Local governments across South Korea recorded steep budget deficits last year due to increased spending to cope with COVID-19, the interior ministry said Tuesday. According to an analysis by the ministry, the consolidated fiscal balance of 243 local governments for the fiscal year of 2020 recorded a deficit of 8.7 trillion won ($7.4 billion). Last year's deficit tally marked a sharp contrast with a budget surplus of 6 trillion won recorded in 2019. The ministry cited the local government's ex

Economy Nov. 9, 2021

South Korea was set Tuesday to hold a ceremony launching a new frigate named after a warship torpedoed by North Korea in 2010, the Navy and state arms procurement agency said. The ceremony for the 2,800-ton frigate, Cheonan, was scheduled to take place at the shipyard of Hyundai Heavy Industries Co. in Ulsan, some 410 kilometers southeast of Seoul, as the Navy still has potent memories of the North's deadly attack. The 1,200-ton corvette Cheonan sank near the Northern Limit Line, a de facto we

Defense Nov. 9, 2021

South Korea's top steelmaker Posco said Tuesday it was named the world's most competitive steelmaker in a global industry report for the 12th consecutive year. In an annual assessment of 35 steelmakers worldwide, global steel information service provider World Steel Dynamics (WSD) gave Posco the top mark of 8.54 points out of 10, according to the South Korean company. The WSD report, which ranks the steelmakers based on 23 categories, gave top scores for Posco in eight segments, including tech

Industry Nov. 9, 2021

South Korea and Mexico have "closely discussed" the possible resumption of negotiations for a bilateral free trade agreement, an official of Seoul's trade ministry said Tuesday. The two nations began talks on a strategic economic complementary agreement in 2006, but the negotiations have been stalled since 2008 amid opposition from businesses in the Latin American country. "The two sides have been in close consultation on whether to resume talks for the bilateral FTA," Chun

Economy Nov. 9, 2021

North Korea on Tuesday slammed the European Union (EU) for leading a UN resolution condemning its human rights situation, calling the move an act of hostility based on "false and fabricated" documents. The resolution, drafted by the European countries, was submitted to the United Nations' Third Committee for approval late last month. If passed, it will be put to a vote at the UN General Assembly in mid-December. "We have long rejected this slanderous 'resolution' full of false a

North Korea Nov. 9, 2021

With half year in office remaining, President Moon Jae-in said Tuesday his administration will do everything possible for a complete return to normal life from the COVID-19 pandemic and an economic recovery. South Korea began easing virus curbs this month in its first step of its "living with COVID-19" policy after more than 70 percent of its population were fully vaccinated. Still, health authorities remain on high alert as virus cases could trend back upward again. Moon's single, f

Politics Nov. 9, 2021

WASHINGTON -- A group of US lawmakers sent a letter to President Joe Biden last week, urging his administration to quickly engage with North Korea and discuss declaring a formal end to the Korean War, an activist group said Monday. The letter was also sent to Secretary of State Antony Blinken, according to the Korean American Public Action Committee (KAPAC). "We wish to highlight the importance of the United States continuing its efforts to facilitate peace between South Korea and North K

Foreign Affairs Nov. 9, 2021

Lee Jae-myung, the presidential candidate of the ruling Democratic Party (DP), has canceled his campaign activities set for Tuesday after his wife was admitted to a hospital for injuries sustained in a fall, his party said. The former Gyeonggi governor had been scheduled to hold meetings with firefighters and young people on virtual assets and attend a convention for women, but all those events were called off after his wife, Kim Hye-kyung, was admitted to a hospital in Gyeonggi Province aroun

Politics Nov. 9, 2021

South Korea's military reported seven additional COVID-19 cases Tuesday, bringing the total caseload among its personnel to 2,088, the defense ministry said. Among the new cases were five Army conscripts, including two stationed in Yeoncheon, 62 kilometers north of Seoul. An Army officer based in Jangseong, 308 kilometers south of Seoul, tested positive before returning to the base from a vacation. A civilian employee of the Army based in Goyang, north of Seoul, also contracted the virus afte

Defense Nov. 9, 2021

South Korea's Navy has unveiled a three-dimensional rendering of an envisioned light aircraft carrier in a show of its resolve to build the warship by 2033 amid lingering doubts over its feasibility and necessity. After five months of preparations, the Navy posted the six-minute clip depicting the carrier strike group on its YouTube channel Monday as part of an annual program to mark the 76th anniversary of its founding, which falls on Thursday. The clip shows the 30,000-ton carrier operating

Defense Nov. 9, 2021

South Korea's new coronavirus cases fell below 2,000 for the second straight day Tuesday, but health authorities remain on alert over a possible spike in new infections under eased virus curbs. The country reported 1,715 new COVID-19 cases, raising the total caseload to 383,407, the Korea Disease Control and Prevention Agency (KDCA) said. Last week, South Korea began its "living with COVID-19" scheme as part of a broader plan to gradually lift the virus restrictions by the end of F

Social Affairs Nov. 9, 2021

NHN Corp., a South Korean leading information technology company, on Tuesday said its third-quarter net profit jumped 38.7 percent from a year earlier, buoyed by increased revenue from its payment and IT services, including cloud. Net income came to 44.5 billion won ($37.6 million) on a consolidated basis in the July-September period, up from 32.1 billion won a year earlier, according to its regulatory filing. Its operating profit gained 18.6 percent to 27.9 billion won and sales grew 14.8 per

Industry Nov. 9, 2021

South Korean stocks opened higher Tuesday as investor sentiment was uplifted by overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (Kospi) rose 24.47 points, or 0.83 percent, to 2,984.67 points in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average added 0.29 percent amid market optimism that the economic recovery is able to accommodate the inflation risks. The tech-heavy Nasdaq composite rose 0.07 percent. In Seoul, top cap Samsung Electr

Market Nov. 9, 2021

North Korea has urged its people to stay on high alert against the possible spread of COVID-19, with the winter season just around the corner, according to its state media Tuesday. Medical institutions beefed up campaigns on check-ups and personal hygiene, and set up measures to "find and treat all patients with respiratory diseases, including the cold, without exception," according to the official Korean Central News Agency. The North's radio broadcaster Korean Central Broadcasting

North Korea Nov. 9, 2021

South Korea and Chile signed a memorandum of understanding Tuesday to expand cooperation in the low-carbon hydrogen sector, Seoul's industry ministry said Tuesday. South Korea's Second Vice Industry Minister Park Ki-young held a signing ceremony with Chilean Minister for Energy and Mining Juan Carlos Jobet in Seoul for the agreement, which calls for exchanging technologies of producing, storing, transporting and using clean hydrogen, according to Seoul's Ministry of Trade, Industry and Energy.

Industry Nov. 9, 2021