Lee Jae-myung, presidential nominee for the ruling Democratic Party of Korea, expressed caution toward forming a military alliance among South Korea, the United States and Japan, voicing concerns over Japan being an ally on trust issues. The presidential nominee of the ruling party said in a press conference in Jung-gu, central Seoul, that Japan should be questioned as a trustworthy partner for alliance, citing the historical importance of keeping the Dokdo islets under South Korean sovereignty

Woori Financial takes lead in extending loans to ESG-oriented companies

GS Caltex on Wednesday kicked off a livestreaming service where customers can check out in real-time how their cars are being fixed. According to the South Korean total energy company, the service, dubbed Kixx Live, will broadcast auto inspections live through a YouTube channel open exclusively for each customer. Customers can communicate with mechanics on the channel and watch the video again at any time. “Through Kixx Live, GS Caltex mechanics will communicate live with customers,

Korea Electric Power Corp. and its six power generation subsidiaries on Wednesday announced a gradual but complete exit from coal by 2050. Kepco and the six subsidiaries -- Korea Hydro & Nuclear Power, Korea South-East Power, Korea Midland Power, Korea Western Power, Korea Southern Power and Korea East-West Power -- together discharged 269.6 million tons of carbon in 2018, accounting for a whopping 37 percent of South Korea‘s total emissions. The seven companies’ carbon neut

South Korean stocks slumped more than 1 percent Wednesday amid concerns about the rising inflation pressure. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) decreased 32.29 points, or 1.09 percent, to close at 2,930.17 points. Trading volume was moderate at about 559 million shares worth some 9.5 trillion won ($8 billion), with losers outnumbering gainers 807 to 86. Institutions sold net 236 billion won, while retail investors bought 235 bill

South Korea's central bank chief will hold a meeting with economic experts this week to exchange views on recent economic trends, officials said Wednesday. Bank of Korea Gov. Lee Ju-yeol will meet seven economic experts from major think tanks, including the Samsung Economic Research Institute, at a Seoul hotel Thursday, according to the bank officials. Lee occasionally held the "discussion on economic trends" with experts from various economic sectors, but no such meetings have been

‘Return to normal adds to existing strains for hospitals’

South Korea said Wednesday it can secure a two-and-a half month stockpile of urea solution for vehicles through various means amid a short supply of the key fluid needed in diesel cars to cut emissions. The government said the estimated stockpile is calculated based on planned imports from Australia, Vietnam and China, as well as secured amounts through crackdowns and the military's reserves. "Given the unspecified amount of domestic reserves, there will be no problem in securing urea sol

National Museum of Korea, Museum of Modern and Contemporary Art, Korea to hand over Lee family donations to new entity

South Korean companies are given far fewer tax breaks compared to their counterparts in Japan and the US, a report said Wednesday. According to an analysis by the Korea Economic Research Institute, the corporate tax deduction rate in South Korea in 2019 was 8.4 percent, while the rate in Japan was 24.8 percent and 18.6 percent in the US. This means that for every 100 won of tax paid, firms in the US get 18.6 won back and 24.8 won back in Japan, while in South Korea, corporations only get 8.4

The steelmaking conglomerate Posco has promised to create 25,000 new jobs over the next three years as part of the government's youth job and education support project, the Prime Minister's Office said Wednesday. Posco and its affiliates will hire 14,000 people annually for three consecutive years and run support programs for partners and startups to recruit 11,000 people over that period. The plan was revealed during a partnership announcement event between Posco and the Prime Minister's Offi

South Korea and a group of Latin American countries agreed to respond preemptively to the climate change crisis and seek ways to deepen cooperation in green sectors, the foreign ministry said Wednesday. At the Korea-Pacific Alliance Green Economy Forum, held both online and offline in Seoul, the two sides discussed cooperation on the hydrogen economy and other energy transition efforts, as they acknowledged the need for a shift to a low-carbon and eco-friendly economy, according to the ministry

Hollys Coffee’s Chief Financial Officer Lee Jong-hyun has been named the new CEO of the coffee chain, its operator KG Hollys F&B announced Wednesday. Lee was named the brand’s CFO last year, when KG Group acquired the franchise to bring it under its food and beverages unit, which is now KG Hollys F&B. “Our goal is not to become the brand with the most stores, but a coffee franchise with a low closure rate. We will strengthen our dessert and deli menus, as well as f