Discussions about economic development often focus on how to increase income equality. More recently, however, thoughtful observers have begun to regard consumption equality -- the equal use of goods and services -- as a more robust indicator of parity in human wellbeing. After all, it more accurately captures inequality as people experience it when they consume, and consumption can be affected by borrowing and saving, as well as by social safety-net programs.But consumption equality is a double

Millions of South Koreans will flock across the country today to reunite with family members for one of the two biggest national holidays -- Seollal. The Lunar New Year, which this year falls Saturday, is characterized by fancy dishes, traditional celebrations and customs and a chance to start over again with one’s resolutions. But for many, the time of celebrations and togetherness is increasingly becoming a source of woes. According to a poll released Jan. 18 by job-hunting platform

The Financial Supervisory Service on Thursday unveiled its reshuffle blueprint, focusing on consumer protection and innovative finance.The move came amid the ongoing controversy regarding the so-called derivatives-linked fund fiasco -- the improper sales of products by local banks and securities. The FSS is slated to announce its sanction decision for two major banking chiefs later this month.“To respond to the stronger consumer protection needs and enhance the supervisory functions over

South Korean firm gets preliminary approval for acquisition of local brokerage firm

Former Prime Minister Lee Nak-yon on Thursday accepted the Democratic Party's offer to run in Jongno, a key constituency in central Seoul, in the upcoming general elections.Lee, a former journalist and four-term lawmaker, recently resumed his political career with the liberal party following a six-year hiatus. He was elected as a provincial governor in 2014 and became the first prime minister under the Moon Jae-in administration in May 2017.DP leader Lee Hae-chan recently proposed that the forme

K-pop girl band IZ*ONE will return to the music scene next month, resuming its high-profile music career that was put on hold amid a vote-rigging scandal involving the band's native audition show last year. "Mnet and the management agencies of IZ*ONE members decided to resume their activities in respect of the members and their fans who wish for a career resumption," Mnet said in a statement. The music channel said the girl band will return to the music scene next month, saying the exa

Meet the newlywed couple whose story has gone viral online

Rival parties all out to sway voter sentiment during Seollal holidays

The Man Standing Next(Korea)Opened Jan. 22Drama, HistoryDirected by Woo Min-hoIn the 1970s, South Korea is under the authoritarian rule of President Park Chung-hee (Lee Sung-min) who relies on the Korean Central Intelligence Agency to tighten his grip on the country. The director of KCIA, Kim Gyu-pyeong (Lee Byung-hun), is seemingly the most likely second-in-command. As anti-government demonstrations threaten to shake the regime, tensions escalate in the inner sanctum of power.Spies in Disguise(

Swellfish season at Millennium Hilton SeoulGenji, Millennium Hilton Seoul’s Japanese restaurant, offers promotion menu featuring swellfish (also called fugu), a seasonal delicacy highly revered in Japanese cuisine. Guests can enjoy a special curated set menu that features swellfish prepared in a variety of ways, including swellfish sashimi, tempura, swellfish cooked in a hotpot, and more. The set course is priced at 170,000 won per person, and is available for lunch and dinner. A-la-carte

Inje Icefish FestivalInje Icefish Festival, officially launched in 1997, offers a true winter experience with icefish fishing.The festival takes place at Bingeoho Lake in Gangwon Province. Admission is free but additional fees may apply depending on the program. For more information in Korean, English, Japanese or Chinese, call the travel hotline at 1330. The homepage (www.injefestival.co.kr) is in Korean only. Herb Island Lighting Festival The Herb Island Lighting Festival creates a romant

Seoul stocks trimmed earlier losses late Thursday morning amid rising concerns over the spread of Wuhan coronavirus.The benchmark Korea Composite Stock Price Index had fallen 11.24 points, or 0.50 percent, to 2,256.01 as of 11:15 a.m.Foreign and institutional investors sold a combined 246.7 billion won ($211.4 million) worth of stocks, weighing down the bourse.Daishin Securities analyst Lee Kyung-min said investors went for profit-taking ahead of the holiday after the index jumped to its highest

The South Korean military unit dispatched to the Strait of Hormuz maintains a full readiness posture to deal with any situations in accordance with its operation guidelines, the defense ministry said Thursday.The 300-strong Cheonghae Unit, with a 4,400-ton destroyer, expanded its operational areas from its original sphere of the Gulf of Aden into the Strait of Hormuz this week to protect South Korean citizens and vessels passing through the strategically important waterway amid tensions between

Korea Ssireum Association is holding a tournament during the Lunar New Year holidays in Hongseong, South Chungcheong Province from Wednesday to Monday, with the organizers expecting more spectators than usual on the back of the recent resurgence in popularity of Korean traditional wrestling. 　“We have been holding a ssireum tournament during the Lunar New Year holidays every year in different cities of Korea. Last year the stadium in Jeongeup was nearly full and we are expecting more this