South Korean stocks opened slightly lower Wednesday, tracking a muted session on Wall Street overnight as investors took a breather after US stocks reached record high levels. The benchmark Korea Composite Stock Price Index (Kospi) fell 1.97 points, or 0.06 percent, to trade at 3,197.3 points in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.11 percent, while the tech heavy Nasdaq composite inched down 0.04 percent. The Nasdaq had reached a record high the

Market Sept. 1, 2021

South Korea has called for member countries of a regional health security forum to work together to encourage North Korea to take part in the forum on pandemics and other challenges, the foreign ministry said Wednesday. Second Vice Foreign Minister Choi Jong-moon made the appeal in a speech during a virtual working-level session of the Northeast Asia Conference on Health Security -- a forum launched late last year at President Moon Jae-in's suggestion to foster joint efforts to handle pandemics

Foreign Affairs Sept. 1, 2021

SEJONG -- The number of delivery workers in South Korea swelled nearly 12 percent in the second half of last year to hit a record high amid the coronavirus pandemic, government data showed Wednesday. Asia's fourth-largest economy had 390,000 carriers as of the end of December last year, up 11.8 percent from a year earlier, according to the data from Statistics Korea. The tally covers mailmen, door-to-door couriers, food delivery workers, newspaper deliverers, and carriers of milk and other bev

Social Affairs Sept. 1, 2021

The United States remains strongly committed to the denuclearization of the Korean Peninsula through diplomacy and dialogue, and is working closely with South Korea to bring North Korea back to the dialogue table, Seoul's top nuclear envoy said Tuesday. Noh Kyu-duk made the remark after holding a series of meetings with his US counterpart, Sung Kim, and other administration officials, including the White House policy coordinator for Asia, Kurt Campbell, during a visit to Washington this week.

Foreign Affairs Sept. 1, 2021

WASHINGTON -- The US remains willing to meet with North Korea anywhere and anytime, White House spokeswoman Jen Psaki said Tuesday. The spokeswoman noted the North, however, remains unresponsive to US overtures. "Well, we have left the door open and obviously reached out through our channels. I don't have an update for you in terms of any response to our offer," Psaki said in a daily press briefing, adding "(The) offer remains to meet anywhere, anytime without preconditions.&quo

Foreign Affairs Sept. 1, 2021

Moody's Investors Service on Tuesday revised up South Korea's growth forecast for this year to 4 percent on strong exports. In its report on world economic outlook, the rating agency adjusted South Korea's gross domestic product growth outlook from its previous estimate of 3.5 percent in May. The nation's growth will continue to be supported by high demand across the globe for industrial products, especially electronics, the agency said. Moody's also revised South Korea's growth outlook for n

Economy Aug. 31, 2021

UN human rights experts have sent a letter requesting the South Korean government explain its position on a controversial media bill that calls for heavier punishments for fake news reports, the foreign ministry said Tuesday. The experts' move came after local human rights advocate groups, including the Transitional Justice Working Group, lodged an appeal with UN special rapporteurs to voice concerns that the legislation, being pushed for by the ruling Democratic Party, could undermine freedo

Foreign Affairs Aug. 31, 2021

The National Assembly on Tuesday approved a contentious bill requiring surveillance cameras in hospital operating rooms in a bid to step up protection for patients against medical negligence or malpractice. The bill was passed about six years after related parliamentary discussions on its necessity first emerged, in the face of stiff objection from doctors' groups. The revision to the Medical Service Act mandates installing closed-circuit TV cameras in hospital operation rooms and recording

Politics Aug. 31, 2021

Financial authorities will unveil additional measures to rein in household debts, the new head of the financial regulator said Tuesday. Koh Seung-beom, the new chairman of the Financial Service Commission (FSC), said that curbing household debts is his top priority. "I will mobilize all available policy means to reduce risks of surging household debts," Koh said, but stopped short of saying when the FSC will unveil additional measures. The FSC will make a decision on whether to ex

Economy Aug. 31, 2021

South Korea has reported more than 3,000 cases of COVID-19 among those who have been fully vaccinated, data showed Tuesday, with people in their 30s being the most vulnerable age group for reinfection, even after vaccination. The country reported 3,128 cases of such infections as of Monday last week, accounting for 0.04 percent of the 7.7 million people who have received the full-dose vaccine regimen, according to the Korea Disease Control and Prevention Agency (KDCA). The rate of breakthrough

Social Affairs Aug. 31, 2021

South Korean stocks rose for the third straight session Tuesday as foreign investors scooped up tech shares after an overnight tech rally on Wall Street. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 55.08 points, or 1.75 percent, to close at 3,199.27 points. Trading volume was moderate at about 647.3 million shares worth some 15.2 trillion won ($12.8 billion), with gainers outnumbering losers 495 to 333. Foreigners purchased a net 1.1

Market Aug. 31, 2021

The number of people working at restaurants and hotels dropped 64,000 on-year in July as the fourth wave of the coronavirus pandemic continued to weigh down on the sectors, the government said Tuesday. The total number of workers in the restaurant and hotel industry stood at 1.09 million last month, down 64,000, or 5.5 percent, from the same month last year, according to the Ministry of Employment and Labor. The sectors have shed workers for 18 straight months since the pandemic first exploded

Industry Aug. 31, 2021

Hyundai Heavy Industries Group has developed an offshore platform to store carbon dioxide under the ocean floor with the state-run Korea National Oil Corp. (KNOC), the group said Tuesday. The group's two affiliates-- Korea Shipbuilding & Offshore Engineering Co. (KSOE) and KSOE's subsidiary Hyundai Heavy Industries Co. -- have won approval in principle (AIP) for the offshore platform from DNV, a Norwegian ship quality assurance and risk management company, it said. AIP for the platform mea

Technology Aug. 31, 2021

The South Korean squad for the upcoming qualifiers for Asia's top women's football tournament was unveiled Tuesday, highlighted by a trio of veterans plying their trade in England. The Korea Football Association (KFA) announced a 23-player squad for head coach Colin Bell ahead of the qualifying tournament for the 2022 Asian Football Confederation (AFC) Women's Asian Cup. South Korea will be in Group E against Mongolia and Uzbekistan, and only the winner of the group will reach the Women's Asia

Soccer Aug. 31, 2021

Over 130 people have lodged a damages suit against a restaurant franchise that sells "gimbap," or seaweed rice rolls with vegetables, over food poisoning. Park Young-saeng, an attorney at Jungjin law firm, said Tuesday that he filed a damages suit the previous day with the Suwon District Court in Seongnam, a Gyeonggi Province city just south of Seoul, on behalf of 135 victims of food poisoning incidents at two stores of a gimbap chain in the city. The victims have requested a total o

Social Affairs Aug. 31, 2021