South Korea - The Korea Times

'THAAD retaliation appears to be continuing'

A currency trader walks by a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room in Seoul, Nov. 7. Asian stocks are mostly lower after a meandering day of trading left U.S. stock indexes close to their record highs. AP-YonhapBy Yi Whan-wooChina seems to be continuing economic retaliation against South Korea for hosting a U.S. missile shield, despite recent Seoul-Beijing agreements to end the dispute.Travel agencies in Beijing still prevent searches for group travel packages to South Korea on their websites, local tourism sources said, Wednesday.They say such circumstances remind them of Chinese authorities' suspected ban of group travel packages to South Korea, in response to Seoul's decision in 2016 for the deployment of the Terminal High Altitude Area Defense (THAAD) system.The suspected ban on group travel packages was initially believed to be removed after the Seoul-Beijing agreement in October 2017. The concerts of K-pop stars are still unheard of in China.“I'd say China is disgruntled with South Korea over its U.S.-reliant sec

Nov 13, 2019By Yi Whan-woo

'THAAD retaliation appears to be continuing'

Opposition floor leader appears for questioning on 'fast-track' scuffling

Liberty Korea Party floor leader Na Kyung-won, center, arrives at the Seoul Southern District Prosecutors' Office in Yangcheon District, Wednesday, for a questioning after the party in April used physical means to block attempts by the ruling Democratic Party and other opposition parties to put electoral and prosecution reform bills on a fast track. YonhapThe floor leader of the main opposition Liberty Korea Party (LKP) appeared at a prosecution office Wednesday for long-delayed questioning over parliamentary scuffles related to the fast-tracking of major reform bills.At issue is the party's use of physical means in April to block attempts by the ruling Democratic Party and other opposition parties to put contentious electoral and prosecution reform bills on a fast track.Rep. Na Kyung-won and 59 other LKP lawmakers, as well as a number of party staffers, face investigation into whether they breached a law on the operation of the National Assembly.Na has claimed that their collective action was unavoidable in a bid to foil the fast-tracking based on the other parties' trick and "unlaw

Nov 13, 2019

Opposition floor leader appears for questioning on 'fast-track' scuffling

Summits in Busan to upgrade nation's diplomacy

President Moon Jae-in speaks during a Cabinet meeting at the Busan Exhibition and Convention Center, Tuesday. YonhapCabinet meeting held at venue of Korea-ASEAN, Korea-Mekong summitsBy Do Je-hae President Moon Jae-in visited Busan, the host city of the Korea-ASEAN Commemorative Summit, Tuesday, to check on the progress of preparations for the biggest diplomatic event of his administration. The Korea-ASEAN Commemorative Summit, marking the 30th anniversary of the establishment of ties with the Southeast Asian bloc, will be held Nov. 25 and 26, followed by the Korea-Mekong Summit, Nov. 27, with the leaders of Cambodia, Laos, Myanmar, Thailand and Vietnam. During a Cabinet meeting held at the venue of the two summits, Moon stressed that the upcoming events will have a significant impact on his New Southern Policy to diversify the focus of Korea's diplomacy beyond the four major powers ― the United States, China, Japan and Russia. “These are the biggest diplomatic events during our administration and are important for the co-prosperity of Korea and ASEAN,” Moon said during th

Nov 12, 2019By Do Je-hae

Summits in Busan to upgrade nation's diplomacy

Seoul City to carry out North Korea aid projects

In this Dec. 6, 2017, file photo, a U.S. Air Force F-16 (background) and a C-130 Hercules take part in the Vigilant Ace joint exercise between the U.S and South Korea, at Osan Air Base in Pyeongtaek, South Korea. AP-YonhapBy Kim Yoo-chulThe Ministry of Unification has authorized the Seoul Metropolitan Government to independently proceed with humanitarian aid projects to help impoverished North Korea.“The ministry approved the Seoul government's request to designate the city as an independent planner in proceeding with humanitarian aid projects to North Korea. The approval is aimed at strengthening coordination between the central government and regional cities in getting humanitarian aid projects to North Korea on track,” an official at the ministry told reporters Tuesday.Last month, the ministry, which handles all inter-Korean affairs, revised regulations giving local governments and cities the autonomy to initiate and lead humanitarian projects in the North. Earlier, regional cities and governments were mandated to team up with private entities in order to handle North

Nov 12, 2019By Kim Yoo-chul

Seoul City to carry out North Korea aid projects

Korean banks face heated competition in Vietnam

By Lee Kyung-min Leading Korean banks are increasing their efforts to expand in Vietnam, an untapped market rising rapidly as an alternative source of future growth amid the saturated domestic market. The move from latecomers including Woori and KEB Hana is threatening the reign of Shinhan, which has been the leading foreign-invested bank in the Southeast Asian country.Shinhan Bank Vietnam has over 4.9 trillion won ($4.2 billion) in assets, the largest amount held by a foreign bank, and runs 37 branches. Woori Bank is seeking to challenge Shinhan's dominant position with its CEO vowing to make it the best foreign lender in Vietnam after opening its tenth branch there in Da Nang, Friday."We will increase investment and spare no efforts to make our Vietnam operation the best in the Southeast Asian country," Sohn Tae-seung said during a ceremony for the opening of the branch.The lender plans to open three more by the end of 2019 and five by 2021. Woori said the new branches will handle corporate and investment banking, and syndicated loans, a value addition to ongoing efforts to strengt

Nov 11, 2019By Lee Kyung-min

Korean banks face heated competition in Vietnam

Moon to zero in on innovation, fairness

President Moon Jae-in speaks during a meeting with his senior aides at Cheong Wa Dae, Monday. YonhapBy Do Je-haePresident Moon Jae-in stressed Monday that his administration perceives Japan's discriminatory export regulations as an “opportunity” to advance the nation's parts and materials industries.“We are dealing with the regulations resolutely and confidently,” Moon said during a weekly meeting with his aides at Cheong Wa Dae. “Japan's export regulations are being used as an opportunity to strengthen the competitiveness of the materials and parts industries and pave the way for a country that cannot be shaken by anyone. In the process of transition, there have been many controversies and difficulties. There have been many political conflicts and often the necessary legislation faced delays. Some people must have experience inconvenience and pain. This is because the transition entails doing away with the past and finding a new way forward.” The remarks came as the Moon administration has faced mounting criticism regarding its response to Tokyo's

Nov 11, 2019By Do Je-hae

'NSO, gov't agencies discuss N. Korean deportation'

This photo, provided by the unification ministry, shows a North Korean fishing boat being towed by a South Korean ship. The ministry returned the boat to the North, Nov. 8, a day after it deported two North Koreans ― accused of killing 16 fellow crew members on the vessel ― back to the isolated state. YonhapBy Kim Yoo-chulThe unification ministry said Monday its decision to send two North Korean fishermen back to the North was a result of close consultations between the National Security Office (NSO) and relevant government agencies.“The deportation of two North Korean fishermen was a result of close consultations between the NSO and relevant government agencies as they were suspected of killing 16 of their colleagues. That means they can't get defector status in the South,” ministry spokesman Lee Sang-min told reporters in a regular briefing.The spokesman dismissed concerns over the NSO's direct involvement in the deportation process as the National Intelligence Service (NIS) and the ministry have remained silent over the fate of the North Koreans. “The NSO led dis

Nov 11, 2019By Kim Yoo-chul

'NSO, gov't agencies discuss N. Korean deportation'

'Some Americans do get it'

Evans Revere, former acting U.S. assistant secretary of state for East Asian and Pacific Affairs.Regarding the recent Oh Young-jin column, “Americans just don't get it,” Evans Revere, Brookings senior fellow, who served as acting U.S. assistant secretary for East Asian and Pacific affairs and deputy chief of mission in Korea, responded as follows. ― ED. By Evans RevereYou have painted a timely, troubling and vivid portrait of the way the U.S.-ROK alliance and the image of the United States have changed, together with a disturbing picture of where the alliance may be headed. I was particularly struck by your description of the way that Seoul's “declaration of independence” from the U.S.-led Northeast Asia Security architecture could lead to the unraveling of the alliance. I share that concern. My only quibble with your column is the title. There are many Americans who “get it.” They include strong supporters of the alliance like me and my former government colleagues, as well as the many colleagues who remain in government and who are trying to cont

Nov 11, 2019By Oh Young-jin

'Koreans don't get it either'

Over 50% against Moon pardoning Park

Former President Park Geun-hye delivers a speech at Cheong Wa Dae, apologizing for the government's mishandling of the Sewol ferry disaster on May 19, 2014, a month after the tragic accident. Korea Times fileBy Jung Da-min More than half of South Koreans surveyed are still against a pardon for former President Park Geun-hye, who was sentenced to 24 years in prison in April 2018. Park was found guilty of a number of charges including bribery, abuse of power and mishandling state secrets.According to a poll of 1,000 adults conducted by South Korean broadcaster MBN from Nov. 3 to 4, 54 percent of respondents said they were  against a pardon for Park, while 40.3 percent said they supported it.The poll, which has a 95 percent confidence level with a plus or minus 3.1 percentage point margin of error, came at a time when controversies have reignited surrounding an alleged martial law plan by the former administration to crack down on the popular candlelit protests against Park in early 2017 in the eventuality Park was acquitted in the impeachment process.On Sunday in a meeting to mark

Nov 11, 2019

Moon hints at terminating GSOMIA

Protesters stage a rally against the U.S. in front of the foreign ministry in Seoul, Nov. 6. AP-YonhapBy Kim Yoo-chulPresident Moon Jae-in hinted at officially terminating an intel-sharing pact with Japan unless Tokyo withdraws its earlier decision to remove Seoul from its list of most trusted business partners, an official at the ruling Democratic Party of Korea (DPK), said Monday.“During Sunday’s dinner meeting with chiefs of the major five political parties at Cheong Wa Dae, President Moon told them Seoul’s earlier decision not to renew the General Security of Military Information Agreement (GSOMIA) with Japan was a matter of principle,” a DPK official said, adding DPK Chairman Rep. Lee Hae-chan shared the specifics of the dinner meeting with senior party members.Regarding questions over any latest updates about Japan’s repeated requests to overturn the South Korean Supreme Court’s ruling last year which ordered Japanese companies to compensate surviving South Korean victims of wartime forced labor, the President remained firm on his commitment