ADT Caps Co., a security subsidiary of SK Telecom, said Tuesday it has changed its name to SK shieldus as it seeks to transform into a "life care platform" beyond a physical security service provider. CEO Park Jin-hyo said at an online conference that the company's goal is to increase sales in new growth industries, such as cloud computing and artificial intelligence, by fivefold by 2025. Park added that the firm aims to "change the existing business structure currently focused

Industry Oct. 26, 2021

Business leaders of South Korea and Japan will hold an annual conference next week to discuss economic cooperation amid the prolonged chill in bilateral relations of the two countries. The 53rd conference, to be hosted by the Korea-Japan Economic Association, will take place via video links in Seoul and Tokyo next Tuesday, under the theme of "a future that Korea and Japan create together," according to the association. The event has been held every year since 1969 to discuss efforts

Industry Oct. 26, 2021

South Korea's exports are expected to rise over 26 percent on-year this month on the back of robust demand for chips and automobiles, a poll showed Tuesday. Exports are forecast to reach $54.18 billion in October, marking a 26.14 percent on-year growth, according to the survey of six brokerage houses by Yonhap Infomax, the financial news arm of Yonhap News Agency. Imports are anticipated to advance 38.59 percent on-year in October to $54.18 billion, resulting in a trade surplus of $2.36 billio

Economy Oct. 26, 2021

Samsung Group heir Lee Jae-yong was sentenced to a 70 million won ($60,055) fine Tuesday for illegally using propofol, an anesthetic medication, dozens of times over a period of years. The Seoul Central District Court also ordered an additional forfeiture of 17 million won as it convicted Lee of violations of the Narcotics Control Act. The fine and the forfeiture are the same as what prosecutors had demanded for Lee. In June, prosecutors indicted the Samsung Electronics Co. vice chairman on

Politics Oct. 26, 2021

The proportion of temporary workers in South Korea rose to over 38 percent of all salaried workers in August in the wake of the fallout from the pandemic, data showed Tuesday. The number of non-regular workers, including part-timers and outsourced laborers, came to 8.07 million as of August, up 640,000, or 8.6 percent, from the previous year, according to the data by Statistics Korea. They accounted for 38.4 percent of the country's 20.99 million salaried workers. The percentage was up from 36

Economy Oct. 26, 2021

Police will ban late night questionings and minimize the use of handcuffs and ropes in an effort to improve human rights of detainees, officials said Tuesday. The measures are among the recommendations that a civic human rights panel made to police as part of a program that the National Police Agency (NPA) launched in 2018 to study ways to improve rights conditions throughout the police institution. In announcing the results of the program, police said they have decided to prohibit in princip

Politics Oct. 26, 2021

South Korea and the United States have decided to set up a new director-level dialogue channel for regular discussions on semiconductor issues, Seoul's industry ministry said Tuesday. The agreement was reached during a video conference on Monday between Choi Woo-Seok, director general for materials and components industries at Seoul's industry ministry and Monica Gorman, US deputy assistant commerce secretary for manufacturing, according to the Ministry of Trade, Industry and Energy. "Giv

Foreign Affairs Oct. 26, 2021

Lee Jae-myung, the presidential nominee of the ruling Democratic Party (DP), registered with the national election watchdog as a preliminary presidential candidate on Tuesday. Lee's aides, DP Reps. Park Hong-keun and Park Chan-dae, filed the registration on the candidate's behalf at the National Election Commission's office in Gwacheon, 18 kilometers south of Seoul. The move came the same day Lee stepped down as governor of Gyeonggi Province to focus on his presidential campaign. "I begi

Politics Oct. 26, 2021

A Seoul court questioned a prosecutor Tuesday to determine whether to issue an arrest warrant for him over allegations he conspired with the main opposition party to investigate pro-government figures when opposition presidential contender Yoon Seok-youl was in office as prosecutor general. The Corruption Investigation Office for High-ranking Officials (CIO) sought the warrant for Son Jun-sung on charges of asking a prosecutor-turned-lawmaker of the main opposition People Power Party to file co

Politics Oct. 26, 2021

South Korean construction equipment maker Hyundai Doosan Infracore Co. said Tuesday it has won orders for 138 units of construction equipment from South America. Under a deal with Chilean wood maker Arauco, Hyundai Doosan Infracore will provide 60 excavators, the company said in an emailed statement. Another deal with Chile's major mining and construction company Besalco calls for Hyundai Doosan Infracore to ship 28 units of construction equipment, including excavators and wheel loaders. Hyun

Industry Oct. 26, 2021

South Korea and Chile will hold their sixth round of negotiations this week on updating their bilateral free trade agreement (FTA) that went into effect in 2004, Seoul's trade ministry said Tuesday. The three-day talks, set to begin later in the day via teleconferencing, will focus on expanding the scope of free trade and updating terms of the 15-year-old FTA to better reflect changing trade and economic circumstances, according to the Ministry of Trade, Industry and Energy. The two sides will

Economy Oct. 26, 2021

South Korea's military reported six additional COVID-19 cases Tuesday, bringing the total caseload among its personnel to 2,017, the defense ministry said. A Navy officer and a draftee stationed in Pyeongtaek, 70 kilometers south of Seoul, tested positive after a virus case was reported at their base, according to the ministry. An officer of a unit under the direct wing of the defense ministry in Nonsan, some 200 kilometers south of Seoul, tested positive after a family member was infected.

Defense Oct. 26, 2021

South Korea said Tuesday it plans to resume discount coupon programs aimed at boosting domestic demand as the country is preparing to move into a phase of "living with COVID-19" in early November. The country has suspended the coupon programs in six sectors, including sports, accommodations, tourism and cultural performances, due to the resurgence of virus cases. Only online use of some discount coupons, such as food delivery and agricultural products, has been allowed. Finance Minis

Economy Oct. 26, 2021

South Korea said Tuesday it will enforce stricter lending rules based on borrowers' repayment capability at an earlier date than initially scheduled to curb soaring household debt that has emerged as one of the most serious potential risks on the economy. Loans for home rentals, however, will not be subject to the government's tightened lending rules until the end of this year as part of efforts to supply credit for those in actual need of borrowing. Those are part of a string of measures the

Economy Oct. 26, 2021

South Korea's top diplomat will visit Russia this week to discuss recent developments related to regional security and bilateral ties, Seoul's foreign ministry said Tuesday. Foreign Minister Chung Eui-yong plans to embark on a three-day trip to Moscow later in the day to meet with his Russian counterpart Sergey Lavrov and commemorate the 30th anniversary of the establishment of bilateral ties, the ministry said. They will hold a meeting on Wednesday to discuss a wide range of topics, includi

Foreign Affairs Oct. 26, 2021