The state-run archives agency on Friday requested the presidential office and the defense ministry to preserve all documents related to this week's botched martial law declaration. The National Archives of Korea (NAK) said it has also sent the notice to the interior ministry, the police agency and other related organizations. In the notice, the NAK, responsible for preserving government documents, called for the thorough preservation of all materials, including Cabinet meeting minutes, inst

Social Affairs Dec. 6, 2024

South Korea, the United States and Japan will hold a high-level meeting in Tokyo next week to discuss North Korea's nuclear provocations, Seoul's foreign ministry said Friday. Vice Foreign Minister for Strategy and Intelligence Cho Koo-rae will meet US Assistant Secretary of State for East Asian and Pacific Affairs Daniel Kritenbrink and Hiroyuki Namazu, Japan's assistant minister for Asian and Oceanian Affairs, on Monday, according to the Ministry of Foreign Affairs. During the m

Foreign Affairs Dec. 6, 2024

Seoul shares closed down for a third straight session Friday as investors await the result of an impeachment vote against President Yoon Suk Yeol on Saturday over his botched martial law attempt. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 13.69 points, or 0.56 percent, to close at 2,428.16. This week, the index lost 1.1 percent. Trade volume was moderate at 620.82 million shares worth 10.48 trillion won ($7.4 billion), with losers outpacing wi

Market Dec. 6, 2024

North Korea will hold a key session of its rubber-stamp parliament next month to discuss a range of issues, including a constitutional amendment, the North's state media reported Friday. The standing committee of the Supreme People's Assembly held its 34th plenary meeting the previous day at the Mansudae Assembly Hall and decided to convene the 12th session of the 14th assembly on Jan. 22, according to the Korean Central News Agency. The KCNA said that the upcoming session will address

North Korea Dec. 6, 2024

Top economic and financial authorities said Friday that the financial and foreign exchange markets have "largely stabilized" following the brief imposition of emergency martial law earlier this week. Such assessment was made during an emergency meeting to evaluate the potential impact of President Yoon Suk Yeol's declaration of martial law late Tuesday, which was reversed within hours by the National Assembly. Friday's meeting was attended by Finance Minister Choi Sang-mok, t

Economy Dec. 6, 2024

South Korea reported a current account surplus for the sixth consecutive month in October, driven by strong sales of semiconductors and cars, central bank data showed Friday. The country's current account surplus reached $9.78 billion in October, following a $10.94 billion surplus the previous month, according to preliminary data compiled by the Bank of Korea. The country has recorded a current account surplus since May, and the accumulated surplus for the first 10 months of the year has mo

Economy Dec. 6, 2024

Seoul shares opened higher Friday on auto and energy gains, with investors eyeing the planned parliamentary vote for President Yoon Suk Yeol's impeachment over his botched declaration of martial law earlier this week. The benchmark Korea Composite Stock Price Index rose 13.68 points, or 0.56 percent, to 2,455.53 in the first 15 minutes of trading. On Tuesday night, Yoon abruptly declared martial law, accusing the main opposition party of paralyzing the government with impeachment motions an

Market Dec. 6, 2024

The South Korea-US alliance "transcends any particular president," a State Department spokesperson said Thursday, as the National Assembly is moving to vote on an impeachment motion against President Yoon Suk Yeol over his short-lived martial law imposition. Principal deputy spokesperson Vedant Patel made the remarks, voicing expectation that the impeachment process will proceed in line with South Korea's Constitution. "This relationship, this alliance, this partnership that

Foreign Affairs Dec. 6, 2024

US Defense Secretary Lloyd Austin has "no plans" to visit South Korea "at this time," an official said Thursday, following a report that he scrapped a plan to travel to the Asian country in the aftermath of President Yoon Suk Yeol's short-lived martial law imposition. The move came amid concerns that despite Washington's renewed commitment to the "rock-solid" alliance, a period of uncertainty in South Korea could affect coordination between the allies over

Foreign Affairs Dec. 6, 2024

South Korea and the United States are "in communication at all levels" as needed, a foreign ministry official said Thursday, after a senior US diplomat's comment on South Korea's martial law turmoil drew attention for its critical tone. US Deputy Secretary of State Kurt Campbell said Wednesday (US time) that President Yoon Suk Yeol "badly misjudged" when he declared martial law late Tuesday and ended it hours later following a parliamentary vote. Speaking at a forum

Politics Dec. 5, 2024

Some train and subway lines across South Korea experienced delays and cancellations Thursday after unionized workers of the national railway operator launched an indefinite general strike. Subway Lines 1, 3 and 4 in the capital area, as well as high-speed KTX trains and regular trains, were being delayed or canceled as workers of the Korea Railroad Corp. (KORAIL) began a strike to demand better pay and additional hiring, the first such walkout since September 2023. At Seoul Station, passengers w

Social Affairs Dec. 5, 2024

Seoul shares closed lower for a second straight session on Wednesday as President Yoon Suk Yeol faces an impeachment vote this weekend following his botched declaration of martial law. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 22.15 points, or 0.90 percent, to close at 2,441.85. Trade volume was moderate at 502.49 million shares worth 9.29 trillion won ($6.56 billion), with losers far outpacing winners 724 to 175. Foreigners sold a net 319.19

Market Dec. 5, 2024

Unionized workers at Hyundai Motor Co. will stage a partial strike this week in solidarity with an umbrella labor union's walkout against President Yoon Suk Yeol's short-lived martial law declaration, according to the company's union Thursday. Hyundai's 43,000-strong union will hold a four-hour strike each on Thursday and Friday under the guidelines of the Korean Metal Workers' Union, a union spokesperson said over the phone. The KMWU is part of the militant Korean Confe

Social Affairs Dec. 5, 2024

The main opposition Democratic Party said Thursday it will push for a vote Saturday for an impeachment motion against President Yoon Suk Yeol over his declaration of martial law and subsequent lifting. The DP and five other minor opposition parties have submitted an impeachment motion, arguing Yoon's martial law declaration constituted violations of the Constitution and other laws. Yoon declared martial law Tuesday night, citing "anti-state" acts by the opposition. It was lifted s

Politics Dec. 5, 2024

Some train and subway lines experienced delays and cancellations Thursday after unionized workers of the national railway operator launched an indefinite general strike. Subway Lines 1, 3 and 4 in the capital area, as well as high-speed KTX trains and regular trains, were being delayed or canceled as workers of the Korea Railroad Corp. (KORAIL) began a strike to demand better pay and additional hiring, the first such walkout since September 2023. At Seoul Station, a public announcement informed

Social Affairs Dec. 5, 2024