29 billion won project aimed at helping small and midsized entertainment companies take advantage of online opportunities

The scheduled initial offering of Big Hit Entertainment, the label behind K-pop boy band BTS, is likely to make its CEO Bang Si-hyuk one of the wealthiest people in South Korea The Big Hit CEO is currently holding 12,377,337 shares, or 43.44 percent, of the company, according to the recent regulatory filing for the IPO. The entertainment agency plans to offer 7.13 million shares at a price between 105,000 won ($88) and 135,000 won. Should the offering price be set at 135,000 won, Bang&rsq

K-pop sensation BTS becoming the first Korean act to top the Billboard Hot 100 chart with its recently released single has reignited a debate over the seven members’ military service. Under the current law, all able-bodied South Korean men are obliged to serve in the military for 18 to 22 months. The band’s eldest member Jin, whose legal name is Kim Seok-jin, has to start military service before the end of next year, according to Big Hit Entertainment. Jin was set to begin his m

South Korean defense firm Hanwha Defense was named the preferred bidder for an artillery project worth about 1 trillion won ($842 million) in Australia, which involves building self-propelled K9 howitzers and K10 ammunition resupply vehicles, the Australian Defense Ministry said Thursday. “Through this project, this Government is delivering the capability Army needs while creating local jobs in and around Geelong that will grow our highly skilled workforce,” Australian Defense Minis

North Korea appears to be preparing a huge military parade to mark the 75th anniversary of the Workers’ Party next month despite coronavirus fears, a US-based North Korea monitoring website said Wednesday. 　 Satellite images of Mirim airfield in Pyongyang taken Aug. 31 provide the first evidence that rehearsals for a massive military parade to be held Oct. 10 are underway, according to 38 North. The images show hundreds of vehicles parked in the parking lots adjacent to the parade ground

Samsung Electronics Vice Chairman Lee Jae-yong was on Tuesday indicted without detention along with 10 other former and current Samsung Group officials in the probe into alleged wrongdoings in merger of group affiliates and account fraud. Lee faces a number of charges including violation of financial investment and audit regulations, and dereliction of duty in the probe into allegations surrounding Samsung C&T’s merger with Cheil Industries, and account fraud revolving around Samsung

Prosecutors indicted Samsung Group heir Lee Jae-yong without physical detention Tuesday for his role in a controversial merger and alleged accounting fraud, in the latest development of the tumultuous legal saga that has dogged him for years. Lee, the vice chairman of Samsung Electronics, was charged with unfair trading, stock manipulation, breach of trust in relation to the 2015 merger between two Samsung affiliates seen as a key step toward his succession, and alleged accounting fraud at th

Typhoon Maysak, expected to hit southern parts of Korea on Wednesday and Thursday, is forecast to intensify into a “very strong” storm late Monday, the weather agency said. According to the Korea Meteorological Administration, as of 9 a.m. Monday, the ninth typhoon of the year was 470 kilometers south of the island of Okinawa, Japan, advancing northeast at a speed of 31 kilometers per hour toward the peninsula, as of 9 a.m. on Monday. With a maximum wind speed of 43 meters per seco

Seoul Gangnam Police Station said it has started an internal investigation into popular social media page Travelholic on Sunday, a day after its CEO Jo Jun-ki allegedly uploaded illegal porn to its Instagram account. Travelholic, a company that introduces travel destinations and tourist attractions via social media platforms, uploaded a post introducing a sheep farm in Pyeongchang, Gangwon Province, to its Instagram account with over 1.2 million followers at around 6 p.m. Saturday. However, on

A member of an art troupe under the National Gugak Center will be questioned for conducting a private lesson, after having contact with a high school student who was tested positive for COVID-19. On Aug. 19, the member gave a private lesson to a Gugak National High School student at a private studio in southern Seoul. Few hours later, the student’s mother was confirmed positive of the virus. The student was tested positive of the virus on Aug. 19. The troupe member was tested negative

The National Assembly shut down its facilities and canceled all meetings scheduled for Thursday following a positive COVID-19 test by a beat reporter. According to the National Assembly Secretariat, a photo reporter who covered a meeting of the Supreme Council of the ruling Democratic Party Korea on Wednesday morning received a positive test result later in the day. Some 50 people including lawmakers, key party officials and journalists attended the meeting. Leaders of the Democratic pa

The Seoul Metropolitan Government said Wednesday it will provide emergency cash assistance to foreigners residing in the city who were excluded from its coronavirus relief program in March. Under the plan, the city will pay up to 500,000 won ($421) to households whose income is below the median income -- for a single household it is 1.75 million won and around 3 million won and 4.7 million won for two-person and four-person households. “We hope that this emergency support for foreig

Wonju in Gangwon Province on Tuesday reported 16 new cases of COVID-19, pushing up the tally over the past 10 days to 65. In comparison, Gangwon Province’s accumulated total stood at 149 as of Monday midnight. Gangwon Province, which had been relatively less affected by the pandemic, has seen numbers spike in recent days with cases linked to a gymnastics class in Wonju causing a cascade of infections. In response, the city plans to disclose routes taken by confirmed patients as much a

Service on two Seoul city bus routes was temporarily halted Sunday afternoon after three drivers tested positive for the novel coronavirus. Two bus drivers were confirmed to have the virus on Sunday after having come into close contact with a co-worker who tested positive Friday, according to the Seoul Metropolitan Government. All three people work for Boseong Transportation. Of some 192 Boseong employees and their family members who underwent testing, 189 tested negative. Service was sus

Trainee doctors across all levels have begun an indefinite strike amid the COVID-19 pandemic, protesting the government's medical workforce reform plan, while their interest group proposed a meeting with political leaders. The Korean Intern and Resident Association said Sunday that the first- and second-year residents became the last group of trainee doctors to join the protest earlier in the day. Since Friday, interns and third- and fourth-year residents walked out of hospitals. They are opp