The members of the South Korean central bank's rate-setting board have voiced concerns inflation could be higher than current levels if housing costs are taken into consideration, minutes from the latest policy meeting showed Wednesday. The Bank of Korea issued the minutes of the Oct. 12 meeting when its seven-member board held its key policy rate unchanged at 0.75 percent. "In August, the consumer prices in the US grew 5.3 percent, much higher than a 2.6 percent rise in our country, whic

Economy Nov. 10, 2021

South Korea has vowed to play a role in achieving the global goal of vaccinating 70 percent of the world's population against COVID-19 by the middle of next year in a move to ensure a sustainable economic recovery, the trade and foreign ministries said Wednesday. Foreign Minister Chung Eui-yong made the pledge during the ministerial meeting of the Asia-Pacific Economic Cooperation via videoconferencing, which took place Monday and Tuesday, and brought together foreign and trade ministers of 21

Social Affairs Nov. 10, 2021

The top US diplomat for East Asia was set to arrive in Seoul on Wednesday as part of his first Asia trip since taking office in September, officials said, with North Korea, the bilateral alliance and economic cooperation likely to top the agenda in discussions with Seoul officials. Daniel Kritenbrink, the US assistant secretary of state for East Asian and Pacific affairs, will fly to Seoul later in the day, after wrapping up a four-day trip to Japan, the first leg of his six-day trip. His trip

Foreign Affairs Nov. 10, 2021

China has confirmed it will go ahead with the export process of 18,700 tons of urea for South Korea in accordance with existing contracts with local firms, Seoul's foreign ministry announced Wednesday. Beijing gave Seoul the assurance as a result of "communication through various channels" for speedy procedures to import the material used for the production of urea solution, an addictive used in diesel cars and factories to help cut emissions, according to the ministry. South Korea's

Social Affairs Nov. 10, 2021

South Korean multiplex operators suffered huge losses in the third quarter amid the protracted COVID-19 pandemic, but their bottomline is expected to improve thanks to the nationwide move to return to normalcy, financial data showed Wednesday. CJ CGV, the No. 1 multiplex operator under the wing of entertainment giant CJ Group, said its operating loss reached 77.5 billion won ($65.7 million) over the July-September period, narrowing from an operating deficit of 96.8 billion won a year ago. Its

Economy Nov. 10, 2021

South Korea's exports to India shrank 3.5 percent in the first nine months of this year from 2019 due to import controls and a delay in the recovery of the emerging economy, a top business lobby said Wednesday. Overseas shipments to Asia's third-largest economy came to $11.41 billion in the January-September period, compared with $11.82 billion during the same period two years earlier, according to the Federation of Korean Industries (FKI). The decline contrasts with a 16.5 percent on-year sur

Economy Nov. 10, 2021

South Korea reported job additions for the eighth straight month in October in the latest sign the country's economic recovery has continued despite the fourth wave of the pandemic, data showed Wednesday. The number of employed people reached 27.74 million last month, 652,000 more than a year earlier, according to the data compiled by Statistics Korea. The reading was lower than an on-year increase of 671,000 in September when South Korea reported the largest job additions in more than seven y

Economy Nov. 10, 2021

Seoul received the first snowfall of the season Wednesday morning, about a month earlier than last year, the state weather agency said. The Korea Meteorological Administration (KMA) said light snow was observed at the Songwol-dong weather observation station in central Seoul at 6:10 a.m. The KMA records the first snow seen at the Songwol-dong observatory as Seoul's first snow of the season every year. This year's first snow came in Seoul 30 days earlier than last year, when it fell on Dec. 10,

Social Affairs Nov. 10, 2021

SK Group Chairman Chey Tae-won has met with a visiting US senator and discussed cooperation in green business, including electric vehicle (EV) batteries, and climate change, the conglomerate said Wednesday. The meeting with Senator Jon Ossoff (D-GA) on Monday came as SK has been ramping up investment in America with its EV battery, hydrogen and other eco-friendly businesses in a move to join US emission-reducing efforts. In the US state of Georgia, SKC Co., a chemical unit of SK Group, South K

Foreign Affairs Nov. 10, 2021

South Korea was set to host an annual ceremony to commemorate the sacrifices of fallen troops who fought under the UN flag during the 1950-53 Korean War this week, the veterans affairs ministry said Wednesday. The "Turn Toward Busan" ceremony will take place at the UN Memorial Cemetery in the southeastern port city of Busan on Thursday, with the attendance of some 300 people, including the bereaved families, war veterans and diplomatic delegates, the Ministry of Patriots and Veterans

Social Affairs Nov. 10, 2021

South Korean stocks opened lower Wednesday, tracking losses on Wall Street that stemmed from rising inflation pressure. The benchmark Korea Composite Stock Price Index (Kospi) decreased 11.3 points, or 0.38 percent, to 2,986.06 in the first 15 minutes of trading. Stocks came off to a lackluster start, as investors are worried the rising inflation pressure may advance the Federal Reserve's tapering timeline. Overnight, the tech-heavy Nasdaq composite lost 0.6 percent, and the Dow Jones Industr

Market Nov. 10, 2021

Netflix's runaway hit "Squid Game" will be back for a second season, its writer-director Hwang Dong-hyuk has said in a media interview. "There's been so much pressure, so much demand and so much love for a second season, so I almost feel like you leave us no choice, but I will say there will indeed be a second season," Hwang said in an interview with the Associated Press at an event in Los Angeles on Tuesday (US time). The South Korean director had previously hinted at the

Film Nov. 10, 2021

Foreign investors turned net sellers of South Korean stocks in October and their net investment in local bonds also shrank, data showed Wednesday. Foreigners sold a net 3.34 trillion won ($2.84 billion) worth of local stocks last month, compared with their net purchase valued at 2.51 trillion won in September, according to the data from the Financial Supervisory Service (FSS). As of end-October, foreigners held 742.17 trillion won worth of local stocks, down 27 trillion won from a month earlie

Market Nov. 10, 2021

ANSAN -- An employee of the scandal-ridden state housing developer Korea Land & Housing Corp. (LH) was acquitted Tuesday of land speculation using insider information. The LH employee was indicted on charges of having purchased about 17,000 square meters of land in Gwangmyeong, just south of Seoul, at 2.5 billion won ($2.1 million) in March 2017 after obtaining insider information while working on an urban development project. But the Suwon District Court cleared the employee, whose ident

Politics Nov. 9, 2021

China has been proactively consulting with South Korea to help ease its supply shortage of urea water solution needed in diesel vehicles, Beijing's foreign ministry said Tuesday. South Korea has been grappling with a shortage of urea water solution in recent weeks as Beijing last month tightened exports of urea and other raw materials amid a coal supply shortage. Coal is the main feedstock for urea. "China highly appreciates South Korea's demand for (urea) and has been proactively negotia

Industry Nov. 9, 2021