The two Koreas could hold an additional summit under the next presidency of the South if another meeting between the leaders isn't able to take place before the end of President Moon Jae-in's term next year, a senior Cheong Wa Dae official said Wednesday. Speculation of an inter-Korean summit has surfaced as of late, especially following Moon's proposal of signing a declaration on the end of the 1950-53 Korean War in his speech to the recent United Nations General Assembly. Last week, Kim Yo-jon

Politics Sept. 29, 2021

Three South Korean electric vehicle (EV) battery makers accounted for about a third of the global market in the first eight months of the year, but they are facing toughening competition with Chinese rivals, a market research firm said Thursday. The trio -- LG Energy Solution Ltd., Samsung SDI Co. and SK Innovation Co. -- accounted for 34.8 percent of the global EV battery market in the January-August period, inching down from 35 percent a year ago, according to the data from SNE Research. LG En

Industry Sept. 29, 2021

Retail sales in South Korea moved up 6.4 percent in August from a year earlier, data showed Wednesday, as people continued to purchase more food and groceries online amid the new wave of the COVID-19 pandemic. The combined sales of 25 major offline and online retailers reached 12.6 trillion won ($10.6 billion) last month, compared with 11.9 trillion won tallied in the previous year, according to the data compiled by the Ministry of Trade, Industry and Energy. Sales from offline stores moved up 2

Consumer Sept. 29, 2021

South Korea's trade ministry said Tuesday it has agreed with Uruguay to make joint efforts to speed up negotiations for a free trade pact with a group of South American countries. Trade Minister Yeo Han-koo plans to meet his Uruguayan counterpart, Francisco Bustillo, virtually later in the day to discuss ways to expand economic ties, according to the Ministry of Trade, Industry and Energy. "Uruguay is one of the key partners for South Korea, as the two can make joint efforts to overcome cha

Diplomatic Circuit Sept. 29, 2021

South Korea will seek to strengthen trade cooperation with Japan amid challenges from the COVID-19 pandemic, and a more friendly business environment will be offered to Japanese firms here, Seoul's top trade official said Wednesday. "The government will spare no efforts to promote the economic ties between South Korea and Japan," Trade Minister Yeo Han-koo said during a meeting with Japanese business officials based here. "South Korea will offer an open and transparent business en

Diplomatic Circuit Sept. 29, 2021

South Korea's daily coronavirus cases stayed in the 2,000s for a fourth day Wednesday, bouncing back to the second largest since the outbreak of COVID-19 in January last year on a spike in infections in the greater Seoul area. The country reported 2,885 new COVID-19 cases, including 2,859 local infections, bringing the total caseload to 308,725, according to the Korea Disease Control and Prevention Agency (KDCA). The daily caseload touched a fresh high of 3,272 on Saturday due to a mass migratio

Social Affairs Sept. 29, 2021

South Korean stocks opened nearly 1.5 percent lower Wednesday, tracking an overnight plunge on Wall Street amid concerns about spiking bond yields and the US debt ceiling. The benchmark Korea Composite Stock Price Index (Kospi) dropped 45.27 points, or 1.46 percent, to 3,052.65 points in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite plummeted 2.83 percent and the S&P 500 dipped 2.04 percent. The Dow Jones Industrial Average retreated 1.63 percent. Investor senti

Market Sept. 29, 2021

Finance Minister Hong Nam-ki said Wednesday the government is speeding up a plan to supply homes in Seoul and other regions, as it seeks to curb high-flying home prices. In February, the government unveiled the plan that eased building regulations and supported redevelopment projects in urban areas to increase the number of new homes by up to 836,000 nationwide in the next four years. Some residents in the designated areas in Seoul have already voted in favor of the redevelopment projects, makin

Economy Sept. 29, 2021

South Korea's exports contributed the most in three years to the country's economic growth in 2020 amid the coronavirus pandemic, a report showed Wednesday. Overseas shipments contributed 0.6 percentage point to the country's economic growth last year, according to the report from the Korea International Trade Association (KITA). The contribution rate of exports was higher than 0.5 percentage point in 2019 and 0.1 percentage point in 2018. Last year, South Korea's nominal exports fell 5.5 percen

Economy Sept. 29, 2021

North Korea said Wednesday it conducted the first test-launch of a newly developed hypersonic missile a day earlier that has "strategic significance" in bolstering its self-defense capabilities. The North's Academy of Defence Science test-fired the Hwasong-8 missile from Toyang-ri, Ryongrim County of Jagang Province, and "ascertained the stability of the engine as well as of missile fuel ampoule that has been introduced for the first time," the official Korean Central News Ag

North Korea Sept. 29, 2021

North Korea opened a session of its rubber-stamp legislature without leader Kim Jong-un in attendance and dealt with economic and other domestic issues without issuing any message to South Korea or the United States, according to state media Wednesday. The Supreme People's Assembly (SPA) meeting held Tuesday drew attention as it came just days after the sister of leader Kim Jong-un issued a conciliatory message to South Korea, including the prospect of an inter-Korean summit, if Seoul drops its

North Korea Sept. 29, 2021

South Korea has started the process for countering Britain's extension of safeguard measures against its steel exports, the trade ministry said Wednesday. In July, Britain extended its safeguard measures against steel imports from South Korea for another three years together with the European Union. South Korea and Britain have been in talks to resolve the dispute, but they have failed to iron out differences, prompting Seoul to move to seek a countermeasure. The ministry said Seoul has recently

Industry Sept. 29, 2021

South Korean teenagers committed fewer physical assault crimes but more sex offenses and fraud last year, a judicial report showed Wednesday. According to the 2021 juridical yearbook published by the National Court Administration, the total number of juvenile protection cases was 38,590 in 2020, up 2,014, or 5.5 percent, from a year ago. Of them, theft accounted for the biggest share at 13,845 cases, followed by fraud at 4,160, assault at 1,710 and infliction of bodily harm at 1,077. The figures

Social Affairs Sept. 29, 2021

South Korea's business sentiment improved for October on expectations of a possible rebound in domestic consumption amid an accelerating nationwide vaccination drive, a local think tank said Wednesday. The business survey index (BSI) of the country's top 600 companies by sales rose to 103.4 for next month, up from 100.6 for September, the Korea Economic Research Institute (KERI) said in a statement. The business outlook stayed above 100 for a second straight month. The actual BSI stood at 98.9 i

Economy Sept. 29, 2021

The United States wants to meet with North Korea to discuss any concerns they have, a senior US diplomat said Tuesday. Kin Moy, principal deputy assistant secretary of state for East Asian and Pacific affairs, made the remark amid a North Korean boycott of dialogue, citing what it claims to be US hostility toward the North. "We have reached out directly to Pyongyang to initiate dialogue and stand ready to meet without preconditions," Moy said in a virtual seminar jointly hosted by the

Foreign Affairs Sept. 29, 2021