Shares of South Korean chemical firm LG Chem Ltd. plunged in the Seoul bourse Monday, following American automaker General Motors' decision to additionally recall Bolt electric vehicles equipped with its subsidiary's batteries over fire risks. LG Chem, which wholly owns battery maker LG Energy Solution Ltd., saw its shares tumble about 10 percent as of 2 p.m., after GM said Friday it will recall about 73,000 Bolt EVs from model years 2019 through 2022, which is expected to cost about US$1 billi

Industry Aug. 23, 2021

South Korea said Monday it has received Special Drawing Rights (SDRs) worth of some $11.7 billion from the International Monetary Fund (IMF) in line with the international organization's move to allocate its new asset reserves to member countries. In early August, the board of IMF governors approved a $650 billion expansion of its reserve assets, called SDRs, to allocate to IMF member countries in accordance with their existing quotas. The move is aimed at helping countries cope with the fallo

Market Aug. 23, 2021

Samsung Electro-Mechanics Co., a major electronics parts maker in South Korea, is seeking to sell its Wi-Fi module business again, a company official said Monday, after its previous deal collapsed in May. "We are in talks with a potential buyer over the sale of our Wi-Fi module business," the official said on condition of anonymity. "The Wi-Fi module business is operating normally. So far, nothing has been confirmed about the deal." Samsung Electro-Mechanics reportedly put

Industry Aug. 23, 2021

No football coach is a fan of time-wasting tactics by opponents, and South Korea boss Paulo Bento has also publicly voiced his displeasure over them. But with his team likely to get a healthy dose of those frustrating antics in the upcoming World Cup qualifying round, Bento wants to make sure his players aren't distracted by them. South Korea will face five Middle Eastern opponents, Iran, Iraq, the United Arab Emirates (UAE), Syria and Lebanon, in Group A of the third Asian qualifying round fo

Soccer Aug. 23, 2021

A heated debate is brewing in South Korea over whether the country has to accept Afghans fleeing the Taliban takeover amid a report the United States is considering using its military bases in the country and others to house Afghan evacuees. Since the Taliban took over Kabul earlier this month, some progressive politicians here have openly expressed support for taking in Afghan refugees. "As the first Asian country that legislated the Refugee Act, the Republic of Korea has a role to play,

Foreign Affairs Aug. 23, 2021

Vice Unification Minister Choi Young-jun will meet with the visiting US nuclear envoy later Monday to discuss a coordinated approach to North Korea, the ministry said. Unification Minister Lee In-young will also hold a breakfast meeting with the US envoy, Amb. Sung Kim, Tuesday to discuss ways for bilateral cooperation on denuclearization and improving inter-Korean relations, according to the ministry. Kim's visit here comes amid chilled inter-Korean relations after the North has rejected call

Foreign Affairs Aug. 23, 2021

A partisan showdown loomed large at the National Assembly on Monday, as the ruling Democratic Party (DP) with a controlling number of parliamentary seats was set to railroad a controversial media bill this week fiercely contested by opposition parties and media industry trade groups. The revision of the Act on Press Arbitration and Remedies, Etc. for Damage Caused by Press Reports, which was passed by parliament's culture committee last week, is expected to be put to a final vote during the N

Politics Aug. 23, 2021

President Moon Jae-in instructed the government Monday to maintain a firm emergency response system, as Typhoon Omais is expected to make landfall on the Korean Peninsula later in the day, his office said. Moon instructed relevant authorities to prepare for carrying out a "special response" and asked the people to pay keen attention as well, according to Cheong Wa Dae spokesperson Park Kyung-mee. The president called for thorough measures against flooding damage and landslides, as we

Politics Aug. 23, 2021

South Korean automaker Hyundai Motor Co.'s electric vehicle (EV) sales increased in the first half of the year compared with a year ago, but its global market share fell in the face of toughening competitions with Chinese rivals, industry data showed Monday. Hyundai Motor was in sixth place in terms of global EVs sales in the January-June period, one notch down from the fifth position a year ago, according to the data by industry tracker SNE Research. The automaker's global EV sales jumped 75.

Industry Aug. 23, 2021

Two leading contenders in South Korea's presidential race -- Yoon Seok-youl and Lee Jae-myung -- are still neck and neck, with the election less than seven months away, a survey showed Monday. In the two-day poll on 1,007 voters nationwide through last Saturday by the Korea Society Opinion Institute (KSOI), former Prosecutor General Yoon of the main opposition People Power Party (PPP) had 29.8 percent of support, down 0.8 percentage point from a week earlier. Gyeonggi Province Gov. Lee of the

Politics Aug. 23, 2021

South Korean manufacturers' business confidence fell for the fifth consecutive month in August due to the economic fallout from the prolonged virus pandemic, a poll showed Monday. The country's professional survey index (PSI) for the manufacturing sector's business conditions came to 109 this month, down from 114 in July, according to the poll carried out by the Korea Institute for Industrial Economics & Trade (KIET). A PSI reading above 100 means optimists outnumber pessimists. The survey

Economy Aug. 23, 2021

North Korea's official newspaper called Monday for putting socialist ideology ahead of anything else, stressing that ideologically arming people should be the basis for moving science and technology and other areas forward. The Rodong Sinmun, the official newspaper of the North's ruling party, made the appeal in an editorial, saying that emphasizing the economy while being negligent in ideological education will only result in the collapse of the foundation of socialism. "We must maintain

North Korea Aug. 23, 2021

The ASEAN-sponsored economic research agency on Monday raised its 2021 growth forecast for the South Korean economy to 3.9 percent, citing solid recovery in exports and facility investment. The projection by the ASEAN+3 Macroeconomic Research Office (AMRO) marks an increase from its March estimate of 3.2 percent. The agency forecast Asia's fourth-largest economy would expand 3 percent next year. The Singapore-based organization was established in 2011 to promote macroeconomic and financial sta

Economy Aug. 23, 2021

Tottenham Hotspur's South Korean star Son Heung-min was selected to the national team Monday ahead of two World Cup qualifying matches despite whispers of a possible injury. Head coach Paulo Bento picked the longtime national team captain, along with 25 other players for World Cup qualifiers against Iraq and Lebanon at home next month. South Korea will first host Iraq at 8 p.m. on Sept. 2 at Seoul World Cup Stadium in the nation's capital. Then on Sept. 7, South Korea will face Lebanon at 8 p.

Soccer Aug. 23, 2021

The South Korean action thriller "Hostage: Missing Celebrity" topped the local weekend box office in its first week of release, data showed Monday. The movie about the kidnapping of star Hwang Jung-min garnered a combined 454,000 ticket sales over the Friday to Saturday period, bringing its combined total to over 638,000 since its release last Wednesday, according to data from the Korean Film Council. The disaster comedy film "Sinkhole" dropped to second place with 326,000

Film Aug. 23, 2021