South Korean stocks advanced for a second straight session Thursday, as investors were relieved by the stable currency rate and Washington's move to ease supply chain disruptions. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 44.23 points, or 1.5 percent, to close at 2,988.64 points. Trading volume was moderate at about 607 million shares worth some 11.9 trillion won ($10 billion), with gainers outnumbering losers 745 to 130. Foreigne

Market Oct. 14, 2021

SUWON -- Police referred Rep. Jung Chan-min of the main opposition People Power Party to the prosecution Thursday on charges of taking bribes from a construction company when he was mayor of Yongin, south of Seoul. Jung was arrested last week on suspicions of accepting 460 million won ($387,000) worth of bribes by receiving discounts on plots of land purchased by his family and friends from the construction company in exchange for business favors. Jung allegedly promised to help the company wi

Politics Oct. 14, 2021

President Moon Jae-in on Thursday called on financial authorities to closely monitor banks to ensure a smooth supply of loans for "jeonse" home rentals. Moon made the remarks after financial authorities decided to ease some restrictions on loans taken out for home rentals as part of efforts to protect people in actual need of borrowing money, according to presidential spokesperson Park Kyung-mee. Jeonse is a home rental system unique to South Korea in which tenants pay a large sum

Politics Oct. 14, 2021

The defense ministry plans to provide financial compensation for South Koreans who operated in North Korea as part of US military intelligence units during the 1950-53 Korean War, officials said Thursday. The ministry will offer 10 million won ($8,400) each to the civilians who worked for the units, including the Korea Liaison Office (KLO), from 1948-1953, as they have been excluded from the compensation list due in part to limits in confirming their merit in foreign operations. During the wa

Defense Oct. 14, 2021

Former South Korean Prime Minister Lee Wan-koo died Thursday after battling blood cancer, officials here said. He was 71. Lee served as prime minister shortly between February and April in 2015 under then President Park Geun-hye before stepping down over bribery allegations. Considered a political heavyweight in Chungcheong Province, Lee entered politics in 1995 after working as a provincial police commissioner. He served three terms as a lawmaker for the conservative New Party Korea, United

Politics Oct. 14, 2021

South Korea will ease tight regulations on loans taken out for home rentals as part of efforts to protect people in actual need of borrowing as financial authorities are set to unveil additional measures to rein in household debt this month, the head of the country's financial regulator said Thursday. In a brief meeting with reporters, Koh Seung-beom, the chief of the Financial Services Commission (FSC), said that controls on such loans for the "jeonse" arrangement will be managed in

Economy Oct. 14, 2021

Jeju Air Co., South Korea's biggest budget carrier, said Thursday it will raise 127 billion won ($107 million) by selling stocks in preparation for the post-coronavirus era.  Jeju Air plans to issue 11.26 million shares at 18,350 won per share to employees and existing shareholders from Oct. 18-19 and list the stocks on the main Korea Exchange (KRX) on Nov. 19, the company said in a regulatory filing. "The planned rights issue is to secure operating capital as the country aims to g

Industry Oct. 14, 2021

South Korea's state intelligence agency said Thursday it has agreed to cooperate with a local university to support education programs in the counterespionage and security fields in a bid to help train skilled manpower. The National Intelligence Service (NIS) said it has signed a memorandum of understanding (MOU) with Myongji University, which has campuses in Seoul and Yongin, Gyeonggi Province, to that effect. The university plans to create a Master's and Doctorate defense and security progra

Social Affairs Oct. 14, 2021

South Korea and the United Arab Emirates (UAE) announced Thursday that they will launch official talks toward a bilateral free trade agreement, Seoul's trade ministry said. Trade Minister Yeon Han-koo met his UAE counterpart, Thani Ahmed Al Zeyoudi, in Dubai, and issued a joint statement that calls for pushing to forge a Comprehensive Economic Partnership Agreement (CEPA), according to the Ministry of Trade, Industry and Energy. The CEPA is a type of free trade agreement that emphasizes a bro

Economy Oct. 14, 2021

South Korea has found defects in all of the four Global Hawk unmanned surveillance aircraft it has procured from the United States, a ruling party lawmaker said Thursday, calling for measures to ensure their stable operation. Citing data from the Air Force during a parliamentary audit, Rep. Ahn Gyu-back of the Democratic Party said that defects have been found in the drones an average of 10 times each. From December 2019 through September last year, South Korea brought in four Global Hawks und

Defense Oct. 14, 2021

Prime Minister Kim Boo-kyum said Thursday the government is determined to improve the quality of meals for military service members following heavy criticism that troops are poorly fed. "Recent soldier meal issues are something that should not have happened, but at the same time, it showed that our military food system has reached its limit," Kim said during a state affairs coordination meeting in Sejong, some 120 kilometers south of Seoul. The prime minister said that military foo

Politics Oct. 14, 2021

South Korea's military reported eight more COVID-19 cases Thursday, bringing the total caseload among its personnel to 1,951, the defense ministry said. Seven Army soldiers, including three trainees at a boot camp, and a Navy member tested positive for the new coronavirus, according to military data. The three Army trainees from the boot camp in Yeoncheon, 62 kilometers north of Seoul, were found to have contracted the virus while in quarantine following the COVID-19 outbreak in the unit. Of

Defense Oct. 14, 2021

South Korea's daily new COVID-19 cases neared the 2,000s on Thursday, but the daily caseload dropped from a week ago as the country ramped up its vaccination rate in a move to prepare for a gradual return to normal life. The country added 1,940 more COVID-19 cases, including 1,924 local infections, raising the total caseload to 337,679, according to the Korea Disease Control and Prevention Agency (KDCA). The daily caseload rose 356 from Wednesday but was down 485 from 2,425 a week earlier.

Social Affairs Oct. 14, 2021

South Korean stocks opened higher Thursday, as investors were relieved by the stable currency rate. The benchmark Korea Composite Stock Price Index (KOSPI) rose 25.39 points, or 0.86 percent, to 2,969.8 in the first 15 minutes of trading. Stocks came off to a bullish start, as the Korean won advanced against the US dollar, after depreciating sharply against the greenback over the past few days. The local currency was trading at 1,188.25 won against the US dollar, up 5.55 won from the previous

Market Oct. 14, 2021

"Venom: Let There Be Carnage" has beat the opening day total of "Black Widow," the latest Marvel release, in South Korea, data showed Thursday. The sequel to 2018's "Venom" topped the daily box-office chart by selling 203,263 tickets on the first day of its release Wednesday, according to data from the Korean Film Council (KOFIC). For comparison, "Black Widow," the most-watched foreign film for this year to date, attracted about 195,000 moviegoers on its

Film Oct. 14, 2021