Biden's withdrawal sparks mixed outlook for Kospi

Analysts here took a mixed view on how US President Joe Biden’s withdrawal from the November presidential race would affect South Korean shares, with growing uncertainty expected to hurt investor sentiment. Some brokerages expected the benchmark Kospi index to dip below the 2,650 level due to heightened short-term volatility. Others anticipated the main bourse would rise to 2,900 thanks to the recovery of shares in the semiconductor, automobile and rechargeable battery industries. These

EconomyJuly 22, 2024

Iconic Daehangno venue reopens, with focus on children's theater

Hakchon Theater, an iconic venue for Korean performing arts in Seoul's Daehangno theater district and a lasting legacy of Kim Min-gi, who died Sunday, has begun a new chapter in its storied history. Four months after its closure in March, the theater resumed its operations Thursday, rebranded as the Arko Kkumbat Theater, which translates to Arko Dream Field Theater, dedicated to performances for children and youth. “Arko Kkumbat Theater aims to inherit the historical and cultural lega

PerformanceJuly 22, 2024

Seoul shares fall over 1 pct as chip stocks slip

Seoul shares fell more than 1 percent Monday, hit by declines in semiconductor stocks. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) tumbled 31.95 points, or 1.14 percent, to close at 2,763.51. Trade volume was slightly moderate at 456.1 million shares worth 10.3 trillion won ($7.42 billion), with losers outnumbering winners 673 to 211. Institutions and foreign investors dumped local shares worth a combined 105.3 billion won, while retail

MarketJuly 22, 2024

Korea Heritage Service to extend key independence activist’s tomb

The Korea Heritage Service will expand the tomb of Lee Dong-nyeong, a historic site in central Seoul that the government says needs a makeover to show proper respect for the Korean independence fighter. Lee’s family has long requested the expansion of the site at Hyochang Park in Yongsan-gu where Lee’s comrades are also buried. They argue the former independence activist deserves more space, given his role in the Korean Provisional Government in its fight against Japan’s 1910-4

CultureJuly 22, 2024

Democrats promise 'orderly process' to replace Biden, where Harris is favored but questions remain

WASHINGTON (AP) — Shortly after President Joe Biden announced Sunday that he would drop his reelection campaign , Democratic National Committee Chair Jaime Harrison had a message: There would be no automatic coronation for his replacement. “In the coming days, the party will undertake a transparent and orderly process to move forward,” Harrison said in a statement. “This process will be governed by established rules and procedures of the party. Our delegates are prepare

Foreign AffairsJuly 22, 2024

[Today’s K-pop] BTS’ Jimin to release solo single remix album

Jimin of BTS will release a retake on “Who,” the main track from his second solo EP, on Tuesday, said label Big Hit Music on Monday. The remix album will consist of seven tracks – six different versions of the song as well as the original hip-hop R&B tune. “Who” fronted his solo album “Muse” that came out on Friday and topped iTunes Top Songs chart in 112 regions. It debuted on Spotify’s Daily Top Songs Global at No. 3 with over 7.9 million pla

K-popJuly 22, 2024

Biden bows out, endorses Harris

WASHINGTON (AP) — President Joe Biden dropped out of the 2024 race for the White House on Sunday, ending his bid for reelection after a disastrous debate with Donald Trump that raised doubts about the incumbent's fitness for office. The unprecedented announcement, delivered less than four months before the election, immediately upended a campaign that both political parties view as the most consequential in generations. The president — intent on serving out the remainder of hi

Foreign AffairsJuly 22, 2024

NewJeans says Tokyo Dome fan meet highlight of career

K-pop sensation NewJeans chose its recent fan meeting at Tokyo Dome in Japan as its favorite moment in the past two years. "There have been many memorable moments, but the Tokyo Dome fan meeting stands out the most. It felt like a dream spending time with the Bunnies who love our music," said Minji in a publicity material released by Ador, the group's agency, Monday, marking the group's two-year anniversary. Hanni who covered popular Japanese singer Seiko Matsuda's "

K-popJuly 22, 2024

Samsung Electro-Mechanics to supply advanced substrates for AMD processors

Samsung Electro-Mechanics, the electronic parts manufacturing affiliate of Samsung Electronics, announced Monday that it would supply high-performance substrates for hyper-scale data centers to AMD, the US chip design firm. According to the company, the flip chip ball grid array (FCBGA) substrate offers larger surface areas and higher layer counts for dense interconnections, which means better operational efficiency and lower energy consumption. The product will be produced at the company’

IndustryJuly 22, 2024

Kamala Harris, trailblazer eying America's last glass ceiling

WASHINGTON (AFP) - For years Kamala Harris faced criticism that she was not up to the job of being a heartbeat away from the US presidency. Now, she finds herself feted by Democrats as their best hope to stop Donald Trump's comeback. Despite blazing a trail as the first woman, Black and South Asian vice president in the nation's history, the 59-year-old Democrat long struggled with approval ratings as bad or worse than President Joe Biden's. The last 12 months, however, have revea

Foreign AffairsJuly 22, 2024

Hanwha-HD Hyundai rivalry shifts to US warship maintenance

The competition between Korean conglomerates Hanwha and HD Hyundai to expand their work with the US Navy has heated up as both secured key certification for maintenance and repair projects this month. Hanwha Ocean, which was known as Daewoo Shipbuilding and Marine Engineering before Hanwha Group’s acquisition last year, said Monday that it had signed a master ship repair agreement (MSRA) with the US Naval Supply Systems Command to secure the right to bid for maintenance, repair and operati

MobilityJuly 22, 2024

Prosecution in disarray over first lady investigation

Prosecutor General Lee One-seok on Monday apologized for the prosecution's secretive questioning of first lady Kim Keon Hee over the weekend, saying that investigation principles were neglected while interrogating her. The Seoul Central District Prosecutors' Office questioned Kim as a suspect at an undisclosed venue believed to be somewhere other than a prosecutors' office. The prosecution general, whose Supreme Prosecutors Office oversees the Seoul office, said he was not briefed

PoliticsJuly 22, 2024

What's driving Seoul back to DMZ loudspeaker broadcasts?

South Korea entered its second day of renewed loudspeaker broadcasts along its border with North Korea on Monday, a retaliatory response to Pyongyang's recent barrage of trash-laden balloons sent southward. Hours after North Korea floated hundreds of balloons toward the South, the South Korean Joint Chiefs of Staff confirmed that "full-scale" broadcasting began Sunday afternoon and would continue on Monday from 6 a.m. to 10 p.m. As of 8 a.m., Monday, the South Korean military iden

PoliticsJuly 22, 2024

Goldman Sachs appoints veteran dealmaker to head Korea IB

Goldman Sachs has tapped Ahn Jae-hoon, a veteran dealmaker and a former vice president of SK Bioscience, to head its investment banking business in South Korea. The bank announced Monday that Ahn has been appointed as the head of its investment banking in Korea and co-country head. The positions have been vacant since the departure of David Chung in early June. Ahn will join the Wall Street bank as a managing director in mid-August from SK Bioscience, where he served as head of strategic plannin

IndustryJuly 22, 2024

[Herald Interview] Bacardi reshaping drinking culture in land of soju, beer

A slew of top-shelf whiskey labels are rushing to make their Korean debuts recently, fueling the growth momentum of the nation’s premium whiskey market in the coming years, according to Nick Ahn, the country manager of top spirit and wine producer Bacardi. "Just 10 years ago in Korea, soju and beer dominated social gatherings and work dinners, leaving little room for other options. But things have changed drastically," Ahn told The Korea Herald in an interview held in Seoul on Fr

IndustryJuly 22, 2024

Occasional rain showers to hit Greater Seoul until Wed.

While South Korea’s southern regions were hit with heat wave warnings, the Korea Meteorological Administration reported on Monday that the Greater Seoul region and Gangwon Province will see heavy rain showers on an occasional basis until Wednesday. On Monday, the Greater Seoul area, which consists of Seoul, Incheon and Gyeonggi Province, expected to see 20 to 60 millimeters of rain, with heavily hit regions seeing up to 80 mm. Specifically, the KMA added that the Greater Seoul area will al

Social AffairsJuly 22, 2024

Theme park visitors rebound nearly to pre-pandemic level: report

Government data showed Monday that the number of visitors at major theme parks in South Korea has rebounded, approaching pre-COVID-19 figures. The annual headcount for those who visited Everland, the largest theme park and zoo here, marked 5.88 million in 2023. In the same year, 5.19 million people visited Lotte World and 1.33 million went to Seoul Land, according to the Tourism Knowledge and Information System operated by the state-run Korea Culture and Tourism Institute. Both Everland in Yon

TravelJuly 22, 2024

Alibaba to launch B2B platform exclusively for Korean sellers

Chinese e-commerce giant Alibaba.com, owned by Alibaba Group, said Monday that it will launch an online platform to help Korean sellers expand into global online markets. The new platform, called the South Korea Pavilion, will be available starting Aug. 8 and will focus on business-to-business transactions, according to the company. "Despite the abundance of talented sellers in Korea across various fields such as food, cosmetics and auto parts, many still struggle to expand their online sal

CompaniesJuly 22, 2024

Drunk drivers' online community stirs controversy

An online community dealing with information about administrative actions related to drunk driving has sparked debate, with many decrying the forum members for sharing know-how to obtain leniency after being caught in the crime. The webpage on Naver, South Korea's largest search engine, has well over 80,000 members as of Monday. People in the group are sharing personal experiences related to drunk driving, hit-and-run incidents and other violations of the Road Traffic Act. Categories of t

Social AffairsJuly 22, 2024

[Herald Interview] Russian K-pop soloist Lana returns with first English single

With her unique looks and charismatic stage presence, Lana may seem like just another foreign-born K-pop singer. However, she is the first Russian K-pop singer without any Korean heritage, having embarked on an adventurous journey in a foreign land from a young age to pursue her dreams. Lana, who debuted in June 2019, celebrated her 5th debut anniversary this year with a new single. Released on July 12, her single "Circus" talks about the glamorous facade of a pop star and the loneline

K-popJuly 22, 2024