Seoul shares up for 2nd day on upbeat BOK assessment

South Korean stocks rose for the second straight session Friday as the central bank said the economy is recovering. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index edged up 2.94 points, or 0.14 percent, to 2041.74. Trading volume was moderate at 426 million shares worth 4.8 trillion won ($4.3 billion), with gainers outnumbering decliners 485 to 348. The index opened lower, but it moved into positive terrain, apparently tracking Wall Street gains.US

MarketMay 31, 2019

State pension to increase overseas investment to 50% in 2024

South Korea's state pension will gradually increase its overseas investment to some 50 percent of its assets under management in 2024 as part of its effort to boost returns and diversify its portfolio, its management committee said Friday.Under the five-year investment plan, the National Pension Service, the fund's operator, aims to log a return rate of 5.3 percent for the 2020-2024 period.As of late 2018, some 30.1 percent of the pension fund's assets were invested in overseas assets."With

MarketMay 31, 2019

Gov't to offer food aid to N. Korea next week: lawmaker

The government plans to provide 50,000 tons of food to North Korea next week via an international organization, a ruling party lawmaker said Friday.North Korea needs more than 1.45 million tons of food to resolve its food crisis, Rep. Sul Hoon of the Democratic Party said during a meeting with senior party members held at the Demilitarized Zone that separates the two Koreas."Next week, the government plans to offer 50,000 tons of food to North Korea through an international organization,&qu

North KoreaMay 31, 2019

On-arrival duty-free shops open at Incheon airport

Two new duty-free shops opened at the arrival terminals for passengers landing at Incheon International Airport at 2 p.m. on Friday.SM Duty Free started operations of two stores on the first floor of Terminal 1, while Entas Duty Free opened a single store on the first floor of Terminal 2, near the baggage claim areas of each terminal, according to Korea Customs Service and the Ministry of Economy and Finance.“The launch of on-arrival duty free shops is a good example of the Moon Jae-in gov

IndustryMay 31, 2019

Bank of Korea freezes base rate at 1.75%, citing uncertainties

South Korea’s central bank on Friday froze the key interest rate at 1.75 percent, leaving the rate unchanged for six consecutive months, amid lingering concerns over weakening economic growth and rising global risks.The Bank of Korea’s Monetary Policy Board voted to leave the rate unchanged, with Gov. Lee Ju-yeol reiterating that now is not the time for a rate cut considering macroeconomic conditions and financial stability. “Expectations for a base rate cut seem to be eme

MarketMay 31, 2019

Divers to begin search inside sunken tourist ship in Budapest

South Korea expects the Hungarian authorities to soon begin searching inside the sunken tour boat involved in a collision in the Danube River in Budapest which killed at least seven Korean tourists and left 21 others missing, a Foreign Ministry official said Friday. The sightseeing boat capsized and sank within a matter of few seconds after colliding with larger ship Viking River Cruise in driving rain on Wednesday evening.The ministry official said the Hungarian authorities have been trying to

Social AffairsMay 31, 2019

BTS member Jin joins UNICEF Korea's club of top donators

Jin, a member of global stars BTS, joined the UNICEF Korea's club of top donators, having contributed to the United Nations organization since last year, its Korea office said Friday.Jin's financial donation to the Korean office of the United Nations Children's Fund has surpassed 100 million won ($84,000) since he started contributing in May last year, according to UNICEF Korea.  This entitled him to join the UNICEF Korea's Honors Club, a group of people who donated more than 100 million wo

PerformanceMay 31, 2019

Dodgers' Ryu Hyun-jin shuts down Mets for 8th win, cements NL Pitcher of Month case

Los Angeles Dodgers' starter Ryu Hyun-jin has wrapped up an outstanding May in style, picking up his eighth win of the season with a gem against the New York Mets at home.Ryu tossed 7 2/3 shutout innings in the Dodgers' 2-0 victory at Dodger Stadium on Thursday (local time). Ryu held the Mets to just four hits, while striking out seven and walking one. Ryu improved to 8-1 with a major league-best 1.48 ERA. The left-hander remains the only qualified starter in baseball with a sub-2.00 ERA this ye

BaseballMay 31, 2019

Busan, Changi Airport Group sign MOU for expanded air transport

BUSAN -- Busan Metropolitan City and Singapore’s Changi Airport Group on Friday signed a memorandum of understanding to increase the air transport volume between Busan and Singapore and strategically support trade, business and tourism. The partnership between Busan and Changi Airport comes as South Korea’s low-cost carriers Eastar Jet, Jeju Air and Singpore’s SilkAir were licensed in February with traffic rights for the Singapore-Busan route, officials said. SilkAir

IndustryMay 31, 2019

HHI shareholders approve split-up plan amid union backlash

Shareholders of Hyundai Heavy Industries on Friday approved a split-up plan of the company amid intense opposition from the labor union.The split is the first step for the country’s largest shipbuilder to carry out its proposed merger with runner-up Daewoo Shipbuilding & Marine Engineering.In March this year, HHI signed a deal with Korea Development Bank to acquire DSME for 2 trillion won ($1.7 billion). The state-run bank is the largest shareholder of cash-strapped DSME, with a 55.7 p

IndustryMay 31, 2019

Kim Jong-un executed envoys in a purge after failed Hanoi summit: report

North Korea executed its nuclear envoy to the United States as part of a purge of officials who steered negotiations for a failed summit between leader Kim Jong-un and US President Donald Trump, a South Korean newspaper said on Friday.Kim Hyok-chol was executed at Mirim Airport in Pyongyang, along with four Foreign Ministry executives, in March after they were all charged with spying for the United States, the Chosun Ilbo reported, citing an unidentified North Korean source."He was accused

North KoreaMay 31, 2019

[Newsmaker] Court to decide arrest of ‘Sillim-dong CCTV’ rape suspect

The Seoul Central District Court held an arrest warrant hearing for a 30-year-old man on charges of attempted rape, the court said Friday. The court is to decide whether to issue an arrest warrant for the suspect, who allegedly followed the victim to her home at around 6:20 a.m. Tuesday in Sillim-dong, southwestern Seoul. Asked why he had followed the victim, the suspect said “I am sorry” and did not respond to further questions.The suspect attended the hearing at Seoul Central Distr

Social AffairsMay 31, 2019

Cheong Wa Dae cautious about reports of N. Korea's post-Hanoi purge

South Korea's presidential office maintained a cautious stance Friday on news reports of a possible massive purge of top North Korean officials after the failed summit in Hanoi with the United States."I don't think that a hasty conclusion or comments on the issue are appropriate," Cheong Wa Dae spokesperson Ko Min-jung said at a press briefing.She was responding to a local newspaper's report that North Korea had executed Kim Hyok-chol, its special envoy for the U.S., and some foreign m

North KoreaMay 31, 2019

S. Korea ready to tackle potential swine fever transmission from N. Korea

North Korea has confirmed an outbreak of African swine fever, possibly adding to the country's already dire food situation and prompting South Korea to guard against the possible spread of the animal disease in areas bordering the North.North Korea reported the outbreak of the swine fever at a farm in its northern Jagang Province, which borders China, to the World Organization for Animal Health (OIE) on Thursday.While the farm is located far from the border, South Korea's agriculture ministry on

North KoreaMay 31, 2019

US flew 2 reconnaissance planes over Seoul

Two US reconnaissance planes recently flew over Seoul and its surrounding area, an aviation tracker said Friday, on an apparent mission to intensify their surveillance of North Korea in the wake of its short-range missile firings earlier this month.According to Aircraft Spots, an RC-135U Combat Sent and an RC-135W Rivet Joint were detected flying over Seoul and its surrounding Gyeonggi province on Thursday.It is rare for two spy planes to fly simultaneously over Seoul. The deployment came five d

DefenseMay 31, 2019

[Around the Hotels] Packages and promotions

Fruit bingsu at Millennium Seoul Hilton Millennium Seoul Hilton’s Cilantro Deli presents bingsu, topped with summer fruits. Four varieties of bingsu, Koreans’ favorite summer desert made with shaved ice, are offered, featuring melon, pineapple, avocado and mango as the main topping. Large-sized, they are designed to be shared by two to three people.Each bingsoo is accompanied by small bowls of nuts, sweet red bean paste and rice cakes. Bingsu is priced between 43,000 won to 48,000 wo

FoodMay 31, 2019

Coffee with character at T.o.ch

The scent of candied strawberries fills T.o.ch Coffee’s small showroom, emanating from freshly ground beans of Bourbon and Castillo varieties hailing from the El Paraiso association in Colombia. Once extracted as pour-over coffee, this brew unleashes an initial layer of lemon peel, followed by the sugary, dairy-rich scent of strawberries and cream.“This coffee possesses a very clear character,” said T.o.ch Coffee CEO Lee Min-kyu. The 35-year-old seems to view character as

FoodMay 31, 2019

Did you know? Five facts about Korean cinema

1. The first on-screen kiss in South Korea was in 1954.Nearly six decades after the first on-screen kiss occurred in the West in the 1896 film “The Kiss,” there was an uproar in South Korea in 1954 when the two protagonists of “The Hand of Destiny” had their lip-to-lip moment.Although this lasted for only a few seconds, it was a symbolic moment in Korean cinema that highlighted the clash of Confucian values and the ever-growing Western influence. The director and the actr

FilmMay 31, 2019

About 1 mln foreigners join Seoul's state health insurance

Foreign subscribers to South Korea's state health insurance program numbered about 1 million in 2018 as more foreigners are staying here, data showed Friday.The number of foreign subscribers, including South Koreans living abroad, stood at 971,199 as of end-December last year, or 1.9 percent of the total subscribers tallied at 51.07 million, according to the data by the National Health Insurance Service.The figure represents a 68.4 percent surge from six years earlier.The sharp increase came as

Social AffairsMay 31, 2019