South Korean stocks opened nearly flat Tuesday as investors are keeping an eye on signs that may stoke inflation fears. The benchmark Korea Composite Stock Price Index (KOSPI) traded down 1.36 points, or 0.04 percent, at 3,202.56 points in the first 15 minutes of trading. The KOSPI got off to a muted start on investor concerns over early post-pandemic inflation that may trigger tapering talks in the United States. Key Federal Reserve officials are set to comment on the state of the US economy

Market June 1, 2021

South Korea's daily new coronavirus cases remained in the 400s for the third consecutive day Tuesday, while health authorities are easing distancing rules for vaccinated people to speed up the inoculation drive. The country reported 459 more COVID-19 cases, including 449 local infections, raising the total caseload to 140,799, the Korea Disease Control and Prevention Agency (KDCA) said. It is the first time that the daily caseload has stayed around 400 for three days in a row since late March,

Social Affairs June 1, 2021

South Korea's exports jumped 45.6 percent on-year in May to extend their gains to a seventh consecutive month due to strong demand for chips amid the global economic recovery, underscoring a rebound from the pandemic-caused slump, data showed Tuesday. Outbound shipments came to $50.7 billion last month, compared with $34.8 billion a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports rose 37.9 percent to $47.8 billion, resulting in a trade surplu

Economy June 1, 2021

ONE store, a South Korean app market operator, said Tuesday it received a combined 17 billion won ($15 million) in funding from Microsoft Corp. and the venture capital arm of Deutsche Telekom as it prepares to go public later this year. Microsoft will invest 11.3 billion won in the app market company, a subsidiary under major mobile carrier SK Telecom Co., while Deutsche Telekom Capital Partners will chip in 5.5 billion won, according to ONE store. The move comes after local telecom operators

Technology June 1, 2021

The growth rate of South Korea's consumer prices for May is estimated to have remained high due largely to last year's low base, a senior government official said Tuesday, amid concerns about growing inflationary pressure. First Vice Finance Minister Lee Eog-weon said the growth of consumer inflation is likely to surpass 2 percent in the second quarter, but annual inflation is not likely to top the central bank's target of 2 percent. He said the government will unveil a set of measures to help

Economy June 1, 2021

For her first solo album, Joy of K-pop girl group Red Velvet decided to travel back in time to the 1990s and 2000s, when K-pop was far from the glitzy empire it has become. The 24-year-old singer, who picked six songs, including one that was released in the year she was born, said singing these oldies but goodies was natural for her. "I really like the retro sentiment to the extent that I think I want to be born in that era," Joy said in a livestream news conference marking her debut

K-pop June 1, 2021

South Korea discovered 28 more bone fragments believed to be from troops killed in the 1950-53 Korean War as well as thousands of artifacts inside the Demilitarized Zone (DMZ) so far this year, the defense ministry said Tuesday. The military resumed a demining and excavation operation on Arrowhead Ridge in Cheorwon, about 90 kilometers northeast of Seoul, on April 5, after months of hiatus during winter, to continue the project launched in 2019. Over the past two months, the military has disco

Defense June 1, 2021

Loans extended by insurance companies in South Korea rose 7 percent on-year in the first quarter, led by gains in home-backed lending and corporate loans, the financial watchdog said Tuesday. Insurers' outstanding loans totaled 255.1 trillion won ($229 billion) as of end-March, compared with 238.4 trillion won the previous year, according to the Financial Supervisory Service (FSS). Their loans to households rose 3.6 trillion won on-year to 124.9 trillion won as of end-March, as the extension

Economy June 1, 2021

The BTS megahit "Dynamite" has racked up 1.1 billion views on YouTube, becoming the band's third music video to reach the milestone. The seven-piece act's first English-language single hit the milestone at 3:46 a.m. on Tuesday, according to Big Hit Music. The feat comes roughly 10 months after the group released the upbeat disco-pop track on Aug. 21. The song earned BTS its first No. 1 debut on the Billboard's main singles chart as well as its first Grammy nomination. BTS now has th

K-pop June 1, 2021

South Korea on Tuesday held the sixth round of free trade talks with a group of South American countries, after around a year of hiatus amid the COVID-19 pandemic. The two parties kicked off the four-day meeting virtually to set details on the pending trade agreement, according to the Ministry of Trade, Industry, and Energy. The previous meeting was held in Uruguay in February 2020. South Korea launched its first talks with the four member states of the South American trade block Mercosur -- B

Economy June 1, 2021

South Korea's intelligence chief is expected to return home Tuesday after a weeklong trip to the United States that apparently focused on discussions with his counterparts on North Korea, sources said. National Intelligence Service (NIS) Director Park Jie-won had been in the US since his departure on May 26. His trip drew keen attention as it came just days after President Moon Jae-in and US President Joe Biden held a summit and agreed to use diplomacy to resolve the North's nuclear standoff.

North Korea June 1, 2021

A team of state prosecutors requested Monday that a local court sentence the mother-in-law of Yoon Seok-youl, a former top prosecutor, to three years in jail. The 74-year-old, identified only by her surname Choi, is accused of violating the Medical Service Act in connection with her involvement in a nursing facility. She illegally received about 2.29 billion won ($20 million) from the National Health Insurance Service while running the nursing hospital in Paju, Gyeonggi Province, from 2013-20

Social Affairs May 31, 2021

Financially troubled budget carrier Eastar Jet Co. has received letters of intent (LOIs) from some investors for its stake up for sale and will select a final bidder next month. Easter Jet, currently under a court-led rehabilitation scheme, has received LOIs from several companies, including a consortium led by Kanglim, a local equipment maker under underwear company Ssang Bang Wool, and other private equity funds, according to industry sources.   The budget carrier selected a preli

Mobility May 31, 2021

South Korean stocks advanced for a second straight day Monday after a choppy session, as investors lean towards belief that the price hike is likely temporary. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.19 points, or 0.48 percent, to close at 3,203.92 points. Trading volume was moderate at about 1.1 billion shares worth some 13.8 trillion won ($12.4 billion), with gainers outnumbering losers 505 to 342. Foreigners bought a net 52

Market May 31, 2021

Korean Air Lines Co., South Korea's biggest carrier, said Monday it has obtained its second overseas approval from Thailand for its planned acquisition of smaller local rival Asiana Airlines Inc. Korean Air said it recently received approval from the Thai regulator, following the first from Turkey in February. It still needs nods from seven other countries and the European Union to proceed with the 1.8 trillion won ($1.6 billion) deal to acquire the debt-ridden Asiana. The seven countries i

Industry May 31, 2021