South Korea will prepare for an "orderly" exit from the pandemic-era monetary easing policy if an economic recovery remains solid, the head of the Bank of Korea (BOK) said Friday. It was the second time in a month that BOK Gov. Lee Ju-yeol hinted at the normalization of monetary policy amid market concerns about the US Federal Reserve's tapering. "If our economy is expected to continue its solid pace of recovery, we will orderly normalize the current easing of monetary policy

Economy June 11, 2021

South Korea's export prices rose in May, marking the sixth straight monthly gain amid a robust recovery in exports, central bank data showed Friday. The country's export price index, in terms of the local currency, rose 1.5 percent in May from the previous month, according to the preliminary data from the Bank of Korea (BOK). The reading marked the sixth consecutive month of an on-month rise. In April, the index rose 2.2 percent on-month. From a year earlier, the index jumped 12.3 percent,

Economy June 11, 2021

South Korean stocks opened higher Friday despite the steep hike in the US price gauge, as investors expect the price pressure is still short of starting Federal Reserve discussions to pull back its accommodative policies. The benchmark Korea Composite Stock Price Index (Kospi) rose 24.91 points, or 0.77 percent, to reach 3,249.55 points in the first 15 minutes of trading. The Kospi got off to a strong start on overnight Wall Street tech gains, as investors shrug off signs of high price pressur

Market June 11, 2021

President Moon Jae-in departed Friday for Britain to attend an annual Group of Seven (G-7) summit, the outset of his weeklong trip to Europe that will take him to Austria and Spain as well. He is joining the G-7 session as a guest invited by British Prime Minister Boris Johnson, the host of the three-day event to take place until Sunday at the Carbis Bay Hotel in the southwestern county of Cornwall. At the "expanded" forum on Saturday and Sunday, Moon plans to have discussions on how

Foreign Affairs June 11, 2021

WASHINGTON -- North Korea continues to develop its nuclear and ballistic missile capabilities, posing an increasing threat to the United States and its allies, US Secretary of Defense Lloyd Austin said Thursday. "Pyongyang continues to develop its nuclear and ballistic missile programs, posing an increasing threat to regional allies and partners and with ambitions to be able to strike the US homeland," Austin said in written testimony to the Senate Armed Services Committee before a he

North Korea June 11, 2021

Rep. Ahn Gyu-back of the ruling Democratic Party tested positive for the coronavirus Thursday, his office said. He is the second sitting legislator to be diagnosed with COVID-19 after Rep. Lee Gae-ho of the same party, who tested positive in April. Ahn's office said the four-term lawmaker came into contact with a local party official, who was infected with the coronavirus, during an event on Sunday. His aides went into self-isolation, it said. (Yonhap)

Politics June 10, 2021

South Korean stocks rebounded Thursday on the quadruple expiration day of options and futures, buoyed by strong advances in tech stocks and massive foreign buying. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 8.46 points, or 0.26 percent, to close at 3,224.64 points. Trading volume was high at about 1.9 billion shares worth some 18.8 trillion won ($16.8 billion), with losers outnumbering gainers 426 to 418. Foreigners scooped a net 71

Market June 10, 2021

Rep. Ryu Ho-jeong of the progressive minor Justice Party apologized Thursday for using photos of BTS member Jungkook to promote her bill on legalizing tattooing. "I want to give my apology if there were people hurt (by the action)," Ryu told a radio program by local broadcaster MBC. "As a fan of BTS myself, I hated their acts of artistic expression getting restricted," the lawmaker noted. Ryu came under heat for uploading photos of Jungkook on her Twitter account on Tues

Politics June 10, 2021

China hopes its relations with South Korea will move forward unaffected by the country's growing rivalry with the United States, the top Chinese envoy here said Thursday. Ambassador Xing Haiming made the remark in a radio interview after China expressed discomfort over the mention of the Taiwan Strait in last month's summit statement adopted by President Moon Jae-in and US President Joe Biden. "Our relations have developed over the past 30 years. We should value that, and I think it wou

Foreign Affairs June 10, 2021

President Moon Jae-in on Thursday commemorated a historic pro-democracy uprising here in 1987, describing its spirit as a "noble asset" to be passed to future generations. "The spirit of the June 10 Democratic Protest is a noble asset that should be inherited by future generations," he wrote on his social media accounts. He was referring to an uprising, initiated by college students and joined by other citizens, against the authoritarian rule of Chun Doo-hwan 34 years ago.

Politics June 10, 2021

South Korea plans to offer $300,000 in humanitarian aid to the Democratic Republic of the Congo to help its people displaced by last month's volcanic eruption, the foreign ministry said Thursday. "The government hopes that our support will be helpful to the people in the country suffering from the unexpected natural disaster," the ministry said in a press release. The May 22 eruption of Mount Nyiragongo, one of the world's most active volcanoes, killed about 30 people and displaced m

Foreign Affairs June 10, 2021

Hyundai Motor Co. said Thursday it has suspended some assembly lines of its mainstay plants here due to parts supply disruptions following COVID-19 infections at a key parts supplier. Hyundai Motor suspended four out of five plants in Ulsan, 414 kilometers southeast of Seoul, on Thursday afternoon due to lack of auto components from Hyundai Mobis Co., a company spokesman said over the phone. "Several Hyundai Mobis workers were infected with COVID-19, and disrupted supplies of cockpit modu

Industry June 10, 2021

South Korea's housing market sentiment remained above the benchmark for the second straight month in June amid rising hopes of business improvements, a poll showed Thursday. The Korea Housing Institute said that its housing business sentiment index (HBSI), based on a survey of about 500 construction firms, came to 113 for this month, up 11.8 points from the previous month. A reading above 100 means the number of companies forecasting better business is larger than the number expecting worse ti

Economy June 10, 2021

South Korea's top economic policymaker said Thursday the government plans to provide support to help around 1,000 auto parts makers transform into key suppliers of next-generation automobiles by 2030. Finance Minister Hong Nam-ki said the country plans to create a 500-billion won (US$448 million) fund to support research and development and facility investment in the next-generation vehicle sector. "It is very necessary to take the lead in the next-generation vehicle and related parts mar

Economy June 10, 2021

An Army officer and a Marine tested positive for the new coronavirus, the defense ministry said Thursday. They were confirmed to have been infected while being isolated following their recent vacations, according to the ministry. The latest cases raised the total number of infections reported among the military population to 986, with 33 currently under treatment. Meanwhile, the defense ministry said the vaccination campaign for service members under 30 years old with Pfizer's COVID-19 vaccin

Defense June 10, 2021