South Korea's consumer prices rose at the fastest pace in nearly 10 years in November due to surging energy costs and high prices of farm products, data showed Thursday, underscoring a build-up in inflationary pressure amid economic recovery. The consumer prices increased 3.7 percent in November from a year earlier, accelerating from a 3.2 percent on-year gain in October, according to the data compiled by Statistics Korea. Consumer inflation rose 0.4 percent in November from a month ago. It m

Economy Dec. 2, 2021

North Korean leader Kim Jong-un has presided over a politburo session of the ruling party and decided to convene a key party meeting later this month, Pyongyang's state media reported Thursday. During the meeting held the previous day, Kim called 2021 a year of "victory" for "the stable management of the state economy and big successes made in the agricultural and construction sectors," and decided to discuss plans for the new year at the plenary session, according to the Ko

North Korea Dec. 2, 2021

Hyundai Motor Co. and its affiliate Kia Corp. said Thursday their combined sales in the United States fell 13 percent last month from a year earlier amid the global chip shortage. Hyundai and Kia sold a total of 89,663 vehicles in the world's most important automobile market in November from 103,068 units a year ago, according to the companies' sales data. Hyundai's US sales fell 20 percent to 44,345 units from 55,171 over the cited period, while Kia's declined 5.4 percent to 45,318 from 47,

Industry Dec. 2, 2021

South Korea's economy grew at the same pace as earlier forecast in the third quarter of the year despite better-than-expected private consumption and robust exports, central bank data showed Thursday. The country's gross domestic product adjusted for inflation grew 0.3 percent in the July-September period, compared with three months earlier, according to the preliminary data by the Bank of Korea (BOK). This is the same as the earlier estimate the central bank announced in late October. Annual

Business Dec. 2, 2021

South Korea and the United States are set to hold their annual defense ministerial talks in Seoul on Thursday to discuss the envisioned wartime operational control (OPCON) transfer, North Korean threats and bilateral alliance issues, officials here said. Defense Minister Suh Wook and his US counterpart, Lloyd Austin, will lead the 53rd Security Consultative Meeting (SCM), as the allies are stepping up cooperation for regional stability amid North Korea's evolving nuclear and missile threats and

Foreign Affairs Dec. 2, 2021

Kakao Corp. will acquire a majority stake of live commerce startup firm Grip Co., according to sources Wednesday. The South Korean tech giant plans to acquire a 48 percent stake of the company for 180 billon won ($152.5 million), sources familiar with the deal said. Established in 2018, the company currently operates its namesake live commerce mobile application, which allows users to sell products online. The number of sellers on Grip stood at some 12,000 as of April, and the volume of tr

Technology Dec. 1, 2021

 President Moon Jae-in stressed Wednesday that the alliance between South Korea and the United States serves as a key pillar in maintaining peace and stability of the Korean Peninsula and Northeast Asia. At a dinner reception celebrating the bilateral alliance in Seoul, Moon said that the alliance served as the foundation for "South Korea's security and diplomacy" while describing it as the "linchpin of peace and stability of the Korean Peninsula and Northeast Asia." M

Diplomatic Circuit Dec. 1, 2021

The ruling Democratic Party and the main opposition People Power Party reached a tentative agreement Wednesday to pass next year's government budget at 607 trillion won ($515 billion), officials said. The agreement was reached during a bipartisan negotiation meeting headed by Rep. Yun Ho-jung and Rep. Kim Gi-hyeon, floor leaders of the DP and PPP, respectively, along with Finance Minister Hong Nam-ki at the National Assembly earlier in the day, according to ruling party officials. The size of

Politics Dec. 1, 2021

The family of a female COVID-19 victim, who died during cohort isolation at a long-term care hospital for senior citizens in Seoul, plans to start a damage suit against the state, their lawyers said Wednesday. The lawsuit will soon be filed with the Seoul Central District Court on behalf of five bereaved family members of the victim, according to Lawyers for a Democratic Society, an association of progressive lawyers, also known as Minbyun. The victim, whose identity was withheld, died on Dec.

Social Affairs Dec. 1, 2021

Hyundai Motor Co., South Korea's biggest carmaker, said Wednesday its sales fell 17 percent last month from a year earlier amid global chip shortages. Hyundai Motor sold 312,602 vehicles in November, down from 377,193 units a year earlier, the company said in a statement. Domestic sales declined 11 percent to 62,071 units from 70,035, as the lack of semiconductor parts continued to affect vehicle production and sales, it said. Overseas sales dropped 18 percent to 250,531 from 307,158 amid the

Industry Dec. 1, 2021

South Korea has decided to host a major UN peacekeeping conference via video link next week, instead of an originally planned face-to-face session, due to concerns over the spread of the omicron coronavirus variant, according to Seoul officials Wednesday. The 2021 Seoul UN Peacekeeping Ministerial will be held in the form of a "full-fledged online conference" on Dec. 7-8 as scheduled, a foreign ministry official told reporters. Foreign Minister Chung Eui-yong and Defense Minister S

Foreign Affairs Dec. 1, 2021

South Korean stocks rebounded more than 2 percent Wednesday, after plunging to the year's lowest point in the previous session. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) advanced 60.71 points, or 2.14 percent, to close at 2,899.72 points, ending its six-day slide. Trading volume was moderate at about 553 million shares worth some 12.1 trillion won ($10.3 billion), with gainers outnumbering losers 773 to 122. Foreigners bought a net 907

Market Dec. 1, 2021

Renault Samsung Motors Corp., the South Korean unit of Renault S.A., said Wednesday its vehicle sales more than doubled last month from a year earlier on robust exports. Renault Samsung sold 11,743 vehicles in November, sharply up from 867 units a year earlier despite the extended COVID-19 pandemic, the company said in a statement. Domestic sales fell 15 percent on-year to 6,129 units from 7,207, but exports soared to 11,743 units from 867 on strong demand for its SUV models, it said. From Ja

Industry Dec. 1, 2021

Lee Jae-myung, the presidential candidate of the ruling Democratic Party (DP), on Wednesday called for Japan to swiftly carry out a South Korean Supreme Court order to compensate wartime forced labor victims. "Turning away does not make history disappear," Lee wrote on his Facebook page. "It should respond to the victim's pain with a sincere apology and find realistic ways to carry out the compensation quickly." In 2018, the South Korean Supreme Court ordered Japanese firm

Politics Dec. 1, 2021

South Korea's antitrust regulator said Wednesday it has decided to impose a combined 2.37 billion-won ($2 million) fine on SYS Holdings and its affiliate for the parent company's illegal support. SYS Holdings, a leasing company, provided real estate collateral for free to its affiliate SYS Retail, an operator of an electronics goods discount outlet, between December 2009 and November 2021, according to the Fair Trade Commission (FTC). The move helped SYS Retail easily take 195 rounds of low-in

Industry Dec. 1, 2021