KT Corp., a major South Korean mobile carrier, said Tuesday it will cancel 1 trillion won ($726 million) worth of treasury shares by 2028 as part of its efforts to enhance its corporate value. Under the "value-up program," KT will focus on improving profitability and evolving into a comprehensive artificial intelligence and information technology company, the company said in a statement. KT aims to achieve a 9 to 10 percent return on equity by 2028 by restructuring low-growth businesse

President Yoon Suk Yeol said Tuesday the defense industry cooperation between South Korea and Saudi Arabia will play a pivotal role in advancing the two countries' relations in a broad range of fields. Yoon called the oil-rich country a "key partner" for South Korea's economy and energy security during a meeting with Abdullah bin Bandar Al Saud, Saudi minister of the National Guard, at the presidential office. "The defense collaboration between the two countries would no

The Seoul Independent Film Festival, South Korea’s only competitive independent film festival -- now in its 50th year -- is taking place Nov. 28 to Dec. 6. According to the organizers, the festival this year saw the highest number of films submitted since its establishment in 1975 -- a total of 1,704 feature and short indie films. “We think creators who want to focus on works that contain their voices have returned to the indie scene,” said Festival Director Kim Dong-hyun durin

The Ministry of Culture, Sports and Tourism demanded Tuesday that the Korean Football Association take strong action following the discovery of irregularities in the process of appointing Hong Myung-bo as coach of the national soccer team. The ministry’s demand included a suspension or harsher disciplinary action against high-level officials, including Chairman Chung Mong-gyu, who has been at the helm of the football governing body since 2013. Amid concerns that the KFA might not act dec

The National Human Rights Commission of Korea ruled Tuesday that the abuses inflicted on a group of seasonal workers from the Philippines last year amounted to human trafficking. It was the first time the commission recognized abuses against seasonal workers as human trafficking. Blaming insufficient government management and supervision, the commission identified abuses including wage exploitation, withheld wages, refusal to allow workers to change jobs, passport and bankbook seizures as well a

A man suspected of causing a fatal car accident while driving under the influence was arrested Tuesday morning. Officers from Seongnam Sujeong Police Station took the man into custody for allegedly hitting a man in his 30s who was riding an electric bicycle in Sujeong-gu, Seongnam city in Gyeonggi Province at around 4:10 a.m. The driver reportedly fled the scene without attempting to assist the victim. The victim sustained a critical injury and died despite receiving medical treatment at a nea

An elderly man who tried to steal a small amount of money from an old friend ended up killing the friend's wife, according to the police in South Jeolla Province on Tuesday. Yeosu Police Station is currently investigating the suspect, a man in his 60s, on suspicion of murdering a woman in her 70s at around 11 p.m. on Sunday. The victim was found stabbed in the chest inside her home, and died in the early hours of Monday despite receiving medical treatment at a nearby hospital. The suspect

Novelist Kim Hee-sun won the fiction category of the Daesan Literary Awards on Tuesday for her latest novel "All About 247,” a thought-provoking work that explores a post-pandemic society shaped by the aftermath of COVID-19. Set in near-future Korea, after the pandemic, society has built systems to prevent large-scale outbreaks. A global Disease Control Center now coordinates efforts worldwide to fight infectious diseases. Fever-reducing drugs are banned to curb virus spread, heat sen

A 28-week pregnant woman from Daejeon had to travel 200 kilometers to Suncheon, South Jeolla Province, for an emergency delivery after nearby hospitals turned her down citing a lack of available facilities, authorities said Monday. The Daejeon Fire Department said it received a report that a woman's water broke at around 2:52 a.m. on Monday. Emergency paramedics arrived at her home and took her to a local hospital she regularly goes to, only to be told the facility could not handle an emerg

NCT127 will launch its fourth international tour in January next year, announced label SM Entertainment Tuesday. Tour “Neo City – The Momentum” will start with a two-date concert in Seoul Jan. 18-19 and will resume in mid-February in Jakarta, Indonesia. The itinerary includes Bangkok, Taipei and Macao as well as six cities in North America and three in Japan. It will be the first time the subunit is touring North America in two years. Meanwhile, the bandmates shared photographs

Hybe, the K-pop powerhouse behind BTS, is at risk of losing its designation as a "Top Job Creation Company” by the Ministry of Employment and Labor, following a public petition filed Thursday with the National Assembly. As of Tuesday, just six days after the petition launched, the National Assembly’s online petition site showed over 41,500 signatures supporting the revocation of Hybe’s recognition. With a threshold of 50,000 signatures needed for an official review and 24

Hanwha Group Chairman Kim Seung-youn on Tuesday visited Hanwha Asset Management to praise the asset management unit's recent progress in its ongoing efforts for global expansion. He was accompanied by Kim Dong-won, president and chief global officer at Hanwha Life Insurance, and Hanwha Asset Management CEO Kim Jong-ho. “Despite unfavorable market conditions, Hanwha Asset Management has overcome challenges and pushed innovations, and emerged as Korea’s leading asset management co

President Yoon Suk Yeol will hold a news conference on Thursday at 10 a.m., as the South Korean leader approaches the halfway point of his five-year term on Nov. 10, watchful of challenges at home and abroad. Yoon's news conference comes at a turbulent time due both to heightened external uncertainties -- as the US begins counting ballots from Wednesday here that will determine its next president as well as control of the US Congress -- as well as scandals here involving him and his wife. T

A surge in cases of scrub typhus at the end of October has prompted the Korea Disease Control and Prevention Agency to advise caution to avoid contact with mites. There were 312 cases of scrub typhus 312 between Oct. 24 and 30, a fivefold increase from 57 two weeks earlier according to the Korea Disease Control and Prevention Agency. The disease is caused by bacteria carried by the larvae of chiggers, also known as harvest mites, which suck fluids from animals including humans. The bacteria can

The Seoul Metropolitan Government and the Ministry of Employment and Labor stated on Tuesday that it wants to expand its current foreign caregivers pilot program -- now a little over two months in -- to include more caregivers from Southeast Asian countries other than the Philippines. Since September, the Seoul Metropolitan Government has been running a six-month foreign caregiver pilot program with the Labor Ministry, with an aim to provide selected households based in Seoul with affordable chi

South Korean stocks ended lower for the second day Tuesday as investors treaded water ahead of the US presidential election. The local currency sharply lost ground against the US dollar. The benchmark Korea Composite Stock Price Index fell 12.09 points, or 0.47 percent, to close at 2,576.88. Trade volume was slim at 306.1 million shares worth 7.6 trillion won ($5.5 billion), with winners outpacing losers 514 to 356. Individual investors purchased a net 388.9 billion won worth of local stocks, wh

On the day of the US presidential election between Vice President Kamala Harris and former President Donald Trump, North Korea fired a salvo of ballistic missiles on Tuesday in an apparent message to Washington -- a continuation of its unrelenting saber-rattling, which included the launch of an intercontinental ballistic missile last week. Escalating tensions further, Kim Yo-jong, the influential sister of North Korean leader Kim Jong-un, released a forceful English-language statement on US Elec

Hyundai Engineering & Construction said Tuesday it has signed a design and planning contract with Bulgaria's state energy agency for the new construction of the Kozloduy Nuclear Power Plant in the region, in partnership with US-based builder Westinghouse. The signing took place at the Council of Ministers building in Sofia, Bulgaria, Monday, attended by key officials including Hyundai E&C President Yoon Young-joon, Bulgarian Prime Minister Dimitar Glavchev, Energy Minister Vladimir

A draft of new sentencing guidelines unveiled on Monday calls for tougher penalties for severe and repeated cases of animal cruelty, a move widely seen as a push to end a long era of leniency in the judicial treatment of such offenses. The guidelines, drafted at a meeting of the Supreme Court’s sentencing commission on Friday, are the top court’s first formal framework for animal abuse crimes, a court spokesperson told local media. The move comes as public concern over animal cruelty

Young Poong, a Korean zinc smelter, has come under fire for environmental violations and an array of industrial accidents occurred at its Seokpo refinery. According to the company, its Seokpo refinery in North Gyeongsang Province was ordered by the Supreme Court to shut down for two months for violating a water conservation law. It is the world's sixth-largest zinc producer, which makes up around 2.4 percent of global production in 2023, according to global energy data provider Wood Mackenz