The South Korean government is ordering COVID-19 patients out of intensive care units as hospitals across the country continue to face a severe shortage of beds. The executive orders were issued Wednesday afternoon to 210 patients who have been hospitalized in COVID-19 ICUs for longer than 20 days, the Ministry of Health and Welfare confirmed Thursday. The ministry said 71 patients have been mov...

South Korean presidential candidate Yoon Suk-yeol’s visit to a front-line division in the Demilitarized Zone has come under fire, with the United Nations Command officially kicking off an investigation into an alleged violation of the Armistice Agreement. The UNC made an announcement after Yoon -- dressed in a military uniform -- on Monday visited the observation post of the South Korean Army’s ...

Wearing earphones while walking alone at night could make you a target for crime, warned a leading Korean crime expert. “It’s important to be alert at all times. I never park my car in dark areas and wear earphones in alleys,” said Lee Soo-jung, a criminal psychology professor at Kyonggi University, during an episode of MBC TV’s “Radio Star” that aired on Wednesday. “Always be aware of your surr...

Military prosecutors have appealed a recent court decision to sentence an Air Force service member to nine years in prison on charges of sexually abusing a now deceased female colleague, officials said Thursday. On Tuesday, the prosecutors filed the appeal. They had sought a 15-year prison term for the master sergeant purported to have groped the victim of the same rank inside a car in March. Sh...

South Korea's central bank said Thursday it will end a special program to buy corporate bonds, including low-rated debts, at the end of this month as planned as the financial market has stabilized. The Bank of Korea (BOK) and the state-run Korea Development Bank (KDB) launched a 10 trillion-won ($8.4 billion) program in July last year to purchase corporate bonds and commercial paper, a move aime...

South Korean slugger Na Sung-bum grew up in the southern city of Gwangju, rooting for the Kia Tigers. He would frequent their home stadium with his parents, and as a teenage prospect, his middle school and high school teams even played a few games there too. And come 2022, Na will be playing for the Tigers. As a free agent, Na signed a six-year contract worth 15 billion won ($12.6 million) with ...

Investigative authorities of South Korea and the United States have cooperated to crack down on a 2017 cryptocurrency phishing scam and help victims recover some of their losses, prosecutors in Seoul said Thursday. The Supreme Prosecutors Office (SPO) said it arrested two South Korean suspects behind the cyber fraud and confirmed the identify of one Japanese suspect based on intelligence provide...

SEJONG -- Corporate retirement pension funds under management expanded more than 16 percent in 2020 from a year earlier as the system has taken root here, government data showed Thursday. Cumulative corporate retirement pension funds stood at 255 trillion won ($214 billion) as of end-December last year, up 16.1 percent from a year ago, according to the data first compiled by Statistics Korea. A...

SEJONG -- North Korea's economy shrank 4.5 percent in 2020 from a year earlier due to international sanctions and the coronavirus pandemic, government data showed Thursday. The drop in the reclusive country's real gross domestic product (GDP) represents a turnaround from a 0.4 percent increase a year earlier, according to the data from Statistics Korea. The statistics agency attributed the decl...

South Korea will be able to borrow up to $60 billion from the US Federal Reserve's "repo facility," designed to help countries secure overnight dollar funding by using their holdings of US Treasury securities, the central bank said Thursday. The deal reached with the Federal Reserve on Tuesday (US time) will allow the Bank of Korea (BOK) to exchange its US Treasury holdings for dollars through t...

South Korean firms' earnings plunged to a six-year low in 2020 in the wake of the coronavirus pandemic, government data showed Thursday. The combined pretax net profit of 13,429 companies came to 97.7 trillion won ($82 billion) in 2020, down 3.9 percent from the prior year and marking the third straight year of decline, according to the data compiled by Statistics Korea. It was the lowest level...

The government will cut credit card processing fees for small merchants to ease their burdens amid the COVID-19 crisis, the ruling Democratic Party said Thursday following its meeting with financial authorities. The commission rate for small merchants with an annual revenue of below 300 million won ($252,550) will be lowered from 0.8 percent to 0.5 percent, according to Rep. Kim Byung-wook of th...

South Korea and China will hold high-level strategic talks on Thursday, the first of its kind between the two sides in more than four years, to discuss bilateral cooperation on regional and global issues, Seoul officials said. Choi Jong-kun, first vice foreign minister, and his Chinese counterpart Le Yucheng will lead the 9th Strategic Dialogue meeting to be held via video links in the afternoon...