The unification ministry said Thursday that it has approved three requests by civilian organizations to provide humanitarian assistance to North Korea, which are meant to help bolster cross-border cooperation and exchanges. The decision was announced amid cautious optimism about the resumption of dialogue created after North Korea restored all communication lines with South Korea early this week following about two months of suspension attributable to Pyongyang's protest over a joint military e

North Korea Oct. 7, 2021

DAEJEON-- A court ruled Thursday in favor of a deceased transgender solider in a suit filed to get the Army's decision to discharge her repealed, a landmark ruling that could have deep repercussions in the way South Korean society treats sexual minorities. The Daejeon District Court said that the military should have considered late Ssg. Byun Hee-soo as a woman when reviewing whether she was fit for military duty after a sex-change operation. "Since she applied for a sex change at a court

Defense Oct. 7, 2021

Nearly nine in 10 bond mavens in South Korea predict the central bank to freeze its key interest for October due mainly to volatile external conditions, a poll showed Thursday. According to the survey of 200 bond experts by the Korea Financial Investment Association, 87 percent of the 100 respondents forecast the Bank of Korea (BOK) to hold its policy rate steady at a rate-setting meeting slated for next week. The number of standpatters was up from 67 in August. In contrast, 13 bond experts, dow

Market Oct. 7, 2021

South Korea plans to implement measures to stabilize the market in a timely manner if needed as market volatility has increased amid external economic risks, a senior government official said Thursday. First Vice Finance Minister Lee Eog-weon said the Korean financial market has been "excessively" volatile in recent sessions despite the country's strong macroeconomic fundamentals. South Korea's benchmark index, the Kospi, nosedived nearly 2 percent and the Korean currency fell to a 14-

Market Oct. 7, 2021

South Korea was to launch a new 5,600-ton-class submarine rescue vessel Thursday capable of conducting rescue operations in the deep sea regardless of weather conditions, the Navy said. A launch ceremony for the vessel, named Ganghwado, is scheduled to take place later in the day at the Okpo shipyard of Daewoo Shipbuilding & Marine Engineering Co., on the southern island of Geoje, it added. Built under the ARS-II (auxiliary submarine rescue ship) project launched in 2015, it is the country

Defense Oct. 7, 2021

LG Electronics Inc. said Thursday it will expand its partnership with Italian luxury furniture maker Molteni&C S.P.A. to better promote its high-end brand LG Signature. The two sides last year signed a deal to collaborate on marketing, promotion and product development related with LG Signature home appliances, Molteni&C residential furniture and Dada kitchen furniture over the next three years. Molteni&C, founded in 1934, is a renowned designer furniture maker. It runs some 530 stor

Industry Oct. 7, 2021

Twelve service members and two civilian workers for the military have tested positive for COVID-19, the defense ministry said Thursday, the latest in a series of infections at barracks across South Korea. Ten Army members, two Navy officers, and the civilian employees were confirmed to have been infected either following their recent vacation or after coming into contact with individuals who had tested positive, according to the ministry. Of them, nine were "breakthrough infections,"

Defense Oct. 7, 2021

Yoon Seok-youl, the leading opposition presidential candidate, has increasingly faced questions about superstitious or unscientific beliefs, this time over his alleged ties to an anal acupuncture specialist that he claims to have no knowledge of. The allegation surfaced Tuesday during the sixth TV debate among presidential contenders of the main opposition People Power Party, when one of Yoon's competitors, former Rep. Yoo Seong-min, asked him if he has met someone "known to perform acupun

Politics Oct. 7, 2021

The World Health Organization (WHO) said that it has begun the shipment of COVID-19 medical supplies to North Korea through the Chinese port of Dalian, raising the possibility that the North might be easing its long-enforced tight border controls amid the global pandemic. North Korea has tightened border controls since the outbreak of the coronavirus in China, which has meant key materials and medical supplies could not be shipped to the North. The North closed off a major shipping route linkin

North Korea Oct. 7, 2021

South Korea's daily new coronavirus cases remained in the 2,000s for a second day in a row Thursday following a long weekend, amid concerns over the spread of the pandemic ahead of another extended weekend. The country added 2,427 more COVID-19 cases, including 2,400 local infections, raising the total caseload to 325,804, according to the Korea Disease Control and Prevention Agency (KDCA). Daily infections rebounded to over 2,000 again Wednesday after falling below the 2,000 mark Monday and T

Social Affairs Oct. 7, 2021

Car accidents involving unlicensed teenagers soared by 34 percent between 2018 and 2020, road traffic data showed Thursday. According to a Korea Road Traffic Authority report submitted to Rep. Kang Deuk-gu of the ruling Democratic Party, teenagers caused 833 accidents last year while driving without a license, a sharp jump from 618 and 689 accidents in 2018 and 2019, respectively. More than 3,100 people suffered injuries and 63 died in the total of 2,140 accidents involving unlicensed teenage

Social Affairs Oct. 7, 2021

South Korea said Thursday it has sold about $1.3 billion worth of foreign exchange stabilization bonds at the second-lowest ever rates amid solid demand. The government sold US dollar-denominated bonds worth $500 million with a maturity of 10 years and five-year euro-denominated debts worth $700 million, according to the finance ministry. The dollar bonds carry a yield of 1.769 percent, or 25 basis points more than the rate of US 10-year Treasuries, while the euro bonds carry a yield of minus 0.

Market Oct. 7, 2021

South Korea posted a current account surplus for the 16th straight month in August as exports remained robust and revenue from cargo shipping rose amid the global economic recovery, the central bank said Thursday. The current account surplus reached $7.51 billion in August, down from $8.21 billion the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade. The current account has been in the black since May last year. In April 2020

Economy Oct. 7, 2021

  Samsung Electronics Co. on Thursday unveiled its technology road map for the foundry business as the company vowed to improve its capacity and advanced manufacturing solutions in the contract chipmaking sector. At the Samsung Foundry Forum 2021, which was held online under the theme of "Adding one more dimension," the South Korean chipmaker revealed its plans for future technology nodes, operations and services. Samsung, the world's No. 2 foundry player behind Taiwan Semiconduc

Industry Oct. 7, 2021

Finance Minister Hong Nam-ki said Wednesday the government will impose a tax on gains from virtual assets, such as cryptocurrencies, next year as planned. Hong reiterated the stance, adding necessary infrastructure is in place and delaying the taxation plan further could hurt the reliability of government policy. 　 “It appears to be difficult to readjust or delay taxation on virtual assets, considering legal stability or policy reliability,” Hong told lawmakers during a parliamentary

Economy Oct. 6, 2021