Choi Sang-mok, the former senior presidential secretary for economic affairs, has been nominated as the new finance minister who doubles as the deputy prime minister, according to the presidential office on Monday. Born in 1963 in Seoul, Choi studied law at Seoul National University and earned a doctorate in economics at Cornell University. He passed the civil service examination in 1985. He is known as an "orthodox economic bureaucrat" who has a strong understanding of economic poli

South Korea's recent temporary ban on stock short selling is aimed at reinforcing the Korean market's fairness and the advancement of the market system, a top financial regulator said Friday. Financial Services Commission Vice Chairman Kim So-young made the remark as he addressed foreign correspondents in Seoul, acknowledging the rising fear among global investors following the country's comprehensive ban of all short selling trades. According to Kim, financial regulators disc

Toss Bank, a Korean internet-only bank, saw its first quarterly profit in the third quarter. The company on Thursday announced it logged a net profit of 8.6 billion won ($6.65 million) in the third quarter, shifting from a net loss of 10.5 billion won the previous term. This marked the first time the company posted a quarterly profit since its launch in October 2021. The company attributed the growth to increased interest revenue during the pandemic when mobile banking services saw an influx of

Shinhan Financial Group's efforts to make a sustainable financial ecosystem have gained global momentum this year under the leadership of Chairman Jin Ok-dong, who took the top post in March. On his first overseas business trip in April, Jin headed to Japan, his country of expertise with almost 20 years of work experience there. During his stay, he met with business and government leaders there to seek digital and ESG (environment, social and governance) cooperation and other possibilities

Yuhan-Kimberly, the country’s leading hygiene product manufacturer, earned the first Good Manufacturing Practice recognition for a sanitary pad manufacturing facility. The firm on Wednesday said its factory in Chungju, North Chungcheong Province, acquired the Ministry of Food and Drug Safety’s GMP accreditation, awarded to manufacturers that meet the authority’s production and quality control standards. The Chungju plant is Yuhan-Kimberly’s manufacturing base for its fema

Korea Water Resources Corp., or K-water, announced Monday it has signed an agreement with Ukraine's war-torn suburb of Bucha to support its recovery and the construction of an industrial complex there. The state-run public water management company on Friday signed a memorandum of understanding with Bucha to cooperate on the area's recovery and the refurbishment of a water facility system. The deal was inked at the agency's Hangang River Basin Management Division in Gwacheon, Gyeon

KB Financial Group Chairman Yang Jong-hee on Friday stressed his will to nurture young tech talent in the field of artificial intelligence, calling digital finance not an option but a must for the financial giant’s sustainable growth. "IT and digital are no longer means to support the bank, but a core sector that will lead the businesses at the forefront," the chairman said at the group’s AI forum held in Seoul on Friday. "We must shift our perspectives from in-perso

YG Entertainment's new girl group Babymonster takes to the plate on Nov. 27 with its debut song "Batter Up." The music video teaser was unveiled on Friday, giving the first sneak peek into what sounds like a powerful hip-hop anthem. "Attention!" bellowed out the six girls at the start of the half-minute clip. Lights flash above the members' faces in turn, as siren sounds rang in the backdrop over minimal repetitive beats. The video closes with the group singing, &qu

Fifty Fifty made it onto Billboard's year-end list of most popular songs as the first K-pop girl group in history. The US music publication recently unveiled its 2023 year-end charts, which showed Fifty Fifty's "Cupid" at No. 44 on the annual Hot 100 songs chart. This marked the first time that any K-pop girl group's song has made it onto Billboard's year-end main singles chart. The year-end Hot 100 chart is a rundown of the year's biggest hits in the US compil

Aespa is spreading the Christmas cheer early with its new song "Jingle Bell Rock." The band's agency, SM Entertainment, on Friday announced that the quartet will drop its reinterpretation of the popular Christmas carol at 2 p.m. later that day. Aespa's version of "Jingle Bell Rock" will offer new delights, the agency said, with the four members' voices interlaced over the minimal track peppered with powerful 808 bass and catchy instrumental sounds, The new song

It was in 2019 that LA-based tech firm AmazeVR, a comprehensive virtual reality entertainment startup, pivoted its main business to virtual concerts. In just three years, it became the frontrunner in the field and officially launched its service in South Korea this year. Last month, AmazeVR released its first virtual concert here, featuring K-pop girl group aespa. Produced jointly with the quartet's label, SM Entertainment, the show was available offline at the Megabox Coex cinema in southe

Downsized from a four-piece, Fifty Fifty's last remaining member Keena celebrated the group's first anniversary with an apology. Keena penned a hand-written letter to fans Saturday, a year on from the group's debut. "I'm cautious as to how to start this since I'm addressing my fans, Hunnies, for the first time in a while, but I'm plucking up my courage to speak on my honest thoughts," Keena began her letter. "First of all, I'm sorry to Hunnies wh

Enhypen returns with a riveting new sound with its fifth EP "Orange Blood." The members on Thursday held a press conference in Seoul, a day ahead of the album's release. Member Jungwon said the album deviates from the team's iconic intoxicating music and exudes a "subtle sexiness." Representing Enhypen's new sound on "Orange Blood" is "Sweet Venom," a groovy and chill punk-pop melody through which the members vow their eternal love. Accordin

A collaborative single by (G)I-dle's Soyeon, aespa's Winter and Ive's Liz comes out today. Titled "Nobody," the single gets it global release at 6 p.m., according to the song's music video distributor M:USB on Thursday. The music video will be released with the song on M:USB's YouTube channel. The high-profile collaboration of the top girl group members comes in support of the 2030 Busan World Expo host bid, the producer said. "The song is based on disco-i

K-pop group Seventeen took center stage at the 13th UNESCO Youth Forum on Tuesday, becoming a beacon for growth through solidarity among young people around the globe. The multinational group stepped up to the podium at UNESCO's headquarters in Paris as the first K-pop group to address UNESCO at its main hall. Twelve members of the 13-member group appeared on stage wearing simple black suits. Member S. Coups was absent due to a leg injury. The band hosted a special session on the first day

Unionized workers of Seoul Metro, the operator of Seoul subway lines No. 1-8, will stage a second strike on Nov. 22 in protest of the company's workforce downsizing plans. The Seoul Metro labor union on Tuesday announced it will hold a press conference the following morning in front of the Seoul City Hall in Jung-gu, central Seoul, and disclose the plans to its forthcoming walkout. The announcement follows the union's temporary strike held Thursday-Friday, as the workers' body fai

Paris was filled with K-pop fans ahead of boy band Seventeen's historical speech and performance at UNESCO headquarters on Tuesday. The 13-member group arrived in the city on Sunday, according to a statement from the group's agency, Pledis Entertainment on Tuesday, amid shouts and screams from fans who flocked to the airport to welcome them. Seventeen's attendance at UNESCO headquarters was highly anticipated as it marked the first time a K-pop group had been invited to speak at

Jungkook continues his historic run with his solo album, "Golden," with Tuesday seeing the BTS singer place his sixth song on Billboard's main singles Hot 100 chart. "Standing Next to You," the lead single of "Golden," arrived on Hot 100 at No. 5 this week, Billboard said Tuesday. The song tallied around 10.6 million online streams and 400,000 radio airplays, as well as 99,000 physical and digital singles sales, the music publication added. Jungkook broke the d

Hybe, the company behind K-pop phenomenon boy band BTS, has announced its foray into the Latin American music market. The company has established the local subsidiary, Hybe Latin America, in Mexico, the firm said Monday. “We aim to extend our reach into Latin America, one of the fastest-expanding music markets in the world,” Hybe said in a statement Monday, adding the regional division will serve as its local office for the artists of Hybe Labels, the management arm of the multilabel

Jungkook of BTS has made his solo arrival on the Billboard 200, with "Golden" reaching No. 2. On Sunday, US music publication Billboard previewed the album chart for this week, showing "Golden" behind only Taylor Swift's "1989 (Taylor's Version)." "Golden" recorded 212,000 equivalent album units, the chart's highest-ever weekly sales by a K-pop solo singer. Equivalent album units comprise physical and digital album sales, as well as streamin