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☆ Interest rate cuts in South Korea would be a 'premature' move for now, economist says
▼ + stars: | 2023-04-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInterest rate cuts in South Korea would be a 'premature' move for now, economist saysSung Eun Jung of Oxford Economics says "an extended pause in the rate cycle seems to be the most likely outcome."

☆ South Korean millennials and Gen Z are raging against the idea of a 69-hour workweek. They are tired, having fewer babies, and are even working themselves to death.
▼ + stars: | 2023-04-06 | by ( Nidhi Pandurangi | Reena Koh | ) www.businessinsider.com time to read: +6 min

The South Korean government wants to increase the workweek to 69 hours. The 69-hour limit relates to a six-day workweek, while the 80.5-hour limit is applicable for a seven-day workweek, according to South Korean outlet Han Kyeo Re. In 2020, 14 delivery couriers in South Korea died of overwork stemming from increased deliveries during the COVID-19 pandemic, Reuters reported, citing a union representative. Notably, the culture of long working hours and death linked to overworking is not specific to South Korea. However, the government is trying to disconnect longer working hours from low birth rates.

Hong Kong/Seoul CNN —South Korean internet company Kakao has become the largest shareholder of SM Entertainment, winning a battle for control of one of the country’s most iconic music agencies. Kakao and its entertainment unit have increased their stake in SM to 39.9%, they said in a Tuesday regulatory filing. In securing a controlling stake, Kakao has seen off rival HYBE, South Korea’s top music agency and home to boy band sensation BTS, after a bruising takeover battle. In a separate Tuesday filing, HYBE said it had sold some of its SM shares to Kakao, reducing its stake to 8.8%. Aespa is represented by SM Entertainment.

☆ South Korea tried to push an almost 70-hour work week, but was forced to rethink after millennials and Gen Z protested
▼ + stars: | 2023-03-20 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

South Korea is rethinking a 69-hour work week proposal after millennials and Gen Z protested. At present, companies must limit overtime work to 12 hours per week, according to measures introduced in 2018 by Yoon's predecessor. South Korea is infamous for its long working hours, with the average citizen working for 1,915 hours in 2021, according to the Organization for Economic Cooperation and Development. Many Korean workers have lost their lives to "Gwarosa" — a Korean word for death by overwork, as the country's working hours exceed the average across the world. "Workers should be allowed to work 120 hours a week and then take a good rest," he said, per the Korea Times.

☆ 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.

☆ Szokol takes three-shot lead after sizzling 64 at Sentosa
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +1 min

March 2 (Reuters) - World number 153 Elizabeth Szokol outplayed a stellar field with an eight-under-par 64 to take a three-stroke lead after the opening round of the HSBC Women's World Championship in Singapore on Thursday. After a bogey at her first hole, the American bagged seven birdies and an eagle to build a solid lead over the chasing pack, which was led by Yuka Saso on five-under after the Japanese world number 36 shot a flawless 67. American world number two Nelly Korda carded a 68 for a share of third place with five other players, including fellow major winners Patty Tavatanakit, Kim Hyo-joo, Ariya Jutanugarn and Lee Jeong-eun. Top-ranked Lydia Ko (70) of New Zealand and South Korea's reigning champion Ko Jin-young (72) endured difficult days with the putter at the Sentosa Golf Club and finished in a share of 14th and 36th respectively. Reporting by Hritika Sharma in Bengaluru, editing by Nick Mulvenney and Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

☆ Hundreds evacuated as fire burns makeshift homes in Seoul
▼ + stars: | 2023-01-20 | by ( Associated Press | ) www.nbcnews.com time to read: +4 min

A fire destroyed about 60 makeshift homes in a densely packed neighborhood surrounded by some of the wealthiest streets of South Korea’s ultramodern capital Friday. Firefighters extinguished the flames in Seoul’s Guryong village within about five hours, and no injuries or deaths were reported. Shin Yong-ho, an official at the fire department of Seoul’s Gangnam district, said rescue workers have searched areas affected by the fire but all residents were believed to have safely evacuated. Photos showed firefighters fighting the flames under thick, white smoke covering the village as helicopters sprayed water from above. Kim Ah-reum, an official at the Gangnam district office, said around 500 residents evacuated to nearby facilities including a school gym.

☆ South Korea's Q4 GDP likely shrank, hints at possible recession - Reuters poll
▼ + stars: | 2023-01-20 | by ( Veronica Dudei Maia Khongwir | ) www.reuters.com time to read: +3 min

Asia's fourth-largest economy is expected to have shrunk by a seasonally-adjusted 0.3% in the October-December quarter after growing 0.3% in the preceding period. All but one of 13 economists in the Jan. 16-19 Reuters poll forecast a contraction, with the other expecting growth to flatline. If realized, it would be the sharpest contraction since mid-2020 when the COVID-19 pandemic was cementing its grip on the world. On a year-on-year basis, gross domestic product (GDP) likely grew 1.5% in the fourth quarter, the median forecast of 21 economists showed, half the 3.1% growth in the third quarter. According to a separate Reuters poll, growth was forecast at 2.5% in 2022, slowing to 1.9% this year.

☆ Some 500 people are evacuated from fire in South Korea shanty town
▼ + stars: | 2023-01-20 | by ( Hyonhee Shin | ) www.reuters.com time to read: +2 min

SEOUL, Jan 20 (Reuters) - About 500 people were evacuated on Friday after fire broke out in a shanty town in the South Korean capital, Seoul, fire authorities said. The fire erupted at 6:27 a.m. (0927 GMT) in Guryong Village in southern Seoul, which is home to more than 660 households. [1/4] Smoke rises from a fire at Guryong village, the last slum in the glitzy Gangnam district, in Seoul, South Korea, January 20, 2023. Plans for redevelopment and relocation have made little progress amid a decades-long tug of war between land owners, residents and authorities. Seoul said Mayor Oh Se-hoon visited the village and asked officials to draw up measures to relocate families affected by the fire.

☆ UAE pledges to invest $30 billion in South Korea, president's office says
▼ + stars: | 2023-01-15 | by ( ) www.reuters.com time to read: +1 min

[1/5] Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, receives Yoon Suk Yeol, President of South Korea and Kim Keon-hee, First Lady of South Korea, upon their arrival for a state visit reception, at Qasr Al Watan, Abu Dhabi, United Arab Emirates, January 15, 2023. Mohamed Al Hammadi/UAE Presidential Court/Handout via REUTERSSEOUL, Jan 15 (Reuters) - The United Arab Emirates (UAE) has decided to invest $30 billion in South Korea's industries, South Korea's presidential office said on Sunday, as the two countries seek to expand economic cooperation. The investment decision was announced as South Korea's President Yoon Suk-yeol met his UAE counterpart, Sheikh Mohammed bin Zayed al-Nahyan, in Abu Dhabi during a four-day state visit, Yoon's office said. "We have decided a $30 billion investment based on the trust on South Korea which keeps promises under any circumstances," Yoon's office quoted the UAE president as saying. Seoul's finance ministry said the $30 billion investment would be led by sovereign wealth funds, including Mubadala Investment Company.

☆ South Korea's Yoon warns of ending military pact if North violates airspace again, Yonhap reports
▼ + stars: | 2023-01-04 | by ( Hyonhee Shin | ) www.reuters.com time to read: +1 min

SEOUL, Jan 4 (Reuters) - South Korean President Yoon Suk-yeol said on Wednesday he would consider suspending a 2018 inter-Korean military pact if North Korea violates its airspace again, Yonhap news agency reported, citing his press secretary. Yoon made the comment after being briefed on countermeasures to North Korean drones that crossed into the South last week, calling for building an "overwhelming response capability that goes beyond proportional levels," Yonhap said. Yoon has criticised the military's handling of the drone incident, in part blaming the previous administration's reliance on the 2018 pact banning hostile activities in the border areas. "He also called for accelerating the development to produce stealth drones this year and quickly establishing a drone killer system," Kim said, according to Yonhap. Reporting by Hyonhee Shin; Editing by Tom Hogue and Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea says it is in talks over joint planning and implementation of U.S. nuclear asset operations
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Jan 3 (Reuters) - South Korea and the United States are discussing joint planning and implementation of operations involving U.S. nuclear assets to counter North Korea's threats, Seoul's presidential office said on Tuesday. The statement came shortly after U.S. President Joe Biden said the United States was not discussing joint nuclear exercises with South Korea, contradicting earlier remarks by South Korean President Yoon Suk-yeol in an interview with a local newspaper. "In order to respond to the North Korean nuclear weapons, the two countries are discussing joint ways to share information on the operation of .U.S-owned nuclear assets, and joint planning and joint execution of them accordingly," Yoon's press secretary, Kim Eun-hye, said in a statement. Kim said President Biden "had no choice but to say 'No'" because he was simply asked if the two countries were "discussing nuclear war games," whereas joint nuclear exercises can only be held between nuclear weapons states. Reporting by Soo-hyang Choi; Editing by Jacqueline Wong and Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

SEOUL/WASHINGTON, Jan 3 (Reuters) - South Korea and the United States are discussing joint planning and implementation of U.S. nuclear operations to counter North Korea, Seoul's presidential office said on Tuesday, although U.S. President Joe Biden said there would be no joint nuclear exercises. The statement came shortly after Biden said the United States was not discussing joint nuclear exercises with South Korea, seeming to contradict earlier remarks by South Korean President Yoon Suk-yeol in an interview with a local newspaper. Yoon's press secretary, Kim Eun-hye, said Biden "had no choice but to say 'No'" because he was simply asked if the two countries were "discussing nuclear war games," whereas joint nuclear exercises can only be held between nuclear weapons states. "In order to respond to the North Korean nuclear weapons, the two countries are discussing ways to share information on the operation of U.S.-owned nuclear assets, and joint planning and joint execution of them accordingly," Kim said in a statement. Neither side has finalised the timing of the planned tabletop exercises, but they would take place "in the not-too-distant future" and cover scenarios beyond nuclear situations, the official said.

☆ South Korea must respond to N.Korea despite its nuclear arms - Yoon
▼ + stars: | 2022-12-28 | by ( Hyonhee Shin | ) www.reuters.com time to read: +3 min

"We must not fear or hesitate because North Korea has nuclear weapons," he said. Monday's intrusion triggered criticism in South Korea of its air defences. Yoon chided the military, in particular its failure to bring down the drones while they flew over South Korea for hours. South Korea responded on Monday by sending drones over North Korea for three hours. South Korea will also expand its drone capabilities to three squadrons.

Justice Department regulations say that money laundering charges against a financial institution must be approved by the MLARS chief. Binance's defense attorneys at U.S. law firm Gibson Dunn have held meetings in recent months with Justice Department officials, the four people said. Faced with the Justice Department investigation, Binance hired an external lawyer from U.S. law firm Paul Weiss, Roberto Gonzalez, who was previously Treasury's deputy general counsel. MLARS has a reputation in the Justice Department for moving slowly in reaching prosecution decisions, people familiar with its activities said. Day met with Justice officials in Washington in recent months, three of the people said.

☆ U.S. Justice Department reportedly split over charging Binance as crypto world falters
▼ + stars: | 2022-12-12 | by ( ) www.cnbc.com time to read: +15 min

Justice Department regulations say that money laundering charges against a financial institution must be approved by the MLARS chief. Binance's defense attorneys at U.S. law firm Gibson Dunn have held meetings in recent months with Justice Department officials, the four people said. Faced with the Justice Department investigation, Binance hired an external lawyer from U.S. law firm Paul Weiss, Roberto Gonzalez, who was previously Treasury's deputy general counsel. The Justice Department appointed Eun Young Choi, previously Monaco's senior counsel, as NCET's first director. MLARS has a reputation in the Justice Department for moving slowly in reaching prosecution decisions, people familiar with its activities said.

☆ South Koreans set to become younger as traditional way of counting age is scrapped
▼ + stars: | 2022-12-09 | by ( ) www.nbcnews.com time to read: +1 min

SEOUL, South Korea — South Korea on Thursday passed laws to scrap its traditional method of counting ages and adopt the international standard, a shift that will make its citizens either one or two years younger on official documents. Koreans are deemed to be a year old when born and a year is added every Jan. 1. A separate system also exists for conscription purposes or calculating the legal age to drink alcohol and smoke, in which a person’s age is calculated from zero at birth and a year is added on Jan. 1. Since the early 1960s, however, South Korea has for medical and legal documents also used the international norm of calculating from zero at birth and adding a year on every birthday. “The revision is aimed at reducing unnecessary socioeconomic costs because legal and social disputes as well as confusion persist due to the different ways of calculating age,” Yoo Sang-bum of the governing People Power Party told Parliament.

☆ South Koreans set to become younger as traditional way of counting age scrapped
▼ + stars: | 2022-12-08 | by ( Soo-Hyang Choi | ) www.reuters.com time to read: +2 min

[1/2] Pedestrians wearing masks walk with umbrellas as it rains amid the coronavirus disease (COVID-19) pandemic in central Seoul, South Korea, November 19, 2020. REUTERS/Heo RanSEOUL, Dec 8 (Reuters) - South Korea on Thursday passed laws to scrap its traditional method of counting ages and adopt the international standard - a shift which will make its citizens either 1 or 2 years younger on official documents. Koreans are deemed to be a year old when born and a year is added every Jan. 1. A separate system also exists for conscription purposes or calculating the legal age to drink alcohol and smoke, in which a person's age is calculated from zero at birth and a year is added on Jan. 1. Since the early 1960s, however, South Korea has for medical and legal documents also used the international norm of calculating from zero at birth and adding a year on every birthday.

[1/5] Striking South Korean unionised tank drivers Lee Geum-sang and Ham Sang-jun pose in front of tank trucks as they participate in a nationwide walkout in front of a major oil storage facility in Seongnam, south of Seoul, South Korea, December 1, 2022. But these drivers, and tens of thousands of others striking across the country, say their calls for stronger minimum pay protections are all that stand between them and poverty. He earns about 3 million won ($2,300) per month, far less than last year because diesel prices have nearly doubled. Ham, the father of two teens, earns about 3 million to 4 million won a month working 12 hours a day, five days a week, often overnight and weekends. That is 2 million won less than last year because of fuel costs.

☆ South Korea spent $200 billion, but it can’t pay people enough to have a baby
▼ + stars: | 2022-12-03 | by ( Paula Hancocks | ) edition.cnn.com time to read: +8 min

Seoul, South Korea CNN —The season of baby fairs is here once again in South Korea. Nurses at a nearly empty infant unit of a hospital in Seoul, South Korea, in February 2017. According to President Yoon Suk Yeol, South Korea has spent more than $200 billion in the past 16 years trying to solve its population problem. While having a baby is very much expected of married couples in South Korea, society still frowns on single parents. In South Korea, the job does not end when the office closes for the day.

☆ Tencent: China resumes streaming South Korean content after six-year suspension
▼ + stars: | 2022-11-22 | by ( Story Reuters | ) edition.cnn.com time to read: +1 min

A Chinese streaming platform has resumed distributing South Korean content after suspending it for nearly six years, South Korean officials said on Tuesday, in what Seoul called a sign of Beijing’s readiness to improve ties. A South Korean presidential official linked the timing of the gesture to a recent summit between South Korean President Yoon Suk-yeol and Chinese President Xi Jinping. Chinese President Xi Jinping met with South Korean President Yoon Suk-yeol in Bali, Indonesia, November 15, 2022. Relations between South Korea and China have been frayed in recent years following the installation in South Korea of the THAAD system in 2017 to better counter North Korea’s evolving missile threats. China had argued that THAAD’s powerful radar could peer into its airspace, and reacted by sharply cutting trade and cultural imports with South Korea, in a major blow to bilateral ties.

☆ China resumes streaming South Korean content after six-year suspension
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

[1/2] Printed Chinese and South Korean flags are seen in this illustration, July 21, 2022. REUTERS/Dado Ruvic/IllustrationSEOUL, Nov 22 (Reuters) - A Chinese streaming platform has resumed distributing South Korean content after suspending it for nearly six years, South Korean officials said on Tuesday, in what Seoul called a sign of Beijing's readiness to improve ties. A South Korean presidential official linked the timing of the gesture to a recent summit between South Korean President Yoon Suk-yeol and Chinese President Xi Jinping. Relations between South Korea and China have been frayed in recent years following the installation in South Korea of the THAAD system in 2017 to better counter North Korea's evolving missile threats. China had argued that THAAD's powerful radar could peer into its airspace, and reactd by sharply cutting trade and cultural imports with South Korea, in a major blow to bilateral ties.

☆ This gene-editing company that went public last month could rally 20%, Jefferies says
▼ + stars: | 2022-11-14 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Prime Medicine shares could pop the company works toward a gene therapy that could address nine out of every 10 genetic mutations, Jefferies said Monday. The company went public Oct. 20 through an initial public offering. "PRME believes that key advantages of Prime Editing technology lie in its versatility, precision, effectiveness and breadth." Yang said Prime Medicine has a unique focus on search-and-replace genome editing, which can theoretically use one-time therapies to address 90% of the approximately 75,000 known genetic mutations. Search-and-replace can do more gene conversions without off-target editing or breaking double-strands of DNA, which allows it to have broader impact, Yang said.

☆ In Halloween crush, South Koreans see young people being failed again
▼ + stars: | 2022-11-07 | by ( Soo Youn | ) www.nbcnews.com time to read: +8 min

Then they placed white chrysanthemums on a memorial altar for the 156 mostly young victims of the Halloween crowd crush, and wrote condolences for scores of people who had departed this life decades too soon. Older generations, she said, failed them like they failed the costumed partygoers on Oct. 29. “Why couldn’t the police have gotten there sooner?”South Koreans across the country are asking the same questions. On Monday, Yoon apologized for the crowd crush, vowing to improve police and safety management systems and hold accountable anyone found responsible. The anti-Yoon protests have been going on for weeks with a heavy police presence, including the night of the Halloween crush, which has also angered critics, as has Yoon’s move out of the official presidential residence into a luxury apartment building.

☆ Kakao co-CEO resigns after mass outage locked 53 million users out
▼ + stars: | 2022-10-19 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

A top executive at Kakao Corp., the operator of South Korea's top mobile messenger KakaoTalk, will step down. His resignation comes after a fire at a data center led to a mass outage over the weekend and disrupted services for its messenger's 53 million users worldwide. Kakao reported 47.5 million monthly active users in Korea during the second quarter. That's more than 90% of South Korea's population of 51.74 million people, as of Nov. 1, 2021. Hong Eun-taek, who led the company alongside Namkoong as co-CEO, will remain the sole head of the company, according to a company filing.

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