oleh admin | Apr 2, 2025 | crime, culture, korean, military, politics
The opening of a museum honoring Yun Bong-gil, who was put to death in 1932, has been delayed following objections from conservative factions.
The inauguration of a memorial museum in Kanazawa,
Japan
A dedication event honoring a Korean nationalist was suddenly canceled due to intense objections from right-wing organizations, highlighting the persistent tensions surrounding Japan’s historical colonization.
The three-story Yun Bong-gil Memorial Information Center was set to be inaugurated near Kanazawa Station in Ishikawa Prefecture on Saturday. However, the opening was delayed following protests from Japanese ultra-nationalist groups who gathered in the vicinity.
Yun Bong-gil gained recognition for executing a bombing assault against Japanese government representatives in Shanghai during 1932.
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To prevent possible unrest at the museum, law enforcement set up barriers and kept a watchful eye. Approximately 70 cars drove around the area for about three hours, waving Japanese imperial flags and playing aggressive tunes, as reported by the Sankei newspaper.
Earlier, a group of Japanese nationalists tried to prevent the museum from opening by seeking legal recourse, however, their case was rejected in court.
The organization Mindan, which oversees the museum, has faced previous attacks, such as an incident on March 2 where a member of a nationalist group drove a car into the local office of the South Korean community association in Kanazawa.
According to local news outlets, the vehicle featured the emblem of an extreme-right organization along with a rising sun flag. The motorist, identified as Kenji Goto, was apprehended on site and admitted to deliberately aiming for the structure.
Kim Gwang-man, the South Korean head of the museum initiative, informed Yonhap that the center’s opening date remained uncertain. He stated, “Setting another date might just invite criticism from right-wing groups.”
In South Korea, Yun is honored as a national icon, respected for giving up his life to aid in the liberation of the Korean peninsula from Japanese colonial rule (1910-1945). Advocates of the museum argue that it seeks to pay tribute to Yun’s heritage and teach upcoming generations about his significant contribution to the Korean independence struggle.
Yun, who was born in June 1908, relocated to Shanghai in 1931 with the resolve to combat Japanese oppression.
The explosion he orchestrated at Hongkou Park in 1932 was aimed at an event honoring Emperor Showa’s birth anniversary. This act led to the fatalities of notable Japanese figures Teiji Kawabata and General Yoshinori Shirakawa, along with numerous casualties among those present.
After a second bomb failed to explode, Yun was captured and subsequently executed by firing squad at the age of merely 24. Years later, his remains were disinterred and reburied in Seoul, and in 1962, he was posthumously granted the Republic of Korea Cordon, which stands as the country’s supreme accolade.
This individual detonated an explosive device in a crowded park in Shanghai, resulting in the deaths of two Japanese nationals and injuries to numerous others.
Ken Kato, the conservative Japanese businessman
Ken Kato, a conservative businessman from Tokyo, criticized the museum’s inauguration, calling it “highly provocative.”
He stated that this individual triggered an explosion within a public park in Shanghai, resulting in the deaths of two Japanese nationals, numerous injuries, and endangering the safety of several bystanders.
Kato emphasized the importance of recognizing the sentiments of the Japanese people, stating, “Imagine the reaction if a Japanese organization proposed opening a museum in Seoul aimed at portraying the period under Japanese rule as beneficial for the Korean Peninsula.”
News about the museum’s interrupted opening has sparked furious reactions in South Korea, with remarks on the Hankyoreh newspaper’s online platform urging for unity and posing the question, “Who will speak up for Korea?”
Emotions are also strongly charged in Japan, as evidenced by a posting on the Yahoo Japan news site stating: “If you attempt to honor individuals responsible for terroristic acts, naturally, protests will ensue.”
As stated elsewhere, honor Yun Bong-gil in Korea,” one message said. “Commemorating him in Japan would be considered harassment. If Japan attempted something like this in Korea, they would protest vehemently.
Mindan was approached for comments about the demonstrations opposing the museum.
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oleh admin | Mar 27, 2025 | electric power, energy sector, korea national news, korean, power plants
The Korea Railroad Corporation (KORAIL) intends to construct a Combined Heat and Power (CHP) facility, often referred to as a cogeneration power plant, at its Goyang train yard by 2027 with the aim of cutting down on electricity expenses.
The government-owned railroad authority, utilizing electric power for its operation of KTX high-speed services as well as various local routes such as Lines 1, 3, and 4 within the greater Seoul region, has experienced a significant surge in their utility expenditures recently. In the previous fiscal year, they allocated approximately 580 billion Korean won ($400 million)—which constitutes about 8.7% of their total operational spending amounting to 6.64 trillion Korean won—towards energy consumption alone. This expense is anticipated to increase further by around an additional 60 billion Korean won during the current year.
South Korea has consistently maintained some of the lowest industrial electricity rates globally. Despite the state-owned Korea Electric Power Corporation (KEPCO) experiencing significant financial losses and accumulating debts because of the former President Moon Jae-in’s initiative to reduce reliance on nuclear power along with rising crude oil costs, the authorities have increased electricity tariffs just once. To avoid provoking substantial public backlash, particularly regarding residential electricity charges, the government opted to raise industrial electricity rates two times starting from May 2023.
Soaring electricity expenses are driving numerous businesses to seek out alternate options, ranging from constructing their own power stations to buying less expensive energy directly from the wholesale market, thus avoiding KEPCO.
KORAIL, which operates 98% of its trains using electric power, is one of the businesses heavily impacted by the increases in industrial electricity rates. Despite a reduction of 1.2% in overall train kilometers traveled over the last three years, the company has seen rising expenses for electricity.
During a media briefing on March 25, KORAIL CEO Han Moon-hee stated that increasing electrical expenses are exerting significant strain on the corporation’s finances. Additionally, he mentioned that the firm intends to develop an extensive system of internal power stations across the country as a strategy to cut down operational expenditures.
The nation’s top manufacturing companies, which have significant energy requirements—such as those involved in oil refinement, semiconductor production, and steel industries—are increasingly working towards building their own power facilities.
HD Hyundai Oilbank is constructing a 277-megawatt (MW) liquefied natural gas (LNG) power station close to its Seosan complex in South Chungcheong Province, scheduled for completion in 2027. Meanwhile, Hyundai Steel intends to develop a 499 MW LNG facility at their Dangjin site within the same region by 2028.
In 2023 and 2024, SK Hynix started operations for two liquefied natural gas (LNG) facilities with a total capacity of 585 MW in Cheongju and Icheon as a reaction to increasing electricity costs. Meanwhile, since 2021, Korea Zinc has been producing its own power using a 272.5 MW combined-cycle LNG facility located at its Onsan smelting site.
Currently facing an unparalleled slump, the petrochemical industry is seeking alternate power sources beyond those provided by KEPCO. SK Advanced, which operates as part of SK Gas within this sector, has submitted an application to KPX with intentions to buy electricity directly from the wholesale market for approximately 30 won per kilowatt-hour (kWh). This represents a significant saving compared to KEPCO’s present industrial charge of 185.5 won per kWh.
The direct purchasing system, launched in 2003, enables customers to acquire electricity directly from the wholesale market without going through KEPCO. This option remained mostly unused due to consistently low prices set by KEPCO for an extended period. However, following KEPCO’s decision to raise industrial electricity charges to 185.5 won per kWh last October, businesses are considering this rarely used mechanism again after more than two decades of dormancy.
The Korea Enterprise Federation (KEF) observed that although household electricity prices have climbed by 40.4 won per kilowatt-hour over the last three years, industrial tariffs have gone up by 80 won. “Rising energy expenses pose a significant risk to manufacturing output and business investments,” stated the KEF in an announcement made on March 25th. According to a recent poll conducted by the Korea Chamber of Commerce and Industry, approximately 40 percent of South Korean producers are contemplating shifting towards different means for their power needs.
The Ministry of Trade, Industry, and Energy (MOTIE) plans to approve a new regulation on March 28 that will outline the process for direct electricity procurement. Upon completion, this framework is anticipated to gain wider acceptance amongst businesses.
oleh admin | Mar 25, 2025 | entertainment, k pop, korean, news, technology
In the first half of this year, a surge of upcoming girl groups is dominating K-pop, as prominent and medium-sized entertainment companies debut promising newcomers. Supported by well-known producers, these emerging artists are spearheading a transformative change within the music scene.
This year, Kakao Entertainment has introduced two significant new girl groups through its affiliated companies. On February 24, SM Entertainment, now part of Kakao following its merger last May, unveiled its eight-member ensemble called Hearts2Hearts. Just a month later, on March 24, another affiliate—Starship Entertainment—introduced their five-member unit named KiiiKiii. Both acts made their debut within a span of approximately thirty days from each other.
Both groups are gaining attention as possible successors to their agencies’ top girl groups. Hearts2Hearts is SM’s first girl group in four years, following aespa. The octet stands out with sharp choreography reminiscent of their senior group. Their debut album “The Chase” features an R&B title track of the same name, praised for its dreamy harmonies. The group’s multinational lineup is also attracting attention, especially Carmen, the first Indonesian member to debut in a major agency’s girl group. Hearts2Hearts will launch a reality show, Chat Hearts2Hearts, on streaming platform Wavve on March 26.
On the contrary, KiiiKiii comprises solely Korean teenagers. This ensemble was conceived by Seo Hyun-joo, who also produced the teen-favorite group IVE. Their inaugural album titled “Uncut Gem” features six songs, including the lead track “I Do Me,” which infuses an energetic, festive atmosphere using dance-hip-hop rhythms.
Smaller agencies are also leveraging high-profile producers to make their mark. New agency Titan Content will debut its seven-member girl group AtHeart in July. The agency has been introducing its members while highlighting the production team, which includes former SM planner Kang Jung-ah and renowned choreographer Lia Kim.
Another mid-sized agency, Hi-Hat Entertainment, is set to debut its seven-member group Ifeye on April 8. The group is produced by choreographer Ryud, known for his work on “Queendom 2″ and “My Teenage Girl.”
Last year’s newcomers are also set to make a comeback. Izna, a seven-member girl band from WakeOne Entertainment—a subsidiary of CJ ENM—made their debut in November. They were backed by Teddy, the renowned producer known for his work with Blackpink. Another act, Say My Name, launched in October under iNKODE Entertainment and was crafted by Kim Jae-joong, who previously performed as part of TVXQ. These two ensembles will be reigniting their promotional activities later this month.
The competition to win over teen audiences is intensifying. Before dropping their first single, Hearts2Hearts partnered with the beloved children’s icon series “Catch! Teenieping.” Their strategy includes unveiling jointly branded products and music clips. Meanwhile, KiiiKiii has embraced a “Gen Z vibe,” incorporating nostalgic items such as pagers and karaoke scenes into their video content. Prior to making their official debut, this band managed to captivate younger followers through a playful theme centered around a jam factory, complete with an engaging, character-driven online platform and related merchandise.
oleh admin | Mar 25, 2025 | banking, business, cryptocurrency, financial services, korean
South Korea’s second-biggest crypto exchange, Bithumb, changed its banking relationship from NH Bank to KB Kookmin Bank. Following this switch announced in December, more than 1.5 millionKB accounts were connected to Bithumb. “The benefits of collaborating with a prominent bank are becoming clear,” stated a spokesperson for Bithumb.
According to present financial rules, the nation’s leading five exchanges may collaborate exclusively with a single bank. To engage in trading activities on a specific exchange, users are required to maintain an account with that exchange’s chosen banking institution. As a result of this regulation, competition between banks has become more intense as they vie for agreements with these exchanges, aiming to enhance their profitability through the acquisition of cryptocurrency-associated assets.
Bithumb collaborated with NH Bank over a period of approximately seven years, spanning from January 2018 up to March 23. Throughout this duration, NH Bank amassed roughly 1.7 trillion won in cryptocurrency-related deposits, utilizing these funds for multiple investments and loan activities, thereby producing substantial earnings.
However, Bithumb opted to transition to KB Kookmin Bank back in December of last year. The intention behind this move from Bithumb was to expand its customer base through collaboration with a bigger banking partner, whereas KB sought to attract additional deposits.
Following the announcement of their collaboration, KB’s demand deposits increased by more than 3 trillion won, rising from 151.5 trillion won at the close of December to 154.7 trillion won ($106 billion) as of March 21st. Furthermore, approximately 1.52 million KB accounts have been linked with Bithumb.
Since June 2020, Upbit, the nation’s leading cryptocurrency exchange, has collaborated with K Bank, an online banking institution. Approximately one-fourth of K Bank’s overall deposits, which amount to around 6.4 trillion won out of a total of 27.62 trillion won, come from funds associated with Upbit. The number of customers at K Bank increased dramatically from 2.19 million in June 2020 to 13.39 million recently, including about 6 million accounts connected specifically to Upbit operations.
Shinhan Bank has formed a partnership with Korbit, which ranks as the fourth-largest exchange, whereas Kakao Bank is associated with Coinone, ranking as the third-largest exchange.
As Upbit’s agreement with K Bank approaches expiration in October, financial institutions are eagerly observing the company’s subsequent actions. When Bithumb changed partners, it led to significant fund movements and account shifts. Consequently, banks anticipate intense rivalry to secure Upbit as their client.
K Bank continues to be confident about maintaining the partnership. “We have had a lengthy and fruitful relationship with Upbit, and we anticipate this will persist,” stated an official from K Bank.
According to reports, Woori Bank and Hana Bank are considering possible collaborations with Upbit. “Although Woori Bank has not previously engaged with cryptocurrency exchanges, the recent allowance of corporate crypto investments has prompted them to seek a partnership with Upbit,” stated an industry source. Likewise, Hana Bank launched their real-name verification service called Hana Certificate on Upbit back in October, indicating their desire to establish connections. A representative from the bank mentioned, “We have incorporated Hana Certificate as part of our interest in forming a relationship with a cryptocurrency exchange.”
Banks are hastening to establish such collaborations due to their perception of cryptocurrency exchanges as a vital source of inexpensive daily deposits in the approaching era of lower interest rates. A banking representative noted, “The typical daily trade volume on local crypto exchanges is close to 4 trillion won.” They added, “This represents an almost cost-free means of financing that banks can utilize for loans to earn additional interest revenue.”
oleh admin | Mar 25, 2025 | business, korean, news, samsung, technology
On March 25, Samsung Electronics verified that Han Jong-hee, their vice chairman and CEO, had succumbed to a heart attack. It is reported that he fell ill on March 22 following his attendance at his daughter’s wedding celebration and was rushed to theSamsung Medical Center in Seoul, passing away subsequently.
Han headed the Device Experience (DX) sector—the principal segment among the firm’s two core divisions—where he significantly influenced the management of the Digital Appliances (DA) unit. He was born in 1962 and obtained an undergraduate degree in electronics engineering from Inha University before joining Samsung in 1988 with their TV development group. During his extensive 37-year career at Samsung, Han became well-known for his substantial contributions to the television market.
In November 2017, Han took over as the leader of the Visual Display Business at Samsung, earning praise for assisting the company in retaining its status as the global top producer of TVs for an uninterrupted period of fifteen years. His efforts were acknowledged when he was elevated to the positions of vice chairman and chief executive officer in 2021, overseeing the newly formed SET division that merges operations from both the IM and CE sectors.
During the 56th annual general meeting held on March 19, Han shared his perspective on Samsung’s upcoming trajectory. He stated, “Our aim is to establish a foundation for significant advancements within our current sectors through unparalleled technological superiority.” Additionally, he emphasized their commitment to exploring novel opportunities in various domains such as robotics, medical technologies, and advanced semiconductor solutions, all aimed at fostering sustainable expansion fueled by artificial intelligence innovations.
Initially, Han was slated to present the keynote speech at “Welcome to Bespoke AI,” Samsung’s premier annual event for home appliances, which was set for March 26. Nevertheless, on March 24, the firm declared a shift in speakers due to an unexpected medical emergency involving Han. Instead, executive members from the Development Division within the DA business will take over his speaking role.
In an internal communication, Samsung Electronics announced his demise, saying, “We grieve the loss of a individual who committed 37 years of service to our organization.” The firm further noted, “Under his leadership, our global TV operations reached the top spot and he exerted every effort as the chief of the SET division and DA business, despite difficult internal and external circumstances.”
oleh admin | Mar 24, 2025 | economics, korean, middle class, money, personal savings
Middle-class families in South Korea are finding it difficult to set aside savings, as their remaining funds after covering expenses have fallen beneath 700,000 won ($480). Specialists caution that this increasing economic pressure might undermine consumer expenditure within the country.
Based on data from Statistics Korea, families within the 40-60% income range experienced an average disposable income surplus of 658,000 won ($450) during the final quarter of last year, which represents a decrease of 88,000 won compared to the same period the previous year. Disposable income here denotes funds remaining post-tax payments, financial interests, and daily expenditures. Consequently, this indicates that such middle-income homes accumulated just under 700,000 won across one fiscal quarter specifically meant for saving purposes.
This figure represents the lowest point over the past five years, specifically during the fourth quarter of 2019, where it was recorded as 653,000 won. Additionally, this is the first instance within the last five years that the surplus has dropped beneath the threshold of 700,000 won.
According to their average monthly earnings, families were categorized into five distinct income groups. During the final three months of last year, the mean monthly incomes for these categories stood at approximately 1.21 million won for those in the lowest earning tier, 2.91 million won for the next category up, 4.40 million won for the mid-level class segment, 6.34 million won for the penultimate grouping, and reached as high as 11.20 million won per month for individuals within the topmost revenue stratum.
Four years back, families belonging to the middle class enjoyed a surplus greater than 900,000 won; however, this figure has notably declined post-pandemic. Interestingly, despite this decrease, the mean excess income across all household categories has shown an upward trend during the last two sequential quarters, pointing towards economic recuperation.
There are two primary factors behind the decline in middle-class savings: escalating property prices and heightened expenditures on private schooling. Despite a rise of 4.4% in the earnings of middle-class households during the last year, their expenses climbed by 6.1%, outpacing the increase in their incomes.
In the final quarter, non-consumption expenditures for middle-income families amounted to 777,000 won, showing an increase of 12.8% compared to the same period last year, which represents the highest growth rate recorded since tracking started in 2019.
This growth was fueled by increased taxes associated with property acquisitions and escalating interest expenses. A provisional tax, categorized as a consumption-related levy, skyrocketed almost four times relative to the prior year, consequently diminishing personal savings even more. Additionally, interest expenditures climbed by 1.2% to hit 108,000 won, marking the initial instance where this figure exceeded the threshold of 100,000 won.
The expenditure on education saw an uptick of 13.2%, amounting to 145,000 won, significantly surpassing the general household average growth rate of just 0.4%. This surge highlights the escalating stress experienced by middle-class families, particularly as they grapple with the challenges posed by lacking property ownership and contend with climbing expenses related to supplementary schooling.
With middle-class budgets becoming tighter, worries are increasing that this might weaken both internal spending and the broader economy. A substantial decrease in the money left over after household expenses for middle-income families could result in lower consumer confidence, potentially complicating efforts towards steady economic expansion.
A specialist noted, “With a homeownership rate exceeding 50%, the middle class aims to keep education costs similar to those of higher-income families. A reduction in their available income might pose a significant obstacle to consumer spending within the country.”
