South Korea's electricity demand rose more than 7 percent in May from a year earlier amid a gradual economic recovery, data showed Wednesday. The country's maximum power demand averaged 63,388 megawatts (MW) last month, up 7.3 percent from a year earlier, according to the data from the Electric Power Statistics Information System. The May tally was down a mere 0.5 percentage point from May 2019, meaning power demand in Asia's fourth-largest economy has almost recovered to pre-pandemic levels.

Economy June 9, 2021

South Korea reported job growth for the third straight month in May, data showed Wednesday, in the latest sign that the job market is recovering from slumps caused by the pandemic. The number of employed people reached 27.6 million last month, 619,000 more than a year earlier, according to the data compiled by Statistics Korea. The May addition was lower than the previous month's 652,000 increase, the largest job growth in almost seven years. In March, the number of working people increased b

Economy June 9, 2021

South Korea's economy grew slightly faster than expected in the first quarter, thanks to a robust recovery of exports and facility investment, inching the nation's economic growth closer to the pre-pandemic level, central bank data showed Wednesday. Asia's fourth-largest economy grew 1.7 percent in the first quarter from three months earlier, 0.1 percentage point higher than earlier expected, according to preliminary data from the Bank of Korea (BOK). The country's annualized growth in the Jan

Economy June 9, 2021

South Korea is open to a three-way dialogue with the United States and Japan, but no official meeting has been scheduled for their leaders taking part in the Group of Seven (G7) summit this week, a senior South Korean diplomat said Tuesday. South Korea's vice foreign minister, Choi Jong-kun, also said his country will actively seek dialogue opportunities with the leaders of the United States and Japan at the upcoming G7 summit in Britain. "We are open, and plan to actively push for a Sout

Foreign Affairs June 9, 2021

The United States on Tuesday lowered its travel advisory for South Korea to the lowest level, which advises people visiting the Asian country to exercise normal precaution. The State Department said the latest update reflected a low level of COVID-19 infections in South Korea. "The Centers for Disease Control and Prevention (CDC) has issued a Level 1 Travel Health Notice for South Korea due to COVID-19, indicating a low level of COVID-19 in the country," it said. The US had maintain

Foreign Affairs June 9, 2021

South Korea's Samsung Heavy Industries Co. said Tuesday that it has been countersued by Japanese oil and developer INPEX after it filed a complaint against INPEX for not paying the rest of contract amount in April.  The $480 million countersuit will not hurt the earnings of Samsung as it set up allowances for the countersuit till the first quarter of 2021, the shipbuilder said in a regulatory filing.  Samsung completed the installation of central processing facility, one of the offsh

Industry June 8, 2021

Unionized delivery workers threatened Tuesday to go on strike as their talks with the government and logistics firms to prevent their overwork have made little progress. The 6,500-strong Parcel Delivery Workers' Solidarity Union said its roughly 2,100 members who have the right to strike will stage an indefinite walkout Wednesday after holding a members' vote early in the day. The union has been in talks with the government and logistics firms on the timing of the full implementation of a Janu

Social Affairs June 8, 2021

   LG Uplus Corp., a South Korean mobile carrier, said Tuesday it has decided to repurchase 100 billion won ($88.3 million) worth of its own shares to strengthen shareholder value. The telecom operator said in a regulatory filing that its first-ever share buyback will be completed by June 8 next year. LG Uplus will also introduce an interim dividend this year in addition to its existing year-end dividend, the company said in a separate statement. The company expects the moves to s

Industry June 8, 2021

  South Korean battery maker LG Energy Solution Ltd. said Tuesday it applied for preliminary approval to list its shares on the country's main stock market. LG Energy, the wholly owned subsidiary of LG Chem Ltd., said in a regulatory filing that it submitted the application to bourse operator Korea Exchange, as it seeks an initial public offering within this year. Market watchers said LG Energy may be able to raise around 10 trillion won ($8.9 billion) through the share sale, which is

Industry June 8, 2021

South Korea is not considering boycotting the Tokyo Olympics, the foreign ministry said Tuesday, after presidential hopefuls of the ruling Democratic Party mentioned the possibility of a boycott amid a renewed territorial spat with Japan over the East Sea islets of Dokdo. Rep. Lee Nak-yon and former Prime Minister Chung Sye-kyun raised the need to mull boycotting the Games, slated to take place from July 23-Aug. 8, should Japan not revise the map of the Olympic torch relay route that included D

Politics June 8, 2021

SK hynix Inc., South Korea's No. 2 chipmaker, on Tuesday denied a rumor that it is facing damage worth 2 trillion won ($1.7 billion) over defective DRAMs, saying that it has requested a police probe into such a cyber libel.  The rumor over SK hynix's possible loss has been circulating here from Monday night, claiming that the company is dealing with DRAM defects amounting to 240,000 wafers following its clients' complaints.  In a statement, SK hynix emphasized that the rumor is not t

Industry June 8, 2021

The prosecution sought a life sentence on Tuesday for the CEO of Optimus Asset Management, who is at the center of a massive financial fraud. At the sentencing hearing at the Seoul Central District Court, prosecutors demanded Kim Jae-hyun, head of the scandal-ridden private equity investment firm, be put behind bars for the rest of his life on charges of fraud and embezzlement. They also asked the court to assess him a fine of 4.057 trillion won ($3.6 billion) and a forfeiture of 1.43 trillion

Business June 8, 2021

South Korean stocks closed Tuesday after choppy trading, as increased valuation pressure offset hopes of a fast economic recovery. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) fell 4.29 points, or 0.13 percent, to close at 3,247.83 points. Trading volume was high at about 1.9 billion shares worth some 19.1 trillion won ($17.1 billion), with losers outnumbering gainers 464 to 376. Foreigners sold a net 206 billion won, while institutions bo

Market June 8, 2021

  An Air Force pilot on Tuesday made an emergency exit from his KF-16 fighter jet during a takeoff run after detecting unspecified problems with the jet, forcing the Air Force to suspend all flights for aircraft inspection, officials said. The fighter jet was moving on the runway to take off from the 20th Fighter Wing in the western city of Seosan when the pilot spotted problems and ejected, according to the military. He sustained no injuries, but the aircraft was damaged and is currently

Defense June 8, 2021

DAEGU -- The mayor of Daegu offered an apology on Tuesday for causing a "big stir" over the southeastern city's recent bid to import a massive amount of Pfizer vaccines that turned out to be fake. Mayor Kwon Young-jin apologized to Daegu citizens and the whole nation in a news conference, saying his city's attempt to arrange for the South Korean government to buy 30 million doses of Pfizer vaccines from abroad was made out of good will. The incident dates back to May 31, when Kwon to

Politics June 8, 2021