Kia Corp. is expected to post better-than-expected earnings for the second quarter on brisk sales at home and abroad, local brokerages said Monday. Kiwoom Securities Co. forecast the operating income of South Korea's No. 2 automaker to stand at 1.58 trillion won ($1.4 billion) for the April-June period, upgrading the carmaker's target stock price to 140,000 won from 120,000 won. "Kia is likely to register marked growth in sales in the domestic and North American markets, where its average

Industry July 5, 2021

The Navy has joined a US-led multinational maritime exercise in Australian waters to hone cooperative operation skills at sea, officials said Monday. The navies of South Korea, the United States, Japan and Australia kicked off the Pacific Vanguard maritime exercise off Australia's east coast Monday, which is to continue through Saturday, according to the officials. The Korean Navy dispatched the 4,400-ton Wang Geon destroyer, involving 200 crew members to engage in a range of drills, including

Defense July 5, 2021

The leaders of South Korea and the Netherlands will hold virtual summit talks this week on bilateral ties and global issues, Cheong Wa Dae announced Monday. President Moon Jae-in plans to have the summit with Dutch Prime Minister Mark Rutte on Wednesday, according to Cheong Wa Dae spokesperson Park Kyung-mee. The summit, the first between the two sides in three years, comes amid an increasing need for them to cooperate, especially on semiconductors, renewable energy and other future industries

Politics July 5, 2021

A major umbrella labor union slammed the government on Monday for launching an investigation into an illegal mass rally it held over the weekend. The Korean Confederation of Trade Unions (KCTU) took to the streets of Seoul's central Jongno Ward on Saturday to demand better working conditions and a higher minimum wage. The rally, which defied bans by the Seoul metropolitan government and the police, drew an estimated 8,000 people at a time when the capital area has seen a sharp increase in the

Social Affairs July 5, 2021

President Moon Jae-in stressed the need Monday for his administration to maintain political neutrality, as South Korea's political parties have effectively entered the presidential election season, according to his office. The president issued the message during a meeting with his Cheong Wa Dae aides, according to his spokesperson Park Kyung-mee. Moon was quoted as saying that Cheong Wa Dae and the government should "thoroughly" maintain political neutrality. He called on them to co

Politics July 5, 2021

North Korea is faced with greater volatility in foreign exchange rates and prices of goods, the unification ministry said Monday, amid economic challenges fueled by the protracted coronavirus pandemic. "The government is keeping an eye on the volatility of major economic indices, including the prices of goods and currency exchange," Lee Jong-joo, the ministry's spokesperson, told a regular press briefing. "We believe that such indices have become more volatile recently," sh

North Korea July 5, 2021

One Army officer, an enlisted soldier and an airman tested positive for the new coronavirus over the weekend, the defense ministry said Monday. The officer was confirmed to have been infected after showing symptoms consistent with COVID-19, and the soldier and the airman tested positive following their recent vacation, according to the ministry. The three service members did not receive COVID-19 vaccines, it added. The latest cases raised the total number of infections reported among the mili

Social Affairs July 5, 2021

South Korea and the United States are discussing when and how to stage their annual summertime military exercise, the defense ministry said Monday, amid concerns the maneuvers could affect efforts to resume talks with North Korea. The two sides usually hold the summertime drill in August. Sources said this year's exercise is expected to kick off around Aug. 10 for a three-week run and take the form of a computer-simulated command post exercise (CPX) without outdoor drills. Whether and how to g

Defense July 5, 2021

Defense Minister Suh Wook called for speeding up South Korea's envisioned takeover of wartime operational control (OPCON) of its forces from the United States after new US Forces Korea Commander Gen. Paul LaCamera took office last week, his office said Monday. During a meeting to check on progress in efforts to retake OPCON, Suh "called for various consultations between top USFK officials, including its new commander, and the defense and military authorities to expedite the OPCON transfer

Defense July 5, 2021

South Korean auto parts maker Mando Corp. said Monday it has received an "A" environmental, social and governance (ESG) rating form global index provider Morgan Stanley Capital International (MSCI) for its environmentally friendly growth value. Mando said the company is the first among South Korean auto and auto parts manufacturers to have been awarded such an ESG rating by MSCI. MSCI grants an A ESG rating to companies with a mixed or unexceptional track record of managing the most

Economy July 5, 2021

Sales of imported vehicles in South Korea fell 4.2 percent in June from a year earlier amid the extended COVID-19 pandemic, an industry association said Monday. The number of newly registered foreign vehicles fell to 26,191 units last month from 27,350 a year ago as the prolonged pandemic weighs on consumer demand, the Korea Automobile Importers & Distributors Association (KAIDA) said in a statement. The three bestselling models last month were Volkswagen's T-Roc 2.0 TDI SUV, Mercedes-Benz

Economy July 5, 2021

Ex-Prime Minister Lee Nak-yon officially launched his presidential bid Monday, pledging to recover the country's dwindling middle class. Lee, also a former five-term lawmaker and ex-chief of the ruling Democratic Party, announced that he will join the race to win the party's ticket to run in the March 9 presidential election. With the slogan of "a country that safeguards my life," Lee focused his campaign message on his pledges to relieve the country's growing economic disparity and

Politics July 5, 2021

South Korea's daily new virus cases stayed in the 700s for the third day in a row Monday, as health authorities warned against the spread of the more contagious delta coronavirus variant. The country reported 711 more COVID-19 cases, including 644 local infections, raising the total caseload to 160,795, the Korea Disease Control and Prevention Agency (KDCA) said. The latest figure is down from 826 on Friday, 794 on Saturday and 743 on Sunday, and a nearly six-month high due to the sharp spike

Social Affairs July 5, 2021

South Korean stocks opened higher Monday, led by gains in tech and bio shares. The benchmark Korea Composite Stock Price Index (KOSPI) added 10.16 points, or 0.31 percent, to trade at 3,291.94 in the first 15 minutes of trading. Stocks got off to a solid start on speculations of improved corporate earnings. Tech large caps Samsung Electronics and LG Electronics are scheduled to report their quarterly earnings guidance this week. Concerns about the recent spread of the new coronavirus and its

Market July 5, 2021

Samsung Electronics Co. said Monday it has signed a partnership with Hanwha Q Cells Co., a local solar power cells and modules producer, to develop home energy solutions. The two sides agreed to work together in establishing "zero energy homes," referring to homes that produce their own power with renewable energy sources to reduce carbon emissions. Their collaboration will be first available in the United States and Europe, where there is high demand for green energy, according to

Business July 5, 2021