South Korean shares opened higher Monday, driven by retail buying amid eased concerns over post-pandemic inflation. The benchmark Korea Composite Stock Price Index (Kospi) rose 4.57 points, or 0.14 percent, to 3,157.89 points in the first 15 minutes of trading. The local index traded higher after a slump the previous week, tracking a sharp rise on Wall Street on Friday as investors shrugged off worries over inflation and rising commodity prices. In Seoul, top cap Samsung Electronics inched up

Market May 17, 2021

Coming off a knee surgery, Tampa Bay Rays' Choi Ji-man has punctuated his long-awaited season debut with a three-hit performance. Choi batted 3-for-4 with an RBI and a run against the New York Mets at Tropicana Field in St. Petersburg, Florida, on Sunday (local time), contributing to a 7-1 victory. Choi had missed the first 41 games of the season following arthroscopic surgery on his right knee on March 31. Choi was activated from the 10-day injured list Saturday but waited another day before

Baseball May 17, 2021

Powered by an early birdie barrage, South Korean Lee Kyoung-hoon has entered the winner's circle for the first time on the PGA Tour. Lee rallied to capture the AT&T Byron Nelson at TPC Craig Ranch in McKinney, Texas, on Sunday (local time), shooting a six-under 66 with eight birdies in the weather-interrupted final round. Lee finished at 25-under 263 at the 7,468-yard, par-72 course, beating Sam Burns by three strokes. It was Lee's 80th career start on the tour. Lee, 29, became the eighth

Golf May 17, 2021

A subcontract worker at a cement factory in the eastern port city of Donghae has died after an overhead crane fell on him in yet another industrial incident, authorities said Sunday. According to Gangwon Fire Headquarters and Donghae Police Station, the 63-year-old crane driver was hit by an overhead crane that fell from 10 meters above at a cement factory in Donghae, 279 kilometers east of Seoul, at 11:42 p.m. Friday. He was moved to a hospital but died. The accident reportedly occurred while

Social Affairs May 16, 2021

South Korea's exports of automobiles jumped nearly 53 percent on-year in April, data showed Sunday, on the back of the global economic recovery coupled with a base effect. The country's outbound shipments of automobiles reached 188,293 units in April, according to the Ministry of Trade, Industry and Energy. In terms of value, exports shot up 73.4 percent as South Korea sold more premium models. Over the first four months of 2021, Asia's No. 4 economy shipped 734,448 units of automobiles, up 22

Economy May 16, 2021

Uncommitted voters without preference for a particular political party outnumbered respective supporters of the two biggest rival parties, a poll showed Sunday. According to the poll conducted by Gallup Korea on 1,000 people aged 18 or over from Tuesday through Thursday, 30 percent of the respondents said they do not support any party, up 1 percentage point from the previous week. Twenty-eight percent threw their support behind the ruling Democratic Party (DP), down 2 percentage points from

Politics May 16, 2021

South Korea's daily new coronavirus cases stayed in the 600s for the second consecutive day on Sunday as the country focuses on its vaccination campaign amid tight vaccine supply. The country reported 610 more COVID-19 cases, including 572 local infections, raising the total caseload to 131,671, the Korea Disease Control and Prevention Agency (KDCA) said. Daily infections fell from 681 on Saturday after posting more than 700 cases on Thursday and Friday as sporadic cluster infections continued

Social Affairs May 16, 2021

Prime Minister Kim Boo-kyum said Saturday that South Korea will aim to fully normalize offline classes at local schools later this year amid the country's efforts to speed up its inoculation program. The country has been operating a mixture of offline and online classes amid the COVID-19 pandemic. "Due to the prolonged pandemic, I am concerned about the academic gap among students and their lack of social and emotional connection," Kim in a Facebook message marking Teachers' Day

Social Affairs May 15, 2021

South Korean stocks are likely to suffer an extended slide next week following this week's retreat, as fears about early post-pandemic inflation continue to weigh on the market. The benchmark Korea Composite Stock Price Index closed at 3,153.32 points on Friday, down 1.37 percent from 3,197.2 points a week ago. On the back of disappointing US jobs data in April that eased woes over inflationary pressure, the local stock market startedwith an advance. However, the stock index slumped more th

Market May 15, 2021

  South Korea's daily new coronavirus cases fell below 700 on Saturday as the authorities expressed concerns about yet another uptick in additional cases amid a growing number of travelers that can lead to more sporadic cluster infections. The country reported 681 more COVID-19 cases, including 661 local infections, raising the total caseload to 131,061, the Korea Disease Control and Prevention Agency said. South Korea posted more than 700 daily infections on Thursday and Friday as spo

Social Affairs May 15, 2021

Prosecutors on Friday indicted the founder of cash-strapped budget carrier Eastar Jet for embezzlement and breach of trust. Lee Sang-jik, an independent lawmaker, faces several charges including causing about 43.9 billion won (US$38.8 million) in losses to the airline by underselling company shares to a subsidiary owned by his children in 2015. He is also suspected of embezzling about 5.3 billion won from its affiliates. Lee was arrested late last month, after the National Assembly passed a

Mobility May 14, 2021

Oceans Minister Moon Seong-hyeok asked the International Maritime Organization to explore ways to cooperate with the UN nuclear watchdog to ensure safety in Japan's planned release of wastewater from its crippled Fukushima nuclear power plant, his ministry said Friday. Moon made the request in a letter sent to Lim Ki-tack, secretary general of the UN organization, calling Tokyo's decision to discharge the radioactive water into the Pacific Ocean a "unilateral" step that could cause &

Social Affairs May 14, 2021

Two brokers indicted on charges of fraud linked to a massive investment fund scam centered on Optimus Asset Management were given prison sentences by a court on Friday. The Seoul Central District Court sentenced one broker surnamed Shin, who formerly ran an entertainment agency, to an imprisonment of four years and another broker surnamed Kim to three years and six months in prison after finding them guilty of defrauding the CEO of Optimus of 1 billion won ($886,000). The Optimus scandal cente

Social Affairs May 14, 2021

The main opposition People Power Party (PPP) on Friday slammed President Moon Jae-in for appointing the new prime minister and two other Cabinet members despite opposition objections. "The Moon Jae-in administration does not budge a bit no matter how hard it is hit by (souring) public opinion. Its DNA of arrogance and self-righteousness has never been cured," PPP floor leader Rep. Kim Gi-hyeon said during an emergency plenary meeting of the party. PPP staged the meeting in front of

Politics May 14, 2021

South Korean stocks bounced back to gains Friday after the US stock market snapped a three-day plunge that stemmed from concerns about early post-pandemic inflation. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 31.21 points, or 1 percent, to close at 3,153.32 points. Trading volume was moderate at about 822 million shares worth some 14.2 trillion won ($12.6 billion), with gainers outnumbering losers 506 to 343. Foreigners sold a net 4

Market May 14, 2021