Sim Sang-jeung, the presidential candidate of the minor progressive Justice Party, said Monday she will make the military switch to a full volunteer system from 2030 and reduce the number of standing troops if elected president. Currently, all able-bodied South Korean men are mandated to serve about two years in the military. Sim vowed to change the country's compulsory military draft system if she wins the presidential election in March next year. "Under the current compulsory system, t

Small business revenue has returned to pre-pandemic levels after the government kicked off the “living with COVID-19” scheme designed to gradually open up the economy, according to new data. According to Korea Credit Data’s database on Monday, revenue from small businesses during the first week of November saw a 10.4 percent jump on average compared to the same time one year ago. It was also up 2.6 percent compared to the previous week. Compared to the same week in 2019, befo

Edible insects like fly larvae, crickets, and mealworms are hailed as a healthy and more sustainable source of protein for the mankind. But not many people seem to find them appetizing enough, at least not yet, to include them in their regular diet. For dogs and cats, it’s a different story. “Our products are loved by pets as they taste nutty and also like cheese biscuits” Kim Tae-hoon, the CEO of Foody Worm, which sells insect-based pet food, told The Korea Herald. The

Solus Advanced Materials is extending its business to North America having secured a copper foil production base in Canada. The South Korean battery foil maker previously named Doosan Solus announced Monday that it has purchased a copper foil plant site with an annual production capacity of 60,000 tons in Quebec, Canada. The factory was previously a Solus property. Established in 2001 by the firm’s European unit Circuit Foil Luxembourg, it ceased operation in 2014, when Solus was acquir

Government rules out activating emergency response despite scarce beds

Yoon Seok-youl, the presidential nominee of the main opposition People Power Party (PPP), is leading his opponent Lee Jae-myung of the ruling Democratic Party (DP) by some 13 percentage points in a hypothetical multicandidate race, a survey showed Monday. Yoon garnered 45.6 percent support against Lee's 32.4 percent in the survey conducted on 1,009 adults nationwide on Friday and Saturday, according to the Korea Society Opinion Institute (KSOI). Yoon's rating rose 2.6 percentage points from th

South Korea’s financial watchdog imposed a fine of 23.6 million won ($20,000) on Naver Financial and issued sanctions on its executives, citing the lack of security of its e-payment system and other violations tied to management, reports said Monday. According to local reports, the Financial Supervisory Service earlier this month slapped a fine on Korean portal giant Naver’s wholly owned financial technology unit and issued “warnings,” the lowest level of its five-tier s

Taihan Cable & Solution, a maker of electric wires and steel products for electricity and communication, has clinched a $60 billion deal to supply medium voltage cables in California, the company said Monday. The contract, which calls for provision of the cables over the next three years until October 2024, is another megasized order the Korean firm has received in the US, following a $42 billion deal for ultrahigh voltage cables in September.  It puts the total orders the company has

SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., said Monday its third-quarter net losses narrowed from a year earlier due to self-help measures. SsangYong Motor's net losses narrowed to 59.29 billion won ($50 million) for the three months ended in September from 102.44 billion won in the year-ago period, the company said in a statement. "An extended global chip shortage affected vehicle production and sales but employees' acceptance of pay cuts

His call for relief grant is at the center stage of November budget talks

Cheong Wa Dae on Monday said that discussions are still underway to hold a trilateral summit between South Korea, China and Japan this year, denying a recent Japanese news report that Seoul has asked to postpone the meeting again. The three neighboring countries have held a summit every year under a rotation system, but last year’s Seoul meeting was canceled due to the coronavirus pandemic. With less than two months left in the year, expectations are low that a meeting will take place

Over 71,000 units of electric vehicles have been sold in South Korea so far this year, nearly doubling the previous year’s record, a market data showed. According to Korea Automotive Technology Institute, the accumulated domestic sales of EVs up to the end of September came in at 71,006 units, compared to the 36,268 units sold during the corresponding period last year. The domestic sales volume places South Korea as No. 7 globally, Katech said. The world’s No. 1 market, up to

South Korea said Monday it plans to provide $100 million in financing for a joint project with multilateral lenders to help Bangladesh recover from the fallout of the pandemic. South Korea's Economic Development Cooperation Fund (EDCF) will offer its low-interest rate loans for the $700 million joint project to support Bangladesh's economy, the finance ministry said. The project will also be supported by the Asian Development Bank with $250 million, the Asian Infrastructure Investment Bank (AI

South Korea has lowered Indonesia's planned payment for its share of the cost for a joint fighter development project, as the warplane has been designated as "defense goods" eligible for a tax exemption, the state arms procurement agency said Monday. Accordingly, the Defense Acquisition Program Administration (DAPA) said Indonesia is to pay 1.6 trillion won ($1.35 billion) in total, down 100 billion won, for the 8.1 trillion-won project, called KF-X. DAPA announced the change after i