President Moon Jae-in will convene a meeting with top government and ruling party officials Thursday on next year's budget and midterm fiscal policy, according to his office. The 2021 National Fiscal Strategy Meeting comes as South Korea is taking expansionary fiscal policy measures in the midst of the COVID-19 pandemic. Other participants include Prime Minister Kim Boo-kyum, Finance Minister Hong Nam-ki and Song Young-gil, head of the ruling Democratic Party. They plan to discuss a 2021 state

Politics May 27, 2021

South Korean stocks opened nearly flat Thursday, as investors continued to wait for the upcoming release of key consumption data in the United States that is widely seen as a gauge for inflation. The benchmark Korea Composite Stock Price Index (Kospi) traded down 0.54 points, or 0.02 percent, at 3,167.89 points in the first 15 minutes of trading. The Kospi got off to a muted start as investor caution grew while waiting for the personal consumption expenditures (PCE) data, or core PCE, known to

Market May 27, 2021

North Korean leader Kim Jong-un has called on his country's largest trade union to wage a "do-or-die battle" against non-socialist practices in a letter he sent to mark its latest congress session, state media said Thursday. The eighth congress of the General Federation of Trade Unions of Korea (GFTUK) was held in Pyongyang on Tuesday and Wednesday, according to the official Korean Central News Agency. The congress was held for the first time in about five years. "They should br

North Korea May 27, 2021

President Moon Jae-in has rolled up his sleeves to raise public awareness on a global climate summit to open this weekend. South Korea is scheduled to host the two-day virtual summit of global leaders, officially named the 2021 P4G Seoul Summit, which opens Sunday. It will be joined by dozens of leaders of foreign countries and international organizations, according to Cheong Wa Dae. It has not revealed the list of participants yet. P4G, which stands for Partnering for Green Growth and the Glo

Politics May 27, 2021

South Korea's exports are expected to rise a whopping 47.5 percent on-year in May on the back of the global economic recovery, which led to higher demand for chips and automobiles, a poll showed Thursday. Outbound shipments are estimated at US$51.3 billion this month, according to the poll by Yonhap Infomax, the financial news arm of Yonhap News Agency. The survey was conducted on eight brokerage houses. Imports are estimated to rise 39.8 percent over the period to $48.4 billion, resulting in

Economy May 27, 2021

South Korea has signed a US-led international program to send humans to the moon again and further explore Earth's only satellite, the science ministry said Thursday. Science Minister Lim Hye-sook signed the Artemis Accords as a follow-up on an agreement reached at a recent bilateral summit in Washington, becoming the 10th signatory to the pact, the ministry said. The Artemis Accords is an international agreement among governments participating in the Artemis Program, a US-led effort to return

Technology May 27, 2021

South Korea vowed Wednesday to play a bigger role in easing global shortages of COVID-19 vaccines during a meeting with a group of countries supporting a multilateral trading regime. "To promptly overcome the COVID-19 pandemic, it is important that the production and supply of vaccines are expanded around the globe," Trade Minister Yoo Myung-hee said during the virtual meeting of the Ottawa Group. The Ottawa Group refers to a group of 14 members of the World Trade Organization (WTO)

Politics May 27, 2021

A nurse working with COVID-19 patients in this southeastern city was found dead in an apparent suicide this week, her family and labor union said Wednesday, blaming her death on depression from overwork. The 33-year-old woman, identified only by her surname Lee, worked at a public health center in Busan before she was found dead at her home on Sunday morning. Her family said she had recently been assigned to manage a local hospital that was placed under cohort isolation following an outbreak

Social Affairs May 26, 2021

South Korean stocks closed slightly lower after choppy trading Wednesday as investors took to the sidelines amid lingering concerns of early post-pandemic inflation. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 2.89 points, or 0.09 percent, to close at 3,168.43 points. Trading volume was moderate at about 1.3 billion shares worth some 13 trillion won ($11.6 billion), with gainers outnumbering losers 515 to 337. Foreigners sold a net 3

Market May 26, 2021

The number of babies born in South Korea fell to a fresh record low in March, data showed Wednesday, underscoring the country's gloomy demographic situation with the chronically low birth rate. A total of 24,054 babies were born in March, down 0.6 percent from a year earlier, according to the data compiled by Statistics Korea. It marked the lowest for any March since 1981, when the statistics agency began compiling related data. In the first quarter, the number of childbirths reached a record

Social Affairs May 26, 2021

South Korea's intelligence chief departed for the United States on Wednesday to discuss cooperation on North Korea after their leaders held a summit and agreed to diplomatically engage with Pyongyang, sources said. National Intelligence Service (NIS) Director Park Jie-won was seen leaving Inchon International Airport, west of Seoul, earlier in the day for the US, according to the sources. Park is expected to meet CIA Director William Burns and other officials. He could also meet with Sung Ki

North Korea May 26, 2021

A Korean-American congresswoman renewed calls Wednesday for US President Joe Biden to appoint a special envoy on North Korean human rights, saying the rights issue would offer "good leverage" against a recalcitrant Pyongyang. Rep. Young Kim of the Republican Party made the remarks, voicing concerns that the upper echelons of South Korea's Moon Jae-in administration views the human rights issue as "destabilizing" to inter-Korean relations. "After this summit, I have yet

Foreign Affairs May 26, 2021

Veterans Affairs Minister Hwang Ki-chul held talks with Colombian President Ivan Duque during a visit to the Latin American country aimed at expressing thanks to the country's Korean War veterans, his office said Wednesday. During the talks on Tuesday, Hwang expressed thanks for Colombia's participation in the 1950-53 conflict and explained South Korea's efforts to support Colombian veterans and their descendants, according to the Ministry of Patriots and Veterans Affairs. The meeting was also

Defense May 26, 2021

Coronavirus vaccines left over after people do not show up for inoculations will be available for anyone who wants to get vaccinated via online reservations starting later this week, health authorities said Wednesday. Starting on Thursday, people will be able to sign up to get the leftover doses through the country's major internet portal Naver and top mobile messenger KakaoTalk, the Korea Disease Control and Prevention Agency (KDCA) said. People can search for the number of available COVID-19

Social Affairs May 26, 2021

Five Army members and an Air Force officer tested positive for the new coronavirus, the defense ministry said Wednesday. Two Army officers from the same unit in the county of Gapyeong were confirmed to have been infected following their recent vacation, the ministry said, adding 150 base members who came into contact with them tested negative. The other Army officer and two enlisted soldiers also tested positive following their vacation, and the airman contracted the virus after one of his co

Defense May 26, 2021