South Korea has discovered its first cases of COVID-19’s omicron variant, the Korea Disease Control and Prevention Agency said Wednesday evening. The first cases of the omicron variant were confirmed in a couple in their 40s who recently traveled to Nigeria and a man in his 30s whom they met after returning. The couple returned to Korea on Nov. 24 after staying in Nigeria from Nov. 14 through 23. Their PCR tests, taken on the day of their arrival, came back positive the next day. As

Kakao Corp. will acquire a majority stake of live commerce startup firm Grip Co., according to sources Wednesday. The South Korean tech giant plans to acquire a 48 percent stake of the company for 180 billon won ($152.5 million), sources familiar with the deal said. Established in 2018, the company currently operates its namesake live commerce mobile application, which allows users to sell products online. The number of sellers on Grip stood at some 12,000 as of April, and the volume of tr

 President Moon Jae-in stressed Wednesday that the alliance between South Korea and the United States serves as a key pillar in maintaining peace and stability of the Korean Peninsula and Northeast Asia. At a dinner reception celebrating the bilateral alliance in Seoul, Moon said that the alliance served as the foundation for "South Korea's security and diplomacy" while describing it as the "linchpin of peace and stability of the Korean Peninsula and Northeast Asia." M

In the cutthroat K-pop industry, making one’s mark as a singer is no easy feat. But rookie girl group Ive believes they can make it. Produced by K-pop powerhouse Starship Entertainment, which houses globetrotting acts like boy band Monsta X, the sextet threw their glitzy hats into the ring Wednesday evening with an ambition to follow the footsteps of now-disbanded Sistar and girl group WJSN. The six members -- Yujin, Gaeul, Won-young, Liz, and Leeseo, who are Koreans, and Rei from Jap

The ruling Democratic Party and the main opposition People Power Party reached a tentative agreement Wednesday to pass next year's government budget at 607 trillion won ($515 billion), officials said. The agreement was reached during a bipartisan negotiation meeting headed by Rep. Yun Ho-jung and Rep. Kim Gi-hyeon, floor leaders of the DP and PPP, respectively, along with Finance Minister Hong Nam-ki at the National Assembly earlier in the day, according to ruling party officials. The size of

Outlook on US, China, Japan revised downward

Growing fear over the omicron variant and sooner-than-expected tapering by the US Fed are weighing on the South Korean stock market, analysts said Wednesday, although some say it will take longer to gauge how the impact will play out here. The nation’s main bourse Kospi hit the lowest mark of the year on Tuesday, as short sellers dumped about 1 trillion won ($848 million) on the Kospi and the junior, tech-heavy Kosdaq in their second largest sell-off this year. Stocks rebounded Wednesd

  South Korean steelmaker Posco Group is pushing to establish a holding company to make a breakthrough in business expansion and eventually to boost its market valuation, industry sources said Wednesday. Posco, the country’s sixth-largest conglomerate in terms of assets, has been drawing a downward graph in stocks despite its record-high business result this year due to the booming steel industry during pandemic.  According to sources, Posco Group will table the issue of an es