The income gap between the haves and have-nots in South Korea narrowed to a record low in 2020 on the back of the government's provision of emergency cash handouts amid the pandemic, data showed Thursday. The Gini coefficient measured with disposable income, a gauge of income inequality, came in at 0.331 last year, down from 0.339 the previous year, according to the data from Statistics Korea. A reading of zero means complete income equality, while higher numbers nearing one indicate a widenin

Economy Dec. 16, 2021

South Korean stocks opened steeply higher Thursday, backed by eased uncertainties from the FOMC meeting results. The benchmark Korea Composite Stock Price Index (Kospi) rose 25.88 points, or 0.87 percent, to 3,015.27 points in the first 15 minutes of trading. Stocks advanced, largely as the FOMC results, particularly the Fed's stimulus withdrawal and interest rate hike, stayed within the market expectation. The Fed said it would double the speed of its tapering of bond purchasing program and

Market Dec. 16, 2021

South Korea's top economic policymaker said Thursday the government plans to make efforts to help the country's economy grow in the early 3 percent range next year amid heightened economic uncertainty. Finance Minister Hong Nam-ki said the country plans to focus on boosting domestic demand and conducting fiscal spending in the fourth quarter to achieve the 4 percent range growth target for this year. The finance ministry plans to unveil its 2022 economic policy directions next week. Hong said

Economy Dec. 16, 2021

BMW Group Korea said Thursday it has signed an initial pact with a provincial government to build a research and development center to provide advanced mobility services to local customers. BMW Korea signed a memorandum of understanding with the Incheon metropolitan city and the Korean Free Economic Zones to build the BMW R&D Center Korea in the Cheongna Incheon Hi-Tech Park by 2023 to advance R&D projects involving autonomous driving, connectivity and electrification, the company said

Industry Dec. 16, 2021

South Korea's military on Thursday reported 26 additional COVID-19 cases, including 22 breakthrough infections, raising the total caseload among its personnel to 2,848. Of the new cases, 18 people are from the Army, two from the Air Force, two from the Navy, one from the Marine Corps, and three from units under the direct control of the defense ministry, officials said. Currently, 328 military personnel are under treatment. Of the total military caseload, 1,079 are breakthrough cases. (Yonhap)

Defense Dec. 16, 2021

South Korea and the US plan to discuss cooperation on "trusted" 5G networks, global supply chains and other key issues in their upcoming economic talks, a senior US diplomat said Thursday, amid an intensifying America-China rivalry. Jose W. Fernandez, the undersecretary of state for economic growth, energy and the environment, said he expects to talk about a number of "positive" economic issues during the sixth Senior Economic Dialogue (SED) slated for Friday, noting coopera

Foreign Affairs Dec. 16, 2021

South Korea's new coronavirus cases stayed above 7,000 for the second consecutive day Thursday and the number of critically ill COVID-19 patients rose close to 1,000 as the country prepares to bring back tougher virus curbs to stem the spread of the virus. The country added 7,622 more COVID-19 cases, including 7,591 local infections, bringing the cumulative total to 544,117, the Korea Disease Control and Prevention Agency (KDCA) said. Among them, the public health agency reported 20 omicron v

Social Affairs Dec. 16, 2021

North Korea is holding a series of events memorializing late leader Kim Jong-il ahead of the 10th anniversary of his passing this week, Pyongyang's state media said Thursday. Kim, the father of current leader Kim Jong-un, died on Dec. 17, 2011, after having ruled the reclusive regime since the death of his father and national founder, Kim Il-sung, in 1994. In Pyongyang, young workers and students held a meeting to remember the late leader, and an art exhibition opened with works depicting his

North Korea Dec. 16, 2021

South Korea's $60 billion currency swap contract with the United States will expire as scheduled later this month as financial and economic situations at home and abroad remain stable, Seoul's central bank said Thursday. The Bank of Korea (BOK) and the US Federal Reserve signed the currency swap contract in March 2020 to ease financial anxiety caused by the coronavirus pandemic and had since extended the deal three times. It is set to expire on Dec. 31. "The temporary currency swap will e

Market Dec. 16, 2021

The US Federal Reserve's announcement of plans to accelerate the tapering of its asset purchases is expected to have a limited impact on the South Korean financial market as the outcome was in line with market expectations, a senior government official said Thursday. After a two-day policy meeting, the Federal Reserve said Wednesday (US time) it will double the pace of tapering its bond purchases and likely end them in March. The US central bank signaled three rate hikes by the end of 2022 amid

Market Dec. 16, 2021

From the dramas "Squid Game" and "Hellbound" to superband BTS, South Korean pop culture drew fans from all over the world throughout 2021, raising hopes about what is in store in the coming year. "Squid Game," a dystopian Korean drama series, has become the most-watched Netflix content of all time with more than 1.65 billion hours of viewing in the first four weeks after its release in September. The nine-part series is about contestants competing in deadly Korean

Culture Dec. 16, 2021

WASHINGTON -- The United States is committed to the Singapore Declaration that calls for the complete denuclearization of the Korean Peninsula and normalization of US-North Korea relations, Deputy Assistant Secretary of State for Japan and Korea Mark Lambert said Wednesday. Lambert also reiterated the US' willingness to meet with North Korea at any time without preconditions. "We're committed to the framework that was laid out in Singapore," he said, referring to former President Don

Foreign Affairs Dec. 16, 2021

"Spider-Man: No Way Home," Marvel's latest Spider-Man series film, has set the best opening-day record at the South Korean box office since the new coronavirus broke out, data showed Thursday. The blockbuster garnered about 635,000 viewers upon its debut Wednesday, accounting for 96.9 percent of the tickets sold on the day, according to the Korean Film Council (KOFIC). It marked the largest first-day score for a film since the COVID-19 pandemic started early last year, outnumbering t

Film Dec. 16, 2021

South Korea's main stock index ended higher Wednesday, aided by technology stocks, but investors remain cautious ahead of the Federal Reserve's rate decision later in the global day. The Korean won fell against the US dollar.  The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.44 points, or 0.05 percent, to close at 2,989.39 points, snapping a three-session losing streak. Investors are waiting on cues from the two-day Fed's meeting, which ends Wednesday, to reorganize their p

Market Dec. 15, 2021

South Korea's spy agency warned Wednesday of a possible rise in the number of hacking attempts to glean information on the country's diplomatic and security affairs ahead of the March presidential election. In a document on cybersecurity, the National Intelligence Service said state-backed hackers could beef up attempts to steal information on Seoul's North Korea policy and other security issues as a new administration is set to be launched in the South in May next year. This year, South Korea

Social Affairs Dec. 15, 2021