South Korea's domestic demand is expected to gradually recover as in-person service segments will likely rebound amid the country's eased virus restrictions, the finance ministry said Friday. But Asia's fourth-largest economy still faces external economic downside risks, including global inflation risks and supply chain disruptions, the ministry said in its monthly economic assessment report, called Green Book. "The Korean economy is recovering amid robust exports and an improvement in th

Economy Nov. 12, 2021

South Korea said Friday the number of COVID-19 patients in critical condition hit a record high as the daily caseload stayed above 2,300 for the third consecutive day amid eased antivirus curbs. The country reported 2,368 new COVID-19 cases, raising the total caseload to 390,719, according to the Korea Disease Control and Prevention Agency (KDCA). The latest tally marked a fall from the previous day's 2,520, but the daily caseload has hovered over 2,000 for three days in a row. The daily tally

Social Affairs Nov. 12, 2021

Disney+, the flagship streaming service of US media giant Walt Disney Co., landed in South Korea on Friday, heating up competition in the country's video streaming market. The streaming service is now available on its website or in Apple's App Store for iPhones and Google's Play Store for Android devices. The service distributes various films and TV series from Disney, Pixar, Marvel, Star Wars, National Geographic and Star, showing their original content hits, like "Loki" and "T

Industry Nov. 12, 2021

South Korean stocks opened higher Friday, largely backed by gains in tech, auto and bio shares. The benchmark Korea Composite Stock Price Index (KOSPI) rose 22.29 points, or 0.76 percent, to 2,947.21 points in the first 15 minutes of trading. Market bellwether Samsung Electronics increased 0.52 percent, No. 2 chipmaker SK hynix advanced 1.4 percent, and pharmaceutical giant Samsung Biologics added 0.37 percent. Hyundai Motor, the country's largest carmaker, moved up 1.22 percent, and elect

Market Nov. 12, 2021

South Korea temporarily lowered fuel taxes Friday in an effort to ease the impact of surging oil prices on the country's consumer inflation and people's lives. Government officials said the 20 percent reduction in taxes on gasoline, diesel and liquefied petroleum gas (LPG) will remain in place for six months until the end of April next year. Under the move, the fuel tax on gasoline drops to 656 won ($0.55) per liter from 820 won, with that on diesel falling to 466 won from 582 won. Taxes accou

Economy Nov. 12, 2021

    The National Assembly voted Thursday to abolish a decade-old controversial anti-online gaming rule banning minors from late night access to online games.    Parliament held a plenary session and passed a revision to the youth protection act, which no longer includes the previous rule banning online game access to minors under 16 between midnight and 6 a.m.    Discussions surrounding the so-called gaming shutdown rule first surfaced in the early 2000s amid grow

Social Affairs Nov. 11, 2021

Kia Corp., South Korea's second-biggest carmaker, said Thursday it will sell only electric vehicles in Europe from 2035 and in other major markets from 2040 as it seeks to gradually phase out internal combustion-engine cars in global markets.    Kia announced the 2045 carbon neutrality strategy as governments around the globe are adopting more aggressive policies to fight climate change and carmakers are stepping up efforts to transition away from fossil fuels.    Under th

Mobility Nov. 11, 2021

South Korean stocks closed lower Thursday, taking a cue from the estimate-beating inflation data in the United States that fanned concerns about faster-than-expected rate hikes. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) retreated 5.25 points, or 0.18 percent, to close at 2,924.92 points. Trading volume was moderate at about 563 billion shares worth some 13.3 trillion won ($11.3 billion), with losers outnumbering gainers 630 to 215. Fore

Industry Nov. 11, 2021

The South Korean sensation "Squid Game" has reclaimed the No. 1 position on Netflix's most popular TV show rankings to become the streamer's top-ranking original series for the most days ever. According to streaming analytics firm FlixPatrol on Wednesday (US time), the Korean-language survival drama regained the No. 1 spot on the list of the world's most watched TV shows on Netflix, replacing the previous leader "Arcane," an animated series based on the online battle game &q

Television Nov. 11, 2021

South Korea and Russia agreed Thursday to establish direct bilateral military hotlines to strengthen their communication to prevent accidental clashes at sea and in the air, Seoul's defense ministry said. Kim Sang-jin, the ministry's director general for international policy, and Viktor Kalganov, deputy director of Russia's National Defense Control Center, signed the memorandum of understanding (MOU) to set up a hotline between the two countries' Navies and another between their Air Forces. Th

Defense Nov. 11, 2021

Foreign Minister Chung Eui-yong said Thursday coordination between Seoul and Washington over a declaration to formally end the 1950-53 Korean War is in its final stages. Chung made the remarks during a parliamentary session, confirming there has been progress in the allies' talks over the declaration as stated this week by South Korean Ambassador to the US Lee Soo-hyuck. "We have recently had very close consultations with the US about the format and contents of an end-of-war declaration,&

Foreign Affairs Nov. 11, 2021

TOKYO -- Japan's new foreign minister on Thursday emphasized the need to repair soured ties with South Korea and step up cooperation for regional security but urged Seoul to offer acceptable solutions to resolve the prolonged historical disputes. Yoshimasa Hayashi, a veteran lawmaker with wide Cabinet-level experience, called South Korea Japan's "important neighbor" and said the frayed bilateral relations shouldn't be left as they are now. "After recovering South Korea-Japan ti

Foreign Affairs Nov. 11, 2021

Daewoo Shipbuilding & Marine Engineering Co. (DSME) said Thursday it has signed a 486.7 billion-won ($410.9 million) deal to construct two LNG carriers. DSME will deliver the 174,000-cubic-meter LNG carriers to Maran Gas Maritime Inc. (MGM), a gas shipping unit of Angelicoussis Shipping Group, the largest shipper in Greece, by November 2024, the shipbuilder said. The Greek shipping group has been the largest buyer of DSME, which has placed orders for 112 ships since 1994, the shipbuilding

Industry Nov. 11, 2021

KT Corp. said Thursday it has suffered disruptions in its mobile and internet services in western Seoul, less than three weeks after an outage crippled businesses across the country. KT said the services were interrupted for nearly two hours in the Yeongdeungpo and Guro districts due to an accidental cut in the fiber-optic cables at around 10:25 a.m. KT said up to 90 percent of the disrupted services had been recovered as of 1:15 p.m. Last month, KT CEO Ku Hyeon-mo apologized for the abrupt d

Industry Nov. 11, 2021

President Moon Jae-in has appointed a new secretary in charge of economic affairs, the presidential office said Thursday. Park Won-joo, a career economic bureaucrat who previously served as head of the Korean Intellectual Property Office, will replace An Il-hwan as the senior presidential economic secretary. An had tendered his resignation for health reasons, a presidential official said. With half a year in office remaining, Moon has vowed do everything possible for a complete return to norm

Politics Nov. 11, 2021