Korea’s instant ramyeon exports cross $1b milestone

South Korea’s instant ramyeon exports have officially surpassed the $1 billion mark for the first time this year, reflecting surging global demand. The Ministry of Agriculture, Food and Rural Affairs reported on Friday that instant noodle exports from January to October reached an impressive $1.02 billion (1.4 trillion won), representing a 30 percent increase compared to the same period last year. Last year’s exports totaled $952 million, meaning this year's exports exceeded tha

IndustryNov. 1, 2024

Allies say 1953 mutual defense treaty extends to cyber, space threats

South Korea and the United States have, for the first time, explicitly confirmed that cyber and space threats to either country could trigger mutual defense actions under their bilateral treaty signed in 1953, which forms the basis of their military alliance. The commitment was outlined in a joint statement following the South Korea-US '2+2' foreign and defense ministerial meeting held Thursday in Washington, notably amid rising concerns over deepening security cooperation between Russia and Nor

North KoreaNov. 1, 2024

Yoon's approval rating falls to 19%, all-time low: survey

President Yoon Suk Yeol's approval rating has fallen to 19 percent, the lowest level since he took office in May 2022, a recent poll by Gallup Korea showed Friday. According to the pollster's survey, conducted on between Oct. 29-31 on 1,005 people aged 18 and older, the positive assessment of the president's performance, which remained at 20 percent in the previous surveys taken in the second week of September and the fourth week of October, respectively, dropped to a new record

Social AffairsNov. 1, 2024

More Korean unicorns race to tap US markets

Korean platform companies are increasingly setting sights on US listings as the domestic stock market loses momentum. Viva Republica, the operator of financial app Toss, recently paused its initial public offering plans in Korea to explore a US listing instead. “We are considering the US as our listing destination over Korea, but no specific plans or timeline have been set,” a Viva Republica official said Wednesday, noting that both markets remain options. Viva Republica’s pivo

MarketNov. 1, 2024

Hankook & Co. formalizes deal for Hanon System, joins Korea's top 30 biz groups

Hankook & Co., the holding firm of Korea's largest tire maker Hankook Tire & Technology, announced Friday that it has signed a definitive agreement to acquire a stake in Seoul-based automotive parts supplier Hanon Systems. Under the agreement, Hankook & Company will purchase a 23 percent stake in Hanon Systems from private equity firm Hahn & Co. for approximately 1.23 trillion won, finalizing the deal about six months after the two companies signed a memorandum of understand

EconomyNov. 1, 2024

Seoul shares fall for 3rd straight day on tech losses

South Korean stocks fell for the third consecutive session Friday, led by tech share losses. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) lost 13.79 points, or 0.54 percent, to close at 2,542.36, extending its losing streak from Wednesday. Trading volume was light at 315.1 million shares worth 7.8 trillion won (US$5.66 billion), with decliners beating gainers 599 to 288. Foreigners and institutions dumped a net 38.8 billion won and 188.4

MarketNov. 1, 2024

No typhoons recorded in S. Korea for the first time in 7 years

For the first time since 2017, South Korea did not experience a typhoon landfall this summer, a stark contrast to the powerful storms that hit the country in the past two years, the Korea Meteorological Administration said Friday. Typhoon Khanun in 2023 caused floods and forced some 14,000 people to evacuate and Typhoon Hinnamnor in 2022 caused 14 casualties and six injured, as well as 244 billion won ($177 million) in property damages. In contrast, Typhoon Krathon approached South Korea from th

Social AffairsNov. 1, 2024

Babymonster showcases YG-style hip hop with 1st LP ‘Drip’

Babymonster on Friday released its first album, “Drip,” featuring a title track composed by G-Dragon. The group's first full-length studio album contains nine tracks, including the two main songs "Drip" and "Clik Clak." “We hope that this album shows how much we’ve grown over a year during which we had diverse experiences, such as going on a fan-meet tour,” said Rami of Babymonster, during a press conference at YG Entertainment's headqu

K-popNov. 1, 2024

Chief prosecutor in first lady's Dior bag scandal resigns

The chief prosecutor of the Corruption Investigation Office for High-ranking Officials, who was overseeing the Dior bag scandal involving first lady Kim Keon Hee, has expressed an intent to resign, further deepening the leadership vacuum within the organization. Song Chang-jin, one of the chief prosecutors at the CIO submitted his resignation earlier this week for personal reasons, according to the legal community on Friday. If accepted, the resignation will leave the CIO with just two of its se

Social AffairsNov. 1, 2024

Med students' requests for academic leave likely to be approved by this month

The academic leave requested by protesting medical students who left classrooms since February to oppose the Korean government's drastic quota hike in medical school admissions will likely be finalized by this month, while some schools are cautious in granting the approval, according to education authorities Friday. The move comes after the Education Ministry on Tuesday decided to allow medical schools the freedom to grant the leave to encourage medical students' return and normalize d

Social AffairsNov. 1, 2024

[Today’s K-pop] BTS’ Jin to open ‘happy’ pop-up store

A pop-up store marking the release of the first solo album from Jin of BTS will run in Seoul from Nov. 19 to Dec. 1, said label Big Hit Music Wednesday. The “Running Wild to Happiness” pop-up -- named after both the album, “Happy,” and its main track, “Running Wild” -- will convey the upbeat and positive energy Jin is known for. Visitors will be required to make reservations in advance starting from Nov. 12. Jin will also host a fan showcase in Seoul on Nov. 1

K-popNov. 1, 2024

Park Sae-eun and Kim Ki-min reunite on stage in 'La Bayadere'

At the Seoul Arts Center’s Opera Theater on Sunday evening, the Paris Opera Ballet etoile (principal dancer) Park Sae-eun warmly embraced the Mariinsky Ballet principal dancer Kim Ki-min, who had flown in directly from a performance in China. The two shared a wide smile as they hugged patting each other’s shoulders. Selected for the lead roles of Nikiya and Solor in the Korean National Ballet production of "La Bayadere," Kim and Park are set to go on stage Friday and Sunday

PerformanceNov. 1, 2024

Samsung CEO calls for unrivaled technological leadership

Samsung Electronics Vice Chairman and co-CEO Han Jong-hee told employees Friday to fully commit to strengthening their key technological leadership to secure uncompromising quality competitiveness. “Without change, neither innovation nor growth is possible," he said during a joint commemorative speech delivered at the tech giant’s 55th anniversary celebration in Suwon, Gyeonggi Province. “Let’s proactively secure technologies that do not yet exist in the world, techn

TechnologyNov. 1, 2024

SPC to open halal-certified bakery plant in Malaysia

South Korean bakery giant SPC Group announced Friday that construction of a halal-certified bakery factory in Malaysia is set to be completed by year-end, as it aims to expand the reach of its flagship brand Paris Baguette across Southeast Asia and into the Middle East. Ahead of the plant’s opening in Johor Bahru, SPC Group President Hur Jin-soo met with Johor Chief Minister Onn Hafiz Ghazi in Seoul on Monday to discuss potential collaborations, including local ingredient sourcing and jo

CompaniesNov. 1, 2024

SK Innovation becomes Asia-Pacific's largest energy firm after merger

SK Innovation and SK E&S, both part of South Korea’s SK Group, officially completed their merger Friday, forming the largest privately owned integrated energy company in the Asia-Pacific region, with a combined asset value of 105 trillion won (around $76.1 billion). What does the merger mean for SK Innovation? With SK E&S now folded into SK Innovation, the newly merged company can tap into an expanded portfolio that includes oil, chemicals, liquefied natural gas, power generati

IndustryNov. 1, 2024

Iconic cultural figures receive cultural merit medals

Veteran senior actors Shin Gu and Kang Boo-ja received the Eungwan Order of Cultural Merit, the second-highest medal, at the 2024 Korea Popular Culture and Arts Awards held at the National Theater of Korea in Seoul on Thursday. The annual awards, now in its 15th edition, are the highest government honor in the field of popular culture and arts. Shin, who debuted onstage in 1962, remains a popular actor decades on with his heartfelt performances. “After every play run comes to an end, I am

K-popNov. 1, 2024

Samsung’s Luxembourg-listed DRs to transfer to London Stock Exchange

Samsung Electronics’ depositary receipts listed in Luxembourg Stock Exchange are to transfer to the London Stock Exchange, according to the company’s filing on Friday. A depositary receipt is a financial security that allows investors to own shares in a foreign company without trading on a foreign market. The decision came upon the tech giant’s board of directors' decision to delist the DRs from Luxembourg, the filing showed. Based on Samsung Electronics' preferred sh

IndustryNov. 1, 2024

Controversial US YouTuber faces travel ban, police investigation

South Korean police have intensified their investigation into Johnny Somali, a US YouTuber known here for his controversial and disrespectful antics while traveling in Korea. Somali, whose real name is Ramsey Khalid Ismael, is under investigation for obstruction of business and alleged drug use. A travel ban has been imposed to prevent him from leaving the country while the investigation proceeds, according to police. The Seoul Mapo Police Station said Friday that Somali was under investigation

Social AffairsNov. 1, 2024

Korean serial killer 'haunted by victims' ghosts' in prison, TV show reveals

A former corrections officer has revealed new details about Yoo Young-chul, one of South Korea's most notorious serial killers, including his claims of being haunted by the ghosts of his victims in prison. Yoo, now 54, was convicted of killing 20 people in Seoul between September 2003 and July 2004. His targets included wealthy seniors and sex workers who provided in-call services. Though he initially confessed to 26 murders, the court confirmed 20 deaths in his 2005 trial. New informatio

Social AffairsNov. 1, 2024

Govt. to designate 3 cities as nation's first 'hydrogen complexes'

The government said Friday it will designate three cities as the nation's first hydrogen-specialized complexes and support their growth into hydrogen industry hubs. The designation comes after the three cities -- Donghae and Samcheok of Gangwon Province and Pohang of North Gyeongsang Province -- passed preliminary feasibility surveys to carry out hydrogen cluster projects, the government said following a meeting of the government-led Hydrogen Economy Committee. The Donghae-Samcheok project

PoliticsNov. 1, 2024