South Korean shares closed lower Tuesday to extend their losing streak to a third day, taking a cue from overnight losses on Wall Street. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) shed 8.76 points, or 0.32 percent, to close at 2,689.25. Trade volume was light at 259.7 million shares worth 7.95 trillion won ($5.97 billion). Winners, however, outnumbered losers 434 to 423. Institutions bought a net 36.9 billion won worth of shares, while

Market Aug. 27, 2024

Prime Minister Han Duck-soo on Tuesday urged nurses and medical workers nationwide to call off a strike planned for this week, saying the government is doing everything it can to improve their working conditions. Han issued the appeal during a government meeting convened to address the strike planned for Thursday. The Korean Health and Medical Workers' Union, which has some 30,000 nurses and medical workers at 61 hospitals as members, voted in favor of the strike Saturday, demanding an impr

Politics Aug. 27, 2024

South Korean shares opened lower Tuesday, tracking an overnight tech slide on Wall Street. The benchmark Korea Composite Stock Price Index (Kospi) lost 11.74 points, or 0.44 percent, to 2,686.27 in the first 15 minutes of trading. Overnight, major US indexes closed mixed as the Dow Jones Industrial Average increased 0.16 percent, while the S&P 500 and tech-heavy Nasdaq composite fell 0.32 percent and 0.85 percent, respectively. Artificial intelligence chip giant Nvidia slid 2.25 percent ahea

Market Aug. 27, 2024

Republican presidential candidate Donald Trump on Monday called on member countries of the North Atlantic Treaty Organization to spend at least 3 percent of their gross domestic product (GDP) on their defense, calling the current 2 percent guideline "the steal of the century." The former president's remarks added to speculation that should he return to the White House, he could put pressure on South Korea to increase its financial contributions to the stationing of the 28,500-stro

Foreign Affairs Aug. 27, 2024

Numerous chat rooms on Telegram suspected of creating and distributing deepfake pornographic material with doctored photos of ordinary women have been discovered recently, stoking fear and outrage across the country. Many victims in these chat rooms -- one of which was found to have over 133,000 members -- were believed to be minors, including middle and high school students, as well as university students, teachers and even military personnel. Through reporting, Yonhap News Agency has learned o

Social Affairs Aug. 26, 2024

Ongoing government audits into the national governing bodies for football and badminton over recent controversy will conclude sometime in September, the sports minister said Monday. Yu In-chon, minister of culture, sports and tourism, made the remark during a plenary meeting of the Culture, Sports and Tourism Committee of the National Assembly. When asked about the ministry's audit into operations of the Korea Football Association (KFA), brought on by its controversial hiring of Hong Myung-

Politics Aug. 26, 2024

President Yoon Suk Yeol met with the head of the U.S. Senate's armed service committee Monday to discuss ways to bolster the combined defense posture against North Korean threats, his office said. During the talks with U.S. Sen. Jack Reed (D-RI) in Seoul, Yoon stressed the need to advance the bilateral alliance and trilateral cooperation involving Japan to effectively deter North Korean threats, the presidential office said. Yoon also asked for continued support from the U.S. Congress in st

Foreign Affairs Aug. 26, 2024

South Korean shares closed slightly lower for the second straight day on Monday as investors sought to cash in on recent gains after Federal Reserve Chair Jerome Powell hinted at a potential rate cut next month. The local currency rose to its highest level in over five months against the US dollar. The benchmark Korea Composite Stock Price Index lost 3.68 points, or 0.14 percent, to close at 2,698.01. Trade volume was moderate at 329 million shares worth 8.97 trillion won ($6.77 billion), with l

Market Aug. 26, 2024

The main opposition Democratic Party accused the Yoon Suk Yeol administration on Monday of engaging in "submissive" diplomacy with Japan by appointing pro-Japan figures to key positions and removing public installations depicting the easternmost islets of Dokdo. "Since the start of the Yoon Suk Yeol administration, we have seen continued pro-Japan submissive diplomacy and a desperation to erase history," DP floor leader Park Chan-dae said during a supreme council meeting. &qu

Politics Aug. 26, 2024

Prosecutor General Lee One-seok said Monday that he will respect the upcoming conclusion by a panel of external private experts on first lady Kim Keon Hee's luxury handbag case. Lee made the remarks after referring the case to the investigation review committee, an external body that deliberates on investigations of high public interest, last Friday. Earlier that week, he was briefed that an investigation team from the Seoul Central District Prosecutors Office decided not to seek charges ag

Social Affairs Aug. 26, 2024

President Yoon Suk Yeol will host a dinner meeting with the leadership of the ruling People Power Party later this week, party officials said Monday. PPP leader Han Dong-hoon, floor leader Choo Kyung-ho, five Supreme Council members, and the party's policy chief are expected to attend the meeting on Friday, according to party officials. During the meeting, Yoon and the party leaders are expected to discuss key policy issues ahead of the regular National Assembly session, which is set to beg

Politics Aug. 26, 2024

Eleven mpox cases have been reported so far this year in South Korea, but all detected cases were the less deadly Clade II variant, health authorities said Monday. The Korea Disease Control and Prevention Agency (KDCA) said the latest case was reported last month, adding that health authorities have bolstered screening at borders to cope with the deadly new variant. South Korea reported 151 mpox cases last year. The majority of patients were males aged 20 to 40 in the greater Seoul area, with cl

Social Affairs Aug. 26, 2024

South Korea and the United States will hold their seventh round of negotiations in Seoul this week to determine Seoul's share of the cost for stationing the US Forces Korea, officials said Monday. The talks are set to take place from Tuesday through Thursday, led by the chief negotiators — Lee Tae-woo of South Korea and Linda Specht representing the United States — as the allies work to renew the current six-year deal, which will expire at the end of next year. Under the Special

Defense Aug. 26, 2024

North Korean leader Kim Jong-un has overseen a performance test of various drones, calling for the development and production of more suicide drones to enhance war preparedness, state media reported Monday. Kim supervised the test organized by the Drone Institute of the Academy of Defence Sciences on Saturday, according to the Korean Central News Agency. In the test, the drones flew along various preset courses and correctly identified and destroyed the designated targets, as they have missions

North Korea Aug. 26, 2024

South Korean shares opened slightly higher Monday amid growing hopes for a US rate cut. The benchmark Korea Composite Stock Price Index (Kospi) added 2.85 points, or 0.11 percent, to 2,704.54 in the first 15 minutes of trading. The increase follows sharp gains on Wall Street, prompted by remarks from US Federal Reserve Chair Jerome Powell that hinted at the start of US rate cuts in the near future. The Dow Jones Industrial Average surged 1.14 percent to close at 41,175.07 Friday (US time), with

Market Aug. 26, 2024