South Korean stocks are expected to gain momentum next week, as investor sentiment will be buoyed by eased uncertainty about the US monetary policy, analysts said Saturday. The benchmark Kospi closed at 3,017.73 points Friday, little changed from 3,010.23 points a week ago. The key stock index retreated on Monday and Tuesday as investors took to the sidelines ahead of the US Federal Reserve's policy meeting. But local stocks rebounded for three straight sessions to Friday, as the outcome of t

Market Dec. 18, 2021

Any future changes to US Forces Korea including troop levels will be made under joint decisions with South Korea, a Pentagon spokesman said Friday. "I can assure you that there's no plans, no intentions to change our alliance posture in any way," Department of Defense Press Secretary John Kirby said when asked if there can be any changes to the US troop level in South Korea in the near future. "And any changes at all, not that I'm predicting any ... will always be done as an all

Defense Dec. 18, 2021

South Korea has confirmed an additional case of highly pathogenic avian influenza at a chicken farm in the central region, the agriculture ministry said Friday. The latest case was reported at the farm where around 344,000 egg-laying chickens are being raised in Sejong, 144 kilometers south of Seoul, according to the Ministry of Agriculture, Food and Rural Affairs. Health authorities have cordoned off the site and are culling chickens in the farm to prevent the spread of the disease outside t

Social Affairs Dec. 18, 2021

British helicopter operator Bristow Group Inc. has pre-ordered about 20-50 electric air mobility aircraft being jointly developed by South Korea's Hanwha Systems Co. and US Overair, according to industry sources Friday. Overair, the California-based air taxi startup, signed a memorandum of understanding with Bristow on Thursday (local time), to collaborate on the development and commercialization plans for "Butterfly," an all-electric vertical take-off and landing (eVTOL) aircraft, or

Industry Dec. 17, 2021

South Korean stocks rose for a third straight session on Friday, as foreign investors snapped up local stocks on eased uncertainty about the US monetary policy. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) increased 11.32 points, or 0.38 percent, to close at 3,017.73 points. Trading volume was moderate at about 438 million shares worth some 11.2 trillion won ($9.5 billion), with gainers outnumbering losers 510 to 344. Foreigners bought a n

Market Dec. 17, 2021

Lotte Chemical Corp., a petrochemical unit of South Korean conglomerate Lotte Group, said Friday it will spend 250 billion won ($211.4 million) to expand its domestic production line of ethylene oxide adduct (EOA), an advanced material used in concrete. The expansion of the production line in Daesan, a county in the central South Chungcheong Province, will help boost its EOA production capacity by an annual 150,000 tons to 480,000 tons globally, the company said in a release. It will also incr

Industry Dec. 17, 2021

Ruling Democratic Party (DP) presidential candidate Lee Jae-myung said Friday his elder son has denied allegations he visited a massage parlor for sex. The allegations were raised against Lee's 29-year-old son after he was found to have left a comment on an online poker forum that advised people against visiting a spa in Seongnam, south of Seoul, because it did not keep its massaging hours. "I also checked, but he says there was no sex trafficking," Lee told reporters after a party m

Politics Dec. 17, 2021

A noncommissioned Air Force officer was sentenced to nine years of imprisonment Friday for sexually abusing a female colleague who later took her own life, according to a military court. The master sergeant, surnamed Jang, was accused of groping the victim of the same rank inside a car in March. He also blackmailed her not to report the case to the authorities while sending threatening text messages. The ruling by the General Military Court in Seoul came seven months after the victim took her

Social Affairs Dec. 17, 2021

Prime Minister Kim Boo-kyum said Friday the government has mobilized all possible resources to provide additional financial support to small businesses that will be affected by the new virus curbs. Kim spoke at a joint press briefing with economy-related ministers on the government's plan to pay 1 million won ($844) each to 3.2 million small business owners following its announcement of stricter social distancing measures the previous day. "We came up with additional support measures that

Economy Dec. 17, 2021

North Korea's state media called for "absolute trust" in leader Kim Jong-un, as the country marked 10 years since the death of former leader Kim Jong-il on Friday. Kim died on Dec. 17, 2011, after having ruled the reclusive regime since the death of his father and national founder, Kim Il-sung, in 1994. Kim Jong-un, the third son of the late leader, took over the helm of the North in another hereditary succession of power. In a front-page editorial, the North's main newspaper, the Ro

North Korea Dec. 17, 2021

South Korea's domestic demand is feared to lose steam amid the latest upsurge in COVID-19 cases and tighter antivirus measures, the finance ministry said Friday. Amid global inflation risks and supply chain disruptions, Asia's fourth-largest economy faces persisting uncertainty due to the spread of the omicron variant and major economies' move to accelerate monetary policy shifts, the ministry said in its monthly economic assessment report, called the Green Book. "The country's exports re

Economy Dec. 17, 2021

South Korea is considering sending COVID-19 vaccines for booster shots to its troops abroad, officials said Friday, amid concerns over breakthrough infections and the omicron variant. It initially sought the local supply of additional vaccines needed for booster jabs. But it has begun consultations with the Korea Disease Control and Prevention Agency on the direct provision of vaccines, as they may not be readily available in some areas and there may be shortage of medical facilities, they said

Social Affairs Dec. 17, 2021

David Ellis, a former British deputy head of mission in Tokyo, has been appointed as the country's new ambassador to North Korea, London's foreign ministry has said. Effective immediately, Ellis will temporarily work from London to replace Colin Crooks who will serve as the new ambassador to South Korea starting next year. "I am delighted to have been appointed British Ambassador to the Democratic People's Republic of Korea," Ellis wrote on his Twitter account, referring to the North

North Korea Dec. 17, 2021

South Korea's new coronavirus cases stayed above 7,400 for the third consecutive day Friday, with the country set to restore tight social distancing and other virus curbs to contain the fast spread of the virus. The country added 7,435 more COVID-19 cases, including 7,400 local infections, bringing the cumulative total to 551,551, the Korea Disease Control and Prevention Agency (KDCA) said. Friday's tally is down from the previous day's 7,622 and the record high of 7,850 reported Wednesday, bu

Social Affairs Dec. 17, 2021

South Korea's overseas direct investment rose at the fastest pace in nearly five years in the third quarter amid the global economic recovery, data showed Friday. South Korean companies' overseas investments came to $17.01 billion in the July-September period, up 58.2 percent from the previous year, according to the data by the Ministry of Economy and Finance. It marked the fastest on-year gain since the fourth quarter of 2016, when it grew 58.3 percent. The third-quarter growth rate was also

Economy Dec. 17, 2021