Lotte Mart, one of South Korea's major supermarket chains, will create special shopping zones for foreign visitors at its branches frequently visited by inbound travelers, its operator said Wednesday. Last month, Lotte Mart first created a 20-meter-long special shopping zone, named "Must-Haves of Korea: K-Food," at its Seoul Station branch, where about 30 percent of visitors were foreigners in the first eight months of this year, according to Lotte Shopping Co. Lotte Mart plans to

Economy Sept. 6, 2023

South Korean shipbuilders lagged far behind their Chinese rivals in new global orders to place second worldwide in August amid sinking demand, industry data showed Wednesday. Local shipyards won a combined 270,000 compensated gross tons in new orders last month, accounting for 13 percent of the global total at 2.05 million CGTs, according to the data from global market researcher Clarkson Research Service. The global total, or 71 vessels, was 30 percent lower than that from a year earlier. Chine

Economy Sept. 6, 2023

A rare mother-of-pearl box showcasing the exquisite craftsmanship of the Goryeo era has been returned to South Korea from Japan. The Cultural Heritage Administration and the Overseas Korean Cultural Heritage Foundation unveiled to media Wednesday the mother-of-pearl box with a chrysanthemum vine pattern, believed to date back to the 13th century Goryeo Dynasty (918-1392). Its existence came to light last year when an art dealer contacted the foundation after acquiring it from a Japanese collecto

Arts & Design Sept. 6, 2023

South Korean stocks got off to a weak start Wednesday as an uptick in global oil prices and US federal bank officials' comments suggesting more interest rate hikes in the future renewed inflation concerns. After starting marginally lower, the benchmark Korea Composite Stock Price Index was moving almost flat, or down 2.32 points, at 2,579.86 in the first 15 minutes of trading. Fed Gov. Christopher Waller said Tuesday the Fed has room to proceed carefully with its monetary tightening as rece

Market Sept. 6, 2023

The Seoul city government has launched a break dance team to nurture competitors for the new Olympic sport, and two dancers from the team will compete in the upcoming Asian Games in China, officials said Wednesday. Breaking, also known as break dancing, has been newly added to the 2024 Summer Olympics in Paris. It is also an official sport at the Asian Games in China's Hangzhou that will run Sept. 23 to Oct. 8. The city's new works team has been formed under a consensus with the cultur

More Sports Sept. 6, 2023

Choi Yeon-su, a 24-year-old office worker, rehearsed over and over again how to use her bag to protect herself in a self-defense class last weekend, as the instructor told the students to hold up their bags diagonally to better shield against a knife attack. "Always bear in mind that attacks can come toward your throat. Make sure to shield yourself diagonally," the instructor said as the students practiced putting up their bags. "Good job! You've now earned 10 seconds to run

Social Affairs Sept. 6, 2023

The top US national security adviser urged North Korea not to provide any lethal weapons to Russia on Tuesday, saying it will pay a price if it decides to do so. National Security Advisor Jake Sullivan said there were no indications that the North has provided large amounts of weapons to Russia but that negotiations toward that end between the two countries are "actively advancing." "Providing weapons to Russia for use on the battlefield to attack grain silos and the heating infra

North Korea Sept. 6, 2023

South Korean President Yoon Suk Yeol met Tuesday with a group of Korean residents in Indonesia before attending a series of regional summits, saying the government will provide the assistance they need to do business and put down roots in their new country. Yoon and first lady Kim Keon Hee met with some 180 Korean businesspeople and community leaders over dinner at a hotel in Jakarta shortly after arriving in the country for a series of summits involving the Association of Southeast Asian Nation

Politics Sept. 6, 2023

Prosecutors on Tuesday sought an arrest warrant for the head of an asset management firm on charges of illegally managing funds as they reinvestigate a massive fund scandal that rattled the nation a few years back. The Seoul Southern District Prosecutors Office accused Jang Ha-won, head of Discovery Asset Management Co., of violating the Capital Market Act, fraudulent transactions, breach of trust and other charges. Prosecutors also sought arrest warrants for two former senior officials of the c

Social Affairs Sept. 5, 2023

An infamous woman, who has been sentenced to life for killing her husband, on Tuesday lost a controversial lawsuit she filed against an insurance company to demand life insurance money for his death. The Seoul Central District Court dismissed the suit started by Lee Eun-hae in November 2020 to claim 800 million won ($601,500) in death benefit related to her deceased husband from Orange Life Insurance. Lee, 32, began the litigation about one and a half years after killing her then 39-year-old hus

Social Affairs Sept. 5, 2023

South Korea will try to please their home supporters and win their group in an early Olympic men's football qualifying tournament, head coach Hwang Sun-hong said Tuesday. Starting Wednesday, South Korea will host Group B action at the 2024 Asian Football Confederation U-23 Asian Cup qualifying tournament. South Korea's under-22 team will play Qatar on Wednesday, Kyrgyzstan on Saturday and Myanmar next Tuesday. All three matches will kick off at 8 p.m. at Changwon Football Center in the

Soccer Sept. 5, 2023

The International Monetary Fund has said South Korea's latest restrictive monetary and budget policies are headed in the right direction and anticipated the economy will speed up recovery in the second half, Seoul's finance ministry said Tuesday. Harald Finger, Korea missions chief at the Washington-based organization, made the remark during a virtual meeting with Finance Minister Choo Kyung-ho, according to the Ministry of Economy and Finance. During the meeting between the IMF and th

Economy Sept. 5, 2023

South Korean stocks ended slightly lower Tuesday, as investors moved to lock in profits from recent gains while awaiting cues for the Federal Reserve's future policy path. The local currency sharply fell against the dollar. After choppy trading, the benchmark Korea Composite Stock Price Index shed 2.37 points, or 0.09 percent, to close at 2,582.18, ending a two-day winning streak. Trading volume was a bit slim at 377.33 million shares worth 7.36 trillion won ($5.54 billion), with losers out

Market Sept. 5, 2023

Prime Minister Han Duck-soo called for active cooperation from companies on Tuesday to ensure that employees can enjoy a temporary holiday on Oct. 2 that will create a six-day extended break during Chuseok. Han made the remarks while presiding over a Cabinet meeting, during which the temporary holiday was officially designated. This year's Chuseok fall harvest holiday will run from Sept. 28 to Oct. 1, effectively making the temporary holiday a bridge to Oct. 3, National Foundation Day, anot

Politics Sept. 5, 2023

North Korea's ever-advancing nuclear and missile programs pose direct and existential threats to the member countries of the Association of Southeast Asian Nations, South Korean President Yoon Suk Yeol has said. Yoon made the remark in a written interview with the Indonesian daily Kompas ahead of a visit to Jakarta to attend a series of annual ASEAN-related summits, calling for closer cooperation with the region to deal with threats from the North. Yoon was to depart for Indonesia later Tuesday

Foreign Affairs Sept. 5, 2023