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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.

Mother of ex-UN chief Ban Ki-moon dies at 99

In this January 14, 2017, file photo, former U.N. Secretary-General Ban Ki-moon holds hands with his mother Shin Hyun-soon at her home in Chungju. Korea Times fileBy Park Si-soo The mother of former U.N. Secretary-General Ban Ki-moon died from natural causes on Monday. She was 99. Ban confirmed the death of his mother Shin Hyun-soon on Tuesday in a Facebook message. “My mom passed away last night. She lived 99 years and left,” Ban wrote. He described his mother as a “devoted and thoughtful woman for her children and neighbors.” Ban expressed his profound sense of loss, writing: “I don't know how much time would be needed for me to see my pain (for the loss) relieved.” Her body is at Yonsei Severance Hospital in Sinchon, Seoul. Her funeral is due Thursday. Ban serves as chairman of South Korea's presidential committee on the national climate on fine dust pollution.The framed portrait of Shin Hyun-soon at Yonsei Severance Hospital in Sinchon, Seoul. YonhapBan greets Hwang Kyo-ahn, chairman of the main opposition Liberty Korea Party, who expressed his

Jun 19, 2019
Mother of ex-UN chief Ban Ki-moon dies at 99

LKP chairman faces challenges in showing leadership

Liberty Korea Party (LKP) Chairman Hwang Kyo-ahn listens to Rep. Na Kyung-won, floor leader of the party, during a meeting at the National Assembly, June 10. YonhapBy Park Ji-wonLiberty Korea Party (LKP) Chairman Hwang Kyo-ahn is facing challenges in showing his leadership capability to party members before the upcoming 2020 general election amid doubts over his ability to promote LKP candidates. Last week, Rep. Hong Moon-jong announced his defection to the Korean Patriots Party (KPP) ― a far-right party that supports ousted former President Park Geun-hye ― which named him a co-leader. Hong, the first member to leave the LKP, took four months to decide to flee the party following the election of Hwang in February.Insiders point out that his defection from the major opposition party may not be a major concern regarding other LKP members possibly considering a similar move, however, some believe it could be the beginning of an internal feud before the elections.“During a closed-door meeting, Hwang listens to members' opinions rather than giving his own. This could be considered a

Jun 19, 2019By Park Ji-won
LKP chairman faces challenges in showing leadership
  • Small business owners demand lower minimum wage for foreigners
  • Opposition leader vows to introduce lower minimum wage for foreigners

Seoul, Beijing skipped Huawei issue

Vice Foreign Minister Lee Tae-ho, left, and China's Assistant Minister of Commerce Li Chenggang leave before holding their annual talks on economic cooperation at the Seoul Government Complex, Wednesday. YonhapBy Park Ji-wonSouth Korea and China didn't discuss issues related to a possible ban on Huawei products during ministerial-level talks, Wednesday.The two countries' diplomats led by Vice Foreign Minister Lee Tae-ho and China's Assistant Minister of Commerce Li Chenggang held the 23rd Joint Economic Committee session where they talked about ways to boost economic cooperation on personnel and cultural exchanges.“I hope our bilateral cooperation will lead to another level, by strengthening personnel, cultural and environmental exchanges,” Lee said at the start of the session, according to pool reports. “These talks will be linked to the detailed discussions on the two countries' long-term economic development, which has been dealt with in working-level talks so far.”Details of what was discussed during the session is as yet unknown. But a ministry official s

Jun 19, 2019By Park Ji-won
Seoul, Beijing skipped Huawei issue
  • Huawei promises Filipino consumers 'full refund' if Gmail, Facebook don't work

FSS to launch inspection into Korea Exchange

The Korea Exchange building in Seoul / Korea Times fileBy Kim Bo-eunThe Financial Supervisory Service (FSS) will launch a comprehensive inspection into the Korea Exchange in the latter half of this year, the FSS said, Wednesday.This will be the first large-scale inspection of the securities exchange operator in nine years since the previous one in 2010.An FSS official said he could not provide detailed information, but confirmed the FSS and the Financial Services Commission (FSC) have agreed on the inspection.The two bodies are known to have been discussing the issue and the FSS had intended for the inspection to take place in the first few months of this year, but it was delayed due to a disagreement with the FSC.The Korea Exchange is a private entity, but the FSS can conduct an inspection upon the request of the FSC, because it assumes tasks commissioned by the government. The exchange operator switched from a public institution to a private entity in 2015, a decade after it was established in 2005.While the FSS and FSC have yet to decide on the scope of the inspection, the FSS' st

Jun 19, 2019By Kim Bo-eun
FSS to launch inspection into Korea Exchange

'North Korea, US readying for new agreement'

Unification Minister Kim Yeon-chul delivers a keynote speech during a forum on peace on the Korean Peninsula at the Westin Chosun Seoul, Wednesday.By Park Ji-won, Kim Yoo-chulThe United States and North Korea are preparing for a new denuclearization agreement, according to Unification Minister Kim Yeon-chul, Wednesday.“The North and the United States are preparing for a new agreement based on the results of the Hanoi summit between their leaders,” the minister said at the start of a forum titled “Korea Global Forum for Peace,” held at the Westin Chosun Hotel in Seoul, and cohosted by the ministry and the Sejong Institute, a local think-tank. Kim stressed nuclear negotiators from Seoul, Washington and Beijing are exploring ways to narrow the stances of the two and restart multilateral nuclear diplomacy before a possible third North Korea-United States summit. According to Kim, Washington and Pyongyang “need a certain period of time to narrow technical differences, but more specifically, it is important for them to resume talks as soon as possible.”D

Jun 19, 2019By Park Ji-won
'North Korea, US readying for new agreement'
  • Inter-Korean shares rally on possible US-North Korean talks
  • Seoul to send 50,000 tons of rice to Pyongyang

Prime Minister Modi set to push harder for South Korea model

President Moon Jae-in, right, shakes hands with Indian Prime Minister Narendra Modi after their joint press conference at Cheong Wa Dae in Seoul, Feb. 22, 2019. YonhapBy Vishnu PrakashThis is the first in a two-part series about India after Prime Minister Narendra Modi's re-election. ― ED. Defying all predictions by the pundits, the 900 million strong Indian electorate returned Prime Minister Narendra Modi to office, with a resounding and bigger mandate, in the recently concluded general elections. Unlike South Korea, India is a parliamentary democracy. Yet such is Mr. Modi's stature and charisma, that the people voted more for him than the Bharatiya Janata Party (BJP) that he leads. BJP's vote share rose to 37.4 percent ― an impressive 6 percent increase over the last 2014 elections. BJP bagged 303 out of 542 seats in Lok Sabha (People's House) while Indian National Congress (INC), India's GOP once led by Jawaharlal Nehru and Indira Gandhi, could muster barely 52 seats. The "festival of democracy" witnessed the highest ever voter turnout at 67.11 percent. That women came out to vote

Jun 19, 2019
Prime Minister Modi set to push harder for South Korea model

LKP to resume parliamentary activities to join prosecutor-general nominee's hearing

Rep. Na Kyung-won, floor leader of the main opposition Liberty Korea Party, leaves after speaking to her party members at the National Assembly, Tuesday. YonhapBy Park Ji-wonThe main opposition Liberty Korea Party (LKP) has hinted at resuming its parliamentary activities Tuesday to participate in a National Assembly hearing for Yoon Seok-youl, a nominee for prosecutor-general, after months of boycotting. The conflict between the LKP and the ruling Democratic Party of Korea (DPK) is expected to intensify due to their differing stances on his nomination.Rep. Na Kyung-won, LKP floor leader, said Tuesday, “It is time for us to diversify our strategy [to fight against the Moon Jae-in administration]. Our first task is to focus on Yoon’s hearing. The LKP will stop the sneaky move to put the prosecution under the power of political forces during the hearing.”The LKP’s participation in the National Assembly is the first of its kind in about three months since the party started protesting the proceedings of the Assembly, calling for the withdrawal of fast-tracked bills

Jun 18, 2019By Park Ji-won
LKP to resume parliamentary activities to join prosecutor-general nominee's hearing

Seoul fails to win sympathy for need to resume inter-Korean factory park

Chairman Jeong Gi-seop of the Corporate Association of Gaeseong Industrial Complex delivers opening remarks and shares the results of the association’s recent trip to the United States, at a press conference in Seoul, Tuesday. YonhapBy Lee Min-hyungA delegation of businesspeople who invested in a now-suspended inter-Korean factory park has failed to win a general consensus for the need to resume its operation during a recent trip to the United States.The delegation mainly from the Corporate Association of Gaeseong Industrial Complex took a week-long trip from June 10 to Washington and Los Angeles, in a bid to raise awareness of the inter-Korean business complex and call for U.S.' support for its resumption.They met with officials from the U.S. House of Representatives, Department of State and a series of local think tanks there.“Once U.S. companies join the factory park, North Korea will believe this is a signal for an end to the threat of war against the U.S.,” Gaeseong Industrial District Foundation chairman Kim Jin-hyang told reporters at a press conference, Tues

Jun 18, 2019By Lee Min-hyung
Seoul fails to win sympathy for need to resume inter-Korean factory park

'Xi-Kim summit to move forward 4th inter-Korean summit'

North Korean leader Kim Jong-un shakes hands with Chinese President Xi Jinping during their summit at the Great Hall of the People in Beijing in January. Xi will start a two-day trip to North Korea, Thursday, the first since he took office in 2013. YonhapBy Lee Min-hyung, Kim Yoo-chulCheong Wa Dae is hoping the upcoming meeting between Chinese President Xi Jinping and North Korean leader Kim Jong-un will lead to a fourth inter-Korean summit, a senior presidential office official said Tuesday.“The presidential office isn't ruling out the possibility of a fourth inter-Korean summit ahead of the planned meeting here between Presidents Moon Jae-in and Donald Trump at the end of June. If the inter-Korean summit takes place, that would be a huge plus in advancing the process of achieving the complete denuclearization of the Korean Peninsula,” the aide told reporters in a briefing.The government has had a thorough discussion with Chinese government representatives regarding Xi's summit with the North Korean leader, according to the aide. “In order to keep the momentum of d

Jun 18, 2019By Lee Min-hyung
'Xi-Kim summit to move forward 4th inter-Korean summit'
  • Xi writes op-ed for Pyongyang paper, vows to cooperate resolving Korean Peninsula issues
  • Minister calls for 3rd US-NK summit
  • Xi asks Kim to resume US-NK denuke talks

Preventative system on FX irregularities launched

The Financial Supervisory Service's headquarters on Yeouido, Seoul / Korea Times fileBy Kim Bo-eunThe Financial Supervisory Service (FSS) said Tuesday that it will work with banks to use information technology to prevent customers and banks from violating foreign exchange regulations. "Because foreign exchange regulations are complex, people are mostly unaware that certain laws and rules have been violated during overseas transactions of assets including real estate," an FSS official told reporters in a briefing.The number of administrative measures taken against violators of foreign exchange regulations grew from 567 in 2016 to 1,097 in 2017 and to 1,279 in 2018. These include warnings, fines and suspensions of transactions, as well as criminal charges filed with the prosecution. "The scale of violations has tied the hands of officials in charge, leaving them unable to perform other duties," the official said.Banks will start to use “regtech” to prevent violations. Regtech refers to utilizing information technology to enhance regulatory processes.Data shows 56.7 percent

Jun 18, 2019By Kim Bo-eun
Preventative system on FX irregularities launched
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