Convenience store chain operator BGF has confirmed Friday its plan to acquire a stake in engineering plastic resin maker Kopla for at least 180.8 billion won ($152.6 million), in a strategic move to enter into a new business, sending its shares jumping nearly 30 percent at some point. According to filings with the Financial Supervisory Service, BGF is poised to acquire 11 million common shares of Kopla from Kopla President Han Sang-yong and his affiliated parties and through a new rights offer

Korea Communications Commission Chairman Han Sang-hyuk tested positive for COVID-19 Friday, after one employee from the commission was found to be infected with the virus.  Han was fully vaccinated, local reports said. As Han attended a National Assembly session Tuesday, attendees have been told to get tested by the health authorities, among them Prime Minister Kim Boo-kyum. Following chairman Han’s test results, the government requested the National Assembly Budget Settlement Co

The Supreme Prosecutors Office (SPO) was raided Friday as part of a probe into allegations that a sitting prosecutor conspired with the main opposition party to investigate pro-government figures when opposition presidential contender Yoon Seok-youl was in office as prosecutor general, sources said. Authorities are currently looking into suspicions that Son Jun-sung, a prosecutor who previously served at the SPO, asked the main opposition People Power Party (PPP) to file a complaint against pro

The presidential office Cheong Wa Dae has launched a task force to tackle supply shortages of urea water solution (UWS), a key material used in diesel vehicles to reduce emissions, an official said Friday. "We will establish a comprehensive response system like we have for material, components and equipment sectors so that we can utilize various channels to check cooperation in industrial and logistics communities, and diplomatic efforts with urea production countries, like China," sa

LG Uplus Corp., South Korea's third-largest mobile carrier, said Friday its third-quarter net profit fell 47.7 percent from a year earlier due mainly to the sale of its business unit. Net profit for the three months that ended in September fell to 211 billion won ($177.1 million) from a profit of 403.4 billion won in the year-ago period, the company said in a regulatory filing. Operating profit increased 10.2 percent to 276.7 billion won, the highest quarterly figure since 2010, while sales in

The global DRAM market for 2022 is expected to log similar yearly sales on solid demand despite falling prices, a recent report has said. Market researcher TrendForce said in its latest report released Thursday DRAM sales are expected to grow 0.3 percent to reach $91.54 billion next year. DRAM bit supply and demand are expected to increase by 18.6 percent and 17.1 percent year-on-year, respectively. The average selling price of DRAM is predicted to fall by 15 percent, with the drop being more

South Korea will continue close communications with key UN Security Council (UNSC) members, the unification ministry said Friday, after China and Russia again proposed easing sanctions against North Korea. Deputy ministry spokesman Cha Duck-chul said South Korea was aware that the two countries have circulated such a draft resolution to UNSC members, and that it will closely monitor related moves at the council. "The government will ... continue close communications with the United States

The former head of K-pop powerhouse YG Entertainment on Friday denied allegations of threatening a whistleblower in an attempt to block an investigation into a drug scandal involving a singer-rapper with the company. Former YG Entertainment CEO Yang Hyun-suk has been indicted for allegedly threatening and coercing a whistleblower who testified to police about drug suspicions surrounding B.I, a former member of YG's boy band iKON, in August 2016. In a court trial held in Seoul, Yang told a judg

The US assistant secretary of state for East Asian and Pacific affairs plans to visit Seoul next week as part of his first Asian trip since taking office in September, the US State of Department said Friday Daniel Kritenbrink will arrive in Japan on Sunday (local time) on the first leg of his six-day regional trip and then move to South Korea on Nov. 10 to stay there for three days, the department said. "During his visits, Assistant Secretary Kritenbrink will meet with senior government o

Jeju Air Co., South Korea's biggest budget carrier, said Friday it will resume flights to Guam later this month amid the country's accelerating vaccination campaign. Jeju Air plans to operate 38 flights on the Incheon-Guam route from Nov. 25 to Jan. 31 before it begins regular flights, depending on the country's vaccination and infection rates, the company said in a statement. The low-cost airline suspended most international routes in March last year following the outbreak of COVID-19 here in

South Korea's military reported eight additional COVID-19 cases Friday, bringing the total caseload among its personnel to 2,067, the defense ministry said. Among the new cases were five Army draftees, including a trainee at a boot camp in Nonsan, some 200 kilometers south of Seoul. An Army officer stationed in Gapyong, 60 kilometers east of Seoul, tested positive following a vacation. Another officer based in Paju, north of Seoul, contracted the virus after a family member tested positive. A

Police have dropped a defamation probe into a senior Japanese diplomat accused of making disparaging remarks against President Moon Jae-in's efforts to improve relations with Tokyo, considering his diplomatic immunity, officials said Friday. Hirohisa Soma, former deputy chief of mission at the Japanese Embassy in Seoul, came under fire after he told a South Korean reporter during a lunch meeting in July that Moon's efforts to improve ties with Tokyo were tantamount to "masturbation."

South Korea plans to partly lift restrictions on arrivals of migrant workers prompted by the pandemic later this month, as the country has begun to take steps to return to normalcy, the labor ministry said Friday. The government will allow all entry of foreign workers from 16 countries that send labor force to the country under the Employment Permit System, including Mongolia, Vietnam, Thailand and China, the ministry said during a regular COVID-19 response meeting held at the government compl

The top US military commander in South Korea on Friday touted the combined forces of the two allies as the "most lethal and ready" troops in the world amid lingering concerns over North Korea's evolving nuclear and missile threats. Gen. Paul LaCamera, the head of the South Korea-US Combined Forces Command (CFC), made the remarks during a ceremony at the Yongsan Garrison in Seoul to celebrate the 43rd anniversary of the founding of the command. His remarks came weeks after Pyongyang f

With South Korea on its way to returning to normal from COVID-19, local broadcasters are set to resume the recording of their programs with a studio audience for the first time in nearly two years. Cable channel tvN said Friday that its long-running skit show "Comedy Big League" will be filmed in front of an audience next Tuesday for the first time in about 20 months. Due to COVID-19 restrictions on gatherings, the prime nighttime program on Sundays has been forced to conduct tapings