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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.

Presidential policy chief to meet biz leaders over Japan's economic retaliation

South Korea's two top economic policymakers are expected to meet with the chiefs of three major conglomerates on Sunday to discuss Japan's export restrictions, sources said.Officials are working out details of the envisioned meeting between Economy and Finance Minister Hong Nam-ki and Kim Sang-jo, presidential chief of staff for policy, as well as the three business leaders ― Hyundai Motor Co. Executive Vice Chairman Chung Euisun, SK Group Chairman Chey Tae-won and LG Group Chairman Koo Gwang-mo ― the source said.The meeting had originally been expected to include Samsung Electronics Co. Vice Chairman Lee Jae-yong and Lotte Group Chairman Shin Dong-bin, but the two are unable to attend as they are on overseas business trips, the source said.Sources said Lee has left for Japan to discuss Japan's export restrictions.On Monday, Japan said it would tighten regulations on exports of three materials used in chips and smartphone displays to Korea amid a widening dispute over Koreans who were forced to work for Japanese companies during World War II.South Korean chipmakers such as Samsung El

Jul 7, 2019
Presidential policy chief to meet biz leaders over Japan's economic retaliation
  • 'Japan's export control to further strain Korean economy'
  • Moon to meet business leaders to discuss Japan's economic retaliation

S. Korea checks more items vulnerable to Japan's export control

The South Korean government has stepped up preparations for the possibility of Japan expanding retaliatory export curbs, a related ministry official said Saturday.The Ministry of Trade, Industry and Energy in January made a list of 100 industrial products that could be targeted by Japan's export restrictions, the official said.Three of them are already subject to stricter export controls: fluorinated polyimide, photoresist and high-purity hydrogen fluoride, which are used in semiconductor and smartphone display production.Japan has halted customs procedures for the shipment of the products to South Korea.Tokyo is apparently considering taking similar measures against additional items in a bid to ratchet up pressure on Seoul. The Abe administration is demanding that the South Korean government resolve the issue of compensation for Koreans forced to toil at Japanese factories during World War II."As Japan has implemented the export restrictions against the three items, we are scrutinizing products in other industrial fields (that may be also targeted)," the official said.A number of So

Jul 6, 2019

Moon to meet business leaders to discuss Japan's economic retaliation

President Moon Jae-in is planning to meet with the heads of South Korea's major conglomerates next week, Cheong Wa Dae said Friday, to discuss ways to revitalize the economy.Moon is “considering a related schedule but no decision has been made yet,” a presidential office official said.The President is weighing the option to invite dozens of business leaders to Cheong Wa Dae around Wednesday.On Jan. 15, he had a meeting with about 130 business figures at the presidential office.This time, however, he is reportedly considering a smaller event involving the leaders of the nation's 30 largest conglomerates.Some of the businesses have been hit hard by Japan's technology material export controls, which came in an apparent response to a diplomatic spat over the countries' historical disputes. (Yonhap)

Jul 6, 2019
Moon to meet business leaders to discuss Japan's economic retaliation
  • Presidential policy chief to meet biz leaders over Japan's economic retaliation

Korean cultural festival to open in France next week

A Korean cultural festival will be held in Rouen, northern France, next week, featuring traditional music, art and street parades, the Korean Cultural Center in France said Friday.The 6th annual Korea Live will run from Monday to Friday in Normandy, organized by the Korean Culture Association in France, which works to promote cultural exchanges between the two countries. The program include a series of concerts by Korea's leading traditional music groups, including the Gyeonggi Gayageum Ensemble, Nosang Poong Ryu, Deobuleo Soop, Hyu and Gyeongnam Korean Traditional Music Orchestra, the center said.Some 360 paintings and 40 handicraft works by Korean and French artists will be on display at the Korea Live Art Fair.The festival will provide visitors with opportunities for a hands-on experience of Korean traditional painting, calligraphy and clothing. Street parades will be held at the beginning and end of the festival, the center added.More information is available at www.korea-live.com. (Yonhap)

Jul 6, 2019
Korean cultural festival to open in France next week

Japan-funded wartime sex slavery victim's foundation dissolved

Seen is the office of the Reconciliation and Healing Foundation in Seoul in this Jan. 29 file photo. Korea Times fileBy Park Ji-wonThe Reconciliation and Healing Foundation, which was founded using Japanese funding to settle disputes regarding wartime sex slavery issues, has finished its dissolution procedure and started a liquidation process, amid worsening relations between Seoul and Tokyo. The Japanese government immediately objected to the decision, strongly urging the South to implement its agreement which the two countries signed to found the organization to support surviving victims in South Korea.According to officials of the Ministry of Gender Equality and Family on Friday, the foundation has started the liquidation process under legal procedures after finishing its dissolution procedure. It is not technically the end of the foundation's operation, but the organization will now only can carry out work on liquidation by law, the ministry added. An official of the ministry said the registration for dissolution was filed on June 17 and notification of completion of the dissolut

Jul 5, 2019By Park Ji-won
Japan-funded wartime sex slavery victim's foundation dissolved
  • Korea struggles to cope with Japan's economic retaliation

Korea says Japan violates WTO rules

President Moon Jae-in shakes hands with Softbank Chairman Masayoshi Son during their meeting at Cheong Wa Dae in Seoul, Thursday. YonhapBy Do Je-hae, Kim Yoo-chulThe government said late Thursday that Japan has violated World Trade Organization (WTO) rules, adding it would file a complaint with the organization.“Japan's decision to tighten controls on exports of high-tech materials to South Korean companies is a violation of WTO rules. Cheong Wa Dae will apply diplomatic measures to counter the Japanese move. That includes filing a complaint with the WTO,” chief presidential press secretary Yoon Do-han told reporters following a National Security Council (NSC) meeting at the presidential office.Yoon said Tokyo's July 1 announcement of restrictive regulations on the export of certain products to South Korean firms was “against the fair trade law,” and stressed that the administration will inform its major trade partners of Tokyo's “unfair action.”Cheong Wa Dae said senior presidential adviser Kim Hyun-chong was consulting with Samsung and other tech

Jul 4, 2019By Do Je-hae
Korea says Japan violates WTO rules
  • 'Tokyo's export curb to backfire on Japanese firms'
  • Korean consumers set to boycott Japanese products
  • Samsung, SK hynix rush to find new suppliers

Opposition party floor leader raps Abe for trade retaliation

Rep. Na Kyung-won, floor leader of the main opposition Liberty Korea Party (LKP), speaks during a speech at the National Assembly, Thursday. YonhapBy Park Ji-wonThe floor leader of South Korea's main opposition party joined with the ruling Democratic Party of Korea (DPK) to rap Japanese Prime Minister Shinzo Abe for his decision to apply retaliatory measures against leading South Korean exporters, a move that ups the ante amidst a period of increased tensions between the two countries. Japan introduced measures requiring Japanese companies to apply for approval to export?fluorine polyimide, resist and etching gas to Korea ― core components used in manufacturing of advanced tech such as semiconductors. The application procedure delays the delivery of the key materials used by major Korean conglomerates such as Samsung, LG and SK.On Thursday, Liberty Korea Party (LKP) floor leader Rep. Na Kyung-won asked Tokyo to immediately withdraw these measures, saying the decisions are “against free trade.”At the National Assembly, the LKP leader said, “The Japanese government sh

Jul 4, 2019By Park Ji-won
Opposition party floor leader raps Abe for trade retaliation

Time to root out internal discord at overseas embassies

Foreign Minister Kang Kyung-wha prepares to answer questions from lawmakers while participating in a National Assembly meeting on Yeouido, Seoul, Wednesday. YonhapAmbassadors urged to be given more authorityBy Lee Min-hyungToh Kyung-hwan, Seoul's former ambassador to MalaysiaDespite Foreign Minister Kang Kyung-wha's promises of “stern punishment” for any ethical lapses among ministry officials ― if found ― controversy surrounding the ministry is showing no signs of abating.Starting last year, the ministry has been at the center of controversy for unceasing reports on alleged inappropriate acts and comments committed by senior diplomats during their given diplomatic missions.The latest in a series of internal disciplinary actions came when the Ministry of Personnel Management decided to dismiss South Korean Ambassador to Malaysia Toh Kyung-hwan for abuse of power and violation of the Anti-Corruption Law.Toh allegedly verbally abused his staff; and did not return a traditional Korean “hanbok” outfit to the host of a fashion event after attending the show, which

Jul 4, 2019By Lee Min-hyung
Time to root out internal discord at overseas embassies

DMZ meeting lifts Moon's approval rating

US President Donald Trump meets with North Korean leader Kim Jong-un and President Moon Jae-in, right, at the border village of Panmunjeom in the South Korean side of the Demilitarized Zone, Sunday. AP-YonhapBy Kim Yoo-chulSupport for President Moon Jae-in rose to an eight-month high, powered by Sunday's historic encounter between U.S. President Donald Trump and North Korean leader Kim Jong-un in the heavily fortified border separating the two Koreas, a local pollster said, Thursday.Seoul-based polling agency Realmeter released the results of a survey showing 52.4 percent of South Koreans approved President Moon's performance in handling state affairs, up 4.5 percentage points from the previous week. This was also a new eight-month high. The previous high was 53.7 percent in the second week of November last year.Political experts and the pollster said the last-minute talks between Trump and Kim at the inter-Korean border made South Koreans feel “positive” about the “mini-summit.” The weekly survey was conducted from Monday to Wednesday. Realmeter said 1,506 we

Jul 4, 2019By Kim Yoo-chul
DMZ meeting lifts Moon's approval rating

S. Korea warns of 'corresponding measures' against Japan's export curbs

South Korea's finance minister warned Thursday of "corresponding measures" against Japan's move restricting key supplies for the nation's semiconductor and display industries, in a major escalation of a long-simmering row over compensation for wartime forced labor.The diplomatic conflict between South Korea and Japan, which have close economic ties despite strains over history and territory, showed signs of moving toward an economic front as Tokyo implemented export restrictions against Seoul on high-tech materials vital for the production of semiconductors and display panels.South Korea has said it will file a complaint with the World Trade Organization (WTO) to resolve the matter, but Finance Minister Hong Nam-ki said earlier in the day that the Korean government will "consider various corresponding measures" unless Japan withdraws export curbs. "We believe that the Japanese move is a clear act of economic retaliation," Hong said in an interview with local radio station CBS, adding that the Japanese move would have an adverse impact on both countries."If the problem is not settled,

Jul 4, 2019
S. Korea warns of 'corresponding measures' against Japan's export curbs
  • 'Tokyo's export curb to backfire on Japanese firms'
  • 'Japan's export curbs on South are likely to bring conservatives together for election'
  • Korean consumers set to boycott Japanese products
  • Concerns grow over Japan's move to expand export control
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