South Korea's financial watchdog said Wednesday that it will continue to prioritize a "soft landing" for soaring household debt and bringing debt growth down to pre-pandemic levels next year. In a report laying out its policy goals for next year, the Financial Services Commission (FSC) also said that it will "preemptively" manage vulnerability risks facing the financial sector amid worries that snowballing corporate and household debt and rising interest rates could hurt the

SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., said Wednesday it has signed an initial pact with Chinese electric vehicle maker BYD Auto Co. for EV battery development.SsangYong Motor on Tuesday signed a memorandum of understanding with BYD Auto to develop car batteries and produce battery packs for its models, the company said in a statement. "The partnership with BYD will pave the way for the company's plan to transform itself into an EV maker

The opening of the musical version of “The Lion King” will be delayed, as performers and crew face difficulties in flying into Korea after several airlines abruptly canceled flights bound for the country, according to S&Co, the production company of the international tour. “Our performance team members’ entry (into Korea) has been delayed due to COVID-related travel problems,” S&Co said in a statement released Tuesday. The statement further read that thos

South Korean over-the-top service provider Watcha is set to air its first original music variety show “Double Trouble,” featuring duets by 10 K-pop stars. “Double Trouble” presents a series of performance battles in which 10 male and female idol members compete for the title of “Best Duo.” During its 10-episode run, the artists will pair up with different partners to put on five performances. “K-pop idols often take to the stage together for special

South Korea called on the United States Wednesday to quickly start talks to revise the Section 232 tariff rules on Seoul's steel exports.South Korean Industry Minister Moon Sung-wook made the request to his US counterpart, US Secretary of Commerce Gina Raimondo, in phone talks, the ministry said. "Moon told Raimondo that Washington should launch negotiations on the issue as soon as possible as it is related to a recovery in the global supply chain," the ministry said. South Korea has

Ruling party presidential candidate Lee Jae-myung pledged Wednesday to complete the country's first moon landing project by 2030 if elected in the March presidential poll. The Democratic Party (DP) nominee also said he will establish a new position of deputy prime minister for science, technology and innovation to oversee planning and budget issues in the science industry. The plans, which were unveiled during a press conference at the DP headquarters, are part of Lee's top seven campaign pled

The volume of cargo processed at South Korean seaports fell nearly 2 percent in November due to delayed handling at major ports, government data showed Wednesday. Cargo handled at the country's ports stood at 128.5 million tons last month, down 1.9 percent from a year earlier, according to the data by the Ministry of Oceans and Fisheries. Handling of export-import cargo also declined 1.9 on-year to 108.8 million tons. Container cargo decreased 7.4 percent on-year to 2.39 million twenty-foot-e

South Korea on Wednesday unveiled a plan to offer $15 million to Africa for equitable access to COVID-19 vaccines during US-hosted virtual ministerial talks on responses to the omicron variant, the foreign ministry said. Seoul's Foreign Minister Chung Eui-yong attended the session involving top diplomats from some 10 countries, as well as the African Union (AU) and the European Union. It was hosted by US Secretary of State Antony Blinken. At the session, Chung said Seoul will make the financia

North Korea issued a cold wave alert Wednesday, forecasting strong winds and heavy snow over the weekend amid keen attention from the outside world about whether leader Kim Jong-un will again visit Mount Paektu on the occasion of the 10th anniversary of his ascension to power. Extreme cold weather is expected from Friday night to Sunday, with the temperature in the region of Mount Paektu, the highest peak on the Korean Peninsula, likely to drop to as low as minus 35 C to 40 C on Saturday mornin

South Korea's military on Wednesday reported 24 additional COVID-19 cases, including 22 breakthrough infections, raising the total caseload among its personnel to 3,001. Of the new cases, 13 are from the Army, four from the Navy, four from the Air Force, two from the Marine Corps and one from a unit under the direct control of the defense ministry, the ministry said. Currently, 297 military personnel are under treatment. Of the total military caseload, 1,223 are breakthrough cases. (Yonhap) &n

Ruling party presidential candidate Lee Jae-myung and his main opposition rival Yoon Suk-yeol are still running neck-and-neck, a survey showed Wednesday, after they apologized for controversies related to their family members. A Realmeter poll of 1,027 people, which was conducted on Monday and Tuesday, put Yoon ahead with 40.1 percent against Lee's 37 percent. The gap was within the margin of error of plus or minus 3.1 percentage points at the 95 percent confidence level. The Realmeter poll wa

"Spider-Man: No Way Home," the latest Spider-Man series film, has topped a cumulative 3 million admissions at the fastest pace in the pandemic era, box office data showed Wednesday. The blockbuster attracted 196,000 people on Tuesday, bringing its combined total to 3.18 million on the seventh day following its release, according to the data by the Korea Film Council. Its pace outmatched that of the biggest pandemic-era hit, "Deliver Us From Evil," which needed 11 days to ac

South Korea has completed the deployment of upgraded reconnaissance vehicles with stronger capabilities to counter chemical and biological security threats, the state arms procurement agency said Wednesday. The chemical, biological, radiological and nuclear (CBRN) reconnaissance vehicle is able to monitor hazardous airborne agents from a long distance and can send a CBRN warning via a military communications line, the Defense Acquisition Program Administration said. The vehicle has been develo