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

Industry April 22, 2018

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

Industry April 20, 2018

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

Industry April 18, 2018

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

Market April 16, 2018

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

Market April 15, 2018

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

Industry April 15, 2018

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

Economy April 12, 2018

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

Economy April 11, 2018

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

Market April 10, 2018

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

Economy April 9, 2018

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

Industry April 8, 2018

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

Economy April 5, 2018

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

Market April 4, 2018

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

Market April 3, 2018