South Korean manufacturers' business sentiment rose for July mainly due to growing demand for semiconductors and electronic parts, central bank data showed Friday. The business sentiment index (BSI) for local manufacturers came to 99 for July, up from 97 for June, according to the data from the Bank of Korea (BOK). The index measures manufacturers' outlook on business conditions in the following month. A reading below 100 means pessimists outnumber optimists. A modest recovery in exports and

Economy June 25, 2021

WASHINGTON -- The United States remains committed to the South Korea-US alliance, 71 years after the start of the Korean War, a Pentagon spokesman said Thursday, calling the alliance the "linchpin of peace" for the region and the world. Department of Defense spokesman John Kirby made the remarks as the allies mark the 71st anniversary of the start of the 1950-53 Korean War on Friday. "Tomorrow marks 71 years since the start of the Korean War. For the past 71 years our commitment

Foreign Affairs June 25, 2021

The number of drunk driving accidents in Seoul sharply dropped two years into enforcing stronger DUI laws, police data showed Thursday. According to the Seoul Metropolitan Police Agency, 931 DUI accidents have been reported in the capital from December last year to June, down 41.2 percent from 1,583 from December 2017 to June 2018. The number of deaths in such accidents also dropped by 33.3 percent to eight over the same period. In late 2018, the National Assembly revised DUI-related laws, in

Social Affairs June 24, 2021

Dialogue and cooperation are the best way to ensure stable and peaceful control of the situation on the Korean Peninsula, a unification ministry official said Thursday, after North Korea said that it is not interested in resuming talks with the United States. On Wednesday night, North Korean Foreign Minister Ri Son-gwon issued a statement, saying that his country is not considering "even the possibility of any contact with the US" A day earlier, Kim Yo-jong, the sister of North Korean

North Korea June 24, 2021

A key administrative process to relocate the US embassy building in Seoul was approved by city officials Thursday, opening the door for the beginning of the construction project that will close the embassy's half-century-old presence in the heart of the South Korean capital. The Seoul metropolitan government's city planning and construction committee approved the district units plan of the US embassy's new site in Yongsan-dong of Seoul's central Yongsan Ward. The current embassy building is lo

Foreign Affairs June 24, 2021

Ex-Prosecutor General Yoon Seok-youl will declare his presidential bid next week, officially launching a political career three months after he stepped down from public office, according to his spokesperson Thursday.  Yoon will appear in front of the public in an event at 1 p.m. on Tuesday at the memorial hall for Yun Bong-gil, a national independence fighter, in southern Seoul, according to the spokesperson. He is set to announce his widely anticipated presidential bid there. "I wi

Politics June 24, 2021

President Moon Jae-in has reaffirmed his commitment to doing his best during the remainder of his tenure to reinvigorate the Korea peace process, according to the TIME magazine. Speaking in a recent interview, posted on its website, Moon said, "The peace we have right now is a very fragile one; it can be shaken at any time." "I know that I don't have much time myself," he added in the story headlined "South Korean President Moon Jae-in Makes One Last Attempt to Heal Hi

North Korea June 24, 2021

South Korea plans to invest 50 billion won ($44 million) in a fund specializing in animation investment as part of efforts to boost the industry, the culture ministry said Thursday. The investment is part of a five-year plan aimed at increasing the local animation industry's revenue to 1 trillion won by 2025 from 640.5 billion won in 2019, according to the Ministry of Culture, Sports and Tourism. The ministry also aims to increase exports from $190 million to $360 million and expand the number

Film June 24, 2021

WASHINGTON -- The US International Trade Commission (ITC) on Wednesday decided to approve anti-dumping tariffs on car tires imported from South Korea, Taiwan, Thailand and Vietnam. The final decision comes about a month after the US Department of Commerce said it will impose anti-dumping tariffs of between 14.72 percent and 27.05 percent on passenger vehicle and light truck tires from the four countries. The ITC said it has determined "that a US industry is materially injured by reason of

Foreign Affairs June 24, 2021

WASHINGTON -- The United States continues to remain open to diplomacy with North Korea, a State Department spokesperson said Wednesday, hours after the North said it is not considering any dialogue with the US The spokesperson also reiterated US hopes that the North will respond positively to US overtures. "We are aware of these reports," the spokesperson said of a statement from North Korean Foreign Minister Ri Son-gwon that Pyongyang is not considering even the possibility of any c

Foreign Affairs June 24, 2021

The Bank of Korea (BOK) is ready to conduct its first post-pandemic rate hike "within this year" amid the economy's robust recovery from the COVID-19 pandemic, Gov. Lee Ju-yeol said Thursday. Lee has hinted that the BOK could exit from pandemic-era monetary easing if an economic recovery remains solid, but it is the first time that he mentioned the timing of a rate hike. "There is the need to orderly normalize monetary policy within this year," Lee told reporters. Lee a

Economy June 24, 2021

South Korea's leading carmaker Hyundai Motor Co. emerged as the top auto seller in Vietnam in the first five months of this year, outpacing its Japanese rival Toyota Motor Corp., industry data showed Thursday. Hyundai Motor sold 24,420 units in the Southeast Asian nation in the January-May period, edging out Toyota's 24,112 units, according to the data from the Vietnam Automobile Manufacturers' Association (VAMA). Hyundai's smaller affiliate Kia Corp. sold 23,440 units in Vietnam over the sam

Mobility June 24, 2021

KAIST, South Korea's top science university, said Thursday it is teaming up with K-pop powerhouse SM Entertainment Co. to conduct joint research on digital avatars for virtual concerts in an effort to boost development in metaverse technology. The metaverse -- a virtual environment where users interact through digital avatars -- has recently grown in popularity as the pandemic limits in-person contact. K-pop artists have been at the forefront in adopting the technology, holding virtual meetups

Technology June 24, 2021

JEJU/SEOUL -- An annual international peace forum kicked off on the southernmost island of Jeju on Thursday to discuss climate change, the COVID-19 pandemic and paths to sustainable peace. The three-day Jeju Forum for Peace and Prosperity brings together more than 2,000 participants from about 50 organizations and institutions in 30 countries in an online-offline hybrid format due to the pandemic situation, the Jeju Peace Institute think tank hosting the forum said. Most of the key sessions wil

Foreign Affairs June 24, 2021

Military prosecutors have launched an investigation into why the Air Force police left out a sexual abuse case suffered by a female noncommissioned officer when reporting her suicide to the defense ministry, officials said Thursday. The female master sergeant was found dead in May, around three months after being sexually abused by a colleague of the same rank. Her death sparked a public uproar after her family alleged that military authorities attempted to cover up the sexual abuse case rather

Defense June 24, 2021