Main opposition presidential candidate Yoon Suk-yeol visited the city of Seongnam on Monday to demand an independent investigation into a corruption scandal tied to a development project overseen by his ruling party rival Lee Jae-myung. Yoon of the People Power Party (PPP) renewed his demand for the appointment of a special counsel after arriving on the grounds of the apartment complex built in Seongnam, just south of Seoul, when Lee was the city's mayor. "A special counsel is the only an

Politics Dec. 27, 2021

South Korea plans to sell 13 trillion won ($11 billion) in government bonds in January, the finance ministry said Monday. The ministry will issue 900 billion won in Treasurys with a two-year maturity, 2.5 trillion won with a maturity of three years, 2.5 trillion won in five-year government bonds and 2.6 trillion won with a maturity of 10 years, according to the Ministry of Economy and Finance. Sales of longer-dated bonds will include 3.3 trillion won in 30-year Treasury notes and 400 billion w

Economy Dec. 27, 2021

President Moon Jae-in said Monday the life of South Africa's late Archbishop Desmond Tutu will be "remembered in the mind of humanity forever," paying his tributes to the passing of the anti-apartheid icon. In a statement, Moon praised Tutu, who died Sunday at the age of 90, for showing the power of "forgiveness and reconciliation" throughout revelations of the truth on apartheid-era crimes. Moon said Tutu inspired South Korean people in their efforts to show the truth an

Politics Dec. 27, 2021

South Korea said Monday it will inject 642.4 billion won ($541.1 million) on research and development (R&D) in strengthening safety of the country's nuclear reactors by 2029. The budget is part of a five-year plan for 2022-2026 that is focused on reinforcing safety of the country's nuclear industry and to create new strategic business based on accumulated technology. The plan was finalized at a government meeting presided over by Prime Minister Kim Boo-kyum earlier in the day. The govern

Politics Dec. 27, 2021

Seoul shares closed lower Monday on profit taking amid lingering concerns over the spread of the omicron variant. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 12.88 points, or 0.43 percent, to 2,999.55 points. Trading volume was moderate at about 462.9 million shares worth some 8.13 trillion won ($6.8 billion), with gainers outnumbering losers 446 to 405. Individuals sold a net 523 billion won worth of stocks, exceeding instituti

Market Dec. 27, 2021

After just four seasons on the LPGA Tour, South Korean star Ko Jin-young has already accomplished more than what most other golfers would love to achieve in their entire careers. But Ko, 26, isn't yet satisfied. In a Zoom press conference with the South Korean media Monday, Ko said she feels she still has so much room for improvement. If Ko can somehow get better after an outstanding 2021 season, in which she won the Player of the Year award and the money title thanks to a tour-best five vict

Golf Dec. 27, 2021

Coronavirus cluster infections have been on the rise at young children's educational facilities in Seoul, the city government said Monday. The Seoul government said as many as 270 children tested positive for COVID-19 last week as parts of infection clusters traced to daycare centers, kindergartens and other educational facilities. The number of COVID-19 infections traced to an English language academy in the southern ward of Gwanak, for instance, reached 76 from Dec. 19-25, while similar clus

Social Affairs Dec. 27, 2021

Civic groups vented outrage Monday over the recent special pardon for ex-President Park Geun-hye imprisoned on corruption charges, arguing that the decision is a blow to the country's democracy. Activists representing 1,001 civic groups, including the Korean Confederation of Trade Unions (KCTU) and the People's Solidarity for Participatory Democracy, staged a press conference in front of Cheong Wa Dae earlier in the day, calling for the withdrawal of the amnesty. "President Moon Jae-in's

Social Affairs Dec. 27, 2021

South Korea's state intelligence agency formally raised the alarm Monday about the possibility of counterfeit $50 bills being distributed in the nation, especially before and during the 2022 Beijing Winter Olympic Games. The National Intelligence Service (NIS) made public a photo of a fake bill, similar to a so-called supernote in its highly deceptive characteristics, which it had acquired recently. "Such a $50 counterfeit has not yet been found in South Korea, but it is continuing to ci

Social Affairs Dec. 27, 2021

The employment rate of students with bachelor's, master's or doctorate degrees fell to a record low last year as the COVID-19 pandemic dealt a severe blow to job markets, government statistics showed Monday. Their employment rate stood at 65.1 percent last year, the lowest since the education ministry started compiling such data in 2011, according to its statistics. According to the statistics, 553,521 people graduated from colleges and graduate schools across the country between August 2019

Social Affairs Dec. 27, 2021

Ruling party presidential candidate Lee Jae-myung asked Tokyo's top envoy to Seoul on Monday to help arrange a meeting between him and Japanese Prime Minister Fumio Kishida, a campaign official said. The Democratic Party nominee expressed the wish during a meeting with Ambassador Koichi Aiboshi at the party's headquarters, Kim Joon-hyung, a foreign policy adviser for Lee's campaign, told reporters after attending the meeting. The ambassador promised to convey the request, he said. "Candid

Politics Dec. 27, 2021

The reigning South Korean baseball champions KT Wiz re-signed its free agent third baseman Hwang Jae-gyun on Monday. The Wiz said Hwang agreed to a four-year deal worth 6 billion won ($5.1 million). He will earn 2.9 billion won in total salary, 2.5 billion won in signing bonus and up to 600 million won in incentives. Hwang's previous four-year contract, valued at 8.8 billion won, expired at the end of the 2021 season. As captain of the Wiz in 2021, Hwang batted .291/.358/.402 with 10 home run

Baseball Dec. 27, 2021

South Korea's exports to the so-called New Southern and Northern regions are likely to touch all-time highs in 2021 on Seoul's efforts to deepen economic ties with those regions, the trade ministry said Monday. Seoul's overseas shipments to the New Southern Region -- the Association of Southeast Asian Nations (ASEAN) and India -- reached $111.9 billion in the first 11 months of this year, according to the Ministry of Trade, Industry and Energy. In light of that, exports to the region are proje

Economy Dec. 27, 2021

The number of franchise outlets in South Korea rose more than 9 percent in 2020 despite the coronavirus pandemic, but their sales dropped for the first time since 2013, data showed Monday. Franchise stores numbered 235,709 as of end-December last year, up 9.5 percent from a year earlier, according to the data compiled by Statistics Korea. Food and beverage franchise outlets expanded at double-digit numbers as demand for home delivery services grew sharply during the COVID-19 pandemic, it said.

Economy Dec. 27, 2021

Kim Beom-su, the founder of South Korean internet giant Kakao Corp., and members of his family were accused by a civic group Monday of a massive tax evasion in a past corporate merger process. Spec Watch Korea lodged the accusation against Kim and his family members, including his brother-in-law, with the National Police Agency, alleging they evaded a total of 886.3 billion won ($747.6 million) of taxes in the process of Kakao's merger with internet portal Daum Communications Corp. in 2014. Th

Industry Dec. 27, 2021