President Moon Jae-in on Sunday pledged that South Korea will compete the phaseout of coal-fired power generation by 2050 and contribute to achieving carbon neutrality on a global level.  Moon made the remarks as the leaders of the Group of 20 countries gathered for the second day of the Rome summit, their first in-person gathering since the COVID-19 pandemic, with attention focused on whether they will reach a meaningful agreement on how to fight global warming.  "In line with

South Korea and the United States have been discussing the latter's nuclear policy review on "various occasions," a Seoul official said Sunday, amid reports that Washington is mulling a policy shift feared to weaken military deterrence. The Financial Times reported Saturday that US allies have been lobbying President Joe Biden not to alter America's policy on the use of nuclear weapons, amid speculation he is considering a "no-first-use" approach that critics say could embol

The seven-year wait is over. The KT Wiz, once a perennial doormat in South Korean baseball, are now headed to the championship series for the first time. The Wiz shut out the Samsung Lions 1-0 in a tiebreaker game on Sunday to capture the regular season crown in the Korea Baseball Organization. As the pennant winners, the Wiz earned a bye to the best-of-seven Korean Series, which begins on Nov. 14. Starter William Cuevas tossed seven shutout innings and struck out eight on two days' rest, and

Prime Minister Kim Boo-kyum said Sunday it is time for "warm consumption," noting difficulties faced by small business owners amid COVID-19, as South Korea is set to enforce a phased scheme for a gradual return to normal life this week. Kim made the remarks in a Facebook post after he attended an online opening ceremony of the Korea Sale FESTA, an annual nationwide shopping festival, which will kick off its 15-day run on Monday.  "It's time when there is a need for warm con

Vietnam is ready to offer business incentives for South Korean companies that invest in the nation’s sustainable development and digital transformation projects, Vietnamese Ambassador to Korea Nguyen Vu Tung said at the Eurasian Economic and Cultural Forum hosted by The Korea Herald on Wednesday. Delivering the opening remarks at the forum’s third weekly gathering, the ambassador stressed that Vietnam is committed to further improving the nation’s business environment for gl

South Korean drugmakers are at a crossroads on whether or not to continue developing COVID-19 treatments, as vaccination rates rise across the world and the first drug from global pharmaceutical Merck is set to debut soon. Some have already given up. Merck’s recent decision to give away patents related to molnupiravir, which would become the world’s first COVID-19 pill, for developing countries to produce generic drugs, could prompt latecomers to drop out of the race, industry sou

SK Telecom’s nontelecom split-off SK Square will officially launch on Monday, with a focus on semiconductor and new tech businesses, SK Telecom, the world’s largest telecommunication company said Sunday. The split-off will allow the SK Group company to better respond to changing dynamics in the chip sector through strategic investments, which were partly limited under the fair trade law here. Under the restructuring, the first since SKT Telecom was founded in 1984, SK Square will

After a yearlong postponement, the Isang Yun Competition 2021, organized by the Tongyeong International Music Foundation, is underway with the first round of competitions taking place Monday. The annual competition, held in remembrance of the renowned Korea-born composer I-sang Yun (1917-1995), takes place at the coastal city of Tongyeong, South Gyeongsang Province, alternating among three disciplines: cello, piano and violin. This year, the competition is held for the violin discipline, fol

The government will deal sternly with violators of COVID-19 rules during the Halloween weekend and foreigners will be no exception, the interior minister said Sunday. Interior Minister Jeon Hae-cheol issued the warning during a meeting of the Central Disaster and Safety Countermeasure Headquarters, saying Halloween celebrations pose a high risk of additional infections. Halloween falls on Sunday this year. "The government and local governments have been carrying out joint patrols in area

As the South Korean government raised hopes for a gradual return to normal with their “living with COVID-19” scheme, cinemas will see many of the pandemic restrictions lifted starting Monday. From Monday, multiplex operator CGV will be offering incentives for those who have been fully vaccinated in special “vaccine-pass theaters.” “Moviegoers who have been fully vaccinated for 14 days can eat and drink in the theaters, which was strictly prohibited after the outb

Partnered up with SK Innovation, US battery developer charges ahead for “game-changing” energy storage tech

An international consortium including GS Engineering & Construction has been chosen as the winner of Australia’s major road project, worth 3.1 billion Australian dollars (2.7 trillion won), the Korean builder said Sunday. The project is to build a 6.5 kilometer road connecting the Metropolitan Ring Road and the Eastern Freeway in Melbourne, including major bridges and interchanges. Ground was broken for the project on Oct. 28, a GS E&C official said Sunday. It is the Korean

Korean Air has received an “integrated A grade” for its ESG efforts from the nonprofit ESG rating agency Korea Corporate Governance Service.　 The national flag carrier achieved the marks for the second year running, a recent ESG rating report by KCGS revealed. When broken down by category, the airline received an A for corporate governance, an improvement from last year. The higher score was thanks to the separation of the CEO and the board of directors, appointment of a woman ou

  South Korea’s financial authorities have called on local banks to take action to ensure a stable supply of credit loans and tighter supervision of household debts, officials said Sunday.  The policymaking Financial Services Commission and the market watchdog Financial Supervisory Service reportedly advised the nation’s commercial banks to submit the action plans, which can be either monthly or quarterly, for personal unsecured loans. The authorities also ur