The South Korean government on Monday urged North Korea to respond positively to a suggestion that the pope visit there, expressing hope for progress in efforts to promote regional peace. The unification ministry's statement came after Pope Francis reaffirmed his willingness to visit the North during his meeting with President Moon Jae-in at the Vatican last week. Moon and the pope met Friday on the sidelines of the Group of 20 summit in Rome, during which Moon said a papal visit to North Kor

North Korea Nov. 1, 2021

The main opposition People Power Party (PPP) kicked off the final week of its presidential primary Monday as the two front-runners appeared to be locked in a tight race for the nomination. The party's standard-bearer is scheduled to be determined and announced at a national convention Friday after four days of polling party members and the general public on their most favored candidate. The four candidates are former Prosecutor General Yoon Seok-youl, PPP Rep. Hong Joon-pyo, former Rep. Yoo Se

Politics Nov. 1, 2021

SKC Co., a chemical unit of South Korea's No. 3 conglomerate SK Group, said Monday it will invest $33 million in a British battery materials maker with two private equity funds and other investors in a bid to tap into the fast-growing sector. SKC will form a consortium with BNW Investment and SJL Partners to invest a combined 80 million won in Nexeon Ltd, with the rest to be invested by SJL Partners and a pool of other investors, the company said in a statement released after the board's approv

Industry Nov. 1, 2021

Big-name K-pop companies saw their revenues from overseas rise sharply in the first half of the year, financial data showed Monday, as the number and influence of overseas-based fans grew to a point where they can determine the rankings of local music charts. According to data available on the Financial Supervisory Service's electronic disclosure system as of Monday, Hybe, which manages BTS, Seventeen and Enhypen, saw domestic sales account for only 24.96 percent out of 456.9 billion won ($390

K-pop Nov. 1, 2021

South Korea's new coronavirus cases fell below 2,000 for the first time in five days on Monday as the country began its "living with COVID-19" scheme meant to phase out coronavirus restrictions amid the rising rate of vaccinations. On Monday, the government relaxed the social distancing rules as part of a broader plan to gradually lift the virus restrictions by the end of February. South Korea reported 1,686 new COVID-19 cases, including 1,666 local infections, raising the total case

Social Affairs Nov. 1, 2021

South Korean multiplex operators have braced for a long-awaited comeback of the audience to movie theaters as a gradual return to normalcy from the COVID-19 pandemic started Monday. The local health authorities earlier announced plans to go ahead with the "living with COVID-19" scheme from the first day of November, phasing out coronavirus restrictions such as nighttime curfews on cafes, restaurants, theaters and other multiuse facilities. Leading multiplex chains CJ CGV and Lotte Ci

Social Affairs Nov. 1, 2021

South Korean stocks opened higher Monday, as investors seek to buy oversold stocks after the key index's three straight days of losses. The benchmark Korea Composite Stock Price Index (Kospi) rose 14.03 points, or 0.49 percent, to 2,984.71 in the first 15 minutes of trading. Stocks rose on institutional buying, led by bio and tech stocks. Market bellwether Samsung Electronics Co. added 0.57 percent to 70,200 won, No. 2 chipmaker SK hynix Inc. increased 1.46 percent to 104,500 won, and top aut

Market Nov. 1, 2021

Choi Shin-won, CEO and chairman of SK Networks Co., has stepped down from his post, the company said Monday, amid an ongoing trial against him over embezzlement and other charges. The resignation came six months after Choi, a son of the late founder of South Korea's No. 3 conglomerate SK Group, was indicted, and he has been standing trial for alleged embezzlement of some 223.5 billion won ($190.3 million) and breach of trust and other charges. Choi has denied any wrongdoing. "As of Oct. 2

Industry Nov. 1, 2021

South Korea kicked off its annual nationwide shopping event Monday in the latest effort to boost private spending amid the prolonged pandemic. The Ministry of Trade, Industry and Energy said 2,053 companies will offer big bargains both online and in stores during the Korea Sale Festa -- the Korean equivalent of Black Friday -- that will run through Nov. 15. This year's run is the largest since the event was launched in 2016, according to the ministry. The central and 17 local governments also

Consumer Nov. 1, 2021

South Korea's consumer prices are estimated to have grown more than 3 percent for the first time in nearly 10 years in October due to last year's low base and surging oil prices, a poll showed Monday. The country's consumer inflation is projected to have risen 3.2 percent in October from a year earlier, accelerating from a 2.5 percent on-year gain in September, according to the poll on six brokerage houses. If the forecast is right, the inflation rate will stay in the 3 percent range for the f

Economy Nov. 1, 2021

South Korea's exports spiked 24 percent in October from a year earlier to reach the second-largest monthly figure of $55.55 billion on the back of strong global demand for chips and petroproducts, data showed Monday. Outbound shipment is just shy of the record monthly figure of $55.83 billion reported the previous month, according to the data compiled by the Ministry of Trade, Industry and Energy. It marked the 12th straight month that the country's exports have extended gains. Imports surged

Economy Nov. 1, 2021

Soaring international raw material costs are feared to eat into South Korean companies' earnings and drive up consumer prices down the road, a report showed Monday. Stung by fast-rising oil and other material prices, the operating margin of local companies is expected to reach 3.4 percent this year, down 1.8 percentage points from the average 5.2 percent between 2015 and 2019, according to the report from the Korea Economic Research Institute (KERI). The operating margin of large businesses is

Economy Nov. 1, 2021

South Korean small merchants' business confidence took a turn for the better for November on hopes that relaxed anti-coronavirus restrictions may boost their sales, a poll showed Monday. The Small Enterprise and Market Service said its business survey index (BSI) for small merchants came to a 10-month high of 87.6 this month, up 9.5 points from the previous month. November marks the third straight month that the small merchants' BSI has climbed from the prior month. Despite the increase that

Economy Nov. 1, 2021

President Moon Jae-in said Monday that Pope Francis stated his intention to visit North Korea during their meeting at the Vatican last week. Moon and the pope met Friday on the sidelines of the Group of 20 summit in Rome. Moon said at the meeting that a papal visit to North Korea would foster peace on the Korean Peninsula and the pope responded positively, according to Cheong Wa Dae. "Pope Francis prayed as always for peace on the Korean Peninsula and stated his intention to visit North K

Politics Nov. 1, 2021

GLASGOW, Scotland -- President Moon Jae-in arrived in Britain on Sunday for a UN summit on climate change where he is expected to urge the world to urgently tackle the climate crisis and highlight South Korea's role in combating climate change. The UN summit, also known as the COP26 summit, is set to bring together more than 100 heads of state, including Moon, US. President Joe Biden and British Prime Minister Boris Johnson, in Glasgow, Scotland's biggest city.  World leaders are expec

Politics Nov. 1, 2021