Global rating agency Moody's Investors Service on Friday upgraded credit ratings of LG Electronics Inc. for the first time in seven years after the South Korean tech giant reported record earnings last year. Moody's raised the ratings of LG Electronics to Baa2 from Baa3, with its ratings outlook remaining "stable." This is the first time since February 2014 that Moody's has revised up its ratings on the major South Korean tech firm. "The upgrade reflects our expectation that, fo

South Korean stocks rebounded Friday after swerving in and out of negative terrain amid woes over a virus resurgence and rising US Treasury yields. The Korean won rose against the US dollar. After a choppy session, the benchmark Korea Composite Stock Price Index (KOSPI) rose 20.96 points, or 0.68 percent, to close at 3,107.63 points. Trading volume was high at about 3.4 billion shares worth around 19.4 trillion won ($17.5 billion), with losers outnumbering gainers 555 to 306. Foreigners sold

Quarantine authorities are to conduct intensive coronavirus field inspections at foreigner-dense areas and workplaces and other places deemed highly vulnerable to the pandemic, a government agency said Friday, after recent outbreaks of virus clusters at factories. According to the Central Disaster and Safety Countermeasure Headquarters, about 1,000 places nationwide, including industrial plants, large-scale workplaces and construction sites, will be subject to such field inspections from Monday

More than 200 owners of cafes and restaurants sued the government on Friday over losses caused by COVID-19 business restrictions. The plaintiffs -- 170 cafe owners and 70 restaurant owners -- said they are seeking 1.2 billion won ($1.08 million) in compensation from the government. The lawsuit, which was filed with the Seoul Central District Court, is the second of its kind. The first one was lodged last month by a group of 358 coffee shop owners seeking 5 million won each. "Ever since t

North Korea has appointed a former trade minister as the new ambassador to China, the country's foreign ministry said Friday, in what appears to be aimed at strengthening economic ties with its closest ally. Ri Ryong-nam, 61, replaced Ji Jae-ryong, who has served as top envoy in Beijing since 2010, according to a posting on the official website of the ministry. Ri is known for his expertise on trade and the economy as he worked as trade minister in 2008 and as external economic affairs ministe

A gay couple has sued the state health insurer for canceling its coverage of one of the partners as a dependent, an activist group said Friday. So Seong-wook and his partner Kim Yong-min filed the administrative lawsuit against the National Health Insurance Service (NHIS) with the Seoul Administrative Court on Thursday, according to the Korean Network for Partnership and Marriage Rights of LGBT. The NHIS first granted So coverage under Kim's employer-based health insurance program in February

Korea Electric Power Corp. (Kepco) on Friday reported a net income of 2.09 trillion won ($1.9 billion) in 2020, turning from a loss of 2.26 trillion won a year earlier on the back of the low fuel costs. Operating profit for the year was 4.08 trillion won, compared with a loss of 1.27 trillion won from the previous year, the company said in a regulatory filing. Annual sales fell 1 percent to 58.56 trillion won. During the fourth quarter, net profit reached 586 billion won, also shifting to the

Two Kolon Life Science executives were acquitted Friday of involvement in the company's allegedly fraudulent report on a key ingredient in its gene therapy drug. The Seoul Central District Court handed down the ruling to the drugmaker's two executives, surnamed Cho and Kim, who were indicted on charges that included fraud related to the company's suspected illegalities in the development and sales of Invossa, a cell and gene therapy for osteoarthritis. But the court separately ordered Cho, a s

South Korea carried out a final government-wide mock drill Friday for the planned transport of COVID-19 vaccines ahead of the beginning of the inoculation program next week, the defense ministry said. Earlier this month, health authorities and related agencies conducted the first mock drill at Incheon International Airport, west of Seoul, for the transport of the foreign-made Pfizer COVID-19 vaccine. Friday's second and final rehearsal focused on transporting the AstraZeneca's vaccine, to be p

South Korea's overseas financial assets hit a new high in 2020, mainly due to increased stock investments, central bank data showed Friday. The nation's external financial assets came to $1.93 trillion at the end of December last year, up $236.3 billion from a year earlier, according to preliminary data from the Bank of Korea (BOK). The net international investment position came to $441.4 billion as of the end of December, down $59.5 billion from a year earlier, the data showed. The position

Apple Inc. is expected to open its second store in South Korea later this month, expanding its presence in the country to compete with local tech giant Samsung Electronics Co. The company said Friday it will hold a press preview event for the store in Yeouido, western Seoul, on Feb. 24. While Apple did not specify when the store will be open to the public, it opened its first store in southern Seoul in 2018 just a few days after a press event. The company is reportedly planning to further exp

President Moon Jae-in floated the idea Friday of providing South Korean people with special "consolatory money" once the COVID-19 pandemic is overcome, according to his office. It was unveiled during his meeting with leaders of the ruling Democratic Party (DP) at Cheong Wa Dae. The president was responding to the proposal of offering another batch of emergency cash handouts to support people and businesses against the fallout of the pandemic, Cheong Wa Dae spokesman Kang Min-seok sai

South Korea is exploring various ways to provide food and fertilizer to North Korea in humanitarian assistance as Pyongyang is believed to be faced with worsening food shortages, the unification ministry said Friday. On Thursday, Unification Minister Lee In-young told lawmakers that the North appears to be faced with a food shortage of about 1.2 million to 1.3 million tons this year mainly due to damage from last year's heavy downpours. "Our position remains the same that humanitarian iss

Diplomats of South Korea, the United States and Japan agreed to closely cooperate to achieve complete denuclearization and lasting peace on the Korean Peninsula in video talks Friday, the foreign ministry said. Seoul's top nuclear envoy, Noh Kyu-duk, Sung Kim, acting US assistant secretary of state for East Asian and Pacific affairs, and Takehiro Funakoshi, director-general for Asian and Oceanian affairs at Tokyo's foreign ministry, held the conversation to discuss North Korea-related issues.

Kia Corp., South Korea's second-biggest carmaker, said Friday it became the best-scoring mass-market brand in this year's J.D. Power's Vehicle Dependability Study results. Kia beat perennial No. 1 Toyota Motor Corp. and 16 other mass-market brands to become the most dependable mainstream brand in terms of problems owners of three-year-old cars have experienced in the United States, the company said in a statement. Kia's Optima (or K5) midsize sedan, Sportage compact SUV and Sorento midsize SUV

Two Army soldiers and a Marine have tested positive for the new coronavirus, the defense ministry said Friday. The Marine was confirmed to have been infected with COVID-19 in a test required before returning to his unit in the city of Gimpo, west of Seoul, after vacationing in the central city of Boryeong, according to the ministry. In Boryeong, a full-time reservist soldier tested positive following direct contact with another person who contracted the virus. An Army officer based in Hwaseon

Prime Minister Chung Sye-kyun said Friday that authorities saw the current state of the pandemic in the nation as being severe and pledged to swiftly deal with the crisis with the government's full capabilities. "Experts are warning that the worst may arrive if the latest growth trend cannot be quickly contained," Chung said during an interagency meeting on the COVID-19 response held at the government complex in Seoul. Chung added, "The government confronts the current situation

A funeral ceremony took place early Friday for activist Paek Ki-wan, who devoted his life to the reunification of the two Koreas and many labor and social issues. Paek died at Seoul National University Hospital on Monday at age 88. He had battled complications of pneumonia for a year. Hundreds of mourners had been waiting outside the hospital, holding signs with the lyrics of "March for the Beloved," a famous pro-democracy movement anthem Paek wrote. They watched the vehicle carryin

South Korea is closely monitoring rising prices of agricultural and oil products, the vice finance minister said Friday, amid concerns that inflation may pick up amid an economic slowdown. First Vice Finance Minister Kim Yong-beom said the government plans to draw up measures to respond to a potential surge in such prices, if needed. "Not only prices of agricultural and livestock products but also those of raw materials, including crude oil and nonferrous metal, have continued to stay fir

The South Korean economy faces lingering uncertainty as domestic demand and the job market remain sluggish amid a flare-up in new coronavirus cases, the finance ministry said Friday. The manufacturing sector and investment are improving amid robust exports, but the service segment is suffering setbacks amid the third wave of the pandemic, according to the Ministry of Economy and Finance. "The real economy faces persistent uncertainty as domestic demand remains sluggish and job data point