Police bust crypto scammer who received plastic surgery to evade arrest

South Korean police said Thursday that they have arrested the leader of a cryptocurrency scam operation that defrauded investors of 16 billion won ($12 million) and who even underwent plastic surgery to avoid capture. The man, in his 40s, was apprehended earlier this month for deceiving 158 victims between November 2021 and June 2022 by promising a monthly return of 18 percent on investments in a so-called cryptocurrency mining business, according to the Seoul Metropolitan Police Agency. Police

Social AffairsAug. 29, 2024

Coach jailed for sexual exploitation of underage athlete

A coach for the national jump rope team was sentenced to five years in jail for his yearlong sexual exploitation of a teenage athlete, in a ruling Wednesday by a local court. The Uijeongbu District Court found the 28-year-old defendant guilty of violating the Act on the Protection of Children and Youth Against Sex Offenses, specifically Article 7 that prohibits sex with a juvenile by a deceptive scheme. He was also banned from working at facilities for juveniles or people with disabilities for

Social AffairsAug. 29, 2024

[Today’s K-pop] EXO’s Chanyeol tops iTunes chart in 51 regions

Chanyeol of EXO proved himself a formidable soloist, placing his first solo album atop the iTunes Top Albums chart in 51 regions, according to label SM Entertainment on Thursday. His first solo EP “Black Out” also claimed the top spot on several music charts in Korea and China. The mini-album comprises six tracks including the titular track and “I’m on your side too,” for which the veteran idol participated in writing the lyrics. On Sept. 6-7, he will host a solo

K-popAug. 29, 2024

Korea's cultural gems find new home in Daegu

Kansong Art Museum Daegu brings together several designated national treasures in the largest-ever show of national treasures in its collection. The museum's inaugural exhibition “Treasures of the Kansong Art Museum Daegu,” which opens Sept. 3, marks the opening of a new home for the country's oldest private museum. “It took nearly 10 years to open the museum in Daegu, and I am glad we can offer an opportunity to people outside Seoul to enjoy our collection of natio

Arts & DesignAug. 29, 2024

Sejong Summer Festival turns Gwanghwamun Square into lively dance floor

The Sejong Center for the Performing Arts’s Summer Festival kicked off Wednesday with enthusiastic cheers and vibrant dance moves filling the Gwanghwamun Square, which will remain a lively dance floor both for performers and audiences until Sunday. On Wednesday, approximately 1,000 people, including preregistered attendees and those who queued at the venue, filled the standing area, immersing themselves in the dynamic performances. Those unable to enter the square shared in the excitement

CultureAug. 29, 2024

Seoul shares decline over 1%, led by chipmakers after Nvidia's earnings

South Korean shares retreated more than 1 percent Thursday, led by chipmakers after an underwhelming earnings result by global artificial intelligence chip giant Nvidia. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index slipped 27.55 points, or 1.02 percent, to close at 2,662.28. Trade volume was moderate at 284.7 million shares worth 11.3 trillion won ($8.47 billion), with losers outnumbering winners 590 to 280. Institutions and foreign investors sol

MarketAug. 29, 2024

29th BIFF selects 12 world premiere films of emerging directors

The 29th Busan International Film Festival announced Thursday 12 selections for the “Korean Cinema Today -- Vision” section, which premieres indie films of up-and-coming independent film directors in Korea. A world premiere in this section has been regarded as a stepping stone for garnering attention in the domestic and international film industries, as the films go through official release at cinemas here or receive invitations to prestigious international film festivals. The select

FilmAug. 29, 2024

MG Community Credit Cooperatives upgrades HR system

South Korean mutual financial institution MG Community Credit Cooperatives said Thursday it has made efforts to improve its organizational culture by offering consulting services on labor and employment matters to its employees since last year. In the project, called MG Blue Wave, MG aims to examine and consult on the personnel management of its 560 branches until the end of this year. As of this month, some 394 branches have undergone such evaluation program since the beginning of last year. Th

IndustryAug. 29, 2024

Korean minister, AmCham head hope to deepen economic ties

Industry Minister Ahn Duk-geun called the US “the most important ally and rival” to South Korea on Thursday while introducing the government's key initiatives to bolster US-Korea trade and investment at a conference hosted by the American Chamber of Commerce in Korea. “Korea is establishing a stable investment environment by implementing various regulations, such as the Korea-US Free Trade Agreement, and expanding our global network,” Ahn stated, noting the country&#

IndustryAug. 29, 2024

Posco unveils lightweight steel pad for vertiports

Posco said Thursday that it has introduced a lightweight steel takeoff and landing pad, specifically designed for vertiports on buildings. This new vertiport landing pad is constructed from a foam deck formed by thinly shaped steel plates, making it over 60 percent lighter than traditional landing pads while still offering superior rigidity, corrosion resistance and usability, according to the company. In June, Posco's landing pad underwent rigorous testing during Lotte E&C's urban

CompaniesAug. 29, 2024

Korea Exchange raises guard against biopharma shares

The Korea Exchange, the country's sole bourse operator, has recently voiced alarm about excessive and speculative trading of biopharmaceutical stocks tied to the resurgence of COVID-19 and the spread of mpox. Retail investors' interests in pharmaceutical and biotech stocks have soared in recent weeks amid the country’s heightened caution against infectious diseases. Buoyed by short-term speculations, stock prices of some biopharmaceutical companies have experienced a sharp gain r

MarketAug. 29, 2024

Yoon touts pension reform drive amid stagnant popularity rating

President Yoon Suk Yeol outlined his blueprints for pension reform proposals in a rare national address Thursday, vowing to make the fund, one of the world's largest with assets worth 1,113.5 trillion won ($834.7 billion) as of May, more sustainable to ensure that younger generations will benefit from the system in the decades to come. Yoon's initiation of pension reform — a policy drive often described as notoriously unpopular — came at a time when he was already grappling

PoliticsAug. 29, 2024

SK hynix develops world's first 10-nm DRAM chip

SK hynix, the world's second-largest memory chip-maker, said Thursday it has developed the industry’s first 16-gigabyte DDR5 chip using its 1c node, the sixth generation of the 10-nanometer process technology. The success marks the beginning of the extreme scaling to the level closer to 10 nanometers in the memory process technology, according to SK hynix. SK hynix has become the first in the industry to overcome technological limitations by raising the level of completion in design,

TechnologyAug. 29, 2024

Ruling bloc seeks tougher sentences for deepfake sex crimes

The government and the ruling party agreed on adopting longer prison sentences of up to seven years for deepfake sex crimes Thursday, as South Korea grapples with a surge in female victims of such illegal pornography. The decision made during an emergency meeting at the National Assembly followed President Yoon Suk Yeol’s order, on Tuesday, of a crackdown on the latest reports of digital sex crimes involving the production and circulation of fake sexually explicit images of women and girls

PoliticsAug. 29, 2024

Posco International receives first credit rating from S&P, Moody's

Posco International, the trading arm of Posco Group, announced Thursday that it received its first credit rating from global credit rating agencies Standard & Poor's and Moody's on Tuesday. Posco International was assigned a rating of BBB+ by S&P and Baa2 by Moody's, with both agencies providing a stable outlook for the company's credit rating. An S&P rating of BBB- or higher is generally considered investment grade. Posco International's BBB+ rating is on pa

IndustryAug. 29, 2024

CEOs at top banks face mixed outlooks on reappointment

The terms of the CEOs at South Korea's five major commercial banks all end on Dec. 31, and speculation is mounting over their reappointments. Strong earnings across the sector, driven by high revenue and profits, may boost some CEOs' chances for an extension. However, others face uncertainty due to ongoing financial scandals and management issues, prompting regulators to call for tighter oversight. Additionally, CEOs' relationships with their respective holding group will also be

IndustryAug. 29, 2024

Aricell CEO arrested in first case under industrial accidents law

The chief executive of lithium battery manufacturer Aricell and his son, who oversees factory operations, have been arrested over the deadly fire at the company’s Hwaseong plant that claimed the lives of 23 -- 17 Chinese nationals, five Korean nationals and one Laotian national. The incident marks the first time a company head has been formally arrested under the Serious Accidents Punishment Act, which came into effect in January 2022. The law mandates a minimum prison sentence of one year

Social AffairsAug. 29, 2024

Unionized hospital workers pull out from strike

Unionized hospital workers pulled out from their planned strike Thursday after reaching an agreement on pay raises and better working conditions with hospitals, withdrawing from a decision that could have caused potential chaos at understaffed hospitals already suffering from junior doctors' collective walkouts in February. The Korean Health and Medical Workers' Union -- which has some 30,000 nurses, caregivers and other medical workers as members -- said Thursday that health care work

Social AffairsAug. 29, 2024

Hanwha Ocean scores Korea’s 1st US warship maintenance deal

Hanwha Ocean has secured Korea’s first warship maintenance project from the United States Navy, pioneering the market for the country’s maritime defense industry. According to Hanwha Ocean on Thursday, the company landed a depot maintenance contract for the US Navy’s 40,000-ton-class auxiliary ship. The company explained that the project was only open to those who had signed a master ship repair agreement (MSRA) with the US Naval Supply Systems Command. Hanwha Ocean announced i

CompaniesAug. 29, 2024

Newborns hit new low, but births to those unmarried reach record high: data

Births to those not married accounted for nearly 5 percent of all births last year, setting a new record high, while the total number of newborns dropped to a new low, data showed Thursday. According to Statistics Korea, of the 230,028 babies born last year, 10,900, or 4.7 percent, were born to women who were not married, marking the highest proportion since records began in 1981. Babies born to people who were not married have steadily increased since 2020, reaching 9,800 in 2022, or 3.9 percen

Social AffairsAug. 29, 2024