[Editorial] Lopsided recovery

Economic recoveries tend to look better from a distance. South Korea is enjoying a semiconductor boom and is heading for its fastest annual growth in five years, yet many households are living in a far less forgiving economy. On Thursday, the Bank of Korea raised its benchmark rate by another 25 basis points to 3 percent, and lifted its 2026 growth forecast to 3.3 percent. For indebted households, neither figure offers much consolation. The problem is the uneven way inflation and interest rates

Sept. 2, 2026

Lotte wins antitrust approval to divest Lotte Rental stake to TPG

Lotte Group won approval from the Korea Fair Trade Commission on Tuesday to sell its stake in Lotte Rental, held by Hotel Lotte and Busan Lotte Hotel, with the deal expected to close in October. Lotte agreed last month to sell a 61.2 percent controlling stake, held by Hotel Lotte and Busan Lotte Hotel, for 1.31 trillion won ($953 million), or 59,000 won per share. The group said it would use the proceeds to strengthen the hotel units' finances and fund renovations and premium brand growth. The s

Sept. 1, 2026

Doosan, KOEN widen drone, helicopter search for 9 missing workers in Nepal

South Korean companies Doosan Enerbility and Korea South-East Power Co. intensified their search Tuesday for nine employees missing since flash floods hit Nepal on Wednesday, deploying drones and helicopters over the site of a hydropower plant under construction. State-run KOEN added four drones equipped with thermal and infrared cameras Tuesday, bringing its total to six, according to the company's on-site response team. The drones are conducting detailed searches of the power plant's base camp

Sept. 1, 2026

2PM's Chansung walks Re Rhee show opening Seoul Fashion Week

Re Rhee opened the 2027 spring-summer Seoul Fashion Week at Dongdaemun Design Plaza in Seoul on Tuesday. Hwang Chansung, actor and a member of the K-pop boy group 2PM, walked the show as a runway model. The collection paired refined tailoring with a relaxed ease. Looks included a white wrinkled bodysuit, a khaki trench with oversized shoulders and cropped wide-leg pants, a draped sleeveless dress in silk organza, and a high-neck windbreaker worn with a matching long skirt. Skirts layered over pa

Sept. 1, 2026

Two tankers carrying Saudi oil attacked in Strait of Hormuz

Two supertankers carrying Saudi oil were struck by unknown projectiles within minutes of each other while transiting outbound through the Strait of Hormuz late on Monday, according ‌to shipping intelligence and tracking firms Marisks and Kpler. "The near-simultaneous incidents represent a further escalation in the threat environment within the Omani corridor," Marisks said. The tankers each loaded 2 million ⁠barrels of Saudi crude at the Juaymah terminal last week, Kpler data showed. Saudi Aramc

Sept. 1, 2026

Coach for men's Asian Games football team eyes gold despite recent struggles

The head coach of the South Korean men's national football team at the upcoming Asian Games on Tuesday vowed to bring home the country's fourth consecutive gold medal, despite the squad's recent struggles. Head coach Lee Min-sung will lead South Korea's under-23 national team to the Aichi-Nagoya Asian Games kicking off later this month. South Korea will try to win their fourth straight title, with four members of the FIFA World Cup team from this summer having joined Lee's squad. "It has not bee

Sept. 1, 2026

Proposed civil servant pay hike to lift lowest-rank salary to above W3m per month

Civil servant pay may rise 3.9 percent next year, the biggest increase in 16 years, bringing the starting pay of the lowest-rank officials to above 3 million won ($2,200) a month, according to a proposed government budget for next year. The Ministry of Planning and Budget said the Cabinet deliberated on next year's spending proposal on Tuesday, keeping the pay hike above 3 percent for a third consecutive year, following 3.0 percent in 2025 and 3.5 percent in 2026. Next year's raise, if confirmed

Sept. 1, 2026

Three regional universities picked to receive up to W100b to close gap with Seoul National University

Three flagship regional national universities — Chonnam National University, Chungnam National University and Pusan National University — were selected by the Education Ministry on Tuesday for concentrated government funding of up to 100 billion won ($72 million) each. The funding will be provided over the next five years under a scaled-back version of President Lee Jae Myung's signature "10 Seoul National Universities" initiative. The three universities will receive comprehensive financial supp

Sept. 1, 2026

Korea, Japan discuss chip, AI cooperation in economic security dialogue

South Korea and Japan held high-level economic security dialogue to discuss closer cooperation in artificial intelligence, semiconductors and supply chains, according to Cheong Wa Dae. Kim Sung-youl, presidential secretary for economic security, and Takeshi Soda, Cabinet councilor at Japan’s National Security Secretariat, led their respective delegations at the fifth Korea-Japan Economic Security Dialogue in Tokyo on Tuesday. “At the meeting, Korea and Japan assessed the economic security enviro

Sept. 1, 2026

Busan Film Festival sets biggest slate since 2019 with 315 films

The Busan International Film Festival will screen 315 films at its 31st edition next month, organizers announced Tuesday. The lineup includes 246 official selections from 59 countries — 95 of which are world premieres — making it the festival's biggest slate since 2019. This year's edition is the first since the International Federation of Film Producers Associations designated Busan as one of its 17 A-list festivals. The winner of the Busan Award for best film now also qualifies for submission

Sept. 1, 2026

South Korea’s Oceans Ministry unveils record 2027 budget to drive maritime growth

SEJONG -- South Korea’s Ministry of Oceans and Fisheries has proposed an 82.6 trillion won ($59 billion) budget for 2027, up 10.8 percent from this year, with increased spending planned for fisheries, ports, marine technology and coastal communities. The proposed increase would be the largest annual growth rate in the ministry’s budget since it was reestablished in 2013, the ministry said in a proposal pre-briefing Monday. Under the proposal, 38.8 trillion won would go to fisheries and coastal c

Sept. 1, 2026

South Korea proposes record W22.2 trillion agriculture budget for 2027

SEJONG — South Korea’s Ministry of Agriculture, Food and Rural Affairs has proposed a record 22.2 trillion won ($16.2 billion) budget for 2027, up 10.4 percent from the previous year, as the government seeks to strengthen farm incomes, modernize agriculture and revitalize rural communities. The ministry said the proposal approved at a Cabinet meeting represents the largest year-on-year increase in both value and percentage terms since 2000. Including debt repayments from agricultural funds, the

Sept. 1, 2026

K-Music Festival to send folk, hip-hop and game music to nine London stages

The K-Music Festival returns to London for its 13th edition this fall, sending Korean folk, hip-hop, jazz and gaming soundtracks across nine venues over two months — an expanded lineup organizers say reflects how far Korea's musical identity has grown beyond K-pop. Organized by the Korean Cultural Centre UK and running from Sept. 28 to Nov. 23, the festival includes a National Gugak Center orchestra performance of newly arranged songs from online game "Black Desert" and video game "Lies of P" at

Sept. 1, 2026

Questions over Jeju woman's death continue as police deny changing position

Police on Tuesday denied allegations that they had changed their position on the death of Jang Mi-ran, the 37-year-old woman who was found dead at a palm tree farm on Jeju Island after being reported missing on May 15. Yoo initially said Jang was suspected to have died by hanging on Aug. 24, the day her body was found. The Jeju Provincial Police Agency also said at the time that it had found no signs of foul play based on the condition and position of her body. But Hong Seok-ki, head of the Nati

Sept. 1, 2026

4-day bike expedition to take young riders along border trail

Young people from immigrant backgrounds are being invited to cycle 215 kilometers through Gyeonggi Province’s northern border region as part of a four-day expedition. The Gyeonggi-do Future Generation Foundation is recruiting about 25 participants for the “Hanaro Expeditionary Team,” which will travel the Pyeonghwa Nuri Bike Path from Daemyeong Port in Gimpo to Yeokgodeureum in Yeoncheon from Oct. 5-8. Participants will work in teams to design activities and missions before setting off. Along th

Sept. 1, 2026