South Korean stocks rebounded Friday as hopes for an economic recovery offset concerns over an earlier-than-expected tapering move by the US Federal Reserve. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 2.97 points, or 0.09 percent, to close at 3,267.93 points. Trading volume was moderate at about 1.6 billion shares worth some 17.1 trillion won ($15.1 billion), with losers outnumbering gainers 464 to 382. Foreigners sold a net 823 bil

Market June 18, 2021

South Korea said Friday it will develop over 100 miniature satellites over the next decade with the aim of establishing a national security monitoring system and testing next generation network communications in its latest push to strengthen its space industry. The Ministry of Science and ICT said it would pursue such satellite development to encourage the private sector's involvement in the space industry as the mini satellites can be manufactured in a short amount of time at a relatively low

Technology June 18, 2021

South Korea's electricity consumption nearly rebounded to the pre-pandemic level in April amid the recovery of industrial and business activities, data showed Friday. Asia's fourth-largest economy used 41,900 gigawatt-hours (GWh) of power in April, up 3.5 percent from a year ago, according to the data from the Korea Electric Power Corp. (KEPCO). South Korea's power consumption earlier dropped 4.6 percent on-year in April 2020 as the COVID-19 pandemic has dealt a harsh blow to the economy. The

Economy June 18, 2021

The Democratic Party will push to stamp out fake news by legislating a new law that obliges media to pay punitive damages for the spread of malicious disinformation and misinformation, officials said Friday. The new law the ruling party aims to pass through the National Assembly by the end of this month calls for the payment of compensation three to five times the calculated amount of damage caused by false information in news, they said. The imposition of extraordinary financial penalties was

Politics June 18, 2021

At 41, the South Korean Olympic shooting legend Jin Jong-oh knows his time as a competitive athlete may be reaching its end. But he insisted this week he doesn't want to get pushed to that point and that he will call his own shots. Jin will be competing at his fifth Olympics in Tokyo this summer. Over his four appearances, Jin captured four gold medals and two silver medals. He's tied with former archer Kim Soo-nyung for most Olympic medals by a South Korean athlete. To even qualify for the T

Olympic Games June 18, 2021

Samsung Electronics Co. is considering holding its technology conference this year despite the novel coronavirus pandemic, industry insiders said Friday. The South Korean tech giant is reviewing a plan to hold the Samsung Developer Conference (SDC) in October or November as vaccinations pick up pace around the globe. Samsung, the world's largest memory chip and smartphone vendor, is reportedly looking to hold an in-person conference this year but is also considering online options for the even

Industry June 18, 2021

WASHINGTON -- The new US special representative for North Korea, Sung Kim, will travel to Seoul later this week for trilateral talks with his South Korean and Japanese counterparts, the State Department said Thursday. During his trip from Saturday through Wednesday, Kim will join the three-way session with Noh Kyu-duk, Seoul's special representative for Korean Peninsula peace and security affairs, and Takehiro Funakoshi, Tokyo's director-general for Asian and Oceanian affairs, it said. "S

Foreign Affairs June 18, 2021

The remains of a soldier killed in the 1950-53 Korean War have been identified through DNA analysis, a decade after they were recovered from a former battle site, the defense ministry said Friday. The identification of the remains of Ssg. Ko Byung-soo was possible as his family members registered their DNA samples with the government last year, according to ministry. Ko's remains were excavated at Mount Baekseok in Yanggu, some 175 kilometers northeast of Seoul, in 2011. The mountain was one

Social Affairs June 18, 2021

Two American service members stationed in South Korea have tested positive for the new coronavirus, the US military said Friday. One of them, based at Camp Humphreys in Pyeongtaek, 70 kilometers south of Seoul, was found to have contracted COVID-19 on Tuesday after developing symptoms, according to US Forces Korea (USFK). The other service member at Camp Casey in Dongducheon, 40 km north of the capital, was found to be infected the next day in a virus test required to return to the United Stat

Social Affairs June 18, 2021

The Texas Rangers have designated their South Korean pitcher Yang Hyeon-jong for assignment, putting the left-hander's future in the majors in further doubt. The Rangers announced the move Thursday (US local time), one day after optioning Yang to their Triple-A affiliate, Round Rock Express. When a player is designated for assignment, he is immediately removed from the 40-man roster and from the 25-man active roster if on it. The player must be traded, released or placed on irrevocable waivers

Baseball June 18, 2021

North Korean leader Kim Jong-un said the country should be ready for both dialogue and, more importantly, confrontation with the United States, while calling for efforts to stably control the situation on the Korean Peninsula, state media reported Friday. During a key Workers' Party meeting, Kim "made detailed analysis of the policy tendency of the newly emerged US administration toward our Republic and clarified appropriate strategic and tactical counteraction and the direction of activit

North Korea June 18, 2021

A fire at a Coupang Inc. distribution center continued to burn Friday, more than a day after it broke out, with one firefighter trapped inside, officials said. The fire began in the basement of the e-commerce giant's four-story building in Icheon, about 80 kilometers south of Seoul, around 5:20 a.m. Thursday. Authorities said it appeared to have been caused by a spark from a power outlet. A 52-year-old firefighter who entered the basement Thursday morning to look for people left behind has yet

Social Affairs June 18, 2021

South Korea's new coronavirus cases remained in the 500s for the third consecutive day Friday as health authorities are set to finalize revamped social distancing rules set to be in place from next month amid an accelerating vaccination campaign. The country reported 507 more virus cases, including 484 local infections, raising the total caseload to 150,238, the Korea Disease Control and Prevention Agency (KDCA) said. The latest tally is slightly down from 545 cases Wednesday and 540 on Thursd

Social Affairs June 18, 2021

South Korean stocks opened higher Friday on overnight tech gains on Wall Street, with investors digesting the impact of the Fed's faster-than-expected timeline for policy tightening. The benchmark Korea Composite Stock Price Index (Kospi) increased 7.75 points, or 0.24 percent, to 3,272.71 in the first 15 minutes of trading. Stocks opened with mild gains after the key stock index snapped its five-session winning streak the previous session. The rebound came amid the ongoing tussle between a

Market June 18, 2021

Hyundai Motor and affiliate Kia said Thursday their combined sales in Europe more than doubled last month from a year earlier on robust demand and lower base effect. Hyundai and Kia sold a total of 88,171 vehicles in Europe in May, sharply up from 42,492 units in the same month a year ago, the companies' sales data showed.  The monthly result got a boost from strong sales of Hyundai's Tucson and Kona sport utility vehicles and Kia's Sportage SUV and Cee'd crossover utility vehicle, a

Mobility June 17, 2021