The Bank of Korea (BOK) is preparing to begin normalizing its pandemic-era easing of monetary policy as it seeks to ease side effects of low interest rates, BOK Gov. Lee Ju-yeol said Friday. The remarks came a day after Lee strongly hinted it may conduct its first post-pandemic rate hike by the end of this year, despite a recent spike in COVID-19 infections. The BOK has "notified markets in advance that it could start normalization to ease side effects of low rates for too long if the eco

Economy July 16, 2021

Budget carrier Air Premia Co. has obtained government approval for its operations amid the extended COVID-19 pandemic, the transport ministry said Friday. The ministry issued an air operator certificate (AOC) to Air Premia to allow it to use aircraft for commercial purposes. "Air Premia needs to report its routes to the aviation authority before it begins flight services," a ministry official said. Air Premia plans to start services on mid-and long-haul routes initially with a 309

Mobility July 16, 2021

MSG Wannabe, an all-male act that formed on the popular Korean TV show "Hangout With Yoo," is going strong on South Korean music charts. The eight-piece act is far from a typical K-pop band. The group consists of a comedian, singers and actors -- including two in their 50s and three in their 30s -- and their name MSG Wannabe comes from monosodium glutamate (MSG), which is often derided here for being a junk food ingredient but making food flavorful. Nonetheless, the project group t

K-pop July 16, 2021

South Korea said Friday it seeks to forge deeper economic ties with Kenya in line with its efforts to diversify its trade portfolio and penetrate deeper into the African market. Vice Industry Minister Park Jin-kyu met his Kenyan counterpart Betty Maina in Seoul to discuss a wide array of economic issues, according to the Ministry of Trade, Industry and Energy. During the meeting, Park said South Korea wishes to expand its presence in Kenya's consumer goods and biohealth segments, as the launch

Economy July 16, 2021

Sales of short-term corporate bonds in South Korea rose 12 percent in the first half of the year from a year earlier amid the coronavirus pandemic, data showed Friday. Local companies issued 577.4 trillion won ($505 billion) worth of bonds maturing within one year in the January-June period, up from 515.5 trillion won a year earlier, according to the data from the Korea Securities Depository (KSD). Compared with a year earlier, the amount was also up 11.9 percent. Sales of general short-term

Economy July 16, 2021

Four more newly enlisted soldiers at an Army boot camp have tested positive for the new coronavirus, bringing the total number of infections recently reported at the base to 117. The enlistees at the Korea Army Training Center in the central city of Nonsan were confirmed to have contracted COVID-19 while in quarantine following the mass infection outbreak at the base last week, according to the ministry. The Army also reported four additional infections from the southwestern city of Iksan, the

Defense July 16, 2021

The South Korean economy is on a recovery track, but a recent flare-up in COVID-19 cases could heighten uncertainty over an improvement in domestic demand, the finance ministry said Friday. In its monthly economic assessment report, the ministry said the country's exports remain robust and domestic demand showed signs of improvements while the job market is recovering from slumps. "But a resurgence in COVID-19 cases could increase uncertainty about domestic demand," the Ministry of E

Economy July 16, 2021

A statue of King Sejong, the inventor of the Korean alphabet, Hanguel, will go up in Uzbekistan's capital as part of a cultural exchange between two local districts. The office of Seocho Ward in southern Seoul said Thursday it signed a memorandum of understanding with the office of Mirabad district in central Tashkent on promoting ties between the two regions. In celebration of the agreement, the two districts will each construct a statue of a historical figure from the other country. The st

Culture July 16, 2021

South Korea is preparing to send aerial tankers to Africa to bring home all members of a naval unit on an anti-piracy mission amid fears of a mass COVID-19 infection on their destroyer following recent confirmed cases, officials said Friday. On Thursday, the defense ministry said six service members of the 34th contingent of the Cheonghae Unit aboard the Munmu the Great tested positive for the new coronavirus and around 80 out of about 300 personnel showed symptoms consistent with the virus. &

Defense July 16, 2021

South Korean stocks opened lower Friday, tracking US stock losses over concerns of faster-than-expected inflation. The benchmark Korea Composite Stock Price Index (KOSPI) fell 13.17 points, or 0.4 percent, to 3,273.05 points in the first 15 minutes of trading. Federal Reserve Chair Jerome Powell said the US central bank would support an accommodative stance as the current inflation is expected to wane. But the comment fell short of reducing the tapering jitters in the financial markets. Ove

Market July 16, 2021

South Korea's daily new coronavirus cases fell slightly to the 1,500s on Friday, but new infections are highly likely to increase as summer vacation season nears amid a pileup of cases in the greater Seoul area and other regions. The country added 1,536 new COVID-19 cases, including 1,476 local infections, raising the total caseload to 175,046, according to the Korea Disease Control and Prevention Agency (KDCA). On Thursday, the country reported 1,600 cases, which was just below the daily reco

Social Affairs July 16, 2021

The remains of a soldier killed in the 1950-53 Korean War have been identified through DNA analysis, five years after they were recovered from a former battle site, the defense ministry said Friday. The identification of the remains of Sfc. Park Boo-keun was possible as his 82-year-old younger sister registered her DNA sample with the government, according to the ministry. Park's remains were excavated at Mount Baekseok in Yanggu, around 175 kilometers northeast of Seoul, in 2016. The mountai

Social Affairs July 16, 2021

South Korean minor leaguer Park Hoy-jun was set to be called up by the New York Yankees this week in the Bronx, pushing the 25-year-old closer to his big league debut, an informed source told Yonhap News Agency. The source, requesting anonymity, said Park was being added to the major league taxi squad and "heading to New York on standby" on Thursday (local time). The Yankees were scheduled to host the Boston Red Sox at Yankee Stadium that day to open the second half of the season, but

Baseball July 16, 2021

SEOUL/WASHINGTON -- US Deputy Secretary of State Wendy Sherman will visit South Korea next week for talks on various issues that will include climate change and the COVID-19 pandemic, the State Department said Thursday. Sherman will first head to Japan, where she will be joined by her Japanese and South Korean counterparts for three-way talks, according to the department. In Tokyo, "Deputy Secretary Sherman, Japanese Vice Foreign Minister Mori Takeo, and ROK First Vice Foreign Minister Ch

Foreign Affairs July 16, 2021

Multinational carmaker Stellantis Group said Friday it will bring six electrified models to South Korea by 2026 as it aims to get a share of the emerging local EV market.   Stellantis is a 50:50 joint venture recently set up through the merger of U.S. carmaker Fiat Chrysler Automobiles N.V. and French automaker PSA Groupe.  This year, Stellantis plans to introduce the Wrangler 4xe plug-in hybrid electric vehicle in the Korean market and five other electrified models in the nex

Mobility July 16, 2021