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S. Korea to offer $400 mln to emerging nations for virus-related health projects

Finance Minister Hong Nam-ki. YonhapSouth Korea will offer more than $400 million to emerging nations this year to help them push for health projects against the novel coronavirus, Finance Minister Hong Nam-ki said Monday.Hong made the remarks at a meeting with economy-related ministers earlier in the day as South Korea seeks to share coronavirus information with the world.The money will be offered through the nation's Economic Development Cooperation Fund, Hong said.South Korea will also postpone debt payments worth $110 million for 26 nations in the wake of the coronavirus pandemic, Hong said.South Korea's export-reliant economy is expected to experience a "big shock" as the pandemic has crippled global trade, Hong told the meeting.Uncertainties at global financial markets rose as oil prices crashed and foreign direct investments dropped worldwide, Hong said. South Korea will preemptively cope with global economic uncertainties caused by the pandemic, Hong said. In May, the government will draw up a plan to help South Korean firms win bids for foreign infrastructure projects, Hong

Apr 27, 2020
S. Korea to offer $400 mln to emerging nations for virus-related health projects

Doubts raised over Moon's efforts on inter-Korean ties

President Moon Jae-in and North Korean leader Kim Jong-un hold hands after signing a joint statement during their summit at the truce village of Panmunjeom, April 27, 2018. / Korea Times fileNK unresponsive as Panmunjeom Declaration marks second anniversaryBy Do Je-hae The second anniversary of the Panmunjeom Declaration today is raising questions about the effectiveness of the Moon Jae-in administration's renewed focus on improving inter-Korean relations following his party's April 15 general election victory. The main outcome of the first summit between President Moon and North Korean leader Kim Jong-un, the declaration was initially seen as a major impetus to significantly improve inter-Korean relations by reaffirming the leaders' resolve to reduce military tension and establish permanent peace on the Korean Peninsula."The Panmunjom Declaration was a diplomatic achievement, but its two-year anniversary is marked by disappointment and concern. North Korea has shown little to no willingness for inter-Korean cooperation and now its capability is in doubt with the uncertainty surround

Apr 26, 2020By Do Je-hae
Doubts raised over Moon's efforts on inter-Korean ties

No rush on post-election reshuffle

President Moon Jae-in/ YonhapBy Do Je-hae President Moon Jae-in is expected to take his time with a possible Cabinet reshuffle which has been highly anticipated in the wake of a sweeping election victory on April 15 for the ruling party.Since then, Moon has faced mounting speculations that he will conduct a reshuffle to re-energize his administration in time to mark the third year of his five-year presidency on May 10.The speculations of ministerial-level replacements have revolved mostly around ministers that have been with the President since Moon arrived at Cheong Wa Dae in May 2017, including Foreign Minister Kang Kyung-wha and Health Minister Park Neung-hoo. But Finance Minister Hong Nam-ki has emerged as a possible consideration for replacement following news reports that he offered to resign last week.His reluctance to expand the anti-disaster fund to all citizens, rather than a certain percentage of the people with relatively low income, has reportedly aroused conflict with the ruling Democratic Party of Korea (DPK) and Prime Minister Chung Sye-kyun. But Cheong Wa Dae has ref

Apr 26, 2020By Do Je-hae
No rush on post-election reshuffle

Court issues warrant to detain key suspect in hedge fund scandal

Lee Jong-pil / YonhapA Seoul court on Saturday issued a warrant to detain a former executive of an asset management company over his alleged involvement in a massive hedge fund scandal.The Seoul Southern District Court issued the warrant to detain Lee Jong-pil, a former vice president of Lime Asset Management Co., over his alleged involvement in the firm's cover-up of massive losses and subsequent suspension of fund redemption worth an estimated 1.6 trillion won (US$1.3 billion).Issuing the warrant, the court cited concerns Lee may destroy evidence or flee.He did not attend the hearing on the prosecution's request for the warrant.The investigation has prompted spooked investors to scramble to withdraw their money. In October, the company froze withdrawals, citing an inability to liquidate enough assets to meet the redemption requests. (Yonhap)

Apr 25, 2020
Court issues warrant to detain key suspect in hedge fund scandal

LG H&H records best-ever result of first quarter amid COVID-19 pandemic

By Kim Jae-heunLG Household & Health Care CEO Cha Suk-yongLG Household & Health Care (LG H&H) saw its best-ever performance in the first quarter this year amid concerns over an earnings shortfall it could face due to the COVID-19 pandemic that has affected its rivals including AmorePacific. The company recorded a 333.7 billion won ($269.7 million) operating profit between January and March, up 3.6 percent from the same period last year. Sales also increased 1.2 percent to 1.89 trillion won, and its net profit was 234.2 billion won, up 3.7 percent from 2019The unexpected results came from soaring sales in hygiene products for home and personal care. “We saw sharp increase in demand for hygiene products due to the COVID-19 pandemic that has led to social distancing nationwide,” an LG H&H official said. “Popular items included hand sanitizer gel, wet tissues, soaps and throwaway dishcloths.”The coronavirus did affect sales of many of LG H&H's beauty products except its luxury Sum37 and O Hui brands. Sales of the popular LosecSumma and The Firs

Apr 24, 2020By Kim Jae-heun
LG H&H records best-ever result of first quarter amid COVID-19 pandemic

Conservative activists claim 'ballot rigging'

A petition on the White House's “We the People” petition platform claims that South Korea's April 15 general election was “rigged” by the ruling Democratic Party of Korea and President Moon Jae-in. The petition, uploaded on April 18, had gained more than 17,000 signatures as of Friday afternoon. Captured from White House websiteBy Jung Da-min Some conservative lawmakers and activists have alleged that vote rigging took place during the April 15 general election to form the 21st National Assembly. The allegation emerged after the liberal ruling Democratic Party of Korea (DPK) and its “satellite party” Civil Together won a landslide victory securing 180 seats out of the 300 National Assembly seats. The conservative main opposition United Future Party (UFP) and its satellite Future Korea Party gained just 103 seats.After the crushing defeat, some far-right YouTubers started to claim that the election was “rigged,” saying ballots placed during the early voting period were tampered with.One even asked for “help” regarding the sup

Apr 24, 2020
Conservative activists claim 'ballot rigging'

Timing of Busan mayor's resignation brings political controversy

By Kang Seung-wooA political dispute is rising regarding the timing of former Busan Mayor Oh Keo-don's unexpected resignation Thursday following a sexual harassment accusation. Oh Keo-don / YonhapThe main opposition United Future Party (UFP) claimed that the ruling Democratic Party of Korea (DPK) intentionally got Oh ― a party member ― to postpone his departure until after the April 15 general election, to prevent the unsavory incident from negatively affecting its results.However, the DPK denied the allegation, saying it was unaware of the case until he made the announcement about the accusation and his resignation. On Thursday, Oh held an unscheduled press conference and announced he would step down from his post because he had made “unnecessary” physical contact with a female subordinate earlier this month. The 71-year-old was elected to the post on the ruling party's ticket in 2018.“I wonder why such a huge incident came to light after the general election was over,” Rep. Lee Un-ju of the UFP said on Facebook, Thursday, raising the suspicion that the DPK p

Apr 24, 2020By Kang Seung-woo
Timing of Busan mayor's resignation brings political controversy

Ex-campaign chief to take leadership of beleaguered conservative party

Kim Chong-in / YonhapSouth Korea's main opposition party, reeling from a crushing defeat in last week's parliamentary elections, decided Friday to form an emergency leadership body headed by its former campaign chief.The United Future Party (UFP) said Kim Chong-in, a veteran politician who led its campaign for the April 15 elections, accepted its request to chair the new interim leadership committee, which it plans to launch Tuesday.The conservative party has been rudderless since last Wednesday, when former chief, Hwang Kyo-ahn, resigned immediately after he was defeated in a constituency in central Seoul."Based on an opinion survey of the Supreme Council and party legislators, (the UFP) formerly requested that former campaign committee chairman Kim lead the emergency committee, and it was accepted," Shim Jae-chul, acting party chief and floor leader, told reporters. National delegates will convene Tuesday to endorse the decision, he said.The party also plans to revise a rule under which the party should hold a national congress to elect a new leader by the end of August and th

Apr 24, 2020
Ex-campaign chief to take leadership of beleaguered conservative party

Busan mayor steps down over sexual harassment

Busan Mayor Oh Keo-don bows his head in a press conference at Busan City Hall, Thursday, to apologize for having sexually harassed a civil servant. He announced his resignation from the post the same day. / YonhapBy Jun Ji-hyeBusan Mayor Oh Keo-don stepped down from his position, Thursday, admitting to having sexually harassed a civil servant.“I made inappropriate physical contact in a recent meeting with the civil servant that lasted for five minutes,” Oh said in a press conference at Busan City Hall. “I realized that it was an indecent assault. I bow my head, and extend an apology for my actions.”The announcement came as a surprise to citizens as Oh, who was elected as the city's mayor in 2018, was supposed to be in office until 2022. Oh is a member of the ruling Democratic Party of Korea (DPK).He was speculated to have suffered a health issue, but the reason for his resignation turned out to be sexual harassment. According to sources, the victim and her family strongly called for him to quit. Oh had taken time off from April 14, and refrained from making pu

Apr 23, 2020
Busan mayor steps down over sexual harassment

Ruling party, gov't agree on relief package

By Kang Seung-wooThe ruling party and the government have reached an agreement to provide emergency disaster relief money to all citizens to help them deal with the impact of the coronavirus pandemic. Rep. Lee In-young, floor leader of the ruling Democratic Party of Korea, participates in a party meeting at the National Assembly in Seoul, Thursday. / YonhapHowever, it remains to be seen whether the relief package will be delivered without issue as the main opposition party does not fully support encouraging high-income earners to voluntarily return the payments.The initial government scheme was to offer households in the bottom 70 percent of earners a one-off financial aid payment of between 400,000 won ($328) and 1 million won depending on the number of people in each household. However, during the election campaign, the ruling Democratic Party of Korea (DPK) pledged to give the disaster allowance to every citizen in an effort to gain votes, which the finance ministry opposed due to the strain it would put on the nation's financial soundness. “Under the principles of emergency

Apr 23, 2020By Kang Seung-woo
Ruling party, gov't agree on relief package
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