SK Group Chairman Chey Tae-won has met with a visiting US senator and discussed cooperation in green business, including electric vehicle (EV) batteries, and climate change, the conglomerate said Wednesday. The meeting with Senator Jon Ossoff (D-GA) on Monday came as SK has been ramping up investment in America with its EV battery, hydrogen and other eco-friendly businesses in a move to join US emission-reducing efforts. In the US state of Georgia, SKC Co., a chemical unit of SK Group, South K

Foreign Affairs Nov. 10, 2021

South Korea was set to host an annual ceremony to commemorate the sacrifices of fallen troops who fought under the UN flag during the 1950-53 Korean War this week, the veterans affairs ministry said Wednesday. The "Turn Toward Busan" ceremony will take place at the UN Memorial Cemetery in the southeastern port city of Busan on Thursday, with the attendance of some 300 people, including the bereaved families, war veterans and diplomatic delegates, the Ministry of Patriots and Veterans

Social Affairs Nov. 10, 2021

South Korean stocks opened lower Wednesday, tracking losses on Wall Street that stemmed from rising inflation pressure. The benchmark Korea Composite Stock Price Index (Kospi) decreased 11.3 points, or 0.38 percent, to 2,986.06 in the first 15 minutes of trading. Stocks came off to a lackluster start, as investors are worried the rising inflation pressure may advance the Federal Reserve's tapering timeline. Overnight, the tech-heavy Nasdaq composite lost 0.6 percent, and the Dow Jones Industr

Market Nov. 10, 2021

Netflix's runaway hit "Squid Game" will be back for a second season, its writer-director Hwang Dong-hyuk has said in a media interview. "There's been so much pressure, so much demand and so much love for a second season, so I almost feel like you leave us no choice, but I will say there will indeed be a second season," Hwang said in an interview with the Associated Press at an event in Los Angeles on Tuesday (US time). The South Korean director had previously hinted at the

Film Nov. 10, 2021

Foreign investors turned net sellers of South Korean stocks in October and their net investment in local bonds also shrank, data showed Wednesday. Foreigners sold a net 3.34 trillion won ($2.84 billion) worth of local stocks last month, compared with their net purchase valued at 2.51 trillion won in September, according to the data from the Financial Supervisory Service (FSS). As of end-October, foreigners held 742.17 trillion won worth of local stocks, down 27 trillion won from a month earlie

Market Nov. 10, 2021

ANSAN -- An employee of the scandal-ridden state housing developer Korea Land & Housing Corp. (LH) was acquitted Tuesday of land speculation using insider information. The LH employee was indicted on charges of having purchased about 17,000 square meters of land in Gwangmyeong, just south of Seoul, at 2.5 billion won ($2.1 million) in March 2017 after obtaining insider information while working on an urban development project. But the Suwon District Court cleared the employee, whose ident

Politics Nov. 9, 2021

China has been proactively consulting with South Korea to help ease its supply shortage of urea water solution needed in diesel vehicles, Beijing's foreign ministry said Tuesday. South Korea has been grappling with a shortage of urea water solution in recent weeks as Beijing last month tightened exports of urea and other raw materials amid a coal supply shortage. Coal is the main feedstock for urea. "China highly appreciates South Korea's demand for (urea) and has been proactively negotia

Industry Nov. 9, 2021

South Korea plans to place emergency controls on production and provision of urea water solution (UWS), the prime minister's office said Tuesday, in a move to ease the supply crunch of the material used to reduce emissions in diesel vehicles. A government notice that allows public authorities to command urea water solution makers' production, shipment and sales is expected to be approved at the Cabinet's extraordinary meeting on Thursday and come into force no later than this week. South Kore

Politics Nov. 9, 2021

President Moon Jae-in on Tuesday instructed aides to take steps to revise laws on workplace harassment in the civil service, citing a lack of legal stipulations on compensation for victims in the field of public administration. The instruction came after a newly recruited civil servant at the city government of Daejeon, 160 kilometers south of Seoul, was found dead at the person's home in September, about three months after the official was assigned to the post.  Family members of the dec

Politics Nov. 9, 2021

South Korean stocks edged up Tuesday after a choppy session, led by institutional buying. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) added 2.26 points, or 0.08 percent, to 2,962.46 points. Trading volume was moderate at about 699 million shares worth some 9.6 trillion won ($8.1 billion), with gainers outnumbering losers 540 to 317. Institutions bought a net 274 billion won, while foreigners sold 138 billion won. Retail investors offloade

Market Nov. 9, 2021

Nearly half of new COVID-19 cases in South Korea over the past two weeks were breakthrough infections, health authorities said Tuesday. There were 8,336 breakthrough cases out of 17,325 new COVID-19 patients, or 48.1 percent, between Oct. 17 and Oct. 30, the Korea Disease Control and Prevention Agency (KDCA) said. Breakthrough infections are those who test positive even after receiving the full-dose vaccine regimen. The rate of breakthrough cases occurring in people aged in their 70s was the h

Social Affairs Nov. 9, 2021

South Korea's financial watchdog is closely monitoring the recent fast-rising interest rates banks impose on loans, its head said Tuesday, amid the government's beefed-up efforts to tighten regulations on household borrowing. Jeong Eun-bo, chief of the Financial Supervisory Service (FSS), made the remarks amid complaints that some top-tier banks are imposing higher interest rates on loans than cooperative banks, an unusual reversal of borrowing costs. "Interest rates are determined by the

Economy Nov. 9, 2021

South Korea's No. 2 retailer Shinsegae Inc. said Tuesday that its third-quarter net income steeply increased as its department store business got a boost from pent-up demand amid the extended coronavirus pandemic. Net income came to 188.9 billion won ($160.3 million) on a consolidated basis in the July-September period, sharply up from a profit of 858 million won a year ago, according to a corporate regulatory filing. Operating income rose 307.1 percent on-year to 102.4 billion won, and sales

Industry Nov. 9, 2021

Unionized construction workers on Tuesday called upon the government to come up with measures to resolve the urea water solution crisis, claiming the shortage of the material essential to diesel vehicles threatens their livelihoods. The Korean Construction Workers' Union urged the government to promptly resolve the lack of urea water supply, punish hoarding of the material and aid construction workers facing difficulties operating their equipment due to the crisis. "My urea water reserves

Social Affairs Nov. 9, 2021

The labor ministry has recognized that a workplace bullying incident occurred within e-commerce giant Coupang Inc. early this year, refuting a finding reached by the company through an internal probe, the company's union said Tuesday. In response to a petition filed by a Coupang logistics center worker, the ministry's branch office in northern Incheon, west of Seoul, concluded a supervisor's reprimanding of a worker's job performance in connection with union activities constitutes workplace bul

Social Affairs Nov. 9, 2021