[Newsmaker] KT to pay 35-40 billion won in compensation for network fiasco

KT will pay 35 billion-40 billion won ($29 million-$33 million) to subscribers in compensation for the massive network outage last week, the country’s No. 2 telecom operator in terms of revenue said Monday.  In a press conference, executives of the firm acknowledged that the Oct. 25 incident was a human-caused disaster caused by lax oversight on its side and pledged to go “back to basics” to regain confidence from users.  “We deeply apologize for causing incon

IndustryNov. 1, 2021

[Newsmaker] Kospi’s average daily transaction volume hits 1-year low in October

South Korea’s main stock market saw its trading volume hit its lowest level in a year this month, data showed Sunday, amid market instability ahead of monetary policy meetings at central banks here and in the United States. The Kospi’s daily average trading volume stood at 11.75 trillion won ($10 billion) in October, its lowest level since the 10.85 trillion won posted a year ago, according to data compiled by the Korea Exchange. The figure had nearly halved since January, wh

MarketOct. 31, 2021

[Newsmaker] Probe underway into teenager's death after vaccination

South Korea's health authorities said Saturday that they are looking into the case of a teenager who died after vaccination. According to the authorities, a third-grade high schooler was inoculated with the Pfizer vaccine on Aug. 13 and died on September 27. The teenager had no underlying conditions. It marks the first reported death of a vaccinated teenager. Since mid-July, high school seniors and those who will take the national college entrance exam slated for Nov. 18 have been vaccinated

Social AffairsOct. 30, 2021

[Newsmaker] Airline industry prepares to increase international flights under “With COVID-19” scheme

Step-by-step, in line with the government’s plan to gradually return to normalcy with its “living with COVID-19” scheme, the airline industry has begun preparations for more overseas flights. According to full service carriers Korean Air and Asiana Airlines, some overseas flight routes will resume operations next month. Korean Air has decided to resume scheduled flights to Hawaii, Sydney, and Oakland. There will be three flights a week scheduled for Hawaii starting from Nov

MobilityOct. 29, 2021

[Newsmaker] Korean steelmakers report stellar earnings on rising steel prices

Korean steelmakers witnessed their highest-ever profits in the third quarter this year, backed by strong sales due to surging steel prices. On Thursday, Hyundai Steel announced a 2,374 percent jump in operating profit to 826.2 billion won ($705 million) for the July-September period via a regulatory filing. Consolidated sales increased by 31.3 percent on-year to reach 5.86 trillion won, while the operating profit margin also increased to a record two-digit score of 14.1 percent, the company

IndustryOct. 28, 2021

[Newsmaker] Once promising testbed, Seoul now a doomed city for e-scooters

One by one, electric scooter operators are leaving South Korea, once hailed as a perfect testbed for last-mile mobility innovation. According to industry sources Wednesday, German e-scooter operator Wind, which entered the Korean market in 2019, recently called it quits. Another e-scooter firm Gcooter halted services starting this month in three districts of Seoul -- Yeongdeungpo-gu, Dongjak-gu and Gwanak-gu -- where e-scooters are most frequently towed. As to why they are packing their bag

IndustryOct. 27, 2021

[Newsmaker] Korea to be supplied with first batch of locally-manufactured Moderna doses

Some 2.4 million doses of Moderna’s COVID-19 vaccine that Samsung Biologics has helped manufacture are being supplied for domestic use for the first time, South Korea’s Ministry of Health and Welfare said Tuesday. The ministry said the 2.4 million doses are among the first batch of Moderna’s vaccine from the plant in Incheon. The country’s drug regulators authorized the Samsung Biologics-produced doses for emergency use Monday, the ministry said, which differs from th

Social AffairsOct. 26, 2021

[Newsmaker] Military loosens rules on haircut amid discrimination concerns

The military said Monday that it would ease regulations on conscripts’ hair length and introduce the same standards for both officers and troops, amid calls for a change in discriminatory practices. “We were asked to review our rules on haircuts, and to that end, we instructed each branch of the armed forces to draft revisions. We can’t say when the change will take effect, though,” Defense Ministry spokesperson Boo Seung-chan said, referring to an advisory panel on huma

DefenseOct. 25, 2021

[Newsmaker] Authorities to begin looking into data to explain why Nuri launch failed

South Korea’s Science Ministry said Sunday that researchers will begin looking into why the country’s first domestically-built rocket Nuri, or Korean Satellite Launch Vehicle II, failed to put a dummy satellite into orbit in its maiden flight last week.  The Korea Aerospace Research Institute that led the Nuri project will form a task force to examine data from the Oct. 21 test to determine what caused the shorter-than-programmed burning of the rocket’s third engine. 

IndustryOct. 24, 2021

[Newsmaker] S. Korea to impose temporary fuel tax cut amid gas price hike

South Korea will temporarily cut fuel taxes to soften the blow of skyrocketing gasoline prices, which put upward pressure on inflation, First Vice Finance Minister Lee Eog-weon said Friday.  “The government will temporarily lower fuel taxes. We’ll finalize further details, including the extent of fuel tax cuts and when the envisioned measure will take effect, as soon as possible,” Lee said, adding that the formal announcement will be made during a government meeting nex

EconomyOct. 22, 2021

[Newsmaker] New law strengthens punishment for stalkers, expands reach

A new law came into effect Thursday in South Korea imposing stiffer penalties for stalkers, amid growing calls for tougher penalties for offenders. Under the new legislation, stalkers can face up to three years in prison or 30 million won ($25,500) in fines. Up to five years in prison or a fine of 50 million won is possible if a weapon or other physically threatening means are used. Before the law came, stalking was categorized as a misdemeanor, meaning a fine not exceeding 100,000 won or 29 d

Social AffairsOct. 21, 2021

[Newsmaker] Edison Motors likely preferred bidder for troubled SsangYong Motor

Edison Motors, a little-known electric bus manufacturer, seems likely to emerge as the preferred bidder for SsangYong Motor, South Korea’s longest-running car brand, which has experienced debt troubles in recent years. The Seoul Bankruptcy Court said a consortium led by Edison Motors is the only remaining bidder, effectively making it the preferred buyer. Its competitor, another consortium led by EV firm Electrical Life Business and Technology, was excluded from the list as it failed

IndustryOct. 20, 2021

[Newsmaker] Airlines to resume, expand flights between Korea and Hawaii

Korean Air said Wednesday it would resume flights to Hawaii starting Nov. 3 while Hawaiian Airlines announced plans to expand flights on the route to four times a week. Korean Air’s operation on the route was suspended in April last year due to COVID-19. The Incheon-Honolulu KE053 flight will operate three days a week, departing from Incheon International Airport every Wednesday, Friday and Sunday night. The KE054 flight departing from Honolulu for Incheon will also operate on the same

MobilityOct. 20, 2021

[Newsmaker] Military wary of lifting transgender ban despite court ruling

Despite a court ruling in favor of a soldier who was forcibly discharged after she received gender reassignment surgery, the military is still cautious about crafting a transgender policy because it is not ready to deal with the issue, military officials said Tuesday. In January 2020, Byun Hee-soo, who was the country’s first openly transgender soldier, was dismissed from the Army, which found her mentally and physical unfit to serve after she had her male genitals removed. Byun filed a l

DefenseOct. 19, 2021

[Newsmaker] Prosecutors detain key figure in land development scandal, raid Seongnam City Hall

A key figure in a high-profile land development corruption scandal was detained upon his arrival from the US on Monday morning for questioning on bribery and misconduct allegations. Attorney Nam Wook was taken into custody by the prosecution on suspicion of promising to pay a bribe and breach of trust, and transported to the Seoul Central District Prosecutors’ Office immediately after he arrived at Incheon International Airport from Los Angeles. Nam has been accused of playing a key ro

Social AffairsOct. 18, 2021

[Newsmaker] Starbucks Korea to hire 1,600 new staff this year

Stung by its employees‘ first collective action, Starbucks Korea said Sunday that it will hire 1,600 more baristas and store staff by the end of this year and improve working conditions. The hiring plan is part of the firm’s package of measures announced in response to recent complaints from in-store staff that they were overworked and underpaid. “We plan to hire in order to secure more staff and enhance work efficiency at stores nationwide. The company is also reviewing p

ConsumerOct. 17, 2021

[Newsmaker] Plane ticket sales to Europe spike

Sales of air tickets to Madrid increased 625 percent on-month in September amid growing hopes for a resumption of overseas tourism, as vaccination speeds up in South Korea. According to Interpark Tour, a leading travel agency here, demand for flights to European destinations sharply increased last month, compared with a month earlier. Sales of plane tickets to Zurich soared 275 percent, while those for Amsterdam grew 250 percent. Paris saw a jump of 76.3 percent, followed by Istanbul at 68 p

ConsumerOct. 15, 2021

[Newsmaker] Korea to hold safety review of Moderna vaccine

South Korea’s top health agency said Thursday that it would be evaluating the age recommendations for the use of the Moderna COVID-19 vaccine in the wake of recent decisions by some European countries and Japan, which are now discouraging its use in some young people. Hong Jeong-ik, head of the KDCA’s vaccination management division, told a news briefing that the national advisory committee on immunization practices and a panel of outside experts would be conducting a safety revi

Social AffairsOct. 14, 2021

[Newsmaker] Is fluent Korean a must for at-home COVID-19 care? Not necessarily

South Korea is expanding at-home care in a bid to return closer to normal in about a month’s time, by the second week of November at the latest, according to public health officials.  The key to safe home care is whether remote monitoring can be done efficiently, which raises concerns for patients who may not speak Korean fluently. According to the Ministry of Health and Welfare earlier this week, patients staying at home need to report any changes in symptoms and other important

Social AffairsOct. 13, 2021

[Newsmaker] Stalker, murderer of three sentenced to life in prison

A South Korean man who murdered three women in the same family was sentenced to life in prison Tuesday, with the court concluding that the crime had been premeditated and planned in advance. The Seoul Northern District Court passed the sentence against Kim Tae-hyun, 25. He was indicted in April and later convicted of murder, theft, harassment, breaking and entering, and misusing communications networks. Kim was arrested at the victims’ home in Nowon-gu, northeastern Seoul, in March, days

Social AffairsOct. 12, 2021