Authoritarian regimes are significantly overstating their GDP (gross domestic product) growth, according to new research that uses satellite images of countries at night as a proxy for economic activity. The report estimates that autocracies exaggerate yearly GDP growth by about 35% relative to democracies. Rosier picture The research starts from a central premise: that all … Read more
SEOUL– Hanwha Aerospace Co. on Monday reported its third-quarter net profit of 87.3 billion won (US$61.3 million), up 16.9 percent from a year earlier. The company said in a regulatory filing that operating income for the July-September period fell 23.4 percent on-year to 64.4 billion won. Sales increased 4 percent to 1.39 trillion won. … Read more
SEOUL– South Korea saw its foreign population shrink by 1 percent last year from the previous year, marking a decline for the second year in a row, the interior ministry said Monday. According to a report by the Ministry of the Interior and Safety, the number of foreign residents had stood at 2.13 million … Read more
SEOUL– Questions are increasingly raised as to whether the Itaewon disaster could have been prevented with preparatory safety measures by the administrative authorities and police. Some critics say the Seoul city government, the office of Yongsan Ward to which Itaewon belongs and police should have taken sufficient accident prevention measures in anticipation of a … Read more
SEOUL– The death toll from the Halloween crowd crush in Seoul has risen to 154, including 26 foreigners, officials said Monday, as the country mourned the deadliest tragedy in years and tried to cope with the aftermath. The death toll could rise further, as 33 others remain in serious condition, according to officials at … Read more
SEOUL– Rep. Tae Yong-ho, a North Korean defector-turned-lawmaker of the ruling People Power Party (PPP), was appointed the PPP’s leader at the parliamentary foreign affairs and unification committee Monday. Underlining the importance of bipartisan commitment in foreign affairs and security, Tae said he will closely cooperate with his counterpart from the main opposition Democratic … Read more
SEOUL– Dongkuk Steel Mill Co. on Monday reported its third-quarter net profit of 139.3 billion won (US$97.9 million), down 29.9 percent from a year earlier. Operating income for the July-September period was 148.5 billion won, down 50.2 percent from a year ago, the company said in a regulatory filing. Revenue rose 6.7 percent to … Read more
SEOUL– South Korea’s military reported 186 additional COVID-19 cases Monday, raising the total caseload among its service members to 286,604, the defense ministry said. The new cases comprised 101 from the Army, 31 from the Air Force, 26 from the Navy and 28 from units under the direct control of the ministry. Currently, … Read more