A Seoul court was to question a key suspect at the center of a snowballing regional development corruption scandal on Thursday to determine whether to issue an arrest warrant for him on bribery and other charges. Prosecutors sought the warrant to arrest Kim Man-bae on Tuesday on charges in connection with how his previously little-known firm, Hwacheon Daeyu Asset Management, reaped massive profits from a 2015 development project in the city of Seongnam, south of Seoul. The former journalist al

Politics Oct. 14, 2021

South Korea's wine imports nearly doubled in the first eight months of 2021 from a year earlier as more people enjoyed drinking at home and alone amid the coronavirus pandemic, data showed Thursday. Asia's fourth-largest economy imported $370.5 million worth of wine in the January-August period, up 96.5 percent from a year earlier, according to the data by the Korea Customs Service and industry sources. The figure surpassed last year's imports worth about $330 million and exceeded those of bee

Economy Oct. 14, 2021

WASHINGTON -- The South Korean government will take market-stabilization steps should there be increased volatility in the foreign exchange market caused by abnormal factors, such as speculation, Finance Minister Hong Nam-ki said Wednesday. Hong, however, noted the recent fluctuations in the local FX market were largely due to external economic risks. "When it comes to the foreign exchange, the government cannot but accept changes caused by the market supply and demand, but it is closely

Economy Oct. 14, 2021

South Korea's export prices gained for the 10th straight month in September, driven by price hikes of energy and chemical products, central bank data showed Thursday. The country's export price index stood at 114.18 in September, up 1 percent from the previous month, according to the preliminary data from the Bank of Korea (BOK). The figure represented the 10th straight month of an on-month rise. From a year earlier, the index jumped 20.2 percent, the eighth consecutive on-year growth, the dat

Economy Oct. 14, 2021

WASHINGTON -- South Korea and the United States are working closely together to restart the Korean Peninsula peace process, South Korea's ambassador to the US, Lee Soo-hyuck, said Wednesday. Lee said the countries are also discussing ways to bring North Korea back to the dialogue table that may include the provision of humanitarian assistance to the impoverished North. "(We) are discussing various ways to build trust such as the provision of humanitarian assistance to create a favorable c

Foreign Affairs Oct. 14, 2021

Officials from more than 30 countries, including South Korea, will discuss ways to counter ransomware attacks from countries, including Russia and North Korea, in a US-led virtual meeting this week, a US official said. The virtual meeting, to be held Wednesday and Thursday, comes after a series of recent ransomware attacks on US businesses and government offices from perpetrators believed to be based in other countries, including China, Russia and North Korea. “While the United States is

Politics Oct. 13, 2021

  　North Korea on Wednesday condemned Japan‘s recent push to build up its military, branding it as “preparations for a war of aggression.” 　 　A commentary carried by the Korean Central News Agency (KCNA) noted Japan is planning to import over 20 U.S.-made reconnaissance drones, and pushing to possess aircraft carriers and introduce the latest stealth fighters. 　 　“The gravity of the issue lies in the fact that Japan pushes ahead with such arms buildup under the pret

North Korea Oct. 13, 2021

Many South Korean workers are unaware of the newly revised labor law that will take effect later this week to better prevent workplace bullying, a survey showed Wednesday. The survey by a pro-labor civic group Gabjil 119 found that over 70 percent of office workers do not know about the revision of the so-called workplace anti-bullying act set to go into effect Thursday. The survey was conducted on 1,000 office workers from Sept. 7-14. Under the amendment, bullies can be fined up to 10 mil

Social Affairs Oct. 13, 2021

South Korean stocks advanced nearly 1 percent Wednesday as investors sought to buy oversold stocks such as tech and auto shares after a sharp plunge the previous session. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) added 28.03 points, or 0.96 percent, to close at 2,944.41 points. Trading volume was moderate at about 743 million shares worth some 12.1 trillion won ($10.1 billion), with gainers outnumbering losers 700 to 168. Foreigners sol

Market Oct. 13, 2021

South Korea's military reported 14 more COVID-19 cases Wednesday, the defense ministry said, bringing the total caseload among its personnel to 1,943. Thirteen Army soldiers, including five trainees at a boot camp, and an Air Force airman tested positive for the new coronavirus, according to military data Wednesday morning. The five Army trainees from the boot camp in Yeoncheon, 62 kilometers north of Seoul, were found to have contracted the virus while in quarantine following the COVID-19 out

Defense Oct. 13, 2021

Posco, the world's fifth-largest steelmaker by output, said Wednesday its third-quarter operating income more than quadrupled to a record high on robust demand amid the global economic recovery from the COVID-19 pandemic. Operating income for the three months that ended in September reached 3.11 trillion won ($2.6 billion) on a consolidated basis, sharply up from an operating profit of 670 billion won, the company said in a regulatory filing. The third-quarter operating income marks the highes

Industry Oct. 13, 2021

South Korea's top economic policymaker has said the government plans to maintain expansionary fiscal policy next year in a bid to prop up the economic recovery, Seoul's finance ministry said Wednesday. Finance Minister Hong Nam-ki made the remarks during his meeting with Kristalina Georgieva, managing director of the International Monetary Fund, in Washington, D.C. on Tuesday on the sidelines of the G-20 finance ministers and central bank governors meeting. Hong said South Korea's central bank

Economy Oct. 13, 2021

South Korea's cartoon exports jumped more than 40 percent in 2020 from a year earlier amid the growing global popularity of Korean pop culture, a report said Wednesday. Outbound shipments of cartoons, including webtoons, stood at $64.82 million last year, up 40.9 percent from a year earlier, according to the report from the Korea International Trade Association (KITA). The growth rate far exceeds the 6.2 percent on-year increase in exports of the country's overall cultural content. In particu

Industry Oct. 13, 2021

A T-shirt with a printed portrait of North Korean leader Kim Jong-un was spotted during a public event in Pyongyang for the first time, state media showed, amid the reclusive regime's push to rev up an image of being a "normal state." According to footage released by the North's official Korean Central TV Broadcasting Station on Tuesday, an orchestra conductor was clad in the white T-shirt with Kim's face printed in black and white on the front at a defense expo the previous day. N

North Korea Oct. 13, 2021

South Korean banks' household loans grew at a faster pace in September from a month earlier despite the government's toughened controls on lending, central bank data showed Wednesday. According to the Bank of Korea (BOK), outstanding bank loans to households came to 1,052.7 trillion won ($877.9 billion) as of the end of September, up 6.5 trillion won from the previous month. The figure is higher than a 6.1 trillion-won increase registered in August, the data showed. The reading also marked the

Market Oct. 13, 2021