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Seoul shares open lower on US slump
South Korean stocks opened lower Friday, as investors locked in profits after a three-session winning streak. The benchmark Korea Composite Stock Price Index dropped 27.51 points, or 1.01 percent, to 2,691.25 in the first 15 minutes of trading. Overnight, Wall Street lost ground after the February producer price index showed US inflation was hotter than expected. The Dow Jones Industrial Average fell 0.4 percent, and the S&P 500 dropped 0.3 percent. The Nasdaq Composite also shed 0.3 percent
Market March 15, 2024
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Power outage disrupts operations on Goyang section of Seoul Subway Line 3
A power outage disrupted subway operations on a Line 3 section in Goyang, northwest of Seoul, on Friday morning, causing massive congestion for commuters during the morning rush hour. Korea Railroad Corp. said the power outage happened at 4:30 a.m. between Wondang Station and Wonheung Station, leaving trains on both directions having to use only one track alternately in the northern end section of the line. Southbound trains heading to Seoul experienced delays during the morning rush hour, and m
Social Affairs March 15, 2024
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US general voices concerns over 'increasingly advanced' long-range NK missiles
A US general took note of military threats from "increasingly advanced" long-range North Korean missiles on Thursday, while highlighting evolving security challenges from China, Russia and Iran. Gen. Gregory Guillot, the commander of US Northern Command and North American Aerospace Defense Command, attended a hearing of the Senate Armed Services Committee to testify about the posture of his commands and discuss security risks facing the United States. "North Korea continues its be
North Korea March 15, 2024
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S. Korea closely eyeing China's push to add Mt. Paekdu as UNESCO global geopark
South Korea is keeping close eyes on China's push to list Mount Paekdu as one of UNESCO's new global geoparks in the name of "Mount Changbai," the foreign ministry said Thursday. The issue of evaluating and approving the "Mount Paekdu area" nominated as one of the new global geoparks will be discussed at the 219th session of the UNESCO Executive Board to be held later this month, foreign ministry spokesperson Lim Soo-suk told a press briefing. In 2020, China applied
Foreign Affairs March 14, 2024
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S. Korea says it does not recognize N. Korea as nuclear state
South Korea on Thursday renewed its stance that it does not recognize North Korea as a nuclear state. The foreign ministry made the comments in response to Putin's remarks that the North has its "own nuclear umbrella" and has not asked for Russia's help during a recent interview with Russia's RIA state news agency and Rossiya-1 state television. "There is no change in the government's position that it does not recognize North Korea as a nuclear state," a f
North Korea March 14, 2024
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Seoul shares end at nearly 2-year high on financial, auto gains
South Korean stocks finished higher for the third straight session to hit an almost 2-year high Thursday on the back of gains in financial, auto and other blue chips. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index climbed 25.19 points, or 0.94 percent, to 2,718.76. It marked the highest since April 22, 2022, when the index finished at 2,704.71 points. Trade volume was heavy at 587 million shares worth 13.5 trillion won ($10.24 billion), with winner
Market March 14, 2024
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Leader of doctors' group questioned again over trainee doctors' walkout
A leader of the Korean Medical Association, the biggest doctors' group, appeared before police Thursday for his second round of questioning over suspicions of instigating a mass walkout by trainee doctors. Park Myung-ha, chief of the KMA emergency committee's organizational affairs, arrived at the Seoul Metropolitan Police Agency's office in the city's western Mapo district for the second time, following his last on Tuesday. Park is one of the five former and current KMA leaders against whom the
Social Affairs March 14, 2024
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Industry minister asks petroleum firms to avoid price hike
Industry Minister Ahn Duk-geun on Thursday asked petroleum companies to refrain from increasing the prices of their products amid lingering inflation and external uncertainties. The remark came as global oil prices continued to remain volatile due to the prolonged war between Russia and Ukraine, along with the geopolitical instability in the Middle East. "The government is prioritizing taming inflation as the top task for the economy and is currently utilizing all available measures to stab
Economy March 14, 2024
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S. Korea stages live-fire drills with US military engineers near inter-Korean border
South Korea staged live-fire tank drills Thursday near the inter-Korean border, involving US military engineers, the Army said, as the allies' major annual springtime exercise came to a close. The drills took place as part of a weeklong training at Seungjin Fire Training Field in Pocheon, just 25 kilometers south of the inter-Korean border, in connection with the combined Freedom Shield exercise designed to bolster deterrence against the North's nuclear and missile threats. Some 300 pe
Defense March 14, 2024
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DP excludes human rights activist from candidacy, citing military service refusal
A satellite party affiliated with the main opposition Democratic Party has excluded a human rights activist specializing in military issues as a candidate for a proportional seat, citing his refusal to comply with military service requirements. Lim Tae-hoon, the former director of the Center for Military Human Rights Korea, a nongovernment group dealing with military-related issues, was convicted in 2004 for declining to serve in the military based on his religious beliefs. "I received noti
Politics March 14, 2024
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Seoul shares open tad higher on financial, tech gains
South Korean stocks opened marginally higher Thursday led by financial and tech companies. The benchmark Korea Composite Stock Price Index rose 4.37 points, or 0.16 percent, to 2,697.94 in the first 15 minutes of trading. Financial shares got off to a good start, continuing their upward momentum after gains in the past two sessions. Shinhan Financial added 2.10 percent, and Hana Financial rose 0.99 percent. Tech behemoth Samsung Electronics also rose 0.40 percent, and home appliance maker LG Ele
Market March 14, 2024
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10 rescued, 1 missing after fishing boat sinks off south coast
A fishing boat carrying 11 people sank off the country's south coast Thursday, leaving three dead and another missing, the Coast Guard said. Four South Korean and seven foreign crew members were aboard the 139-ton trawler when it sank in waters 4.6 nautical miles south of Yokji Island off the coastal city of Tongyeong, some 330 km south of Seoul, after sending a distress call at 4:12 a.m., the Coast Guard said. Ten crew members were rescued by the Coast Guard and nearby boats, including thr
Social Affairs March 14, 2024
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N. Korea unveils new battle tank with leader Kim boasting their striking power
North Korea has unveiled a new battle tank during training exercises, state media reported Thursday, amid ongoing joint military drills between South Korea and the United States. North Korean leader Kim Jong-un drove a new tank himself during the "training match" between tank units Wednesday in a bid to inspect tank troops' actual combat capabilities, according to the Korean Central News Agency. Calling them "the most powerful tanks in the world," Kim expressed satisfact
North Korea March 14, 2024
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White House official calls S. Korea democracy 'champion' ahead of democracy summit
A White House official on Wednesday highlighted "real value in the symbolic nature" of South Korea hosting the third Summit for Democracy next week, casting the Asian country as a democracy "champion." Kelly Razzouk, National Security Council senior director for democracy and human rights, made the remarks as Seoul is preparing to host the summit, a US-led initiative to promote solidarity among democracies, from Monday to Wednesday. "As President Biden said when we conve
Foreign Affairs March 14, 2024
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Taeyoung shares suspended amid debt restructuring
Shares of Taeyoung Engineering & Construction Co., a troubled mid-sized builder, were suspended Wednesday due to its negative net asset balance amid an ongoing debt restructuring, company officials said. Its main creditor, the state-run Korea Development Bank, said it is extending the deliberation period for the restructuring plan by up to one month to allow more time before finalizing plans to normalize the company. Taeyoung, the 16th-largest builder in South Korea in terms of constructio
Industry March 13, 2024
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