The South Korean economy is on a modest recovery track despite spiking coronavirus cases as the manufacturing sector has continued to improve on robust exports, a state-run think tank said Monday. The country's exports and facility investment logged accelerated growth amid continued improvement in external demand, according to a monthly economic assessment report by the Korea Development Institute (KDI). "As retail sales, exports, and equipment investment all improved, the manufacturing i

The defense ministry said Monday it will look into 21 officials over suspected real estate speculation amid public fury in the wake of massive speculation cases involving employees of the state land developing firm. The ministry has been looking into thousands of employees since late March after some of its officials were suspected of exploiting undisclosed information related to the relocation or development plans of military bases for their personal real estate transactions. After looking i

President Moon Jae-in's approval rating has seen a slight rebound from last week's record-low figure according to a poll released Monday, the fourth anniversary of his inauguration. In a four-day weekday poll by Realmeter on 2,015 voters nationwide conducted last week except on the Children's Day holiday, Moon gained support from 36 percent of respondents, up 3 percentage points from the all-time low of 33 percent recorded the previous week. Moon's disapproval rating fell 2.3 percentage point

President Moon Jae-in on Monday agreed to modify some of his real estate policies, calling them a main reason for voters' "severe punishment" for his party in recent local by-elections. "(My government) has failed to achieve the aim of stabilizing property prices and (the party) received a severe punishment for that," Moon said during a press conference at Cheong Wa Dae held to mark the fourth anniversary of his inauguration. He picked the real estate problem when asked by

South Korea is seeking to develop an advanced robot to conduct surveillance missions in the Demilitarized Zone (DMZ) and other risky regions, the arms procurement agency said Monday. The Defense Acquisition Administration (DAPA) began receiving applications from companies and research institutes for advanced technologies and ideas to build a small surveillance robot, agency officials said. The new platform will be designed to be capable of conducting surveillance missions in areas where troops

A South Korean panel of experts said Monday that the vaccine for the novel coronavirus by US pharmaceutical company Moderna Inc. showed more than a 94 percent efficacy rate and is eligible for use. The advisory board consisting of outside experts announced its review on the efficacy and safety of the Moderna vaccine, according to the Ministry of Food and Drug Safety. The panel's review is the first step of three separate independent evaluations before the ministry gives final approval. The p

Two more Army soldiers have tested positive for the new coronavirus, raising the total caseload reported among the military population to 837, the defense ministry said Monday. A soldier based in the central city of Sejong was confirmed to have contracted COVID-19 after virus cases were reported at his unit, while another soldier in Dongducheon, north of Seoul, was found to be infected after coming into contact with a civilian patient while away from his base, according to the ministry. As of

South Korea's daily new coronavirus cases rose by the smallest number in a week on Monday due to fewer tests over the weekend, but health authorities remained worried over a potential spike amid spreading variant cases. The country reported 463 more COVID-19 cases, including 436 local infections, raising the total caseload to 127,772, the Korea Disease Control and Prevention Agency (KDCA) said. Monday's figure fell from 564 Sunday and 701 Saturday as fewer people took virus tests over the week

South Korean stocks opened higher Monday on strong advances by bio and chemical shares. The benchmark Korea Composite Stock Price Index (KOSPI) rose 23.87 points, or 0.75 percent, to 3,221.07 points in the first 15 minutes of trading. The KOSPI got off to a solid start after increasing in the past three sessions. Investor sentiment remained high despite increased valuation pressure as disappointing US jobs data eased concerns about earlier-than-expected inflation. Top cap Samsung Electronics

South Korean cities from Suwon to Busan are lining up to host a possible new museum for late Samsung Chairman Lee Kun-hee's vast art collection, with many claiming to be the ideal spot because of their special ties to the Lee family. Samsung and the culture ministry announced April 28 that Lee's family would donate some 23,000 pieces from his art collection, including masterpieces by Korean and Western artists, such as Kim Whan-ki, Claude Monet and Salvador Dali. Lee died in October. The Natio

SK IE Technology Co. (SKIET), a battery materials subsidiary of refinery and battery firm SK Innovation Co., is slated to debut on South Korea's main stock market Tuesday, with its post-debut price movement a focal point. Mirroring huge investor interest, SKIET drew a record 80.9 trillion won ($72.2 billion) in deposits from retail investors during the two-day subscription period that ended on April 29. The amount surpassed the previous record set by SK Bioscience Co., which drew 63.6 trillion

South Korea's minor bourse saw its turnover recently plunge below the 10 trillion-won ($8.98 billion) mark following a partial resumption of short selling, data showed Monday. The daily turnover of the tech-heavy KOSDAQ market averaged about 8.8 trillion won over the last five sessions, far lower than the April figure of the 12 trillion-won range, according to the data from the Korea Exchange. The daily turnover began to dwindle on April 30, one day before the country's financial regulator all

A man in his 30s was arrested early Sunday on suspicion of abusing his 2-year-old adopted daughter to the point she fell unconscious with bleeding in her brain, police said. According to the Gyeonggi Nambu Police Agency, the girl was already unconscious when her adoptive father brought her to a hospital near Hwaseong, about 40 kilometers south of Seoul, on Saturday evening. After determining she was in a serious state, hospital workers sent her to a larger hospital in Incheon, 40 km west of Se

The proportion of stock short selling in South Korea accounted for 3.4 percent of total transactions in the first week of the practice's conditional resumption last week, down from 5.5 percent when the trading technique was banned last year, the bourse operator said Sunday. The combined amount of short selling transactions stood at 3.3 trillion won ($2.9 billion), an average of 841.3 billion won per day during the four-session week and 3.4 percent of the total daily transactions, according to t

Park Yong-jin, a two-term lawmaker of the ruling Democratic Party, announced Sunday he will run for president in next year's election, becoming the first person to officially declare his candidacy. "I will achieve a change of era in the Republic of Korea through a generational change in politics," the 50-year-old said during a press conference held on the National Assembly compounds. "I will create a happy nation and become a courageous and young president who stands up against

Nearly 70 percent of South Koreans believe that the use of a vaccination passport, which proves that a person has been fully vaccinated against the virus, will help the economy, a poll showed Sunday. The poll from the Federation of Korean Industries, a major business lobbying group here, showed 67.4 percent expect the adoption of the passport will vitalize the economy. With the passport, 36.4 percent said they would like to take trips overseas, with 41.2 percent of them pointing to Europe as t

Debris from a Chinese space rocket fell into the Indian Ocean on Sunday, the science ministry said. Remnants of the Long March 5B rocket landed in waters southeast of India around 11:30 a.m., the ministry said, citing data from the US-based Combined Space Operations Center. The rocket was launched last week carrying a module of China's first permanent space station into orbit. But a large piece of debris plunged back in an uncontrolled reentry. (Yonhap)

Samsung Electronics Co. is mulling multiple new smartphone launches in August, industry sources said Sunday, as the South Korean tech giant eyes to expand its leadership in the mobile market. Samsung, the world's largest smartphone vendor, is in talks with local mobile carriers over releasing its new smartphone models, including the Galaxy S21 FE, the Galaxy Z Fold3 and the Galaxy Z Flip2, in late August, according to the sources. If confirmed, the new smartphones will be launched earlier th

From K-pop dynamo BTS to boy band brand NCT's subunit NCT Dream, some of the scene's biggest acts as well as rookie groups are getting ready to come back with new music this month. At the forefront is BTS. The seven-piece group, which released Japanese single "Film Out" in April, is set to drop new song "Butter" on May 21. The English single, which the group's agency Big Hit Music described as a "fun and upbeat summer song," will first be released globally in a d

A third plane carrying South Koreans arrived from India on Sunday, transporting 164 business officials out of the virus-ravaged country. The special flight operated by Asiana Airlines arrived at Incheon International Airport, west of Seoul, from New Delhi, mostly carrying officials who had been sent to oversee the construction of a new Samsung Display plant. South Korea has flown two special flights out of India in recent days -- one from Chennai carrying 172 Korean residents and another from