's foreign ministry also said it would consider additional military action if the U.N. Security Council, under the influence of the United States, continues to pressure Pyongyang. The statement came as South Korea and the United States gear up for annual military exercises as part of efforts to better counter North Korea's growing nuclear and missile threats. The allies will stage tabletop exercises in Washington next week aimed at improving operations of American nuclear assets and hold regular springtime Freedom Shield drills next month in South Korea, Seoul's defence ministry said on Friday. Reporting by Soo-hyang Choi and Hyonhee Shin; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea PM says will increase flights from China by end of month
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Feb 17 (Reuters) - South Korea will increase the number of flights into the country from China to 80 from 62 per week by the end of this month, South Korea's Prime Minister Han Duck-soo said on Friday, in Seoul's latest step to ease curbs on travellers from China. "We will gradually expand the flights to 100 per week from next month as was agreed by the two countries and will review an additional increase," Han said, speaking during a meeting on responses to the COVID-19 pandemic. The remarks come days after China announced it will resume issuing short-term visas for travellers from South Korea starting Saturday, following South Korea's lifting of similar visa curbs last week. South Korea had imposed a number of border measures on travellers from China after Beijing's decision to lift stringent zero-COVID policies, but has been easing some of them citing an improved COVID situation in its neighbour. Seoul will decide next week whether to drop remaining border restrictions, including mandatory COVID tests for arrivals from China, Han said.

[1/5] Eldery people who use the free subway service to deliver parcels gather in Seoul, South Korea, February 8, 2023. "But honestly, I wouldn't be doing it if subway rides weren't free because there wouldn't be much left over for me." Free rides have been a perk enjoyed nationally by those 65 and older for four decades and are credited with keeping senior citizens active. In the greater Seoul area, where almost 3.7 million people are 65 or older, more than 233 million free rides were taken last year. Sixty percent of Koreans support raising the minimum age for senior citizen benefits including free subway rides to 70, according to a Gallup poll released last week.

☆ South Korean prosecutors seek to arrest opposition leader in graft probe
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Feb 16 (Reuters) - South Korean prosecutors on Thursday requested an arrest warrant for the head of the main opposition Democratic Party, Lee Jae-myung, in an investigation into development projects and bribery allegations. Lee, who was mayor of the city south of Seoul from 2010 to 2018, has denied any wrongdoing. The Democratic Party denounced prosecutors' move, calling it an "unprecedented act of violence to incapacitate the opposition party and eliminate the president's political enemy." Lee lost to President Yoon Suk-yeol, a former prosecutor-general, in the March presidential election by a margin of just 0.7%. ($1 = 1,281.3900 won)Reporting by Soo-hyang Choi and Hyonhee Shin; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

☆ Boy Band BTS’s Next Hit: A Boardroom Drama?
▼ + stars: | 2023-02-15 | by ( Jacky Wong | ) www.wsj.com time to read: 1 min

BTS member Jung Kook performing during the opening ceremony of the World Cup in Qatar last year. The Korean pop-music industry’s influence has swept around the world in the past couple of decades. It is also producing gripping corporate drama: A potential bidding war is brewing, involving two of the largest companies in the K-pop industry. South Korea’s Hybe, the agency behind boy band BTS, launched a tender offer on Friday to buy a quarter of its rival SM Entertainment. It has also agreed to purchase a 14.8% stake from SM’s founder Lee Soo-man.

☆ North Korean food shortage seems to be worsening, South Korea says
▼ + stars: | 2023-02-15 | by ( Soo-Hyang Choi | ) www.reuters.com time to read: +3 min

SEOUL, Feb 15 (Reuters) - A North Korean food crisis appears to have deteriorated, South Korea said on Wednesday, as a newspaper reported that North Korea has cut rations to its soldiers for the first time in more than two decades. North Korea has effectively acknowledged serious food shortages, South Korea's unification ministry said, referring to a North Korean state media report this month about plans for an "urgent" ruling party meeting on agriculture. "Its food situation seems to have deteriorated," the South's unification ministry, which handles relations with North Korea, said in a statement. South Korea's DongA Ilbo newspaper said on Wednesday that North Korea has reduced daily food rations to its soldiers for the first time since 2000, citing an unidentified senior South Korean official. The WFP, which has helped North Korea over the years, did not immediately respond to an email seeking comment.

☆ China to resume issuing short-term visas for South Koreans starting Feb 18
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: 1 min

SEOUL, Feb 15 (Reuters) - China plans to resume issuing short-term visas for travellers from South Korea on Saturday, the Chinese embassy in Seoul said on Wednesday, after South Korea lifted similar visa curbs last week citing an improved COVID situation in its neighbour. China halted issuing short-term visas to South Koreans last month, a retaliatory move after South Korea had imposed a number of COVID restrictions on travellers from China following Beijing's abrupt ending of its "zero-COVID" policy. Seoul had planned to impose visa curbs until end-February but restarted issuing visas last week, saying the number of infections among Chinese arrivals had dropped significantly. Reporting by Soo-hyang Choi; Editing by Shri Navaratnam and Tom HogueOur Standards: The Thomson Reuters Trust Principles.

The remains of as many as 10,000 Koreans who died in forced labour, digging mines or building dams, are still in Japan, according to South Korean government estimates. Japan says it has identified 2,799 remains of Korean wartime labourers. Japan's foreign ministry said it had been in communication with South Korea about wartime labour issues but could not disclose details. "There's momentum now, and the Japanese and Korean governments are trying to reconcile their differences." Reporting by Sakura Murakami in Ube, Japan and Ju-min Park in Daegu, South Korea; Writing by John Geddie; Editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

☆ BTS agency HYBE seeks to take over K-pop rival SM Entertainment
▼ + stars: | 2023-02-10 | by ( Hyunsu Yim | ) www.reuters.com time to read: +2 min

REUTERS/Heo Ran/File PhotoSEOUL, Feb 10 (Reuters) - South Korean entertainment company HYBE (352820.KS) said on Friday it will buy shares worth 423 billion won ($335 million) in rival SM Entertainment (041510.KQ), seeking management rights to strengthen its position in the K-pop industry. HYBE is the agency that manages K-pop mega band BTS. HYBE has also tendered an offer on Friday for SM shares held by minority shareholders, seeking to buy up to 25% of the rival agency with the intention of acquiring management rights. HYBE and SM Entertainment shares were up 6% and 16%, respectively, as of 11:05 a.m. (0205 GMT). Earlier this week, South Korean tech firm Kakao Corp (035720.KS) said it would acquire a 9.05% stake in SM Entertainment to pursue joint projects including global K-pop auditions.

☆ South Korea to restart issuing short-term visas for China travellers on Feb 11
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Feb 10 (Reuters) - South Korea plans to resume issuing short-term visas for travellers from China on Saturday after China improved its COVID-19 situation, Seoul officials said on Friday. South Korea suspended issuing short-term visas to Chinese visitors last month after China abruptly ended its stringent "zero-COVID" policy, leading to a wave of infections. Beijing retaliated against Seoul by halting short-term visas for South Korean travellers. South Korea's prime minister, Han Duck-soo, last week hinted at lifting restrictions before the end of February if China's COVID situation became "manageable." Reporting by Hyonhee Shin and Choonsik Yoo; Editing by Muralikumar Anantharaman and Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

☆ K-pop stocks soar after agency behind BTS announced it would become its rival’s top shareholder
▼ + stars: | 2023-02-10 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

South Korean girl group aespa at the 2022 KBS Song Festival at Jamsil Arena on Dec. 16, 2022, in Seoul, South Korea. The K-pop agency behind BTS is set to become the largest shareholder of SM Entertainment — the legacy company known to have kickstarted the wave of popularity around Korean pop culture. That would make Hybe a top shareholder in SM Entertainment. Shares of SM Entertainment soared on Friday, rising more than 16% at the open in Seoul. Hybe rose 6% and JYP Entertainment rose 2.5%, while YG Entertainment gained 3.8%.

Seoul/Hong Kong CNN —HYBE, the management agency behind superstar boy band BTS, will become the biggest shareholder of its K-pop rival, SM Entertainment. The South Korean entertainment giants announced the deal Friday, with HYBE set to pick up a 14.8% stake in SM Entertainment for 422.8 billion Korean won ($334.5 million). SM Entertainment’s shares soared 14.1% in Seoul on Friday, while HYBE’s stock jumped 6.4%. “This acquisition represents a major step by HYBE to integrate the global expertise of both companies to become a game changer in the global music industry,” HYBE said in a statement. On Thursday, it announced another major deal in the United States, saying it would acquire the owner of Quality Control, a hip-hop label that represents popular artists including Migos and Lil Yachty.

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