South Korea will increase its spending on chips, bio-health and next-generation vehicles by 43 percent next year as the country seeks to nurture new industries, the country's finance minister said Monday. Finance Minister Hong Nam-ki said the government will earmark 6.3 trillion won ($5.4 billion) to support the three key industries in its 2022 budget proposal. The country has set the non-memory chip, bio-health and next-generation vehicle sectors as the "BIG 3" industries where it s

Industry Aug. 30, 2021

South Korean stocks opened higher Monday as investors are relieved by the US Federal Reserve's cautious stance about withdrawing its ultra-easing monetary policy. The benchmark Korea Composite Stock Price Index (Kospi) rose 16.7 points, or 0.53 percent, to trade at 3,150.6 points in the first 15 minutes of trading. The Kospi advanced, following Fed Chairman Jerome Powell's Friday address that the Fed could begin tapering its asset purchases this year, but that the move should be made separatel

Market Aug. 30, 2021

South Korean firms are suffering from the triple whammy of rising raw material costs, a coronavirus resurgence and an interest rate hike, a poll showed Monday. The survey of 310 large and smaller companies, taken by the Korea Chamber of Commerce and Industry (KCCI), showed that 81.6 percent of the respondents to the poll, in which multiple choices were possible, cited an increase in raw material prices as their top concern. The resurgence of COVID-19 infections came next with 80.6 percent, fol

Economy Aug. 30, 2021

The UN nuclear watchdog has detected "deeply troubling" indications that a key nuclear reactor at North Korea's main Yongbyon complex has been in operation since July, including the release of cooling water, an annual report showed Monday. Submitted to the International Atomic Energy Agency's Board of Governors on Friday, the report covered new developments of the five megawatt reactor, from which the North obtained spent fuel rods to extract plutonium -- a fissile material used for a

Foreign Affairs Aug. 30, 2021

With his second goal in three Premier League matches in the young season, Son Heung-min of Tottenham Hotspur has quieted any lingering injury concerns. Son's first-half free kick stood as the winner for Tottenham in their 1-0 victory over Watford at Tottenham Hotspur Stadium in London on Sunday (local time). Son also became the first Asian player in Premier League history to reach the 200th match milestone. Tottenham now sit atop the Premier League tables with three straight wins, all of them

Soccer Aug. 30, 2021

South Korea's top nuclear envoy arrived here Sunday for talks with his US counterparts on ways to resume dialogue with North Korea. Noh Kyu-duk's trip to Washington follows his US counterpart Sung Kim's visit to Seoul last week. "I believe we are now at a critical point to restart the Korean Peninsula peace process," Noh said of the reason for his US visit. "I came to Washington in order to continue the discussions I had with Special Representative Sung Kim in Seoul last week.&q

Foreign Affairs Aug. 30, 2021

The government on Sunday called for all foreigners illegally staying in South Korea to receive COVID-19 vaccines, saying that it will not lead to deportation or other immigration measures. Seoul has allowed undocumented foreigners, including those who overstayed their visas, to get the vaccine shots, just like its own nationals, through the reservation procedures under the ongoing national inoculation program. "Even if a foreigner with an unqualified status gets inoculated, there will b

Social Affairs Aug. 29, 2021

A 2.6-magnitude earthquake struck off South Korea's western coast Sunday, the state weather agency said. The quake occurred at 6:47 p.m. in waters 62 kilometers northwest of an island located in Taean, a county in the central South Chungcheong Province, the Korea Meteorological Administration said. "There will be no earthquake damage," the KMA said. (Yonhap)

Social Affairs Aug. 29, 2021

The top diplomats of South Korea and Laos have discussed ways to strengthen cooperation and expand investment during their talks in the Southeast Asian country earlier this week, the foreign ministry said Sunday. The talks between Foreign Minister Chung Eui-yong and his Laotian counterpart, Saleumxay Kommasith, came as Seoul strives to advance its New Southern Policy aimed at deepening diplomatic and economic cooperation with the Association of Southeast Asian Nations (ASEAN). During their tal

Diplomatic Circuit Aug. 29, 2021

North Korea on Sunday stressed its close relations with Cuba and expressed continued support and solidarity on the occasion of the 61st anniversary of the establishment of diplomatic ties. "For the last 60-odd years, the DPRK and Cuba have strengthened and developed the fraternal and comradely relations of mutual support and close cooperation on the sacred road of joint struggle for accomplishing the socialist cause," the North's foreign ministry said on its website. DPRK stands for

North Korea Aug. 29, 2021

South Korea's suicide death rate dropped steadily for over 2013 to 2017, government data showed Sunday. The data compiled by the health ministry and Korea Foundation for Suicide Prevention showed that 22.8 out of 100,000 South Koreans took their own lives in 2017, dropping from 24.4 in 2016. The country's suicide rate fell gradually from 27.4 out of 100,000 in 2013 to 25.9 in 2014 and 25.4 in 2015. The total number of suicide deaths declined for five straight years since 2013, when it stood at

Social Affairs Aug. 29, 2021

Industrial accidents at workplaces caused an estimated loss of nearly 30 trillion won ($25.6 billion) last year, data showed Sunday, with the country seeking to impose heavy punishment on employers in the event of workplace disasters starting next year. The losses caused by industrial accidents were estimated at 29 trillion won in 2020, up 8.5 percent from a year earlier, according to the data compiled by the Ministry of Employment and Labor. The total number of deaths from industrial accident

Economy Aug. 29, 2021

Air Force Chief of Staff Gen. Park In-ho has signed a deal with the chief of the US space operations and agreed to form a joint consultative body on space policy to strengthen cooperation, his office said Sunday. During his visit to the Air Force Space Command in Colorado, Park signed a memorandum of understanding with Gen. John Raymond on the formation of a joint space policy consultative body on Friday (US time), becoming official partners in space security cooperation. The Air Force plans t

Defense Aug. 29, 2021

South Korean stocks are likely to move in a tight range next week as investors' profit-taking mode may be balanced against the US Federal Reserve chairman's dovish comments. The benchmark Korea Composite Stock Price Index (Kospi) closed at 3,133.9 points Friday, up 2.4 percent from a week ago. The weekly gain came as investors bet that the US Federal Reserve would not hurry its timeline for tapering its stimulus and policy interest rates in the Jackson Hole meeting that took place Friday (US t

Market Aug. 29, 2021

South Korea's top nuclear envoy is set to depart for the United States on Sunday for talks on efforts to resume dialogue with North Korea, the foreign ministry said. Noh Kyu-duk's four-day trip to Washington comes after his US counterpart Sung Kim's visit to Seoul last week, during which the two discussed humanitarian aid to the North amid heightened tensions over Pyongyang's protest against military exercises between the South and the US During his trip, Noh plans to meet officials from the S

Diplomatic Circuit Aug. 29, 2021