South Korea will launch a nationwide shopping festival next month to boost domestic consumption amid the pandemic, the industry ministry said Friday. The annual Korea Sale FESTA will kick off Nov. 1 for a 15-day run, both online and offline, and a total of 1,276 companies have expressed their intention to take part in the event, according to the Ministry of Trade, Industry and Energy. The government plans to issue discount coupons and hold various events in cooperation with retailers and 17 pr

Social Affairs Oct. 22, 2021

Bending without breaking, South Korea held world No. 1 United States to a scoreless draw in the first of their two women's football friendlies on American soil. Goalkeeper Yoon Young-geul made key saves, and the visitors played some dogged defense against the American onslaught at Children's Mercy Park in Kansas City, Kansas, on Thursday (local time). The draw snapped the US home winning streak at 22 matches. The last time the US had failed to win at home was also against South Korea -- a 1-1

Soccer Oct. 22, 2021

The top US envoy for North Korea will visit Seoul this weekend, with his arrival delayed a day for an unspecified reason, an informed source said Friday. Sung Kim, special representative for North Korea, was initially scheduled to begin a three-day trip here Friday for consultations with his South Korean counterpart, Noh Kyu-duk. But his itinerary has changed, and he plans to fly to Seoul on Saturday, according to the source, who requested anonymity and did not elaborate on the reason. Kim and

North Korea Oct. 22, 2021

A North Korean delegation is expected to attend a UN  climate conference slated to kick off in Britain later this month, a Seoul official said Friday. Officials at the North Korean Embassy in London will participate in the 2021 UN Climate Change Conference, known as COP26, which will run from Oct. 31 to Nov. 12 in Glasgow. "As far as I know, the North Korean mission in Britain is sending a delegation," a foreign ministry official said. According to a recent US intelligence repo

North Korea Oct. 22, 2021

The issuance of derivatives-linked securities (DLS) in South Korea tumbled more than 50 percent on-year in the third quarter of the year amid the coronavirus pandemic, data showed Friday. The country's DLS sales stood at slightly over 3 trillion won ($2.6 billion) in the July-September period, down 51.2 percent from a year earlier, according to the data from the Korea Securities Depository (KSD). The amount was also down 27.7 percent from the previous quarter. DLS tracks the performance of in

Industry Oct. 22, 2021

South Korea's military reported six additional COVID-19 cases Friday, bringing the total caseload among its personnel to 1,992, the defense ministry said. Four Army officers and two draftees tested positive for the virus, according to military data. Five of them were fully vaccinated. Of the cumulative cases in the military, 1,923, or 96 percent, have been fully cured, with 69 still under treatment. (Yonhap)

Defense Oct. 22, 2021

South Korea will kick off an annual military exercise next week to strengthen defense readiness, officials said Friday, amid lingering tensions over North Korea's recent submarine-launched ballistic missile (SLBM) test. The Hoguk exercise will run from Monday to Nov. 5 across the country, involving the Army, Navy, Air Force and Marine Corps., to enhance interservice cooperation, according to the officials at the Joint Chiefs of Staff. The North has often responded angrily to such an exercise,

Defense Oct. 22, 2021

Korean Air Lines Co., South Korea's biggest carrier, said Friday it has partnered with Boeing to jointly develop an unmanned aerial vehicle (UAV) in preparation for future mobility demand. Korean Air signed a memorandum of understanding with Boeing's subsidiary Insitu for technical cooperation to develop a lightweight and modularized tactical vertical take-off and landing (VTOL) UAV at the 2021 Seoul International Aerospace and Defense Exhibition (ADEX), the company said in a statement. "

Industry Oct. 22, 2021

The Navy received an upgraded destroyer on Friday, after more than a year of refurbishment aimed at bolstering anti-submarine and other capabilities, the state arms procurement agency said. The 3,200-ton Gwanggaeto the Great destroyer was handed over to the Navy, the Defense Acquisition Program Administration said, as South Korea seeks to strengthen subsurface operations amid renewed tensions over North Korea's recent test of a new submarine-launched ballistic missile. The destroyer was sent f

Defense Oct. 22, 2021

South Korea reported 1,440 new daily cases Friday in a downward trend in its coronavirus infections as its strong vaccination push seems to be helping prevent the spread of the coronavirus from spinning out of control. The new tally, including 1,420 local infections, brought the total caseload to 348,969, the Korea Disease Control and Prevention Agency (KDCA) said. Friday's number is down one from the 1,441 counted the previous day. It is also down 117 from a week ago. The death toll came to

Social Affairs Oct. 22, 2021

South Korea plans to temporarily cut fuel taxes in a bid to ease upward pressure on inflation amid surging oil prices, a senior government official said Friday. First Vice Finance Minister Lee Eog-weon also said the government plans to additionally cut import tariffs on liquid natural gas (LNG), currently at 2 percent, as part of efforts to ease people's burdens on a hike in energy costs. "The government will unveil details about fuel tax cuts, including the timing and the scope, next wee

Economy Oct. 22, 2021

Pohang Steelers will have little time to celebrate a recent victory in a continental tournament, as they gear up for a crucial K League match on Sunday. Pohang knocked out defending champions Ulsan Hyundai FC on penalties to reach the final in the Asian Football Confederation (AFC) Champions League on Wednesday. Come Sunday, though, Pohang will find themselves in survival mode in the domestic league, which will return to full action following an international break. Pohang, along with 11 other

Soccer Oct. 22, 2021

South Korean stocks opened slightly lower Friday amid concerns about a debt crisis of Evergrande Group, a leading Chinese property developer. The benchmark Korea Composite Stock Price Index (Kospi) slipped 3.11 points, or 0.1 percent, to 3,004.22 in the first 15 minutes of trading. Stocks got off to a weak start amid the uncertainties surrounding Evergrande, largely as the firm has to pay some $80 million worth of bond coupons by Saturday. Overnight, the tech-heavy Nasdaq composite added 0.62

Market Oct. 22, 2021

Incheon International Airport, the main gateway to South Korea, has seen a sharp recovery in the number of inbound and outbound travelers over the past two months amid the country's push for a "Living with COVID-19" plan. According to Incheon International Airport Corp., the state-run operator of the airport, the number of international travelers departing or landing via Incheon jumped 44 percent, compared with a year earlier, to some 338,000 in August. It was the first monthly figur

Economy Oct. 22, 2021

South Korea's sensational survival drama "Squid Game" has been nominated in two categories at an annual US awards ceremony for lower-budget indie movies and TV series. According to the nominations of the 2021 Gotham Awards released Thursday (US time), "Squid Game," a Netflix original, was listed in the section of Breakthrough Series – Long Format (over 40 minutes), along with five other TV series, including Amazon Studios' "Small Axe" and HBO Max's "It's

Film Oct. 22, 2021