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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

S. Korea removes Japan from list of trusted trading partners

South Korea on Monday decided to remove Japan from its trusted trading partners, upping the ante in the trade haggling sparked by the neighboring country's export restrictions against Seoul.The trade ministry said it will revamp its export list into three groups of trading partners from the current two, placing Tokyo in the newly established bracket, according to the Ministry of Trade, Industry and Energy. Tokyo had been on Seoul's top-tier list of 29 countries subject to preferential export procedures, which are members of the world's top four export control agreements, including the Wassenaar Arrangement.The newly established bracket, between the two existing groups, is for a country that participates in the four international agreements "but operates an export control system that violates international norms," according to the ministry."We need to put an export control system into operation considering the fact that it is hard to work closely with a country that frequently violates basic rules of export controls or that operates an unlawful system," Industry Minister Sung Yun-mo s

Aug 12, 2019
S. Korea removes Japan from list of trusted trading partners
  • Moon calls for caution against 'emotional' approach to Japan's export curbs

KOSPI struggles with soaring short selling

Deputy Prime Minister Hong Nam-ki speaks during the emergency macro-economy conference at the Korea Federation of Banks headquarters in Seoul, Aug. 7. / Courtesy of the Ministry of Economy and FinanceBy Jhoo Dong-chanA growing number of investors are rushing to short Seoul stocks, imposing a double whammy for Korea's stock market that was already hit hard by global uncertainties raised by the renewed U.S.-China trade row. Most of them are foreign and institutional investors.Short selling refers to the sale of borrowed shares in the hopes of making a profit from the price fall by buying the shares back at a lower price.Retail investors would find it almost impossible to short Seoul stocks due to a lack of funds. They were also not allowed to use the stock lending system serviced by the Korea Securities Depository.According to the Korea Exchange (KRX), Sunday, share prices of eight out of 10 KOSPI-listed stocks, which investors shorted the most for the first week in August, slid in the period. The share price of cosmetics giant Amore Group dropped 5.56 percent between Aug. 1 and 8. Of

Aug 11, 2019By Jhoo Dong-chan
KOSPI struggles with soaring short selling

DMZ Peace Trail opens in Paju

Visitors at the DMZ Peace Trail take a photo on the opening day of the tourist site in Paju, northern Gyeonggi Province, Saturday. The trails near the Demilitarized Zone separating the two Koreas involving the three inter-Korean border villages ― Goseong, Cheorwon and Paju ― were opened to the public after the inter-Korean Sept. 19 military agreement which aims to ease military tension between the Koreas. Yonhap

Aug 11, 2019By Park Ji-won
DMZ Peace Trail opens in Paju

Moon's trusted aide picked as justice minister

Cho Kuk, presidential nominee for justice minister, speaks at his office in central Seoul, Friday. Korea Times photo by Shim Hyun-chulBy Do Je-hae President Moon Jae-in nominated former senior presidential secretary for civil affairs Cho Kuk to lead the justice ministry, according to the presidential office Friday. The President also picked Rep. Lee Soo-hyuk of the Democratic Party of Korea (DPK), a former career diplomat with expertise in North Korea affairs, to replace Korean Ambassador to the U.S. Cho Yoon-je. Rep. Lee is a former career diplomat who served as Seoul's top negotiator in the six-party nuclear talks during the previous Roh Moo-hyun administration. The President also named Jeong Se-hyun, a former unification minister, to lead the National Unification Advisory Council, a presidential advisory panel on unification issues. Jeong served as minister of unification during the previous Kim Dae-jung administration from 2002 until 2004. “This completes phase two of President Moon's Cabinet,” presidential spokeswoman Ko Min-jung said during a press briefing Friday a

Aug 9, 2019By Do Je-hae
Moon's trusted aide picked as justice minister

Clear communication needed on 1965 treaty

Protesters stage a rally to denounce Japan's new trade restrictions on South Korea in front of the Japanese embassy in Seoul, Aug. 3. AP-YonhapBy Do Je-hae Despite Japan's denial, it is believed here that Japan's recent decision to remove South Korea from its list of trusted trading partners is a retaliation against a local court ruling on a historical dispute that is seen by Japan as going against the 1965 normalization treaty.Japan has been consistent in claiming that all outstanding issues relating to colonial-era related compensation were settled completely in 1965 with Japan providing financial assistance and the neighboring countries agreeing to normalize their diplomatic relations.However, South Korea has upheld individuals' rights to compensation for their suffering during the 1910-45 Japanese occupation of the Korean Peninsula, which still triggers lingering hostility among many Koreans and is even viewed as “illegal.” The escalating Korea-Japan tension, with bilateral relations at the lowest level since the signing of the treaty, mostly stems from stark differen

Aug 9, 2019By Do Je-hae
Clear communication needed on 1965 treaty

'I am the girl statue': Artists protest Japan's exhibition censorship

This combination of photos shows a number of artists worldwide participating in a protest against Japan's removal of a statue of a girl symbolizing Korean victims of Japan's wartime sex slavery. The artists are adopting the pose of the statue to draw attention to an action that many are calling on infringement on freedom of speech. Courtesy of  Yoshiko Shimada By Bahk Eun-jiA person sits in a chair, with another empty chair beside them. The person sits staring straight ahead, fists clenched.This is an imitation of a statue of a girl, which symbolizes the Korean victims of Japan's wartime sex slavery.Over the past few days, a growing number of artists and civic activists around the world are uploading photos of themselves adopting the pose on social media. The pictures are being uploaded in protest after the entire exhibition where the statue was on display was removed from the Aichi Triennale International Contemporary Art Festival in Japan last week following opposition from far-right groups in Japan.Such opposition has come amid escalating diplomatic tension between the t

Aug 9, 2019By Bahk Eun-ji
'I am the girl statue': Artists protest Japan's exhibition censorship

Moon says Seoul-Washington-Tokyo military pact is crucial

President Moon Jae-in speaks with U.S. Defense Secretary Mark Esper at Cheong Wa Dae, Friday. YonhapBy Lee Min-hyung, Kim Yoo-chulVisiting U.S. Defense Secretary Mark Esper told President Moon Jae-in that Washington was hoping to see an early resumption of denuclearization talks between North Korea and the United States in spite of repeated North Korean missile tests and negotiation delays.Presidential spokesperson Ko Min-jung said the meeting also covered the significance of maintaining a trilateral military intelligence-sharing pact between South Korea, Japan and the United States as Seoul already said the country was reviewing “all options” in the ongoing bitter trade dispute with Tokyo.“During Esper's 30-minute meeting with President Moon, no issues relating to South Korea's defense cost sharing were raised; however, they've reached a consensus for the necessity to keep trilateral cooperation and discussed various issues on multiple fronts,” Ko told reporters in a briefing, Friday afternoon at Cheong Wa Dae.Citing Japan's recent decision to remove South Ko

Aug 9, 2019By Lee Min-hyung
Moon says Seoul-Washington-Tokyo military pact is crucial

Korea, Japan civic groups join hands against Abe

A Japanese tourist, second from left, holds up a “No Abe” banner with a Korean civic activist after leaving a message of protest to Japanese Prime Minister Shinzo Abe on the banner, in front of Seodaemun Prison History Hall in Seoul, Thursday. / Korea Times photo by Seo Jae-hoonBy Lee Suh-yoonUnderneath the intensifying Seoul-Tokyo trade war led by Japanese Prime Minister Shinzo Abe against the South Korean Supreme Court's rulings on compensation for wartime forced labor, a new alliance is forming between civic groups in the two countries. The Abe administration's export curbs triggered a mass “No Japan” boycott among the Korean population last month. The “No Japan” slogan, however, can't be taken too literally; what Koreans mean when they say “No Japan” is “No Abe's Japan.” Boycotting Japanese products and trips to the country is their show of resistance to a Japan that is led by conservative right-wing nationalists, with no qualms about scrapping the country's peace constitution and using its economic clout to wage a mock

Aug 9, 2019
Korea, Japan civic groups join hands against Abe

Moon reshuffles Cabinet members, names new envoy to Washington

President Moon Jae-in carried out his first Cabinet shake-up in five months on Friday. Cho Kuk, left, was nominated to lead the Ministry of Justice. Lee Soo-hyuck, right, was named new ambassador to the United States. Korea Times filePresident Moon Jae-in carried out his first Cabinet shake-up in five months Friday amid a host of troubles in state affairs from North Korea's resumed rocket launches and a trade fight with Japan.He also picked Lee Soo-hyuck, a diplomat-turned-lawmaker, as new ambassador to the United States, as Seoul has come under growing pressure to increase its financial support for the U.S. Forces Korea and play a bigger role in regional and international security.The reshuffle affected eight minister-grade officials, including the justice minister, according to Cheong Wa Dae.Cho Kuk, former senior presidential secretary on civil affairs, has been nominated to lead the Ministry of Justice. Rep. Lee of the ruling Democratic Party will replace Ambassador Cho Yoon-je serving in Washington D.C.Jeong Se-hyun, former unification minister, has been chosen as new deputy cha

Aug 9, 2019
Moon reshuffles Cabinet members, names new envoy to Washington

Moon urges Japan to end 'lose-lose game'

President Moon Jae-in, second from right, speaks during a meeting of the presidential National Economic Advisory Council at Cheong Wa Dae, Thursday. YonhapBy Do Je-haePresident Moon Jae-in continued to publicly criticize Japan during a meeting Thursday at Cheong Wa Dae that was held to gather opinions from economic experts about how to deal with the export restrictions imposed recently by Japan.The President requested once again for Tokyo to end its unilateral trade pressure, but also hinted at resolving the issue through diplomatic efforts in a meeting of the presidential National Economic Advisory Council.The South Korean leader reiterated that not just South Korea but also Japan will suffer from the impact of the trade friction with Seoul. “It is uncertain what Japan gains from its decision to implement trade retaliation measures against South Korea,” Moon said at the start of the meeting, according to Cheong Wa Dae press pool reports. “Ultimately, this is a game that has no winners where all parties will be victimized, including Japan.” Moon also underline

Aug 8, 2019By Do Je-hae
Moon urges Japan to end 'lose-lose game'
  • Korea holds off removing Japan from its whitelist
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