Seoul shares opened higher Friday as tech stocks advanced despite losses on Wall Street, but investors remain concerned about the US' looming tapering move. The benchmark Korea Composite Stock Price Index (KOSPI) rose 26.23 points, or 0.90 percent, to 2,946.76 points in the first 15 minutes of trading. The main index rebounded from a 2.3 percent drop in the past two sessions. The decline was attributable to Fed meeting minutes that suggested the US central bank may raise interest rates sooner

Antiviral COVID-19 pills will arrive in South Korea next week, Prime Minister Kim Boo-kyum said Friday. "We will make sure they can be used swiftly in the medical field," Kim said during a COVID-19 response meeting in Seoul. The government has so far secured oral COVID-19 drugs for around 1 million patients. The country signed a prepurchase contract with US drug giant Pfizer Inc. for its Paxlovid pill for 762,000 patients. It also inked a deal with MSD, a subsidiary of US drugmaker

Main opposition presidential candidate Yoon Suk-yeol and the chief of his People Power Party reached a surprise agreement Thursday to put their long-running feud behind them and move forward for election victory. PPP lawmakers also withdrew their push to oust party chairman Lee Jun-seok as the two patched up the row that has been blamed for the recent sharp fall in Yoon's public support about two months ahead of the March 9 presidential election. The surprise reconciliation came after Lee sa

Prosecutors said Thursday they indicted the two founders of Mergepoint, a once-popular online discount app, for causing some 100 billion won ($83.63 million) worth of damages to customers and member stores by selling virtual coupons that could not be used. The Seoul Southern Prosecutors Office said the sibling founders -- Kwon Nam-hee, CEO of the app operator, Mergeplus, and Kwon Bo-goon, the top strategy executive, -- were charged with fraud and violating the e-transaction law. The latter Kw

A 32-year-old man was sentenced to seven years behind bars Thursday for beating his girlfriend to death. The man, surnamed Lee, was indicted on charges of battering his girlfriend, Hwang Ye-jin, to death in the lobby of a studio apartment building in western Seoul in late July during a fight between the two. Repeatedly beaten on the head, Hwang lost consciousness and was moved to a hospital with symptoms of cerebral hemorrhage. She eventually died about 20 days later. Appealing for leniency,

The South Korean government is preparing to launch a new team to step up support for North Korean defectors suffering from economic and psychological difficulties after resettlement here, officials said Thursday. The team -- which will comprise of officials from different government agencies, including the unification ministry and the police -- is expected to be set up by next month to provide defectors with tailored support in fields ranging from education and employment to living and psycholo

President Moon Jae-in on Thursday expressed his condolences over the death of three firefighters who were killed while battling a warehouse blaze in Pyeongtaek. Moon said he is "heartbroken" by the news of three firefighters "who died while engaging in rescue activities at the forefront of protecting the lives and safety of people," according to presidential spokesperson Park Kyung-mee. Moon prayed for the repose of the deceased and offered deep consolation to families of t

South Korea is ready to take measures to stabilize the foreign exchange market, if needed, a senior government official said Thursday, as the Korean currency has sharply weakened against the US dollar in recent weeks. First Vice Finance Minister Lee Eog-weon said the government plans to closely monitor the forex market amid the prospects for the won's further descent as the US Federal Reserve would raise its policy rate at a faster-than-expected pace. "The government plans to step up effo

South Korean stocks retreated for the second straight session Thursday, largely as the US Federal Reserve minutes stoked concerns that the Fed may push harsher-than-expected rate hikes. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) decreased 33.44 points, or 1.13 percent, to close at 2,920.53 points. Trading volume was moderate at about 774 million shares worth some 13.1 trillion won ($10.9 billion), with losers outnumbering gainers 665 to

Police are stepping up an investigation into South Korea's single largest embezzlement case that has engulfed a local medical equipment producer, officers said Thursday, following the arrest of a suspect the previous day. A 45-year-old employee of Osstem Implant Co., identified only by his surname Lee, was arrested at his residence in Paju, 30 kilometers north of Seoul, on Wednesday on charges of embezzling 188 billion won ($157 million) from the dental implant maker. The arrest came just five

More than 16,000 people joined a year-end bell-ringing festival hosted by the Seoul city government in the metaverse, the digital arm of the city said Thursday. The Seoul Digital Foundation said an accumulated 16,067 people joined the metaverse festival marking the new year during its eight-day run from Dec. 25. The metaverse event included a midnight bell-ringing ceremony on New Year's Eve, to which some 3,000 people connected simultaneously, according to the foundation. The popular year-end

In a last-ditch effort to regain eligibility for the Beijing Winter Games, South Korean Olympic short track speed skating champion Shim Suk-hee has filed for a court injunction against a ban by the sport's national federation, a source said Thursday. The source, privy to the legal proceedings, said Shim asked the Seoul Eastern District Court on Monday to nullify a two-month suspension by the Korea Skating Union (KSU), which was issued on Dec. 21 last year. The court plans to hold a hearing for

South Korean shipbuilders received the largest orders in eight years in 2021, and the country ranked the world's No. 1 in terms of the construction of high value-added vessels, the industry ministry said Thursday. Local shipbuilders won new orders totaling 17.44 million compensated gross tons (CGTs) last year, more than doubling from the previous year's 8.23 million CGTs, according to the data compiled by the Ministry of Trade, Industry and Energy. It is the largest since 2013 when the figure

South Korea plans to provide tax incentives for research and development (R&D) on green technology designed to help cut carbon emissions in an effort to nurture new industries, the finance ministry said Thursday. Currently, the country has picked 235 technologies in 12 sectors, including next-generation vehicles and bio health, as "new growth and original technologies" and provided tax incentives on R&D expenditures on such spending. For such technology, the country has appli

Excess funds held by South Korean households and nonprofit agencies increased in the third quarter of last year on a rise in income from pandemic-related state support and less spending on houses, central bank data showed Thursday. Net financial funds -- the value of financial assets minus financial liabilities -- held by local households and nonprofit organizations serving households amounted to 35 trillion won ($29.1 billion) in the July-September period, up from 29.8 trillion won a year earl