South Korean stocks closed slightly lower Friday largely on the back of growing concerns about giant Chinese property developers' debt crisis. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) declined 3.16 points, or 0.11 percent, to close at 2,956.3 points. Trading volume was moderate at about 659 million shares worth some 12.5 trillion won ($10.5 billion), with gainers outnumbering losers 484 to 384. Foreigners sold a net 49 billion won, while

Sung Shi-yeon to debut with RCO, BRSO in the 2021-22 season

International craze aside, the Netflix original series “Squid Game” is inspiring parodies and send-ups throughout the South Korean entertainment industry. Cable channel Channel A was one of the first to air a parody of the global megahit. “The Fisherman and the City,” a show featuring five Korean TV celebrities who are obsessed with fishing, introduced its cast as if they were “Squid Game” contestants, with tags like those used in the Netflix series. &ldquo

Diplomacy still preferred over military action in dealing with Pyongyang's nuclear issue

South Korea's best-known Haeundae Beach in the southeastern city of Busan lost nearly a quarter of its white sand area between 2016 and 2020 due to acceleration of coastal erosion, government data showed Friday. According to a Ministry of Oceans and Fisheries report submitted to Rep. Kim Tae-heum of the main opposition People Power Party, the beach lost 41,954 square meters, or 22.7 percent, of its white sand area over the five years. By volume, 66,224 cubic meters of white sand, or 17.2 perce

Samsung Biologics said Thursday that it had signed a contract development and manufacturing organization deal with Texas-based drugmaker Enzolytics. The company did not disclose the financial terms. Under the deal, Samsung Biologics will provide end-to-end CDMO services to help Enzolytics develop and manufacture investigational new drug treatments for HIV and COVID-19. Samsung Biologics said it would provide a stable cell line from its research and development facility in San Francisco, whi

Samsung Electronics said Friday that the company expected to log quarterly sales of 73 trillion won ($61.2 billion), up 9 percent from a year ago, surpassing 70 trillion won for the first time in the company’s history. The previous record in quarterly sales for the firm was 66.9 trillion won, set in the third quarter of 2020. According to Samsung’s earnings guidance, its operating profit during the July-September period has also increased 27.94 percent on-year, or by 15.8 trillio

Revised goal faces criticism from activists, businesses alike

South Korean financial technology unicorn Viva Republica said Friday it has signed a deal to acquire a controlling 60 percent stake in mobility firm VCNC, known for premium ride-hailing app Tada, in its new rights offering. Viva Republica, which offers various financial services under its flagship Toss brand, said the takeover is aimed at expanding its financial services business and overhauling Tada’s embattled mobility service by the end of this year, the company said in a statement.

The main opposition People Power Party on Friday shortlisted four contenders heading toward the primary’s second elimination round to pick a candidate for next year’s presidential election. The party announced Friday morning that former Prosecutor General Yoon Seok-youl, Rep. Hong Joon-pyo, former lawmaker Yoo Seong-min and former Jeju Island Gov. Won Hee-ryong are the remaining contenders in the People Power Party’s primary. The four candidates were chosen based on results f

  Even with the government’s 20 percent rate cap on loans to ease financial burdens on low-income borrowers, major private lenders have maintained high interest rates for credit loans, a lawmaker said Friday. The balance of personal credit loans at the nation’s 20 leading private lenders, including Apro Financial, Sanwa Loan and Welcome Creditline, stood at 4.41 trillion won ($3.35 billion), as of the end of June. Among the loans, those with an interest rate exceeding 20 perc

The COVID-19 medical supplies sent by the World Health Organization and other UN agencies have reached the North Korean port of Nampo, an apparent signal that the reclusive regime is easing its strict border lockdown and welcoming outside help.  A few months ago, the WHO and other UN agencies were informed by North Korea’s Public Health Ministry that it would allow items stranded in China since the onset of the pandemic to be transported to the North through the seaport Dalian, acco

National Assembly Speaker Park Byeong-seug stressed international cooperation while meeting with global leaders and promising cooperation and support with his counterparts from other nations in his trip Thursday to Europe for G-20 diplomatic talks. Upon attending the opening ceremony of the 7th G-20 Parliamentary Speakers’ Summit in Rome, Park held bilateral talks with Germany’s President Reiner Haseloff and South Africa’s National Assembly Speaker Nosiviwe Mapisa-Nqukula. Pa

Unification Minister Lee In-young stressed the need for the Korean-version New Deal project to expand to cross-border cooperation with North Korea, while speaking online with Jim Rogers, a well-known investor, according to the ministry Friday. During a conversation with Rogers the previous day, the minister said that the so-called Peace New Deal will serve as a new growth engine for the South Korean economy. "The minister said that ... if economic cooperation between the two Koreas develops

Illegal stayers who want to leave South Korea voluntarily after completing COVID-19 vaccination will be given various incentives, including exemption from fines, the Ministry of Justice said Friday. The government will waive fines and suspend reentry restrictions for fully vaccinated illegal stayers choosing to voluntarily depart from South Korea between next Tuesday and Dec. 31 this year, the ministry said. The latest measure is part of the Seoul government's efforts to boost the COVID-19 vacci