South Korean stocks are expected to gather ground next week as an optimistic mood from solid US consumer spending during the end-of-the-year holiday season and other factors will likely whet investor appetite for risky assets.  The Korea Composite Stock Price Index closed at 2,977.65 on Thursday, the last trading day for this year, down 0.68 percent from last Friday.  The stocks moved in a tight range amid a lack of fresh leads as investors took to the sidelines on the final

Market Jan. 1, 2022

South Korea's new coronavirus cases stayed below 5,000 for the second day in a row Saturday as the nation maintained tough social distancing restrictions to rein in the fast spread of COVID-19.  The country added 4,416 new COVID-19 infections, including 4,310 local infections, raising the total caseload to 635,253, according to the Korea Disease Control and Prevention Agency.   The daily figure marks a slight decline from 4,875 tallied a day earlier. South Korea reported 62 m

Social Affairs Jan. 1, 2022

North Korean officials noted the "growing instability" of the military situation on the peninsula and emphasized the importance of boosting the country's defense capabilities, as they had a major Workers' Party plenary earlier this week, according to Pyongyang's state media Saturday. The North, however, stopped short of providing the outside world with fresh clues to its key policies related to inter-Korean ties and denuclearization talks with the United States.  During the fiv

North Korea Jan. 1, 2022

President Moon Jae-in said Saturday he expects the upcoming presidential election to bring hope for the future, with people expected to vote in a tight race in March between two main candidates.  "An election to pick a new president lies ahead," Moon said in a New Year's message posted on social media, adding he "expects an election that assures hope for the future together with people."  The presidential election will be held on March 9, and recent polls showed

Politics Jan. 1, 2022

South Korea's Defense Minister Suh Wook reiterated calls Friday for military personnel to maintain political neutrality as rival parties are revving up preparations for the March 9 presidential election. Suh made the calls in his New Year's message that highlighted the Moon Jae-in administration's resolve to strengthen "across-the-board" national defense while trying to reduce cross-border tensions. "As the presidential election and local elections are slated for March and June,

Defense Dec. 31, 2021

Former UN Secretary-General Ban Ki-moon said Friday that North Korea's denuclearization should be the "end goal" of South Korea's efforts to improve inter-Korean relations, in a message for Seoul's next administration set to be launched in May. Ban made the remarks in a New Year's message, as the incumbent Seoul government's efforts for cross-border rapprochement have remained stalled with little headway in the endeavors to denuclearize the North. "While tenaciously pushing to d

Foreign Affairs Dec. 31, 2021

Main opposition presidential nominee Yoon Suk-yeol stressed Friday that his investigation of former President Park Geun-hye was carried out in the line of duty as a senior prosecutor amid speculation her release from prison could hurt his election chances. Park became a free woman at midnight under a presidential pardon after serving nearly five years in prison. Her release puts Yoon of the People Power Party (PPP) in an awkward position as he headed the investigation of Park's corruption scand

Politics Dec. 31, 2021

Finance Minister Hong Nam-ki said Friday the government will ramp up its effort to support small merchants next year in a bid to help them tide over the economic fallout of the COVID-19 pandemic. Hong said the government will also prioritize strengthening social safety nets in 2022 in a bid to narrow deepening income gaps caused by the pandemic. "The government will focus on providing multilayered support to small merchants to help them overcome economic difficulties and make a leap forwa

Economy Dec. 31, 2021

Annual year-end bell-ringing ceremonies have been canceled across the nation for the second year in a row amid the prolonged COVID-19 pandemic, officials said Friday. The country's most popular bell-ringing ceremony, which used to be held on New Year's Eve at Bosingak Pavilion in central Seoul, has been called off again, according to the Seoul city government. Instead, a virtual bell-ringing event will be livestreamed through YouTube and Facebook, the city said. It marks the second time the y

Social Affairs Dec. 31, 2021

J-hope, a member of K-pop superband BTS, donated 100 million won ($84,000) Friday for children suffering economic hardships amid the protracted COVID-19 pandemic, a charity group said. According to ChildFund Korea, J-hope expressed hope that his donation will be used to help children in need have a warm winter. "I was concerned for children who would be spending a cold and lonely holiday season due to economic hardships from the COVID-19 pandemic," J-hope said. The donation will be

K-pop Dec. 31, 2021

Hyundai Electric & Energy Systems Co., an affiliate of Hyundai Heavy Industries Group, said Friday it has exported ultrahigh-voltage power transformers to Oman's state utility provider in a deal valued at $8.5 million. The supply deal with the Oman Electricity Transmission Co., included the sales of three 400-kilovolt/500-megavolt ampere power transformers, which will be installed in a new substation north of Oman, Hyundai Electric said. With the deal, the company's power transformer sales

Industry Dec. 31, 2021

Industry Minister Moon Sung-wook vowed Friday to make all-out efforts to ensure stable supply chains for key industry materials and to nurture next-generation sectors. He made the pledge in his message for the new year, saying the government will work further to make concrete steps that prevent any recurrences of the recent urea crisis. South Korea experienced a shortage of urea solution, an essential fluid used in diesel vehicles to cut emissions, after China imposed export curbs on urea in O

Economy Dec. 31, 2021

The National Assembly on Friday passed a bill that lowers the age of candidacy for parliament and local elections from 25 to 18. Under the bill, which is expected to be endorsed by the Cabinet next month, anyone aged 18 and above can run for a seat in the National Assembly starting with the by-elections slated for March 9, when the presidential election will be held simultaneously. At least five seats will be up for grabs in the 300-seat Assembly. The bill passed 204-12, with 10 abstentions.

Politics Dec. 31, 2021

South Korea's military on Friday reported 22 additional COVID-19 cases, including 21 breakthrough infections, raising the total caseload among its personnel to 3,257. Of the new cases, 16 are from the Army and two from the Navy, two from the Air Force and two from the Joint Chiefs of Staff, the defense ministry said. Currently, 272 military personnel are under treatment. Of the total military caseload, 1,457 are breakthrough cases. (Yonhap)

Social Affairs Dec. 31, 2021

South Korea emitted a total of 701.3 million tons of greenhouse gas in 2019, the environment ministry said Friday. The 2019 figure, confirmed by the Greenhouse Gas Inventory and Research Center, represents a 3.5 percent drop from the 2018 tally, according to the ministry. The decrease came largely from a reduction in power plant emissions from 268.5 million tons to 248.7 million tons and alternative ozone layer depleting substances from 8.8 million tons to 6.3 million tons. But road transport

Social Affairs Dec. 31, 2021