Assembly passes reduced budget plan, special counsel

The opposition-led National Assembly on Tuesday passed a bill to downsize next year's government budget by 4.1 trillion won ($2.9 billion) to 673.3 trillion won, marking the first time in constitutional history that the annual budget plan was passed without bipartisan agreement. The bill, introduced by the main opposition Democratic Party of Korea, passed in a 183-94 vote with one abstention during Tuesday's session. The downsized plan slashes next year's budget by 4.1 trillion wo

PoliticsDec. 10, 2024

[Herald Interview] Ock Joo-hyun and Frank Wildhorn: Soulful composer meets his soulful singer in ‘Mata Hari’

K-pop idol-turned-musical actor Ock Joo-hyun has experienced events that made her wonder, "Can something like this really happen?" "That was the case with MERS, and later with COVID-19," she noted. "When the entire nation is shaken, the arts are always hit the hardest. In a way, it’s only natural because we can’t afford that kind of ease." The actor shared these thoughts during an interview with reporters on Friday, immediately after the opening performa

CultureDec. 10, 2024

Samsung, SK’s investment blitz in US hit by soaring won-dollar rate

A sharp rise in the won-dollar exchange rate is deepening concerns among the nation’s top two chipmakers -- Samsung Electronics and SK hynix -- as they face snowballing financial burdens in their massive facility investments in the US. The Korean won has suffered price fluctuations following President Yoon Suk Yeol’s short-lived martial law declaration on Dec. 3. On Monday, the won soared to a two-year high of 1438.8 against the greenback. As of 3 p.m. Tuesday, the won-dollar rate re

IndustryDec. 10, 2024

Korea reaffirms readiness to respond as markets go on wild ride

South Korea’s top economic policymakers said the volatility in the finance and currency markets is excessive, calling on institutional investors to play a responsible role in the fluctuating market as they seek to cushion the blow of political strife incurred by President Yoon Suk Yeol’s declaration of martial law. “Attendees of the meeting agreed that although volatility in the financial and currency markets has been increasing recently, the volatility is somewhat excessive co

EconomyDec. 10, 2024

Corporate Korea braces for 2025 amid political turmoil

South Korea’s major conglomerates are bracing to navigate the economic and political shock waves unleashed by President Yoon Suk Yeol’s fleeting attempt at martial law last week, balancing containing the fallout and preparing for their business strategies for the coming year. The big four chaebol groups, including Samsung, SK, Hyundai Motor and LG, are set to hold strategy meetings later this month to finalize their plans for 2024. These meetings, typically held after annual leader

CompaniesDec. 10, 2024

Supreme Court verdict on Cho Kuk due Thursday

Cho Kuk, the leader of the minor opposition Rebuilding Korea Party, is set to be sentenced by the Supreme Court on Thursday on allegations including fabrication of official documents and interfering in a state audit of a high-ranking Busan city official. If the two-year prison term handed to the 59-year-old by the lower courts is upheld, he will immediately lose his seat at the National Assembly along with his eligibility to run for public office. The Supreme Court’s sentencing will take

Social AffairsDec. 10, 2024

Prosecutors tighten grip on Kim

South Korean prosecutors filed an arrest warrant for former Defense Minister Kim Yong-hyun, accusing him of collaborating with President Yoon Suk Yeol to orchestrate an insurrection in the controversial Dec. 3 martial law declaration. This marks a significant development in the investigation, as prosecutors identify Yoon as the central figure behind the alleged coup attempt. Kim, summoned by the special prosecution investigation team for questioning on insurrection, abuse of power and other char

PoliticsDec. 10, 2024

[Contribution] Kazakhstan’s emergence as a middle power

By Nurgali Arystanov Ambassador of the Republic of Kazakhstan to the Republic of Korea According to the latest report by German think tank The German Institute for International and Security Affairs, Kazakhstan has been characterized as a "middle power," a nation with substantial influence on the global political and economic stage. The report highlights a stark contrast between the present and some 30 years ago, when Kazakhstan gained independence from the Soviet Union in 1991 and

Foreign AffairsDec. 10, 2024

Will ruling party lawmakers change course?

The ruling People Power Party may shift its stance on its group boycott and allow a free vote, as some young conservative politicians signal their intent to participate in the second impeachment vote against President Yoon Suk Yeol on Saturday. After the previous scrapped impeachment vote on Dec. 7, the main opposition Democratic Party of Korea's leader Rep. Lee Jae-myung announced the following day that he would continue to hold Yoon accountable for insurrection following his martial law decree

PoliticsDec. 10, 2024

Lawmakers call for reforms to limit martial law risks

President Yoon Suk Yeol's sudden, fleeting invocation of martial law has sparked a wave of urgent calls from lawmakers to reform the martial law act, aimed at preventing presidential overreach and safeguarding the National Assembly’s ability to function even under a state of martial law. A total of 11 proposed amendments to the Martial Law Act have been submitted after the Assembly was besieged and infiltrated by armed special forces during Yoon's late-night declaration of emerge

PoliticsDec. 10, 2024

Speak or not to speak? K-pop stars face dilemma amid national crisis

After the shocking but brief martial law declared by President Yoon Suk Yeol on Dec. 3, several celebrities, including K-pop singers, have voiced — or at least hinted at — their stance on the ongoing political crisis. Speaking out on political matters has long been a taboo for idols, whose freedom of expression is often tightly controlled by their agencies. However, with the rise of social media and the globalization of K-pop, the question emerges: Should K-pop singers be restricted

K-popDec. 10, 2024

KAI wins W1.1tr to supply tail wings for Boeing aircrafts

South Korean aircraft maker Korea Aerospace Industries said Tuesday that it has extended its contract with Boeing to produce empennage parts for the US aerospace giant’s 737 Max model. The extension will add 1.12 trillion won ($789 million) in sales to the existing contract. The Boeing 737 Max – the manufacturer's newest narrow-body model for short and medium-haul passenger flights – carries up to 230 passengers. KAI has provided vertical and horizontal stabilizers for the

MobilityDec. 10, 2024

'Squid Game' nominated for Golden Globes, even before release

The second season of "Squid Game" has been nominated for best TV series by the prestigious Golden Globes, even before its release. The 2025 Golden Globes, to be held Jan. 5, 2025, required submissions by Nov. 4 for shows that premiered within the 2024 calendar year. With its Dec. 26 premiere, the second season of "Squid Game" narrowly qualified, with Netflix reportedly submitting the series early for consideration. In the best TV drama series category, for which the show was

TelevisionDec. 10, 2024

Angry voters want lawmakers to heed their call. But how, with election years away?

Voter outrage is intensifying in South Korea, after the parliament failed to impeach President Yoon Suk-yeol, despite overwhelming public demand to immediately remove him from office over his Dec. 3 declaration of martial law. The anger is mainly directed at lawmakers from Yoon’s ruling party who boycotted the impeachment vote Saturday. In doing so, they opted to keep the embattled president, now a suspect of insurrection, in office, while they devise an exit strategy that minimizes the da

PoliticsDec. 10, 2024

Jeju Biennale shows stories of 'drift' from across the world

Jeju Island -- Rows of plastic waste found in the ocean hang from the ceiling of the Jeju Museum of Art as though they are chandeliers. Korean artist Kim Soon-im collected the plastic pieces while walking on Jeju beaches to make up the installation titled "Sea_Scape_Jeju." The fourth edition of Jeju Biennale “The Drift of Apagi: The Way of Water, Wind and Stars” kicked off Nov. 26, under the theme of the “drift” to explore the diverse aspects of South Korea'

Arts & DesignDec. 10, 2024

Protests escalate with funeral flowers, eggs, threats

Protests against lawmakers from the ruling People Power Party have intensified following their collective boycott of the impeachment vote against President Yoon Suk Yeol. A number of citizens have voiced their anger by sending wreaths of white condolence flowers, throwing eggs at local offices, posting critical statements and even leaving knives outside lawmakers' homes. The backlash began after the impeachment motion against President Yoon was scrapped after ruling party lawmakers' wa

Social AffairsDec. 10, 2024

Ruling party reviews plan for Yoon's resignation by end-April next year

The ruling People Power Party is reviewing two scenarios to bring about "political stabilization," both involving the resignation of President Yoon Suk Yeol by end-April next year, reports said Tuesday. People Power Party Chair Han Dong-hoon received a draft proposal from an intra-party task force launched Monday intending to achieve "political stabilization," that called for the president to step down in either March or April, according to Yonhap New Agency. The next preside

PoliticsDec. 10, 2024

Hanjin Logistics shares market penetration strategies with e-commerce sellers

South Korean logistics company Hanjin Logistics said Tuesday that it has hosted its “Unboxing Day” event, aimed at sharing marketing strategies and insights to help e-commerce sellers enter the global market. The event, which attracted around 390 attendees, featured an awards ceremony, panel discussions and networking opportunities. Following last year's inaugural event, Hanjin continued to honor key clients with awards. In the “Heritage” category, four clients were

IndustryDec. 10, 2024

Unification minister vows efforts for stable peninsula

Unification Minister Kim Yung-ho said Tuesday that he "will make every effort to ensure the stable management of the situation on the Korean Peninsula" in his first public remarks since President Yoon Suk Yeol’s Dec. 3 martial law declaration. "I will carry out my duties with the utmost vigilance and without any lapse until my final day in office at this critical juncture, where inter-Korean relations are grave and uncertainties in the external environment are mounting,"

PoliticsDec. 10, 2024

Hyundai Motor accelerates generational shift in leadership

Hyundai Motor Group announced its annual executive appointments Tuesday, highlighting the global auto conglomerate’s focus on a generational shift to strengthen its pillars for future growth. Of the 239 promoted executives, 41 percent are in their 40s -- an almost twofold jump from the executive promotions in 2020. Hyundai Motor noted that it continued its performance-based approach for the appointments to reflect the efforts of key individuals and capitalize on record-breaking business

CompaniesDec. 10, 2024