South Korea plans to hold an annual ceremony later this week to honor the sacrifices of the troops killed in a major battle of the 1950-53 Korean War, the veterans affairs ministry said Thursday. The event to commemorate the Battle of Chosin Reservoir will take place in the War Memorial of Korea in Seoul on Friday with the attendance of some 400 people, according to the ministry. Key participants will include Veterans Affairs Minister Hwang Ki-chul and Christopher Del Corso, charge d'affaires

Defense Nov. 25, 2021

South Korea's international tax competitiveness has fallen nine notches over the past five years, a report said Thursday, pointing to a need to lower tax rates and simplify its tax system. The country's tax competitiveness ranks 26th in the world in 2021, compared with 17th five years earlier, according to the report from the Korea Economic Research Institute (KERI). It marks the sharpest drop among the Group of Five major economies, as well as 37 members of the Organization for Economic Coope

Economy Nov. 25, 2021

Mercedes-Benz Korea said Thursday it will add an all-electric sedan this year to its EV lineup amid a growing appetite for zero-emission vehicles.  The German carmaker introduced the new EQS, the first pure electric sedan built on its dedicated electric modular architecture, during the media day of the 2021 Seoul Motor Show. Under its all-electric brand Mercedes-EQ, the new EQS 450+ AMG Line and EQS 450+ AMG Line Launch Edition models will go on sale in the Korean market within this year

Industry Nov. 25, 2021

BMW Korea, GM Asia-Pacific Regional headquarters and Mercedes-Benz Korea will voluntarily recall more than 220,000 vehicles to fix faulty components, the transport ministry said Thursday. This is the latest in a series of recalls by carmakers operating in South Korea due to problems with vehicle components. The three carmakers are recalling a combined 223,330 units in 84 kinds of models, the Ministry of Land, Infrastructure and Transport said in a statement. For instance, BMW plans to gradua

Industry Nov. 25, 2021

South Korea plans to increase its stockpile of rare metals and expand the list of such items for strategic reserves, the country's finance minister said Wednesday. The move aimed at ensuring stable supply of such materials came in the wake of a recent supply shortage of aqueous urea solution, a key additive for diesel vehicles. The government plans to swiftly boost the stockpile of rare metals to a maximum of 180 days of use from the current 100 days, according to Finance Minister Hong Nam-ki.

Industry Nov. 24, 2021

Police on Wednesday disclosed the identity of a man accused of killing his ex-girlfriend with a knife at her studio apartment in central Seoul last week. The Seoul Metropolitan Police Agency identified the suspect as 35-year-old Kim Byung-chan and disclosed a photo of his face and other personal information following a police committee's decision in the afternoon. Kim was arrested Saturday in the southeastern city of Daegu, a day after the murder. The case sparked public fury, as it was known

Social Affairs Nov. 24, 2021

South Korea said Wednesday it plans to more than double the ceiling on the country's low-interest rate loans to Indonesia over the next five years in a bid to strengthen bilateral cooperation. Under the agreement between the two nations, the Economic Development Cooperation Fund (EDCF) will be expanded to US$1.5 billion in 2022-2026 from the existing $600 million set aside for 2016-2021, according to Seoul's finance ministry. South Korea launched the EDCF program in 1987 in an effort to suppor

Economy Nov. 24, 2021

Posco Chemical Co., a unit of South Korean steel giant Posco, said Wednesday it has completed the construction of a new refractory plant in the southern city of Pohang as part of its efforts to boost production of basic industrial materials. The 49.2 billion won ($41.5 million) plant has an annual production capacity of some 21,700 tons of unfired refractory materials, which will boost the company's combined annual production capacity of the materials by 14 percent to 52,500 tons, it added. Refr

Industry Nov. 24, 2021

Global shipbuilding conglomerate Hyundai Heavy Industries Group said Wednesday it will establish the world's first technical guidance for offshore green hydrogen plants To that end, the group's affiliates -- Korea Shipbuilding & Offshore Engineering Co. (KSOE) and its subsidiary Hyundai Heavy Industries Co. -- have signed a preliminary deal with ABS, a US ship quality assurance and risk management company. The deal is aimed at setting up the world's first guideline for the design of offsho

Industry Nov. 24, 2021

National Assembly Speaker Park Byeong-seug met with the World Health Organization (WHO) chief to discuss cooperation on vaccines and humanitarian aid to North Korea, his office said Wednesday. During the meeting with WHO Director General Tedros Adhanom Ghebreyesus, Park also emphasized that South Korea is the "optimal location" for a bio and vaccine workforce development hub planned by the WHO, the office said. "Korea is equipped with the educational infrastructure and global v

Politics Nov. 24, 2021

Senior officials of the ruling Democratic Party offered to resign en masse on Wednesday, saying they hope to inject fresh vigor into the flailing campaign of its presidential nominee Lee Jae-myung. Rep. Youn Kwan-suk, the party's secretary-general, said the decision involved himself and four other lawmakers in political posts who wished to "put the party before self." The others are chief policymaker Park Wan-joo, deputy chief policymaker You Dong-soo, chief spokesperson Koh Yong-jin

Politics Nov. 24, 2021

South Korean stocks closed slightly lower Wednesday as investors took to the sidelines ahead of the central bank's monetary policy meeting. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) slipped 3.04 points, or 0.1 percent, to close at 2,994.29 points. Trading volume was moderate at about 540 million shares worth some 10.7 trillion won ($9 billion), with losers outnumbering gainers 477 to 373. Institutions sold a net 592 billion won, while f

Market Nov. 24, 2021

Prosecutors questioned a former chief secretary to Lee Jae-myung, the presidential candidate of the ruling Democratic Party, on Wednesday in connection with a far-reaching corruption scandal surrounding a development project undertaken in the city of Seongnam when Lee was mayor. The Seoul Central District Prosecutors Office summoned Lim Seong-min, who served as Lee's chief of staff while he was serving as Seongnam mayor, for questioning as a witness earlier in the day, according to officials.

Politics Nov. 24, 2021

Victims of the brutal crackdown on a 1980 pro-democracy uprising in the southwestern city of Gwangju have launched a damage suit against the government, a lawyer's group announced Wednesday, a day after the death of former President Chun Doo-hwan accused of ordering the crackdown. Lawyers for a Democratic Society said it has filed the suit on behalf of 70 people who were subject to brutal violence by soldiers during the democracy protests in May 1980 in Gwangju, 329 kilometers south of Seoul, a

Social Affairs Nov. 24, 2021

The music video for the K-pop supergroup BTS' 2019 hit "Boy With Luv" surpassed 1.4 billion YouTube views for the first time among videos from the group Wednesday. "Boy With Luv," the main track of the septet's sixth EP "Map of the Soul: Persona," hit the milestone at around 10 a.m., according to the group's management agency Big Hit Music. The feat was achieved about four months after the video passed the 1.3 billion mark. The upbeat track, featuring American si

K-pop Nov. 24, 2021