South Korean shipbuilders lagged sharply behind their Chinese rivals in terms of new orders in September, losing the top position that they had maintained for the last four months. Local shipbuilders led by Hyundai Heavy Industries Co. grabbed a combined 910,000 compensated gross tons (CGTs) in new orders last month, accounting for 28 percent of 3.28 million CGTs of global orders, according to data provided by global market researcher Clarkson Research Service. Chinese shipbuilders far outpace

Industry Oct. 13, 2021

LG Electronics Inc. and LG Energy Solution said Wednesday that they will repay General Motors Co. about 1.4 trillion won ($1.2 billion) in costs for the recalls of Bolt electric vehicles due to battery defects. The two flagship units of South Korea's LG Group have reached an agreement with GM on how to cover the expenses for the recalls on some 143,000 Bolt vehicles over battery fire risks. The two LG units said they will set aside 480 billion won and 620 billion won in costs in the third qu

Industry Oct. 13, 2021

South Korea's chief nuclear envoy said Wednesday that Russia has an "important" role to play to restart denuclearization talks with North Korea, as he departed the country to meet with his Russian counterpart. Noh Kyu-duk, the special representative for Korean Peninsula peace and security affairs, made the remarks at Incheon International Airport before leaving for Moscow to meet with Russian Deputy Foreign Minister Igor Morgulov on Thursday. "The peace process on the Korean Pen

Foreign Affairs Oct. 13, 2021

Unification Minister Lee In-young on Wednesday visited an estuary of the Han River near the border with North Korea and urged Pyongyang to respond to Seoul's call for dialogue to jointly use the waterway as agreed earlier. Under a military agreement signed at a 2018 summit between President Moon Jae-in and North Korean leader Kim Jong-un, the two sides agreed on the joint use of the estuary along their western border and conducted joint waterway research in November that year. The project, how

North Korea Oct. 13, 2021

South Korea's exports of information and communication technology (ICT) products reached an all-time high in September on the back of solid global demand for chips and displays, data showed Wednesday. Outbound shipments of ICT products came to $21.34 billion last month, up 21.1 percent from a year earlier, according to the data from the Ministry of Trade, Industry and Energy. The September figure marked an all-time high since the government began compiling the data in 1996, and the largest for

Economy Oct. 13, 2021

The industry ministry launched an exhibition on carbon neutrality Wednesday to promote various zero-emission products and technologies, and to explore future policy directions for the goal, officials said. The inaugural Carbon Neutrality Expo began its three-day run at KINTEX convention center in Ilsan, northwest of Seoul, bringing together some 300 local companies, provincial governments and state-run institutions, according to the Ministry of Trade, Industry and Energy. The firms presented

Industry Oct. 13, 2021

The ruling Democratic Party (DP)'s top decision-making body was set to meet Wednesday to discuss an appeal against the party's choice of Gyeonggi Gov. Lee Jae-myung as its presidential nominee amid widespread indications that the decision is unlikely to change. The DP party affairs committee was scheduled to meet later in the day after former Prime Minister Lee Nak-yon, the runner-up in the primary, demanded the panel convene to discuss whether the votes in the primary were counted according to

Politics Oct. 13, 2021

South Korea has extended its special advisory against overseas travel for another month due to the continued spread of COVID-19, the foreign ministry said Wednesday. Citizens are recommended to cancel or postpone non-essential trips abroad until Nov. 13, as the rise of variant cases in many countries poses risks to their health, the ministry said. The travel advisory was first imposed in March and has been extended every month as many countries struggle with the outbreaks of various COVID-19

Foreign Affairs Oct. 13, 2021

South Korea's daily new COVID-19 cases stayed in the 1,000s for the fifth straight day Wednesday as more people took virus tests after an extended weekend. The country added 1,584 more COVID-19 cases, including 1,571 local infections, raising the total caseload to 335,742, according to the Korea Disease Control and Prevention Agency (KDCA). Health authorities had predicted that newly confirmed cases would rise after the extended weekend that ended Monday, a substitute holiday for Hangeul Day

Social Affairs Oct. 13, 2021

The smash-hit Korean-language drama series "Squid Game" has been watched by 111 million households around the world on Netflix, becoming its most successful original content, the US streaming giant said Wednesday. Since its first release on Sept. 17, the nine-part survival drama has topped the popular Netflix TV show charts in 94 countries, including the United States, Britain and France, according to Netflix. In the US, in particular, "Squid Game" has become the first non-

Television Oct. 13, 2021

South Korea and the United States have agreed to consider establishing a new bilateral working-level defense dialogue aimed at promoting cooperation between their regional policy initiatives, an informed source said Wednesday. The US floated the idea of instituting the unofficial dialogue channel during the allies' biannual defense talks, called the Korea-US Integrated Defense Dialogue, last month, as Washington pushes to rally its regional democratic allies to counter China's growing assertive

Defense Oct. 13, 2021

South Korea will consider introducing a "vaccine pass" for people's gradual return to normal life, Prime Minister Kim Boo-kyum said Wednesday, as the country prepares to adopt a "living with COVID-19" scheme. Kim hinted at easing virus prevention measures under the new scheme, which is expected to begin Nov. 9, but he stressed that does not mean that the country should let its guard down against the virus. Under the scheme, COVID-19 will be treated as an infectious respirat

Politics Oct. 13, 2021

SK Inc., the holding company of South Korean conglomerate SK Group, said Wednesday it has signed an initial deal with a US hydrogen maker to set up a joint venture as part of efforts to bolster its clean energy business. The memorandum of understanding (MOU), signed with Monolith Materials Inc., aims to create a joint venture to produce green hydrogen and carbon black products in South Korea, the company said in a release. Monolith will provide the technology and training, and SK will oversee

Industry Oct. 13, 2021

South Korean stocks opened higher Wednesday, as investors seek to buy oversold stocks after a sharp plunge the previous session. The benchmark Korea Composite Stock Price Index (KOSPI) rose 13.57 points, or 0.47 percent, to 2,929.95 in the first 15 minutes of trading. Stocks lifted as most tech large caps bounced back. Investor sentiment also improved on strong jobs data in September, which jumped by the largest in seven years. Market bellwether Samsung Electronics Co. edged up 0.14 percent

Market Oct. 13, 2021

WASHINGTON -- North Korea's nuclear and ballistic missile programs pose a threat to the US and its allies, a State Department spokesperson said Tuesday. The remark comes after North Korean leader Kim Jong-un claimed North Korea's enemy is not South Korea nor the US while calling for efforts to further advance the North's military capabilities. "The DPRK's WMD and ballistic missile programs constitute a threat to international peace and security and the global nonproliferation regime,"

Foreign Affairs Oct. 13, 2021