President Yoon Suk Yeol ate seafood for lunch during a visit to a fish market in Seoul on Thursday, his office said, the latest move to boost consumption of local fisheries amid public concern about Japan's release of radioactive water into the ocean. During his visit to Noryangjin fish market, Yoon checked the safety of local fisheries products and purchased various kinds of seafood, such as rockfish, blue crab and gizzard shad, presidential spokesperson Lee Do-woon said in a written press

Politics Aug. 31, 2023

South Korean stocks closed marginally lower Thursday, snapping a three-day winning streak, amid growing expectations the US Federal Reserve may pause the interest rate hike after a set of fresh economic data signaled a cooling economy. The local currency inched up against the US dollar. The benchmark Korea Composite Stock Price Index fell 4.95 points, or 0.19 percent, to close at 2,556.27. Trading volume was moderate at 461.5 million shares worth 10.8 trillion won ($8.16 billion), with decliners

Market Aug. 31, 2023

South Korean shipyard Samsung Heavy Industries Co. said Thursday it has won an approval in principle for a floating carbon dioxide storage unit (FCSU) from Norwegian accredited registrar and classification society DNV. The floating unit, developed jointly with Malaysia's MISC Berhad, is 330 meters long and 64 meters wide, and is capable of storing 100,000 cubic meters of liquid CO2 at temperatures of minus 50 C and below, Samsung Heavy said. The shipyard said its FCSU is able to store CO2 c

Industry Aug. 31, 2023

North Korea plans to convene a key parliamentary meeting next month to mainly discuss organizational matters, state media said Thursday, amid speculation that the country might replace its premier over flood damage. The standing committee of the Supreme People's Assembly decided the previous day to hold the ninth session of the 14th SPA on Sept. 26, according to the North's official Korean Central News Agency. The upcoming session will discuss organizational matters and the issue of ex

North Korea Aug. 31, 2023

South Korean stocks opened higher Thursday, tracking overnight gains on Wall Street, as the latest US data bolstered bets that the US Federal Reserve may pause the interest rate hike in the next policy meeting. The benchmark Korea Composite Stock Price Index rose 4.57 points, or 0.18 percent, to 2,565.79 in the first 15 minutes of trading. The US economy grew at a 2.1 percent annual pace in the second quarter, falling short of a 2.4 percent expansion estimate. Payrolls in the private sector slow

Market Aug. 31, 2023

WASHINGTON -- A group of Russian officials recently trip to North Korea, indicating a potential arms deal between the two countries, a US National Security Council official said Wednesday. John Kirby, NSC coordinator for strategic communications, said the trip may be followed by high-level discussions that could lead to the provision of North Korean weapons to Russia for use in its war against Ukraine. "We have new information, which we are able to share today, that arms negotiations betwee

North Korea Aug. 31, 2023

South Korea's industrial output, retail sales and facility investment lost ground from a month earlier amid growing concerns of an economic slowdown, data showed Thursday. The industrial output fell 0.7 percent in July from a month earlier after standing still in June, according to the data from Statistics Korea. The three indicators lost ground at the same time for the first time since January. The output in the mining, manufacturing, gas and electricity industries decreased 2 percent due

Economy Aug. 31, 2023

Police said Wednesday it will maintain the number of school zones on a trial run with a relaxed speed limit at night, in an about-face of its earlier announcement that it will apply the same rule across the country starting next month. The abrupt retraction came only a day after the police said the school zone speed limit will be eased to up to 50 kilometers per hour from the current 30 kph during the night and early morning hours, and it will be applied nationwide. "The school zone speed

Social Affairs Aug. 30, 2023

The military prosecution said Wednesday it filed for an arrest warrant for a senior Marine officer over allegations he disobeyed an order from the defense minister in relation to an internal probe into last month's death of a young soldier. Col. Park Jung-hun is accused of handing over the probe findings on the death of Cpl. Chae Su-geun, who died while on a search mission for missing people during downpours, to the civilian police despite Defense Minister Lee Jong-sup's order to hold

Defense Aug. 30, 2023

Seoul shares ended higher Wednesday, as investors speculate that the US Federal Reserve may pause its tightening campaign. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 9.06 points, or 0.35 percent, to close at 2,561.22. Trading volume was moderate at 356.81 million shares worth 7.64 trillion won ($5.8 billion), with gainers outnumbering decliners 461 to 395. Institutions bought a net 178.42 billion won worth of stocks, offsetting foreigners and

Market Aug. 30, 2023

The professional basketball team KCC Egis will relocate its home base from the southwestern city of Jeonju to Busan on the southeast coast. The Korea Basketball League on Wednesday approved a proposal to move the team's home city during a board meeting held at the KBL center in southern Seoul. The KCC Egis was founded in 2001 in Jeonju after acquiring the Hyundai Gullivers, a team based in the central city of Daejeon, and moving the home city. With the approval, the team will bid farewell t

More Sports Aug. 30, 2023

The government has requested the prosecution to investigate an additional 375 people for their alleged involvement in illegal activities related to renewable energy projects during the previous Moon Jae-in administration, including the installation of solar panels, officials said Wednesday. The Office for Government Policy Coordination, under the Prime Minister's Office, earlier revealed the findings of a nationwide investigation into corruption allegations surrounding the allocation of sub

Politics Aug. 30, 2023

Seoul shares opened higher Wednesday, tracking overnight gains on Wall Street, amid hopes that the US Federal Reserve may pause its tightening campaign. The benchmark Korea Composite Stock Price Index rose 20.93 points, or 0.82 percent, to 2,573.09 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.9 percent and the tech-heavy Nasdaq Composite climbed 1.7 percent. Latest US economic data, including decreased job openings and weakened consumer confidence, has r

Market Aug. 30, 2023

The outcome of the historic trilateral summit held at Camp David earlier this month represents the strong commitment of three equal and powerful countries that are focused on promoting peace and security throughout their shared region, a senior White House official said Tuesday. Kurt Campbell, National Security Council coordinator for Indo-Pacific affairs, also highlighted the countries' commitment to institutionalize their three-way cooperation. "I thought what was on display in Camp

Defense Aug. 30, 2023

The United States remains open to dialogue with North Korea, a White House spokesperson said Tuesday, after North Korea's reclusive leader called US President Joe Biden and his South Korean, Japanese counterparts "gang bosses." North Korean leader Kim Jong-un accused Biden, South Korean President Yoon Suk Yeol and Japanese Prime Minister Fumio Kishida of driving the situation on the Korean Peninsula to the brink of a "nuclear war" during his recent visit to the North

Defense Aug. 30, 2023