CJ ENM, a leading entertainment and media company, is in talks to bring K-pop powerhouse SM Entertainment under its control, a source with direct knowledge of the talks has said. The deal, if realized, would see the birth of an entertainment giant that could shake the Korean pop cultural scene. SM, one of the country's top K-pop agencies, manages such idol groups as EXO, Red Velvet, NCT and aespa that have a large following abroad. "It is true that CJ is in some kind of talks with SM in

Industry Oct. 19, 2021

Beset by curfews and fewer customers amid the coronavirus pandemic, the retail industry in South Korea is now pinning hopes on a business rebound, as the government is set to ease long-enforced strict restrictions under the "Living with COVID-19" scheme set to be introduced next month. Department stores, supermarkets and other retailers are expected to be among those likely to benefit, given that eased restrictions on gatherings and business operations will bolster consumer sentiment

Economy Oct. 19, 2021

Two natural earthquakes hit eastern North Korea on Tuesday, South Korea's state weather agency said. The first quake with a magnitude of 2.6 occurred about 4 kilometers southeast of Changjin, South Hamgyong Province, at 6:41 a.m., according to the Korea Meteorological Administration (KMA). The second quake of magnitude 2.8 was detected at 6:45 a.m., about 4 kilometers northeast of Changjin. Both quakes occurred naturally and do not seem to have caused any damage, the KMA said. They posted a

North Korea Oct. 19, 2021

The issuance of asset-backed securities (ABS) in South Korea plunged over 30 percent on-year in the third quarter of this year due to a decline in sales of mortgage-backed securities, data showed Tuesday. The value of ABS issued in the third quarter stood at 12.8 trillion won ($10.8 billion), down 31.5 percent from a year earlier, according to the data from the Financial Supervisory Service (FSS). ABS refers to securities structured with mortgages, auto loans, credit-card receivables and stud

Economy Oct. 19, 2021

US Secretary of State Antony Blinken met with the head of the International Atomic Energy Agency (IAEA) on Monday for talks on a wide range of issues that the chief of the nuclear watchdog said will include North Korea. The meeting between Blinken and IAEA Director-General Rafael Grossi marked the first of its kind since the top US diplomat took office in January. "The United States strongly supports the work of the IAEA. It is critical to helping to maintain international peace and stabi

Foreign Affairs Oct. 19, 2021

SK E&S Co., the natural gas provider under SK Group, said Monday it will invest some 500 billion won ($421 million) in its US affiliate, SK E&S Americas, to buy a stake in a US renewable energy firm. In a regulatory filing, SK E&S said it will buy 505 billion won worth of shares in SK E&S Americas, in a bid to invest up to $400 million in Rev Renewable. Rev Renewable is focused on the development and operation of energy storage, as well as renewable projects. Rev Renewable, an

Industry Oct. 18, 2021

Twenty-three people affiliated with the US Forces Korea (USFK) who have recently arrived here have tested positive for COVID-19, the US military's infection tally showed Monday. Among arrivals from Sept. 22 to Oct. 14, seven service members and eight family members who landed at Osan Air Base on US government-chartered flights tested positive, according to the USFK. Another group of six service members and a Department of Defense employee, and a family member also tested positive upon arrival

Defense Oct. 18, 2021

The presidential committee on carbon neutrality on Monday unveiled two upgraded policy road maps, including scrapping coal-fired power generation, to achieve South Korea's net-zero emissions goal by 2050. Presided over by President Moon Jae-in, the committee held its second general meeting in Seoul to review and approve agendas for the country's carbon neutrality and green house gas (GHG) reduction plans. In August, the committee announced a draft for three scenarios for the country's 2050 n

Politics Oct. 18, 2021

Gas prices in South Korea have continued to rise as oil prices hit a seven-year high amid the global economic recovery, data showed Monday. The average gasoline price nationwide stood at 1,724.7 won ($1.45) per liter Monday, marking the highest since December 2014, according to the data compiled by the state-run Korea National Oil Corp. (KNOC). The gas price in Seoul topped the 1,800 won-level per liter in the day, the data showed. Market watchers said the gas prices may climb further as glob

Economy Oct. 18, 2021

SEONGNAM -- South Korea will kick off a biennial defense exhibition this week to showcase cutting-edge military hardware and technologies, including stealth fighters, hydrogen-fuel drones and laser weapons, organizers said Monday. The Seoul International Aerospace & Defense Exhibition (ADEX) will begin its five-day run on Tuesday at Seoul Air Base in Seongnam, just south of Seoul, as the security landscape in Northeast Asia is fraught with uncertainties stemming from a muscle-flexing China

Defense Oct. 18, 2021

South Korean stocks retreated Monday as investors attempted to cash in gains from the key stock index's three-day advance. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) lost 8.38 points, or 0.28 percent, to close at 3,006.68 points. Trading volume was moderate at about 912 million shares worth some 10.5 trillion won ($8.8 billion), with losers outnumbering gainers 429 to 413. Foreigners bought a net 38 billion won, while institutions sold 4

Business Oct. 18, 2021

Police and fire officials searched the National Assembly complex in Seoul on Monday after a lawmaker's office received a bomb threat by phone, officials said Monday. According to police and parliament officials, an unidentified person made the call around 2 p.m., saying an explosive has been placed somewhere at the complex and a secretary of the lawmaker's office alerted security personnel there about the call. Dozens of firefighters and police officers, along with a bomb squad and 10 fire tr

Politics Oct. 18, 2021

Former Foreign Minister Kang Kyung-wha on Monday met with the chief of an umbrella labor union and asked for support for her bid to become the next director general of the International Labour Organization (ILO). "I decided to run for the seat because I thought the experiences, career and the international network I have reasonably match the leadership credentials demanded by ILO," Kang said during her meeting with Kim Dong-myung, chief of the Federation of Korean Trade Unions. &quo

Politics Oct. 18, 2021

South Korea will reduce its greenhouse gas emissions by 40 percent from the 2018 levels by 2030, sharply raising its previous goal as part of efforts to curb the pace of climate change, President Moon Jae-in said Monday. Moon also confirmed that South Korea will achieve carbon neutrality by 2050, as the nation started tackling the challenge of responding to climate change and attaining sustainable growth simultaneously. The goal of cutting greenhouse gas emissions was sharply raised from 26.3

Politics Oct. 18, 2021

The gender ministry said Monday it will begin a pilot service this week that allows citizens to search where convicted sex offenders live using internet portal operator Naver Corp.'s map app. The pilot service, which uses the Naver map to display actual home addresses of sex offenders listed in the government's registry system (www.sexoffender.go.kr), will run from Tuesday to the end of this month before the official launch, according to the Ministry of Gender Equality and Family. The service

Social Affairs Oct. 18, 2021