South Korean real estate investment trusts (REITs) saw their assets jump nearly 22 percent in 2020 from a year earlier amid a robust property market, government data showed Wednesday. A total of 282 REITs had some 63 trillion won ($55.5 billion) in combined assets as of the end of December, up 21.8 percent from a year earlier, according to the data from the land ministry. The number of REITs was also up 13.7 percent from a year earlier. REITs, which can be traded on major exchanges, invest in

Economy July 7, 2021

Choe Jae-hyeong, former head of the Board of Audit and Inspection (BAI), on Wednesday officially expressed his intent to enter politics. The former BAI chairman told Yonhap News Agency that he "has determined to participate in politics" but added that he will need more time to streamline his future plans, possibly including whether to run in next year's presidential race. Choe resigned in late June in a move widely viewed as a prelude to joining the presidential election race. The re

Politics July 7, 2021

The South Korean economy is on a modest recovery track, but its upward momentum may lose steam due to a resurgence in COVID-19 cases, a state-run think tank said Wednesday. Asia's fourth-largest economy is on a recovery track amid solid exports, but it also faces high economic uncertainty from the fast spread of the more contagious delta COVID-19 variant and spiking virus cases, according to a monthly economic assessment report by the Korea Development Institute (KDI). "Due to the surge i

Economy July 7, 2021

North Korea appears to have begun a "tug of war" with the United States over its policy on Pyongyang while focusing on strengthening internal unity and economic development, the defense ministry said Wednesday. The assessment was made during a meeting of top military commanders, including Defense Minister Suh Wook and Joint Chiefs of Staff (JCS) Chairman Gen. Won In-choul, which was meant to check the security situation on the Korean Peninsula and discuss the policy direction for the

North Korea July 7, 2021

President Moon Jae-in instructed the government Wednesday to step up efforts to speedily trace COVID-19 infections amid a sharp hike in confirmed cases. He called for the establishment of more temporary testing centers in areas with many residents or visitors and swift mobilization of military personnel, police officers and civil servants to that end, according to Cheong Wa Dae spokesperson Park Kyung-mee. The president ordered "preemptive" steps to expand testing on people related t

Politics July 7, 2021

The combined amount of foreign direct investment (FDI) pledges made to Asia's No. 4 economy shot up 71.5 percent on-year in the first half of 2021, data showed Wednesday, amid growing hopes of a post-pandemic economic recovery. Foreigners pledged to make a combined investment of $13 billion over the January-June period, compared with $76.6 billion tallied a year earlier, according to the Ministry of Trade, Industry and Energy. The investment that arrived here rose 57.3 percent over the period t

Economy July 7, 2021

The South Korean Olympic baseball team will hold its first practice on July 20 in the nation's capital, nine days before launching its gold medal defense. The Korea Baseball Organization (KBO) announced Wednesday the training schedule for the national team ahead of the Tokyo Olympics. The KBO's pro league will go on an Olympic break from July 19 to Aug. 9, and the Olympic team, comprised entirely of KBO stars, will gather at a Seoul hotel on July 19. The first practice will be July 20 at Goche

Olympic Games July 7, 2021

South Korea's top economic policymaker said Wednesday the country plans to expand child care services in a bid to encourage more women to continue to work amid the chronically low birthrate. Finance Minister Hong Nam-ki said the plan is aimed at better tackling the country's demographic challenges from the low birthrate and rapid aging. "A decline in labor supply, a jump in welfare costs for senior citizens and regional imbalances will have significant economic and social impacts on the c

Social Affairs July 7, 2021

A total of 700,000 doses of the coronavirus vaccine by Pfizer Inc. under an exchange deal with Israel arrived in South Korea on Wednesday. The expiring COVID-19 vaccines, enough for 350,000 people, arrived at Incheon International Airport, the country's main gateway, earlier in the day. The Korea Disease Control and Prevention Agency (KDCA) said the country will return the same number of Pfizer vaccine doses from a future order to Israel later, possibly between September and November. The COV

Social Affairs July 7, 2021

Dozens of newly enlisted soldiers at an Army boot camp have tested positive for the new coronavirus, the defense ministry said Wednesday, amid fears of a fourth wave of infections across the country. After one conscript at the Korea Army Training Center in the central city of Nonsan was confirmed to have contracted COVID-19, 35 others who had contact with him were also found to be infected, according to the ministry. Virus tests are under way on 400 others to confirm any additional cases. The

Defense July 7, 2021

Palme d'Or and Oscar winner Bong Joon-ho has opened this year's Cannes Film Festival, celebrating the return of world cinema in theaters in about two years. "I declare (the opening of the 74th festival)," the South Korean auteur said in Korean during the opening ceremony held at the Grand Theatre Lumiere on Tuesday (local time). Along with him, American director-actress Jodie Foster, Spanish filmmaker Pedro Almodovar and Cannes jury president Spike Lee made the same statements in Fre

Film July 7, 2021

Genesis, the independent luxury brand of Hyundai Motor Co., said Wednesday it launched the electrified G80 midsize sedan in South Korea, debuting its first electric model. The luxury electric sedan looks similar to the G80, but an electric socket in the front grille gives it a distinct identity as an EV. The G80 EV packs an 87.2 kilowatt-hour battery and can travel up to 427 kilometers on a single charge, Genesis said. The sedan, only available with all-wheel drive, is capable of producing

Mobility July 7, 2021

They have been friends for 14 years and have won world junior titles together. And finally, South Korean badminton stars Lee So-hee and Shin Seung-chan will team up in the women's doubles at the Olympics this summer in Tokyo. Lee and Shin each competed at the 2016 Rio de Janeiro Olympics with different, older doubles partners. Lee and Chang Ye-na were knocked out of the quarterfinals, but Shin and Jung Kyung-eun grabbed bronze. Lee and Shin won the women's doubles titles at the world junior ch

More Sports July 7, 2021

South Korea's daily new virus cases spiked by the most since late December on Wednesday, fanning fears of a fourth wave of outbreaks over the summer. Health authorities decided to extend current distancing curbs in the greater Seoul area for one week but warned of further tougher measures unless the current situation is brought under control. The country reported 1,212 more COVID-19 cases, including 1,168 local infections, raising the total caseload to 162,753, the Korea Disease Control and Pr

Social Affairs July 7, 2021

South Korea on Wednesday recorded over 1,200 new daily COVID-19 cases, marking the second-highest tally since the outbreak of the pandemic in the country and raising concerns of the potential emergence of a fourth pandemic wave, the government announced. The announcement was made by Prime Minister Kim Boo-kyum during a daily interagency meeting on the nation's coronavirus response. Kim also said that the government's current distancing rules will be extended for an additional week. Wednesday's

Social Affairs July 7, 2021