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National

- DP leader to meet ex-leader Lee Nak-yon Saturday amid call for resignation

- Yoon, ex-President Park meet over lunch at presidential residence

- Inspection shows over W125.6b in virtual asset transactions by lawmakers

- Yoon appoints 4 ministers, broadcasting watchdog chief

DP leader to meet ex-leader Lee Nak-yon Saturday amid call for resignation

By Yonhap

Published : Dec. 29, 2023 - 19:59

Lee Jae-myung, the leader of the main opposition Democratic Party (Yonhap)

Lee Jae-myung, the leader of the main opposition Democratic Party, said Friday he will have a breakfast meeting with former DP leader Lee Nak-yon this weekend amid the latter's call for his resignation.

The former party leader has demanded Lee Jae-myung step down and agree to form a joint interim leadership committee ahead of the parliamentary elections scheduled for next April.

If Lee declines the proposal by the end of the year, the former leader has said he will set out to launch a new party at the start of next year.

"I was able to get in touch with former leader Lee a short while ago, and it looks like we will meet tomorrow morning," the DP leader told reporters. "We must do everything not to disappoint the people based on a principle of unity, so I had thought about paying him a visit at his home."

The breakfast meeting will reportedly take place in private at a restaurant in central Seoul.

When asked if he has prepared a detailed response to the former leader's call for his resignation and formation of a joint leadership committee, Lee said: "We will have to talk. It's possible we have different positions."

Former leader Lee Nak-yon had expressed his openness to meeting the opposition leader earlier in the day.

Speaking to reporters outside his office, Lee Nak-yon said he discovered a missed call from the DP leader while he was giving an interview and called back, but this time the DP leader was unable to answer.

"If Chairman Lee comes to see me, I will definitely meet him. There's no reason to hide," he said. (Yonhap)

Yoon, ex-President Park meet over lunch at presidential residence

By Yonhap

Published : Dec. 29, 2023 - 19:17

President Yoon Suk Yeol (right) talks with former President Park Geun-hye over a luncheon at Yoon's official residence in Seoul, Friday. (Presidential Office)

President Yoon Suk Yeol and former President Park Geun-hye met over lunch at the presidential residence in Seoul on Friday, Yoon's office said.

This was their third meeting since Yoon's inauguration in May 2022.

Yoon asked Park about her health and how often she visits Seoul, according to presidential spokesperson Kim Soo-kyung. The former president has lived in her hometown of Daegu, 237 kilometers southeast of Seoul, since she was pardoned in 2021 after spending four years and nine months in prison on corruption charges.

When Park replied that she visits Seoul once every one or two months, Yoon invited her to visit at ease more often, Kim said.

The relationship between the two dates back to 2016 when Yoon, then a prosecutor, led an investigation team into Park's corruption scandal that led to her impeachment, ouster from office and subsequent imprisonment.

After lunch, Yoon and Park took a walk in the garden inside the residence compound, and Yoon explained the house was built for the foreign minister to receive guests at the orders of Park's father and former President Park Chung-hee in 1968.

The presidential residence was formerly used as the foreign minister's official residence until Yoon moved in last year to be close to the new presidential office, which he relocated from Cheong Wa Dae to what was then the defense ministry compound, upon taking office. (Yonhap)

Inspection shows over W125.6b in virtual asset transactions by lawmakers

By Yonhap

Published : Dec. 29, 2023 - 11:26

Acting Chairman Jeong Seung-yoon of the Anti-Corruption and Civil Rights Commission speaks in a press briefing at the government complex in Sejong on Friday. (Yonhap)

The Anti-Corruption and Civil Rights Commission said Friday that lawmakers traded virtual assets totaling over 125.6 billion won ($97.6 million) over the past three years, with irregularities detected in some instances.

The agency announced the outcome of its 90-day inspection into virtual asset transaction records of all 298 sitting lawmakers between May 30, 2020, and May 31, 2023, after questions arose over a young lawmaker's once-massive cryptocurrency assets.

According to the results, 18 lawmakers have records of virtual asset possession during the period.

Of them, 11 lawmakers actually traded virtual assets during the period, with the accumulated buying and selling amounts reaching 62.5 billion won and 63.1 billion won, respectively, according to the inspection results.

It was unclear how they gained from the transactions.

Lawmakers collectively held 107 types of virtual assets, with Bitcoin being the most popular choice.

Earlier this year, the ruling and opposition parties agreed to have the agency conduct the examination after Rep. Kim Nam-kuk, now an independent after leaving the main opposition Democratic Party, was found to have once held a substantial number of cryptocurrency coins.

The inspection also revealed discrepancies in the holdings and transaction records of 10 lawmakers compared to what they voluntarily declared earlier this year.

One lawmaker, whose identity was withheld, conducted 49 cryptocurrency transactions but did not report them to the National Assembly, citing that his cryptocurrency exchange Bithumb account was closed at the time.

The inspection also showed that changes happened in the virtual asset holdings of three lawmakers when they were attending standing committee meetings, which suggests they conducted transactions without focusing on their parliamentary duties.

The commission said, however, that the coin-related activities of the three did not violate the conflict of interest prevention law.

The commission said some lawmakers' receipt and withdrawal records regarding virtual assets were unclear, and there was a need for additional checking. However, due to the limitations of investigative authority, it was challenging to do so.

The agency has recommended the National Assembly establish a parliamentary rule mandating lawmakers to report their virtual asset holdings before the commencement of a new National Assembly that will begin its term after the April 10 general elections. (Yonhap)

Yoon appoints 4 ministers, broadcasting watchdog chief

By Yonhap

Published : Dec. 29, 2023 - 10:04

Finance Minister Choi Sang-mok, who also serves as deputy prime minister for the economy, attends a government meeting at the government complex in Seoul on Friday. (Yonhap)

President Yoon Suk Yeol appointed four ministers and the chief of the broadcasting watchdog on Friday, his office said.

Finance Minister Choi Sang-mok, who also serves as deputy prime minister for the economy, Agriculture Minister Song Mi-ryung, Ocean Minister Kang Do-hyung and SMEs Minister Oh Young-ju were appointed, the office said.

Kim Hong-il, a former chief of the anti-corruption agency, was also appointed as the head of the Korea Communications Commission, it said.

The five were nominated earlier this month and went through parliamentary confirmation hearings. (Yonhap)

Business

- BOK sells net $3.5 billion in market-smoothing operations in Q3

- Government vows more cash to cushion Taeyoung E&C fallout

- Daewoo E&C opens winter theme park on Phu Quoc, Vietnam

- Posco Group tries to dispel NPS concerns over chair appointment

- Winners and losers at year-end bonus season

- How much have Korea's food delivery fees risen this year?

- Tax revenue falls W49tr through Nov. on weak corporate performance

- Consumer prices grow 3.6% in 2023 amid high inflationary pressure

BOK sells net $3.5 billion in market-smoothing operations in Q3

By Yonhap

Published : Dec. 29, 2023 - 19:20

Bank of Korea's headquarters in central Seoul. (Herald DB)

The Bank of Korea said Friday it sold a net $3.5 billion in the third-quarter of this year to help ease the decline of the local currency against the US dollar.

The third-quarter dollar selling marks the ninth straight quarter of dollar selling for market-smoothing operations since the third quarter of 2021, according to the central bank.

The third-quarter dollar selling marks a fall from the previous quarter's $5.97 billion. (Yonhap)

Government vows more cash to cushion Taeyoung E&C fallout

By Hwang Joo-young

Published : Dec. 29, 2023 - 18:01

South Korea's Finance Minister Choi Sang-mok (center) speaks during a meeting with financial regulators at the Government Complex Seoul in Jongno-gu, central Seoul, Friday. (Yonhap)

The South Korean government said Friday that it will put utmost efforts into minimizing the fallout from Taeyoung Engineering and Construction's debt-restructuring program, amid growing concerns that it could lead to liquidity constraints across the industry.

“The creditors, led by the main lender, Korea Development Bank, plan to discuss ways to normalize Taeyoung E&C's business while adhering to strict restructuring principles based on Taeyoung Group's intense self-rescue efforts,” said Finance Minister Choi Sang-mok in a meeting with financial regulators Friday.

“The government will make every effort to minimize the impact on our economy and financial markets during the workout process.”

On Thursday, the country’s 16th-largest builder Taeyoung E&C, which has been suffering from a liquidity shortage due to real estate project financing loans, applied for a debt workout with its main lender, the state-owned KDB.

Choi said the government is preparing to expand market stabilization measures to prevent potential market volatility.

The measures would include adding more funds to a package of 85 trillion won ($65.5 billion) that the government rolled out last year to prop up credit markets in the aftermath of a debt default spurred by Gangwon Jungdo Development Corp.

Choi assessed that the impact of Taeyoung E&C’s workout will be limited, as the company’s financial exposure is just 0.09 percent of the total assets of financial institutions in the country, spread across multiple financial firms.

“The government will also encourage the financial sector to prepare for uncertainties,” Choi added.

As of September, Taeyoung E&C had 22 ongoing residential housing projects encompassing 19,869 living units. At these sites, the government will support tenants to move in by allowing Taeyoung E&C to continue construction or ensure that they get their contract payments refunded via the state-owned housing finance company, Korea Housing and Urban Guarantee.

The 581 contractors for Taeyoung E&C will also be eligible for compensation claims. In particular, those contractors whose sales depend more than 30 percent on Taeyoung E&C will be prioritized for receiving financial support, including loan extensions and tax cuts.

On the same day, the Financial Supervisory Service said it advised the financial sector to refrain from withdrawing funds during Taeyoung E&C’s workout process in a separate meeting with executives from major financial institutions.

There have been growing concerns that Taeyoung E&C's debt workout could prompt financial institutions to withdraw investments linked to project financing that could lead loans in real estate to turn sour en masse.

According to the FSS' announcement on Friday, it asked the financial sector not to levy disadvantages, such as reducing the amount for loans or increasing required collateral, on Taeyoung E&C’s suppliers.

In addition, those banking companies that provide financial support to Taeyoung E&C’s suppliers will be exempted from liability for insolvency unless they are intentionally negligent.

As of Friday, Taeyoung E&C has secured more than 1 trillion won in cash by selling off assets that include the company’s logistics wing Taeyoung Industry and taking collateral loans against golf courses it owns.

More discussions are expected with creditors on sales of other lucrative assets, such as its stake in terrestrial broadcaster SBS.

As of the end of September, Taeyoung E&C’s debts were estimated at 1.9 trillion won with a debt-equity ratio of 479 percent.

Taeyoung E&C has agreed to pay back commercial bonds worth 148.5 billion won maturing Friday.

Daewoo E&C opens winter theme park on Phu Quoc, Vietnam

By Mun So-jeong

Published : Dec. 29, 2023 - 17:03

A new media art show takes place in Ice Jungle, a winter theme park constructed by Daewoo E&C on Phu Quoc Island, Vietnam. (Daewoo Engineering & Construction)

Daewoo Engineering & Construction said Friday it has officially opened its digital theme park, Ice Jungle, on Phu Quoc, a tropical island in Vietnam known for water sports and recreation.

The 13,000-square-meter theme park is located at Meyhomes Capital Phu Quoc, a residential complex constructed in partnership with Daewoo E&C, near Truong Beach.

While some 700 visitors joined the opening ceremony held on Dec. 16, Ice Jungle officially opened to the public on Christmas Day.

The park is themed on "winter," "ice" and "snow," targeting locals who do not regularly experience snow or freezing winters due to the climate in Vietnam.

“Ice Jungle will bring a refreshing experience to locals in Southeast Asia, where snow is rare,” said a Daewoo E&C official. “By diversifying our business portfolio in Vietnam, our main overseas market, we will continue to demonstrate the potential of the Korean construction industry.”

An igloo-like space in Ice Jungle, a winter theme park constructed by Daewoo E&C on Phu Quoc Island, Vietnam (Daewoo Engineering & Construction)

During the evenings, the Ice Jungle turns blue and purple with digital illumination. In order to reduce environmental impacts in the immediate area, the theme park mainly uses light shows, sound effects, hologram screens and interactive sensors to deliver a winter experience, the firm said.

Following an outdoor trail, visitors arrive at the main building, where a cartoon polar bear, the mascot of the theme park, guides them on a winter journey. While making falling snow with fog machines and snow makers, the Ice Jungle displays lively new media art to create a winter atmosphere.

Targeting both adults and kids, Daewoo E&C is expecting the Ice Jungle to grow as a family-friendly theme park on Phu Quoc Island, which is a famous destination for family vacations, the company said.

Posco Group tries to dispel NPS concerns over chair appointment

By Shim Woo-hyun

Published : Dec. 29, 2023 - 16:45

Posco Group Chairman Choi Jeong-woo (Posco Holdings)

Posco Group announced Friday that the group would make public its chair appointment process, dispelling the National Pension Service’s concerns. The group also refuted suspected use of unfair methods to reappoint incumbent Chairman Choi Jeong-woo.

“Regardless of the incumbent chairman’s decision (to seek a third term at Posco Group), our committee will review all candidates without bias for the sake of Posco’s future and its shareholders,” Seoul National University’s mechanical engineering professor Park Heui-jae, who heads the Posco Holdings CEO recommendation committee, said in a statement released at 1 a.m. on Friday. “If the incumbent chairman seeks a third term, it is entirely up to his decision,” Park added.

Posco Group’s announcement came after Kim Tae-hyun, who heads the NPS, raised concerns over the transparency of Posco Group’s chair appointment process.

The NPS is the largest shareholder of Posco Holdings with a 6.71 percent stake.

“It is uncertain if Posco Group’s chairman appointment process is being made just and transparent,” said Kim Tae-hyun, chief executive officer of the NPS. Like in the case of KT, the appointment process must grant fair opportunities to all candidates, whether from within or outside the company, to maximize shareholder benefits.”

The NPS’ pressure on Posco Group’s leadership transition process raised speculation that Posco Group may follow suit concerning KT, which failed to reappoint former CEO Ku Hyeon-mo after facing opposition from the NPS.

Earlier this year, Ku decided to drop out of the race for the leadership of KT after the NPS, also the largest shareholder of KT, voiced opposition to the telecommunication company’s decision to endorse Ku as the sole candidate for the top post.

Amid pressure from the NPS, Posco Group also introduced measures intended to improve transparency of the process on Friday.

Posco Holdings said it has informed shareholders that anyone with at least 0.5 percent stake in Posco Holdings can recommend a candidate. The group has also selected 10 local executive search firms to submit up to three candidates each for consideration.

Posco Group’s candidate recommendation committee, which consists of seven outside directors, currently plans to take candidate submissions until Jan. 8, 2024, and complete a shortlist of 20-30 candidates by mid-January. The group will narrow down that number to five later in the month. In February, the committee will determine the final candidate and deliver the result to the board. The goal is to decide on the new chairperson at the board meeting in March.

“The process will be made public as often as possible,” Park stressed in his statement.

Previously, the group’s CEO candidate recommendation committee had been criticized largely as the committee automatically included the incumbent chair in the first candidate pool without a public position opening process.

The group said it made changes to the appointment process following a board meeting in December, but others still contend that concerns over the transparency of the process remain.

Meanwhile, industry sources and local reports have viewed the NPS’ recent pressure on Posco Group as government intervention to sabotage the reappointment of Choi, who was appointed under the previous Moon Jae-in administration.

Winners and losers at year-end bonus season

Chip sector expected to receive little to no bonus; automakers, shipbuilders likely to hand out hefty incentives

By Kan Hyeong-woo

Published : Dec. 29, 2023 - 15:53

(123rf)

Employees at major South Korean firms are set to receive different amounts of year-end bonuses, ranging from nothing at all to 30 percent of their annual salaries, depending on the performance of the industrial sector for 2023.

Workers in Samsung Electronics’ device solutions division, which is in charge of the company’s chip business, are expected to receive no incentives next year, due to the weak performance of the chip sector, according to industry sources Friday.

Over the past several years, the company awarded employees record-high incentives thanks to booming business based on its overall performance incentive program. Bonuses are given out at the beginning of the year based on the previous year’s earnings, and could go as high as 50 percent of an employee’s annual salary.

However, the firm will leave workers empty-handed this year, with a global economic downturn dragging down the chip sector all year. The device solutions division logged an accumulated loss of 12.7 trillion won ($9.9 billion) in the first three quarters of the year.

Despite disappointment within device solutions as workers missed out on the chance to boost their yearly income by about 30 percent, employees of the mobile experience division are reportedly expecting a maximum 50 percent overall performance incentive on the back of strong sales of Samsung’s flagship smartphones this year.

The exact percentage of the incentive for each division will be officially announced in January.

SK hynix, another Korean chipmaker, has not confirmed details about yearly profit sharing incentives, which can go up to 50 percent of one's annual salary. But as the company is expected to post several trillion won in operating losses by the end of the year similarly to Samsung Electronics, hopes of hefty year-end bonuses remain dim.

On the other hand, employees at the country’s two leading carmakers -- Hyundai Motor and Kia, both under Hyundai Motor Group -- are more optimistic after a year marked by upbeat sales, record-high operating profit and incentives. The labor unions and management of Hyundai Motor and Kia reached tentative agreements in September and October, respectively.

According to the agreements, employees of the two automakers were set to receive an incentive equal to 300 percent of their monthly salary plus an additional 8 million won. They also earned another month's wages and a special bonus of 2.5 million won. Auto industry sources estimate the total incentives for an employee to reach up to 50 million won.

Like the auto sector, the country’s shipbuilding industry saw booming business this year. HD Hyundai Heavy Industries, the world’s leading shipbuilder, offered an incentive amounting to 251 percent of monthly salary to employees this week, according to reports. The shipbuilder is projected to log operating profits of 133.2 billion won at the end of the year.

Samsung Heavy Industries turned into the black in its first-quarter earnings this year, and the profits continued to accelerate throughout the year. As the shipbuilder is forecast to log another profit in the fourth quarter, the company is expected to hand out unspecified incentives to employees early next year.

Hanwha Ocean likewise promised an incentive equal to 300 percent of the monthly salary for employees if the company achieves a certain amount in sales this year.

How much have Korea's food delivery fees risen this year?

By Song Jung-hyun

Published : Dec. 29, 2023 - 15:31

A Baemin delivery worker waits at a traffic light. (Im Se-jun/The Korea Herald)

The cost of ordering food by delivery in December rose by about 4 percent on-year, higher than the on-year rise in the cost of daily necessities at 3.9 percent, data showed Friday.

According to a report released by Statistics Korea, this month’s delivery cost showed a 4.3 percent increase from the figure in November 2022. The figure also marks an increase of 0.4 percent from November this year.

The report was based on a monthly survey of eateries across the country from November 2022 through December 2023.

The cost of ordering food by delivery was defined as the difference in price between when dining in at an establishment and when ordering food from home. Other costs such as additional charges based on distance were excluded from the survey.

The delivery fee most commonly charged by restaurants or delivery services was 3,000 won ($2.30) per order, with some delivery fees reaching as high as 7,000 won, the report showed.

In terms of price ranges for delivery fees, the 3,000 won range dominated, accounting for nearly half of the cases at 47.3 percent, followed by the 2,000 won range at 30.9 percent and the 4,000 won range at 11.3 percent.

When breaking down the data per different types of food, delivery fees in the 3,000 won range appeared most frequently again.

For "fast food" including pizza, kimbap, fried chicken and burgers, delivery fees in the 3,000 won range took up 59.5 percent of the total. According to the report, 47.9 percent of the delivery fees for coffee and beverages, and 49.8 percent of delivery fees for "Korean cuisine" -- baekban meals; soups; noodle, meat and seafood dishes -- were in the 3000 won range.

Meanwhile, for "foreign cuisine" such as Chinese, Japanese and Western-style food, the most common delivery fees were in the 2,000 won range.

By region, the Seoul Metropolitan Area posted higher-on-year growth in food delivery costs at 4.6 percent, compared to a rise of 3.9 percent outside of the capital region.

The data marks the first time that Statistics Korea examined delivery costs nationwide. It will be updated and released quarterly.

Food delivery costs will also be included as a new item in the consumer price index for 2025.

Tax revenue falls W49tr through Nov. on weak corporate performance

By Yonhap

Published : Dec. 29, 2023 - 11:51

GettyimagesBank

South Korea's tax revenue fell 49.4 trillion won ($38.41 billion) during the first 11 months of 2023 compared with a year earlier due mainly to weak corporate activities and the prolonged slump in the property market, the finance ministry said Friday.

But the shortfall had decreased for the second month in a row thanks to the increase in last month's tax revenue.

Tax revenue came to 324.2 trillion won during the January-November period, down 13.45 percent, or 49.4 trillion won, from the previous year's 374.6 trillion won, according to the Ministry of Economy and Finance.

The shortfall had gotten smaller from 52.2 trillion won reported during the first eight months of this year to 50.9 trillion won through September and 50.4 trillion won by October.

The government collected 19 trillion won in taxes in November, up 1 trillion won from a year earlier, the second monthly gain of the tax collection.

The decline in the yearly revenue was due mainly to the fall in corporate taxes collected and income taxes.

The collection of corporate taxes amounted to 78 trillion won during the 11-month period, down 23.1 percent from a year earlier.

Listed companies in South Korea reported 14.6 trillion won of operating profits combined in the first half of this year, sharply down from 56.4 trillion won from the previous year, according to government data.

The amount of income tax collected lost 11.3 percent on-year to 107.8 trillion won due to the real estate market slump.

The value-added tax collected during the January-October period also went down 7.3 percent on-year to 72.3 trillion won on sluggish private consumption and the decline in imports.

The ministry has said that the country would suffer a shortfall of around 59 trillion won in tax revenue this year, as it was expected to collect 400.5 trillion won this year.

"There is the possibility of the government being able to collect more taxes than it previously forecast," a ministry official said. (Yonhap)

Consumer prices grow 3.6% in 2023 amid high inflationary pressure

By Yonhap

Published : Dec. 29, 2023 - 09:29

People shop at a major discount chain store in Seoul on Sunday. (Yonhap)

South Korea has continued to experience high inflationary pressure this year following the highest price growth in decades the previous year, but inflation in December ticked down for a second consecutive month in signs that price pressure is easing, data showed Friday.

Consumer prices, a key gauge of inflation, rose 3.6 percent on-year in 2023, slowing from a 5.1 percent gain in 2022, according to the Statistics Korea.

Last year's figure marked the steepest on-year rise since 1998, when consumer inflation surged 7.5 percent in the wake of the Asian financial crisis.

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

The 2023 reading was higher than the government's outlook of a 3.3 percent increase presented in July, though officials later said that inflation was forecast to ease at a slower pace than earlier expected.

Core inflation, which excludes volatile food and energy prices, went up 4 percent on-year in 2023, compared with a 4.1 percent rise in 2022.

Prices of daily necessities -- 144 items closely related to people's everyday lives, such as food, clothing and housing -- climbed 3.9 percent on-year this year, staying above the 3 percent level for the third year in a row.

This year's price increase was due mainly to high prices of energy and farm products amid geopolitical instability and unfavorable weather conditions.

Utility services jumped 20 percent on-year this year, the sharpest gain since 2010, when the government began compiling the related data. South Korea depends heavily on imports for its energy needs.

Prices of agricultural, livestock and fishery products climbed 3.1 percent in 2023. Of major items, prices of apples and tangerines spiked 24.2 percent and 19.1 percent, respectively.

Prices of industrial products added 2.6 percent in 2023, compared with a 6.9 percent increase the previous year, as petroleum products reported an 11.1 percent price fall this year.

Service prices grew 3.3 percent on-year this year, the data showed.

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 further to 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.

Core inflation rose 3.2 percent on-year last month, slowing from the previous month's 3.3 percent.

Prices of daily necessities climbed 3.7 percent in December, compared with a 3.9 percent rise in November.

The increase came as prices of agricultural products surged 15.7 percent, the most since April 2021, and an agency official said that such an uptrend is forecast to continue for the time being.

According to the central bank, inflation is expected to grow 2.6 percent next year, though the country could reach its target rate of 2 percent by around the end of 2024.

BOK Gov. Rhee Chang-yong has said that "the last mile to achieving the target rate of inflation may prove more challenging," given uncertainties in the prices of global oil and raw materials and higher labor costs. (Yonhap)

Life & Style

- Record-high 14 million visit Joseon palaces, tombs, shrine this year

- Salvation Army raises record in donations

- Jeon Hye-jin’s upcoming comedy action flick, ‘Mission: Cross,’ delays release

- [Around the hotels] Promotions and packages

- [Travel Bits] Festivals, sights across Korea

Record-high 14 million visit Joseon palaces, tombs, shrine this year

By Choi Si-young

Published : Dec. 29, 2023 - 16:34

A musical held from April to May on the Gyeongbokgung grounds. (Cultural Heritage Administration)

South Korea’s popular royal palaces, tombs and shrine connected to the Joseon era (1392-1910) attracted 14.2 million visitors this year, the highest number since the Cultural Heritage Administration began compiling data in 2011.

The number of visitors jumped 28.5 percent on-year, exceeding the previous record of 13.3 million in 2019, particularly on the strength of domestic visitors. Foreign visitors to the cultural sites marked 1.9 million this year, well below the figure of 2.5 million in 2019.

The CHA attributed the surge to the success of nighttime programs at the palaces.

“The fact that we had expanded nighttime programs for visitors to tour those palaces even after the sunset could be one reason behind the record,” the agency said in a statement, adding the nighttime tours were open for 160 days in total last year.

The introduction of programs using digital technologies to engage tourists visiting tombs was another reason, the agency said, adding it will soon roll out separate programs for children and foreign travelers to boost attendance.

The palaces and shrine were all built during the Joseon era, under the rule of the Yi family. The main palace Gyeongbokgung as well as other palaces Changdeokgung, Changgyeonggung and Deoksugung and the shrine Jongmyo are all in central Seoul.

The tombs, which house Joseon kings and queens, are spread across 18 different sites in Seoul, Gyeonggi Province and Gangwon Province.

Salvation Army raises record in donations

By Choi Si-young

Published : Dec. 29, 2023 - 16:13

A ceremony marking record annual donations raised by the Salvation Army, in central Seoul on Thursday. (Salvation Army)

The Salvation Army in South Korea said it has raised 1.4 billion won ($1.08 million) through its joint campaign with the local finance industry, the highest annual figure ever since the campaign was launched in 2011.

“The donations will be used to rebuild old public welfare facilities and provide necessities and emergency cash to households in dire need,” the charity said Thursday. The group and 23 financial services companies – banks, brokerage firms, insurance and credit card companies – held a ceremony the same day to mark the occasion.

“Our campaign with financial leaders has been in place for 13 years, spreading warmth around the country,” Commissioner Chang Man-hee said. “We express our deepest gratitude to those firms for making bigger efforts every year.”

At the ceremony Thursday, Lee Se-hoon, first senior deputy governor of the government financial watchdog, the Financial Supervisory Service, said his agency would back efforts to “spread a culture of giving back to the community.”

Jeon Hye-jin’s upcoming comedy action flick, ‘Mission: Cross,’ delays release

By Kim Da-sol

Published : Dec. 29, 2023 - 11:10

“Mission: Cross” (Plus M Entertainment)

Upcoming comedy action flick “Mission: Cross," starring actor Jeon Hye-jin, has delayed its theatrical release, according to distributor Plus M Entertainment.

“Mission: Cross,” directed by Lee Myung-hoon, initially was to hit local theaters during the Lunar New Year in February 2024.

But Plus M Entertainment said the release has now been delayed, without mentioning the concrete reason. The specific date of the film's release has not been decided, it added.

Industry insiders have said the delay has to do with the sudden death of Jeon’s husband, renowned "Parasite" actor Lee Sun-kyun, who was found dead in an apparent suicide on Wednesday. His death was just days after he had been publicly summoned by police for a third round of questioning lasting 19 hours on Sunday over suspicions of illegal drug use, despite having repeatedly tested negative in drug tests last month.

“Mission: Cross” revolves around former agent Kang-moo (Hwang Jung-min), who hides his past from his wife and lives an ordinary life as a househusband. His wife and veteran crime squad team member Mi-seon (Yeom Jung-ah), who has misinterpreted Kang-moo’s secretive past, then gets involved in a huge case with Kang-moo.

Jeon appears as junior agent Hee-joo, who asks her former colleague Kang-moo for help to go undercover and investigate the case of a mysterious disappearance.

“Mission: Cross” had already been gathering public attention, as it stars the lead actor of this year’s 10-million-tickets-selling hit, “12.12: The Day," Hwang Jung-min, and the lead of summer hit action flick “Smugglers," Yeom Jung-ah, in the main roles.

Jeon Hye-jin (Hodu&U Entertainment)

[Around the hotels] Promotions and packages

By Lee Si-jin

Published : Dec. 29, 2023 - 09:01

Park Hyatt Seoul offers lucky bag event

The Park Hyatt Seoul, located in Gangnam, southern Seoul, plans to celebrate the New Year with a total of 200 lucky bags.

Each lucky bag, valued at 600,000 won, consists of a hotel room voucher and two special dining vouchers.

The hotel room voucher includes an opportunity to have a one-night stay in the Park Hyatt Seoul’s premium suite room, the “Diplomatic Suite,” or a two-night stay at the Park Hyatt Bangkok for two winners.

The dining voucher offers a chance to enjoy a full-course lunch or dinner at the hotel’s Italian restaurant, Cornerstone, including free cake and Dom Perignon.

The lucky bag will be available from 11 a.m. to 6 p.m. Saturday and Sunday at Cornerstone on a first-come, first-served basis.

For more information and reservations, call the Park Hyatt Seoul at (02) 2016-1220 or 1221.

Sheraton Grand Incheon Hotel presents New Year package

The Sheraton Grand Incheon Hotel offers an opportunity to enjoy the beautiful sunset and sunrise of the West Sea for its guests.

The “Winter Holiday View & Pool” package is a promotion for those who wish to see the rich colors of Songdo’s sky and the panoramic view of the city’s iconic Songdo Central Park from their rooms.

The package includes a bottle of Sheraton Grand Incheon’s signature red wine and unlimited use of the hotel’s indoor heated pool during the stay.

The “Winter Holiday View & Pool” package costs 245,000 won.

Call (032) 835-1000 for more information and reservations.

The Plaza launches winter food promotion

The Plaza has launched its winter season food promotion for guests looking to experience lesser-known seasonal Korean ingredients.

The healthy, wholesome ingredients include tilefish, black pork belly, monkfish liver, yam salad and more, cooked using Korean, Japanese and Chinese recipes.

Visitors can enjoy the seasonal dishes until Feb. 29 at the buffet restaurant, Seven Square, and the Chinese restaurant, Dowon.

For more information and reservations, call The Plaza at (02) 771-2200.

DoubleTree by Hilton Seoul introduces child-friendly package

The DoubleTree by Hilton Seoul Pangyo is set to entertain children on winter vacations with its latest “Little Artist” promotion.

The promotion covers a special welcome kit, the hotel’s signature cookie box, an afternoon tea set, a special “mission book,” breakfast buffet for parents and a child, restaurant discounts and free admissions to the hotel's indoor swimming pool.

With the tea set, children can design and make their own desserts such as cakes and macaroons. Children can also tour different areas of the hotel to complete missions and win the hotel’s mascot-themed eco bag.

The “Little Artist” package costs 280,000 won and is available until February.

For more information and reservations, call (031) 678-5500.

Moxy Seoul Myeongdong showcases holiday season event

Moxy Seoul Myeongdong, located in one of Seoul’s main tourist districts, Myeong-dong, is offering a special holiday food promotion featuring a chop steak with Champagne.

The juicy chop steak topped with the chef’s special sauce and a bottle of Beaumont Des Crayeres will be available during the holiday season.

Two specialty cocktails -- a snow red velvet cocktail and a ruby mojito -- are available as well.

The "Holiday Special" promotional package will be offered on the hotel’s fourth floor at Bar Moxy until Jan 31.

The package is priced at 190,000 won for two and cocktails cost 24,000 per drink.

For more information and reservations, call (02) 2184-7020.

[Travel Bits] Festivals, sights across Korea

By Choi Si-young

Published : Dec. 29, 2023 - 09:01

Gwanghwamun Square Market

Potentially the largest winter market in the capital is taking place at Gwanghwamun Square through Jan. 21, 2024. Open from 6 p.m. to 10 p.m., the market not only sells seasonal goods, including crafts, but also offers street food from food trucks.

The Seoul Lantern Festival is taking place concurrently, covering the area south to Seoul Plaza. The Gwanghwamun Square Market and lighting show are open during the same period in the evening.

Both events are free. More information is available at stolantern.com.

Ganghwa Smelt Festival

Ice fishing for smelt, a small bony fish that resembles trout in structure, is available at Ganghwa Island, Incheon throughout February next year.

Ice sledding is offered for those bringing with them children, and families can enjoy street food cooked at nearby eateries. Shinseonji Fishing Park is open from 9 a.m. to 5 p.m. on weekdays and from 8 a.m. to 5 p.m. on weekends.

Entry fees for adults, middle schoolers and older, are 13,000 won, and 7,000 won for those younger. Toddlers three or younger are not charged but identification is needed. Fish bait and gear such as chairs are sold separately. Check for updates at ssfestival.co.kr.

Gapyeong Lighting Garden

From December to mid-March next year, the Garden of Morning Calm in Gapyeong, Gyeonggi Province, will be illuminated between 5 p.m. and 9 p.m. for a unique experience taking a stroll under the lights in the garden in the chill of the midwinter evening.

Admission is 11,000 won for adults, 8,500 won for middle and high school students and 7,500 won for those younger. Seniors aged 65 and older are eligible for discounts upon presenting identification. For more information, visit morningcalm.co.kr.

Nature Park Zoo

A zoo for those curious about how animals spend the winter has opened in Daegu, running through early January next year.

Visitors can feed the animals and enjoy the nearby flower garden and playground. Guests also receive presents if they buy a “Lucky Bag” sold on the spot.

Admission is priced at 20,000 won for adults and 18,000 won for elementary school students and younger children. The zoo is open Wednesday to Monday, from 10 a.m. to 6 p.m. with last entry at 5 p.m. More details are available at spavalley.co.kr/naturepark.

Jeju Camellia Festival

Winter on Jeju Island would not be complete without camellia flowers, a symbol of the island itself. The resort island invites visitors tired of the freezing cold to its camellia festival, which runs to the end of January next year.

At Hueree Park, visitors will be surrounded by blooming camellias in lush greenhouses, gardens and trails. Jeju tangerines add a flavor that makes the trip all worth it. Fees for adults are 13,000 won, or 10,000 to 11,000 won for those younger, depending on age.

Tickets do not include the citrus fruit, sold additionally for 8,000 won. The park opens at 9 a.m. and closes at 6 p.m., though visitors often leave the place a little past 5 p.m., as the sun sets earlier on the island in the winter. Visit hueree.com for updates.

Entertainment

- [Today’s K-pop] NewJeans sells most-ever albums for K-pop female act

- Blackpink members not renewing individual contracts at YG: agency

- Twice to perform at Nissan Stadium in Japan next summer

[Today’s K-pop] NewJeans sells most-ever albums for K-pop female act

By Hwang You-meeX

Published : Dec. 29, 2023 - 17:56

(Credit: Vogue Australia)

NewJeans sold more than 4.39 million units of albums so far this year, the most-ever for a K-pop female act, according to a local tally Friday.

The rookie girl group achieved the feat with three albums: its namesake album from August last year and single “OMG” from January, as well as second EP “Get Up," which was rolled out in July. All three albums each sold over a million and the latest is likely to sell over 2 million, as it had logged more than 1.99 million in sales as of November.

The second mini album, in the meantime, is staying strong on the Billboard 200, extending its stay to 22 weeks straight after debuting atop the chart. The album jumped up 32 rungs to No. 106 on the chart dated Dec. 30.

Le Sserafim’s ‘Perfect Night’ tops 100m Spotify streams

(Credit: Source Music)

Le Sserafim generated 100 million plays on Spotify with “Perfect Night,” said agency Source Music on Friday.

It is the group’s sixth song to reach the milestone on the platform and did so in the shortest time for the five-member act -- 62 days.

“Perfect Night” is its first English-language single. It has been enjoying an eight-week stay on Spotify’s weekly top songs global chart. It is also still on Spotify’s Daily Top Songs Global chart, ranking No. 129 on the tally dated Dec. 27. The single charted on both Billboard’s Global 200 and Global excl. the US, peaking at No. 9.

Meanwhile, the five members are set to appear in a series of year-end music festivals across Asia, including the Red ＆ White Year-end Song Festival hosted by Japan’s NHK.

Teen Top’s Niel to drop 3rd solo single

(Credit: New Entry)

Niel of Teen Top will bring out his third solo single album on Jan. 11, said agency New Entry Friday.

He is returning on his own with single “Parting Emotion,” about 14 months since his third EP, “A to Z.” As the album title suggests, he will sing candidly about the emotions after breaking up with a loved one and demonstrate his soft vocals and maturing musical capabilities.

Niel debuted as a member of the boy band in 2010. The four-piece team released album “Teen Top [4SHO]” in July, coming out of three-year hiatus, even though Niel and Changjo each signed with new agencies. Ricky and Chunji also decided not to renew their contracts with TOP Media, announced the management firm on Friday, after 13 years.

Itzy floats teaser for new album

(Credit: JYP Entertainment)

Itzy uploaded more teaser content for its upcoming album, due out Jan. 8.

In the concept photographs and teaser video for “Mr. Vampire,” one of the B-side tracks from EP “Born To Be,” the four members show two different sides of them in fairytale-like settings, and whisper, “We look so good together, Mr. Vampire.”

Itzy has been raising expectations for the new album, unveiling music videos for the solo songs of each member as well as that of opening track “Born To Be.” The quartet is planning a livestream on the day of the release of the 10-track album, fronted by “Untouchable.”

In February, it is set to hold a two-day concert in Seoul and embark on its second international tour.

Lia will be absent from the activities as she has been taking a break since September.

Blackpink members not renewing individual contracts at YG: agency

By Hong Yoo

Published : Dec. 29, 2023 - 14:47

Blackpink (YG Entertainment)

All four members of the K-pop sensation Blackpink are leaving YG Entertainment to pursue their solo careers.

“We recently extended our exclusive contract with Blackpink for its group projects. We agreed not to proceed with an additional contract for each member’s individual activities,” said YG Entertainment in a press release on Friday.

YG announced on Dec. 6 that the four-member group had renewed an exclusive contract with the agency for group activities.

Since their debut in 2016 with singles “Whistle” and “Boombayah,” the quartet has flourished as a world-renowned K-pop girl group, enchanting the public and topping major US and UK music charts.

The group’s other releases have all been hits, including “Playing With Fire,” “Kill This Love,” “Lovesick Girls,” “Pink Venom” and “Shut Down."

Blackpink rewrote K-pop history for female groups last year when their second studio album, “Born Pink,” topped the Billboard 200 and the British Official Albums Chart Top 100, the first K-pop girl group to do so.

Earlier this year, the group ended their second world tour, "Born Pink," on a high note, attracting 1.8 million fans worldwide.

Jennie of Blackpink was the first member of the group to announce her new beginning under a new agency that she has established for her solo career.

“This year was filled with many accomplishments, and I’m so thankful for all the love I’ve received. I’m also excited about what’s to come, as I start my solo journey in 2024 with a company that I have established called OA. Please show lots of love for my new start with OA and of course, Blackpink,” Jennie wrote in a post on her Instagram account on Sunday.

Twice to perform at Nissan Stadium in Japan next summer

By Hong Yoo

Published : Dec. 29, 2023 - 13:40

Twice (JYP Entertainment)

K-pop girl group Twice will hold standalone concerts at Nissan Stadium, the biggest multipurpose stadium in Yokohama, Japan, in July next year.

The group announced the upcoming concert during a gig at the PayPay Dome in Fukuoka, Japan, Thursday.

Twice will later hold standalone concerts at Yanmar Stadium Nagai in Osaka, Japan, July 13-14, 2024, as well as at Nissan Stadium on July 27 and 28.

Twice will become the second K-pop act to perform at Nissan Stadium, following legendary K-pop boy band TVXQ over a decade ago in 2013.

Nissan Stadium has a seating capacity of 70,000 to 75,000, which means the nine-member group could possibly perform in front of over 140,000 fans in the two days of concerts.

Twice is also to release a fifth Japanese studio album next year, according to JYP Entertainment.

Opinion

- [Robert Fouser] Improving housing quality in Seoul

- [Editorial] Fix 52-hour workweek

[Robert Fouser] Improving housing quality in Seoul

By Korea Herald

Published : Dec. 29, 2023 - 05:31

City rankings often produce strange results. The Economist Intelligence Unit’s high ranking for Osaka, Japan in recent years has always struck me as odd. The group produces the “Global Liveability Ranking” report for cities around the world. The 2023 report examined 172 cities around the world using more than 30 quantitative and qualitative indicators. Among Asian cities, Osaka was tied for 10th place with Auckland, New Zealand. The most liveable city ranked as Vienna, Austria, followed by Copenhagen, Denmark, and Melbourne, Australia. Seoul ranked 58th, much lower than Osaka.

Osaka is puzzling. Vienna and Copenhagen are already widely recognized as liveable cities, but Osaka? In Japan, Osaka is not considered the most liveable city; regional centers such as Fukuoka and Sendai have a positive image for quality of life. Osaka is seen as a declining commercial and industrial center with crowded living conditions. From a global perspective, Osaka has a much lower crime rate than almost anywhere else in the world. Because of its size and proximity to the historic cities of Kyoto and Nara, Osaka offers many cultural and leisure activities.

The 30 indicators, which are divided into five categories -- stability, health care, culture and environment, education and infrastructure -- have slightly different weights. Stability and culture plus environment each had the highest weight at 25 percent each, while education had the lowest. Infrastructure accounted for 20 percent, which included housing quality, but the overall impact was not significant. Osaka’s relatively high score is likely due to the low weight given to housing, which is one of the city’s biggest problems.

Japan is a wealthy developed country, but the quality of housing lags far behind that of North America and Europe. Though more spacious than Tokyo, houses in Osaka are small compared to those in other advanced countries. Outside of Hokkaido, Japanese homes rarely have central heating, leaving them very cold in the winter. Many houses, especially rental houses, are noisy because they lack adequate soundproofing. With the exception of a few wealthy people, most people living in large cities in Japan live in cramped and noisy houses.

Thinking about housing in Osaka raises questions about housing in Korea. Is it any different? For people who live in apartments, the answer is definitely yes. Korean apartments are larger and better heated than in apartments in Japan. Most have more green space as well as parking and other facilities that their Japanese counterparts, especially in the biggest cities, often lack.

The problem for Korea is that not everyone lives in an apartment. Flooding in the summer of 2022 and increasing typhoons due to climate change have highlighted the problems of semibasement houses found in older densely populated neighborhoods. Residents in these areas have to deal with odors inside and outside their homes because most buildings in these areas still use septic tanks. Noise from inside and outside is a common problem in these crowded neighborhoods.

Apartments themselves vary greatly in comfort and quality. Many apartments, some of which are new and expensive, suffer from noise from the floor above, as well as outside traffic noise.

The definition of a liveable city varies from person to person, but at the very least, the quality of housing should be one of the most important criteria. This is true for both Seoul and Osaka. What can Seoul do to improve housing quality?

Tearing down older areas and replacing them with new housing in the form of apartments is one answer, but it causes displacement of lower-income residents and does not address the problem residents face now. Redevelopment also reduces the supply of smaller rental units that many young people rely on.

After the 2022 floods, the city of Seoul banned living in semibasements. Landlords who rent illegal units built on rooftops are being fined in the hope of pushing them to demolish them. The city and local district governments have improved fire safety and other infrastructure in recent years. Although restrictive and unpopular with landlords, these measures will have a positive effect over time.

However, the most effective thing the government could do now would be to start work on an advanced sanitation system that focuses on eliminating septic tanks. South Korea is too developed and too advanced to tolerate septic tanks in its capital, or any other major city, for that matter. The project would also provide opportunities to invest in other infrastructure, such as water pipes, roads, sidewalks, in older neighborhoods. Let 2024 be the year that plans for Seoul’s “Great Dig” are announced.

Robert J. Fouser

Robert J. Fouser, a former associate professor of Korean language education at Seoul National University, writes on Korea from Providence, Rhode Island. He can be reached at robertjfouser@gmail.com. -- Ed.

[Editorial] Fix 52-hour workweek

Policymakers must fix work hour limit following Supreme Court’s latest ruling

By Korea Herald

Published : Dec. 29, 2023 - 05:30

The Supreme Court’s latest ruling on the 52-hour workweek system is expected to offer some relief to companies as well as workers in need of a more flexible allocation of work hours without violating related laws. But the dispute still lingers over possible side effects of the ruling, calling for remedy in labor policy.

The top court on Monday overturned some part of the lower courts’ rulings that found an owner of a flight cabin cleaning company in violation of the Labor Standards Act by forcing an employee to work beyond the limit set by the 52-hour workweek system.

The worker had worked for three straight days before getting a day off, a concentrated work pattern resulting in 21 work hours per day (13 hours of overtime plus eight regular work hours) on 109 occasions, which violated the Labor Standards Act, according to the lower courts’ rulings.

The country’s 52-hour workweek system allows for eight hours of work per day from Monday through Friday and an extra 12 hours and holds companies legally accountable for violations.

The Supreme Court returned the case to the lower court, holding a view that it is legal to adjust daily work hours if the total weekly work hours do not exceed 52 hours, a departure from the position of lower courts which had focused on the daily work-hour limit.

It is notable that the Supreme Court has ruled for the first time that overtime work should be calculated on a weekly basis -- rather than on a daily basis. This is in line with the Yoon Suk Yeol administration’s labor reform policy which attempted early this year to make working hours more flexible.

In March, the government pushed for a new workweek rule in which longer work hours of up to 69 hours would be compensated with extra holiday time on a weekly, quarterly, six-monthly or annual basis. But the policy proposal sparked a wave of protests from workers and civic groups claiming it would lead to a 69-hour workweek. The government is yet to restart public discussions about changes to the current 52-hour workweek system.

There is no question that Korea’s rigid labor regulations need more flexibility, especially when companies face tight deadlines to handle big orders for their products. In the video game industry, the term “crunch mode” refers to long periods of compulsory overtime during the development of a game title. The latest ruling in favor of a weekly calculation could allow these firms to map out overnight work schedules more freely without worrying about violations.

But critics argue that the Supreme Court ruling means that companies in theory can legally force employees to work for 21 hours and 30 minutes on two days each before getting three days off, an extreme yet legal work schedule that could hurt workers’ health. They also worry that crunch mode will be more widely adopted across diverse industries.

The Ministry of Employment and Labor welcomed the Supreme Court’s ruling and announced it would hurry up to change its administrative interpretation of the 52-workweek system that has been based on the daily limit of work hours.

But the government and the Labor Ministry must understand that the top court’s ruling does not necessarily present a desirable form of work schedules that can satisfy both employees and employers.

As critics point out, there could be side effects such as the introduction of a shorter minimum rest period. Labor groups say the labor law should be revised to ensure that workers get at least 11 hours of uninterrupted rest hours before starting a new workday.

The government and lawmakers must consider various options, including the revision of the Labor Standards Act to fix the work-hour limit. The key is to strike the right balance by making the workweek rule more flexible to enhance productivity without undermining the health of workers.

Table of Contents

Korea Herald: 29 Dec, 2023

National

DP leader to meet ex-leader Lee Nak-yon Saturday amid call for resignation

Yoon, ex-President Park meet over lunch at presidential residence

Inspection shows over W125.6b in virtual asset transactions by lawmakers

Yoon appoints 4 ministers, broadcasting watchdog chief

Business

BOK sells net $3.5 billion in market-smoothing operations in Q3

Government vows more cash to cushion Taeyoung E&C fallout

Daewoo E&C opens winter theme park on Phu Quoc, Vietnam

Posco Group tries to dispel NPS concerns over chair appointment

Winners and losers at year-end bonus season

How much have Korea's food delivery fees risen this year?

Tax revenue falls W49tr through Nov. on weak corporate performance

Consumer prices grow 3.6% in 2023 amid high inflationary pressure

Life & Style

Record-high 14 million visit Joseon palaces, tombs, shrine this year

Salvation Army raises record in donations

Jeon Hye-jin’s upcoming comedy action flick, ‘Mission: Cross,’ delays release

[Around the hotels] Promotions and packages

[Travel Bits] Festivals, sights across Korea

Entertainment

[Today’s K-pop] NewJeans sells most-ever albums for K-pop female act

Blackpink members not renewing individual contracts at YG: agency

Twice to perform at Nissan Stadium in Japan next summer

Opinion

[Robert Fouser] Improving housing quality in Seoul

[Editorial] Fix 52-hour workweek