A US diplomat in charge of public diplomacy will embark on a trip to South Korea, Indonesia and Japan this week to underscore Washington's "deep" commitment to its allies and partners in the Indo-Pacific, the State Department said Wednesday. During her Asia trip from Thursday to next Wednesday, Liz Allen, undersecretary of state for public diplomacy and public affairs, will stress the United States' efforts to reinforce and expand regional alliances and partnerships in the re

Foreign Affairs Nov. 30, 2023

South Korea's industrial output fell in October on a marked decline in the production of the semiconductor sector, data showed Thursday. Retail sales and facility investment also declined last month, and it was the first time in three months that the three major indicators on industrial activities logged an on-month fall, according to Statistics Korea. Industrial production dropped 1.6 percent on-month in October following two months of gains. It was the sharpest decline since April 2020, w

Economy Nov. 30, 2023

South Korean stocks started lower Thursday, as investors are waiting for the central bank's key rate decision later in the day. The benchmark Korea Composite Stock Price Index lost 7.98 points, or 0.32 percent, to 2,511.83 in the first 15 minutes of trading. In a rate-setting meeting, the Bank of Korea is widely expected to keep the rate unchanged at 3.5 percent. Major shares went south, with market bellwether Samsung Electronics falling 0.28 percent and LG Energy Solution, the second-bigge

Market Nov. 30, 2023

North Korea said Thursday the country's military spy satellite has taken photos of US military facilities in San Diego and Japan, as well as the Suez Canal in Egypt. Leader Kim Jong-un viewed the satellite photos taken Wednesday when he received an operations report from the Pyongyang General Control Center of the National Aerospace Technology Administration, according to the official Korean Central News Agency. The satellite took pictures of the San Diego Naval Base in California at 2:24 a

North Korea Nov. 30, 2023

The Organization for Economic Cooperation and Development revised up the outlook for South Korea's economic growth next year to 2.3 percent on a recovery in exports and eased geopolitical tensions, Seoul's finance ministry said Wednesday. The figure marked a 0.2 percentage-point increase from its projection of 2.1 percent made in September, according to the Ministry of Economy and Finance. The latest outlook is rosier than those by the International Monetary Fund and the Bank of Korea,

Economy Nov. 29, 2023

South Korean stocks finished slightly lower Wednesday as investors remained cautious ahead of the central bank's rate-setting meeting this week. The local currency gained ground against the US dollar. The benchmark Korea Composite Stock Price Index declined 1.95 points, or 0.08 percent, to close at 2,519.81. Trading volume was moderate at 571.6 million shares worth 9.27 trillion won ($7.19 billion), with losers beating winners 598 to 272. Institutions sold a net 140.9 billion won worth of l

Market Nov. 29, 2023

A cargo ship believed to be Chinese submerged in waters off South Korea's southwestern coast Wednesday, the Coast Guard said. The Mokpo Coast Guard said it received a report at around 7:28 a.m. that the 200-ton ship was sinking in waters off Gageo Island, 422 km southwest of Seoul. However, it later said the ship submerged at a 45-degree starboard angle. The Coast Guard is investigating whether there were any attempts at illegal entry into South Korea, citing no crewmen were found on the sh

Social Affairs Nov. 29, 2023

The US Department of Defense said Tuesday that there are "plenty" of images of the White House and the Pentagon already available online, after North Korea claimed its military spy satellite took photos of key US government and military facilities. In a press briefing, Brig. Gen. Patrick Ryder, the department's press secretary, also reiterated the United States' "ironclad" defense commitment to South Korea, as Pyongyang started reinstalling guard posts and heavy weapons along

Foreign Affairs Nov. 29, 2023

South Korean stocks opened a tad lower Wednesday ahead of the central bank's rate-setting meeting. The benchmark Korea Composite Stock Price Index (Kospi) lost 11.02 points, or 0.44 percent, to 2,510.74 in the first 15 minutes of trading. Overnight on Wall Street, US stocks climbed modestly on a dovish comment by a Federal Reserve official, with the Dow Jones Industrial Average edging up 0.24 percent and the Nasdaq Composite adding 0.29 percent. The Bank of Korea is set to decide on its pol

Market Nov. 29, 2023

The South Korea football governing body announced Tuesday forward Hwang Ui-jo will be banned from the national team until the conclusion of an ongoing police investigation into charges that he'd filmed a sexual encounter with a woman without consent. The Korea Football Association (KFA) reached the decision following a meeting of representatives from its ethics committee and national team technical committee earlier in the day. The KFA held the meeting after being criticized for putting Hwa

Soccer Nov. 28, 2023

South Korea is set to make its final presentation for the 2030 World Expo host city bid in Paris on Tuesday, bringing in high-profile figures such as former U.N. Secretary-General Ban Ki-moon and K-pop stars. The host city for the globally prestigious event, overseen by the Paris-based Bureau International des Expositions (BIE), will be elected by member states in rounds of voting during the general assembly later in the day. Each candidate will make a final presentation prior to the voting. Sou

Foreign Affairs Nov. 28, 2023

South Korean stocks ended more than 1 percent higher Tuesday, as investors were buoyed by the latest news on an extended cease-fire in the Middle East. The local currency rose sharply against the US greenback. The benchmark Kospi jumped 26.1 points, or 1.05 percent, to close at 2,521.76. Trading volume was slim at 435.8 million shares worth 8.59 trillion won ($6.64 billion), with gainers slightly outnumbering decliners 457 to 417. Individual investors led the rally, purchasing a net 572.6 billio

Market Nov. 28, 2023

A disability rights advocacy group said Tuesday it will file a complaint with the state human rights watchdog against police for arresting the group's leader without informing him of his Miranda rights. The Solidarity Against Disability Discrimination claimed the police used violence and failed to announce the Miranda warning while arresting its leader, Park Kyoung-seok, during a subway protest last week. Park, 63, was apprehended on the platform of Seoul's Hyehwa Station at 8:50 p.m.

Social Affairs Nov. 28, 2023

South Korea will push for using commercial satellites in low Earth orbit in a military communication system to efficiently enhance combat capability of the armed forces, the state arms procurement agency said Tuesday. The Defense Rapid Acquisition Technology Research Institute under the state-run Agency for Defense Development signed a 39.8 billion won ($30.6 million) project with Hanwha Systems Co. for development of the military communication system using Hanwha's commercial satellites op

Defense Nov. 28, 2023

The vote for the host city of the 2030 World Expo is set to take place in Paris on Tuesday, with South Korea's southeastern city of Busan making last-ditch efforts to pull off an upset in the competition against two other candidates. The host country will be selected by the member states of the Bureau International des Expositions, the body responsible for overseeing the global event that can generate economic benefits and jobs, during its general assembly later in the day. Busan is contend

Politics Nov. 28, 2023