Moon expects S. Korea's trade to post all-time high of over $1.2tr this year

President Moon Jae-in said Monday that South Korea's trade is expected to amount to an all-time high of more than $1.2 trillion this year on the back of strong exports in a sign that the nation's economic recovery is faster than anticipated. "Exports are forecast to exceed $630 billion and trade volume is expected to surpass $1.2 trillion," Moon told a ceremony marking the 58th Trade Day. In the first 11 months of this year, South Korea's cumulative exports came to $583.8 billion, th

Dec. 6, 2021

Yoon's top election pledge will be helping economically vulnerable people hit by pandemic: official

Helping economically vulnerable people hit by the COVID-19 pandemic will be the top election pledge of the main opposition People Power Party (PPP)'s presidential candidate, Yoon Seok-youl, the party's campaign chief said Monday. Kim Chong-in, a veteran politician who recently accepted an offer to head Yoon's campaign, said the PPP nominee will focus on providing solutions for economically disadvantaged people amid growing economic inequality prompted by the pandemic. "How to revive peo

Dec. 6, 2021

S. Korea to focus on containing omicron variant with tightened anti-virus measures: PM

South Korea will focus on containing the omicron variant of the novel coronavirus till the end of this year as the country started to enforce tightened social distancing measures amid rising daily infections, Prime Minster Kim Boo-kyum said Monday. "The threat of the omicron variant is becoming apparent," Kim said during a COVID-19 response meeting in Seoul. "Although we do not have a clear grasp of the omicron variant, what looks certain is that it is highly contagious."

Dec. 6, 2021

Monthlong party strife resolved, Yoon vows ‘united efforts’ in presidential race

Resolving an internal conflict that delayed the launch of his election committee for about a month, Yoon Suk-yeol, the presidential candidate of the main opposition party, vowed to unite efforts to win in the March presidential election on Sunday. In a Facebook post, Yoon of the People Power Party apologized for discord with party leader Lee Jun-seok after a dramatic reconciliation Friday. He also brought in Kim Chong-in, a veteran campaigner to lead his election committee. “I will sho

Dec. 5, 2021

Lee, Yoon tie at 36 percent support in presidential race: survey

Lee Jae-myung, the presidential nominee of the ruling Democratic Party, is tied with his rival Yoon Seok-youl of the main opposition People Power Party at 36 percent support, a survey showed Friday. Lee gained 5 percentage points from two weeks ago, while Yoon lost 6 points, in the survey of 1,000 adults conducted Tuesday to Thursday by Gallup Korea. The other two mainstream candidates -- Sim Sang-jeung of the minor progressive Justice Party and Ahn Cheol-soo of the minor opposition People's P

Dec. 3, 2021

Moon to meet conglomerate heads later this month: reports

South Korean President Moon Jae-in is planning a meeting late this month with heads of major local conglomerates to thank them for participating in government-led job creation projects, local news reports said Friday. The presidential office is reportedly in talks with Samsung Group, Hyundai Motor Group, LG Group, SK Group, Posco and KT to invite their chief leaders. Prime Minister Kim Boo-kyum may thank them for their taking part in the job creation project that focuses on creating education o

Dec. 3, 2021

First recruit for Lee Jae-myung campaign resigns over marriage controversy

The first outside recruit to join the ruling party's presidential election campaign committee resigned from her post just days after being appointed, over allegations surrounding a past marriage. Cho Dong-youn, a professor of military studies at Seokyeong University, hinted late Thursday that she would resign from her post as a co-chair of the election campaign committee for the ruling Democratic Party of Korea's presidential nominee Lee Jae-myung. She said she was marred by accusations and de

Dec. 3, 2021

Moon encourages charities, promotes year-end donations

President Moon Jae-in and first lady Kim Jung-sook on Friday invited officials from 14 major charities to the presidential office, joining them in promoting year-end donations. Moon and Kim delivered charitable donations to them and complimented their hard work in the face of the COVID-19 pandemic, the presidential office said in a statement. During the meeting, Moon asked for more people to participate in the culture of donating and sharing. Moon also asked people to pay more attention to t

Dec. 3, 2021

Yoon unlikely to face indictment in political meddling case

Main opposition presidential candidate Yoon Seok-youl is unlikely to face indictment over allegations the prosecution colluded with the opposition party to attempt to investigate pro-government figures when he was prosecutor-general, observers said Friday. The investigation into the alleged collusion floundered after the Seoul Central District Court rejected an arrest warrant for Son Jun-sung, a prosecutor accused of conspiring with the People Power Party, for the second time Thursday. Son's a

Dec. 3, 2021

Nat'l Assembly passes record W607.7t govt. budget for 2022

The National Assembly passed the 2022 government budget Friday, a record high amount of 607.7 trillion won ($516.3 billion) to cope with the economic fallout of the COVID-19 pandemic and other expenses. The bill's passage came a day after the legal deadline, as last-minute negotiations between the ruling Democratic Party (DP) and main opposition People Power Party (PPP) caused a delay in the finance ministry's computation work. The final package is an increase of 3.3 trillion won from the gove

Dec. 3, 2021

Lee Jae-myung asks US firms for investment and jobs while promising to ease regulations

The presidential candidate for the ruling Democratic Party of Korea on Thursday requested increased investments from foreign firms here, promising to return the favor by lifting regulations and enhancing the business environment for them as part of his vision to revitalize the local economy through "transition." In a meeting with representatives from the American Chamber of Commerce in Korea, presidential nominee Lee Jae-myung requested foreign firms to increase investments and create

Dec. 2, 2021

People Power Party’s continued strife puts dent in electioneering efforts

People Power Party Chairman Lee Jun-seok said on Thursday he is not “boycotting” his duties as the chairman as he was never actually given any, expressing his discontent with the party’s presidential candidate. Making his way to Jeju Island on the third day of his unannounced road trip to the southern portion of the country, Lee denied suspicions that he has gone into hiding in protest, contending he is traveling to “check” on how the party is doing. Lee cancel

Dec. 2, 2021

Assembly set to pass W607.9t budget by deadline: official

The National Assembly is set to pass the government's 2022 budget before Thursday's deadline after increasing the sum by 3.5 trillion won ($2.97 billion) to 607.9 trillion won, a ruling party official said. "The ruling and opposition parties have nearly reached an agreement on tax revenues and expenditures, as well as the amount of net increase," the Democratic Party official told Yonhap News Agency. "There are differences over some projects, but we can't let that stop us from p

Dec. 2, 2021

Rival parties tentatively agree on 2022 budget at W607tr

The ruling Democratic Party and the main opposition People Power Party reached a tentative agreement Wednesday to pass next year's government budget at 607 trillion won ($515 billion), officials said. The agreement was reached during a bipartisan negotiation meeting headed by Rep. Yun Ho-jung and Rep. Kim Gi-hyeon, floor leaders of the DP and PPP, respectively, along with Finance Minister Hong Nam-ki at the National Assembly earlier in the day, according to ruling party officials. The size of

Dec. 1, 2021

DP presidential candidate urges Japan to carry out wartime forced labor compensation

Lee Jae-myung, the presidential candidate of the ruling Democratic Party (DP), on Wednesday called for Japan to swiftly carry out a South Korean Supreme Court order to compensate wartime forced labor victims. "Turning away does not make history disappear," Lee wrote on his Facebook page. "It should respond to the victim's pain with a sincere apology and find realistic ways to carry out the compensation quickly." In 2018, the South Korean Supreme Court ordered Japanese firm

Dec. 1, 2021

[Newsmaker] People Power Party’s turmoil continues with chairman AWOL

Chaos is growing in the main opposition People Power Party with conflict between its chairman and the election campaign committee appearing to deepen. People Power Party Chairman Lee Jun-seok reportedly left for Busan with his aides Tuesday and held meetings with officials there without any prior notice. He is believed to be avoiding the press for the time being and continuing his schedule without public notice. Lee's scheduled meeting with Rep. Kweon Seong-dong, the party’s secretary-g

Dec. 1, 2021

Moon hails cooperative movement's role in promoting social responsibility

President Moon Jae-in on Wednesday lauded the cooperative movement's role in promoting social responsibility on a range of issues, including environment and society. "The spirit of corporate federations, which has become an important axis of the global economy, must become a value of our society and the world," Moon said at the opening ceremony of the 33rd World Cooperative Congress. Moon said the competitiveness of coexistence and cooperation will be strengthened when socially res

Dec. 1, 2021

Natl. security adviser to visit China amid push to declare formal end to Korean War

National security adviser Suh Hoon will visit China this week to meet with Beijing's top diplomat, Cheong Wa Dae said Wednesday, as Seoul pushes to declare a formal end to the 1950-53 Korean War. Suh will visit the northeastern port city of Tianjin on Thursday and Friday at the invitation of Chinese Communist Party foreign affairs chief Yang Jiechi, the presidential office said. The two plan to meet Thursday and "exchange opinions on issues of mutual concern, such as South Korea-China rel

Dec. 1, 2021

Court questions ex-lawmaker to determine arrest over bribery in development scandal

A Seoul court questioned a former opposition lawmaker Wednesday to determine whether to approve an arrest warrant for him on charges of accepting bribes in the form of severance pay for his son from an asset firm at the center of a massive development corruption scandal. Kwak Sang-do quit the main opposition People Power Party and ultimately gave up his parliamentary seat following revelations that his son received 5 billion won ($4.2 million) in severance pay from Hwacheon Daeyu Asset Manageme

Dec. 1, 2021

National Assembly eases capital gains tax exemption limit on home sales

The National Assembly on Tuesday approved a revision to the Income Tax Act that calls for easing a threshold of capital gains tax exemption on real estate sales for those with only one home. The bottom limit of the assessed value of real estate properties subject to capital gains tax will be raised from 900 million won ($756,000) to 1.2 billion won for owners of only one home following approval from the parliament's strategy and finance committee. The limit was set at 900 million won since 200

Nov. 30, 2021