Considering the limited size and full saturation of the local market, outstanding procurement companies are being encouraged to create opportunities in overseas markets. And it is the government’s role to guide them to success, according to the chief of South Korea’s procurement office.“Our mission is not only to procure and manage material resources for the public sector, but also to sort out capable procurement providers from the private sector and help them expand into the g

The Korea Herald is publishing a series of interviews on experts in the intellectual property sector. This is the twelfth installment. -- Ed.Having kicked off 20 years ago as Asia’s first court specializing in intellectual property issues, South Korea’s Patent Court is now aspiring to rise as a regional hub for multinational patent litigations, according to its recently appointed chief.“South Korea is noted for its unrivalled speed and procedural efficiency in resolving (IP-related) disputes,” C

The “water rage” scandal of Cho Hyun-min, youngest daughter of Hanjin Group Chairman Cho Yang-ho, is escalating into an extensive customs evasion investigation involving the entire family, following claims that the high-profile members often abused the group’s signature company Korean Air to “smuggle” personal goods. Calls are also mounting on the need to reinforce the customs examination process for flight attendants and airport employees, who go through a simpler process at departure and arriv

Following the reports on the so-called “water rage” of Korean Air heiress Cho Hyun-min and other tyrannical behavior involving the owner family members, calls have been mounting here to deprive the nation’s largest air carrier of its trademark and corporate identity -- which are largely suggestive of the South Korean government.Despite the public‘s resentment, however, related government authorities and experts suggest that the recent set of scandals do not satisfy the requisites for disqualific

The Financial Supervisory Service Gov. Kim Ki-sik on Monday offered to resign, shortly after the election watchdog concluded that his past behavior as a lawmaker violated laws."I have offered my resignation (to the presidential office)," the FSS quoted Kim as saying.The National Election Commission, after an hours-long meeting, said that Kim's donation of 50 million won ($46,577) to a group of former and incumbent lawmakers of his home Democratic Party breached the Publi

Samsung Securities CEO Koo Sung-hoon (front row, second from left), along with the company’s executive members and senior employees, write a letter of apology during an emergency workshop held Saturday in Seoul. The country’s top brokerage company came under fire recently for a dividend error in which non-existent shares worth 110 trillion won ($103 billion) were issued and some of the employees sold them off, causing the company’s shares to drop by double digits during th

Contrary to the widespread belief that they safeguard creators and promote innovation, intellectual property rights often act as legal partitions that intensify market monopoly and deter the proliferation of knowledge, according to an expert in information disclosure and intellectual property.“There is this myth that the reinforcement of exclusive IP rights will encourage and empower inventors and creators,” Nam Hee-sob, patent attorney and director of Open Net Korea and president of Knowledge C

South Korea’s chief economic policymaker on Thursday underlined to his US counterpart that the country does not fall under the currency manipulator list, while vowing to keep control over its own foreign currency policies, according to officials.In a 15-minute phone conversation with US Treasury Secretary Steven Mnuchin earlier in the day, Deputy Prime Minister and Finance Minister Kim Dong-yeon contended that given the trade and account balance figures, Seoul does not qualify for a curren

South Korea’s unemployment rate in March hit is highest level in 17 years, amid a persisting slump in the construction industry and slowdown in population, data showed Wednesday.The number of employed people reached 26.55 million last month, up 112,000 from a year earlier, according to the report released by Statistics Korea. The on-month climb, though slightly higher from the previous month’s record of 104,000, continued to linger in the range of 100,000 for two consecutive months.T

The National Pension Service ceased trading with Samsung Securities in the wake of the latest dividend error that revealed a blind spot in the brokerage system, officials said Tuesday.“Due to the serious problem in Samsung Securities’ stock trading stability, we stopped all direct stock trading on Monday,” said an official of the pension service.“Restrictions in other sectors such as trust management will be decided later in consideration of the financial authorities&rsqu

Mounting criticisms against the integrity of the newly appointed financial market watchdog chief is adding extra burden on the Moon Jae-in administration, which has vowed to eradicate “accumulated evil practices” and to restore trust in the nation’s public functions.Financial Supervisory Service Gov. Kim Ki-sik found himself hard pressed Monday as opposition political parties called for his ouster, taking issue with his past overseas business trips sponsored by financial instit

The Korea Herald is publishing a series of interviews on experts in the intellectual property sector. This is the tenth installment. -- Ed.Google’s artificial intelligence art program Vincent transforms a rough sketch into an impeccable Van Gogh painting. Composing module Iamus creates a full-scale symphony for the London Symphony Orchestra in just eight minutes. Who, then, is to hold the copyright for these AI-led creative works? Son Seung-woo, professor at Dankook University College of Law and

The government has submitted a supplementary budget worth 3.9 trillion won ($3.7 billion) in an emergency gesture to alleviate the nation’s unemployment crisis and revitalize regional economies in distress, according to the Ministry of Strategy and Finance on Thursday.Responding to opposition parties, which have criticized the extra spending plan as a tax-imposing populist move, the ministry says the costs may be covered without additional taxation, citing surplus tax revenue for this year

South Korea’s largest conglomerate Samsung Group is facing increased pressure to break away from its circular shareholding corporate governance, as its insurance units may have to sell off most of their affiliate stocks in compliance with reinforced financial regulations.Weighing further upon the group is the recent appointment of a former civic group activist and progressive lawmaker who is known for reformist conglomerate policies as the head of the nation’s financial market watchd

South Korea’s top five financial conglomerates and two other financial heavyweights will be required to ease their intra-group transactions, especially their cross-shareholding structures, according to regulators.The Financial Services Commission on Tuesday announced a reinforced set of rules, obligating major financial companies to sell off their shares in non-financial affiliates in case such business practices may bring risks in the financial system. The regulation, which came as p

The Korean Intellectual Property Office said Tuesday that it will operate an online IP education curriculum in English, using a platform it jointly developed with the World Intellectual Property Organization and the Korea Invention Promotion Association.Applicants may sign up for the Advanced International Certificate Course at the IP Discovery website (http://www.ipdiscovery.net) until May 9 and online courses are to start immediately upon registration, according to KIPO.“The semi-yearly 12-wee

The central bank chief on Monday pledged to focus on change and innovation, signaling a more active and practical policy approach in the next four years compared to his initial first term in office. “For the past four years, we have placed focus on aligning the organization but from now on (we) will seek change and innovation,” Bank of Korea Gov. Lee Ju-yeol told reporters after his inauguration ceremony, starting his second term in office.Lee, who is the first BOK chief in 44 years

South Korea’s Samsung Electronics outran US tech giant IBM in the number of US patents at of the beginning of this year, data showed Sunday. LG Electronics ranked No. 7.Samsung held 75,596 US patents as of Jan. 1, according to the top 100 list tallied jointly by patent journal IAM and intellectual property big data analysis company ktMINE.IBM, which had maintained the top position for 25 years, ranked second at 46,443 patents.The report predicted that the Korean tech player would maintain the to

South Korea’s game industry, which has been enjoying an unrivaled lead in the world market, is increasingly struggling against Chinese firms copying ideas.But the developers mostly have themselves to blame for underestimating the importance of copyright for so many years, according to a game business expert.“Korea’s major players that have led the game industry boom in the late 1990s and early 2000s were too arrogant to face up to the potential threat of copyright abuses,” Wi Jong-hyun, professo

The South Korean government on Thursday demanded the US correct a recent statement concerning the Korea-US bilateral free trade deal amendment, saying that the trade negotiation did not involve a currency cap deal.The refutation came in the wake of reports from Washington late on the previous day that both states had agreed to prohibit deliberate currency devaluation on the sidelines of the Korea-US Free Trade Agreement renegotiation, in which case Seoul’s export-dependent economy would be