The US Federal Reserve recently said it would wrap up its pandemic-era bond purchases in March, signaling as many as three rate hikes by the end of 2022. While the South Korean financial authorities have expressed confidence that the expected rate hikes will have minimal impact on the local market, experts were divided on the matter as of Friday. The nation’s First Vice Finance Minister Lee Eog...

South Korea is an essential partner in the global semiconductor supply chain and has much more to offer, a visiting senior US diplomat in charge of economic and trade policy said Friday. Jose Fernandez, US undersecretary of state for economic growth, energy and the environment, made the remark at the start of the sixth Senior Economic Dialogue with Second Vice Foreign Minister Choi Jong-moon. Ma...

British helicopter operator Bristow Group Inc. has pre-ordered about 20-50 electric air mobility aircraft being jointly developed by South Korea's Hanwha Systems Co. and US Overair, according to industry sources Friday. Overair, the California-based air taxi startup, signed a memorandum of understanding with Bristow on Thursday (local time), to collaborate on the development and commercializatio...

South Korean stocks rose for a third straight session on Friday, as foreign investors snapped up local stocks on eased uncertainty about the US monetary policy. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) increased 11.32 points, or 0.38 percent, to close at 3,017.73 points. Trading volume was moderate at about 438 million shares worth some ...

As strengthened COVID-19 measures prevent movie theaters from screening after 10 p.m. starting Saturday, the film industry has strongly opposed the move. Five relevant organizations, including the Producers Guild of Korea and Directors Guild of Korea’s board of directors, issued a joint emergency statement Thursday stating that although they support the government’s revised measures, the industr...

Yoon Suk-yeol, the presidential candidate for the main opposition People Power Party, bowed his head and apologized Friday for the controversy over allegations his spouse Kim Keon-hee had made false claims about her career history. "I am sorry for causing concern to the public over the controversy related to my wife," Yoon told reporters. "Regardless of the reason, I make it clear that the fact ...

Expressing a wish for harmony and peace among different religions, the Jogye Order of Korean Buddhism will light up lanterns in front of the main Buddhist temple of Jogyesa in Jongno, central Seoul, to celebrate Christmas, starting at 6 p.m. on Friday. The lanterns will be illuminated through Dec. 28. “Jesus did not discriminate between those who have and those who do not, those who are learned ...

“I sincerely thank everyone who helped and trusted me with confidence.” Kim said after hearing the results. Kim added that he is working out harder than anyone else, since he knows that he is not superior in many areas. “I never know what kind of illness I might suffer tomorrow, and that’s inevitable. But I am trying hard to lower such risks.” Regarding Doucette, Kim said he was frustrated upon...

SEJONG -- The growth in housing prices in the Seoul metropolitan area -- Seoul, Gyeonggi Province and Incheon -- continued to outpace that of the nationwide average as of last month, government data showed Friday. According to the recent economic trends, published by the Ministry of Economy and Finance, the average trading price of homes in the area of Seoul, Gyeonggi and Incheon climbed by 0.76...

Marking a shift in generation after Chairman Chung Euisun took office, Hyundai Motor Group announced its regular reshuffle Friday, the largest yet with more than 200 promotions to senior positions. Many executives from the older generation, such as Hyundai Motor Vice Chairman Yoon Yeo-chul stepped down, with younger figures newly appointed to senior positions. That includes Choo Kyo-woong, the ...

As of Thursday, more than 50 percent of youths between 12 and 17 in Korea have received the first dose of COVID-19 vaccine and some 40.1 percent are fully vaccinated, officials said Friday. The Korea Disease Control and Prevention Agency said 1.55 million teenagers, 55.9 percent of the age group, have received the first dose of the vaccine. The rate of vaccination in older youths is higher, com...

Korean Air said Friday that it has joined Pratt & Whitney’s engine maintenance, repair and overhaul, or MRO, network to enhance its competitiveness in the field of aviation engine management. US aerospace company Pratt & Whitney is the producer of a high-bypass geared turbofan engine family called the Geared Turbofan, or GTF, and operates a global GTF engine MRO network with the industry’s top p...

Lotte Chemical Corp., a petrochemical unit of South Korean conglomerate Lotte Group, said Friday it will spend 250 billion won ($211.4 million) to expand its domestic production line of ethylene oxide adduct (EOA), an advanced material used in concrete. The expansion of the production line in Daesan, a county in the central South Chungcheong Province, will help boost its EOA production capacity ...

With stricter COVID-19 social distancing measures kicking in on Saturday, 45 days after the country had adopted a plan for a gradual return to normalcy, theaters and the arts sector are bracing for a difficult year-end -- again. From Saturday through Jan. 2, movie theaters, performing arts theaters and internet cafes nationwide will have to close by 10 p.m., while restaurants, bars and cafes are...