Latest news with #MyongjiUniversity
Korea Herald
20-07-2025
- Politics
- Korea Herald
Seasoned art scholar You Hong-jun appointed director general of National Museum of Korea
76-year-old professor known for championing Korean heritage, storytelling You Hong-jun, a chair professor of art history at Myongji University in Seoul and a prominent advocate for Korean cultural heritage, has been appointed director general of the National Museum of Korea, the presidential office announced Sunday. The appointment came as President Lee Jae Myung named four vice ministerial-level officials, including You. Presidential spokesperson Kang Yu-jung highlighted You's long-standing efforts to foster public interest in Korea's cultural legacy, citing his widely read book, 'My Exploration of Cultural Heritage,' as a key contribution. The book traces Korea's layered history through personal storytelling and vivid depictions of cultural sites and historic neighborhoods. 'He is well-suited to further elevate Korea's global standing by encouraging public engagement and offering fresh interpretations of traditional heritage,' Kang said in a written briefing. A seasoned scholar and educator, You has taught art history at Yeungnam University in North Gyeongsang Province and later at Myongji University. In September 2004, he began his first government post as the third head of the Cultural Heritage Administration — now known as the Korea Heritage Service — where he led initiatives to protect and broaden public access to significant cultural properties.
Korea Herald
22-06-2025
- Business
- Korea Herald
Trump's attack on Iranian nuclear sites sparks fears for Korean economy
South Korea's economy has enjoyed a boost since the inauguration of President Lee Jae Myung, but now finds itself bracing for the impact of the US attacks on three of Iran's core nuclear sites — Fordow, Natanz and Isfahan. On Sunday, US President Donald Trump said in an address at the White House that Tehran's 'key nuclear enrichment facilities' had been 'completely and totally obliterated' by US forces. 'There will be either peace, or there will be tragedy for Iran, far greater than we have witnessed over the last eight days,' noted Trump, adding that the US will go after other targets if Iran does not agree to peace. Industry insiders here are concerned that this escalation of the conflict in the Middle East may increase oil prices in Korea, which imports approximately 70 percent of its crude oil from the region. Even before the direct intervention of the US, Korea's oil price had soared after an uptick in global crude oil prices, primarily driven by the ongoing Israel-Iran conflict that started June 13. As of Friday, Key international oil benchmarks — WTI Crude and Brent Crude — surged 5.29 percent and 3.75 percent to $76.84 and $77.01 per barrel, respectively, compared to June 13. According to the Korea National Oil Corporation, domestic gasoline prices for the third week of June rose by 0.48 percent from the previous week, reaching 1,635.5 won per liter. 'A rise in global crude oil prices could lead to several economic uncertainties, including fluctuations in Korean companies' stock prices and government bonds,' said Kim Tae-hwang, an international trade professor at Myongji University. Kim warned of a worst-case scenario in which Iran pursues retaliatory actions, including blocking one of the most important passages for oil tankers, the 'Strait of Hormuz.' This could negatively impact Korean companies, with skyrocketing maritime freight rates and disruption in the global supply chain. Kang Jin-hyuk, a researcher at Shinhan Investment Corp., also stated in a report on Friday that the key factor is whether or not Iran would shut down the Strait of Hormuz. "However, Iran's leverage could be limited by potential backlash from disrupting oil exports to allies like China, economic harm from controlling a strait crucial for 85 percent of its trade and the US' capacity to offset oil shocks with shale gas production," said Kang. 'If the conflict between the US and Iran goes on, and this does not necessarily include the onset of World War III — which is unlikely — but a prolonged stalemate in their nuclear negotiations could extend market uncertainty,' said Kim. 'This situation might force the Bank of Korea to raise the base rate, potentially leading to inflation.' The Industry of Trade, Industry and Energy held an emergency meeting later in the day to assess the potential impact the US airstrikes on Iran's nuclear sites could have on domestic industries. The ministry will examine the current status of domestic crude oil and liquefied natural gas supplies, the operation of oil tankers and LNG carriers on Middle Eastern routes, and response measures for possible logistics disruptions. The ministry explained that it has secured approximately 200 days' worth of oil reserves and natural gas stocks, ensuring no immediate supply glitches.
Korea Herald
22-06-2025
- Business
- Korea Herald
Trump's attack on Iran nuclear sites sparks fears on Korean economy
South Korea's economy has enjoyed a boost since the inauguration of President Lee Jae Myung, but now finds itself bracing for the impact of the US' attacks on three of Iran's core nuclear sites — Fordow, Natanz and Isfahan. On Sunday, US President Donald Trump said in an address at the White House that Tehran's 'key nuclear enrichment facilities' had been 'completely and totally obliterated' by US forces. 'There will be either peace, or there will be tragedy for Iran, far greater than we have witnessed over the last eight days,' noted Trump, adding that the US will go after other targets if Iran does not agree to peace. Industry insiders here are concerned that this escalation of the conflict in the Middle East may increase oil prices in Korea, which imports approximately 70 percent of its crude oil from the region. Even before the direct intervention of the US, Korea's oil price had soared after an uptick in global crude oil prices, primarily driven by the ongoing Israel-Iran conflict that started June 13. As of Friday, Key international oil benchmarks — WTI Crude and Brent Crude — surged 5.29 percent and 3.75 percent to $76.84 and $77.01 per barrel, respectively, compared to June 13. According to the Korea National Oil Corporation, domestic gasoline prices for the third week of June rose by 0.48 percent from the previous week, reaching 1,635.5 won per liter. 'A rise in global crude oil prices could lead to several economic uncertainties, including fluctuations in Korean companies' stock prices and government bonds,' said Kim Tae-hwang, an international trade professor at Myongji University. Kim warned of a worst-case scenario in which Iran pursues retaliatory actions, including blocking one of the most important passages for oil tankers, the 'Strait of Hormuz.' This could negatively impact Korean companies, with skyrocketing maritime freight rates and disruption in the global supply chain. Kang Jin-hyuk, a researcher at Shinhan Investment Corp., also stated in a report on Friday that the key factor is whether or not Iran would shut down the Strait of Hormuz. "However, Iran's leverage could be limited by potential backlash from disrupting oil exports to allies like China, economic harm from controlling a strait crucial for 85 percent of its trade and the US' capacity to offset oil shocks with shale gas production," said Kang. 'If the conflict between the US and Iran goes on, and this does not necessarily include the onset of World War III — which is unlikely — but a prolonged stalemate in their nuclear negotiations could extend market uncertainty,' said Kim. 'This situation might force the Bank of Korea to raise the base rate, potentially leading to inflation.' The Industry of Trade, Industry and Energy held an emergency meeting later in the day to assess the potential impact the US airstrikes on Iran's nuclear sites could have on domestic industries. The ministry will examine the current status of domestic crude oil and liquefied natural gas supplies, the operation of oil tankers and LNG carriers on Middle Eastern routes, and response measures for possible logistics disruptions. The ministry explained that it has secured approximately 200 days' worth of oil reserves and natural gas stocks, ensuring no immediate supply glitches.
![[KH Explains] Korean EV battery-makers uneasy as Trump stays silent on tariffs](/_next/image?url=https%3A%2F%2Fwimg.heraldcorp.com%2Fnews%2Fcms%2F2025%2F03%2F12%2Fnews-p.v1.20250312.2caa7c4245214313b360412659f7ca19_T1.jpeg&w=3840&q=100)
Korea Herald
12-03-2025
- Automotive
- Korea Herald
[KH Explains] Korean EV battery-makers uneasy as Trump stays silent on tariffs
Trump could target battery materials sourced from China, sources say South Korean battery companies are closely monitoring the second Donald Trump administration's potential imposition of tariffs on key battery materials produced in Korea. The concern follows the enforcement of 25 percent duties on Korean steel and aluminum that took effect Wednesday, with additional tariffs expected next month. While electric vehicle batteries are currently exempt from the proposed tariffs — set to be enforced on April 2 and covering Korean-made automobiles, semiconductors and pharmaceuticals — escalating trade uncertainties under Trump could further challenge Korean battery-makers. Chinese reliance 'Domestic companies are preparing for the possibility of tariffs on battery materials, such as cathodes (which are shipped from Korea to the US), given the increasing trade disruptions. The Trump administration mentioned this possibility last year,' said an industry source at the InterBattery Expo, a major battery industry event that took place last week in Seoul. 'They have raised these concerns with the Ministry of Trade, Industry and Energy before the minister's visit to the US last month for the first ministerial-level meeting,' the source added. 'Most precursors — raw materials for cathodes such as nickel, cobalt and manganese — are imported from China. The US could argue that this amounts to China's 'indirect exporting' and use it as grounds for imposing duties,' the source explained. Notably, cathode materials account for approximately 40 percent of an electric vehicle's cost. Kim Tae-hwang, an international trade professor at Myongji University, echoed these concerns, noting that the likelihood of tariff imposition on battery materials is high. 'Many of Trump's trade policies are essentially 'veiled measures' aimed at blocking China's indirect exports or dumping into the US,' he said. According to Reuters on Dec. 18, 2024, Trump's transition team reportedly recommended levying tariffs on all imported battery materials to encourage local production before negotiating exemptions with allies. If such tariffs are imposed, the entire battery value chain could be disrupted, leading to a loss of price competitiveness for material suppliers and a surge in production costs for cell manufacturers. Korean battery materials producers — particularly Posco Future M and EcoPro BM — have sought to reduce their reliance on China by building cathode production plants in partnership with General Motors and BlueOval SK, a joint venture between SK On and Ford Motor. However, these efforts face new obstacles following the US' proposed 25 percent tariffs on all imports from Canada, which threatens access to critical minerals from North America. End to IRA credits? The potential tariff imposition on battery materials has also reignited concerns over whether Trump might revisit his campaign pledge to abolish the Inflation Reduction Act, which provides a $7,500 consumer subsidy for EV purchases. Although the IRA prohibits EV batteries from containing raw minerals sourced from a "foreign entity of concern" — such as China — Korean battery-makers, who heavily depend on low-cost precursors and graphite from China, have been granted a two-year grace period on battery material regulations until 2026. However, Trump could refuse to extend this leniency, citing concerns over China's influence, industry sources warn. According to data from the Korea International Trade Association, Korea exported $1.7 billion worth of cathode materials to the US in 2024. Under the IRA, cathodes and anodes are classified as essential EV battery materials, allowing Korean-made products to qualify for US tax benefits due to the Korea-US Free Trade Agreement. Experts suggest that while Trump may threaten to scrap the IRA, he is more likely to use it as a bargaining tool in tariff negotiations with Korea rather than follow through with a full repeal. "Scrapping the IRA could cost thousands of jobs and spark backlash from the public and even within the Republican Party, as many Korean companies operate production facilities in Republican strongholds," said Kim. 'Trump is more likely to reduce tax incentives or demand additional investments, using the IRA as leverage in other negotiations with Korea — such as increasing defense spending, strengthening cooperation in shipbuilding or boosting imports of American pork.' In January during his first week back in office, Trump issued 26 executive orders, including one titled 'Unleashing American Energy,' which immediately paused IRA-related funding designated for accelerating clean energy initiatives in the US.
Korea Herald
28-02-2025
- Politics
- Korea Herald
Constitutional court dismisses petition against abolition of Myongji University Go dept.
South Korea's Constitutional Court dismissed a petition by students challenging Myongji University's decision to abolish its Baduk Studies (Go) Department, ruling that the change did not violate the principle of trust protection in college admissions. On Dec. 23, the court unanimously ruled to reject the constitutional appeal filed by 18 students, who claimed that the Korean Council for University Education had wrongfully approved Myongji University's changes to its 2025 college admission plan without proper review. The dispute arose when Myongji University, which operated the world's only Go Studies Department, decided to shut down the program and cease admissions for the 2025 academic year. This move led to a last-minute modification of the university's admission plan, which was approved by the KCUE in April 2023, less than a year before the scheduled entrance exam. Under current regulations, South Korean universities are required to follow a pre-announcement system for college admissions, ensuring that policies are established well in advance to safeguard applicants' trust. The petitioners argued that the KCUE's approval of Myongji University's plan violated this policy, infringing upon their rights as prospective students. However, the Constitutional Court ruled that the KCUE's approval of the admission plan change is not subject to a constitutional petition. It determined that the KCUE's approval of Myongji University's plan was merely an intermediate administrative procedure, not an authoritative decision that could be challenged through a constitutional appeal. The Constitution restricts constitutional complaints to cases where fundamental rights have been violated by the exercise of public authority. Moreover, the court emphasized that the KCUE lacks delegated or entrusted authority from the Ministry of Education to approve changes to admission plans. As a result, its actions do not constitute an exercise of government power subject to constitutional review. Myongji University's Department of Baduk Studies will stop admitting new students starting in 2025. Founded in 1997, the department decided to close due to declining interest in Go, financial difficulties and the need for change in the university's academic structure.
