SEJONG -- The nation’s economy is heading toward uncertain territory due to a variety of factors at home and abroad which could restrict its growth, said Deputy Prime Minister and Finance Minister Hong Nam-ki on Thursday. In a meeting for economic policies at the Government Complex Seoul, Hong cited three main factors-- quarantine, external factors and fiscal situation -- that may weigh on the g...

Lotte Confectionery said Thursday it will invest 34 billion won ($28.5 million) in its Russian subsidiary, Lotte KF RUS, looking to scale up the local production of its popular Choco Pie chocolate cakes in the country. The Koreans’ staple chocolate snack enjoys nation-wide popularity in Russia, as it tapped into the country’s tea culture that pairs hot beverage with biscuit-type sweets. The pie ...

South Korean stocks rebounded Thursday on investors' move to buy oversold stocks after the recent stock plunge and China's interest rate cut. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 20.4 points, or 0.72 percent, to close at 2,862.68 points. Trading volume was moderate at about 388 million shares worth some 8.7 trillion won ($7.3 bi...

LG Energy Solution will employ four preemptive measures as it can’t afford yet another recall crisis after going public next week. According to market analysts Thursday, the South Korean battery giant will adopt Z-folding technology, manufacture more batteries resistant to gas issues, directly manufacture key safety components and mount ESS with fire-resistant LFP batteries. Z-folding The adop...

“We hope Korea can be widely introduced to foreigners as a ‘shopping tourism destination’ through this event, and play the role of raising expectations for future travels after the pandemic,” a Culture Ministry‘s official said. Hosted by the Culture Ministry and the Visit Korea Committee, the Korea Grand Sale has made its first open in 2011, to attract foreign tourists in winter, known to be the...

Two men, who were convicted of selling illegal abortion pills and helping two cases of infanticide, have been sentenced to three years in prison, according to the Daejeon District Court, Thursday. The court also banned the two men from getting child-related careers for three years. In January, 2020, the two men, who are in their 30s, sold illegal abortion pills online to a woman in her 20s. How...

A man in his 80s who is believed to have murdered his wife over suspicion of a possible relationship with another man has been arrested, police said Thursday. The case has been sent to the prosecutor’s office for further investigation. According to the Seoul Dongdaemun Police Station, the man is alleged to have murdered his wife on Jan. 12 at home. The man reportedly called his son and confess...

The number of North Koreans who defected to South Korea dropped to double digits last year apparently due to the North's strict border restrictions against the COVID-19 pandemic, according to an official here Thursday. A total of 63 North Koreans -- 40 men and 23 women -- settled in the South during the year, compared with 229 in 2020 and 1,047 in 2019, the unification ministry official told rep...

South Korea will temporarily expand visa issuance for foreign children staying illegally in the country to better guarantee their right to education, the justice ministry said Thursday. Until now, undocumented foreign children eligible for visas have been middle and high school students, as well as high school graduates, who have been living in South Korea for at least 15 years after being born ...

“Instagrammable F&B products such as afternoon tea with visually-unique desserts served on a traditionally-patterned tray, or exotic room interiors that include views across downtown Gangnam are unique content that invite selfies.” Each piece of content that clients leave through posts on social media during or after their visit becomes an important asset for the hotel to shape their business. T...

Samsung Electronics said Thursday that the Korean tech giant and UK’s telecom carrier Vodafone have launched the first fifth-generation open radio access network site in the UK. Supported by Samsung‘s virtualized RAN solutions, Europe’s first scaled commercial open RAN project built on Vodafone‘s architecture enabled the first virtual call on the open RAN infrastructure between Vodafone and UK g...

The government and opponents of vaccine pass measures both appealed the court ruling that suspended some parts of the vaccine measures, each claiming the ruling is insufficient. “In consideration that we are in a crisis now due to COVID-19 pandemic, the minister has directed an immediate appeal against the case for the Seoul Metropolitan Government,” the Ministry of Justice said Wednesday. “As...

South Korea will nurture 40,000 professionals and 220 companies specialized in metaverse technology to achieve its goal of becoming the fifth largest country in the global metaverse market by 2026, the government said Thursday. The Ministry of Science and ICT announced the country’s pan-governmental strategic blueprint to lead the new industry to respond to economic and social changes that will ...