South Korea's economy grew 0.6 percent in the third quarter of the year, matching an earlier estimate, on the back of reviving exports and domestic demand, central bank data showed Tuesday. The country's real gross domestic product -- a key measure of economic growth -- increased 0.6 percent on-quarter in the July-September period, according to data from the Bank of Korea (BOK). The third-quarter expansion compares with the 0.6 percent on-quarter expansion in the second quarter and the

Economy Dec. 5, 2023

Seoul shares got off to a weak start Tuesday, tracking overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index retreated 17.21 points, or 0.68 percent, to 2,497.74 in the first 15 minutes of trading. On Monday, all three major US indexes lost ground ahead of the release of key job market data later this week, including an October update on job openings. The S&P 500 gave back 0.54 percent after hitting its highest level in over a year the previous session. The Dow Jon

Market Dec. 5, 2023

South Korea's inflation grew at a slower pace last month, though it stayed above 3 percent for the fourth consecutive month amid high prices of energy and farm goods, data showed Tuesday. Consumer prices, a key gauge of inflation, rose 3.3 percent in November from a year earlier, compared with a 3.8 percent on-year increase the previous month, according to the data from Statistics Korea. It is the first time in four months that the annual price growth has eased. The on-year price growth fell bel

Economy Dec. 5, 2023

The US Department of State said Monday that South Korea is not the subject of UN Security Council sanctions, after North Korea accused the United States of having a "double standard" over space programs. Last month, the North launched a space rocket to put a military spy satellite into orbit, drawing international criticism that it violated multiple UNSC resolutions banning any launch using ballistic missile technology. South Korea also launched a military reconnaissance satellite from

Foreign Affairs Dec. 5, 2023

The rival parties called Monday for the government to come up with countermeasures against Beijing's recent halt in urea exports to South Korea, voicing concerns it could lead to another urea crisis. On Sunday, government and industry officials said that China has recently halted customs procedures for urea exports to South Korea and has yet to respond to Seoul's request for an explanation. Sources have said the government assumes the Chinese action was not a formal export control meas

Politics Dec. 4, 2023

Ulsan Hyundai FC defender Kim Young-gwon was voted the most valuable player (MVP) in South Korean football's top division Monday, and to hear the man himself tell it, Kim almost didn't even make it this far into the season to grab that award. After accepting his K League 1 MVP trophy at an awards ceremony in Seoul, Kim revealed that he had a lucrative offer from a foreign club during this season. Ulsan head coach Hong Myung-bo convinced Kim to stay with Ulsan, and the center back helpe

Soccer Dec. 4, 2023

South Korean stocks ended higher Monday amid speculation that the US Federal Reserve may start cutting its rates next year amid eased inflation woes. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 9.94 points, or 0.4 percent, to close at 2,514.95. Trade volume was moderate at 489.9 million shares worth 8.5 trillion won ($6.5 billion), with gainers slightly outnumbering losers 458 to 411. Institutions and foreigners bought shares worth 170.7 bi

Market Dec. 4, 2023

About half of big firms in South Korea remain undecided on their investment plans for next year, according to a survey released Monday, an indication of how many companies are going through economic uncertainties. In the survey conducted by polling agency Mono Research on the leading 500 companies in terms of sales from Nov. 16-24, 49.7 percent responded they remain undecided on next year's investment plans. Also, 5.3 percent of the respondents said they have no investment plans next year.

Economy Dec. 4, 2023

Immediately after going back to her old boots, South Korean speed skater Kim Min-sun returned to a familiar place -- the top of the podium at a World Cup competition. Kim won the women's 500-meter title at the latest International Skating Union World Cup Speed Skating stop in Stavanger, Norway, on Sunday. Kim clocked her season-best 37.73 seconds for her first World Cup gold medal of this season in five tries. Erin Jackson of the United States, the 2022 Olympic champion, ranked second in 37

More Sports Dec. 4, 2023

North Korean leader Kim Jong-un has called for measures to prevent a decrease in the country's birth rate in the first national meeting of mothers in 11 years, state media reported Monday. Kim said he has thought about North Korean mothers whenever he faced difficulties in steering state and party affairs, and stressed the role of mothers in such various fields as helping resolve "non-social" problems and promoting the unity of society. "There are also issues of preventing th

North Korea Dec. 4, 2023

A group of US fighter jets stationed in South Korea joined an annual aerial exercise in Singapore last month, the US Air Force has said, with a commercial aircraft refueling the fighters en route to the city-state for the first time. The US military deployed six F-16s of the 51st Fighter Wing at Osan Air Base in Pyeongtaek, 60 kilometers south of Seoul, to participate in the bilateral Commando Sling exercise with the Singaporean Air Force at Paya Lebar Air Base from Nov. 6 to 24. During the flig

Defense Dec. 4, 2023

The finance ministry said Monday that it will put a stake in game developer's holding company NXC Corp. up for sale, valued at an estimated 4.7 trillion won ($3.62 billion). In May, the family of Nexon's late founder Kim Jung-ju paid inheritance tax with a 29.3-percent stake in NXC, or 852,000 shares. With the stake, the finance ministry became the second-biggest shareholder in the company, which controls the Tokyo-listed Nexon Co., a gaming giant with hit titles like Nexus: The Kingdo

Companies Dec. 4, 2023

Prosecutors raided the Gyeonggi provincial government office Monday as part of an investigation into allegations that opposition leader Lee Jae-myung's wife misused an official credit card while Lee was serving as Gyeonggi governor. The Suwon District Prosecutors Office sent investigators to the provincial government office to seize evidence connected to the investigation, officials said. The investigation follows a disclosure by a former Gyeonggi government employee last year that Lee'

Social Affairs Dec. 4, 2023

The combined net income of insurance companies in South Korea surged nearly 50 percent in the first nine months of the year from a year ago on advances by both life and non-life insurers, data showed Monday. The combined net profit of 22 life insurance firms and 31 non-life insurance companies here came to 11.42 trillion won ($8.74 billion) in the January-September period, up 47.2 percent from the same period last year, according to preliminary data from the Financial Supervisory Service. The ne

Industry Dec. 4, 2023

South Korea and Canada have signed a memorandum of understanding on climate change cooperation as a follow-up step to the May summit of the two countries' leaders, Seoul's foreign ministry said Monday. The MOU was signed by Kim Hyo-eun, South Korea's ambassador for climate change, and her Canadian counterpart, Catherine Stewart, on Sunday, on the sidelines of the 2023 UN Climate Change Conference in Dubai, the ministry said. The MOU calls for bolstering cooperation in exchanges of

Foreign Affairs Dec. 4, 2023