A state anti-corruption probe agency raided the home of a presidential civil affairs secretary on Tuesday over his suspected involvement in an allegedly illegal travel ban on a former justice minister, informed officials said. Investigators from the Corruption Investigation Office for High-ranking Officials (CIO) searched the home of Lee Gwang-cheol, a presidential secretary for civil affairs and justice, to secure evidence related to his charge of abuse of power in allegedly orchestrating an i

Politics July 20, 2021

Korea Aerospace Industries Co. (KAI), South Korea's sole aircraft manufacturer, said Tuesday it has received a $240 million trainer jet deal in Indonesia. Under the deal, KAI will supply six T-50 advanced trainer jets to the Indonesian air force from Dec. 16, 2021, to Oct. 30, 2024, the company said in a regulatory filing. In 2012, KAI achieved $400 million worth of deals to supply 16 T-50 trainer jets. As of Tuesday, KAI has exported a total of 154 trainer jets worth $3.1 billion -- 70 T-50

Economy July 20, 2021

SK Materials Co., a semiconductor and display material subsidiary under SK Group, said Tuesday it will form a joint venture with Group 14 Technologies to tap into the lithium-ion battery material business. SK Materials said it plans to invest 60 billion won ($52 million) to hold a 75 percent stake in the joint venture with Group 14 Technologies, a US-based provider of lithium-silicon battery material designed to enhance the energy density of batteries. The joint venture will build a lithium-si

Industry July 20, 2021

President Moon Jae-in instructed his Cheong Wa Dae team Tuesday to map out measures to support the credit rehabilitation of people with delinquent debts attributable to the COVID-19 crisis. He made the call during a meeting with his Cheong Wa Dae aides, according to presidential spokesperson Park Kyung-mee. Moon told them to explore ways to help delinquent borrowers restore their credit if they have faithfully repaid debts linked with damage from the pandemic, she said. The move is intended t

Politics July 20, 2021

North Korea on Tuesday vowed efforts to advance friendly relations with Russia on the occasion of the anniversary of a joint declaration adopted when Russian President Vladimir Putin visited Pyongyang in 2000. The North's foreign ministry also said that the declaration adopted after the summit between then North Korean leader Kim Jong-il and Putin has served as a "driving force" in their bilateral ties against "complicated international conditions of the 21st century." &quo

North Korea July 20, 2021

The number of young South Koreans preparing to take exams for public jobs and professional licenses hit a record high in May as the job market remained sluggish amid the pandemic, data showed Tuesday. The data released by Statistics Korea showed that 859,000, or 19.1 percent of 4.49 million economically inactive people aged 15-29, prepared for exams to land jobs in May, up 55,000 from a year earlier. The proportion was also up from 17.1 percentage points last year. It marked the largest number

Social Affairs July 20, 2021

President Moon Jae-in stressed the urgency Tuesday of taking government-private measures to respond to changes in the international trade conditions, especially in line with efforts to tackle climate change. For example, he said, the European Union plans to implement a carbon border tax in 2026 on certain goods imported from third countries with lower environmental standards. It also announced a plan to start banning the sale of new internal combustion engine vehicles in 2035. "Changes i

Politics July 20, 2021

Defense Minister Suh Wook apologized Tuesday for the military's failure to prevent cluster COVID-19 infections among sailors of the Cheonghae naval unit on an anti-piracy mission in waters off Africa. The apology came a day after virus tests showed that 247, or 82 percent, of the 301-member unit were infected, the worst-ever infection cluster among service members blamed on poor initial responses, such as giving only cold medicine to a sailor who first developed symptoms. The defense ministry

Defense July 20, 2021

First Vice Foreign Minister Choi Jong-kun said Tuesday that the recent remarks by a senior Japanese diplomat disparaging President Moon Jae-in's efforts to improve ties with Tokyo acted as a "significant obstacle" to Moon's potential trip to Tokyo. Choi made the remark before departing for Tokyo to attend bilateral and trilateral talks with his Japanese and US counterparts, renewing the call for Tokyo to take appropriate action about the remarks by Hirohisa Soma, deputy chief of miss

Politics July 20, 2021

The amount of securities settlements in the South Korean financial market soared nearly 19 percent in the first half of the year from six months earlier, industry data showed Tuesday. Stocks and bonds worth 3,772.2 trillion won ($3.28 trillion) were delivered through the Korea Securities Depository (KSD) in the January-June period, up 18.6 percent from the second half of last year, according to data from the KSD. It was also up 10.3 percent from a year earlier and marked the largest-ever half-

Economy July 20, 2021

South Korea's science ministry said Tuesday it will create a space policy-oriented think tank in a move to bolster its space development ambitions. The country has recently ramped up its space program, with its first homegrown space rocket set for a launch in October and a lunar orbiter program scheduled for next year. The Ministry of Science and ICT said the new think tank, tentatively named the Korea Space Policy Research Center, will conduct space-related research and analysis to offer guid

Technology July 20, 2021

A scorching heat wave is to hit the Korean Peninsula beginning this week, the state weather agency said Tuesday, without ruling out the possibility of extremely hot weather due to stagnant high-pressure air masses. The Korea Meteorological Administration (KMA) said that the seasonal monsoon period is to virtually end on the peninsula after some scattered rain showers nationwide in the day and full-scale sweltering heat will take over. Daytime highs will rise by up to 3 C to above 35 C in many

Social Affairs July 20, 2021

South Korea will gradually lift or lower tariffs on more than 95 percent of its imported products from Indonesia and Israel as it has clinched trade deals with the two nations, the finance ministry said Tuesday. The Cabinet approved a revised enforcement ordinance in preparation for implementing trade deals with Indonesia and Israel. In December last year, South Korea and Indonesia inked the comprehensive economic partnership agreement (CEPA), which is equivalent to a free trade deal but cente

Economy July 20, 2021

The Asian Development Bank (ADB) on Tuesday sharply revised up its growth outlook for the South Korean economy this year, citing robust exports and an expansion in facility investment. The Manila-based bank expected Asia's fourth-largest economy to grow 4 percent this year, up from its earlier estimate in April of 3.5 percent. The ADB maintained its 2022 growth forecast for Korea at 3.1 percent. The ADB joined other organizations that have jacked up their growth estimates for the South Korean

Economy July 20, 2021

Kakao Bank, South Korea's largest internet-only bank, will seek to expand into new business areas and become the country's No. 1 financial platform, the company's CEO said Tuesday. "Kakao Bank will strive to emerge as the top financial platform and break into such areas as insurance, fund and asset management," CEO Daniel Yun said at a news conference to mark the lender's planned initial public offering (IPO). To that end, Kakao Bank will continue to seek the digital innovation of it

Market July 20, 2021