The average sales price of apartments in Seoul has nearly doubled under the Moon Jae-in government, a civic group said Wednesday. The Citizens' Coalition for Economic Justice announced the results of its study that has tracked the prices of 115,000 units in 75 apartment complexes since President Moon took office four years ago. The average price of a 99-square-meter apartment in Seoul rose to 1.19 billion won ($1.04 million) from 620 million won from May 2017 to May 2021. The rise in apartmen

Social Affairs June 23, 2021

The mother-in-law of former Prosecutor General Yoon Seok-youl, one of the prospective presidential candidates for the conservative bloc, has been cleared of fraud charges, police said Wednesday. Yoon's mother-in-law, surnamed Choi, was accused of embezzling entrusted shares of a columbarium business and taking over the control of the entity from the rightful owner. The 75-year-old was also suspected of forging a balance sheet as if she had around 35 billion won ($31 million) deposited at a ban

Politics June 23, 2021

South Korea's oceans ministry said Wednesday it plans to speed up efforts to cut the emissions of greenhouse gases from older ships in line with new environmental regulations from an international body. Last week the International Maritime Organization (IMO) announced its plans to adopt tougher environment rules on ships built before 2013, according to the Ministry of Oceans and Fisheries. Previously, the restrictions on greenhouse gases from ships were applied to those built after January 201

Industry June 23, 2021

Another extra budget under review to support the pandemic-hit people may reach some 30 trillion won ($26.5 billion), the country's chief economic policymaker said Wednesday. The government is planning to create this year's second extra budget with excess tax revenue as it seeks to underpin an economic recovery and minimize the fallout of the pandemic. Finance Minister Hong Nam-ki told a parliamentary meeting that another extra budget would be below some 32 trillion won, which is roughly equal

Economy June 23, 2021

South Korea's antitrust regulator said Wednesday it has provided a record 1.75 billion won ($1.5 million) in rewards to a person who reported seven steelmakers' alleged price fixing. The Korea Fair Trade Commission (KFTC) decided in January to fine the country's No. 2 steelmaker Hyundai Steel Co., its smaller rival Dongkuk Steel Mill Co. and five other steelmakers a combined 300 billion won for colluding to fix the purchase price of steel scrap. The commission said it was able to take stern ac

Economy June 23, 2021

China hosted a joint symposium with North Korea to mark the anniversaries of reciprocal visits by North Korean leader Kim Jong-un and Chinese President Xi Jinping, state media said Wednesday. The International Liaison Department of the Chinese Communist Party hosted the joint meeting Monday to celebrate the third anniversary of Kim's visit to China and the second anniversary of Xi's visit to North Korea, the Korean Central News Agency (KCNA) said. Officials of North Korea's Embassy in Beijing

North Korea June 23, 2021

South Korea's daily new coronavirus cases spiked to a two-week high of over 600 on Wednesday as virus variants are emerging as another major challenge in the country's virus fight amid the accelerating vaccine rollout. The country reported 645 new cases, including 605 local infections, raising the total caseload to 152,545, the Korea Disease Control and Prevention Agency (KDCA) said. The country added one COVID-19 death, raising the death toll to 2,007. The fatality rate came to 1.32 percent.

Social Affairs June 23, 2021

Park In-bee has accomplished a lot in her LPGA Hall of Fame career, but the gold medal from the 2016 Rio de Janeiro Olympics occupies a special place in her heart. Now on the verge of qualifying for her second straight Olympics, Park can't wait to have that experience again. "I've achieved a lot in golf, won a lot of majors, won a lot of tournaments, but winning the gold medal was something really different," Park said at Atlanta Athletic Club in Johns Creek, Georgia, on Tuesday (loc

Olympic Games June 23, 2021

South Korean stocks opened higher Wednesday, tracking overnight gains on Wall Street that stemmed from the Fed's comments that support its accommodative policy. The benchmark Korea Composite Stock Price Index (Kospi) rose 10.73 points, or 0.33 percent, to 3,274.61 points in the first 15 minutes of trading. Stocks got off to a strong start, following Fed Chairman Jerome Powell's reassurance that the recent inflation rate has grown faster than expected but will likely stabilize. Overnight, the

Market June 23, 2021

Chipmakers worldwide will break ground on 29 new semiconductor fabrication plants (fabs) by 2022, including two in South Korea, a report showed Wednesday, as they try to meet rising demand. Semiconductor firms will start the construction on 19 new high-volume fabs by the end of this year and another 10 in 2022, according to SEMI, a global industry association representing companies in the electronics design and manufacturing supply chain. "Equipment spending for these 29 fabs is expected

Industry June 23, 2021

South Korea said Wednesday it has agreed to additionally contribute $2 million to funds operated by the European Bank for Reconstruction and Development (EBRD) in a bid to boost cooperation with the lending body. The agreement was reached after Finance Minister Hong Nam-ki and EBRD President Odile Renaud-Basso held a virtual meeting Tuesday, according to Seoul's finance ministry. Under the agreement, South Korea will additionally contribute the money to two EBRD trust funds designed to support t

Economy June 23, 2021

E-Mart24 Inc., the convenience store arm of South Korean retail giant Shinsegae, said Wednesday it will open its first store in Malaysia this week as part of its overseas push. The 257-square-meter outlet, located in an office district in the Malaysian capital of Kuala Lumpur, is slated to open Thursday, E-Mart24 said. E-Mart24 said it has signed a "master franchise" contract with local food and distribution investment firm United Frontiers Holdings (UFH) for its foray into the South

Economy June 23, 2021

South Korea's market for carbonated water expanded nearly 29 percent over the past five years amid growing consumer interest in low-calorie drinks, a state food trade firm said Wednesday. The volume of carbonated bottled water in Asia's fourth-largest economy came to 24.3 million liters in 2020, up 28.6 percent from five years earlier, the Korea Agro-Fisheries & Food Trade Corp. said, citing a report from market researcher Euromonitor. Euromonitor has projected local sales of carbonated bo

Economy June 23, 2021

South Korea's top nuclear negotiator stressed Tuesday the importance of resolving the North Korean nuclear issue through dialogue and diplomacy, casting it a great challenge to international security beyond the Korean Peninsula. Noh Kyu-duk, special representative for Korean Peninsula peace and security affairs, made the remark in a videoconference co-hosted by the French Institute for International and Strategic Affairs and the South Korean Embassy in France, as he explained Seoul's efforts to

Foreign Affairs June 22, 2021

Seven American service members and a family member stationed in South Korea have tested positive for the new coronavirus, US Forces Korea said Tuesday. Four service members at Camp Humphreys in Pyeongtaek, some 70 kilometers south of Seoul, and two soldiers stationed at Camp Casey in Dongducheon, north of Seoul, tested positive on June 17 and 18 after coming into contact with individuals who had recently tested positive for the virus. One service member, also from Camp Humphreys was confirmed

Social Affairs June 22, 2021