A Seoul church led by a controversial right-wing pastor was ordered Thursday to shut down for repeatedly holding in-person worship services in violation of COVID-19 rules.    The office of Seongbuk Ward said it delivered an official notice of closure to Sarang Jeil Church in northern Seoul in the afternoon.    The church, led by the provocative right-wing pastor Jun Kwang-hoon, has held in-person Sunday services for five straight weeks since July 18, violating the Level

Social Affairs Aug. 19, 2021

The South Korean government on Thursday defended the outcome of a multilateral climate change summit it hosted in May, amid media criticism that it failed to receive endorsement from some advanced countries and international organizations.    The Chosun Ilbo reported earlier that Britain, Germany, the European Union, the United Nations and others did not sign the Seoul Declaration, adopted after the Partnering for Green Growth and the Global Goals (P4G) summit held in Seoul at the en

Foreign Affairs Aug. 19, 2021

South Korean stocks tumbled nearly 2 percent Thursday on concerns over the US Federal Reserve minutes that hinted at the possibility of an earlier-than-expected tapering timeline. The Korean won steeply fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) slumped 61.1 points, or 1.93 percent, to close at 3,097.83 points. The figure marks the index's biggest daily loss since Feb. 26, and the closing price marks the lowest since early April. Trading volume was mode

Market Aug. 19, 2021

South Korea's listed companies saw their earnings more than triple in the first half of 2021 from a year earlier as the global economic recovery from the pandemic steeply increased their sales, data showed Thursday. The combined net profit of 587 out of 664 firms, which are listed on the main Kospi bourse and close their books on Dec. 31, totaled 85.13 trillion won ($72.34 billion) on a consolidated basis in the January-June period, up 245.5 percent from 26.4 trillion won a year earlier, accord

Economy Aug. 19, 2021

Unionized land-based workers of South Korea's largest shipper HMM Co. have voiced opposition to a company wage increase proposal, raising the possibility of its first strike, industry sources said Thursday. After talks with its creditors, the company has put forward a wage negotiation proposal, including an 8 percent increase in wages, plus bonuses of 500 percent. According to the sources, some 95 percent of unionized HMM longshore workers voted against the wage proposal. Union members demand

Industry Aug. 19, 2021

SK Telecom Co., South Korea's largest wireless carrier, said Thursday it will launch its virtual meeting platform ifland in around 80 overseas markets by the end of this year in a move to join the global metaverse rush. The carrier launched the platform last month that allows users to interact with others using personalized avatars in a range of online settings from stadiums to cafes. The metaverse platforms have grown in popularity over the past year, especially from tech-savvy teenagers, as

Industry Aug. 19, 2021

Foreign currency deposits at banks in South Korea fell in July from the previous month as individuals withdrew their FX holdings, central bank data showed Thursday. Outstanding foreign currency-denominated deposits held by residents amounted to $92.13 billion as of end-July, down $910 million from June, according to the Bank of Korea (BOK). Residents include local citizens, foreigners staying here for more than six months and foreign companies. The data excludes interbank foreign currency depo

Market Aug. 19, 2021

DAEGU -- An appellate court on Thursday upheld an imprisonment of 34 years for a key member of an online sexual blackmail ring indicted on 12 criminal charges, including the violation of laws on protecting minors from sexual abuse. The Daegu High Court in this southeastern city approved the hefty prison term after convicting Moon Hyung-wook, a 24-year-old university student, of coercing 21 women and girls into sharing nearly 3,800 sexually explicit videos of themselves for distribution on a Tel

Social Affairs Aug. 19, 2021

South Korea's overseas financial assets hit a new high in the second quarter, mainly due to increased stock investments, central bank data showed Thursday. The nation's external financial assets came to $2.07 trillion at the end of June, up $85 billion from a quarter earlier, according to preliminary data from the Bank of Korea. The net international investment position came to $490.7 billion as of the end of June, up $12 billion from a quarter earlier, the data showed. The position refers to

Economy Aug. 19, 2021

The delinquency rate for South Korean banks' won-denominated loans fell to a record low in June due to a decline in overdue corporate loans, the financial regulator said Thursday. The rate for bank loans more than 30 days overdue stood at 0.25 percent at the end of June, down from 0.32 percent the previous month, according to the Financial Supervisory Service (FSS). Compared with a year earlier, the rate was down 0.08 percentage point in June. The delinquency rate for corporate loans declined

Market Aug. 19, 2021

South Korean household income declined in the second quarter from a year earlier due to last year's high base after the government doled out massive pandemic relief funds to all households the previous year, data showed Thursday. The average household earned 4.29 million won ($3,600) per month in the April-June period, down 0.7 percent from the previous year, according to the data from Statistics Korea. It marked the first on-year fall since the second quarter of 2017, when household income di

Economy Aug. 19, 2021

South Korea's tax agency said Thursday it has launched probes into suspected tax evasion by 97 young people who acquired houses through undue wealth transfers from their parents. The National Tax Service (NTS) said it has conducted a crackdown on underaged people who own expensive apartments and houses even though they have no ability to earn money. The probe came as cases of house acquisition by people aged under 20 markedly increased despite an overall decline in housing transactions. Amid

Economy Aug. 19, 2021

The commander and two other officers of South Korea's peacekeeping unit in Lebanon have been relieved of duty and ordered to return home amid a probe over suspected embezzlement and other irregularities, military sources said Thursday.    The Joint Chiefs of Staff (JCS) made the decision after holding a deliberation session earlier in the day on corruption allegations against the Army colonel heading the Dongmyeong Unit and three other officers.    The 300-strong Dongmye

Foreign Affairs Aug. 19, 2021

President Moon Jae-in pledged Thursday to expand South Korea's free cervical cancer vaccination program to benefit all girls under age 18. "(The government) will enlarge the scope of beneficiaries of the free vaccination program to include girls up to the age of 17 from the current cap at age 12," Moon said in response to a civic petition submitted on the occasion of the fourth anniversary of Cheong Wa Dae's online public petition service. "I will work to entitle all female ado

Social Affairs Aug. 19, 2021

LG Chem Ltd., South Korea's leading chemical firm, said Thursday it will invest 2.6 trillion won ($2.2 billion) by 2028 to step up its domestic manufacturing capacity for eco-friendly materials. LG Chem said it will build 10 new chemical factories in Seosan, about 140 kilometers southwest of Seoul, to produce biodegradable materials and other materials used in renewable energy. Among them are poly butylene adipate-co-terephthalate (PBAT), a biodegradable plastic used in decomposable packaging,

Industry Aug. 19, 2021