K-pop girl group TWICE will release its third studio album, titled "Formula of Love: O+T=<3," on Friday, its management agency said. Presales of the album reached 700,000 units, about 200,000 more than its previous release and last EP "Taste of Love," according to JYP Entertainment. The group said the name "Formula of Love: O+T=<3" expressed the group's relationship with its fandom ONCE in the form of a simple math equation using the initials of the fandom a

K-pop Nov. 12, 2021

Samsung Fire & Marine Insurance Co., the non-life insurance arm of Samsung Group, reported a 42.2 percent rise in its third-quarter earnings amid a fall in accident-linked insurance payments amid tightened social distancing rules. Net income came to 278.15 billion won ($235.5 million) during the January-September period, compared with a net profit of 195.56 billion won a year earlier, the company said in a regulatory filing. The improved bottom line is attributable to a fall in loss ratio

Industry Nov. 12, 2021

Secretly urinating on a stranger constitutes forced molestation, the Supreme Court said Friday, overturning a not guilty verdict by lower courts. The unnamed defendant in the unusual legal case was charged with secretly peeing on a girl's hair, hoody and padded jumper from behind while she was talking on a cell phone on a bench at an apartment playground in the central city of Daejeon around 11 p.m. on Nov. 25, 2019. The 33-year-old defendant, known only as a theater actor, allegedly committed

Social Affairs Nov. 12, 2021

South Korea's military reported five additional COVID-19 cases Friday, bringing the total caseload among its personnel to 2,110, the defense ministry said. Among the new cases was an officer of a Marine Corps unit in Pohang, 374 kilometers southeast of Seoul. The officer tested positive after a family member was infected. A draftee at a boot camp in Nonsan, 213 km south of Seoul, also contracted the virus while in quarantine. A civilian employee of an Army unit in Goyang, just northwest of Se

Defense Nov. 12, 2021

Prime Minister Kim Boo-kyum apologized Friday for violating social distancing rules when he met with his college alumni last week. "I am deeply sorry," Kim said at the start of a state affairs coordination meeting. "I promise that I will look after myself thoroughly so that this kind of incident never happens again." Kim came under fire after media reported that a total of 11 people, including Kim himself, had a luncheon at the prime minister's residence in Seoul last Sat

Politics Nov. 12, 2021

A 2.1 magnitude earthquake struck the southeastern city of Pohang early Friday but is not expected to cause any damage, the state weather agency said. The quake occurred at 1:31 a.m. in a region about 12 kilometers north of the Buk ward office in Pohang, some 375 kilometers southeast of Seoul, according to the Korea Meteorological Administration (KMA). The epicenter was at a depth of 8 km. The quake's tremor was recorded at Level 2 on the seismic intensity scale in North Gyeongsang Provinc

Social Affairs Nov. 12, 2021

The European Union's drug agency has recommended the approval of a COVID-19 antibody treatment by Celltrion Inc., paving the way for its sales in the region, the South Korean pharmaceutical giant said Friday. The Committee for Medicinal Products for Human Use (CHMP) under the European Medicines Agency recommended the application of Rekirona in adult patients aged 18 and older. The European Commission, which is authorized to approve medicines in the region, is expected to issue its decision wit

Industry Nov. 12, 2021

South Korea's domestic demand is expected to gradually recover as in-person service segments will likely rebound amid the country's eased virus restrictions, the finance ministry said Friday. But Asia's fourth-largest economy still faces external economic downside risks, including global inflation risks and supply chain disruptions, the ministry said in its monthly economic assessment report, called Green Book. "The Korean economy is recovering amid robust exports and an improvement in th

Economy Nov. 12, 2021

South Korea said Friday the number of COVID-19 patients in critical condition hit a record high as the daily caseload stayed above 2,300 for the third consecutive day amid eased antivirus curbs. The country reported 2,368 new COVID-19 cases, raising the total caseload to 390,719, according to the Korea Disease Control and Prevention Agency (KDCA). The latest tally marked a fall from the previous day's 2,520, but the daily caseload has hovered over 2,000 for three days in a row. The daily tally

Social Affairs Nov. 12, 2021

Disney+, the flagship streaming service of US media giant Walt Disney Co., landed in South Korea on Friday, heating up competition in the country's video streaming market. The streaming service is now available on its website or in Apple's App Store for iPhones and Google's Play Store for Android devices. The service distributes various films and TV series from Disney, Pixar, Marvel, Star Wars, National Geographic and Star, showing their original content hits, like "Loki" and "T

Industry Nov. 12, 2021

South Korean stocks opened higher Friday, largely backed by gains in tech, auto and bio shares. The benchmark Korea Composite Stock Price Index (KOSPI) rose 22.29 points, or 0.76 percent, to 2,947.21 points in the first 15 minutes of trading. Market bellwether Samsung Electronics increased 0.52 percent, No. 2 chipmaker SK hynix advanced 1.4 percent, and pharmaceutical giant Samsung Biologics added 0.37 percent. Hyundai Motor, the country's largest carmaker, moved up 1.22 percent, and elect

Market Nov. 12, 2021

South Korea temporarily lowered fuel taxes Friday in an effort to ease the impact of surging oil prices on the country's consumer inflation and people's lives. Government officials said the 20 percent reduction in taxes on gasoline, diesel and liquefied petroleum gas (LPG) will remain in place for six months until the end of April next year. Under the move, the fuel tax on gasoline drops to 656 won ($0.55) per liter from 820 won, with that on diesel falling to 466 won from 582 won. Taxes accou

Economy Nov. 12, 2021

    The National Assembly voted Thursday to abolish a decade-old controversial anti-online gaming rule banning minors from late night access to online games.    Parliament held a plenary session and passed a revision to the youth protection act, which no longer includes the previous rule banning online game access to minors under 16 between midnight and 6 a.m.    Discussions surrounding the so-called gaming shutdown rule first surfaced in the early 2000s amid grow

Social Affairs Nov. 11, 2021

Kia Corp., South Korea's second-biggest carmaker, said Thursday it will sell only electric vehicles in Europe from 2035 and in other major markets from 2040 as it seeks to gradually phase out internal combustion-engine cars in global markets.    Kia announced the 2045 carbon neutrality strategy as governments around the globe are adopting more aggressive policies to fight climate change and carmakers are stepping up efforts to transition away from fossil fuels.    Under th

Mobility Nov. 11, 2021

South Korean stocks closed lower Thursday, taking a cue from the estimate-beating inflation data in the United States that fanned concerns about faster-than-expected rate hikes. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) retreated 5.25 points, or 0.18 percent, to close at 2,924.92 points. Trading volume was moderate at about 563 billion shares worth some 13.3 trillion won ($11.3 billion), with losers outnumbering gainers 630 to 215. Fore

Industry Nov. 11, 2021