Doosan's restructuring plan falls apart

Doosan Group’s business restructuring plan has fallen apart once again, after Korea’s martial law turmoil delivered a heavy blow to the stock market. Doosan Enerbility on Tuesday announced that it decided not to hold a temporary shareholders meeting on Friday this week after it held a board of directors meeting earlier in the day, indicating that the attempt to split off Doosan Bobcat, a subsidiary of Doosan Enerbility, and merge it with Doosan Robotics had to be scrapped. “Due

CompaniesDec. 10, 2024

[Photo News] Sound of tomorrow

LG Electronics on Tuesday unveiled its revamped wireless audio brand LG Xboom, in collaboration with US rapper and producer will.i.am as “experiential architect.” The brand’s wireless speakers come with a new sound identity and user-centric designs, including an AI-powered radio app for personalized content. Its Xboom Buds earphones, formerly LG Tone Free, have also been upgraded for their official debut at the upcoming CES tech show in Las Vegas in January. (LG Electronics)

TechnologyDec. 10, 2024

Signs surface that martial law plotted well in advance

Senior officers of the military were ordered to be on standby for a North Korea-related situation in the days leading up to President Yoon Suk Yeol’s declaration of martial law, in another sign that the events that unfolded on Dec. 3 were plotted in advance. Colonel-level commanders were called to be on guard for an imminent provocation by North Korea on Dec. 1, two days before Yoon declared martial law, according to Maj. Gen. Lee Kyung-min. Speaking before the National Assembly on Tuesday

PoliticsDec. 10, 2024

[Today’s K-pop] BTS’ V enters Billboard Hot 100 with winter song

V of BTS hit Billboard’s Hot 100 at No. 99 with the single “Winter Ahead,” according to the chart preview published Tuesday. It is his fifth solo entry on the main songs chart, following “Christmas Tree” for the 2021 drama “Our Beloved Summer”; “Slow Dancing” and “Love Me Again” from his first solo album “Layover”; and the digital single “Fri(end)s” from March. The artist teamed up with singer Park Hyoshin

K-popDec. 10, 2024

[Herald Interview] Jeju Biennale is at crossroad: artistic director Lee Jong-hoo

Jeju Biennale marked its fourth edition in November with the theme of “drift,” inviting some 87 artists from 14 countries to participate. The regional biennale is a latecomer in South Korea's biennale scene, following far behind the Gwangju Biennale and the Busan Biennale. Since its inauguration in 2017, it has continuously suffered from internal conflicts over whether it should continue. Jeju Province's budget for this year's biennale was around 1.2 billion won, a cut

Arts & DesignDec. 10, 2024

MBK proposes stock split for Korea Zinc

Private equity firm MBK Partners suggested a stock split for Korea Zinc as part of its initiatives to enhance the shareholder value of the troubled zinc smelter, which has been embroiled in a heated power struggle. While the MBK-Young Poong coalition and the current management of Korea Zinc, headed by Chairman Choi Yun-beom, continue a prolonged quarrel over the right to control the zinc smelter, the private equity house unveiled a set of initiatives to boost its shareholder value, including a s

IndustryDec. 10, 2024

[KH Explains] Crypto tax postponed again: Why Korea remains a rare case

Amid the rapidly expanding global virtual asset market, South Korea has decided to push back cryptocurrency trading taxation until 2027. On Tuesday, the National Assembly passed a revised Income Tax Act, which includes a two-year delay on taxing income from virtual asset trading, initially planned for implementation next month. The original plan proposed a 22 percent tax on annual crypto income exceeding 2.5 million won ($1,750) starting in January 2022 but has been delayed three times due to po

IndustryDec. 10, 2024

Assembly passes reduced budget plan, special counsel

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

PoliticsDec. 10, 2024

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

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

CultureDec. 10, 2024

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

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

IndustryDec. 10, 2024

Korea reaffirms readiness to respond as markets go on wild ride

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

EconomyDec. 10, 2024

Corporate Korea braces for 2025 amid political turmoil

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

CompaniesDec. 10, 2024

Supreme Court verdict on Cho Kuk due Thursday

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

Social AffairsDec. 10, 2024

Prosecutors tighten grip on Kim

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

PoliticsDec. 10, 2024

[Contribution] Kazakhstan’s emergence as a middle power

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

Foreign AffairsDec. 10, 2024

Will ruling party lawmakers change course?

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

PoliticsDec. 10, 2024

Lawmakers call for reforms to limit martial law risks

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

PoliticsDec. 10, 2024

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

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

K-popDec. 10, 2024

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

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

MobilityDec. 10, 2024

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

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

TelevisionDec. 10, 2024