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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.

N. Korean leader underlines 'independent growth' after Hanoi summit

By Lee Min-hyungNorth Korean leader Kim Jong-unNorth Korean leader Kim Jong-un has underlined the need for his country's “independent” economic growth following his failed summit with U.S. President Donald Trump.“There is nothing to be done if you only wait for somebody to give you a hand,” Pyongyang's state-controlled Rodong Sinmun quoted Kim as saying, Saturday.It is a serious political agenda and a matter of life or death for the North to choose between independent growth and dependence on foreign influence, the propaganda newspaper said.The regime also stressed that it would tackle tough economic sanctions from international society by revitalizing the economy through competition among provinces.“Putting provinces into competition with others is a very effective and powerful way to achieve overall prosperity across the regime,” it said.The remark came at a critical time when North Korea is showing signs of returning to the past by threatening to resume its nuclear armament in the wake of the recent breakdown of the second Washington-Pyongyang s

Mar 17, 2019By Lee Min-hyung
N. Korean leader underlines 'independent growth' after Hanoi summit
  • Moon advised to play role as 'facilitator' in denuke talks

Foreigners skeptical of 3rd finance center plan

The North Jeolla provincial government's blueprint for a third finance center in the city of Jeonju / Korea Times fileBy Kim Bo-eunThe government is currently reviewing the viability of a third finance center in Jeonju, North Jeolla Province, but foreign individuals in the sector here are skeptical.The plan is among President Moon Jae-in's election pledges, to develop and invigorate provincial areas.However, the plan has come under criticism, as the country's first and second finance centers in Seoul and Busan are considered to lack competitiveness.Meanwhile, the North Jeolla provincial government has already started planning for the 250 billion won ($220 million) project, but no businesses have applied to relocate to Jeonju. The provincial government has been contacting businesses, requesting them to make the move. The local government will have to use its own budget to create the center if no businesses end up relocating. The only finance-related state-run institution in Jeonju is the National Pension Service.Regarding the plan to create a third finance center, James Rooney, vice c

Mar 17, 2019By Kim Bo-eun
Foreigners skeptical of 3rd finance center plan

Opposition leader urges to discuss nuclear armament

Hwang Kyo-ahn, chairman of the main opposition Liberty Korea Party (LKP), speaks during a party meeting in South Gyeongsang Province, Monday. / YonhapBy Park Ji-wonHwang Kyo-ahn, chairman of the largest opposition Liberty Korea Party (LKP), showed positive signs on having nuclear weapons in South Korea, reversing his stance on denuclearization while calling for a debate to discuss preparing for the worst case scenario.In a written congratulatory message for the LKP's Shim Jae-cheol's parliamentary seminar on nuclear armament, Hwang said Thursday, “Considering our country's reality in which the worst circumstances cannot be eliminated, having independent nuclear armament can no longer be overlooked.”He added “South Korea's own nuclear armament would not be an easy job but it should be discussed nationally and internationally.”He also criticized the government's cooperative stance on North Korea saying it puts national security at risk, and weakens the South Korea-U.S. alliance.His remarks came after the breakdown of the summit between North Korean leader Kim Jo

Mar 15, 2019By Park Ji-won
Opposition leader urges to discuss nuclear armament

Moon advised to play role as 'facilitator' in denuke talks

U.S. President Donald Trump, U.S. Secretary of State Mike Pompeo, White House National Security Adviser John Bolton and acting White House Chief of Staff Mick Mulvaney attend the extended bilateral meeting in the Metropole hotel with North Korea's leader Kim Jong-un and his delegation during the second North Korea-U.S. summit in Hanoi, Vietnam Feb. 28, 2019. Reuters-Yonhap By Kim Yoo-chulThough not totally unexpected, the failure of the Hanoi summit was an unwelcome development for the United States-North Korea detente because the talks abruptly ended with lingering differences over sanctions relief and the two countries didn't commit to a third Trump-Kim Jong-un summit.But in the aftermath of the Hanoi summit, it's important to assess how Trump and Kim Jong-un will proceed to avoid a total collapse of the denuclearization process.Political analysts and experts in Seoul said the Hanoi summit wasn't a failure as the summit was a nice opportunity for North Korea and t

Mar 14, 2019By Kim Yoo-chul
Moon advised to play role as 'facilitator' in denuke talks
  • N. Korean leader underlines 'independent growth' after Hanoi summit

Seoul, Tokyo agree to avoid further conflict

Kenji Kanasugi, director-general of the Japanese foreign ministry's Asian and Oceanian Affairs Bureau, enters the headquarters of the Ministry of Foreign Affairs in Seoul, Thursday. He had two hours of talks with his South Korean counterpart, Kim Yong-kil, director-general for Northeast Asian affairs at the ministry, to resolve a months-long conflict over a ruling by the top court in Seoul on Korean victims of forced labor. / Yonhap By Lee Min-hyungDirectors from South Korea and Japan have held talks to resolve an ongoing dispute on a ruling by Seoul's top court that Japanese firms should compensate Korean victims of forced labor during the 1910-45 Japanese occupation of the Korean Peninsula, the foreign ministry said Thursday. Kim Yong-kil, director-general for Northeast Asian affairs at the Ministry of Foreign Affairs, met with his Japanese counterpart, Kenji Kanasugi, director-general of the Japanese foreign ministry's Asian and Oceanian Affairs Bureau at the for

Mar 14, 2019By Lee Min-hyung
Seoul, Tokyo agree to avoid further conflict

FSS to monitor financial firms with AI, big data

Financial Supervisory Service Governor Yoon Suk-heun / YonhapBy Kim Bo-eunThe Financial Supervisory Service (FSS) will beef up its monitoring of financial services companies with artificial intelligence (AI) and big data, FSS Governor Yoon Suk-heun said, Thursday.Utilizing AI and big data for around-the-clock supervision is part of the regulator's 2019 plans aimed at cracking down on securities crimes and financial fraud as well as strengthening consumer protection."We will utilize information and communications technology (ICT) to enhance the efficiency of supervisory and inspection tasks," FSS Governor Yoon Suk-heun said in a press conference the same day.A system employing AI will monitor financial firms, and the FSS will launch on-site inspections when the system tracks abnormalities.Using the system, the FSS plans to put private moneylenders under the microscope. The regulator also plans to set up a system based on big data that tracks mis-selling of insurance products through telemarketing.In addition, the FSS stated it would seek to expand the utilization of “regtech,&rd

Mar 14, 2019By Kim Bo-eun
FSS to monitor financial firms with AI, big data

Moon vows 'bigger trade' with Malaysia

President Moon Jae-in delivers his keynote speech at the start of 'South Korea-Malaysia Business Forum' held at the Mandarin Oriental Hotel, downtown Kuala Lumpur, Thursday afternoon. YonhapBy Kim Yoo-chulSouth Korea plans to expand the country's overall trade volume with Malaysia focusing on halal tourism, and hallyu-oriented industries, President Moon Jae-in said, Thursday.“Malaysia is one of the most important trading partners with South Korea and vice versa. South Korea and Malaysia have a long history within that context on multiple fronts and I think it's a sincere friendship,” Moon said during his keynote speech at the start of a business forum packed with executives from South Korean and Malaysian companies, Kuala Lumpur, Thursday afternoon, according to Cheong Wa Dae press pool reports.Moon said South Korea is hoping to complete the signing of a bilateral free trade agreement (FTA) with Malaysia within this year to provide a fresh impetus to further vitalize mutual trade.The two countries agreed “in principle” to sign the FTA on the sidelines of the M

Mar 14, 2019By Kim Yoo-chul
Moon vows 'bigger trade' with Malaysia

Police warn: Don't share unverified celebrity names involved in K-pop scandal

By Park Si-soo Police have urged people not to share texts containing the unverified names of female celebrities involved in a sex video scandal shaking the K-pop world, saying sharing such files is punishable. Seoul Metropolitan Police Agency issued the warning on Thursday. “Since the scandal surfaced, text messages containing the names of female entertainers, framed as victims in the scandal, have been spreading out of control through mobile chat apps,” the agency said. “It can cause serious secondary damage to the people listed.” K-pop singer Jung Joon-young, 30, admitted secretly filming himself having sex with “10 or more women” and sharing the footage with his celebrity friends in a mobile chat group in 2015-16. Rumors have it the victims include female entertainers. Under the Privacy Protection Law, people “creating” or “sharing” information defamatory to a specific person can face a prison term of up to seven years, license suspension for up to 10 years or a 50 million won fine ($44,000). A person sharing sex-related

Mar 14, 2019
Police warn: Don't share unverified celebrity names involved in K-pop scandal
  • PHOTOS K-pop sex scandal suspects face police probe
  • FULL TEXT Dirty talks among K-pop stars reconstructed

Korea to hold first fintech expo

The Financial Service Commission will hold Korea's first global fintech expo, Korea Fintech Week 2019, in May, the regulator said Wednesday. / gettyimagebank By Kim Bo-eunThe Financial Service Commission will hold Korea's first global fintech expo in May, the regulator said Wednesday.Korea Fintech Week 2019 will be held May 23 to 25 at the Dongdaemun Design Plaza in Seoul.The event, which invites global financial authorities, international organizations and global fintech companies, will discuss related policies.It also aims to help local fintech companies to expand their businesses globally, through connecting them to local and global investors.In addition, it will provide consulting services to university students and young jobseekers interested in the sector.Visitors will be able to get a hands-on experience with fintech at the event.The FSC aims to host the event annually, to develop it into a major fintech event in Asia.

Mar 13, 2019By Kim Bo-eun
Korea to hold first fintech expo

Ruling party seeks discipline for opposition floor leader

Rep. Kang Byung-won, left, spokesman of the ruling Democratic Party of Korea (DPK) submits a petition against main opposition Liberty Korea Party floor leader Rep. Na Kyung-won to the National Assembly Ethics Committee, Wednesday, asking it to investigate defamatory remarks she made against President Moon Jae-in during a speech at the National Assembly.  YonhapWrangling escalates over Na Kyung-won's speechBy Park Ji-wonThe ruling Democratic Party of Korea (DPK) referred Liberty Korea Party (LKP) floor leader Rep. Na Kyung-won to the National Assembly Ethics Committee, Wednesday, over “insulting” remarks she made about President Moon Jae-in. The move comes one day after Na described President Moon as the “chief spokesman” for North Korean leader Kim Jong-un in a speech at the Assembly while criticizing his policy toward North Korea.In a petition submitted to the committee, the DPK demanded stern disciplinary measures against Na, including depriving her of her Assembly seat. However, this would require support from the LKP.Responding to this, the LKP said i

Mar 13, 2019By Park Ji-won
Ruling party seeks discipline for opposition floor leader
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