A consumer group said on Monday that large automakers should be allowed to enter the secondhand car market where consumers are suffering due to opaque pricing and insufficient after-sales maintenance service. 　Nearly 2.52 million used cars are sold annually in South Korea -- 1.32 times the sales volume of new cars -- and over 55 percent of those sales are direct transactions between individuals. 　The reason direct sales account for a huge chunk of the market is because there is no competitive

Some three-quarters of restaurants say they are experiencing a labor shortage, as young people continue to shun jobs in the service industry while COVID-19 has limited foreign workers from entering the country. According to a report on the labor shortage in the restaurant industry by the Korea Foodservice Industry Research Institute on Monday, 74.9 percent of 207 restaurant owners polled in a September survey said the worker crunch has worsened. Only 4.8 percent said the situation had improved

From the relationship between divorced parents to a gay student who falls in love with a heterosexual teacher, the new rom-com film “Perhaps Love” directed by Cho Eun-ji depicts diverse human connections with a sense of humor. In making this film, actor-turned-director Cho said she focused on making it relatable to the general public. “Instead of focusing on different characters’ relationships and their unique personalities, I tried to focus on how audiences can relate

Korbit, a local cryptocurrency exchange, said Monday that it adopted a “play to earn” scheme as part of efforts to upgrade its nascent metaverse platform. Play to Earn, commonly known as P2E, is a system in which players can gain rewards for playing games within the platform. Korbit’s attempt to incorporate P2E is a move meant to attract not only cryptocurrency traders, but also to reflect growing interest in the metaverse. “In Korbit Town, people without any exposur

South Korea’s initial public offering market is expected to regain momentum as a number of big players are set to go public next year. But the stock market needs to gain its upward momentum first to revive investor interest, according to investment banking sources and market experts Monday. Some mega deals, such as lithium-ion battery maker LG Energy Solution, local builder Hyundai Engineering, and online grocery delivery platforms SSG.com and Market Kurly, are getting ready for listings

Hospitality industry faces generational shift with ultraluxury hotels replacing decades-old business hotels

In a bid to ease its urea shortage, South Korea said Monday it plans to import 200 metric tons of the main component of diesel exhaust fluid from Vietnam next week, and fly in an additional supply from Australia. According to the Ministry of Economy and Finance, the government has decided on how much powdered urea it plans to import from the Southeast Asian nation, while adding 7,000 liters to the initial 20,000 liters of solution it seeks to fly in from Australia. On top of all that, it is cu

President Moon Jae-in on Monday instructed his aides to use diplomacy and public reserves to stave off a urea shortage in the private sector, as the country runs low on diesel exhaust fluid after China tightened exports to avert its own power crisis. Urea solutions are used in diesel vehicles to reduce emissions, and about 97 percent of Korea’s imports came from China during the first nine months of the year, according to the Trade Ministry. Seoul has already asked Beijing to ease its exp

Historical, ideological, generational and digital factors play role in division, experts say

Global streaming service Netflix has announced a star-studded lineup for its new original series “Bloodhounds.” Actors Woo Do-hwan, Lee Sang-yi and Kim Sae-ron will star in the action-noir series, according to Netflix. Veteran actors Park Sung-woong and Huh Joon-ho have also confirmed they will join the cast of “Bloodhounds.” “Bloodhounds,” an adaptation of a webtoon of the same title by Jung Chan, centers on three young people who become unintentionally i

The megahit Netflix series “Squid Game” depicts a dystopian world where 456 people compete in a series of extreme survival games on a remote island. The sole winner takes all the prize money, while everyone else bites the dust. In the real world, all the “Squid Game” deaths would be eligible for insurance coverage, according to a local insurance company. The question is whether those death benefits would differ depending on how the player died, it added. According to a

South Korea's senior diplomat participated in a preparatory meeting to fine-tune agenda items for an upcoming Asia-Pacific Economic Cooperation (APEC) summit, the foreign ministry said Monday. Lee Sung-ho, deputy foreign minister on economic diplomacy, represented Seoul during the virtual conference held last week to prepare for the annual APEC summit slated for Friday. Lee and other participants discussed actions plans for the Putrajaya Vision 2040, which aims to strengthen trade and investme

South Korea's state intelligence agency said Monday it has detected 14 hacking attempts from abroad on the country's key industry technologies in the first nine months this year that could have resulted in nearly 1.78 trillion won ($1.5 billion) worth of damage to relevant companies. Of the total cases detected between January and September, seven were reported from the country's leading chip and display industries, according to the National Intelligence Service (NIS). The NIS added it has pre

South Korea said Monday it plans to import 200 tons of urea from Vietnam next week in the latest move to help ease a supply shortage of urea water solution, a key material used in diesel vehicles to reduce emissions. The amount is part of 10,000 tons of urea that South Korea hopes to import from Vietnam and other nations to make urea water solution, according to the finance ministry. Separately, South Korea is set to import 27,000 liters of urea water solution from Australia, including 20,000

Nominees come up short in appeal to young people