Seoul shares ended higher Thursday as investors cheered the US Federal Reserve's first rate cut in more than four years. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 0.21 percent, or 5.39 points, to close at 2,580.80. Trading volume was moderate at 378.78 million shares worth 12.6 trillion won ($9.5 billion), with gainers exceeding decliners 497 to 371. The Fed cut its overnight lending rate to a range of 4.75 percent to 5 percent a

Market Sept. 19, 2024

Prosecutors questioned the CEOs of e-commerce affiliates TMON and WeMakePrice on Thursday as part of an investigation over massive payment delays to vendors on their platforms. TMON CEO Ryu Kwang-jin and WeMakePrice CEO Ryu Hwa-hyun appeared at the Seoul Central District Prosecutors Office for questioning on suspicions of embezzlement, fraud and other illegal acts. In late July, the e-commerce platforms owned by Singapore-based Qoo10 filed for court receivership due to liquidity problems that re

Social Affairs Sept. 19, 2024

Prime Minister Han Duck-soo called on the government Thursday to remain alert to ensure the smooth operation of emergency health care systems even after the five-day Chuseok holiday passed without major disruptions. Han issued the call during a Cabinet meeting held a day after the Korean fall harvest holiday ended without the emergency health care crisis some had feared due to staff shortages caused by an ongoing doctors' walkout. "Very fortunately, there was no emergency room crisis a

Politics Sept. 19, 2024

Container shipping costs from South Korea to the US east coast and Europe increased for the fourth consecutive month in August amid prolonged geopolitical risks in the Red Sea, data showed Thursday. The average shipping cost for a 40-foot container from South Korea to the US east coast rose 11.9 percent on-month to 8.66 million won ($6,530), according to data from the Korea Customs Service. The cost to Europe increased to 8.06 million won, up 2.8 percent over the same period. On the other hand,

Economy Sept. 19, 2024

Seoul shares opened lower Thursday tracking losses on Wall Street after the Federal Reserve cut interest rates by a half percentage point, the first rate cut in more than four years. The benchmark Korea Composite Stock Price Index fell 0.35 percent, or 8.90 points, to 2,565.51 in the first 15 minutes of trading. The Fed cut its overnight lending rate to a range of 4.75 percent to 5 percent in an aggressive start to a monetary-easing cycle in the world's biggest economy. The US central bank

Market Sept. 19, 2024

Finance Minister Choi Sang-mok said Thursday the government will work closely with the Bank of Korea and swiftly take market stabilization measures if necessary, as the US Federal Reserve cut its interest rates for the first time in over four years. "Following the Fed's monetary policy pivot, the market is moving away from a complex global crisis, which was triggered by excessive liquidity supplied to cope with the pandemic, as well as shocks to the global supply chain caused by the wa

Economy Sept. 19, 2024

The US Federal Reserve on Wednesday lowered its benchmark interest rate by half of a percentage point, the first cut in 4 1/2 years, in a major policy shift less than seven weeks away from the presidential election. After the two-day Federal Open Market Committee meeting, the central bank announced the decision to reduce the rate to the 4.75 to 5.0 percent range from its 23-year high, putting an end to its post-pandemic tightening cycle. FOMC members' new median economic projections showed

Foreign Affairs Sept. 19, 2024

The United States will not accept North Korea as a nuclear-armed country, a senior US diplomat said Wednesday, after Pyongyang made a rare disclosure of a uranium enrichment facility last week. During a hearing of the House Foreign Affairs Committee, Deputy Secretary of State Kurt Campbell reiterated the US position, reaffirming America's "durable" and "evolving" deterrence commitment to South Korea, and stressing that Washington "will not accept any kind of threat&

Foreign Affairs Sept. 19, 2024

South Korea reported its fourth case of lumpy skin disease in cattle this year, the agriculture ministry said Wednesday. The case was confirmed at a livestock farm in Yeoju, 66 kilometers southeast of Seoul, breeding 116 cows, according to the Ministry of Agriculture, Food and Rural Affairs. It is the fourth LSD case confirmed in South Korea since the first outbreak at a livestock farm in Anseong, some 65 kilometers south of Seoul, on Aug. 12. To prevent further infections, the government has co

Social Affairs Sept. 18, 2024

Private equity firm MBK Partners said Wednesday it has no plans to sell Korea Zinc Inc. to China after acquiring a stake in the world's largest zinc smelter. MBK Partners announced last week that it will acquire shares in Korea Zinc through a tender offer, aiming to secure a 15 percent stake in the company with a budget of 2 trillion won ($1.5 billion). The equity firm said the share purchase was agreed upon with Young Poong, the largest shareholder of Korea Zinc, which holds a 33 percent s

Industry Sept. 18, 2024

A heat wave warning was issued for all parts of Seoul during the Chuseok holiday Wednesday, marking the latest-ever red alert in September, weather authorities said. Seoul was put under a heat warning, after a heat advisory was upgraded to a heat warning in the southwest 10 a.m., followed by the rest of the capital city at 2 p.m., according to the Korea Meteorological Administration. This was the latest heat warning ever issued in Seoul in September since the introduction of the heat warning sys

Social Affairs Sept. 18, 2024

South Korea's exports of instant noodles, also known as ramyeon, were estimated to have reached $800 million in the first eight months of this year, data showed Wednesday. The figure represents a 31.7 percent hike from the January-August period of last year, according to data compiled by the Ministry of Agriculture, Food and Rural Affairs. By country, outbound shipments to China grew 26.9 percent on-year to $160 million and exports to the United States jumped 61.5 percent to $140 million, m

Consumer Sept. 18, 2024

Maintaining 28,500 American troops in South Korea is "essential," the nominee for US Forces Korea commander has said, amid concerns that former President Donald Trump could weigh a USFK troop reduction should he return to the White House. Lt. Gen. Xavier Brunson staked out his position in written answers to lawmakers' questions ahead of his Senate confirmation hearing on Tuesday. If confirmed, he would lead the South Korea-US Combined Forces Command, United Nations Command and USF

Defense Sept. 18, 2024

North Korea appears to be making progress in converting a Russian heavy transport plane into what could be the country's first airborne early warning platform, a report showed Wednesday, citing commercial satellite imagery. Joseph Dempsey, a research associate at the International Institute for Strategic Studies, made the analysis based on recent satellite imagery taken of the Ilyushin Il-76 aircraft at the Pyongyang Sunan International Airport. In the report, Dempsey identified the aircraf

North Korea Sept. 18, 2024

President Joe Biden and Vice President Kamala Harris celebrated Chuseok, the Korean autumn harvest celebration, in a message stressing Korean Americans' cultural heritage and contributions to the United States, as the first-ever White House Chuseok reception took place Tuesday. Some 100 Korean Americans, US officials and others gathered at the Eisenhower Executive Office Building for the event that was made possible under an initiative led largely by former and current Korean American White

Foreign Affairs Sept. 18, 2024