South Korea is set to gradually phase out coronavirus restrictions starting next month as the vaccination rate rises, joining a list of countries embracing a new scheme of returning to normal life with the coronavirus. The scheme, dubbed "Living with COVID-19," is set to take effect in early November. It means that COVID-19 will be treated as an infectious respiratory disease, like seasonal influenza, with eased social distancing being implemented. From the early stages of the pandem

CJ ENM, a leading entertainment and media company, is in talks to bring K-pop powerhouse SM Entertainment under its control, a source with direct knowledge of the talks has said. The deal, if realized, would see the birth of an entertainment giant that could shake the Korean pop cultural scene. SM, one of the country's top K-pop agencies, manages such idol groups as EXO, Red Velvet, NCT and aespa that have a large following abroad. "It is true that CJ is in some kind of talks with SM in

Beset by curfews and fewer customers amid the coronavirus pandemic, the retail industry in South Korea is now pinning hopes on a business rebound, as the government is set to ease long-enforced strict restrictions under the "Living with COVID-19" scheme set to be introduced next month. Department stores, supermarkets and other retailers are expected to be among those likely to benefit, given that eased restrictions on gatherings and business operations will bolster consumer sentiment

Two natural earthquakes hit eastern North Korea on Tuesday, South Korea's state weather agency said. The first quake with a magnitude of 2.6 occurred about 4 kilometers southeast of Changjin, South Hamgyong Province, at 6:41 a.m., according to the Korea Meteorological Administration (KMA). The second quake of magnitude 2.8 was detected at 6:45 a.m., about 4 kilometers northeast of Changjin. Both quakes occurred naturally and do not seem to have caused any damage, the KMA said. They posted a

The issuance of asset-backed securities (ABS) in South Korea plunged over 30 percent on-year in the third quarter of this year due to a decline in sales of mortgage-backed securities, data showed Tuesday. The value of ABS issued in the third quarter stood at 12.8 trillion won ($10.8 billion), down 31.5 percent from a year earlier, according to the data from the Financial Supervisory Service (FSS). ABS refers to securities structured with mortgages, auto loans, credit-card receivables and stud

US Secretary of State Antony Blinken met with the head of the International Atomic Energy Agency (IAEA) on Monday for talks on a wide range of issues that the chief of the nuclear watchdog said will include North Korea. The meeting between Blinken and IAEA Director-General Rafael Grossi marked the first of its kind since the top US diplomat took office in January. "The United States strongly supports the work of the IAEA. It is critical to helping to maintain international peace and stabi

The Washington Consensus is on its way out. In a report released this week, the G-7 Economic Resilience Panel (where I represent Italy) demands a radically different relationship between the public and private sectors to create a sustainable, equitable and resilient economy. When G-20 leaders gather on Oct. 30-31 to discuss how to “overcome the great challenges of today” -- including the pandemic, climate change, rising inequality and economic fragility -- they must avoid falling bac

The post-World War II global institutional order is obsolete. This is not a recent development: The need for reform has been apparent for a long time. And yet, the necessary transformation is more comprehensive than many realize and more urgent than ever. The reasons are not difficult to discern. Power is being transferred to new (and more) actors. Nonstate actors have gained more influence. And international cooperation has shifted from a hard-law approach, based on clear rules and treaties,