South Korea's drug safety agency said Friday that it has begun reviewing a plasma therapy treatment against the novel coronavirus by local biotech company GC Pharma for conditional approval. The plasma therapy, dubbed GC5131A, is a type of hyperimmune globulin drug that uses blood plasma taken from people who have fully recovered from COVID-19, according to the Ministry of Food and Drug Safety. If approved, the investigative drug will be the country's first blood plasma cure for the deadly d

Technology April 30, 2021

Unionized workers at Renault Samsung Motors Corp. held a strike at the company's sole domestic plant on Friday to demand a wage hike for the year of 2020 amid the coronavirus pandemic, the union said. Renault Samsung's 1,900-strong union staged a general strike at the Busan plant, 450 kilometers south of Seoul, as they are not satisfied with the company's proposals, a union spokesman said. The union demanded an increase of 71,687 won (US$64) in monthly basic pay and a bonus of 7 million wo

Industry April 30, 2021

Foreign Minister Chung Eui-yong will hold bilateral talks with his US, British, Indian and European Union counterparts on the margins of a Group of Seven (G7) session in London next week, his ministry said Friday. The first in-person gathering of G7 foreign and development ministers in over two years is set to take place from Monday to Wednesday. South Korea, Australia, India, South Africa and Brunei, the chair of the Association of Southeast Asian Nations, have been invited as guests to the me

Foreign Affairs April 30, 2021

Calls for pardoning Lee Jae-yong, the incarcerated de facto chief of Samsung Group, have resurfaced after his family unveiled plans to donate a chunk of the immense assets inherited from Lee's late father and company Chairman Lee Kun-hee. But the government and the ruling party remain adamant that it is too early to deliberate on the issue. Prime Minister nominee Kim Boo-kyum on Thursday highly assessed Samsung heirs' donation pledges but stressed it would hardly influence the government's sta

Politics April 30, 2021

The number of 5G users in South Korea stood at over 14 million last month, two years after the networks first went live in the country, data showed Friday, as the country pushes to accelerate adoption of the latest generation networks. As of the end of March, 5G subscriptions stood at 14.48 million, accounting for 20 percent of the total 71.1 million mobile subscriptions in the country, according to data from the Ministry of Science and ICT. South Korea was the first country in the world to co

Technology April 30, 2021

South Korean stocks slumped for the fourth consecutive day Friday as investors remained concerned over coronavirus situation and the upcoming lifting of a ban on short selling. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) fell 26.21 points, or 0.83 percent, to close at 3,147.86 points. Trading volume was moderate at about 1.3 billion shares worth some 18.7 trillion won ($16.8 billion), with losers outnumbering gainers 534 to 339. Foreigner

Market April 30, 2021

Four-term legislator and ex-Mayor of Ulsan Rep. Kim Gi-hyeon was elected the new floor leader of the main opposition People Power Party on Friday. Kim, based in the southeastern city of Ulsan, secured 66 of the 100 ballots cast in the party's runoff voting to become the new floor leader, defeating rival Rep. Kim Tae-heum. He will replace Rep. Joo Ho-young, who is retiring as floor leader and acting party chairman. One of the most urgent issues facing Kim in the new post is the party's ongoing

Politics April 30, 2021

The US missile defense agency conducted two missile flight tests last year to integrate its Patriot and THAAD missile systems, but they were unsuccessful due to software problems, a US government report has showed. The US is working to upgrade its Terminal High Altitude Area Defense (THAAD) batteries around the world, including one in South Korea, to add advanced radar and to integrate the system with Patriot missiles. According to the report by the US Government Accountability Office (GAO), t

Defense April 30, 2021

The foreign ministry said Friday it is considering raising the travel alert for India amid a massive spike in COVID-19 cases in the country. The ministry is considering raising the alert by one notch to "red," recommending South Koreans leave India unless there are essential reasons, officials said. "We are closely watching the situation in India and reviewing measures and what we can do," an official said when asked about the possibility of raising the travel advisory. Th

Foreign Affairs April 30, 2021

South Korean public firms' liabilities rose for the third straight year last year to hit a record high as they increased investment amid the pandemic, the finance ministry said Friday. Of 350 state-run companies, the combined debt of 347 firms reached 544.8 trillion won ($491.5 billion) at the end of last year, up 17.9 trillion won from the previous year, according to the Ministry of Economy and Finance. It marked the highest total for liabilities since 2005 when the government began compiling

Economy April 30, 2021

Police raided the headquarters of a major dairy firm on Friday as part of a probe into allegations that it exaggerated anti-coronavirus effects of its yogurt products. The Seoul Metropolitan Police Agency said it had been conducting searches at the headquarters and five other facilities of Namyang Dairy Products Co., including a laboratory in the central city of Sejong, since 9:30 a.m. The operation came after the Ministry of Food and Drug Safety filed a complaint on April 15 against Namyang

Social Affairs April 30, 2021

Memory chip prices are rising sharply amid a global semiconductor shortage, industry data showed Friday, boding well for South Korean chipmakers that dominate the sector. The contract price of 8-gigabit DDR4 DRAM, which is widely used in personal computers, reached $3.80 for this month, up 26.67 percent from the previous month, according to TrendForce. It marks the largest monthly increase since January 2017, when the contract price of the product soared 35.8 percent. The contract price had b

Industry April 30, 2021

Lotte Engineering & Construction Co. said Friday that its joint venture has won a $146.9 million ($110.7 million) deal to build a transport hub in Singapore in the first entry into the city state. Under the deal with the Singapore Land Transport Authority, Lotte E&C and its Singaporean partner Bintai Kindenko Pte Ltd. will be responsible for design and installation of mechanical and electrical works for the Jurong East integrated transport hub. The project comprises community and civic

Industry April 30, 2021

South Korea will introduce new COVID-19 social distancing rules in July if the nation's daily caseload remains below 1,000, health authorities said Friday. The new rules are aimed at imposing fairer restrictions and giving the public a simpler message on containment, officials said. The revamped distancing rules will also come as the country's vaccination campaign is gathering pace. As of Thursday, the country has vaccinated more than 3 million people, or 6 percent of the country's 52-million

Social Affairs April 30, 2021

South Korea's oceans ministry said Friday it has secured the right to catch 41,260 tons of fish in Russian waters this year, while fixing the fish fee unchanged for the third consecutive year. Under the agreement, South Korea can catch 28,400 tons of pollack and 5,050 tons of cod in the Russian exclusive economic zone (EEZ) this year, according to the Ministry of Oceans and Fisheries. The volume also includes 3,000 tons of Pacific saury and 4,000 tons of squid, the ministry said. The combined

Economy April 30, 2021