- 29 Dec, 2023

- 28 Dec, 2023

29 Dec, 2023

- Seoul expects crowds to reach 170,000 on New Year’s Eve

- Korea's anti-corruption agency says lawmaker traded over $85M of crypto

- New conservative party leader meets rival party counterpart for the first time

- Posco Holdings criticized by NPS head for opaque appointments

- Lim Young-woong wins favorite artist of year in inaugural Bugs Favorite poll

- Admiral Yi film 'Noryang' featuring Kim Yun-seok explores hero's struggle

- New skyscraper to replace Seungri's disgraced Burning Sun club

- Seoul bomb threat prompts police investigation

- Singer Jung Dae-hyun joins former bandmate Moon Jung-up at MA Entertainment

- Twice announces four special shows in Japan next year

- Minue to start 2024 with new song, agency

- EVNNE to drop second EP 'Un: SEEN' in January

- Teen Top's Niel to release third solo single 'Parting Emoticon'

- Culture Ministry to increase funding for art projects, support more artists next year

- Culture Ministry selects 13 regions for its pilot 'Korea Culture City' project

- [THINK ENGLISH] BTS 전원 주식 '100억원 클럽' ... 정국, 뷔는 각 160억원

- E-9 visa holders to be able to work at hotels next year

- Blackpink members will not sign with YG for solo activities, agency says

- Funeral procession for late actor Lee Sun-kyun begins

- Older adults collecting used paper earn less than a dollar per hour, Health Ministry says

- Korea to welcome 'digital nomads' with new visa starting Jan. 1

- Celltrion completes merger with Celltrion Healthcare

- Lotte revolutionizes customer experience with new growth engines

- Hyundai Steel aims for quality consumer communication

- Korea Post continues legacy as nation’s parcel service

- Hyundai Motor's Grandeur becomes top-selling hybrid car of year

- Korea’s customer satisfaction drops slightly in 2023

- Korea to inject more money into markets over Taeyoung E&C's workout application

- Consumer prices rise 3.6 percent in 2023

- Police’s drug use investigation went too far (KOR)

- Shame on the endless family feud (KOR)

- Here's a sneak peek at 2024 Michelin Guide restaurants in Korea

- 2023 Sports Top 10 News Stories

- [INTERVIEW] 'There's still so much ahead' for Hori7on, the first Filipino K-pop boy band

- China's new gaming restriction puts Korean companies on edge

Seoul expects crowds to reach 170,000 on New Year’s Eve

Police are stationed for crowd control at the 2023 New Year's Eve bell-ringing ceremony at Bonsingak Pavilion in Jongno District, central Seoul. [NEWS1]

Crowds of more than 170,000 people are expected to gather at popular sites in Seoul to celebrate the coming of a new year, and the police announced measures to ensure safe celebrations.

These areas include Bosingak Pavilion in downtown Seoul, Lotte World Tower and Mount Namsan.

The Seoul Metropolitan Police Agency on Friday announced that it will implement crowd safety measures on Sunday and Monday, the last day of this year and the first day of 2024.

According to the police agency, there are a total of 18 major events planned during the two days, including six celebrating the end of the year and 12 celebrating the dawn of the New Year.

The police estimate that some 173,000 people will join the events.

The police said it plans to dispatch 3,265 police officers, including 41 crowd control units and 865 officers from 15 precincts in the areas where it expects a the largest celebration turnouts.

The police estimated that roughly 100,000 people would show up in the annual New Year’s Eve bell-ringing ceremony held at the Bosingak Pavilion in Jongno District, central Seoul.

The police plans to station 450 officers from the Jongno and Namdaemun precincts and some 2,000 from the 34 crowd control squads.

Traffic will be banned along Sejongdae-ro between the KT building and Cheonggye Plaza between 3 p.m. on Dec. 31 until 7 a.m. the next morning.

During the same time, the Saemunan-ro and Jongno roads between Saemoonan Church and the Jongno 2-ga intersection, as well as Woojeonggook-ro, which is between Gopyeong and Gwanggyo, will be closed.

The police added that safety barriers will be set up around the Bosingak Pavilion as well as Sejongdae-ro, where street performances and parades are to take place.

The police plans to take safety precautions regarding subway ventilation grates and glass floors that could easily collapse under the weight of a huge crowd.

The authorities will coordinate with the Seoul Metro to control crowds at major subway stations, including Jonggak Station and Gwanghwamun Station.

It will also keep watch for any unauthorized use of drones or violence.

The police will also roll out safety measures for crowds participating in the New Year’s countdown around Lotte World Tower in southern Seoul, a sunrise event on Mount Acha and other New Year's day events.

BY LEE SOO-JUNG [lee.soojung1@joongang.co.kr]

Korea's anti-corruption agency says lawmaker traded over $85M of crypto

Independent lawmaker Kim Nam-kuk attends a meeting of the parliamentary ethics committee on Aug. 17 at the National Assembly in Yeouido, western Seoul. [NEWS1]

Independent Rep. Kim Nam-kuk, a former Democratic Party lawmaker who has been at the center of controversy over his cryptocurrency investments, was found to have purchased and sold over 111 billion won ($85 million) worth of cryptocurrency over three years.

The Anti-Corruption & Civil Rights Commission (ACRC) on Friday announced the results of the investigation that looked into transactions of crypto assets made by lawmakers in Korea from May 30, 2020, to May 31, 2023. The investigation, which launched on Sept. 18, came after Kim’s controversial investments in such assets surfaced, ultimately leading him to exit his old party in May.

He stressed his innocence as he left the party, saying he would “unveil the truth while fighting against unfair political attacks.”

The lawmaker is also accused of having transacted cryptocurrencies during the nomination hearing of former Justice Minister Han Dong-hoon in May last year.

Kim, who was elected during the general election in April 2020, reported his increasing assets to the parliament, including savings and bonds, which rose from around 1.1 billion won in 2021 to 1.2 billion won in 2022 and 1.5 billion won in 2023. The registered amount does not include cryptocurrencies owned by him, as the Public Service Ethics Act at the time did not force lawmakers to report on the possession of crypto assets.

However, the ACRC’s investigation revealed on Friday that the independent lawmaker purchased a total of 55.5 billion won and offloaded 56.3 billion won worth of cryptocurrencies over three years. This is the first time that Kim’s cryptocurrency transactions were revealed to the public.

His total transactions of crypto assets accounted for almost 90 percent of the total amount purchased and sold by every lawmaker in Korea during the same period.

Chung Seung-yun, vice chairperson of the Anti-Corruption and Civil Rights Commission (ACRC), speaks during a press briefing at Government Complex Sejong on Friday. [ANTI-CORRUPTION & CIVIL RIGHTS COMMISSION]

The ACRC said that a total of 11 lawmakers, including Kim, purchased 62.5 billion won and sold 63.1 billion won during the same period. A total of 18 lawmakers possessed crypto assets, accounting for 6 percent of the total 298 lawmakers.

The ACRC added that 10 lawmakers have not properly reported their cryptocurrency transactions. Per the National Assembly Act, amended in June, lawmakers are now obliged to report their crypto assets. Their crypto holdings will be publicly disclosed in February.

The names of the other 17 lawmakers who possessed crypto assets were not revealed on Friday.

Chung Seung-yun, vice chairperson of the ACRC, who announced the results during a press briefing held at Government Complex Sejong on Friday, said the ACRC only decided to disclose the name of Kim as his case was already “publicly known.”

The different cryptocurrencies owned by these lawmakers varied: the number of different types increased from 24 in 2020 to 107 in 2023. Bitcoin was the most popular crypto asset among them, the ACRC said.

Experts argue that the ACRC’s investigation lacks comprehensiveness, as it excluded the possession and transaction of crypto assets of lawmakers’ family members, including their spouses and children. An attorney who worked as a high-ranking prosecutor raised the possibility of lawmakers using their family members’ names to make investments, in speaking with the JoongAng Ilbo.

The ACRC has been unable to conduct further probes due to its limitations in launching such investigations. An official at the ACRC said the commission can only begin an investigation when reports on corruption are filed, adding that it called for the parliament to draw up measures to ensure lawmakers accurately report their crypto assets.

BY CHO JUNG-WOO, PARK TAE-IN [cho.jungwoo1@joongang.co.kr]

New conservative party leader meets rival party counterpart for the first time

From left, Democratic Party leader Lee Jae-myung and People Power Party interim leader Han Dong-hoon shakes hands before a meeting at the DP's National Assembly office in Yeouido, Seoul, on Friday. [YONHAP]

Han Dong-hoon, the recently appointed head of the People Power Party's emergency steering committee, met with Lee Jae-myung, the leader of the opposing Democratic Party, on Friday.

This gathering between the leaders of South Korea's largest political parties marks the first encounter since Han, a former justice minister, officially assumed his role as the new head of the conservative party on Wednesday.

"I truly appreciate your willingness to meet with me,” Han said at the meeting at the DP's office in Yeouido, Seoul, while expressing gratitude for the meeting despite its short notice due to his sudden appointment

“I hope we can engage in a constructive dialogue as leaders of political parties, transcending our differences, to pursue politics that serve the people,” he added.

Lee, extending a welcome to the new interim leader of the People Power Party, responded by emphasizing the role of politics in safeguarding the nation and taking responsibility for enhancing the lives of the people.

““Even with differing viewpoints, our obligation is to diligently fulfill the trust placed in us by the people,” Lee said. “The DP is ready to collaborate with the PPP.”

The meeting unfolded in a cordial manner despite the historical tensions between the former justice minister and the DP.

However, up until the meeting tensions were high between the two leaders.

However, tensions were intense between the two leaders leading up to the meeting.

On Wednesday, the former justice minister, who was a former prosecutor, criticized the DP for having Lee as their leader.

“Until now, I have only been on the receiving end of questions posed by DP lawmakers,” Han said. "This time, I would like to pose a question: If the DP is so critical of prosecutors, then why do you have the person who impersonated a prosecutor as your supreme leader?"

The former justice minister was referring to Lee being fined 1.5 million won in 2003 for collaborating with a TV producer in impersonating a prosecutor during a call to the then Seongnam city mayor.

Lee had claimed that he was being framed.

On Friday morning, ahead of the meeting, the DP chief said that the new PPP emergency steering committee head showed no interest in cooperating with the DP.

"It seems that he has absolutely no intention of cooperating," Lee said. "The head of the PPP is only busy criticizing the DP."

He said that the PPP had never expressed a desire to collaborate and accused the rival party of solely focusing on opposing and rejecting the DP.

"Instead of functioning as the governing party, they are behaving more like a minority opposition party," Lee said.

Although Han had never clashed directly with the DP chief, he had frequently become a target for DP lawmakers, including Choi Kang-wook and Kim Eui-kyeom, who made false claims such as alleging that he went out drinking with President Yoon Suk Yeol and 30 or so lawyers from Korea's prominent law firm Kim & Chang.

Han had twice sought approval from the National Assembly for an arrest warrant against the DP chief.

By law, the approval of the National Assembly is required for an arrest warrant motion for a sitting lawmaker.

The accusations against the chief included involvement in various controversial cases, particularly several development projects approved during Lee's tenure as Seongnam city mayor.

The most notorious among them was the Daejang-dong scandal, wherein significant profits from the project development approved by Lee went to the private developers led by former journalist Kim Man-bae.

Several members of the private developers, who are on trial, have claimed that they were told that a significant portion of the profit from the development, whose structure was designed and plan approved by Lee, was actually owed to Lee and his close aides.

Kim Yong, who served as the spokesperson at the Gyeonggi government during Lee's tenure as the province governor and was a close aide to the DP chief, was recently sentenced to five years on charges of illegal political funds and bribery..

Kim was convicted of receiving 600 million won from the Daejang-dong private developers in 2021.

The prosecutors' office argued that these funds were used in supporting Lee's campaign during the primaries for the party's presidential candidacy.

Other accusations against Lee, as outlined in the arrest warrant motion presented by Han at the National Assembly, encompassed a quid pro quo football team sponsorship involving prominent Korean businesses such as Naver and Doosan.

While the National Assembly narrowly denied the first arrest warrant motion against Lee, which was requested by the prosecutors' office in February, the second motion in September was approved.

However, the judge overseeing the second arrest warrant, Yoo Chang-hoon, rejected the prosecutors' office request.

The judge stated that while the accusation that Lee had coerced a witness in a previous trial, in which he was acquitted, appeared substantial, considering Lee's status as a high-profile politician whose actions are closely followed by the public, it was unlikely that he would either go into hiding or destroy evidence.

BY LEE HO-JEONG [lee.hojeong@joongang.co.kr]

Posco Holdings criticized by NPS head for opaque appointments

Chairman Choi Jeong-woo of Posco Group delivers a congratulatory speech at an event on Sept. 5 in Pohang, North Gyeongsang. [YONHAP]

The head of the National Pension Service (NPS), the largest shareholder of Posco Holdings, openly criticized the steel group's chairman selection process due to its involving of the current chairman in the procedure.

The NPS holds a 6.71 percent stake in Posco Holdings.

In an interview with a local media outlet the previous day, NPS head Kim Tae-hyun emphasized the need for an open chairman appointment process "conducted transparently and fairly," while pointing out a "deficiency in representing shareholder interests and ensuring fairness."

The core issue revolves around the perceived fairness of Choi Jeong-woo's bid for a third term as chairman of Posco Holdings. The Posco CEO Recommendation Committee, predominantly composed of outside directors, six out of seven of which were chosen during Choi's term, automatically included Choi in the initial candidate pool without holding a separate public recruitment process or obtaining the consent of involved parties. This has raised suspicions of implicit support for Choi's third term or the recommendation of a successor closely aligned with him.

"Company employees, including the chairman, have no authority to be involved in the chairman appointment process," Park Heui-jae, head of the CEO Recommendation Committee at Posco Holdings, said in a phone call with the JoongAng Ilbo, an affiliate of the Korea JoongAng Daily, on Friday.

He added the candidate recommendation process is "perfectly fair."

"It is necessary for shareholders and the market to judge whether the current structure, composed only of external directors, is fair and genuinely represents the interests of shareholders,” NPS's Kim told the JoongAng Ilbo on Friday. “The appointment of the chairman should be carried out publicly according to transparent criteria and procedures."

Park, however, said, "Applying for a third term is an individual's freedom and choice, so there is no problem at all.

"I can guarantee that a fair evaluation will be conducted, unaffected by even 0.1 percent of external influence," Park continued. "They are all external directors recommended from outside sources, and there is no room for the company's interference."

Speculation within the business community suggests that Posco Holdings may follow a similar tumultuous path to that which was navigated by KT last year, which involved proactive intervention in the appointment of the CEO in a widely-held firm. The NPS also serves as the largest shareholder of the telecom company.

In a departure from the norm, the NPS issued a press release stating, "The competition does not conform to basic principles," making those seeking re-election, such as then-KT CEO Ku Hyeon-mo and his close associate and head of KT Group's transformation division Yun Kyoung-lim, facing consecutive defeats.

Major shareholders, including the NPS, established a task force for new governance, and underwent a major reorganization, with the new director candidate recommendation committee selecting the final CEO candidate pool through an external selection process.

After approximately nine months of grappling with a management vacuum, KT welcomed Kim Young-shub, a former LG Uplus executive, as its new president.

Posco's CEO Recommendation Committee held its third meeting Friday, sending letters to shareholders, including the NPS, seeking recommendations for the impending chairman. Additionally, the committee said that anyone interested can submit their applications through any of 10 specified headhunting agencies.

BY KIM SU-MIN, SEO JI-EUN [seo.jieun1@joongang.co.kr]

Lim Young-woong wins favorite artist of year in inaugural Bugs Favorite poll

Trot singer Lim Young-woong won first place in the 2023 Favorite Artist category in a fan vote on the K-pop fan platform Favorite. [NHN BUGS]

Trot singer

Lim Young-woong

,

Jimin

of

BTS

and virtual boy band

Plave

have become the first winners of K-pop fan voting service Bugs Favorite's polls for favorite artist of the year, best challenger of the year and rising star of the year, respectively.

Bugs Favorite is a service created by the music streaming platform Bugs in collaboration with the JoongAng Ilbo, an affiliate of the Korea JoongAng Daily.

The service revealed the results of its first batch of polls on Friday, which took place from Nov. 30 to Wednesday. The winners will be featured on a massive digital signage at Parnas Media Tower in Gangnam District, southern Seoul and Lim Young-woong will also get a full-page ad in the JoongAng Ilbo newspaper.

Fan votes accounted for 80 percent of the final score.

The remaining 20 percent is determined by the percent of each contestant's music streams during that period that were played through the Bugs music service.

That number is divided by five and added to the final score.

Lim Young-woong won the 2023 Favorite Artist category with a final score of 45.2 percent. He received 1,068,073 votes plus 3.8 percent from streaming.

He will be featured on the signage from Saturday to Jan. 19 and have his full-page run on Wednesday's edition of the JoongAng Ilbo.

BTS's Jimin secured second place with 842,117 votes and 0.2 percent in streaming, getting a final score of 32.9 percent. BTS's

Jungkook

took third place with 3.9 percent.

Virtual boy band Plave won first place in the 2023 Rising Star category in a fan vote on the K-pop fan platform Favorite. [NHN BUGS]

In the 2023 Rising Star category, virtual boy band Plave took the top spot. Plave achieved the feat with 117,549 votes and 5.6 percent in streaming as the first virtual boy band to rank No. 1 on the Favorite service. The tribute video celebrating Plave's top position will be played at the Coex Media Tower in Gangnam District, southern Seoul, from Saturday to Jan. 19.

Second place in the category went to

Riize

, who received the final score of 17.3 percent, with 9,404 votes and 13.3 percent in streaming.

ZeroBaseOne

secured third place with 14.6 percent as the final score, with 34,119 votes.

BTS's Jimin won the Best Challenger of the Year category in a fan vote on the K-pop fan platform Favorite. [NHN BUGS]

BTS's Jimin won the Best Challenger of the Year category thanks to his "Ppoppippo" challenge video. He won a total of 136,647 votes and one percent in streaming, earning a final score of 59.8 percent.

Jimin's tribute video will be seen from Saturday to Jan. 19 on a different facade of the Coex Media Tower, facing Daechi-dong.

Jungkook's "Smoke Challenge" came in second with 35,738 votes and 16.3 percent in streaming, getting in a final score of 31.7 percent.

Twice

's

Jihyo

ranked third with her "Fast Forward" challenge, garnering a final score of 1.9 percent.

To find out more about Lim Young-woong, Plave and Jimin, visit Celeb Confirmed!

BY LEE CHAE-MIN [lee.chaemin1@joongang.co.kr]

Admiral Yi film 'Noryang' featuring Kim Yun-seok explores hero's struggle

Actor Kim Yun-seok as Admiral Yi Sun-sin in ″Noryang,″ the latest installment in director Kim Han-min's trilogy about the legendary military strategist [LOTTE ENTERTAINMENT]

Admiral Yi Sun-sin holds a special place in Koreans’ hearts, as he was a fierce military strategist who defended the country from Japanese invasion during the Joseon Dynasty (1392-1910).

Countless fictional accounts of Yi’s battles have been produced over the years, but “Noryang,” the latest installment in director Kim Han-min’s trilogy about the admiral, which opened on Dec. 20, is very special, according to actor

Kim Yun-seok

, who plays Yi in the film.

“'Noryang’ is the film that finishes the trilogy and depicts the death of Yi, something we all know happened but dreaded bringing to the screen,” Kim said during an interview with reporters at a cafe in Jung District, central Seoul, on the film's opening day. “We filmed ‘Noryang’ nearly three years ago, and I can’t believe that it is actually opening for audiences in theaters now.”

In the previous films of director Kim’s trilogy, Choi Min-sik played Yi in “The Admiral: Roaring Currents” and Park Hae-il took the part in “Hansan: Rising Dragon.” Taking on the role of Yi after performances from Choi and Park, which have been critically and commercially acclaimed, put pressure on Kim, but he says it was something he welcomed.

Actor Kim Yun-seok [LOTTE ENTERTAINMENT]

“I can’t say that I didn’t feel pressured, but what I felt more was a kind of camaraderie with Choi and Park,” Kim said. “Almost like the expression ‘misery loves company.’ I didn’t think about outperforming those two great actors, but bringing something new to the table in depicting Yi.”

Kim was persuaded to play Yi in “Noryang” by director Kim Han-min, who brought the script to the actor and explained every little detail to him.

“Director Kim and I held a briefing session before filming began, and he laid out every scene and decision he had made in constructing the story,” the actor said. “The director had an explanation for each characterization and scene that went into all three of the films in the trilogy. And you could say that there is no one out there who knows as much as he does about Admiral Yi. The level of preparation and dedication moved me and made me want to work with him on this project.”

It is no secret and certainly no spoiler that Admiral Yi dies at the end of the Battle of Noryang. Playing Yi in that critical scene was an honor and a challenge for Kim, according to the actor.

Main poster for ″Noryang″ [LOTTE ENTERTAINMENT]

“I had previously played a historically important scene in ‘1987: When the Day Comes,’ and playing out Yi’s death was kind of like that,” Kim said. “I thought honestly about what the admiral would have felt and thought in that moment, and the conclusion I reached was that he must have withheld a lot of his emotions so that he wouldn’t become a hindrance during the ongoing battle.”

Channeling Yi while filming “Noryang” made Kim understand a lot about the admiral and also sympathize with the personal struggles of the historical figure.

“The time between the Battle of Myeongnyang, which is depicted in ‘The Admiral: Roaring Currents’ and the Battle of Noryang, is when Yi was most conflicted and lonely,” Kim said. “His mother had passed around the time of the Battle of Myeongnyang, and by the Battle of Noryang he also lost many of his most trusted generals. He also had to recover from being tortured between those two battles and was suffering physically. It was a miracle that he persevered through such challenges.”

Filming “Noryang” came with physical difficulties for Kim as well, with the actor suffering from fatigue to the point of getting nosebleeds on set due to the weight of the armor he had to wear.

“The armor was nearly 20 kilograms [44 pounds], and to make the armor fit well they have to fasten the fabric tightly underneath, so I nearly passed out from that at one point,” Kim said. “Once, I went to the emergency room for poor blood circulation.”

But all of that was worth it, according to Kim, who says the experience of watching the final cut of “Noryang” with audience members at a pre-screening testified to the strength of films and theaters.

“It was exhilarating to be at a screening with viewers and see people enjoy the film,” Kim said. “I don't think people will let a good film go unwatched — if a work is good enough, people will go see it. The fact that '12.12: The Day’ is doing so well in theaters these days is proof of that. I hope that ‘Noryang’ will continue this good streak for domestic films in theaters and that audiences will resonate with the story of Admiral Yi.”

To find out more about Kim Yun-seok, visit Celeb Confirmed!

New skyscraper to replace Seungri's disgraced Burning Sun club

A rendered image of the two triangular high-rise buildings that will be constructed on the former site of now-closed Le Meridien Hotel in Gangnam District, southern Seoul [SEOUL METROPOLITAN GOVERNMENT]

A landmark skyscraper will replace the site of the former Burning Sun club, which was owned by BigBang's Seungri, in Gangnam District, southern Seoul.

The Seoul Metropolitan Government on Wednesday approved the land redevelopment necessary for the construction of a 31-story, all-glass exterior skyscraper on the site where the five-star Le Meridien Hotel, within which the club was located, previously stood.

The Burning Sun club has been mired in scandal for the past few years. It closed its doors in February 2019 after it was revealed to be a hotbed of illegal drug use, sex crimes, tax evasion and corruption.

The hotel located above the nightclub went out of business in August 2021 when the pandemic hit the hospitality industry.

The new landmark will be constructed on 120 Bongeunsa-ro in southern Seoul, over 133,165 square meters (1.4 million square feet) of land.

The rendered image shows the structure of lower stories of the new landmark. [SEOUL METROPOLITAN GOVERNMENT]

It will feature offices, hospitality and residential spaces and commercial facilities.

Indoor and outdoor green spaces will be set up, allowing neighbors and public to enjoy the city breeze.

There will be an observatory deck on the top floor with other recreational amenities.

The building will be 1.4 times larger than the nearby Kyobo Tower, which is next to the Sinnonhyeon Station.

Construction will begin around the end of 2024 or during the first half of 2025, according to the city government, and is expected to last around four years.

It will include two sharp, triangular buildings designed by the French architect Dominique Perrault, which represents the mountain range surrounding Seoul.

The government plans to designate the project as special construction to adjust the floor area ratio and building coverage ratio.

Green spaces will decorate new landmark. [SEOUL METROPOLITAN GOVERNMENT]

Meritz Financial Group, Hyundai Engineering & Construction and Mastern Investment Management secured 880 billion won ($679 million) through project financing last month.

The business entities will make 285.8 billion won worth of public contributions by installing public infrastructure or paying land prices in return for the city’s gesture of alleviating construction regulations.

“With the approval of the new urban development plan, Bongeunsa-ro can also become an epicenter of Gangnam’s business functions along with Teheran-ro, the current leading business street in the district,” an official from Seoul city government said.

“The high-rise towers with unique design will revitalize the area. The city hopes Seoul will have a new landmark with innovative construction designed by the globally renowned architect,” the official added.

The city government passed four additional urban redevelopment plans in Songpa District, southern Seoul; Yongsan District, central Seoul; Dongjak District, southern Seoul; and Gwanak District, southern Seoul on the same day.

BY MOON HEE-CHUL, LEE SOO-JUNG [lee.soojung1@joongang.co.kr]

Seoul bomb threat prompts police investigation

Seoul Yeongdeungpo Police Precinct [YONHAP]

The police launched an investigation Friday after a government center in Seoul received a bomb threat.

According to the Seoul Yeongdeungpo Police Precinct, the Seoul Foreign Resident Center on Friday morning received a fax message saying that it will blow up the buildings of the National Police Agency, Prosecutors' Office, National Defense Ministry, National Tax Service and Defense Acquisition Program Administration.

The police notified the government departments so they could prepare for any emergency situation in advance.

The authority is tracking down the sender of the message.

“Though there is only a small likelihood of an actual bombing or explosion, the authority is responding thoroughly just in case,” an official from the police agency said.

BY HAN YOUNG-HYE [lee.soojung1@joongang.co.kr]

Singer Jung Dae-hyun joins former bandmate Moon Jung-up at MA Entertainment

Singer Jung Dae-hyun [MA ENTERTAINMENT]

Jung Dae-hyun, a member of the now-disbanded boy band B.A.P, signed an exclusive contract with MA Entertainment to join his former bandmate Moon Jong-up, MA Entertainment said Friday.

"It's an honor to work alongside Jung, who carried on his career as an all-rounder," MA Entertainment said Friday in a press release.

"We will strongly support Jung to become a better artist as he has enormous potential and passion for music," the agency added.

"I'll do my best to showcase a better side of me after a long hiatus since I completed my mandatory military service," Jung said in the press release. "I'm happy that I can work at the same agency as Moon's, and please look forward to my activities with MA Entertainment."

Moon joined MA Entertainment in May and released his second EP "Some" on Oct. 30 with the agency.

Jung debuted as a member of boy band B.A.P in 2012. The band was known for songs like "Warrior" (2012) and" 1004(Angel)" (2014), but disbanded in 2019. He released his first solo music, "Shadow," in 2017. Jung has also been active as an actor since 2017.

To find out more about Jung Dae-hyun, visit Celeb Confirmed!

BY KIM JI-YE [kim.jiye@joongang.co.kr]

Twice announces four special shows in Japan next year

Twice performs at PayPay Dome in Fukuoka, Japan on Wednesday and Thursday. [JYP ENTERTAINMENT]

Twice

will become the first K-pop girl group to hold solo concerts at Japan's Nissan Stadium in Yokohama, its agency JYP Entertainment said Friday.

The band is set to hold four special shows in Japan next year, which was announced during its concert on Thursday in Fukuoka.

The first two concerts will be held at Yanmar Stadium Nagai in Osaka on July 13 and July 14, followed by concerts on July 27 and July 28 at Nissan Stadium in Yokohama.

The group will be the first K-pop girl group and the second K-pop artist to hold a solo concert at the Nissan Stadium in Yokohama, according to the agency. The first K-pop group was boy band TVXQ.

The group will also drop its 5th Japanese full-length album next year, it said during the same concert.

Twice held two concerts at PayPay Dome in Fukuoka, Japan, on Wednesday and Thursday, which were a part of the group's fifth world tour, "Ready To Be." The concert was also the last performance held this year for the group.

Twice started the Japanese leg of its world tour in May, performing in four cities in Japan — Tokyo, Osaka, Nagoya, and Fukuoka — and garnered a total audience of 370,000, the agency said in a press release.

The group began its fifth world tour, "Ready To Be," in April in Seoul and has since performed in countries including Australia and Japan and cities in North America.

Twice was the first girl group to sell out performances at both SoFi Stadium and MetLife Stadium.

The group will resume its world tour next year, starting in February in Mexico City, followed by São Paulo. It will also hold a solo concert at Allegiant Stadium in Las Vegas on March 16, followed by concerts in Japan in July.

The group will drop its prerelease single "I Got You" on Feb. 2.

Twice debuted in October 2015 under JYP Entertainment. It consists of nine members: Nayeon, Jeongyeon, Jihyo, Momo, Sana, Mina, Dahyun, Chaeyoung and Tzuyu. The group is known for "Cheer Up" (2016), "TT" (2016), "What is Love?" (2018), "Yes or Yes" (2018), and "Feel Special" (2019).

The group's first subunit, MiSaMo, consisting of the three Japanese members — Mina, Sana, and Momo, is scheduled to perform on Japanese broadcasting channel NHK's annual year-end music show "Kohaku Uta Gassen" on New Year's Eve.

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To find out more about Twice, visit Celeb Confirmed!

BY KIM JI-YE [kim.jiye@joongang.co.kr]

Minue to start 2024 with new song, agency

Actor and singer No Min-woo, also known as Minue, his stage name [WARNER MUSIC KOREA]

Singer and actor Minue will start the year with a new song and a new agency, Warner Music Korea.

Minue, whose real name is No Min-woo, will release his new single "Scream" on Thursday, his new music in three years and two months after the release of single "I Don't Want to Live Without You," which was released in November 2020, under his band The Midnight Romance.

Minue debuted as a drummer in the band TraxX under SM Entertainment in 2004. The band was formerly named The Trax but later changed the name to TraxX in 2018.

The new song will solidify Minue's identity as a musician, DJ and producer with a unique vibe that uses all the best of classical harmony and electronic sounds, according to Warner Music Korea.

"We signed an exclusive contract with Minue, and we plan to fully support him in all his activities moving forward," the agency said in a press release on Friday.

Minue began his solo career with the release of his first EP "Story of Wine" in 2009. He made an appearance on MBC's singing competition show "King of Mask Singer" (2015–) with his rendition of BTS's "Fake Love" (2018).

As an actor, Minue made appearances in dramas "Pasta" (2010), "My Girlfriend is a Gumiho" (2010), "Partners for Justice 2" (2019) and movie "The Admiral: Roaring Currents" (2014). He sang a song for the soundtrack of "Partners for Justice 2" (2019).

After being discharged from the military in 2018, he became the lead singer and the leader of the newly formed band The Midnight Romance in 2020.

To find out more about Minue, visit Celeb Confirmed!

BY LEE CHAE-MIN [lee.chaemin1@joongang.co.kr]

EVNNE to drop second EP 'Un: SEEN' in January

Boy band EVNNE [NEWS1]

EVNNE

will return with its second EP "Un: SEEN" on Jan. 22, the boy band's agency Jellyfish Entertainment said Friday.

"Un: SEEN" will be the band's first album in four months since its first EP "Target: Me" was released on Sept. 19.

The second EP will showcase two different concepts: the "seen" and the "unseen," the agency said without giving details.

EVNNE, pronounced "even," debuted on Sept. 19 with its first EP "Target: Me" under Jellyfish Entertainment. The band's name is short for"Evening's Newest Etoiles," meaning that the band will aim to steal people's attention by shining from the highest place in the world, according to the agency.

Teaser poster of EVNNE's upcoming EP ″Un: SEEN″ [JELLYFISH ENTERTAINMENT]

The boy band consists of seven members: Mun Jung-hyun, Park Ji-hoo, Park Han-bin, Yoo Seung-eon, Lee Jeong-hyeon, Ji Yun-seo and Keita. All seven members were contestants on Mnet's boy band audition show "Boys Planet."

The band held fan meet and greets in both Korea and Japan in November.

To find out more about EVNNE, visit Celeb Confirmed!

BY KIM JI-YE [kim.jiye@joongang.co.kr]

Teen Top's Niel to release third solo single 'Parting Emoticon'

Niel of boy band Teen Top [NEW ENTRY]

Niel

of boy band

Teen Top

will release his third solo single "Parting Emotion" on Jan. 11, his agency New Entry said Friday.

"Parting Emotion" comes as the singer's first new solo music in a year and two months since his EP "A to Z" was released in November last year.

"'Parting Emotion' will candidly express the emotions that a man feels after a breakup," New Entry said in a press release. "The song will be a chance for listeners to hear Niel's iconic soft vocals and a matured musical spectrum as a singer."

Niel debuted as a member of Teen Top in July 2010 and has been known as the talented vocalist of the group since day one.

He made a solo debut in 2015 with his first album "oNIELy" and has been pursuing an active solo career since.

Preorders for "Parting Emotion" were set to begin on Friday at 3 p.m.

To find out more about Niel, visit Celeb Confirmed

BY YOON SO-YEON [yoon.soyeon@joongang.co.kr]

Culture Ministry to increase funding for art projects, support more artists next year

Culture Minister Yu In-chon speaks the ministry's key strategies for 2024 on Thursday at the Modu Art Theater in Seodaemun District, western Seoul. [YONHAP]

The Ministry of Culture, Sports and Tourism said Thursday it will move away from one-time, small grants distributed to a wide range of artists toward more targeted and impactful support for large-scale projects over the years.

The shift aims to enhance the capabilities of the art world and bolster the country's cultural presence on the global stage, the ministry said as it announced a set of innovative strategies for the culture-arts sector.

Under the new approach, the average government funding per art project will significantly increase from 30 million won ($23,297) this year to 100 million won by 2027.

The government also plans to increase the percentage of projects receiving funding for multiple years from 15 percent in 2024 to 25 percent in 2027, allowing artists to continue working on their works that require years of effort in a more stable manner.

Support for young artists will also be significantly strengthened.

The government will introduce a "youth culture and arts pass" next year that allows individuals aged 19 to attend performances and exhibitions for free within a maximum limit of 150,000 won per person.

Also included was indirect support, such as providing more free workspaces to those engaged in the fields of literature, visual arts, and performing arts and expanding internship opportunities at national arts organizations by three times or more in 2024.

Culture Ministry selects 13 regions for its pilot 'Korea Culture City' project

Expo Tower in Sokcho, Gangwon, is pictured. [NEWS1]

The Culture Ministry selected 13 cities and counties in Korea for its "Korea Culture City" project, it said Friday.

The project has been drawn up as part of the Yoon Suk Yeol government's initiative to promote "balanced cultural development" in regions outside Seoul.

The selected cities and counties will have a year to organize and run programs for tourists from in and outside the country with its new or existing cultural assets.

After the one-year trial ends, the ministry will formally designate select regions as Korea Culture City in 2025 after an evaluation and offer up to 260 billion won ($201 million) in funding for tourism projects over three years from 2025.

The ministry said the project is expected to bring 20 million people to 20,000 cultural attractions, create 3,000 new jobs and generate a positive economic impact.

The selected 13 regions are: Daegu's Suseong District, Busan's Suyeong District; Sejong; Anseong, Gyeonggi; Sokcho, Gangwon; Suncheon, South Jeolla, Andong, North Gyeongsang; Jeonju, North Jeolla; Jindo County, South Jeolla; Jinju, South Gyeongsang; Chungju, North Chungcheong; Tongyeong, South Gyeongsang and Hongseong, South Chungcheong.

"The most important aspect of culture is being different," Culture Minister Yu In-chon said in a press release on Friday. "The region's unique culture is the source of pride for residents and the force that garners people to the region."

"The Ministry of Culture will not only select cities but also present a new model demonstrating how culture can transform entire cities in collaboration with local governments," Yu added.

BY KIM JI-YE [kim.jiye@joongang.co.kr]

[THINK ENGLISH] BTS 전원 주식 '100억원 클럽' ... 정국, 뷔는 각 160억원

All seven members of boy band BTS are part of the 10 billion won ($7.7 million) shares club as of December, according to Korea CXO Institute's report published Monday. [BIGHIT MUSIK]

지난 12월 18일 발간된 한국CXO연구소 보고서에 따르면 BTS 7명 멤버들 전원이 100억원 이상의 주식 보유자가 됐다. [빅히트 뮤직]         BTS members rank among wealthiest shareholders in entertainment industry BTS 멤버 각각 보유 주식 가치 100억원 넘겨 … 정국, 뷔는 각 160억원

Korea JoongAng Daily 온라인 기사   Wednesday, December 27, 2023

All seven members of boy band BTS are part of the 10 billion won ($7.7 million) shares club, dominating the list of richest stockholders in Korea's entertainment industry.

boy band: 남자아이돌 그룹

share: 주식   stockholder: 주주

BTS 7명 멤버 전부가 100억원 주식 보유자 클럽에 속하며 한국 연예산업에서 가장 부유한 주주 명단을 장식하게 됐다.

Their gain is attributed to the success of multiple artists signed under HYBE's music labels this year, with groups including NewJeans and Seventeen, along with the solo endeavors of BTS members, dominating global music charts.

gain: 이득 attribute: ~의 덕분이라고 보다   music label: 음반회사

이는 뉴진스, 세븐틴 같은 소속 아이돌 그룹과 BTS 멤버들의 솔로 활동으로 하이브가 올해 세계 음악 시장을 지배했기 때문이다.

As of December, a total of 34 people were placed on the list of people in the entertainment business with shares worth over 10 billion won, according to private company researcher Korea CXO Institute’s report on Monday. The estimated value of total shares held by the 34 individuals on the list was 4.67 trillion won.

estimated value: 추정가치

기업분석 전문 한국CXO연구소에 따르면 지난 12월 18일 기준으로 엔터테인먼트 업계에서는 총 34명이 100억원 이상 주식 보유자 명단에 올랐다. 이 34명의 총 주식가치는 4조6700억원이다.

Excluding the BTS members, most of the people on the list were entertainment company producers and executives.

exclude:제외하다 executive: 임원

BTS 멤버를 제외하면 대부분은 연예기획사의 프로듀서와 임원이었다.

Suga, Jimin, V and Jungkook’s shares were estimated at around 16 billion won, while J-Hope, RM and Jin’s shares were valued at around 14.6 billion won, 13.5 billion won and 12.2 billion won, respectively. Each of their personal shares jumped in value over 20 percent compared to February this year, according to the research institute.

respectively: 각각

슈가, 지민, 뷔, 정국의 주식은 각각 약 160억원으로 추정됐다. 제이홉과 RM, 짐의 주식은 각각 약 146억원, 135억원, 122억원으로 추정된다. 이들의 개인 주식 가치는 지난 2월에 비해 20% 이상 높아졌다.

HYBE founder, chairman and producer Bang Si-hyuk topped the list with 3.07 trillion won worth in stocks, or 13,151,394 shares.

founder:창업자

하이브 창업자이자 프로듀서인 방시혁 의장은 하이브의 주식 1315만1394주 보유하고 있으며 주식 가치는 약 3조700억원 이상을 기록하며 1위를 차지했다.

WRITTEN BY KIM JU-YEON AND TRANSLATED BY PARK HYE-MIN [kim.juyeon@joongang.co.kr, park.hyemin@joongang.co.kr]

E-9 visa holders to be able to work at hotels next year

Lee Jung-Sik, employment minister, discusses methods to solve the labor shortage in a meeting with hotel and tourist accommodation businesses on Dec. 21. The Ministry of Justice announced Friday that E-9 visa holders will be able to work at such establishments. [NEWS1]

The Ministry of Justice announced Friday that E-9 visa holders will be able to work at hotels and tourist accommodations next year as Korea aims to address the labor shortage in the hospitality sector.

Hotels, hostels and other accommodation establishments in Seoul, Busan, Gangwon and Jeju will be able to hire E-9 visa holders as housekeepers and kitchen staff.

Cleaning service companies contracted to work for such hotels will also be able to hire E-9 visa holders.

Currently, E-9 visa holders are allowed to work in industries such as manufacturing, construction, agriculture and fishing.

The Justice Ministry didn't specify when E-9 visa holders can start working in the hospitality industry but said it will be within the next year.

After doing a trial run in the four regions, the government will decide whether to institutionalize the change for the entire country.

The E-9 visa eligibility will be expanded to include Tajik nationals in another effort to help solve Korea's labor shortage.

Nationals only from countries on the list of the employment permit system (EPS) can apply for an E-9 visa, including the Philippines, Mongolia and Sri Lanka and 13 others currently.

These countries signed a memorandum of understanding with the Korean government.

The Korean government will sign an MOU with Tajikistan next year and build an EPS center in Tajikistan to begin hosting Tajik nationals on E-9 visas starting in 2025.

BY LEE TAE-HEE [lee.taehee2@joongang.co.kr]

Blackpink members will not sign with YG for solo activities, agency says

Girl group Blackpink [YG ENTERTAINMENT]

All four members of

Blackpink

decided not to sign with YG Entertainment for their solo activities, the agency said Friday.

The four will be working with the label only for their group activities as Blackpink, the agency said in a statement, adding it will fully support each member's solo career.

On Dec. 6, all four members — Jisoo, Jennie, Rosé and Lisa — renewed their contract with the agency for activities as Blackpink.

Jennie was the first to reveal she will not be signing with YG for solo activities, announcing on Sunday she will continue her solo activities under her own label OA, which stands for Odd Atelier.

OA is said to be an entertainment company that Jennie has founded with her mother in November. The other three members have not yet announced their next steps as solo artists.

Blackpink debuted on Aug. 8, 2016, as YG Entertainment's second girl group, after 2NE1. It shot to the top of the charts with its meteoric debut track "Whistle" (2016) and has been sitting on the throne as the queen of K-pop ever since.

To find out more about BLACKPINK, visit Celeb Confirmed!

BY YIM SEUNG-HYE [yim.seunghye@joongang.co.kr]

Funeral procession for late actor Lee Sun-kyun begins

Actor Lee Sun-kyun's funeral altar is set up at the Seoul National University Hospital's funeral home in Jongno District, central Seoul, on Wednesday. [NEWS1]

The funeral procession for the late actor Lee Sun-kyun to Suwon, Gyeonggi, was set to begin around noon on Friday.

The procession to a crematorium was set to be held privately, his agency Hodu&U Entertainment said Thursday.

The actor was found dead on Wednesday inside a car in Seoul after undergoing police investigation on allegations of drug use. He was 48.

His funeral altar was set at the Seoul National University Hospital's funeral home in Jongno District, central Seoul, on the same day.

Lee's fellow actors, celebrities and colleagues attended his funeral to express their condolences to the surviving family and pay tribute to the late actor.

Actor Jo Jung-suk was seen shedding tears, and actor Cho Jin-woong was seen falling weak in grief, according to media reports.

Lee debuted in 2001 through the MBC sitcom "Lovers." His breakthrough came in 2007 with the MBC series "White Tower," followed by MBC's hit rom-com series "Coffee Prince" (2007). Since then, Lee played many lead roles in popular shows such as "Pasta" (2010) and "Golden Time" (2012).

Lee's career was not only limited to television. He starred in films, including "Petty Romance" (2010), "Officer of the Year" (2011), "Helpless" (2012), "All About My Wife" (2012) and "A Hard Day" (2014).

He gained international recognition through director Bong Joon-ho's "Parasite" (2019), which won awards at major film ceremonies, including the 72nd Cannes Film Festival and the Academy Awards.

The actor was embroiled in a drug scandal in October and was summoned three rounds of police questioning. His last questioning was on Christmas Eve and lasted for 19 hours. The actor tested negative for drugs both in a reagent test and a lab test.

If you or someone you know is feeling emotionally distressed or struggling with thoughts of suicide, LifeLine Korea can be contacted at 1588-9191 or the Crisis Counseling Center at 1577-0199. The Seoul Global Center offers English-language counseling, contact 02-2075-4180 (+1) to arrange a session. Other international helplines can be found at www.befrienders.org.

BY KIM JI-YE [kim.jiye@joongang.co.kr]

Older adults collecting used paper earn less than a dollar per hour, Health Ministry says

An old woman tows scraps of paper she picked up in the streets to a scrap shop in Jongno District, central Seoul, to sell them at some 70 won ($0.05) per kilogram on Thursday. [YONHAP]

Around 42,000 adults over age 65 are earning less than a dollar per hour by collecting used paper on the streets, the Health Ministry said Thursday.

"It is estimated that there are approximately 42,000 older adults collecting waste paper nationwide, whose average age is 76 years old," Lee Ki-il, vice health minister, told the press on Thursday.

The report was the first of its kind by the Korean government detailing the state of this older adult population, often seen collecting waste papers on the streets early in the mornings or late evenings.

Korea is one of the world's fastest-growing countries but has a high rate of poverty among older adults.

Koreans over 65 are expected to take up 20 percent of the country's population by 2025. They number around 9.5 million as of this year and account for 18.4 percent of the country's population, according to Statistics Korea data released in September.

On average, in Organisation for Economic Cooperation and Development member countries, 14.1 percent of adults over 65 live in relative income poverty or have an income below half the national median equivalized household disposable income.

The rate in Korea was 37.6 percent in 2021.

The ministry said the 42,000 is an estimate it came up with after speaking with 105 of the country's 4,282 scrap shops.

At least 80 percent of these older adults were estimated to be collecting the waste papers and bringing them to scrap shops for economic reasons, ranging from main incomes to pocket money, the ministry said.

They were collecting scrap papers, including used boxes, for an average of 5.4 hours a day, six days a week, and earning an income of about 159,000 won per month — or 1,226 won ($0.95) hourly, only 12.7 percent of the minimum wage of 9,620 won.

Those surveyed by the ministry said that the biggest challenge about collecting waste papers was the drastic drop in the price of waste papers.

They used to earn 144 won per kilogram (2.2 pounds) of waste papers collected when they sold them to scrap shops in 2017. The prices dropped to 74 won this year, according to the ministry.

The ministry also found that a majority of these older adults collecting waste papers on the streets — 93.2 percent — were relying on government stipends for low-income families.

The government stipend covered up to 49.9 percent of their income and selling scraps of waste papers 16 percent, it said.

The ministry added it will be working with local district offices and scrap shops to find out how many older adults are engaged in this activity and whether they can be persuaded to take on other jobs for older adults.

"Around 30.4 percent of those collecting scrap papers in the streets are aged over 80," Lee said. "We want to offer jobs to them that may not be as rigorous."

Of those surveyed, as many as 7,000 voiced interest in continuing to collect waste papers.

"We will start to get in touch with them and offer them positions that would guarantee them an income of at least 380,000 won per month," Lee said, adding that these salaries should fall under the cap required by law for the recipients of low-income subsidy to continue receiving the subsidy while working.

BY ESTHER CHUNG [chung.juhee@joongang.co.kr]

Korea to welcome 'digital nomads' with new visa starting Jan. 1

A shared office space for digital nomads in Busan [SONG BONG-GEUN]

Foreigners will be able to work remotely in Korea for up to two years with the new workcation visa that will be created next year, also being able to bring their families along.

The Ministry of Justice announced Friday that the government will start issuing the workcation visa starting Jan. 1.

The workcation visa, also known as the digital nomad visa, will allow foreigners to work remotely in Korea for a company abroad for one year. Visa holders can extend their stay for another year, staying in Korea for up to two years.

Applicants must be 18 or older and have worked in their current field for at least a year.

The visa requires applicants to have an annual income double the amount of Korea's gross national income (GNI) per capita for the previous year.

Korea's GNI per capita was 42.48 million won ($33,000) as of 2022, requiring those applying for the visa to have an annual income of 84.96 million won.

Foreigners currently in Korea with a short-term tourist visa such as the B-1, B-2 and C-3 can transition into the workcation visa if they meet all the requirements.

Visa holders will also be able to bring their spouse or children with the visa.

Those who wish to obtain the visa can apply via Korean embassies in their respective country.

The workcation visa doesn't allow holders to apply for a job within Korea. Foreigners will need other working visas to do so.

"We hope the workcation visa will allow high-earning foreigners to stay in Korea's various regions and vitalize the local economy," the Justice Ministry said in a statement. "We hope the visa will be an opportunity for us to showcase our country and our culture."

BY LEE TAE-HEE [lee.taehee2@joongang.co.kr]

Celltrion completes merger with Celltrion Healthcare

Celltrion founder and chairman Seo Jung-jin [CELLTRION]

Celltrion has finally merged with Celltrion Healthcare, three years after its original plan was announced. Celltrion announced that its board had approved the merger on Thursday.

Each share of Celltrion Healthcare will be swapped for 0.4492620 shares of Celltrion, which will be the surviving entity. The new shares will be issued on Jan. 12.

Celltrion is a biosimilar firm and is currently Korea's 11th largest company by market capitalization. Celltrion Healthcare handles its overseas distribution.

The new entity is, in turn, slated to merge with Celltrion Pharm, currently Celltrion's domestic distributor, next year. Celltrion Holdings will be the largest shareholder of the resulting entity with a 21.5 percent share.

Celltrion founder and chairman Seo Jung-jin holds a 98.1 percent stake in Celltrion Holdings.

“Celltrion was able to secure massive funds through the merger and will invest them in our new future growth engines like biosimilars, new drug development and mergers and acquisitions,” Celltrion said in a statement.

Celltrion, aims to log 12 trillion won ($9 billion) in annual revenue by 2030. Celltrion currently has six biosimilar products, and aims to increase that number to 22 by 2030.

BY SARAH CHEA [chea.sarah@joongang.co.kr]

Lotte revolutionizes customer experience with new growth engines

A bird’s-eye view of the Busan CFC equipped with the Ocado Smart Platform [LOTTE CORPORATION]

Lotte plans to invest 37 trillion won ($28.6 billion) over the next five years in developing new growth themes such as health and wellness, mobility, sustainability, and new life platforms.

Lotte Healthcare and Lotte Biologics are driving new businesses in accordance to their visions. Lotte Healthcare made a significant contribution to the digital health care market by launching its customized health management platform Cazzle on Sept. 18. Lotte Healthcare aims to attract 1 million Cazzle subscribers by the end of next year and turn it into the nation’s daily health care platform.

Lotte is accelerating technological advancements in the mobility sector to pioneer new markets. On Oct. 12, Lotte Data Communication launched autonomous driving services in Hongseong, South Chungcheong. The company’s autonomous shuttle operates at Level 4 autonomy, meaning it can drive safely without a driver by utilizing various sensors and artificial vision systems.

Lotte Shopping held a groundbreaking ceremony at its customer fulfillment center (CFC) in Busan on Dec. 5. The CFC incorporates the Ocado Smart Platform (OSP) from the global retail tech company, Ocado. By utilizing the system’s data and artificial intelligence, the entire process from demand forecasting, inventory management, product picking, packing and dispatch will be automated, enhancing the efficiency of product management and delivery.

Lotte GRS actively seeks to resolve labor shortages and promote digital transformation in the food service industry through food tech. Starting from January next year at Guro Digital Complex Station, Lotteria branches will begin to be equipped with the kitchen robot Alpha Grill. Lotteria’s current manual process to cook burger patties consists of seven stages. The implementation of Alpha Grill will allow the workers to skip six steps in the process and will also assist in supplying burger patties. With the introduction of Alpha Grill, the monthly working hours of a single worker are estimated to be reduced by roughly five hours.

LOTTE R&D Center is at the forefront of the environmental protection movement to find value in new materials derived from food by-products generated during product manufacturing. The institute conducts research to validate and commercialize these by-products. It aims to explore various possibilities for the utilization of food by-products and plans to continue research for the development of future foods.

BY JEONG SEONWU [jeong.seonwu@joongang.co.kr]

Hyundai Steel aims for quality consumer communication

The “Green World with Iron” campaign, with a collaborative video featuring the renowned junk art artist Kim Hoo-cheol, aims to inform the public about the cyclical nature and value of iron, and raise social awareness about resource circulation. [HYUNDAI STEEL]

Looking to break free from its conventionally rough, unapproachable image, Hyundai Steel is adding a soft touch to the way it fosters communication with consumers, through friendly social media marketing.

In a first for a steel company, the company has come out with its mobile newsletter “Soeburi Talk” to proactively communicate with consumers.

In addition, the company's Instagram and YouTube feature the Steel Vibe playlist, brand and employees' stories, information on recruitment, and posts on culture and art.

The Steel Vibe playlist has energetic, motivational songs for concentrating on work. They were created by combining upbeat pop songs with a background music that reflects the steel manufacturing process.

The songs in the video, which were directly curated by the employees of Hyundai Steel, received praise for their excellent selection.

In the “Chul(Iron) Mung” video series, the company introduces its steel production process in an approachable manner. In December, the sixth video, with a Christmas theme, was uploaded to introduce the electric furnace steelmaking process.

The plan received positive feedback from subscribers for easily explaining the production process of iron, easily-understood information on which is difficult for find. The videos were praised for their background music and the lively movements of the cute characters.

Hyundai Steel is actively promoting the eco-friendliness of its iron through social media. On Nov. 3, Hyundai Steel took the first step in the “Green World with Iron” campaign, coming out with a collaborative video featuring the renowned junk art artist, Kim Hoo-cheol.

The campaign aims to inform the public about the cyclical nature and value of iron, and raise social awareness about resource circulation. The campaign, symbolized by the dual meanings of “green,” representing the vision of environmentally friendly steel, and “drawing tomorrow,” reflects Hyundai Steel's new initiative.

Hyundai Steel plans to continue engaging the public through social media promotion activities, using innovative plans and diverse programs as content. Their goal is to maintain an approachable presence on social networks, fostering consumer engagement and awareness.

BY KIM SU-HYEON [kim.suhyeon4@joongang.co.kr]

Korea Post continues legacy as nation’s parcel service

Korea Post employees smile in front of their delivery vehicles. [KOREA POST]

Korea Post, with its highest next-day delivery rate and retrieval rate, secured its top spot in the parcel service sector for 17 consecutive years. It was also given a grade A according to the Ministry of Land, Infrastructure, and Transport’s parcel service rating for eight consecutive years.

Recently, Korea Post separated its postal complaint hotline from the main post office call center to improve its customer convenience. Currently, 230 specialized customer service employees handle an average 29,000 calls daily. Employees are provided with customer service training to further enhance employee courtesy.

The parcel service has also been actively leveraging digital forces to increase service efficiency. To reduce waiting time at the post office, customers can use digital registration services beforehand. It also converted handwritten waybills into computerized waybills to prevent any leaking of customer information. Real-time transportation updates are provided via the push message service, and the smartphone app allows convenient ways to change or update delivery locations.

Korea Post takes public interest into consideration through its operations by utilizing postal services to collect unused medicines, contributing to a heightened environmental awareness. During the Covid-19 pandemic, it organized six special shopping festas to boost the sales of agricultural and fishery products, connecting producers who were having difficulties securing sales with customers.

Looking forward, the postal parcel service will continue to provide speedy parcel services to the public not only in urban areas but also in mountainous and remote regions through the nationwide network of over 3,400 post offices.

With its accumulated expertise, the service aims to continue to lead in providing quality service and meeting the demands of customers while fulfilling the government agency's obligation to provide excellent services to the residents.

BY KIM SU-HYEON [kim.suhyeon4@joongang.co.kr]

Hyundai Motor's Grandeur becomes top-selling hybrid car of year

Hyundai Motor’s fully revamped Grandeur sedan [HYUNDAI MOTOR]

Hyundai Motor's Grandeur sedan maintained the top spot in the Korean hybrid car market throughout most of 2023, Korea Automobile Manufacturers Association data showed.

Grandeur's hybrid variant sold 57,107 units from January to November, representing 198.8 percent sales growth from the same period in 2022, the data showed Friday.

Sales of the variant accounted for 54.6 percent of the total 104,652 Grandeur units sold during the period, marking the first time it accounted for over half of Grandeur sales.

When combining its hybrid and gasoline variant sales, the Grandeur is poised to become the top-selling car model in Korea for 2023.

Kia's SUV Sorento came in second, with its hybrid variant selling 51,818 units during the period, followed by Kia's Sportage and K8 hybrid models selling 29,330 and 24,240 units, respectively. Hyundai's Tucson hybrid variant came in fifth, selling 17,256 units.

The total number of hybrid vehicles sold in Korea during the first eleven months of the year amounted to 335,211 units, according to the association.

"Hybrid car production in Korea is expected to increase next year thanks to the growing performance of hybrid model sales in the country," an industry watcher said.

BY SEO JI-EUN, YONHAP [seo.jieun1@joongang.co.kr]

Korea’s customer satisfaction drops slightly in 2023

The National Customer Satisfaction Index (NCSI) is an indicator that quantifies and displays the level of satisfaction of customers who have had direct experience using certain products and services sold on the market, based on American Customer Satisfaction Index (ACSI) model.

This year, the Korea Productivity Center conducted an NCSI survey targeting 84,992 consumers of 334 companies, including universities, across 82 industries.

Considering that the NCSI shows a strong positive correlation with the stock price index and unemployment rate, the NCSI is a vital indicator for many parties in the market in gauging their economic performance and future.

The 2023 survey shows a decrease in the NCSI to 78.2 points from 78.4 points in 2022. With the exception of the period around the 2008 financial crisis, the index had been steadily increasing since 2010 until last year. Despite companies’ active customer-centered management, challenging economic conditions at home and abroad, with unprecedented high inflation and high interest rates, led customers to seek rational consumption methods.

According to the 2023 NCSI survey, Yonsei Severance Hospital received the highest rating, with 85 points. The top nine companies overall, with customer satisfaction scores of 82 or above, included six hospitals including Yonsei, Daegu Metropolitan Transit Corporation, Lotte Duty Free, and Samsung C&T. Particularly noteworthy is that six of the 13 hospitals surveyed are included in the top nine, providing an indication of the excellence of hospital services in Korea.

By industry, out of the 75 industries that can be compared to the previous year, only 11 industries showed an increase in customer satisfaction, a substantial decrease from the 35 industries that improved in the previous year.

Moreover, there were 13 industries where the top-ranked company changed, and 17 industries where multiple companies tied for the top position, showing the competitive landscape in capturing customers’ attention. While efforts by leading companies are contributing to the overall improvement in customer satisfaction, potentially at the national level, the efforts of lower-ranked companies seem insufficient, leading to a widening gap with the top-ranked companies.

The education services sector, which recorded the highest improvement rate this year, saw significant increases in scores and student satisfaction for national and private universities and vocational colleges compared to the previous year. Concerns are rising about a potential shortage of future students, particularly in regional and vocational colleges, as the number of third-year high school students nationwide sharply declined to 300,000 this year.

On the other hand, the sector that showed the largest decline in 2023 was the accommodation and restaurant industry, recording a 1.6 point, or 2 percent, index decrease. Customer satisfaction in the hotel industry remained stagnant compared to the previous year. This is attributed to the expansion of contactless services such as mobile check-in and check-out and ordering room service through apps, resulting in customers not receiving the same high level of personalized service they would have expected from five star hotels before the pre-Covid-19 era.

The bakery industry saw increased demand for alternative and convenient foods due to Covid-19. However, with recent economic downturns and rising prices, coupled with a growing perception of high prices for domestic bakery products, customers are increasingly feeling the burden when paying for bakery items, leading to the industry’s fall in the 2023 index.

In 2023, the NCSI surpassed the ACSI’s 75.1 points by 3.1 points. In addition, across various industries where the NCSI and ACSI can be compared, NCSI consistently shows higher scores than ACSI.

By industry, in sectors like gas stations, high-speed internet, IPTV and hospitals, NCSI was 9 to 12 points higher than ACSI, indicating the trend in which NCSI consistently beats ACSI in telecommunication and health care services. On the other hand, among comparable sectors such as beverages, beer, restaurants and electric cars, NCSI underperformed compared to ACSI by 3 to 6 points.

Another point worth noting is the decrease in the NCSI and increase in the ACSI in the home appliances and automotive industries. This shift is attributed to significant growth in customer satisfaction, observed not only in companies such as China’s Haier and the United States’ Whirlpool in the home appliance sector but also in companies like Toyota and Honda from Japan in the automotive sector.

When compared with the JCSI, the industry with the largest gap is securities, with the NCSI taking a 7.5-point lead.

BY KIM SU-HYEON [kim.suhyeon4@joongang.co.kr]

Korea to inject more money into markets over Taeyoung E&C's workout application

Finance Minister Choi Sang-mok, center, enters a meeting with financial policymakers in Seoul on Friday. [NEWS1]

The Finance Ministry said Friday it is ready to deploy additional liquidity facilities to address potential financial fallout and economic impact after Taeyoung Engineering & Construction (E&C)'s debt restructuring application Thursday.

The mid-sized builder applied for a debt workout program after suffering from a cash crunch due to project financing (PF) loans amid a property market slump.

"The creditors, centering on the main creditor, the Korea Development Bank, will discuss ways to normalize Taeyoung's management based on its intensive self-rescue efforts. The government and the Bank of Korea will make all-out efforts to minimize its impact on the economy and the financial market," Finance Minister Choi Sang-mok said in a meeting with economic policymakers.

The meeting brought together Bank of Korea Gov. Rhee Chang-yong, Kim Joo-hyun, the chair of the Financial Services Commission, and Lee Bok-hyun, chief of the Financial Supervisory Service.

Currently, the government operates liquidity supply programs of 85 trillion won ($65.96 billion) as a tool to stabilize the financial market, and it "will expand the programs further, if needed, to brace for possible market volatility in a preemptive manner," Choi said.

The government set aside 50 trillion won for liquidity facilities in October last year to calm market jitters over an impending liquidity and credit crunch surrounding the Legoland amusement park, and the amount has since risen to 85 trillion won.

Taeyoung E&C's workout application is feared to have repercussions on Korean construction companies with high exposure to real estate PF loans.

They have been reeling from sluggish apartment sales stemming from high interest rates, combined with soaring prices of construction materials.

Industry watchers voiced concern that nearly 23 trillion won in PF loans could turn sour amid the slumping housing market next year. As of the end of September, the country's total PF loans were estimated at 134.3 trillion won.

Delinquency rates of PF loans have been rising due to the sagging housing market, stoking concerns over the financial soundness of highly exposed borrowers and the stability of the overall financial system.

BY SEO JI-EUN, YONHAP [seo.jieun1@joongang.co.kr]

Consumer prices rise 3.6 percent in 2023

A supermarket in downtown Seoul [YONHAP]

Korea's consumer prices rose 3.6 percent on-year in 2023 as the nation continues to grapple with elevated inflationary pressures in 2023, according to data by Statistics Korea.

This marks a deceleration from the 5.1 percent surge observed in 2022, a year that witnessed the highest inflation since 1998 when consumer prices skyrocketed by 7.5 percent in the aftermath of the Asian financial crisis.

Excluding the 2022 figure, this year's price growth was the steepest since 2011, when consumer inflation spiked by 4 percent.

In December, consumer prices rose 3.2 percent from a year earlier, the fifth consecutive month that the prices have stayed above the 3 percent level, though the growth has slowed down for two months in a row.

The on-year price growth fell below 4 percent in April for the first time in more than a year and had been on a constant decline to fall to a 25-month low of 2.3 percent in July.

But the figure rose to 3.4 percent in August, 3.7 percent in September and 3.8 percent in October before falling to 3.3 percent in November due mainly to high oil costs and rising prices of some farm goods.

The government has said that inflationary pressure is forecast to ease at a slower pace than previously expected though the country is expected to reach its target rate of 2 percent by around the end of 2024.

The Bank of Korea has jacked up its inflation forecast for next year to 2.6 percent from its earlier estimate of 2.4 percent.

BY SEO JI-EUN, YONHAP [seo.jieun1@joongang.co.kr]

Police’s drug use investigation went too far (KOR)

Actor Lee Sun-kyun, best known for his role in the 2019 Oscar-winning Parasite, was found dead. Lee, who had been under investigation for alleged drug use since October, is suspected to have ended his own life. It is shocking and saddening to lose a valuable actor who rose to stardom with acting that won over a global audience and critics. He underwent police grilling on three occasions. He insisted that he did not know what he consumed was a drug. He had been blackmailed by a bar hostess to whom he paid 350 million won ($270,290).

Koreans have somehow ended up becoming easy, passive prey to drugs. Teenagers drank free offers of drinks on the street without knowing that they contained drug elements.

Actor Yoo Ah-in faces a trial for drug use. Teenage drug use is also on the rise. Ads for vaping and marijuana have been found in university districts in Seoul and Gyeonggi. Authorities have stepped up a crackdown on drug use. Since President Yoon Suk Yeol commanded a war on drugs in October last year, the police and the prosecution have joined forces to arrest 12,700 people for suspected drug use as of August, far greater than the 12,387 who were caught last year.

But crackdowns alone cannot contain the spread of drugs. Due to easier access, prices have gone down to reach teens and those in their 20s. A police officer fell from an apartment while trying to crash into a drug party. Koreans are being executed for their use of drugs in China and Vietnam. Drug traders in Thailand and Cambodia are coming to Korea to sell more of their drugs in this country.

Various state offices — the police, prosecution, customs office, coast guard and intelligence agency — have been involved in coping with drug crimes. However, the command is weak due to the conflict between the prosecution and the police over their investigative authority. We may have to seriously consider establishing a separate agency devoted to cracking down on drugs. We need a more systematic and powerful approach backed by budgeting to effectively combat criminal drug networks that breach borders to target the young.

The tragedy of Lee also raises questions about police investigation methods. Allegations were made public for celebrities whose careers could be severely damaged by even a rumor about drug use. Big Bang member G-Dragon, or Kwon Ji-yong, said that he completed the questioning “while laughing” after he was released due to a lack of evidence of using drugs. Lee also tested negative for drug use. Police must reconsider their investigation principle of revealing the allegations of a celebrity purely based on tips from others.

최정상급 배우까지 죽음으로 내 몬 마약파문

연예인 이어 청소년까지 먹잇감 삼는 범죄조직

해외 넘나드는 범행 막으려면 전문 수사청 시급

배우 이선균씨가 어제 서울 종로구 와룡공원 인근에서 숨진채 발견됐다. 마약 투약 혐의로 수사를 받아오던 중 스스로 목숨을 끊은 것으로 추정된다. 아카데미 작품상 등을 받은 영화 ‘기생충’에서 인상적인 연기로 세계에 얼굴을 알린 배우를 마약 때문에 잃었으니 큰 충격이자 손실이다. 이씨는 그동안 세차례 경찰에 소환돼 조사를 받았다. 그는 유흥업소 실장 등에게 속았다며 “마약인 줄 몰랐다”고 말해왔다. 이들에게 협박을 받아 3억5000만원을 뜯겼다는 주장도 했다.

실제로 한국은 영문도 모른채 마약을 복용하고 속아서 중독에 빠질 수 있는 나라가 됐다. 서울 강남 학원가에선 청소년들이 길거리 시음용 음료인 줄 알고 마약을 마시는 일까지 벌어졌다.

배우 유아인씨가 재판에 넘겨지는 등 연예계에 파문이 잇따랐고 청소년 마약사범도 계속 증가 중이다. 서울과 경기 일대 대학가에는 액상 대마 광고물이 뿌려졌다. 곳곳에서 경고음이 울리자 수사당국은 강력한 대처에 나섰다. 지난해 경찰의 날(10월 21일)에 윤석열 대통령이 마약과의 전쟁을 주문한 이후 대대적 검경 합동수사를 벌여 올 8월까지 1만2700명의 마약사범을 검거했다. 작년 전체실적(1만2387명)을 넘어선 규모다.

하지만 현재와 같은 단속체제로는 마약확산을 막기엔 역부족이란 지적이 나온다. 국내 마약공급이 늘면서 가격이 내려가고, 특히 10~20대 사범이 급증하는 상황이다. 곳곳에서 마약파티가 벌어져 여기에 참석한 경찰관이 아파트에서 추락사하는 사고까지 발생했다. 한국 마약사범이 늘면서 중국이나 베트남에서 한국인이 사형을 당하는 일도 잇따른다. 태국·캄보디아 등 해외 마약 밀매조직들은 한국을 활동무대로 삼고 있어 국제공조가 시급하다.

경찰·검찰·관세청·해양경찰청·국가정보원 등이 마약범죄 차단을 위해 활동해왔으나 검·경이 마약수사권을 놓고 신경전을 벌이는 등 한계가 드러났다. 마약수사를 전담하는 마약수사청 설립을 심도있게 검토해야 한다. 국경을 넘나들며 청소년까지 무차별로 표적삼아 한 인생을 파멸로 몰아넣는 마약 밀매조직에 맞서려면 보다 체계적이고 강력한 대응과 예산투입이 절실하다.

이선균씨의 비극을 계기로 경찰의 수사방식도 돌아볼 필요가 있다. 마약 관련 의혹 제기만으로도 이미지에 치명상을 입는 연예인들이 사실확인도 제대로 되지 않은 상황에서 혐의가 공개됐다. 최근 경찰이 소환했으나 혐의가 없어 불송치로 결론 난 가수 권지용씨(지드래곤)는 조사를 받고 나오면서 “웃다가 끝났다”고 말했을 정도다. 이씨의 경우도 체내에서 마약성분이 검출되지 않았다. 명확한 증거도 없이 제보에만 의존해 유명인의 혐의를 공표하는 게 적절했는지 수사원칙을 재점검해봐야 한다.

Shame on the endless family feud (KOR)

PARK SU-RYEON

The author is head of the IT industry news department at the JoongAng Ilbo.

The business community has been in an uproar due to family disputes and conflicts. Siblings and couples sue one another over management rights and wealth inherited over two or three generations.

This is not the first time. Only a handful of major conglomerates did not go through the “brotherly conflicts” in the succession process after the founder. Whenever the management is passed from the founder to the next generation, the discord repeats, and they engage in a fierce media war.

Lately, a dramatic element has been added to their scandals. Private equity funds are involved in sibling disputes and brother-sister disputes are increasing. A divorce lawsuit also involves stocks valued at trillions of won.

Either way, it is a battle that ordinary people cannot imagine or sympathize with. Nevertheless, the public’s interest is great because the future of large corporations, which contribute to employment and GDP, is at stake. In particular, if the family members of a listed company compete for stakes, the stock price fluctuates regardless of the actual value of the company. Individual shareholders suffer as a result. Nevertheless, the public is not surprised, as similar discords have repeated for generations in many large corporations.

Unlike Koreans who have grown insensitive to the disputes, these wars seem strange and exotic to the eyes of non-Koreans. The New York Times on Dec. 18 reported on the LG Group family dispute. The inheritance battle of the fourth largest company in Korea with an asset of 170 trillion won ($131.8 billion) was broadcast around the world.

The episode of the controversial conversation between current Chairman Koo Kwang-mo and the spouse and two daughters of the late former chairman Koo Bon-moo was described as a scene from a novel or a movie. Many readers had a bitter laugh when reading the cold views of the global investors cited in the article and the follow-up article, titled “Chaebol Families Dominate South Korea’s Economy.”

Major Korean companies operating around the world are global companies. As the world has changed, many point out that the heads should not be used as a background for the president’s visit to a traditional market and instead focus on competing with their global rivals. People hope for sustainable growth of the Korean economy rather than the success of the administration.

However, some companies haven’t gotten out of the management rights succession and inheritance disputes. While the dirty gossip is spreading, the pioneering spirits of the founders and the legacy of the predecessors are long lost. As long as their family scandals repeat themselves, their demand to lower one of the world’s highest inheritance tax rates — up to 60 percent of the inherited assets when the premium for the biggest shareholder is applied — will remain up in the air. Ordinary people’s prediction that they will repeat the same thing over and over is reasonable enough. Am I wrong?

한국 대기업들의 패밀리 스캔들

박수련 산업부장

요즘 재계는 가족간 송사와 갈등으로 시끄럽다. 2대 혹은 3대에 걸쳐 물려 받은 경영권 및 재산을 놓고 형제ㆍ남매가, 혹은 부부가 법정 안팎에서 다툰다.

처음 있는 일은 아니다. 주요 대기업집단 중 창업주 이후 대물림 과정에서 ‘형제의 난’을 겪지 않은 곳은 손에 꼽을 정도다. 창업주 다음 세대로 넘어갈 때마다 갈등은 반복됐고, 여론전도 치열했다. 최근들어 이들의 스캔들엔 극적인 요소가 추가됐다. 형제간 다툼에 사모펀드(PEF)가 끼어들고, 남매간 다툼도 늘고 있으며, 평가액 조(兆) 단위의 주식이 재산분할 대상이냐를 두고 겨루는 이혼소송도 등장했다.

어느 쪽이든 보통사람들은 상상도, 공감도 잘 안 되는 다툼이다. 그럼에도 고용이나 GDP(국내총생산)에 기여도가 큰 대기업의 미래가 달린 일이라, 대중의 관심은 크다. 특히, 상장사 총수 일가가 지분확보 경쟁이라도 벌이면 회사의 실제 가치와 무관하게 주가는 널뛰고, 개미 주주들은 피해를 본다. 그럼에도 여러 대기업에서 여러 대에 걸쳐 이런 갈등이 되풀이되니, 여론은 ‘이번에도 그러려니’ 한다.

이렇게 무뎌진 국내와 달리, 한국 밖에서는 이들의 전쟁을 신기하고 이국적으로 보는 듯하다. 그들 눈엔 '해외토픽감'이다. 지난 18일 미국 뉴욕타임스에 소개된, LG그룹 총수일가의 소송이 그렇다. 자산 170조원의, 재계 4위 대기업에서 벌어진 상속재산 다툼의 내막이 전세계에 중계됐다. 총수인 구광모 회장과 고(故) 구본무 선대 회장의 배우자 및 두딸이 주고받은 논란의 대화까지 포함된 에피소드는 마치 소설이나 영화의 한 장면처럼 묘사됐다. 기사에 인용된 글로벌 투자자들의 싸늘한 평가와, ‘한국경제를 지배하는 재벌에 대해 알아야 할 것’이라는 이 매체의 부속기사를 보며 쓴웃음을 지은 사람이 어디 한둘이었을까.

세계를 무대로 뛰는 한국 대기업들은 이미 글로벌 기업이다. 치열한 경쟁에 대비해야 할 총수들을 대통령이 ‘떡볶이 병풍’으로 세워선 안 된다는 지적이 나올 만큼 세상은 달라졌다. 정권의 성공보다 우리경제의 지속성장을 더 바라기 때문이다. 그런데 일부 대기업들은 여전히 경영권 승계와 상속 갈등에서 헤어나오지 못했다. 막장극에 가까운 가십이 퍼지는 사이 창업주의 도전정신이나 선대회장의 유지는 국민기억에서 사라진지 오래다. 그들만의 패밀리 스캔들이 반복되는 한, 세계 최고수준의 상속세율(최대주주 할증 적용시, 상속 재산의 60%)을 낮추자는 재계의 주장은 허공에 맴돌 것이다. ‘계속 이럴 텐데’라는 보통 사람들의 예단은 충분히 합리적이다.

Here's a sneak peek at 2024 Michelin Guide restaurants in Korea

The 2024 Michelin Guide is slated to unveil its select list of restaurants in Seoul and Busan on Feb. 22. [MICHELIN GUIDE]

The 2024 Michelin Guide announced Thursday that it will unveil its select list of restaurants in Seoul and Busan on Feb. 22.

The renowned restaurant guide will also hold a ceremony and gala dinner at Signiel Busan the same day under the theme of "Luminous Culinary Waves" and hand out accolades including the Michelin Mentor Chef Award, the Michelin Sommelier Award and the Michelin Service Award.

The upcoming list will be the first by Michelin Guide to include restaurants in Busan, the second-largest city in Korea some 320 kilometers (200 miles) south of Seoul, as announced earlier this year.

The list will put restaurants into categories including Michelin Star Restaurant for restaurants offering exceptional dishes at a global level, Bib Gourmand for budget restaurants and Michelin Green Star for restaurants practicing sustainable operations.

Ahead of the big reveal, the Michelin Guide has been announcing a few restaurants each month that are slated to be on the new list. Here are the eateries that have been teased so far by the 2024 Michelin Guide. Make sure to check them out before lines become long - or longer!

$    Horapa

in Jongno District, central Seoul, is a Thai restaurant that opened in March this year. While affordable, the restaurant offers richly flavored dishes delicately crafted with authentic Thai notes in a modern space. It also has an eclectic liquor selection, including wine, gin and tonic and Mekhong, which is Thai rum. Prices range from 6,900 won ($5) to 27,900 won.

An-Am

in Jongno District is a pork

gukbap

, or soup and rice, eatery that opened in August 2021. It has put a modern spin on the gukbap with a drizzle of green pepper and kale oil and fresh cilantro to taste. Prices range from 11,000 won to 20,000 won.

Pork bone soup at An-Am in Jongno District, central Seoul [SCREEN CAPTURE]

Kyewol Gomtang

in Seongdong District, eastern Seoul, is a

gomtang

, or a beef bone soup, eatery that opened in 2021. Here, however, the signature menu is a chicken-based soup served with warm white rice and tender chicken breast. Prices range from 8,000 won to 18,000 won.

Sarukame

in Mapo District, western Seoul, is a trendy Japanese ramen joint. It originally opened in 2017 and re-opened in August 2021 with a new Japanese chef Hiroto Honma, who continues the venue's operation today. Prices range from 9,000 won to 13,800 won.

Damtaek

in Mapo District is a hole-in-the-wall ramen shop, specializing in variations of shio ramen. It opened in 2018. Prices range from 9,000 won to 11,000 won.

Dish at Thai restaurant Horapa in Jongno District, central Seoul [SCREEN CAPTURE]

$$   China Bokchun Salon

in Mapo District is a Chinese restaurant that opened in September 2022. It offers gourmet Chinese cuisine in a private setting. Signature dishes include

yangjangpi

, or stir-fried starch sheets and vegetables, and Szechuan spicy eggplant cooked in the traditional Chongqing style. Prices range from 20,000 won to 125,000 won.

Elpic

in Gangnam District, southern Seoul, is a grill house that re-opened in March 2022 after operating in Jeju Island. Its signature aged beef cuts are cooked over charcoal. Its small plates that incorporate seafood from Jeju Island are also worth trying. Prices range from 10,000 won to 280,000 won. It also offers monthly full-course meals with prices that are subject to change.

Essense

in Seocho District, southern Seoul, is a classic French bistro that opened in April 2022. It strives to offer unpretentious French dishes in a warm yet elegant space. Only offering à la carte dishes, portions are small but each dish is thoughtfully crafted and boasts bold flavors. Prices range from 25,000 won to 45,000 won.

Vinho

in Gangnam District is an Asian contemporary restaurant-slash-bar that opened in May 2022. In an open space with a modern design, it offers seasonal dishes and wine pairings. À la carte dishes range from 7,000 won to 45,000 won and dinner courses begin at 160,000 won.

Dish at French bistro Essense in Seocho District, southern Seoul [SCREEN CAPTURE]

$$$    L'onignon

in Gangnam District is a French pescatarian restaurant that cooks with only vegetables, fish, eggs and dairy products. It opened in June 2022. Lunch and dinners this season start at 78,000 won.

A L'aise

in Yongsan District, central Seoul, is a French restaurant that cooks with seasonal Korean ingredients. It opened in August 2021. With excellent service, a private yet cozy atmosphere and well-balanced meals, it is recommended for those who want to dip their toes into the world of fine dining. Lunch begins at 70,000 won and dinner at 130,000 won.

Hakusi

in Yongsan District is a contemporary Japanese omakase that opened in 2018. It boasts a detailed presentation, great service and tastes comprised of seasonal ingredients. It only offers dinners, and prices start at 230,000 won.

Level:0

in Yongsan District is an avant-garde fine dining restaurant that opened in April 2022. Striving to provide a "gastronomic experience," customers enjoy a course meal with creative and whimsical dishes as they move around aesthetic spaces inside the restaurant. It only offers dinners, and prices start at 250,000 won.

Mater

in Gangnam District is contemporary Scandinavian fine dining that combines Korean flavors with Nordic cuisine. It opened in October 2022. Lunch begins at 90,000 won and dinner at 150,000 won.

Ryunique

in Gangnam District offers contemporary fine dining utilizing local ingredients under its slogan "No More, No Less." Having opened in 2018, it strives to offer a culinary experience of eating with one's mouth — as well as ears and eyes, through aesthetic dishes in an intimate atmosphere. Lunch begins at 160,000 won and dinner at 290,000 won.

Oso Ondo

in Gangnam District is a Spanish wine bar that opened in November 2021. It is best known for

pescados

, or seasonal fish grilled over charcoal, and cochinillo on skewers. It only offers dinner, with à la carte offerings ranging from 19,000 won to 140,000 won.

Il Vecchio

in Mapo District is an Italian fine dining restaurant that opened in September 2022. It is located in Sangam-dong, a business district that doesn't see many elevated venues, but Il Vecchio has made the place its home with classic Italian flavors inside a comfortable atmosphere. Lunch begins at 70,000 won and dinner at 120,000 won.

Haobin

at the Ambassador-Pullman Hotel in Jung District, central Seoul, is a luxury Chinese restaurant that opened in 2021. Helmed by the renowned Chinese cuisine chef Hu Deok-juk, Haobin offers bonafide Cantonese flavors through an eclectic menu, with prices ranging from 42,000 won to 330,000 won.

L'Impression

is a fine dining restaurant with a fusion of Korean and Western flavors. It had garnered two Michelin stars for two consecutive years upon its initial opening but went into a renewal period and re-opened in 2022 with a new head chef Yoon Tae-gyun. Dishes are delicately crafted with trendy flavors and refined presentation. Lunch begins at 160,000 won and dinner at 260,000 won.

Dish at Asian-Scandinavian fine dining Mater in Gangnam District, central Seoul [SCREEN CAPTURE]

BY LEE JIAN [lee.jian@joongang.co.kr]

━

1.  LG Twins taste victory again in long-awaited return to the top

The LG Twins lift the championship trophy after defeating the KT Wiz during Game 5 of the 2023 Korean Series, ending a 29-year drought. [NEWS1]

The LG Twins ended 29 years of hurt with their first KBO pennant and Korean Series title wins in nearly three decades this year, rising to the top of Korean baseball after one of the longest dry spells in league history.

The long, long wait for the Twins finally came to an end on Nov. 13, when the Seoul club beat the KT Wiz to bring the Korean Series trophy back to their side of Jamsil Stadium in southern Seoul for the first time since 1994.

The Korean Series culminated in a surprisingly quick 6-2 win for the Seoul club, capitalizing on a good third and fifth inning and a strong performance on the mound to shut down the Wiz and take their fourth straight win in Game 5 of the seven-game series.

The ease with which the Twins took the pennant echoed the club’s success during the regular season. The Seoul club secured the pennant more than a month earlier, locking in that title — also the club’s first since 1994 — on Oct. 3 with eight games still to play in the regular season.

Twins captain Oh Ji-hwan was named Korean Series MVP with three home runs and eight RBIs. Oh became the first player ever to homer in three straight Korean Series games earlier in the series, and would later go on to earn a Rolex for his troubles.

━

2.  Kim Ha-seong becomes first-ever Korean to win MLB Gold Glove

San Diego Padres second baseman Kim Ha-seong catches a popup by Oakland Athletics' Carlos Perez during the second inning of a game on Sept. 16 in Oakland, California. [AP/YONHAP]

Kim Ha-seong of the San Diego Padres became the first Korean player ever to win an MLB Gold Glove in November, beating out competition from Mookie Betts and Tommy Edman after being nominated in two categories.

Kim was the second Korean to be a finalist for a Gold Glove, after Choo Shin-soo in right field in 2012, and the only Korean ever to win one.

That win also made Kim the only player ever to win both the MLB Gold Glove and the KBO Golden Glove — the KBO's version of the award that focuses more on offensive performance than defense — which he won three times from 2018 through 2020 as a shortstop when he played for the Kiwoom Heroes.

Kim shone in the 2023 season, finishing among the league leaders with +10 outs above average. He combined for 16 defensive runs saved, 10 at second, and three each at third and short. He played 106 games at second base, 32 at third and 20 at shortstop this season.

━

3. Lee Kang-in signs with PSG as he continues his international rise

Paris Saint-Germain's Lee Kang-in, left, fights for the ball with AC Milan's Tijani Reijnders during a UEFA Champions League first round Group F match at San Siro Stadium in Milan on Nov. 7. [AFP/YONHAP]

Lee Kang-in became the first Korean player to sign with French football club Paris Saint-Germain in July, joining a star-studded lineup that at the time included both Kylian Mbappe and Neymar.

Lee scored his first PSG goal in a Champions League game against AC Milan in October, which PSG won 3-0. He scored his first Ligue 1 goal a week later, in a 3-0 victory over Montpellier.

But it’s perhaps been a bigger year for Lee outside of France.

PSG released Lee during the middle of the season to represent Korea at this year’s Hangzhou Asian Games. While Lee never saw a full 90 minutes on the pitch, he did gain an exemption from mandatory military service.

Lee has also been a regular on Jurgen Klinsmann’s Korean national squad. He scored for Korea in back-to-back friendlies, against Tunisia and another against Vietnam, as Klinsmann recovered from an early slump, and then again in Korea’s first second round game of the Asian qualifiers to the 2026 World Cup against Singapore.

━

4. Son Heung-min captains Spurs through season of righting the ship

Tottenham Hotspur's Son Heung-min is pictured after a match against Chelsea at Tottenham Hotspur Stadium in London on Nov. 6. [REUTERS/YONHAP]

With the departure of both Harry Kane and the exile of Hugo Lloris, Son Heung-min was named the new Tottenham Hotspur captain ahead of the 2023/24 season under new manager Ange Postecoglou.

As well as the shiny title, Son’s new rank came with some serious hard work.

Postecoglou and Son are working to breathe life back into a club that has failed to win any serious silverware for more than half a century, revamping the playing style and tactics for a team that has for so long heavily relied on Kane’s right foot.

But Son proved more than up to the challenge. Partnering with James Maddison in the middle, Son led a dynamic Spurs squad that quickly rose to the top of the table in the early days of the season. Some crucial injuries — including to Maddison — interrupted that run, but Spurs continue to hold their own as the season rolls on.

Son himself has already had a fantastic season, passing double-digit goal numbers before the end of the year. His work as captain has also been highly praised, and he clearly has the entire squad behind him on the pitch.

━

5. T1 wins League of Legends World Championship in Seoul

Members of team T1 are seen on the screens during the final round of the 2023 League of Legends World Championship against China's Weibo Gaming at Gocheok Sky Dome in western Seoul on Nov. 19. [AP/YONHAP]

Tens of thousands of fans of online game League of Legends (LoL) flocked to Korea this fall for the 2023 LoL World Championship, a six-week tournament held in arenas across Seoul and Busan.

Ahead of the finals, a “Worlds Fan Fest” by gamemaker Riot Games and the Seoul Metropolitan Government transformed Gwanghwamun Square into a playground of gaming booths and merch stands. And on the day of the final between Korea’s T1 and Chinese team Weibo Gaming, which took place at a sold-out Gocheok Sky Dome in western Seoul, thousands of fans packed together in the cold to watch the last round at the Square on a big screen.

T1 swiftly took down Weibo Gaming 3-0 in the best-of-five final as the hometown team were crowned champions for the fourth time — the most wins for any team in tournament history.

This year’s Worlds was at one point the most-watched tournament in Esports history, breaking the record for peak concurrent viewers with more than 6 million, according to Esports data aggregator Esports Charts.

━

6. Korea beats Japan to keep football streak alive with another Asian Games gold

Korea celebrates winning the men's football gold medal match against Japan at the 19th Asian Games in Hangzhou, China on Oct. 7. [XINHUA]

Korea beat age-old rivals Japan 2-1 in the final of the men’s football tournament at the Hangzhou Asian Games, becoming the first-ever country to win three consecutive Asiad gold medals in the event.

The U-24 national team’s victory added to an Asiad medal haul that saw Korea secure 42 gold, 59 silver and 89 bronze medals across 39 sports.

Men’s football was one of the few team sports in which Korea won a gold medal, the notable other being men’s baseball. In that event, Korea beat Chinese Taipei in the final after seeing off Japan in the semis. The Korean handball, hockey and volleyball teams all failed to do so.

Korea also saw great success in the individual events at the Asiad, with Korea’s archers, swimmers and fencers all proving especially dominant.

Male gold medal-winning athletes at the Asiad also earn a military exemption, with Europe-based football players like Lee Kang-in of Paris Saint-Germain and Jeong Woo-yeong of VfB Stuttgart among the winners now able to continue their careers uninterrupted.

━

7. An Se-young dominates badminton in milestone year for Korea

Korea's An Se-young celebrates after defeating China's Chen Yufei in their women's singles badminton gold medal match at the 19th Asian Games in Hangzhou, China on Oct. 7. [AP/YONHAP]

An Se-young became the first Korean ever to win a women’s badminton singles world title at the 2023 Badminton World Federation World Championships in August, beating Carolina Marin of Spain to take the highest honor in the sport.

An, the world No. 1, then returned to the court a month later to win the women’s single event at the Hangzhou Asian Games, beating Chen Yufei of China to the title.

Both of those victories mark huge milestones for Korean badminton. An was the first Korean to win the Asian Games tournament in 29 years, and the first Korean to even play in a final at the World Championships in 30 years.

An, 21, won eight World Tour gold medals throughout the 2023 season, alongside her World Championships title and two gold medals at the Asian Games — she also medaled in the women’s team event.

An beat long-time rival Chen — the current world No. 2 — en route to both the World Championship and Asian Games titles. That shift in momentum toward An suggests that her dominance at the top of the badminton world could continue for some time.

━

8. Woo Sang-hyeok becomes first Korean to win Diamond League Final

Korea's Woo Sang-hyeok competes in the men's high jump final during the Diamond League Final at Stadion Letzigrund stadium in Zurich on Aug. 31. [AFP/YONHAP]

High jumper Woo Sang-hyeok became the first Korean in any discipline to win a Diamond League Final title in September, claiming one of the most prestigious athletic awards available.

At the Diamond League Final — the culmination of the top tier of World Athletics competition — Woo cleared 2.35 meters to secure gold.

That record of 2.35 meters was on par with his own personal best and the standing Korean record.

Even before Woo made that record and won the title, he was already the best high jumper in Korean history as he was the first Korean athlete ever to reach the Diamonds Final, where only the top six athletes in each discipline are invited to compete.

Woo followed that Diamond League win with a silver medal at the Asian Games, where he fell short of 2020 Tokyo Olympics gold medalist Mutaz Barshim of Qatar in the final. Although he lost out at the Asian Games, he did win the Asian Championship earlier in the year in July, taking gold in a pared-back field.

━

9. Kim Min-jae joins Bayern Munich after getting hero treatment in Italy

Kim Min-Jae lifts the trophy as he celebrates with teammates after winning the Serie A title at Stadio Diego Armando Maradona in Naples, Italty. [REUTERS/YONHAP]

Kim Min-jae became the first Korean ever to win the Scudetto, the Serie A title, in May this year, bringing the title back to Naples, Italy 33 years after Diego Maradona last led the club to the top.

Kim, who spent just one season in Naples, was hailed as one of the heroes of the championship team, having racked up a string of accolades including Player of the Month twice, Serie A best defender for the season, Serie A team of the season and even the European Sports Media’s continental team of the season.

By May there were murals of Kim’s face painted on the historic buildings of Naples and fans screaming in Napoli blue wherever he went — the full hero treatment usually reserved for the top strikers, not defenders like Kim.

That single season made Kim the most successful Korean footballer ever to play in Serie A, and triggered an arms race over the summer as top clubs fought to trigger Kim’s narrow release clause while Napoli looked to shut that door for good.

Bayern Munich won the race, signing Kim on a five-year deal in July that ended months of speculation on where the star center-back would go.

━

10. KBO overhauls national team structure after humbling World Baseball Classic

Korea's Park Hae-min reacts after he bunts for a single during the third inning of the first round Pool B game between against China at the World Baseball Classic at Tokyo Dome in Tokyo, Japan on March 13. [AP/YONHAP]

Korea made an early exit from the 2023 World Baseball Classic after a surprising 8-7 loss to Australia on Pool B’s opening day severely diminished the national team’s chances of qualifying to the quarterfinal round.

Later, a tough, however expected, 13-4 loss to Japan sealed the deal and sent the Korean team home after the group stage for the third time in a row.

It was a disappointing finish for Korea, who entered the postponed WBC, originally set to take place in 2021, with a stacked international squad. San Diego Padres’ Kim Ha-seong, along with Tommy Edman of the St. Louis Cardinals and Choi Ji-man of the Pittsburgh Pirates had joined Korea’s 30-man team from the big leagues.

In response to the early exit, the KBO announced plans to completely revamp how it handles the Korean national team.

The league began appointing a permanent manager to oversee the national team, a radical change from the former system of picking a KBO manager when an international tournament comes around, with a full staff and the possibility of international friendlies in the future.

BY THE KJD SPORTS DESK [kjdsports@joongang.co.kr]

[INTERVIEW] 'There's still so much ahead' for Hori7on, the first Filipino K-pop boy band

Members of Hori7on, the first all-Filipino boy band to debut in Korea, pose for photos after an interview with the Korea JoongAng Daily's entertainment arm Celeb Confirmed. [PARK SANG-MOON]

“Hello, we’re Hori7on! We hope you have a good day, thank you!”

When the seven members of boy band Hori7on arrived at the JoongAng Ilbo headquarters in western Seoul, in a bus entirely covered with the members’ faces and the group’s logo, for an interview with the Korea JoongAng Daily, all members greeted everyone they met in the corridor with clear voices, telling people who they are.

Boy band Hori7on, pronounced horizon, is an all-Filipino boy band that debuted on July 27 after winning an audition program titled “Dream Maker,” jointly launched by Korean K-pop agency MLD Entertainment and Filipino media company ABS-CBN.

The seven members — Jeromy, Kim, Kyler, Marcus, Reyster, Vinci and Winston — have been garnering large amounts of attention from fans in southeast Asian countries, especially in their home country of the Philippines, for the passion and talent they displayed throughout the three-month competition.

The band has over 556,000 followers on TikTok and 50,000 followers on X, formerly known as Twitter, with the number growing steadily with each new release.

The septet has been actively promoting itself in Korea by appearing on TV shows and YouTube channels and busking in Busan and Seoul, with the goal of spreading the Filipino culture and talent in Korea, where the global K-pop sensation all began.

Members of Hori7on, the first all-Filipino boy band to debut in Korea, pose for photos during a showcase held on July 24 at the Olympic Hall, southern Seoul, for its Korean debut album ″Friend-SHIP.″ [NEWS1]

“We’re a global group that debuted both here in Korea and the Philippines, and the first all-Filipino group to promote ourselves in Korea,” Vinci said.

“It’s really the first time for everything, and we hope to continue to keep that sense of pride among ourselves, that we’re representing our country while we’re promoting ourselves here in Korea.”

While the discussion on K-pop’s globalization had always been focused on how far Korean music has spread around the world, the idea of an all-non-Korean member band singing songs in Korean stands testament to the international influence of K-pop being on another level.

Taking that global initiative, members of Hori7on have one goal in mind — to spread the Filipino culture and P-pop, the popular music of the Philippines, through the power of K-pop.

The seven members sat down to talk more about their unique career and their goal to conquer the global music scene with the power of both K-pop and P-pop combined.

The following interview has been edited for length and clarity.

Members of Hori7on, the first all-Filipino boy band to debut in Korea, pose for photos after an interview with the Korea JoongAng Daily's entertainment arm Celeb Confirmed. [PARK SANG-MOON]

Q. Tell us more about your journey, from being TV show contestants to debuting in Korea. How did it feel competing on the show?

A. Marcus:

I think it was very tough for all of us. We hadn’t been used to this kind of tough competition or rigorous training, and we weren’t really aware that it would be so challenging. I even tried push-ups for the first time in my life, so to say. But I think it was that very challenge that gave us the drive and eagerness to win because we all remembered how much we tried, which naturally built this sense of passion inside all of us.

That passion is the reason that we were the top seven out of the whole 62 people and made it to the top. We’re still so happy that we got the debut, and we still keep that passion within us.

Vinci:

The majority of that pressure also comes from the fact that the Philippines doesn't really have the same system that Korea has for K-pop and the K-pop training system. It was very rigorous, especially for those who came into the show without knowing that it was that intense. Many people were culturally shocked, like, “Wow, we have to dance this much and sing this much and do this much at the same time?”

Members of Hori7on, the first all-Filipino boy band to debut in Korea, pose for photos after an interview with the Korea JoongAng Daily's entertainment arm Celeb Confirmed. [PARK SANG-MOON]

How do you feel now that you’ve debuted?

Kyler:

I feel especially happy because this was my dad’s dream, too. I feel more grateful because I didn’t expect that I would actually be able to win. He unfortunately didn’t see me become an idol because he passed away before I won.

Winston:

For me, I’m so happy because all my effort and time management that I gave paid off. And as for the fans that supported me, I’m really happy to have each and every one of them. I'm just so glad that I'm one of those people to represent the Philippines, and we're going to do our best.

Members of Hori7on, the first all-Filipino boy band to debut in Korea, pose for photos after an interview with the Korea JoongAng Daily's entertainment arm Celeb Confirmed. [PARK SANG-MOON]

How did you first come to dream of debuting in Korea?

Marcus:

I came across the BTS song “DNA” (2016). I had heard about them since way before, but I really just fell in love with their unique choreography and their unique voices. I knew that that was the perfect genre for me, one that I really wanted to pursue, because I've been doing different things ever since I was young. I've been doing theater, rock and more, but I think K-pop just hit me the hardest.

Vinci:

Well for Reyster and I, we both were fans of Blackpink. We used to watch dance practices of Blackpink and started watching other dance practices because I was initially interested in K-pop for the dance. And then slowly it became a thing where I also became a fan of the music and I fell in love with K-pop and Korean culture in general.

Members of Hori7on, the first all-Filipino boy band to debut in Korea, pose for photos after an interview with the Korea JoongAng Daily's entertainment arm Celeb Confirmed. [PARK SANG-MOON]

Does K-pop look different now that you’ve gotten a closer look?

Vinci:

We were fans before becoming a group, and I think we're still fans now so I don't think anything changed.

I don't think a lot has changed but it's just that we now have a closer look. But now, we know what happens behind the scenes — the hard work and everything else that’s unseen. The life of an idol is quite burdening and it’s not always so shiny like it looks on the outside, with all the sweat and tears from training and hard work. We got to empathize more with the people of K-pop.

Marcus:

It’s very different compared to the Philippines, I think in a good way, because here, especially in the K-pop and entertainment industry, it's much more strict, it's much more structured — which is a good thing.

Members of Hori7on, the first all-Filipino boy band to debut in Korea, pose for photos during a showcase held on July 24 at the Olympic Hall, southern Seoul, for its Korean debut album ″Friend-SHIP.″ [NEWS1]

Would you say that there is a big difference between K-pop and P-pop?

Vinci:

Well, actually, I don't think there's a lot because a lot of P-pop is very much influenced by K-pop music. I think P-pop is still evolving, and from the roots it's very rooted from K-pop.

I think mostly it's just the language that’s different, but lately P-pop has been saturated with more general-sounding music instead of just K-pop-sounding music, much of which is dance music. There are more various songs coming out these days like ballads and R&Bs.

How do you feel about being the first all-Filipino boy band in Korea?

Marcus:

Very good, but there's a lot of pressure. It’s the good kind of pressure because we’re just so happy to be in this position, to have been given this opportunity to do this. This is our dream, and at the end of the day, we know that it comes with a lot of responsibility. Hori7on is nowhere near its peak now, and we’re ready to do so many things while we represent our country on the global stage.

There’s still so much ahead of Hori7on and we just want to do better, to show even more.

Vinci:

We also want to inspire a lot of young Filipinos that they can do this too. We don’t want to be the only all-Filipino band to do this. We want more Filipinos and more other people to have their shot at this.

Members of Hori7on, the first all-Filipino boy band to debut in Korea, pose for photos during a showcase held on July 24 at the Olympic Hall, southern Seoul, for its Korean debut album ″Friend-SHIP.″ [NEWS1]

Do you have any specific goals in mind?

Vinci:

We still want to incorporate much of our language into the songs that we make and release. We [want to] make the Philippines a global phenomenon, [and for] Filipino talent to be known globally. That’s our goal, that that's the real goal that we want to pursue.

Marcus:

It’s actually quite similar to what’s happening with K-pop, I think. K-pop is all around the world even though people don’t know the language, because music is its own language. I believe that the Philippines can do it too, the way that Korean people did with K-pop.

Do you have any role models?

Vinci:

Definitely Enhypen. They also went through a survival show and became successful. I feel very connected in that way and relate to the things that they would have gone through. I look up to them so much.

Winston

: For me, it’s Blackpink because they perform so well and they’re a hit globally. We wish to be a global pop group, just like them.

Boy band Hori7on [MLD ENTERTAINMENT]

How do you plan to survive the tough competition of K-pop?

Vinci:

We’re experimenting with a sound that will really trademark us as Hori7on. Right now, we’re going for a more youthful and bright sound — a fresh sound that also represents the joy in us Filipinos. Filipinos, for the most part, are known to be just very joyful and happy. Even our Korean staff often mention that we always seem to be enjoying ourselves.

I think that’s been our music so far, but we’re still experimenting on what could be our unique sound.

Marcus:

Well most of all, we want to tell our Anchor — that’s the name of our fan club — that our goal is to give back the love and support they’ve given us, because without them, there’s no us.

We’re giving 100 percent every day for Anchor and for everyone else because we have to show that Filipinos can do this as well. I hope that our Anchor will continue to give us their support, and we will keep on moving forward for them.

BY YOON SO-YEON [yoon.soyeon@joongang.co.kr]

China's new gaming restriction puts Korean companies on edge

Visitors try out new games at G-Star 2023, the biggest annual game festival in Korea, at Busan's Bexco convention center on Nov. 16. [YONHAP]

China's planned restrictions on in-game purchases are putting Korean game publishers in a precarious position.

The country's National Press and Publication Administration (NPPA) released a draft regulation on Friday that aims to rein in on teenagers' excessive gameplay.

The newly drafted rules state that online games should not offer incentives such as daily login rewards, first-time recharge rewards or continuous recharge rewards. Developers may also not encourage high-priced transactions through auctions or speculation on virtual items.

All online games are required to provide pop-ups reminding users about the dangers of irrational consumption and to set a limit on the amount users can recharge, which means that they cannot infinitely recharge their game currencies to play. The specific recharge cap has yet to be specified.

The regulator will also prohibit the excessive use of loot box systems, which are in-game lucky draws where players may or may not obtain valuable items to upgrade their characters. The game publishers must set the game software within reasonable parameters, ensuring that online games do not encourage excessive user engagement through the system.

Loot box systems are also completely off limits for underage users, as is inappropriate or addictive content.

On the same day, the NPPA also gave the green light for 40 overseas game titles to operate locally, including three Korean games including NCSoft’s Blade and Soul 2, Wemade’s Mir M and Gravity’s Ragnarok X: Next Generation. The regulator gave nods of approval to 105 Chinese game titles, marking the first time that more than 100 titles have simultaneously been allowed to operate in the country.

Among other Korean companies, Devsisters’ Cookie Run: Kingdom releases on Thursday and Netmarble is expected to drop Ni no Kuni: Cross Worlds next year.

But the regulator was quick to clarify that its draft is not final, and that it is open to public opinions and industry feedback, after the announcement sent Hong Kong-listed gaming stocks nose-diving. NCSoft's shares fell 1.67 percent after the announcement, closing at 236,000 won on Dec. 22, while Wemade shares fell 13.34 percent and Devsister's shares sunk 14.88 percent.

The final measures will be released on Jan. 22.

Analysts believe that the new regulations do not reflect hostility toward the game industry as a whole, but rather that they are targeting a large chunk of licenses issued to games from Chinese companies and are a quick response to falling shares.

“[The recent move] is in contrast to the suppressive regulations imposed by the Chinese government in 2019,” said Shinhan Securities analyst Kang Seok-oh. “At the time, authorities ceased license issuance, depriving opportunities for new game companies, as they could not release new games, and significantly impacting gaming companies’ performance by diminishing the intensity of their games’ business models.

“However, the current regulations focus on the structure of business models and provide separate clauses targeting minors. Moreover, considering that the government issued the highest number of licenses for domestic games within several years, it is led to be believed that the move does not represent a pessimistic attitude toward gaming content or the industry itself.”

Heungkuk Securities analyst Kim Ji-hyun, however, forecast that the finalized rules announced next month could affect game companies’ new game releases in China, as they may further restrict their business models.

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]

28 Dec, 2023

- Knee-jerk presidential veto is not the answer

- Police’s drug use investigation went too far

- Respecting the conviction of officialdom

- Build a K-culture museum around the airport

- Here are Asia’s best and worst of 2023

- Shame on the endless family feud

Knee-jerk presidential veto is not the answer

The majority Democratic Party (DP) and another opposition party passed two volatile motions on Thursday — one to investigate first lady Kim Keon-hee’s alleged stock price manipulation and the other to probe the suspicious bribe of 5 billion won ($3.9 million) each to several people involved in the Daejang-dong development scandal. Railroading two motions simultaneously to appoint two special prosecutors to dig into the two suspicions is unprecedented in the history of Korea’s legislature. The 21st National Assembly will most likely leave another disgraceful legacy of a ferocious political battle.

The first motion intended to find out whether the first lady was really involved in manipulating stock prices of Deutsch Motors between 2009 and 2012 is apparently aimed at damaging the governing People Power Party (PPP) ahead of the April 10 parliamentary elections. The DP fast-tracked the motion in April to automatically put it to a full vote at the year’s end. After 70 days of investigation by a special prosecutor starting mid-February, the election will be held in April.

The scope of the investigation is also too broad and blurry, as it includes “all illegal acts” by suspects involved in the scam. That certainly goes against the principle of clarity in laws. The floor leader of the DP stressed that whoever is appointed special counsel can also look into the first lady’s alleged reception of a luxury handbag in return for appointments. The motion also mandated the president to appoint one of the two candidates for special prosecutor at the recommendation of the majority party.

The other motion aimed at investigating the so-called “5-billion-won club” could be used to defend DP leader Lee Jae-myung from his own judicial risks. Lee justified the motion by saying, “A person who refuses to accept the special investigation is a criminal.”

The PPP will request the president to veto the two motions, and he will most likely do so. But a majority of the people support the first motion to probe into the allegations against the first lady. In a recent poll, 67 percent backed the special investigation — and a whopping 73 percent of moderate voters supported it. That shows strong public distrust in the prosecution’s previous investigation of the first lady, regardless of the poisonous articles of the motion. Public opinion turned icy after the first lady had said she would only play her role as the president’s wife.

A presidential veto should be exercised discreetly because the first motion is different from the past one designed to give excessive power to labor unions in their battle against employers. The role of PPP emergency committee chair Han Dong-hoon is very important. If he makes a decision detached from public opinion, the governing party can hardly win the election.

Police’s drug use investigation went too far

Actor Lee Sun-kyun, best known for his role in the 2019 Oscar-winning Parasite, was found dead. Lee, who had been under investigation for alleged drug use since October, is suspected to have ended his own life. It is shocking and saddening to lose a valuable actor who rose to stardom with acting that won over a global audience and critics. He underwent police grilling on three occasions. He insisted that he did not know what he consumed was a drug. He had been blackmailed by a bar hostess to whom he paid 350 million won ($270,290).

Koreans have somehow ended up becoming easy, passive prey to drugs. Teenagers drank free offers of drinks on the street without knowing that they contained drug elements.

Actor Yoo Ah-in faces a trial for drug use. Teenage drug use is also on the rise. Ads for vaping and marijuana have been found in university districts in Seoul and Gyeonggi. Authorities have stepped up a crackdown on drug use. Since President Yoon Suk Yeol commanded a war on drugs in October last year, the police and the prosecution have joined forces to arrest 12,700 people for suspected drug use as of August, far greater than the 12,387 who were caught last year.

But crackdowns alone cannot contain the spread of drugs. Due to easier access, prices have gone down to reach teens and those in their 20s. A police officer fell from an apartment while trying to crash into a drug party. Koreans are being executed for their use of drugs in China and Vietnam. Drug traders in Thailand and Cambodia are coming to Korea to sell more of their drugs in this country.

Various state offices — the police, prosecution, customs office, coast guard and intelligence agency — have been involved in coping with drug crimes. However, the command is weak due to the conflict between the prosecution and the police over their investigative authority. We may have to seriously consider establishing a separate agency devoted to cracking down on drugs. We need a more systematic and powerful approach backed by budgeting to effectively combat criminal drug networks that breach borders to target the young.

The tragedy of Lee also raises questions about police investigation methods. Allegations were made public for celebrities whose careers could be severely damaged by even a rumor about drug use. Big Bang member G-Dragon, or Kwon Ji-yong, said that he completed the questioning “while laughing” after he was released due to a lack of evidence of using drugs. Lee also tested negative for drug use. Police must reconsider their investigation principle of revealing the allegations of a celebrity purely based on tips from others.

Respecting the conviction of officialdom

Lee Sang-ryeolThe author is a senior editorial writer of the JoongAng Ilbo.

The military regime, which seized power through a coup on Dec. 12, 1979, was ruthless in wielding its newfound authority. It ravaged the spring for Koreans. It wanted to get rid of the value-added tax (VAT) that had been in place for the fourth year.

It reasoned that the tax was imposed against the wishes of the people. It somehow believed the tax played a part in the earlier assassination of general-turned-president Park Chung Hee and in the fall of the long-held military regime legacy.

Kang Man-soo — an official at the Finance Ministry who later became a finance minister under conservative President Lee Myung-bak — was summoned to the ad hoc national security committee to explain the grounds for the VAT. He said that the promotion of heavy chemical industries and the funding for self-defense had been the primary reason for adopting VAT and that without it, the government would lose tax revenue that could cover all annual defense spending. He argued for the merit of fairness in tax, as no one can evade the VAT.

VAT helped pull post-war Korea out of its chronic fiscal deficit. It took up 30 percent of tax revenue in the early stage and still accounts for about 20 percent. We could imagine how fearless the new military regime was, as it thought of abolishing the tax. But it never went through with it. VAT was not the reason for Park’s death, and there was no way to find a substitution for that amount of tax revenue. Many government officials faced injustice under the name of “purification” at the time. But even under dictatorship, government officials did not compromise their pride and commitment to civil service. They are much credited for Korea’s Miracle on the Han River.

We cannot expect that much devotion from government officials these days. Politics are blamed for the weakening in integrity in government service. The ruling power is only valid for five years and merely gives orders, while the liability falls on government officials. Politics overrule economic policy as well. The ruling party steals government people and policies if they can be of any help to the upcoming parliamentary election.

The repeated reshuffle of the trade, industry and energy ministers is one example. Minister Bang Moon-kyu was replaced just three months into office in spite of the volatility in the global trade environment from the intensifying U.S.-China contest and the upheaval of global value chains. Bang is expected to be fielded for a district in Suwon, Gyeonggi, in the April election. Parliamentary elections are crucial in a democracy. The ruling power needs a majority to back the government. But as important as winning is how the election is won. It should not come at the expense of the vacancy of the ministerial head. A senior official from the presidential office said that the ministerial void won’t be that damaging to the country since politics serve as the brain power today. His comment reflects the extent of political dominance.

The presidential office and the People Power Party are infringing on the long-held principle in economic governance. They pushed ahead with the blanket ban on short selling despite the argument by the financial authority that short selling should instead be fully allowed in line with global standards. Short selling helps contain bubbles in stocks and price-manipulating practices.

Financial Services Commission Chairman Kim Joo-kyun, left, flanked by Financial Supervisory Service Chairman Lee Bok-hyun, announces a plan to ban short selling until the first half of next year to “stabilize the stock market,” Nov. 5. [NEWS1]

The plan to raise the threshold for capital gains tax on the stock-rich also goes against economic principles. It does not make sense to grant tax relief for stock gains while hard labor income is taxed. Can this be tax justice? All governments, liberal or conservative, have been broadening the base for capital gains tax. When the tax subjects are slimmed, only the rich can benefit.

The proponents claim that the move is to lessen the damage for individual investors as they can be burned by year-end selling spree by big stockholders to avoid taxes. However, the stock-rich tend to buy the shares back at the beginning of the new year. Both the short selling ban and tax breaks for the stock-rich entirely serve the campaign purpose.

The ruling power is contradicting itself by criticizing the complacency of bureaucrats when it entirely disregards their principles and convictions. Former strongman Park Chung Hee told his finance minister Kim Yong-hwan to push ahead with the introduction of VAT, saying, “I will handle politics and you handle the economy.”

Are they all a bygone? This winter feels particularly chilly in the government community. So is the Korean economy.

Build a K-culture museum around the airport

Choi Soon-jaThe author, former president of Inha University, is the chair of the board of Incheon Academy.

The Bureau International des Expositions (BIE), which has 179 members, recently chose Riyadh, Saudi Arabia, as the host for the 2030 World Expo. Busan suffered a setback. The Expo is a global event that showcases the success of the host country and takes place every five years. Starting with the Great Exhibition jointly staged by Britain and Ireland in 1851, the Expo was classified into three categories according to the times. From 1851 to 1938, industrialization was the theme, and from 1939 to 1987, cultural exchange was the key. From 1988 to the present, the Expo showcases brands of each country.

In 2000, 180 countries participated in the Hanover Expo in Germany, and 18 million people visited. The 2005 Aichi Expo in Japan had 121 countries participating and 22 million visitors; the 2010 Shanghai Expo in China had 192 countries participating and 73 million visitors; and the 2015 Milan Expo in Italy had 145 countries participating and 22 million visitors. The 2021 Dubai Expo in the United Arab Emirates, which was postponed for a year due to Covid-19, attracted 192 countries and 24 million visitors.

Although Busan failed to host the Expo, we can change our mindset and turn it into an opportunity for blessing in disguise. First, considering Korea’s economic situation and global status, even if Busan had succeeded in hosting, it was an ambiguous challenge for the national interest. Second, the positive ripple effect on the economy and society of the host is unclear; there is little objective data on foreign visitors aside from the locals. Third, the Expo is a showy event for the invested capital as it is exhibited just for six months and removed. Fourth, there are also concerns that it will turn into an event to show off political achievements rather than an exhibition of a national brand.

Notable tourist attractions in Munich, Germany, are the BMW Museum, the Allianz Arena — the home of the soccer club Bayern Munich, where Kim Min-jae plays — and the club’s museum. The BMW Museum, which opened in 1973, introduces stages of technological development and history, including automobile engines, turbines, small airplanes, motorcycles and car designs that BMW has produced since 1940.

The Allianz Arena is famous for the changing colors on the exterior. Admissions to the BMW Museum and the Allianz Arena are 10 euros ($11) and 25 euros, respectively. The two venues annually attract 500,000 and 3.5 million visitors each. They attract the most visitors after the two-week beer festival Oktoberfest, which attracts 6 million visitors annually.

Normandy in France, famous for the Allied landings in 1944 during World War II, attracts tens of millions of tourists every year. Its content is memories of the war that cost countless lives. In Europe, including Munich and Normandy, past cultural heritages are the biggest brand value. In contrast, Korea’s core brand values can be found in the present and the future.

Many young people around the world admire Korea and look forward to traveling to the country. They learn the Korean language and culture through K-dramas. They have a passion for Korea. In order to turn this trend into a national interest, I propose the construction of a “Sustainable K-Culture Museum” near Incheon International Airport. The purpose is to help countless foreigners passing through the airport to experience and enjoy Korea’s brand value.

Korea had many opportunities. Unfortunately, the country failed to make the most out of the Saemangeum World Scout Jamboree and the Busan Expo bid. However, the 2027 World Youth Day in Seoul is a great opportunity for success. Meeting with transfer passengers at Incheon Airport is also a special opportunity.

The K-culture museum has boundless materials to present. It can showcase ample hardware and software, including leading K-technology such as Samsung, LG and Hyundai; K-movies to which Netflix is the best contributor; K-pop; and healthy K-foods and Korean language contests. It is also easy to find a site near the airport. If the K-culture museum can be updated to attract as many as 10 million transit passengers a year, I am certain that it will be a project to exponentially elevate Korea’s brand value.

Translation by the Korea JoongAng Daily staff.

Here are Asia’s best and worst of 2023

Curtis S. Chin

Jose B. Collazo

Curtis S. Chin, a former U.S. ambassador to the Asian Development Bank, is managing director of advisory firm RiverPeak Group. Jose B. Collazo is an analyst focusing on the Indo-Pacific region. Follow them on X, the platform formerly known as Twitter, at @CurtisSChin and @JoseBCollazo.

When we took to CNBC to announce our choices from “best” to “worst” and “good” to “bad” in Asia’s 2023, our selections from Korea may well have stolen the show — at least on social media, and in the eyes and ears of music fans.

In 2022, we gave “best year” to Southeast Asia’s comeback kids, Philippine President Ferdinand Marcos, Jr., and Malaysian Prime Minister Anwar Ibrahim, who won elections to lead their countries forward. This year, we looked skyward.

Here’s our look at the year that was.

1. The Indian Space Research Organization.2. K-pop girl group Blackpink at an MTV Video Music Award ceremony, Dec. 6.3. U.S. President Joe Biden and Chinese President Xi Jinping at a summit in Woodside, California, Nov. 15.4. China’s major property developer Evergrande in Shanghai.5. Myanmar people taking to the streets to protest against the military coup. [SHUTTERSTOCK; VMA TWITTER CAPTURE; REUTERS/YONHAP (2); SHUTTERSTOCK]

Best year: India’s space agency — lifting spirits, to the moon & beyond

The region was far from all doom and gloom this August 2023 as ISRO — the Indian Space Research Organization — dazzled the citizens of what is now the world’s most populous country and space exploration fans everywhere with its latest lunar mission.

The Indian space agency’s Chandrayaan-3 (“moon craft”-3 in Sanskrit) spacecraft entered lunar orbit on Aug. 5. Just over two weeks later, on Aug. 24, its lander named Vikram touched down near the lunar south pole, making India the fourth country to successfully land on the Moon. A lunar rover named Pragyan would soon be literally making tracks on the Moon.

As with India’s landmark Mars Orbiter Mission (MOM) — the nation’s first interplanetary mission to planet Mars in November 2013, which made ISRO the fourth space agency to successfully send a spacecraft to Mars orbit — the relatively low-cost $74.6 million Chandrayaan mission demonstrated the power of India’s “frugal engineering” model. “India’s successful moon mission is not just India’s alone,” Prime Minister Narendra Modi declared. “This success belongs to all of humanity.” And for that reason and for uplifting spirits and bringing a bit of hope and joy in a tough year, ISRO wins “Best Year in Asia 2023.”

Good year: Blackpink — going global and winning over the world

2023 might have ended with K-pop global sensation BTS’s members in military service in Korea and with Taylor Swift named Time Magazine’s 2023 “Person of the Year,” but the four superstar women from Asia who make up the all-female K-pop group Blackpink still had an excellent 2023.

Jisoo, Jennie, Rosé and Lisa ended the year by receiving honorary Members of the British Empire from King Charles at Buckingham Palace for their role in “bringing the message of environmental sustainability to a global audience as Ambassadors for the UK’s Presidency of COP 26, and later as advocates for the UN’s Sustainable Development Goals.” And yes, President Yoon Suk Yeol was there too.

Earlier in April, Blackpink became the first Asian and all-female band to headline Coachella, and its album “Born Pink” became the first album from an all-female group to hit No. 1 since 2008. The year also ended with the news that Blackpink’s members had finally renewed their contracts with YG Entertainment, causing that company’s Kosdaq-listed shares to leap by 26 percent.

Like Malaysian actress Michelle Yeoh, who made history in March 2023 by becoming the first Asian to win the Academy Award for Best Actress, the members of Blackpink — from Korea, New Zealand and Thailand — have also gone global, adding another dimension to the phrase “Everything Everywhere All at Once.”

Mixed year: U.S.-China relations — taking a small step forward

U.S. President Joe Biden and Chinese President Xi Jinping met in person at long last this November at the Asia-Pacific Economic Cooperation’s leaders summit in San Francisco, California — the highlight of a mixed year for U.S-China relations.

That the two leaders met at all was an accomplishment. 2023 was, after all, a year marked by the shooting down of what the United States termed a “Chinese spy balloon” and continuing tensions on issues ranging from trade, opioids and semiconductors to Taiwan and the South China Sea. Xi did, to many an American’s delight, indicate that additional pandas might be loaned to the United States in an extension of panda-plomacy.

2024 may prove to be an even more of a mixed year, as both leaders focus on domestic issues including the upcoming U.S. presidential election and the slowing Chinese economy.

Bad year: China’s property market — fearing the worst is yet to come

With millions of Chinese citizens still waiting for homes they put down payments on but which might never be built, 2023 was a particularly bad year for China’s property market.

By some accounts, the nation’s ongoing, protracted real estate crisis and debt levels in general may pose the biggest credit risk to the global economy. For many a member of China’s middle class, however, the crisis is also a very real threat to their “China Dream” and hopes for a better life.

In 2021, Chinese real estate giant Evergrande Group defaulted on its debt. In 2023, concerns grew over the financial state of Country Garden, which until last year was China’s biggest developer, specializing in residential property.

With China’s economy still growing yet slowing and Chinese property prices continuing to fall, the International Monetary Fund has expressed concern, and Moody’s Investors Service has cut its outlook on China’s housing sector to negative. State-owned financial institutions are reportedly being called upon to prop up developers who are struggling to avoid default and finish the construction of stalled apartment projects.

Still, some Chinese citizens are refusing to pay their mortgages en masse in a rare form of domestic protest. Chinese families and individuals, who once saw homes not only as somewhere to live but also as investments, have reason to fear that 2023 won’t be the last bad year they face.

Worst year: Asia’s forgotten — still suffering as headlines move on

In 2023, the region’s most vulnerable — often displaced by armed conflict — remain, for the most part, all too forgotten. Priorities shifted, and the world’s headlines turned away from “yesterday’s news” — moving on to the wars in Ukraine and Gaza. But crises in Asia go on, in countries like Myanmar and Afghanistan, without the attention of the front pages.

The most significant escalation of hostilities in Myanmar since the 2021 coup, for example, worsened an ongoing humanitarian crisis in 2023. More than 578,000 people were newly displaced in Myanmar between Oct. 26 and Dec. 8, on top of nearly 2 million who were already displaced before the surge in fighting, according to the United Nations.

Humanitarian needs also continue to grow in the country’s Rakhine State, where some 200,000 people, mostly Rohingya, are living in camps and have been denied freedom of movement since 2012. UNHCR reports that Bangladesh hosts close to one million Rohingya refugees from Myanmar, making it one of the largest protracted refugee situations in the world.

In and outside of Afghanistan, the plight of Afghan women and children remains dire. Few are likely to know that Afghan refugees are the third-largest displaced population in the world after those from Syria and Ukraine. There were at least 8.2 million Afghans hosted across 103 different countries in 2023, according to UNHCR, with some in Pakistan now being forced to return to Afghanistan. More than 70 percent of those in need of support are women and children.

And so, the “worst year” sadly goes to Asia’s forgotten men, women and children — whether in Myanmar, Afghanistan or elsewhere. Give a thought to how you might learn more and do more to ease their plight in 2024 and beyond.

Shame on the endless family feud

PARK SU-RYEON

The author is head of the IT industry news department at the JoongAng Ilbo.

The business community has been in an uproar due to family disputes and conflicts. Siblings and couples sue one another over management rights and wealth inherited over two or three generations.

This is not the first time. Only a handful of major conglomerates did not go through the “brotherly conflicts” in the succession process after the founder. Whenever the management is passed from the founder to the next generation, the discord repeats, and they engage in a fierce media war.

Lately, a dramatic element has been added to their scandals. Private equity funds are involved in sibling disputes and brother-sister disputes are increasing. A divorce lawsuit also involves stocks valued at trillions of won.

Either way, it is a battle that ordinary people cannot imagine or sympathize with. Nevertheless, the public’s interest is great because the future of large corporations, which contribute to employment and GDP, is at stake. In particular, if the family members of a listed company compete for stakes, the stock price fluctuates regardless of the actual value of the company. Individual shareholders suffer as a result. Nevertheless, the public is not surprised, as similar discords have repeated for generations in many large corporations.

Unlike Koreans who have grown insensitive to the disputes, these wars seem strange and exotic to the eyes of non-Koreans. The New York Times on Dec. 18 reported on the LG Group family dispute. The inheritance battle of the fourth largest company in Korea with an asset of 170 trillion won ($131.8 billion) was broadcast around the world.

The episode of the controversial conversation between current Chairman Koo Kwang-mo and the spouse and two daughters of the late former chairman Koo Bon-moo was described as a scene from a novel or a movie. Many readers had a bitter laugh when reading the cold views of the global investors cited in the article and the follow-up article, titled “Chaebol Families Dominate South Korea’s Economy.”

Major Korean companies operating around the world are global companies. As the world has changed, many point out that the heads should not be used as a background for the president’s visit to a traditional market and instead focus on competing with their global rivals. People hope for sustainable growth of the Korean economy rather than the success of the administration.

However, some companies haven’t gotten out of the management rights succession and inheritance disputes. While the dirty gossip is spreading, the pioneering spirits of the founders and the legacy of the predecessors are long lost. As long as their family scandals repeat themselves, their demand to lower one of the world’s highest inheritance tax rates — up to 60 percent of the inherited assets when the premium for the biggest shareholder is applied — will remain up in the air. Ordinary people’s prediction that they will repeat the same thing over and over is reasonable enough. Am I wrong?

Table of Contents

JoongAng Daily: 29 Dec, 2023

29 Dec, 2023

Seoul expects crowds to reach 170,000 on New Year’s Eve

Korea's anti-corruption agency says lawmaker traded over $85M of crypto

New conservative party leader meets rival party counterpart for the first time

Posco Holdings criticized by NPS head for opaque appointments

Lim Young-woong wins favorite artist of year in inaugural Bugs Favorite poll

Admiral Yi film 'Noryang' featuring Kim Yun-seok explores hero's struggle

New skyscraper to replace Seungri's disgraced Burning Sun club

Seoul bomb threat prompts police investigation

Singer Jung Dae-hyun joins former bandmate Moon Jung-up at MA Entertainment

Twice announces four special shows in Japan next year

Minue to start 2024 with new song, agency

EVNNE to drop second EP 'Un: SEEN' in January

Teen Top's Niel to release third solo single 'Parting Emoticon'

Culture Ministry to increase funding for art projects, support more artists next year

Culture Ministry selects 13 regions for its pilot 'Korea Culture City' project

[THINK ENGLISH] BTS 전원 주식 '100억원 클럽' ... 정국, 뷔는 각 160억원

E-9 visa holders to be able to work at hotels next year

Blackpink members will not sign with YG for solo activities, agency says

Funeral procession for late actor Lee Sun-kyun begins

Older adults collecting used paper earn less than a dollar per hour, Health Ministry says

Korea to welcome 'digital nomads' with new visa starting Jan. 1

Celltrion completes merger with Celltrion Healthcare

Lotte revolutionizes customer experience with new growth engines

Hyundai Steel aims for quality consumer communication

Korea Post continues legacy as nation’s parcel service

Hyundai Motor's Grandeur becomes top-selling hybrid car of year

Korea’s customer satisfaction drops slightly in 2023

Korea to inject more money into markets over Taeyoung E&C's workout application

Consumer prices rise 3.6 percent in 2023

Police’s drug use investigation went too far (KOR)

Shame on the endless family feud (KOR)

Here's a sneak peek at 2024 Michelin Guide restaurants in Korea

2023 Sports Top 10 News Stories

[INTERVIEW] 'There's still so much ahead' for Hori7on, the first Filipino K-pop boy band

China's new gaming restriction puts Korean companies on edge

28 Dec, 2023

Knee-jerk presidential veto is not the answer

Police’s drug use investigation went too far

Respecting the conviction of officialdom

Build a K-culture museum around the airport

Here are Asia’s best and worst of 2023

Shame on the endless family feud