South Korea has identified the remains of two soldiers killed in the 1950-53 Korean War through DNA analysis after they were recovered from former battle sites near the inter-Korean border, the defense ministry said Friday. Pfc. Kim Sung-geun was presumed to have been killed during a battle in 1950 that took place in Chuncheon, Gangwon Province, and his remains were excavated in the region in April 2010. The identification was possible as his 73-year-old son registered his DNA sample with the

WASHINGTON -- The planned transition of the wartime operational control (OPCON) of South Korean troops will take place when all necessary conditions are met, not because of a simple passage of time, a Pentagon spokesperson said Thursday. John Supple also said a "conditions-based" transition is not only what has been agreed on but also what is necessary to ensure peace and security. "Wartime Operational Control will transition when the mutually-agreed upon conditions are fully me

SK Innovation Co., a South Korean refinery-to-battery company, said Friday it will invest 1.3 trillion won ($1.2 billion) in its Hungary subsidiary to expand its electric vehicle battery production in Europe. SK Innovation said its investment in SK Battery Hungary Kft. is aimed at building "a new battery factory in Europe." The investment is expected to build a third battery factory in Hungary, as the company has been stepping up production capacity to meet growing demand for EV batt

SK hynix Inc., South Korea's No. 2 chipmaker, said Friday it expected strong demand for memory chips this year on the back of growth in the server and mobile sectors after reporting robust fourth-quarter earnings amid the pandemic. Its net income reached 1.76 trillion won ($1.6 billion) during the October-December period, turning from a loss of 125.6 billion won a year earlier, the company said in a regulatory filing. The world's second-largest DRAM producer said its fourth-quarter operating p

South Korea's industrial output, consumption and investment increased on-month in December, data showed Friday, in the latest sign that the country's economy is on a recovery track amid the pandemic. But stung by the fallout of the COVID-19 pandemic, the nation's industrial production declined last year for the first time since the statistics agency began compiling data in 2000. The industrial output grew 0.5 percent in December from the previous year, compared with a 0.8 percent on-month gain

Posco, South Korea's top steelmaker, said Thursday its operating profit slipped 37.9 percent last year as the coronavirus pandemic ravaged global demand for steel.  Posco reported an operating profit of 2.4 trillion won ($2.15 billion) and a net profit of 1.7 trillion won for 2020. Net profit fell 9.8 percent on year in 2020. Sales dropped 10.2 percent on year to 57.7 trillion won last year, Posco said. Despite the pandemic, Posco's profitability showed signs of recovering in the sec

The prosecution has indicted former Busan Mayor Oh Keo-don on charges of sexual assault, officials said Thursday. He resigned as the leader of the nation's second largest city on April 23, 2020, after admitting to his misconduct. The Busan District Prosecutors Office charged him on four counts, also including attempted indecent assault, inflicting injury and false accusation. Oh is accused of sexually assaulting two female employees and injuring one of them in 2018 and 2020. He is also charg

South Korea's foreign ministry on Thursday launched a task force aimed at strengthening policy-related communication with the new administration of US President Joe Biden and American experts. The launch came amid Seoul's efforts to beef up cooperation with the Biden government in resuming dialogue with Pyongyang and advancing its stalled agenda of fostering a lasting peace on the divided Korean Peninsula. The need for policy communication with the United States has also arisen amid criticism

South Korea voiced "deep concerns" Thursday over a recent aerial attack on Saudi Arabia, renewing its opposition to any destabilizing activity in the Middle East. Saudi Arabia intercepted and destroyed a "hostile air target" going toward Riyadh on Saturday, according to media reports. The culprit behind the attack remains unknown, though Houthi rebels in Yemen had mounted a series of attacks against the kingdom. "Our government expresses deep concerns over the fact tha

LG Electronics Inc. on Thursday announced it will pay out more dividends to its shareholders in a move to increase shareholder value. LG said its shareholders will receive 1,200 won ($1.07) per common share and 1,250 won per preferred share for the fiscal year of 2020 after approval in March at its shareholders meeting. Last year, the company gave 750 won per common share and 800 won per preferred share to its shareholders. At its board meeting, LG also approved its 2020 earnings report. The

Construction equipment maker Hyundai Construction Equipment Co. said on Thursday that it has signed a deal with Chinese forklift maker UN Forklift to produce forklifts under an original equipment manufacturing (OEM) agreement. Hyundai Construction Equipment plans to expand its global sales of forklifts produced by the Chinese maker to $100 million by 2025, the company said. The forklifts to be produced by UN Forklift include 10 kinds of 2 to 3.5-ton models, Hyundai Construction Equipment said.

Owners of restaurants, internet cafes and other small businesses called on the government Thursday to extend their opening hours and compensate their losses amid ongoing restrictions caused by the coronavirus pandemic. At a press conference outside the presidential office Cheong Wa Dae, leaders of small business groups said the government's social distancing rules have pushed many shops to the brink of closure, as most are required to close at 9 p.m. and bars and nightclubs are subject to an as

South Korea plans to sell 13.9 trillion won ($12.4 billion) in state bonds next month, the finance ministry said Thursday. The ministry will issue 700 billion won in Treasurys with a maturity of two years for the first time in an effort to soothe market uneasiness from its planned massive bond sales, according to the Ministry of Economy and Finance. It will also float 3 trillion won in three-year government bonds, 2.7 trillion won in five-year government debts and 2.9 trillion won in bonds wit

President Moon Jae-in pointed out Thursday that South Korea's yearslong campaign to root out corruption has won a positive assessment from the international community, citing an annual survey of Transparency International. In its updated report on the Corruption Perceptions Index (CPI), the country ranked 33rd, up from 39th last year. "The international community's assessment of the transparency and integrity of our society has greatly improved," Moon wrote on his social messaging ac

The chief of a minor opposition party was convicted Thursday of forging an internship certificate for the son of former Justice Minister Cho Kuk. The Seoul Central District Court sentenced Rep. Choe Kang-wook of the Open Democratic Party to eight months in prison, suspended for two years, on charges of obstruction of business. If the ruling is finalized, Choe would lose his parliamentary seat. "The defendant's criminal act cannot be taken lightly as it undermines the fairness of the schoo

Seven American service members and one dependent have tested positive for the new coronavirus upon their arrival in South Korea this month, US Forces Korea (USFK) said Thursday. Six of the service members arrived at Osan Air Base in Pyeongtaek, 70 kilometers south of Seoul, on US government-chartered flights while the other service member and the dependent arrived on commercial flights via Incheon International airport, west of the capital, according to the US military. Five of them tested pos

South Korean stocks dipped almost 2 percent Thursday on massive foreign selling, generated by results of the Federal Open Market Committee (FOMC) meeting. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 53.51 points, or 1.71 percent, to close at 3,069.05 points. Trading volume was moderate at about 1.3 billion shares worth around 22.7 trillion won ($20.3 billion), with losers outnumbering gainers 768 to 114. Foreigners sold a net 1.6 tri

S-Oil Corp., South Korea's No. 3 refiner, said Thursday its fourth-quarter net profit soared 172.1 percent from a year earlier as strong sales of petrochemical products offset the weak refining margin. S-Oil posted a net profit of 129.7 billion won ($116 million) in the October-December period, compared with 47.7 billion won a year earlier, the company said in a regulatory filing. Its operating profit jumped 880.5 percent on-year to 93.1 billion won, while sales tumbled 33.9 percent to 4.3 tri

A vocal North Korean defector activist has left for the United States for a congressional hearing on a controversial bill South Korea recently passed to ban the sending of anti-North Korea leaflets, his lawyer said Thursday. Park Sang-hak, a North Korean defector who runs Fighters for a Free North Korea, flew to Washington on Wednesday to attend the hearing that Rep. Chris Smith (R-NJ) is seeking to convene to discuss the anti-leafleting law. "Park left for the US yesterday for the purpos

South Korean mobile carriers are launching unmanned stores and expanding their online retail platforms as the COVID-19 pandemic limits in-person contact and accelerates the use of virtual services. KT Corp. said Thursday it launched its first unmanned store equipped with digital kiosks for customers to buy phones and switch data plans all on their own. The store, located in the southeastern city of Daegu, is run by employees during the day and operates unmanned at night, allowing virus-wary cu