KT will pay 35 billion-40 billion won ($29 million-$33 million) to subscribers in compensation for the massive network outage last week, the country’s No. 2 telecom operator in terms of revenue said Monday.  In a press conference, executives of the firm acknowledged that the Oct. 25 incident was a human-caused disaster caused by lax oversight on its side and pledged to go “back to basics” to regain confidence from users.  “We deeply apologize for causing incon

South Korea’s main stock market saw its trading volume hit its lowest level in a year this month, data showed Sunday, amid market instability ahead of monetary policy meetings at central banks here and in the United States. The Kospi’s daily average trading volume stood at 11.75 trillion won ($10 billion) in October, its lowest level since the 10.85 trillion won posted a year ago, according to data compiled by the Korea Exchange. The figure had nearly halved since January, wh

South Korea's health authorities said Saturday that they are looking into the case of a teenager who died after vaccination. According to the authorities, a third-grade high schooler was inoculated with the Pfizer vaccine on Aug. 13 and died on September 27. The teenager had no underlying conditions. It marks the first reported death of a vaccinated teenager. Since mid-July, high school seniors and those who will take the national college entrance exam slated for Nov. 18 have been vaccinated

Step-by-step, in line with the government’s plan to gradually return to normalcy with its “living with COVID-19” scheme, the airline industry has begun preparations for more overseas flights. According to full service carriers Korean Air and Asiana Airlines, some overseas flight routes will resume operations next month. Korean Air has decided to resume scheduled flights to Hawaii, Sydney, and Oakland. There will be three flights a week scheduled for Hawaii starting from Nov

Korean steelmakers witnessed their highest-ever profits in the third quarter this year, backed by strong sales due to surging steel prices. On Thursday, Hyundai Steel announced a 2,374 percent jump in operating profit to 826.2 billion won ($705 million) for the July-September period via a regulatory filing. Consolidated sales increased by 31.3 percent on-year to reach 5.86 trillion won, while the operating profit margin also increased to a record two-digit score of 14.1 percent, the company

Between last-mile mobility innovation and public nuisance, Seoul regulators’ lackadaisical policy a textbook example of how innovation gets killed

Some 2.4 million doses of Moderna’s COVID-19 vaccine that Samsung Biologics has helped manufacture are being supplied for domestic use for the first time, South Korea’s Ministry of Health and Welfare said Tuesday. The ministry said the 2.4 million doses are among the first batch of Moderna’s vaccine from the plant in Incheon. The country’s drug regulators authorized the Samsung Biologics-produced doses for emergency use Monday, the ministry said, which differs from th

The military said Monday that it would ease regulations on conscripts’ hair length and introduce the same standards for both officers and troops, amid calls for a change in discriminatory practices. “We were asked to review our rules on haircuts, and to that end, we instructed each branch of the armed forces to draft revisions. We can’t say when the change will take effect, though,” Defense Ministry spokesperson Boo Seung-chan said, referring to an advisory panel on huma

South Korea’s Science Ministry said Sunday that researchers will begin looking into why the country’s first domestically-built rocket Nuri, or Korean Satellite Launch Vehicle II, failed to put a dummy satellite into orbit in its maiden flight last week.  The Korea Aerospace Research Institute that led the Nuri project will form a task force to examine data from the Oct. 21 test to determine what caused the shorter-than-programmed burning of the rocket’s third engine. 

South Korea will temporarily cut fuel taxes to soften the blow of skyrocketing gasoline prices, which put upward pressure on inflation, First Vice Finance Minister Lee Eog-weon said Friday.  “The government will temporarily lower fuel taxes. We’ll finalize further details, including the extent of fuel tax cuts and when the envisioned measure will take effect, as soon as possible,” Lee said, adding that the formal announcement will be made during a government meeting nex

Questions remain whether the new law will be effective in protecting victims and their families

Edison Motors, a little-known electric bus manufacturer, seems likely to emerge as the preferred bidder for SsangYong Motor, South Korea’s longest-running car brand, which has experienced debt troubles in recent years. The Seoul Bankruptcy Court said a consortium led by Edison Motors is the only remaining bidder, effectively making it the preferred buyer. Its competitor, another consortium led by EV firm Electrical Life Business and Technology, was excluded from the list as it failed

Korean Air said Wednesday it would resume flights to Hawaii starting Nov. 3 while Hawaiian Airlines announced plans to expand flights on the route to four times a week. Korean Air’s operation on the route was suspended in April last year due to COVID-19. The Incheon-Honolulu KE053 flight will operate three days a week, departing from Incheon International Airport every Wednesday, Friday and Sunday night. The KE054 flight departing from Honolulu for Incheon will also operate on the same

Despite a court ruling in favor of a soldier who was forcibly discharged after she received gender reassignment surgery, the military is still cautious about crafting a transgender policy because it is not ready to deal with the issue, military officials said Tuesday. In January 2020, Byun Hee-soo, who was the country’s first openly transgender soldier, was dismissed from the Army, which found her mentally and physical unfit to serve after she had her male genitals removed. Byun filed a l

Eyes Rivete on whether prosecution can secure decisive evidence