South Korean stocks rose for a second straight session Tuesday after choppy trading, backed by strong advances by large tech companies. The Korean won increased against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) added 14.1 points, or 0.44 percent, to close at 3,237.14 points. Trading volume was moderate at about 643 million shares worth some 12.3 trillion won ($10.7 billion), with losers outnumbering gainers 581 to 270. Foreigners bought a net 663 billion won, whil

Market Aug. 3, 2021

First Vice Foreign Minister Choi Jong-kun will visit Iran to attend the presidential inauguration of Ebrahim Raisi and for talks with his counterpart later this week, the foreign ministry said Tuesday. On Thursday, Choi is set to attend the inauguration ceremony for Raisi, the former chief justice who won the presidential election in June to succeed Hassan Rouhani. During his stay in Tehran, Choi will also meet his counterpart, Abbas Araghchi, to discuss bilateral relations and other issues, th

Foreign Affairs Aug. 3, 2021

TOKYO -- Having become the second-only South Korean gymnast to win a gold at the Olympics, one may assume Shin Jea-hwan, men's vault gold champion at the Tokyo Games, has had all the luck he could get throughout his athletic journey. Shin, 23, however, is said to have survived a traumatizing back injury during high school, which almost brought his competitive gymnast career to an end. "I don't want to talk about that," Shin said, attempting to shy away from the topic when asked by re

Olympic Games Aug. 3, 2021

A pair of paintings disgracing the wife of leading conservative presidential hopeful Yoon Seok-youl have been whitewashed from the walls of a bookstore in central Seoul after they drew criticism of misogyny. Two paintings on the outer walls of the used bookstore in the district of Jongno were covered over in white paint Monday afternoon a few days after grabbing headlines for their disparaging depiction of Kim Keon-hee, wife of the former prosecutor general currently leading most presidential o

Politics Aug. 3, 2021

Incheon International Airport, the main gateway to South Korea, has handled more than 50 million tons of cargo since its opening 20 years ago, its operator said Tuesday. The cumulative amount of cargo handled at the airport, west of Seoul, exceeded the 50 million ton mark last Tuesday as a Korean Air plane transported 70 tons of cargo to Atlanta, according to the Incheon International Airport Corp. and the land ministry. The airport's cumulative cargo handling topped 10 million tons in 2006, 2

Social Affairs Aug. 3, 2021

At Olympic Games, there is a huge difference in third place and fourth place, as a medal is tangible evidence of success in the sporting world. The tiniest margins of time or distance are powerful enough to decide an athlete's fate. A total of 10 South Korean athletes or teams have just missed the medal podium at the ongoing Tokyo Olympics as of Tuesday, while the country has a total of 19 medals -- six golds, four silvers and nine bronzes. Woo Sang-hyeok cleared 2.35 meters in the men's high

Olympic Games Aug. 3, 2021

A civilian worker for the military was indicted on suspicion of using insider information for real estate speculation, the defense ministry said Tuesday. The indictment came after 22 military-related people were investigated for real estate speculation suspicions after a massive speculation scandal involving the state housing developer, Korea Land and Housing Corp. (LH), sparked public fury. The 21 others were cleared of charges, the ministry said. The indicted civilian worker was accused of

Defense Aug. 3, 2021

President Moon Jae-in said Tuesday it has become an "inevitable duty" during the remainder of his tenure to protect people's lives with a focus on curbing the COVID-19 spread and improving their livelihoods. Another key task is preparing for South Korea's future in connection with the fourth industrial revolution and climate change, he said at the start of a weekly Cabinet meeting. "I feel a great sense of responsibility," he said. Moon was presenting major policy goals fo

Politics Aug. 3, 2021

South Korean boy band SHINee topped a key music chart in Japan with its latest Japanese-language EP "Superstar," the group's agency said Tuesday. The five-track album, released on July 28, ranked No. 1 on Oricon's weekly album chart after reaching number one on the daily album chart, according to SM Entertainment. It marks the group's fourth No. 1 on the weekly chart after "I'm Your Boy," "D×D×D" and "SHINee: The Best from Now On" released be

K-pop Aug. 3, 2021

K-Bank, South Korea's first internet-only bank, said Tuesday it turned a profit for the first time since its inception in the second quarter of the year on robust growth in customers and deposits. Net profit stood at 3.9 billion won (US$3.4 million) in the April-June period, a sharp turnaround from a net loss of 12.3 billion won three months earlier, K-Bank said in a regulatory filing. It represents the online lender's first quarterly profit since its launch in April 2017. In the first half o

Market Aug. 3, 2021

Twenty-nine service members of the Cheonghae unit, which reported a massive COVID-19 outbreak while on missions in Africa, tested negative and will exit quarantine Tuesday, the defense ministry said. Last month, a total of 272 sailors of the 301-strong Cheonghae unit tested positive for the new coronavirus while serving missions in waters off Africa, and all of the unit members returned home weeks ahead of schedule. Upon arrival, the 29 people who initially tested negative were sent to a Navy

Politics Aug. 3, 2021

The Cabinet on Tuesday passed a revised presidential decree to allow more national holidays subject to the government's alternative statutory holiday program. According to the Ministry of Personnel Management, the Cabinet endorsed the decree that newly adds four national holidays -- March 1 Independence Movement Day, Aug. 15 National Liberation Day, National Foundation Day (Oct. 3) and Hangeul Day (Oct. 9) -- to a list of legal holidays subject to the government's alternative holiday program.

Politics Aug. 3, 2021

TOKYO -- After finishing out of medal in the Tokyo Olympic men's golf tournament on Sunday, South Korean golfer Kim Si-woo spoke for many golf fans from the country when he said he hoped to see a podium sweep from the women's event. South Korea will have four of the world's top-10 female golfers in the field of 60 at Kasumigaseki Country Club in Saitama, north of Tokyo, starting Wednesday, The quartet includes Park In-bee, the 2016 gold medalist and an LPGA Hall of Famer. She comes in ranked N

Olympic Games Aug. 3, 2021

The number of South Korean companies affiliated with large business groups under tight supervision rose by 41 in the May-July period, data showed Tuesday, as conglomerates expanded their business scopes to search for new growth engines. The total number of affiliates on the Korea Fair Trade Commission's (KFTC) list reached 2,653 as of end-July, compared with 2,612 three months earlier, according to the data compiled by the antitrust regulator. Major business groups newly launched or acquired 1

Economy Aug. 3, 2021

Kolon Industries Inc., South Korea's top textile and chemical materials maker, said Tuesday its second-quarter earnings more than quadrupled from a year earlier on brisk demand for its products. Net income stood at 77.7 billion won ($67.5 million) in the April-June period, up 358 percent from a year earlier, the company said in a regulatory filing. Sales rose 25.7 percent on-year to 1.18 trillion won, with operating income surging some 182 percent to 103.6 billion won. It marks the first time

Industry Aug. 3, 2021