The US Department of State reiterated its concerns Monday over military cooperation between North Korea and Russia, as Pyongyang is gearing up for a space rocket launch to put a military spy satellite into orbit. Pyongyang has notified Japan's Coast Guard of a plan to conduct the launch between Nov. 22 and Dec. 1, Japanese media reported, despite Seoul's warning against what would be its third such launch attempt this year. "I will say that our concerns about North Korea's ba

Foreign Affairs Nov. 21, 2023

South Korea's exports rose 2.2 percent on-year in the first 20 days of this month on growing demand for semiconductors and vehicles, data showed Tuesday. Outbound shipments reached $33.79 billion in the Nov. 1-20 period, compared with $33.07 billion tallied a year earlier, according to the data from the Korea Customs Service. Per-day exports also went up 2.2 percent on-year to $2.18 billion during the cited period, it added. Exports grew for the first time in 13 months in October. They adva

Economy Nov. 21, 2023

South Korea maintains a steady supply of liquefied natural gas and is actively preparing for potential contingencies amid Middle East geopolitical uncertainties, the industry ministry said Tuesday. "There have been concerns over the supply of gas following the Israel-Hamas incident amid the lingering war between Russia and Ukraine, but the supply currently remains stable," Director-General for Resource Policy Ryu Peob-min said during a meeting with industry officials. "However, in

Economy Nov. 21, 2023

Seoul shares opened higher Tuesday, tracking overnight gains on Wall Street, as investors await earnings results from AI chip leader Nvidia and other US tech firms. The benchmark Korea Composite Stock Price Index rose 19.92 points, or 0.8 percent, to 2,511.12 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.6 percent to 35,151.04, and the tech-rich NASDAQ added 1.1 percent to 14,284.53. Nvidia is set to release quarterly results on Tuesday on the back of str

Market Nov. 21, 2023

A fire broke out at SK On's electric vehicle battery factory during a test run in China, but no fatalities were reported, the company said Monday. The blaze occurred at 2.50 p.m. (Chinese time) at the facility in Yancheng, eastern China, the company said in a statement. "No casualties have been reported, and we are investigating the cause of the fire and property damage," the company said. SK On is the battery-making arm of South Korea's leading energy firm, SK Innovation Co.

Industry Nov. 20, 2023

Seoul shares closed higher Monday despite investor concerns over possible US rate hikes to tame high inflation. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 0.86 percent, or 21.35 points, to close at 2,491.20. Trade volume was moderate at 319.84 million shares worth 6.5 trillion won ($5.03 billion), with gainers outnumbering losers 648 to 229. The Kospi opened nearly flat amid concerns of an additional US rate hike. The US Federal Reserve has be

Market Nov. 20, 2023

President Yoon Suk Yeol has said that China would not benefit from trilateral cooperation with North Korea and Russia because the three countries have "divergent interests." Yoon made the remarks in an interview with The Telegraph, a British daily, published Sunday local time ahead of his state visit to London, stressing that China has an important role in "promoting freedom, peace and prosperity in East Asia." "China is likely to take into consideration that pursuing tr

Politics Nov. 20, 2023

Seoul shares opened almost flat Monday amid investor concerns over a continued US rate hike due to high inflation. The benchmark Korea Composite Stock Price Index rose 6.92 points, or 0.3 percent, to 2,476.77 in the first 15 minutes of trading. On Friday, the Dow Jones Industrial Average inched up 0.01 percent to 34,947.28, and the tech-heavy NASDAQ gained 0.08 percent to 14,125.48. The US Federal Reserve has been expected to end its hiking cycle, but San Francisco Federal Reserve President Mary

Market Nov. 20, 2023

The South Korean military warned North Korea on Monday to "immediately stop" preparations for another military spy satellite launch, vowing to take "necessary measures" if it presses ahead with the launch. Kang Ho-pil, chief director of operations at the Joint Chiefs of Staff, made the warning, a day after South Korea's defense chief said Pyongyang may make another satellite launch attempt as early as "this week or so." "(We) sternly warn North Korea to im

North Korea Nov. 20, 2023

Lee Jun-seok, an estranged former leader of the ruling People Power Party (PPP), said Sunday that he will set up a new party to push for political reform if President Yoon Suk Yeol does not change his way of doing politics by the end of this year. Lee made the pledge during a meeting with the public, saying Yoon has not sought any changes even after the party lost to the main opposition Democratic Party (DP) in the crucial by-election for chief of Seoul's Gangseo Ward last month. "I cl

Politics Nov. 19, 2023

Police said Sunday they have sought an arrest warrant for a man in his 40s on charges of murdering his stepmother and discarding her body in a reed field near his father's home. The man allegedly strangled his stepmother, identified only by her surname Lee, who was in her 70s, to death at her home in Seoul during an altercation on Oct. 19 after he demanded that she give him money she earned from part-time work. Two days later, the day laborer buried his stepmother's body in a reed fiel

Social Affairs Nov. 19, 2023

South Korean battery makers' combined research and development investment this year has climbed over 12 percent on-year despite a slowdown in global demand for electrified vehicles, industry data showed Sunday. According to latest quarterly reports of LG Energy Solution Ltd., Samsung SDI Co. and SK On Co., their combined R&D investment during the January-September period amounted to 1.78 trillion won ($1.38 billion), up 12.5 percent from 1.58 trillion won for the same period of last yea

Industry Nov. 19, 2023

The government was working to fix the administrative network that suffered a system failure, officials said Sunday, two days after the breakdown caused disruptions to public access to government-approved papers. More than 100 government officials and private technicians were working to restore the servers and network systems at the National Information Resources Service in Daejeon, 139 kilometers south of Seoul, the interior ministry said. They have replaced some of the network equipment believe

Social Affairs Nov. 19, 2023

South Korea's foreign minister held a series of talks with his Malaysian and Indonesian counterparts in San Francisco this week and requested for their countries' support in South Korea's bid to host the 2030 World Expo, his office said Saturday. Park Jin made the request during separate meetings with Malaysian Foreign Minister Zambry Abdul Kadir and Indonesian Foreign Minister Retno Marsudi on Tuesday on the margins of the Asia-Pacific Economic Cooperation (APEC) ministerial meet

Foreign Affairs Nov. 18, 2023

South Korean President Yoon Suk Yeol wrapped up a visit to San Francisco on Friday after attending an Asia-Pacific Economic Cooperation (APEC) summit that demonstrated South Korea's growing solidarity with the United States and Japan and its commitment to leading global action on climate change and supply chain risks. This year's APEC gathering was held under the theme, "Creating a Resilient and Sustainable Future for All," and brought together leaders of the 21 member econom

Foreign Affairs Nov. 18, 2023