A court-led restructuring process for SsangYong Motor Co. is set to begin as early as next week as a sole potential investor didn't submit a letter of intent to acquire the financially troubled carmaker, industry sources said Friday. SsangYong Motor's Indian parent Mahindra & Mahindra Ltd. has been in talks with US vehicle importer HAAH Automotive Holdings Inc. to sell its majority stake in the Korean unit as part of its global reorganization plan amid the COVID-19 pandemic. The talks come

Police sought an arrest warrant on Friday for a former public servant at the Gyeonggi provincial government over suspicions that he bought a piece of land for speculative purposes using undisclosed information. The Gyeonggi Nambu Police Agency asked a court to issue the warrant for a former senior official at the investment promotion team of the government. It also requested the issuance of an order to ban him from selling his land pending investigation into the allegation. The man, whose name

A presidential commission decided Friday not to reinvestigate the 2010 deadly sinking of a South Korean warship by North Korea, overturning an earlier decision amid outrage among surviving crew and bereaved family members. In December last year, the Presidential Truth Commission on Deaths in the Military decided to revisit the case in which the warship Cheonan went down near the Northern Limit Line (NLL), the de facto maritime border between the two Koreas, on March 26, 2010, killing 46 sailor

Foreign Minister Chung Eui-yong arrived in China on Friday for talks with his Chinese counterpart, Wang Yi, to discuss bilateral ties, the Korean Peninsula situation and regional and global issues, his office said. The ministers are set to hold their first in-person meeting in their current capacities in the southeastern city of Xiamen on Saturday, amid renewed tensions caused by North Korea's recent missile launches and an escalating Sino-US rivalry. The talks come after Chung met separately

Hyundai Motor Co. and affiliate Kia Corp., South Korea's two biggest carmakers, said Friday their combined US sales jumped 76 percent in March from a year earlier on robust demand for their SUV models. Hyundai and Kia sold a total 141,926 vehicles in the United States last month from 80,531 units a year ago, according to the companies' sales data. "Strong consumer confidence, stable inventory, a compelling lineup, attention-grabbing advertising and the efforts of our dealer partners all c

A North Korean organization on Friday demanded Japan apologize and provide compensation for its colonial-era atrocities, and called on the withdrawal of hostile policies against Pyongyang. The Association of Korean Victims of Forcible Drafting and Their Bereaved Families, a North Korean organization, urged Japan to "apologize and compensate our past victims and bereaved families at an early date" in a statement carried by the Korean Central News Agency. "We will never forget Jap

The United States is open and prepared to take feedback from key allies on its new approach to dealing with a nuclear-armed North Korea, a senior US administration official said Thursday. The remarks came one day before National Security Adviser Jake Sullivan is set to host his South Korean and Japanese counterparts -- Suh Hoon and Shigeru Kitamura -- for discussions on a wide range of issues that will include the ongoing review of US policies toward North Korea. "This is the most senior

South Korea's daily new coronavirus cases stayed in the 500s for the third straight day Friday, as cluster infections continued to emerge across the nation. Social distancing rules were tightened in some cities, including Busan and Jeonju. The country reported 558 more COVID-19 cases, including 533 local infections, raising the total caseload to 104,194, the Korea Disease Control and Prevention Agency (KDCA) said. The country added two more deaths from COVID-19, increasing the total to 1,737.

KBS 2TV 월화극 '달이 뜨는 강' 제작사가 학교폭력으로 주연 자리에서 하차한 배우 지수의 소속사에 손해배상 소송을 제기했다. 드라마 제작사 빅토리콘텐츠는 지수 소속사인 키이스트를 상대로 주연 교체에 따른 추가 제작비 발생과 관련 피해 회복을 위해 30억원 규모의 손해배상 청구 소송을 서울중앙지법에 냈다고 2일 밝혔다. 빅토리콘텐츠 측은 소송 배경에 대해 "지수가 불미스러운 일로 하차함에 따라 재촬영 등 추가 비용이 발생해 손실이 큰 상황인데 키이스트가 협상에 제대로 나서지 않아 결국 소송을 제기하게 됐다"고 설명했다. 이에 키이스트 측은 "제작사 측과 소통하면서 책임을 피하지 않고 성실히 합의에 임하며 원만한 해결을 위해 노력 중인데 갑자기 소송을 제기했다니 당황스럽다. 상황을 파악해보겠다"고 밝혔다. 앞서 '달이 뜨는 강'은 6회까지 방송한 시점에서 남주인공 온달 역을 맡은 지수가 학교폭력 논란이 일자 일부 가해 사실을 인정하고 자진

South Korean stocks opened higher Friday on the back of a massive infrastructure project by the United States. The benchmark Korea Composite Stock Price Index (KOSPI) rose 30.08 points, or 0.97 percent, to 3,117.48 points in the first 15 minutes of trading. Stocks traded bullish due to market optimism over a $2.25 trillion infrastructure proposal in the US, which local investors hailed as a sign of rising global demand. Auto and tech shares got off to a strong start, taking a cue from the ove

LG Electronics Inc. said Friday it has begun selling its rollable TV in foreign markets as the South Korean tech giant eyes to expand its presence in the high-end TV market. LG started overseas sales of the SIGNATURE OLED R TV through its global website Thursday. The industry's first rollable TV is currently available in 15 countries, including the United States, Russia, Germany and France. Due to the novel coronavirus pandemic, LG said it plans to focus on online sales rather than offline mar

South Korea's major banks saw their mortgage loans grow at a brisk pace in March despite higher lending rates, industry data showed Friday. The nation's five major lenders -- KB Kookmin, Shinhan, Woori, Hana and Nonghyup -- had 483.2 trillion won ($427 billion) in outstanding home-backed loans as of end-March, up 3.4 trillion won from the previous month. March marks the second consecutive month that their combined mortgage lending has climbed by a number in the 3 trillion-won range. February s

South Korea's consumer prices grew at the fastest pace in 14 months in March on higher prices of farm and oil products, data showed Friday, in the latest sign that inflationary pressure is building up amid an accelerating economic recovery. The consumer price index rose 1.5 percent on-year in March, accelerating from a 1.1 percent on-year gain in the previous month, according to the data compiled by Statistics Korea. The index grew 0.1 percent on-month. It marked the fastest on-year rise since

Voters headed to polling stations Friday as two-day early voting kicked off ahead of next week's by-elections for mayors of the country's two biggest cities. Early voting began at 6 a.m. and will last till Saturday evening at 722 polling stations ahead of the election day on Wednesday. Besides the two mayoral seats in Seoul and Busan, two regional administrative posts and 17 seats on regional legislative councils are also up for grabs. On the first day, 1.11 million of the total 12.16 millio

Denuclearization of North Korea will be at the center of any new US policy toward the reclusive nation, a State Department spokesman said Thursday, adding the country's policy review will soon be concluded. Ned Price also said any US policy toward North Korea will be executed in "lockstep" with key US allies, including South Korea and Japan. "I wouldn't want to prejudge the conclusion of any ongoing review, but we have said that denuclearization will remain at the center of Amer

North Korea's highly restrictive coronavirus measures and lack of essential goods have caused many foreign embassies to close and international humanitarian workers to leave the country, the Russian Embassy in Pyongyang said Thursday. In a post on its official Facebook page, the embassy said a total of 12 nations, including the United Kingdom, Germany and France, closed their missions due to pandemic-caused challenges and that there now remain only nine ambassadors and four diplomats who work a

South Korean carmakers' sales rose 12 percent last month from a year earlier helped by robust overseas demand for SUVs amid the COVID-19 pandemic, industry data showed Thursday. The five carmakers -- Hyundai Motor, Kia, GM Korea, Renault Samsung Motors and SsangYong Motor -- sold a combined 672,643 vehicles in March, up from 601,082 units a year ago, according to data from the companies. Their domestic sales fell 6.7 percent to 140,971 units last month from 151,025 a year ago. But overseas sal

North Korea's national carrier was set to operate two flights between Pyongyang and Beijing this week, its website showed Thursday, drawing attention to whether the route will resume after more than a year of suspension amid coronavirus concerns. According to the flight schedule released on Air Koryo's website, the airline's JS251 flight will depart from Pyongyang at 4:00 p.m. and arrive in Beijing at 5:50 p.m. on Thursday. Another flight is scheduled to depart from Beijing for Pyongyang on Fri

Kia Corp., South Korea's second-largest automaker, said Thursday its sales gained 19 percent last month from a year earlier on solid demand for SUVs. Kia sold 251,362 vehicles in March, up from 231,543 units a year ago, the company said in a statement. Domestic sales reached 51,011 units last month, nearly the same level from a year earlier. Overseas sales rose 11 percent on-year to 200,351 units due to the low base effect from last year when the COVID-19 pandemic hit the automotive industry, it

Hyundai Motor Co. said Thursday its sales jumped 22 percent last month from a year earlier on robust demand for its SUV models despite the COVID-19 pandemic. The country's biggest carmaker sold 375,924 vehicles in March, up from 307,176 units a year earlier, helped by strong demand for the Palisade SUV, the Nexo hydrogen fuel-cell electric vehicle, the Genesis GV70 and GV80 SUVs, the company said in a statement. Domestic sales climbed 2.3 percent to 73,810 units from 72,180 during the same per