Universal Music Korea’s first K-pop act aims to stand out in competitive landscape

Cardinal Andrew Yeom Soo-jung on Tuesday retired as the Catholic archbishop of Seoul, after some 10 years of service in the post. Yeom, who also held the post of apostolic administrator of the diocese, Pyongyang of North Korea, will soon leave Myeongdong Cathedral and move to Bishop’s Hall at the Catholic University of Korea Songsin Campus in Seoul where many of the country’s priests are educated. “Even after I leave the diocese, I will be grateful for every moment and pra

South Korea's top economic policymaker said Tuesday the country's snowballing household debt is posing limited risks to the economy, given borrowers' capability to repay debt and banks' financial health. Finance Minister Hong Nam-ki made the remarks during his meeting with the delegation of S&P Global Ratings, led by Kim Eng Tan, senior director of Asia-Pacific sovereign ratings at the global credit appraiser. The delegation kicked off its annual consultations with the Korean government Mo

The National Assembly on Tuesday approved a revision to the Income Tax Act that calls for easing a threshold of capital gains tax exemption on real estate sales for those with only one home. The bottom limit of the assessed value of real estate properties subject to capital gains tax will be raised from 900 million won ($756,000) to 1.2 billion won for owners of only one home following approval from the parliament's strategy and finance committee. The limit was set at 900 million won since 200

SEJONG -- South Korea’s industrial output and facilities investment declined on-month, though the two sectors also recorded positive growth on-year, reflecting economic uncertainty under constant pressure of the pandemic, data showed Tuesday. The industrial output decreased by 1.9 percent in October from a month earlier, which marked the highest negative growth since it posted minus 2 percent in April 2020. Production in the manufacturing segment, including automobiles and metals, decrea

US permanently stations previously rotational units in S. Korea

Amid the global transition to electric vehicles, EV makers are moving fast to set up charging infrastructure in Korea not only to increase their sales but to gain dominance in a country where a no clear market leader has surfaced yet. For automakers, building recharging points, which are still in the nascent stage here in terms of both numbers and maintenance, has become pivotal to overcome EVs’ general and biggest weakness –- a short driving range.  According to the governmen

Expectations are high for business opportunities in the Thatluang Lake Special Economic Zone, ahead of a bullet train launch next month to connect Laos and China

Prosecutors on Tuesday indicted the mayor of Seongnam, south of Seoul, on charges of providing special favors to a police officer in return for receiving insider information about a police investigation into her alleged violation of the Political Funds Act. Seongnam Mayor Eun Soo-mi is accused of giving a 450 million won ($379,000) streetlight replacement project to an unidentified company in October 2018 at the request of the police officer who was in charge of a police probe into her case. A

Mnet’s upcoming dance competition show “Street Dance Girls Fighter” is aiming to continue growing interest in dance by reviving the premise of the cable channel’s hit program “Street Woman Fighter,” this time with talented teenage female dance crews. The program will feature dance crews comprised of high school girls competing to win a 10 million-won ($8,420) prize. Top-tier female crews -- YGX, Lachica, Want, WayB, Coca N Butter, Prowdmon, HolyBang and Hook

South Korea has shipped 539,000 doses of AstraZeneca's COVID-19 vaccine to the Philippines to help the Southeast Asian nation address its vaccine shortages, Seoul's foreign ministry said Tuesday. An airplane carrying the jabs departed from Incheon International Airport, west of Seoul, earlier in the day and will arrive in the Philippines on the same day, the ministry said. South Korea has already shared coronavirus vaccine shots with three other countries -- Vietnam, Thailand and Iran -- as it

As Korean webtoons enjoy new heights of popularity, being turned into drama series and films, the Korean webtoon industry is seeking to take down illegal websites featuring pirated webtoons. Seven leading webtoon platforms -- Kakao Entertainment, Kidari Studio, Lezhin Entertainment, Naver Webtoon, Ridi, Topco and Toomics -- announced Tuesday that they would take collective action to fight the illegal distribution of webtoons. The companies seek to protect the authors’ desire to create ori

Education Ministry continues in-person class scheme despite increase in confirmed cases among students around Seoul

Korea University fails to obtain high school records of ex-justice minister’s daughter

South Korean stocks tumbled to a 52-week low Tuesday as concerns over the potential impact of the omicron coronavirus variant continued to weigh on investor sentiment. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) plummeted 70.31 points, or 2.42 percent, to close at 2,839.01 points. Trading volume was high at about 968 million shares worth some 19.2 trillion won ($16.2 billion), with losers outnumbering gainers 874 to 48. Foreigners sold a