The National Museum of Modern and Contemporary Art, Korea, said Friday that it will hand over the bequest from the late Samsung Group Chairman Lee Kun-hee to the new hall that is scheduled to be built in 2027 in central Seoul. In the meantime, it is examining and cataloging the works. “We are undertaking thorough research on 1,488 artworks from the Lee Kun-hee collection, such as the names and materials of the works and year of creation. We will finish registering them next year and sha

South Korea’s domestic demand is on its track for a recovery in line with the rebound in exports and the adoption of the “Living with COVID-19” scheme, the Ministry of Economy and Finance said in its monthly report. “The Korean economy is recovering amid an ongoing improvement in exports and the job market,” the ministry said in a monthly report. “Domestic demand is likely to gradually rebound as the in-person service sector recovers due to eased quarantin

North Koreans should make the best use of the remainder of the year to support the regime’s economic plan, the official newspaper Rodong Sinmun said Friday, as the North faces a growing economic crisis. “Those who are falling behind what they are expected to do should come to their senses and respond to what our revolution demands: bold action,” the newspaper said, referring to the five-year initiative that national leader Kim Jong-un revealed in January to jump-start the econ

Morgan Stanley Capital International said Friday that it has added six South Korean stocks, including local gaming giants Kakao Games and Krafton, to its regional emerging market index via November’s quarterly review. According to the capital market indexes provider, the rest of the list includes L&F, a battery materials manufacturer, fashion company F&F, diagnostics company SD Biosensor and Iljin Materials, an electronics components manufacturer. At the same time, it took thre

“Perhaps Love,” a new movie directed by Cho Eun-ji and starring Oh Na-ra, offers a different take on relationships than most South Korean films. Oh’s character, Mi-ae, secretly dates Soon-mo (played by Kim Hee-won), a close friend of her ex-husband, Hyun (played by Ryoo Seung-ryo). Soon-mo, a publisher, works with Hyun, a writer struggling to overcome writer’s block. Oh explained during an interview with a group of reporters via Google Meet that she hadn’t exper

A 2014 meeting between Samsung Electronics Vice Chairman Lee Jae-yong and Gene Sykes of Goldman Sachs is drawing attention, sources said Friday, in connection with Lee’s alleged plans to inherit his father’s leadership role at Samsung. During a court hearing on Thursday, an email written by Sykes, then-head of mergers and acquisitions at Goldman Sachs, was disclosed by Samsung’s lawyers as evidence for the defense. They say it counters prosecutors’ claims that Lee discus

South Korean stocks surged by 1.5 percent Friday as investors scooped up oversold stocks after the recent slide. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 43.88 points, or 1.5 percent, to close at 2,968.8 points. Trading volume was moderate at about 655 million shares worth some 12.3 trillion won ($10.4 billion), with gainers outnumbering losers 766 to 118. Foreigners bought a net 430 billion won, while retail investors sold 1

Cheong Wa Dae's National Security Office (NSO) and the Coast Guard were ordered Friday to provide undisclosed information in connection to North Korea's killing of a South Korean fisheries official near the inter-Korean sea border in September last year to his family. The Seoul Administrative Court made the ruling in an information disclosure suit launched by the family of the then 47-year-old official, who was fatally shot and then set on fire by North Korean soldiers while on duty near the we

Lee Jae-myung, the presidential candidate of the ruling Democratic Party (DP), said Friday the United States played a part in Korea losing its sovereignty to Japan, as it consented to the colonization in a 1905 secret deal with Japan. Lee made the remarks during a meeting with Sen. Jon Ossoff (D-GA), referring to the Taft-Katsura Agreement between then US Secretary of War William Howard Taft and Japanese Prime Minister Katsura Taro in which the US condoned Japanese rule over Korea at that time.

President Moon Jae-in is set to attend this year’s Asia-Pacific Economic Cooperation summit Friday to meet with 20 other Pacific Rim leaders and discuss a path to recovery from the coronavirus pandemic. APEC members from Pacific Rim nations including New Zealand, Russia, the US and Chile meet annually to ease trade barriers and expand growth. Their economies account for nearly 40 percent of the world’s population and about 60 percent of its gross domestic product. But for a second

Samsung Electronics will overhaul its job ranking system for the first time in five years, Samsung Electronics said Friday. The move is seen as part of Vice Chairman Lee Jae-yong’s plan to create a new Samsung one year after his father’s death. According to the company, the tech giant posted an internal message saying it would revise its evaluation and promotion system. “The change will be completed within this month and an official announcement will be made,” a comp

South Korean steel giant Posco said Friday that it would test the feasibility of a carbon capture and utilization technology that could potentially eliminate 320,000 tons of carbon emissions from steel production. According to the world’s No. 6 steelmaker, the technology, once fully developed, will be applied to coke ovens installed inside its two steel mills -- one in Pohang, North Gyeongsang Province, and one in Gwangyang, South Jeolla Province. Each of the coke ovens emits 30,000-50,0

Aim is alleviating tourism industry recovery costs, spurring inbound travel demand