South Korean stocks closed at a nearly two-year high Friday on advances in chipmakers, backed by massive foreign buying amid the resurgence of the new coronavirus around the globe. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 18.25 points, or 0.74 percent, to close at 2,493.87 points. Trading volume was high at about 1.1 billion shares worth some 16.8 trillion won ($15.1 billion), with losers outnumbering gainers 530 to 299. "Tod

The number of moviegoers in South Korea jumped 55 percent in October from a month earlier thanks to sleeper hits and eased virus fears, a report showed Friday. A total of 4.63 million went to theaters last month, up 1.64 million, or 55 percent, from 2.99 million tallied in September, according to the monthly report by the Korean Film Council (KOFIC). The on-month gain was led by the releases of mid-sized films, including the human drama "Pawn," which has attracted nearly 1.5 million

K-pop acts IZ*ONE and Monsta X are set to join game developer NCsoft's new fan platform aiming for launch early next year, the company said Friday. The platform, named Universe, will allow K-pop fans around the world to join fan communities and enjoy original content, according to KLAP, an NCsoft affiliate that is leading the project. The platform includes features like authorization of fan activities, such as buying albums and attending concerts. The company said it also plans to bring the ar

President Moon Jae-in on Friday held a summit with leaders of Southeast Asia's Mekong River nations via video links, in which he promised to contribute $10 million to help provide new coronavirus vaccines to developing nations. "We will contribute $10 million for coronavirus vaccine support to developing countries through the COVID-19 Vaccines Advance Market Commitment (COVAX)," Moon said during his second annual summit with leaders of the five Mekong River nations -- Vietnam, Cambodi

Financial authorities will tighten rules on unsecured loans from later this month, as they seek to prevent people from borrowing excessively to buy homes or invest in stocks, officials said Friday. Effective Nov. 30, the Financial Services Commission (FSC) will stiffen loan limits for a home buyer to 40 percent of a property's value if the buyer's annual income exceeds 80 million won ($71,748) and holds unsecured loans worth more than 100 million won. If a person buys a home in a regulated a

The foreign ministry said Friday that this week's cancellation of two Samsung-chartered flights to China does not mean a suspension of a bilateral "fast-track" program to ease COVID-19 entry restrictions for essential businesspeople. The ministry called the cancellation an "isolated" case, amid speculation that the cancellation of the flights, initially set to depart for the Chinese cities of Xian and Tianjin on Friday, amounted to a halt of the fast-track program. "I

South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co. said Friday that it has secured a 72.26 billion won ($64.8 million) order to build six container carriers from a European company. The vessels are slated to be delivered by Jan. 31, 2023, Daewoo Shipbuilding said in a regulatory filing. The order has an option for the European company to cancel an order for a maximum of two carriers, the shipbuilder said. Daewoo Shipbuilding did not reveal the name of the European co

North Korean individuals have taken to Twitter to post about their daily lives and domestic news, in a rare move by the reclusive country presumed to be aimed at reaching a broader audience through a more approachable style. It also appears to be in line with North Korea's recent stepped-up efforts to embrace social media, including a YouTube channel, as new propaganda vehicles. Two accounts appeared in October on Twitter, including one signed up as Kim Myong-il, who claims to be a director of

South Korea's money supply continued to grow quickly in September as firms rushed to secure funds amid the coronavirus pandemic, central bank data showed Friday. The country's M2 stood at 3,115.8 trillion won ($2.8 trillion) as of end-September, up 0.5 percent from August, according to preliminary data by the Bank of Korea (BOK). From a year earlier, M2 surged 9.2 percent, the BOK said. A key economic indicator closely monitored by authorities, M2 is a measure of the money supply that count

The unification ministry on Friday renewed calls for North Korea to refrain from provocations, urging Pyongyang to act in a "discreet, wise and flexible" manner during the heightened uncertainty following the US presidential election earlier this month. The calls came amid uncertainty over what policy the incoming Joe Biden administration of the US will take on North Korea and concerns Pyongyang could carry out provocations to draw attention and set the tone for future negotiations.

Voices are growing among lawmakers of the ruling Democratic Party (DP) calling for the replacement of Minister of Gender Equality and Family Lee Jung-ok, who recently drew fire for insensitive remarks on next year's Seoul and Busan mayoral by-elections, party officials said Friday. A group of progressive DP lawmakers reportedly asked Cheong Wa Dae, the presidential office, earlier this week to replace Lee in the next Cabinet reshuffle, citing fierce criticism of Lee's remarks by women's and civ

The landscape of the South Korean streaming service market is facing seismic change as new players have been jumping into the booming sector in diversified forms. As the protracted novel coronavirus pandemic has accelerated the trend toward mobile-based binge-watching of content, e-commerce firms, like Coupang and online portal operators, including Naver, have revealed plans to break into the highly competitive market. Netflix, which launched its service in South Korea in 2016, got a head star

South Koreans taking the bus or subway to work Friday morning were greeted by public officials warning them of a 100,000 won ($90) fine should they fail to wear a mask in public. In a country that has received widespread praise for its response to the coronavirus pandemic, most people were already wearing a mask and did not need to be told to do so. But for the few who chose not to wear a mask, or did not put it on properly, the officials were there to remind them of a new law that would make

South Korea will seek to raise the value of its trade to $2 trillion by 2030 by pushing for the digitalization of its trade infrastructure, the industry ministry said Friday. South Korea, Asia's fourth-largest economy, will also push to hike the number of small and medium-sized exporting companies to 200,000 by that year. The ministry unveiled the ambitious plan during an expanded trade strategy coordination meeting chaired by Prime Minister Chung Sye-kyun. "A structural innovation is ne

The ruling party chairman expressed hope Friday that a 2018 deal signed between North Korean leader Kim Jong-un and President Donald Trump will be retained under the incoming US administration under President-elect Joe Biden. "I wish that South Korea and the US will work together to reactivate the Korean Peninsula peace process," Rep. Lee Nak-yon, the chairman of Democratic Party (DP), said during a top party council meeting. "The starting point for that will be the reaffirmati

President Moon Jae-in has formally congratulated US House Speaker Nancy Pelosi and other key American congressional figures for their recent election wins, requesting their continued support for the Seoul-Washington alliance, Cheong Wa Dae said Friday. In congratulatory telegrams, Moon expressed thanks to the US congressional leadership and Korea-related organizations for their interest and support toward the alliance, according to Moon's office. Moon also asked for their sustained interest an

Three Army officers, an Air Force civilian worker and seven airmen have tested positive for the new coronavirus, the defense ministry said Friday. The airmen and the civilian employee in Seosan, 150 kilometers south of Seoul, were confirmed to have been infected with COVID-19 after a guest lecturer who visited their base earlier this week tested positive for the virus, according to the ministry. "The education took place in compliance with anti-virus rules, such as wearing masks and keepi

New monthly ecological programs for Seoul residents are now available at the capital's Han River parks, Seoul city government said Friday. The city government is accepting visitors for 45 programs that begin in November, including those that offer hands-on experience of nature across 10 river parks in the city, including Ttukseom Han River Park, Amsa Ecological Park and Godeok Riverside Ecological Park. At Yeouido Saetgang Ecological Park, stress-relief sessions, such as recitals and meditatio

The remains of two Korean independence fighters will be returned home from the United States this weekend for burial at a national cemetery, the veterans affairs ministry said Friday. Cho Chong-hee and Na Sung-don took part in various movements for the country's independence from the 1910-1945 Japanese colonial rule, according to government data. They were recognized by the state as patriots in 1990. The two had stayed in the US and died there earlier this year. Their remains will arrive at

SEJONG-- The South Korean economy is on a recovery path, but it faces lingering uncertainty amid a global resurgence in new coronavirus cases, the finance ministry said Friday. The Ministry of Economy and Finance said South Korea's exports are on a mild recovery track and the country's production, consumption and investment are improving. "While the service sector and the job market have seen recovery momentum being capped, the Korean economy faces continuing uncertainty amid the fast spr