'COVID-19 accelerating arrival of Asian Century'
The COVID-19 pandemic has brought a sense of chaos to the whole world, but it will be an opportunity for Asian countries to lead the transformation toward a new business environment, according to Choi Won-sik, the managing partner at McKinsey & Company's Seoul office. The head of the world's leading consulting firm's local subsidiary indicated that “the next normal” will emerge from Asia with the beginning of the “Asian Century” after the pandemic. “COVID-19 will not only slow down, but it will accelerate the arrival of the future of Asia towards all of us,” he said in a keynote speech delivered at the 2020 Korea Times Forum in Seoul, Thursday.
Korea, China set example for global cooperation on COVID-19
Cooperation is the only key to overcoming a global challenge like the COVID-19 pandemic, and Korea and China have demonstrated how it can work successfully, Chinese Ambassador to Korea Xing Haiming said, Thursday.
Gov't seeks to turn pandemic crisis into opportunity
The government will spearhead a comprehensive plan to turn the COVID-19 pandemic into an opportunity, amid what it calls a “critical milestone” to help the country emerge from the crisis and move toward becoming a more advanced economy, the country's top policy maker said Thursday.
2020 Korea Times Forum in photos
Dignitaries wearing masks pose during the 2020 Korea Times Forum at The Plaza Seoul, Thursday. From left are Hana Bank CEO Ji Sung-kyoo, Export-Import Bank of Korea CEO Bang Moon-kyu, Suhyup Bank CEO Lee Dong-bin, Korea Times Managing Editor Shim Jae-yun, McKinsey & Company Korea Managing Partner Choi Won-sik, Second Vice Minister of Economy and Finance An Il-whan, Lotte Corporation CEO Song Yong-dok, K bank CEO Lee Mun-whan, Indonesian Ambassador to South Korea Umar Hadi, KakaoBank CEO Yun Ho-young, EDGC CEO Shin Shang-cheol, Shinhan Financial Group Chairman Cho Yong-byoung, Chinese Ambassador to South Korea Xing Haiming, Citibank Korea CEO Park Jin-hei, Korea Network of Women in Finance Chairwoman Kim Sang-kyung, Korea Federation of Banks Chairman Kim Tae-young, Korea Times President and Publisher Oh Young-jin, AMCHAM Korea Chairman James Kim, NongHyup Financial Group Chairman Kim Gwang-soo, KB Financial Group Chairman Yoon Jong-kyoo, Woori Financial Group Chairman Son Tae-seung, AMCHAM Korea Chairman of the Board Jeffrey Jones, POSCO Senior Executive Vice President Chung Chang-hwa, KAMCO CEO Moon Sung-yu, Kuwaiti Ambassador to South Korea Bader Mohammad Al-Awadi, KIC CEO Choi Hee-nam, Qatari Ambassador to South Korea Mohammed Ahmad Al-Hayki and Mexican Ambassador to South Korea Bruno Figueroa Fischer. / Korea Times photo by Shim Hyun-chulKorea Times President and Publisher Oh Young-jin, right, holds up his fist with AMCHAM Korea Board Chairman Jeffrey Jones, center, and AMCHAM Korea Chairman James Kim, to show support for the 2020 Korea Times Forum. / Korea Times photo by Shim Hyun-chulKorea Network of Women in Finance Chairwoman Kim Sang-kyung, left, speaks with Lotte Corporation CEO Song Yong-dok, right, and Standard Chartered Bank Korea CEO Park Jong-bok. / Korea Times photo by Shim Hyun-chulMcKinsey & Company Korea Managing Partner Choi Won-sik, left, is in a conversation with AMCHAM Korea Chairman James Kim, center, and Kuwaiti Ambassador to South Korea Bader Mohammad Ai-Awadi. / Korea Times photo by Shim Hyun-chulSecond Vice Minister of Economy and Finance An Il-whan, center, listens to a speech. / Korea Times photo by Shim Hyun-chulForum attendees listen to an opening speech delivered by Second Vice Minister of Economy and Finance An Il-whan. / Korea Times photo by Shim Hyun-chulKorea Times President and Publisher Oh Young-jin, second from right at the first table, and Chinese Ambassador to South Korea Xing Haiming, right, applaud a speaker with forum attendees. / Korea Times photo by Shim Hyun-chulStaff check the temperature of Citibank Korea CEO Park Jin-hei. On the left is KakaoBank CEO Yun Ho-young. / Korea Times photo by Shim Hyun-chulKB Financial Group Chairman Yoon Jong-kyoo, second from left, greets Korea Federation of Banks Chairman Kim Tae-young, right. / Korea Times photo by Shim Hyun-chulChinese Ambassador to South Korea Xing Haiming, right, chats with Woori Financial Group Chairman Son Tae-seung. / Korea Times photo by Shim Hyun-chulNongHyup Financial Group Chairman Kim Gwang-soo, left, Korea Federation of Banks Chairman Kim Tae-young, center, and KIC CEO Choi Hee-nam chat during a tea meeting prior to the start of the forum. / Korea Times photo by Shim Hyun-chulKIC CEO Choi Hee-nam, left, Woori Financial Group Chairman Son Tae-seung, second from left, Second Vice Minister of Economy and Finance An Il-whan, third from left, and KAMCO CEO Moon Sung-yu chat during a tea meeting prior to the start of the forum. / Korea Times photo by Shim Hyun-chulShinhan Financial Group Chairman Cho Yong-byoung looks at pages of The Korea Times. / Korea Times photo by Shim Hyun-chul
BOK cuts Korea's 2020 growth outlook to - 0.2 percent
The Bank of Korea (BOK) said Thursday it was downgrading its 2020 growth outlook for Korea from 2.1 percent to a contraction of 0.2 percent due to the prolonged aftermath here and abroad of the ongoing COVID-19 pandemic. This is the first time in 11 years for the central bank to forecast an economic contraction. The outlook comes as the coronavirus outbreak has cast a longer-than-expected shadow over the local economy, freezing domestic consumption and causing a sharp decrease in exports, the BOK said.
Coupang-related virus infections out of control
The number of COVID-19 patients linked to a Coupang logistics center in Bucheon, Gyeonggi Province, has been increasing rapidly day after day, putting the health authorities on high alert over further community spread.
Calls grow to delay school opening as virus fears persist
Parents and teachers urged the government Thursday to postpone reopening of schools as more and more students are confirmed to be infected with the coronavirus inside and outside of schools.
Former 'comfort woman' renews attack on activist-turned-lawmaker-elect
Former sex slavery victim Lee Yong-soo on Thursday reconfirmed her condemnation of Yoon Mee-hyang, a former activist for so called “comfort women” and now a lawmaker-elect, saying she felt betrayed.
Election watchdog demonstrates election process to address ballot rigging claim
The election watchdog gave a demonstration of the ballot casting and counting processes of the April 15 general election to address the ballot rigging allegations made by an opposition lawmaker and some conservative activists.
YG's rookie Bang Ye-dam of TREASURE to release solo single
YG Entertainment's rookie Bang Ye-dam will kick off his K-pop career with a solo act before making his group debut with TREASURE. The agency unveiled a poster for the artist's digital single “WAYO” on social media Thursday, announcing its release on June 5.
China approves Hong Kong security bill
China's parliament, the National People's Congress, approved a decision on Thursday to go forward with national security legislation for Hong Kong that democracy activists in the city and Western countries fear could undermine its autonomy. China says the legislation will be aimed at tackling secession, subversion, terrorism and foreign interference in the city but the plan, unveiled in Beijing last week, triggered the first big protests in Hong Kong for months.
SK Global Chemical aims to raise green production rate to over 70% by 2025
Na Kyung-soo, president of SK Global Chemical, says the company will need to adapt swiftly to eco-friendly business models if it plans to achieve sustainable growth in the future.
Moon to strengthen cooperation with new Assembly
President Moon Jae-in will work more closely with the next National Assembly for a more effective management of state affairs in the post-COVID-19 period, according to the presidential office, Thursday.
K-pop stars to play online gigs for 'KCON:TACT 2020 SUMMER'
Several K-pop stars will participate in a live online concert organized by entertainment giant CJ ENM, according to the company, Thursday. The concert is part of “KCON:TACT 2020 SUMMER,” a Korean cultural festival series held abroad annually. Following the coronavirus (COVID-19) pandemic, the organizer decided to hold an online event this time.
Moon's adviser says antagonizing China will start new Cold War
South Korea's alliance with the United States is more important than its strategic partnership with China, but antagonizing Beijing will start a new Cold War on the Korean Peninsula, a special security adviser to President Moon Jae-in said Wednesday. Speaking from Seoul, Moon Chung-in was addressing the dilemma Seoul faces in its diplomatic relations with Washington and Beijing, as tensions between the two have intensified amid the coronavirus pandemic.
FSC spokeswoman to standardize financial terms
The Financial Services Commission (FSC) spokeswoman has taken charge of standardizing financial terms that have been considered too difficult for consumers to understand.
'Wear a mask': US death toll from coronavirus surges past 100,000 people
The U.S. surpassed a jarring milestone Wednesday in the coronavirus pandemic: 100,000 deaths. That number is the best estimate and most assuredly an undercount. But it represents the stark reality that more Americans have died from the virus than from the Vietnam and Korean wars combined. ``It's a striking reminder of how dangerous this virus can be,'' said Josh Michaud, associate director of global health policy with the Kaiser Family Foundation in Washington.
Baekjehongsam to host KLPGA tour next week
Baekjehongsam said Thursday it will host the upcoming KLPGA tour at the Grand Country Club in North Chungcheong Province on Monday.
Eight people illegally entered Korea after coming from China on motorboat, suspect says
Eight people, not six as initially believed, entered South Korea earlier this month after arriving on the west coast in a small motorboat from China, a probe found Thursday. The apparent Chinese nationals landed in the coastal city of Taean, South Chungcheong Province, aboard the boat in the morning of May 21. Six people disembarked from the six-seat boat and immediately left the beach area in a van that had been waiting for them, CCTV footage showed.
Korea to export $500,000 worth of hereditary disease medicine to Iran
South Korea will this week send to Iran US$500,000 worth of medicine used to treat a hereditary disease, the foreign ministry said Thursday, in the first such humanitarian exports to the country since the United States tightened anti-Tehran sanctions last year. The medicine to treat Gaucher's disease will be sent by air on Friday. The ministry also expects another batch of exports, such as medicine and medical equipment, worth $2 million in total to be shipped to the Middle Eastern country next month.
Ex-CEO of cosmetics firm Skinfood gets 5-year prison term for stealing revenue
The founder and former CEO of South Korean cosmetics company Skinfood was sentenced to five years in jail Thursday for stealing some 12 billion won (US$9.7 million) from the company's online sales revenue. The Seoul Western District Court delivered the ruling to Cho Yoon-ho, 52, on account of breach of trust.
Canadian court rules against Huawei exec fighting extradition
An executive for Chinese tech giant Huawei suffered a legal setback Wednesday when a Canadian judge ruled that proceedings to extradite her to the United States will go ahead. The decision on so-called double criminality, a key test for extradition, found that bank fraud accusations against Meng Wanzhou would stand up in Canada.
'I can't breathe': Minneapolis mayor calls for white police officer to be charged in black man's death
Minneapolis Mayor Jacob Frey on Wednesday called on prosecutors to file criminal charges against a white police officer caught on a bystander's video pressing his knee into the neck of African-American man who later died at a hospital. The officer along with three others involved in the apprehension of George Floyd, 46, were dismissed from the police force on Tuesday, the day after the deadly incident unfolded in Minnesota's largest city.
Celebrity couple Lee Dong-gun, Cho Youn-hee divorce after 3-year marriage
South Korean celebrity couple Lee Dong-gun and Cho Youn-hee have legally parted ways following a three-year marriage, according to the latter's agency Thursday. "Cho Young-hee divorced Lee Dong-gun following a divorce settlement at a court in Seoul on May 22," said King Kong by Starship, Jo's management agency.
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