The Bank of Korea will continue adjusting its accommodative monetary policy and determine the timing of another rate hike in a way that could ease "financial imbalances" caused in part by rising household debt, Gov. Lee Ju-yeol said Friday. Lee made the remarks days after the central bank kept its policy rate unchanged at 0.75 percent for October but hinted at the possibility of an additional rate increase before the end of this year to rein in inflation and household debt. "Fin

South Korea's daily new COVID-19 cases stayed in the 1,000s for the seventh straight day Friday as the government announced eased social distancing rules ahead of a gradual return to normal life. The country added 1,684 more COVID-19 cases, including 1,670 local infections, raising the total caseload to 339,361, according to the Korea Disease Control and Prevention Agency (KDCA). The daily number of COVID-19 cases has stayed in the quadruple digits since July 7. The country added eight more

South Korea plans to resume discount coupon programs aimed at boosting private spending as the country is preparing to move into a phase of "living with COVID-19" in early November, a senior government official said Friday. Except for food delivery via apps, the country suspended the coupon programs for sports, accommodations, tourism, cultural performances, and railway and bus service due to the resurgence of virus cases. The government earlier said the resumption will depend on the

South Korean stocks opened higher Friday, tracking overnight advances on Wall Street, with tech shares leading the market gains. The benchmark Korea Composite Stock Price Index (KOSPI) rose 27.4 points, or 0.92 percent, to 3,016.04 in the first 15 minutes of trading. The tech-heavy Nasdaq composite added 1.73 percent to 14,823 points amid hopes of strong corporate earnings in the third quarter, and the Dow Jones Industrial Average climbed 1.56 percent to 34,913 points. In Seoul, market bell

President Moon Jae-in and first lady Kim Jung-sook on Friday both received a COVID-19 booster shot, in line with a guidance from health authorities, the presidential office Cheong Wa Dae said. The Korea Disease Control and Prevention Agency (KDCA) began administering booster shots earlier this week for people aged 60 and older as well as medical workers, as part of the nation's strategy to ensure maximum protection for the public. Moon and Kim qualified for a third shot of COVID-19 vaccine u

WASHINGTON -- The United States continues to be prepared to meet with North Korea without preconditions as it awaits the North's response to its "specific proposals," a State Department spokesperson said Thursday. Ned Price also stressed that the US remains actively engaged in diplomacy with its allies to discuss ways to enhance their collective security. "We do stand prepared to meet with the DPRK without preconditions. We have made, in fact, specific proposals to the DPRK and

WASHINGTON -- The United States must reassure its allies of American commitment to help defend them against possible North Korean attacks to prevent key strategic alliances from falling apart, a former US ambassador to NATO said Thursday. Ivo Daalder, currently serving as president of the Chicago Council on Global Affairs, an independent global affairs think tank, also argued US failure to do so may encourage its allies to consider having nuclear capabilities themselves. "So one of the th

The government decided Friday to raise the private gathering size limit to eight people for the capital area and 10 for elsewhere before the country shifts to a "living with COVID-19" scheme next month, Prime Minister Kim Boo-kyum said. Under the renewed plan that will go into effect Monday, the greater Seoul area will remain under the toughest social distancing of Level 4, while the rest of the country will be under Level 3, Kim said during an interagency meeting on the government's

South Korea and the United Arab Emirates (UAE) announced Thursday that they will launch official talks toward a bilateral free trade agreement, Seoul‘s trade ministry said.　 Trade Minister Yeo Han-koo met his UAE counterpart, Thani Ahmed Al Zeyoudi, in Dubai, and issued a joint statement that calls for pushing to forge a Comprehensive Economic Partnership Agreement (CEPA), according to the Ministry of Trade, Industry and Energy. The CEPA is a type of free trade agreement that emphasize

Former South Korean Prime Minister Lee Wan-koo died Thursday after battling blood cancer, officials here said. He was 71. Lee served as prime minister shortly between February and April in 2015 under then President Park Geun-hye before stepping down over bribery allegations. Considered a political heavyweight in Chungcheong Province, Lee entered politics in 1995 after working as a provincial police commissioner. He served three terms as a lawmaker for the conservative New Party Korea, United

South Korea and the US will hold working-level diplomatic talks this week in Hawaii to review progress in the implementation of their latest summit agreement, according to an official at Seoul‘s foreign ministry Thursday. Ko Yun-ju, the ministry’s director general for North American affairs, and Mark Lambert, U.S. deputy assistant secretary of state for Japan and South Korea, will attend the allies‘ third Bilateral Policy Dialogue (BPD) slated for Thursday (local time). The

Maj. Gen Lee Sang-chul, commander of the 5th Infantry Division, was named as the new chief of the military intelligence body, the defense ministry said Thursday. The incoming commander of the Defense Security Support Command (DSSC) will be promoted to lieutenant general, the ministry said. “He was selected because of his outstanding capability and leadership to complete the reform of the DSSC and lead the organization in a stable manner,” the ministry said in a statement. The D

Top security officials held a regular National Security Council meeting Thursday and discussed ways of swiftly reopening stalled dialogue with North Korea, the presidential office Cheong Wa Dae said. The meeting came after Suh Hoon, the nation‘s top security adviser, held talks with U.S. National Security Adviser Jake Sullivan in Washington earlier this week and they reaffirmed their commitment to engaging with North Korea. 　The participants agreed to work closely together with related

Yanolja Co., a leading South Korean travel platform operator, said Thursday that it signed an agreement to buy a 70 percent stake in e-commerce businesses of Interpark Corp. for 294 billion won (US$248 million). 　Yanolja said its move to acquire Interpark‘s travel, performing arts, shopping and book businesses is intended to make inroads into the global travel market dominated by foreign platform companies. 　“The two companies will cooperate to strengthen the competitiveness and

A major umbrella labor union said Thursday it will hold a large-scale rally in central Seoul next week when its members walk off their jobs for a one-day general strike to call for the enhancement of labor rights. The Korean Confederation of Trade Unions (KCTU), one of the country's two umbrella labor organizations, said it will push ahead with its plan to stage a strike on Wednesday next week. The KCTU said its members from Seoul, the surrounding Gyeonggi Province and the city of Incheon, we