Kumho Mitsui Chemicals Inc. said Wednesday it will invest about 400 billion won ($358.1 million) to expand its chemical manufacturing factory in South Korea's southwestern region. The joint venture between Korean synthetic rubber maker Kumho Petrochemical and Mitsui Chemicals of Japan said its shareholders approved the investment plan to scale up a methylene diphenyl diisocyanate (MDI) factory in Yeosu, 455 kilometers southwest of Seoul. MDI is a core material of polyurethane, which is used

Industry April 21, 2021

Four service members and a civilian worker for the military have tested positive for the new coronavirus, the latest in a series of infections across the nation, the defense ministry said Wednesday. One Marine in the city of Hwaseong, south of Seoul, and one soldier in the county of Hongcheon, east of Seoul, were confirmed to have been infected following their recent vacations, according to the ministry. One Army officer in the central city of Icheon contracted the virus after coming into cl

Defense April 21, 2021

Hanwha Q Cells, a solar solutions unit of South Korean conglomerate Hanwha Group, said Wednesday it will provide solar modules for a 370-megawatt solar farm project in Angola. Hanwha Q Cells said it will supply photovoltaic modules for the project that plans to build seven solar farms in the South African nation, without elaborating on the amount of the contract. The solar project aims to provide electricity to 2.4 million residents in Angola, and will cut 940,000 tons of carbon emissions a ye

Industry April 21, 2021

Acting Prime Minister Hong Nam-ki on Wednesday asked the public to have faith in the government's overall COVID-19 response amid a steadfast growth of new virus patients and concerns over South Korea's vaccine procurement capacity. "We ask that each individual remain alert and attentive in the current situation but also have faith in our test and medical capabilities, and trust our vaccine administration plan," Hong said during a daily interagency meeting on the coronavirus response.

Politics April 21, 2021

The chief of the International Atomic Energy Agency (IAEA) said he "certainly" hopes South Korean experts will participate in the UN nuclear watchdog's monitoring of Japan's ocean release of radioactive Fukushima water.  IAEA Director General Rafael Mariano Grossi made the remark during an interview with Yonhap News Agency via video link Tuesday, as Seoul is seeking to take part in the IAEA-led verification efforts amid growing health risk concerns over Tokyo's plans to discharg

Foreign Affairs April 21, 2021

South Korean automaker Hyundai Motor Co. said Wednesday it has collaborated with K-pop icon BTS to suggest people take eco-friendly actions in their daily lives to protect the environment in a campaign film celebrating Earth Day. In the one-minute YouTube video themed "For Tomorrow We Won't Wait," BTS raises awareness on the importance of sustainable practices and promotes hydrogen as a source of clean energy. It was Hyundai Motor's second Earth Day video starring BTS, following the

Industry April 21, 2021

Defense ministry officials held a meeting with residents near a US Forces Korea (USFK) firing range in the northern city of Pocheon on Wednesday as part of efforts to address safety and other complaints over firing drills, the ministry said. Residents near the Rodriguez Live Fire Complex in Pocheon, some 45 kilometers north of Seoul, have long complained about noise, unexploded ordnances and other damage incurred by the drills. During the meeting in Pocheon, some 40 government officials, inclu

Defense April 21, 2021

President Moon Jae-in reaffirmed his prudent approach Wednesday toward the issue of whether to grant special pardons to two imprisoned former presidents, Lee Myung-bak and Park Geun-hye. He emphasized the need to consider public consensus on the politically sensitive matter and its possible impact on national unity during his luncheon meeting with Seoul Mayor Oh Se-hoon and Busan Mayor Park Heong-joon at Cheong Wa Dae. Moon was responding to a proposal from the Busan mayor that Moon take the m

Politics April 21, 2021

South Korea's daily new coronavirus cases bounced back to over 700 Wednesday as the country is ratcheting up efforts to boost vaccination rates amid growing concerns over another wave of the pandemic. The country reported 731 more COVID-19 cases, including 692 local infections, raising the total caseload to 115,926, the Korea Disease Control and Prevention Agency (KDCA) said. Wednesday's daily caseload was sharply up from 532 cases on Monday and 549 cases on Tuesday. It is also the first time

Social Affairs April 21, 2021

North Korean leader Kim Jong-un stressed the country's "special" strategic relations with Cuba in another message congratulating President Miguel Diaz-Canel on his election as the new powerful head of its ruling communist party, according to state media Wednesday. The message delivered Tuesday via the Cuban ambassador in Pyongyang came a day after Kim sent another message expressing "absolute support" to Diaz-Canel following his appointment as first secretary of the Communis

North Korea April 21, 2021

South Korean stocks opened lower Wednesday after the benchmark stock index closed at an all-time high the previous session, increasing the valuation pressure. The Korea Composite Stock Price Index (Kospi) fell 23.07 points, or 0.72 percent, to 3,197.63 points. The Kospi quickly fell through the 3,200-point mark with the opening bell as foreign and individual investors sold stocks to lock in gains. The stock index gained for the past six days until Tuesday amid expectations of a global econo

Market April 21, 2021

South Korea's exports jumped 45.4 percent on-year in the first 20 days of April as shipments of chips, autos and oil products remained solid amid an economic recovery, customs data showed Wednesday. The country's outbound shipments stood at $30.9 billion in the April 1-20 period, compared with $21 billion a year earlier, according to the data from the Korea Customs Service. Imports increased 31.3 percent on-year to $33 billion, resulting in a trade deficit of $2 billion during the cited period

Economy April 21, 2021

South Korea's exports of kimchi touched an all-time high in the first quarter of the year thanks to its popularity amid the coronavirus pandemic, data showed Wednesday. Overseas shipments of kimchi came to $46.57 million in the January-March period, up 54.3 from a year earlier, according to the data from the Korea Customs Service and industry sources. It represents the largest-ever quarterly figure and breaks the previous yearly record of $42.08 million registered in the second quarter of last

Economy April 21, 2021

Finance Minister Hong Nam-ki said Wednesday the government is guarding against potential instability in the housing market as home prices in Seoul picked up amid expectations for eased rules on redevelopment housing projects. The minister also said the government plans to unveil measures next month to overhaul the Korea Land and Housing Corp., the public housing developer at the center of a land speculation scandal involving public officials. Housing prices in Seoul recently jumped after new M

Economy April 21, 2021

South Korea's wine imports more than doubled in the first quarter of the year as more people enjoyed drinking at home due to the coronavirus outbreak, data showed Wednesday. Asia's fourth-largest economy imported $109.7 million worth of wine in the January-March period, up 115.4 percent from a year earlier, according to the data by the Korea Customs Service and industry sources. It represents the first time for the value of first-quarter wine imports to exceed the $100 million mark. The volum

Economy April 21, 2021