South Korea's current account surplus narrowed sharply in January due to higher oil prices, the central bank said Tuesday. The current account surplus reached $7.06 billion last month, narrowing from a surplus of $11.51 billion the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade. Since the country logged a deficit of $3.33 billion in April last year, the largest in almost a decade, on faltering exports amid the COVID-19 p

South Korea and the United States have reached a "fair" agreement on the sharing of the cost to maintain US troops on the Korean Peninsula, a South Korean diplomat said Monday. Jeong Eun-bo, Seoul's top negotiator in cost-sharing talks, said specific details of the new Special Measures Agreement (SMA) are still subject to internal reviews. "We did our utmost. I wish to say we have reached an agreement between South Korea and the United States that is reasonable and fair and is a

The new defense cost-sharing agreement between South Korea and the United States will be effective for six years if signed, a spokesman for the US State Department said Monday. The first detail of the agreement came one day after the countries said they have reached a consensus on the agreement that will set South Korea's share of the burden in maintaining US troops on the Korean Peninsula. "The United States and Republic of Korea negotiators did reach a consensus on a proposed text of a

Prime Minister Chung Sye-kyun on Monday ordered the creation of a police-led investigative team to get to the bottom of a massive land speculation scandal involving public officials. Chung gave the order to Nam Gu-jun, the inaugural chief of the National Office of Investigation (NOI) under the National Police Agency, during a meeting in which Nam briefed the prime minister on the police's own investigation plans regarding the issue. The scandal centers on allegations that more than a dozen emp

JEONJU -- A group of Thai nationals has been apprehended for allegedly smuggling narcotics worth tens of millions of dollars into South Korea, local police said Monday. The Jeonbuk Police Agency said they were investigating seven illegal immigrants from Thailand on charges of trafficking some 5 kilograms of methamphetamine and 10,000 tablets of "ya ba," a combination of methamphetamine and caffeine, and selling them to fellow Thais working in South Korea from September. The drugs we

The Constitutional Court on Monday rejected a request by retired judge Lim Seong-geun to exclude a particular justice from his impeachment trial. Lim filed the motion that the court should except Justice Lee Suk-tae from the upcoming trial, questioning Lee's capability to render a fair and impartial verdict, given his former legal activities. The eight justices of the court unanimously decided that there were not "objective circumstances" to accept the request. Lim was impeached las

President Moon Jae-in called on the state prosecution service Monday to earn public trust, saying the separation of its rights to investigate crimes and indict suspects is necessary to reform the prosecution. The prosecution should be able to assure the public that the exercise of its rights is fair, not arbitrary or selective, he stressed. There has been no improvement, however, in public confidence in the prosecution's impartiality despite efforts by most prosecutors, he added. The presiden

LG Electronics Inc. has revamped its overseas auto parts production bases, industry insiders said Monday, in a move to beef up its automotive solutions business for future growth. LG recently completed closure of its plant in Kunshan, southeastern China, which had been producing vehicle infotainment components, such as audio, video and navigation (AVN), according to industry sources. The move was part of the company's plan to enhance manufacturing efficiency in its automotive business, accordi

A progressive lawmaker said Monday she will push for a law revision in collaboration with two civic groups to toughen punishment of public officials who use inside information to speculate on land that is under review or chosen for a state housing project. Rep. Sim Sang-jeung, former head of the minor opposition Justice Party, and two civic groups -- People's Solidarity for Participatory Democracy and Lawyers for a Democratic Society -- announced the plan to revise the Special Act on Public Ho

Finance Minister Hong Nam-ki said on Monday that the latest land speculation scandal involving public officials is a wake-up call for public servants whose misdeeds undermine the credibility of key policies. Public outcry mounted over allegations that employees of the state-run housing developer Korea Land and Housing Corp. (LH) used internal information on housing supply projects for their speculative property investments. "Public servants should take the latest case with extra vigilance

South Korean stocks fell under the 3,000-point threshold on Monday, as improved Chinese economic data and higher US bond yields stoked renewed concerns over rising inflationary pressure. The Korean won weakened against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 30.15 points, or 1 percent, to close at 2,996.11 points. Trading volume was moderate at about 1.9 billion shares worth some 15.5 trillion won ($13.7 billion), with losers outnumbering gainers 551 to 302.

South Korea's health authorities are likely to approve AstraZeneca's COVID-19 vaccine for people aged 65 and older this week following the publication of new data overseas showing effectiveness. An independent panel under the health ministry has concluded that the AstraZeneca vaccine is OK for older people, following in the footsteps of several European countries that reversed decisions on the two-dose regimen developed by British-Swedish pharmaceutical giant AstraZeneca and Oxford University f

South Korea has confirmed 20 more cases of contagious variants of the new coronavirus, bringing the total to 182, according to health authorities Monday amid concerns that the variants may worsen the country's virus battle. The Korea Disease Control and Prevention Agency (KDCA) said the 20 people were confirmed to have been infected with three kinds of variants that are known to be more transmissible over the past week. Of them, nine people were local infections, all South Korean nationals, an

K-pop girl group TWICE will drop a new single in Japan in May, according to its label-management company Monday. The group's eighth Japanese single, titled "Kura Kura," will be released on May 12, according to JYP Entertainment. Written by Park Jin-young, producer and founder of JYP Entertainment, the new song features the enchanted emotion of two lovers, according to the company. It is a follow-up announcement on the upcoming release after the group surprisingly disclosed the plan

"Minari," a drama film about a Korean American immigrant family, has won two prizes, including best foreign language film, at this year's Critics Choice Awards. In the awarding ceremony of the annual 26th Critics Choice Awards held Sunday (US time), the best foreign language film award went to "Minari," directed by Korean American Lee Isaac Chung, beating "Another Round," "Collective," "La Llorona," "The Life Ahead" and "Two Of Us

ANSEONG -- More than 50 employees from a livestock meat processing and auction facility south of Seoul have tested positive for the coronavirus, officials said Monday, becoming the latest in a recent string of mass infections at industrial workplaces. According to the municipality of Anseong, 77 kilometers from Seoul, 50 employees of the Anseong Livestock Product Joint Market were additionally confirmed to be infected with COVID-19 after two others first tested positive for the virus Saturday.

President Moon Jae-in pledged Monday to redouble efforts to create a world where women can play the "role of leaders with equal rights" in every field. He issued the message on the occasion of International Women's Day. "When more women can work in a greater variety of positions without career interruptions, an inclusive recovery and leap forward will also accelerate," he wrote on his social messaging accounts. Even amid the difficulties caused by COVID-19, women have been

All foreign workers in Gyeonggi Province, which surrounds Seoul, were ordered Monday to take the coronavirus test before March 22, as part of authorities' efforts to cope with a recent spike in COVID-19 cases in foreigner-dense areas and workplaces. The latest administrative order from the provincial government of Gyeonggi was delivered to about 85,000 foreign workers in the nation's most populous province via their employers, officials said. Under the order, the migrant workers hired by some

South Korea's antitrust regulator said Monday it has decided to fine four manufacturers of sewage pipes and manhole covers a combined 2.95 billion won ($2.6 million) for colluding to fix prices of industrial products. Kolon Industries Inc. and its three smaller rivals colluded to fix their quotations between 2011 and 2016 for 268 rounds of purchase bidding for waste pipes and manhole covers by the state procurement agency and builders, according to the Korea Fair Trade Commission (KTFC). The d

South Korean banks saw their 2020 earnings decline 11.5 percent from a year earlier as they set aside more loan-loss reserves amid the pandemic, data showed Monday. Their combined net profit came to 12.3 trillion won ($10.9 billion) last year, compared with 13.9 trillion won the previous year, according to preliminary data from the Financial Supervisory Service (FSS). The decline in net profit came as local banks sharply increased loan-loss reserves last year to cope with the fallout from the