WASHINGTON -- The United States and South Korea have yet to make any decision on the timing of wartime operational control (OPCON) transfer to Seoul, US Department of Defense Press Secretary John Kirby said Wednesday. The press secretary also said the countries continue to make progress toward the proposed OPCON transition, but that they still have more work to do. "The other thing important to remember is that the OPCON transition is going to be conditions-based in accordance with bilate

Foreign Affairs Nov. 11, 2021

Main opposition presidential candidate Yoon Seok-youl traveled to the liberal stronghold of Gwangju on Wednesday and apologized in person for remarks seen as praising a former authoritarian president accused of bloodily quelling a democracy uprising in the southwestern city. Yoon of the conservative People Power Party was met by protesters as he arrived to pay his respects to victims of the 1980 massacre at the May 18th National Cemetery in Gwangju, 329 kilometers south of Seoul. Blocked by th

Politics Nov. 10, 2021

South Korean stocks slumped more than 1 percent Wednesday amid concerns about the rising inflation pressure. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) decreased 32.29 points, or 1.09 percent, to close at 2,930.17 points. Trading volume was moderate at about 559 million shares worth some 9.5 trillion won ($8 billion), with losers outnumbering gainers 807 to 86. Institutions sold net 236 billion won, while retail investors bought 235 bill

Market Nov. 10, 2021

South Korea's central bank chief will hold a meeting with economic experts this week to exchange views on recent economic trends, officials said Wednesday. Bank of Korea Gov. Lee Ju-yeol will meet seven economic experts from major think tanks, including the Samsung Economic Research Institute, at a Seoul hotel Thursday, according to the bank officials. Lee occasionally held the "discussion on economic trends" with experts from various economic sectors, but no such meetings have been

Economy Nov. 10, 2021

South Korea said Wednesday it can secure a two-and-a half month stockpile of urea solution for vehicles through various means amid a short supply of the key fluid needed in diesel cars to cut emissions. The government said the estimated stockpile is calculated based on planned imports from Australia, Vietnam and China, as well as secured amounts through crackdowns and the military's reserves. "Given the unspecified amount of domestic reserves, there will be no problem in securing urea sol

Social Affairs Nov. 10, 2021

The steelmaking conglomerate Posco has promised to create 25,000 new jobs over the next three years as part of the government's youth job and education support project, the Prime Minister's Office said Wednesday. Posco and its affiliates will hire 14,000 people annually for three consecutive years and run support programs for partners and startups to recruit 11,000 people over that period. The plan was revealed during a partnership announcement event between Posco and the Prime Minister's Offi

Economy Nov. 10, 2021

South Korea and a group of Latin American countries agreed to respond preemptively to the climate change crisis and seek ways to deepen cooperation in green sectors, the foreign ministry said Wednesday. At the Korea-Pacific Alliance Green Economy Forum, held both online and offline in Seoul, the two sides discussed cooperation on the hydrogen economy and other energy transition efforts, as they acknowledged the need for a shift to a low-carbon and eco-friendly economy, according to the ministry

Social Affairs Nov. 10, 2021

The foreign ministry has disclosed classified documents about a 1989 visit to North Korea by a then South Korean college student, including Pyongyang's demand that Seoul should not punish her for making the unauthorized trip. Lim Su-kyung, a member of a pro-unification group of college students, made the trip to attend a youth event in Pyongyang without the government's permission and returned to Seoul through the inter-Korean border village of Panmunjom. She was arrested upon return and sente

North Korea Nov. 10, 2021

Posco Chemical Co., a unit of South Korean steel giant Posco, said Wednesday it plans to acquire a 15 percent stake in a Chinese manufacturer of artificial graphite anode material as part of efforts to bolster its battery materials business. The decision, reached at a board meeting earlier in the day, enables Posco Chemical to invest 26.1 billion ($22.1 million) in Inner Mongolia Sinuo New Material Technology Co. and participate in the management of the company, the company said in a regulatory

Industry Nov. 10, 2021

Hyundai Heavy Industries Holdings Co. (HHIH), the world's largest shipbuilding group, said Wednesday it will launch a 34 billion-won ($28.8 million) fund to support promising startups in the digital health care and bio industries. The fund will help the company advance into the digital health care market and seek new business opportunities, HHIH said in an emailed statement. HHIH will invest in telemedicine, digital therapeutics, artificial intelligence-based diagnostics and new biomedicine de

Industry Nov. 10, 2021

South Korean banks' loans to households grew at a slower pace in October, central bank data showed Wednesday, amid the government's tightened regulations on lending amid worries about soaring household debt. Banks' household loans stood at 1,057.9 trillion won ($897.3 billion) as of end-October, up 5.2 trillion won from a month earlier, according to the data by the Bank of Korea. The on-month growth slowed from a 6.4 trillion won rise in September. It is also much smaller than an increase of 1

Economy Nov. 10, 2021

Teenagers accounted for a quarter of offenders recently caught by police over allegedly supplying sexually exploitative materials across the internet, authorities said Wednesday. The cyber crime division of the National Office of Investigation said 1,625 alleged offenders were rounded up during its special crackdown campaign period against offenses connected to sexually exploitative online material between March and October. They included 919 producers and distributors, and 706 consumers of su

Social Affairs Nov. 10, 2021

SK Telecom Co., South Korea's top wireless carrier, said Wednesday its third-quarter net income rose 88 percent on-year thanks to growth in 5G users and equity gains. Net income stood at 736.5 billion won ($623.3 million) in the July-September period on a consolidated basis, compared with 391.8 billion won a year earlier, according to a regulatory filing. Operating income rose 11.71 percent to 400 billion won over the same period, while sales increased 4.99 percent to 4.96 trillion won.The tel

Industry Nov. 10, 2021

A North Korean spy in South Korea has been indicted for allegedly working to send defectors from her country back home, according to legal sources Wednesday. The 40-something female North Korean security ministry agent, whose name was kept private, was indicted by prosecutors in Suwon, south of Seoul, in May on charges of violating the national security law. The agent, who arrived in the South guised as a defector in December 2018, is suspected of having provided contact information of another

North Korea Nov. 10, 2021

Ruling party presidential candidate Lee Jae-myung said Wednesday he is open to an independent counsel investigation into a massive corruption scandal implicating one of his former aides. Lee of the ruling Democratic Party has previously rejected the main opposition People Power Party's calls for a special counsel probe into allegations that the former aide colluded with a private investor to reap astronomical profits from an apartment development project undertaken in Seongnam, south of Seoul,

Politics Nov. 10, 2021