SEOUL, President Moon Jae-in said Tuesday that South Korea will scale up its solar and wind energy production facilities by more than twofold within four years as part of the government’s new carbon neutrality policy. “By 2025, we will expand the scale of solar and wind-related facilities by more than twofold compared to now,” Moo
Moon to discuss pandemic cooperation with Mongolian leader in online summit
SEOUL, President Moon Jae-in will hold an online summit with his Mongolian counterpart this week to discuss bilateral cooperation in tackling COVID-19 and other global issues, Cheong Wa Dae said Tuesday. Moon plans to hold the virtual summit with Mongolian President Ukhnaagiin Khurelsukh on Friday and hold broad discussions on ways to bolster coope
Yoon’s political meddling scandal emerges as hot-button issue in presidential race
SEOUL, A ballooning political meddling scandal allegedly involving ex-Prosecutor General Yoon Seok-youl, a leading opposition presidential contender, has set off a political firestorm that could roil the ongoing race for next year’s presidential election. Yoon, the front-running presidential contender for the main opposition People Power Part
Seoul stocks down late Tue. morning on tapering uncertainties
SEOUL, South Korean stocks extended their losses late Tuesday morning amid lack of major market-moving events as investors still assess weak U.S. job data and its impact on the Federal Reserve’s timeline for tapering its stimulus. The benchmark Korea Composite Stock Price Index (KOSPI) fell 18.92 points, or 0.59 percent, to 3,184.41 points as
Seoul stocks slump amid U.S. tapering uncertainties
SEOUL, South Korean stocks retreated Tuesday amid lack of major market-moving events as investors still assess weak U.S. job data and its impact on the Federal Reserve’s timeline for tapering its stimulus. The Korean won fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) decreased 15.91 points, or 0.5 percen
Insurers’ lending grows 8 pct in Q2
SEOUL, Loans extended by insurance companies in South Korea rose 8 percent on-year in the second quarter, led by gains in home-backed lending and corporate loans, the financial watchdog said Tuesday. Insurers’ outstanding loans totaled 260.3 trillion won (US$225 billion) as of end-June, compared with 240.9 trillion won the previous year, acco
Current account surplus narrows in July on decreased trade surplus
SEOUL, South Korea’s current account surplus slightly narrowed in July due to reduced trade surplus, although exports maintained strong growth, central bank data showed Tuesday. The current account surplus reached US$8.21 billion in July, narrowing from a surplus of $8.85 billion the previous month, according to the Bank of Korea (BOK). The c
Economic uncertainty growing over 4th wave of pandemic: KDI
SEOUL, South Korea’s economy is under pressure over growing headwinds as a recent spike in COVID-19 infections is likely to delay a recovery of domestic consumption, a state-run think tank said Tuesday. The nation’s economy is on a recovery track amid robust exports, but the toughest virus curbs, in effect due to the fourth wave [&helli