South Korean fashion retailer LF Corp. said Thursday that it appointed Luc Goidadin, the former chief design officer of British fashion behemoth Burberry, as the new creative director of its luxury brand, LF Daks. With Goidadin at the helm, LF Daks will be under an overall restructuring process for a higher brand value, LF said. Since 1983, LF has been operating LF Daks through a licensing contract with British-heritage luxury fashion house Daks. Under Goidadin's leadership, LF Daks plans t

Industry Dec. 9, 2021

Foreign investors purchased a net of about $2.52 billion worth of shares on South Korea's stock market in November as they picked up chips and other related tech shares, central bank data showed Thursday. That marked a turnaround from the previous month's net selling of local stocks by foreign investors valued at $2.65 billion, according to the data from the Bank of Korea. The net purchase was mostly driven by increased investment in chipmakers and related tech firms amid expectations their ov

Economy Dec. 9, 2021

South Korea's central bank said Thursday that it will adjust the extent of its loose monetary policy stance "appropriately" in consideration of inflation, the pandemic and monetary policy directions of major economies. In a monetary policy report to lawmakers, the Bank of Korea (BOK) cited uncertainty linked to global supply disruptions, the resurgence of the coronavirus and the emergence of the omicron COVID-19 variant as major risk factors that could weigh on the economy. "As

Economy Dec. 9, 2021

South Korea's total population is expected to record its first decline this year, the statistics agency said Thursday, a grim assessment of its demographic situations amid the country's chronically low birthrate, rapid aging and a decline in incoming foreigners during the pandemic. The country's total population is estimated to have peaked at 51.84 million last year before falling to an estimated 51.75 million this year and an estimated 37.7 million in 2070, according to the latest medium varia

Social Affairs Dec. 9, 2021

Nearly half of recently newlywed couples in South Korea had no children, data showed Thursday, amid the country's chronic low birthrate and changing social norms. Some 44.5 percent of the country's 1.18 million couples, who were legally married in the five years up to November 2020, did not have children, up from 42.5 percent a year earlier, according to the data from Statistics Korea. The newlyweds include first-time and other newly married couples residing in the country. The proportion of

Social Affairs Dec. 9, 2021

Eight out of 10 families divided by the 1950-53 Korean War have yet to confirm the fate of their parents and siblings in North Korea, a government survey showed Thursday. According to the unification ministry's poll on 5,354 separated family members living in South Korea and abroad, 82 percent said they do not know whether their family members in the reclusive neighbor are still alive. Among those who are aware of the fate and whereabouts of their dispersed family members, half of them obtaine

North Korea Dec. 9, 2021

The ruling Democratic Party (DP) on Thursday slammed the main opposition party's campaign chief for refusing to hold talks over his own proposal to spend 100 trillion won ($85 billion) to support small business owners and self-employed people hit by the COVID-19 pandemic. The DP criticized Kim Chong-in, the campaign chief of People Power Party (PPP)'s presidential nominee Yoon Suk-yeol, for stepping back from an idea he floated for the government to allocate 100 trillion won to compensate damag

Politics Dec. 9, 2021

President Moon Jae-in on Thursday congratulated Germany's new Chancellor Olaf Scholz on his official inauguration, saying he hopes to work closely with the new German leader to move relations between the two countries forward. Moon and Scholz met in late October in Rome, where Moon held a bilateral summit with then German Chancellor Angela Merkel, who stepped down after 16 years in office, on the sidelines of the G-20 meeting. "I am pleased we met in Rome in October and anticipate closer

Politics Dec. 9, 2021

The Seoul city government will hold a town meeting with foreign residents later this week to listen to their suggestions to make the city a better place to live in, officials said Thursday. The event will be held at the Seoul Global Center in central Seoul at 2 p.m. Friday and be livestreamed through YouTube (youtu.be/03E15JUmGc8). The number of on-site participants will be limited due to antivirus restrictions, officials said. Officials from the Seoul office of the International Organization

Politics Dec. 9, 2021

A Seoul court on Thursday ordered the government to pay 10 million won ($8,520) in compensation each to 44 people who were barred from the national teacher qualification exam last year due to their COVID-19 infections. The ruling by the Seoul Central District Court came after the Ministry of Education forbade those who had COVID-19 from taking the primary qualification test for would-be elementary and middle school teachers in late 2020. The complainants had initially sought compensation of 15

Social Affairs Dec. 9, 2021

Bond issuance in South Korea inched down in November from the previous month amid rising interest rates, data showed Thursday. The value of bonds sold in Asia's fourth-largest economy stood at 65.8 trillion won ($56.1 billion) last month, down 200 billion won from a month earlier, according to the data from the Korea Financial Investment Association. Last month's decrease compares with an 8.4 trillion won on-month jump recorded in October. Sales of financial bonds declined by 2.5 trillion won

Economy Dec. 9, 2021

Sim Sang-jeung, the presidential candidate of the minor progressive Justice Party, pledged Thursday to raise troops' wages to the minimum wage level by 2030. Currently, the monthly wage for sergeants is set at 676,000 won ($576) for next year, which is half the 2017 minimum wage of 1.35 million won. Next year's minimum hourly wage has been set at 9,160 won, which translates to a monthly wage of 1.91 million won. Sim said at the National Assembly that she also plans to let troops use their mob

Politics Dec. 9, 2021

South Korea has begun domestic procedures to ratify the Cape Town Agreement on the safety of fishing vessels, the oceans ministry said Thursday. The agreement, adopted by the International Maritime Organization (IMO) in 2012, is meant to enhance safety onboard fishing vessels, including vessel construction and safety equipment, to prevent illegal fishing and to ensure the long-term sustainability of the fishing industry. South Korea, along with dozens other nations, vowed in 2019 to bring the

Industry Dec. 9, 2021

SoCar, a South Korean car-sharing company, said Thursday it aims to launch an integrated mobility services that connects all transit options in one app next year. The envisioned "super app" will allow users to find multiple modes of transit, such as car-sharing, buses, trains, and electric bikes, to reach their destinations in the fastest and most effective manner, the company said in a statement. "The super app users can book an electric bike to reach a SoCar zone, a SoCar ve

Industry Dec. 9, 2021

South Korea's military on Thursday reported 34 additional COVID-19 cases, including 31 breakthrough infections, raising the total caseload among its personnel to 2,617. Of the new cases, 22 people are from the Army, six from the Air Force, one from the Navy, four from military units under the direct control of the defense ministry and one from the Joint Chiefs of Staff, officials said. Currently, 320 military personnel are under treatment. Of the total military caseload, 885 are breakthrough c

Defense Dec. 9, 2021