Pope Francis' visit to North Korea is "definitely possible" and is up to Pyongyang's "determination," South Korea's top government official in charge of inter-Korean ties said Thursday, a week after President Moon Jae-in again formally proposed the papal visit at the Vatican. Unification Minister Lee In-young accompanied Moon on his visit to the Vatican last week, during which the president met with Pope Francis and asked him to travel to the reclusive North. Moon believes i

North Korea Nov. 4, 2021

The US Federal Reserve's latest decision to start to taper its bond purchases is expected to have limited impacts on the South Korean financial markets as the move was widely anticipated, a senior government official said Thursday. First Vice Finance Minister Lee Eog-weon said the government plans to take measures to stabilize the market, if needed, as market volatility could increase if global inflation fears persist longer than expected. At the latest policy meeting, the Federal Reserve on W

Economy Nov. 4, 2021

South Korean stocks opened steeply higher Thursday, following the US Federal Reserve's decision to start to taper its bond purchases. The benchmark Korea Composite Stock Price Index (KOSPI) rose 29.91 points, or 1.01 percent, to 3,005.62 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite added 1.04 percent and the Dow Jones Industrial Average gained 0.29 percent as the Federal Reserve said it will start to taper its massive asset purchases later this month amid the

Market Nov. 4, 2021

Hybe Co.on Thursday announced that it will sell stocks to raise 700 billion won. The proceeds from the stock offering will be used primarily to finance stock acquisition. According to a regulatory filing, the company will issue some 2.3 million common shares at a price of 304,008 won per share. The stocks will be sold to the investors that the firm designated. (Yonhap)

Industry Nov. 4, 2021

Marvel Studios' latest blockbuster "Eternals" has topped the South Korean box office on its opening day, data showed Thursday. The film posted 296,000 attendees on Wednesday, accounting for 88.9 percent of the day's total ticket sales, according to the data from the Korean Film Council. It marked the second-highest first-day record this year to date, following 400,000 visitors set by "F9," the latest chapter in the "Fast and Furious" series, in May. The new film

Film Nov. 4, 2021

The remains of three British troops killed during the 1950-53 Korean War will be buried at the UN Memorial Cemetery in South Korea's southeastern port city of Busan later this month, the veterans affairs ministry said Thursday. The defense ministry's excavation agency discovered the remains at two former battle sites in Paju, 30 kilometers northwest of Seoul, between 2016-2017, and identified them as those of the fallen British troops through a joint examination with US experts. The troops are

Social Affairs Nov. 4, 2021

Mercedes-Benz Korea and two other foreign automobile companies will voluntarily recall more than 32,000 vehicles to fix faulty components, the transport ministry said Thursday. This is the latest in a series of recalls by carmakers in South Korea and vehicle importers due to problems with vehicle components. The two other companies are Yamaha Sports Korea, which imports Yamaha two-wheelers, and Kiheung International that imports Royal Enfield Himalayan two wheelers, the Ministry of Land, Infr

Industry Nov. 4, 2021

The US military said Wednesday it was looking into the death of an American soldier dispatched to South Korea on a rotational mission. US Army Sgt. Joe Haflei, 33, of the 1st Stryker Brigade Combat Team, 25th Infantry Division, was pronounced dead on Oct. 17 at a South Korean Army base near the central city of Daejeon, the US military said in a press release. Authorities are investigating details of the soldier's death, it said, adding that foul play was not suspected. (Yonhap)

Defense Nov. 3, 2021

President Moon Jae-in held a summit with Hungarian President Janos Ader on Wednesday and agreed to upgrade relations between the two countries to a strategic partnership as two-way trade grew at a solid pace despite the COVID-19 pandemic. “In spite of the COVID-19 pandemic, bilateral trade reached a new high last year,” Moon said during a joint press briefing after the talks, adding that he hopes the two nations will step up cooperation in electric cars and batteries. The two side

Foreign Affairs Nov. 3, 2021

South Korean stocks closed more than 1 percent lower Wednesday as investors seek clues on the timeline for the tapering with the US Federal Reserve meeting this week in focus. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 37.78 points, or 1.25 percent, to close at 2,975.71 points. Trading volume was moderate at about 649 million shares worth some 12.3 trillion won ($10.4 billion), with losers outnumbering gainers 684 to 187. Foreigners

Market Nov. 3, 2021

North Korea is nearing the completion of a major housing project to construct 10,000 high-rise apartment units in its capital eight months after breaking ground, state media said Wednesday. Cabinet Premier Kim Tok-hun visited the construction site, according to the Korean Central News Agency, which reported the construction work is "in the final stage." During the North's eighth party congress in January, North Korea announced its aim of building 50,000 apartments in Pyongyang by 202

North Korea Nov. 3, 2021

The National Human Rights Commission of Korea (NHRCK) said Wednesday it has asked a local high school to lift a ban on the use of mobile phones by students in school. The state human rights watchdog said the ban on the use of mobile phones at the high school, whose name was withheld, infringes on its students' general right to freedom of action and freedom of communication. The school's students are allowed to possess cell phones on campus but are completely prohibited from using them, accordi

Politics Nov. 3, 2021

A total of 23 Thai nationals have been apprehended in a recent crackdown of a drug trafficking ring targeting migrant workers in South Korea, police said Wednesday. Seventeen of them were drug traffickers and six were users, the Seoul Dongjak Police Station said. All but three drug users have since been formally arrested, the police said. The ring's head of drug distribution is suspected of having smuggled a total of 2.5 kilograms of methamphetamine from Thailand to South Korea via internati

Social Affairs Nov. 3, 2021

A slowdown in China's economy will have a negative impact on South Korea's exports but its fallout could be eased thanks to strong demand for Korean-made chips, a central bank report showed Wednesday. China's economy is showing signs of slowing down, with its growth rate falling to 4.9 percent on-year in the third quarter from 18.3 percent and 7.9 percent in the first and second quarters. A recent debt crisis of a major Chinese property developer has also clouded the outlook for China's econom

Economy Nov. 3, 2021

Online shopping in South Korea hit a record high in September, led by solid demand for food delivery services and electronics goods amid the resurgence in COVID-19 cases, data showed Wednesday. The value of online shopping transactions stood at 16.2 trillion won ($13.7 billion) in September, up 17 percent from the previous year, according to the data from Statistics Korea. The September reading marked an all-time high since the agency began to compile related data in 2001. The value of online

Economy Nov. 3, 2021