Market uncertain on Korea's October rate cut despite slowed inflation

Despite clear signs of slowing inflation, market sentiment remains mixed regarding whether South Korea's central bank will follow the US Federal Reserve to pivot toward lowering rates this month. Statistics Korea reported that the consumer price index — a key measure of inflation — rose 1.6 percent on-year in September, down from 2 percent in August, marking the lowest level since February 2021, when it recorded a 1.4 percent increase. The last time the index fell below the 2 pe

EconomyOct. 4, 2024

D-1: Seoul outlines safety plans for grand fireworks festival

Ahead of the Seoul International Fireworks Festival, anticipated to draw around 1 million spectators this Saturday, both the government and the city of Seoul have announced extensive safety measures to ensure crowd control and public safety. The annual Seoul International Fireworks Festival, hosted by Hanwha Group, will take place over the Han River near Yeouido and Ichon Hangang Park. Marking its 20th edition, the event will feature stunning displays by participants from Korea, the US, and Japa

Social AffairsOct. 4, 2024

CJ ENM vows to invest W1tr in content, maximize cross-platform synergy

BUSAN -- South Korean entertainment conglomerate CJ EJM said it would continue to invest 1 trillion won in content production and operation, its CEO Yoon Sang-hyun said Friday at the CJ Movie Forum held on the sidelines of the 29th Busan International Film Festival. “Despite the growing uncertainty in the film industry, we will continue to support creators and enable their imaginations to come to life and shine bright,” Yoon said. Yoon stressed that such investment will support its s

FilmOct. 4, 2024

S. Korea, US clinch 2026-30 defense cost-sharing deal in pre-election push

Seoul and Washington have finalized a new defense cost-sharing agreement for 2026 to 2030. The deal comes just one month ahead of the US presidential election, in which former President Donald Trump -- who previously demanded a significant increase in South Korea's defense contributions -- is running as the Republican candidate. Over five months of intensive negotiations, the allies engaged in eight rounds of talks, culminating in a final agreement for the 12th Special Measures Agreement during

Foreign AffairsOct. 4, 2024

Special counsel bill to probe first lady scrapped

The three bills blocked by President Yoon Suk Yeol, including one for a special investigation into first lady Kim Keon Hee, were scrapped Friday after failing to get the National Assembly votes required to override Yoon's veto. The bills were voted on for a second time during an afternoon plenary session, but neither got the two-thirds majority support needed to force them through. The bill for a special counsel investigation into the first lady, passed by the Assembly on Sept. 19, is an up

PoliticsOct. 4, 2024

Korea reports 8.5% rise in suicide rate

South Korea, already plagued with the world's highest suicide rate, saw an on-year uptick in suicide cases last year, reversing a short-lived downward trend, data shows Friday. According to the state-run Statistics Korea, 13,978 people took their own lives last year, which translates to 27.3 deaths per 100,000 people. This marks an 8.5 percent increase from the 2022 figure of 25.2 deaths. This increase follows a one-year decline between 2021 and 2022, when the rate dropped from 26 to 25.2

Social AffairsOct. 4, 2024

Demand for mobile numbers to peak in 2032, no shortage expected

Demand for cellphone numbers in South Korea is expected to peak in 2032, but it will not lead to a shortage due to the projected population decline in the country, a government reported projected Friday. The need for mobile numbers beginning with the "010" is expected to reach 64.57 million by then, according to the Korea Information Society Development Institute's projections submitted to Rep. Choi Soo-jin of the ruling People Power Party. This would be 80.7 percent of the possib

Social AffairsOct. 4, 2024

Concerns raised over chronic labor shortage at state-run center for digital sex crime victims

An official at the state-funded Advocacy Center for Online Sexual Abuse Victims said Friday that the center, tasked with removing illegal pornography online, will soon officially hire two more employees, but highlighted the need to increase its workforce at a faster pace to tackle surging digital sex crimes. The hiring decision comes as the center affiliated with the Ministry of Gender Equality and Family struggles with a chronic staffing shortage and follows the National Assembly's passage

Social AffairsOct. 4, 2024

Samsung unveils 'personalized AI' for all devices

Samsung Electronics announced it would be introducing artificial intelligence in all of its major home appliances and mobile devices to offer a more personalized and secure user experience, at this year's Samsung Developer Conference on Thursday. Celebrating the 10th year of the annual event, Samsung Electronics Vice Chairman and CEO Han Jong-hee revealed the company's "AI for All" vision, renewing the company's commitment to using AI technology to enhance security and p

IndustryOct. 4, 2024

Coldplay to celebrate release ‘Moon Music’ with Han River drone show

To celebrate the release of "Moon Music," a drone light show featuring 1,000 drones will light up the night sky at Ttukseom Hangang Park in Seoul on Friday to celebrate the release of British pop band Coldplay's latest LP, "Moon Music," the same day. Music producer Max Martin, who has been working with Coldplay as a co-writer and producer since Coldplay’s 2014 album “Ghost Stories,” also took part in producing the 10-track album. The track listing inclu

K-popOct. 4, 2024

1,430 minors investigated for drug offenses from 2018 to 2023: police

Around 1,430 minors, aged 14 to 18, were investigated by police for drug offenses, including possession, consumption, and distribution, between 2018 and 2023, according to data from the Korean National Police Agency. The report, released by Rep. Kang Min-kuk of the ruling People Power Party on Friday, highlighted the growing concern over youth involvement in drug crimes during this period. By year, the numbers rose each year, from 56 in 2018, to 201 in 2022. This steady increase was followed by

Social AffairsOct. 4, 2024

Japanese, American professors recognized with Order of Culture Merit for promoting Hangeul

A government ceremony officially recognizing those who have helped promote Korea’s writing system Hangeul will be held on Hangeul Day, which is recognized each year on Oct. 9. Miyuki Hamanoue, a professor of the Korean language at Kanda University of International Studies in Japan, and Dafna Zur, a professor teaching Korean literature at Stanford University in California, will receive the Order of Culture Merit, the highest recognition by the Korean government, according to the Ministry of

CultureOct. 4, 2024

Samsung starts mass production of industry's top-level SSD for on-device AI PCs

Samsung Electronics, the world’s largest maker of memory chips, announced Friday it started mass producing the industry’s highest-performing solid-state drive with the largest capacity, making it optimal for on-device artificial intelligence applications for personal computers. The new PM9E1, which is a PCIe 5.0 SSD, provides a powerful performance and enhanced power efficiency built on its in-house 5-nanometer-based controller and eighth-generation V-NAND technology, the chipmaker s

IndustryOct. 4, 2024

SPAF 2024 kicks off with bold new narratives and experimental works

The 24th Seoul Performing Arts Festival (SPAF) kicked off Thursday with Seongbukdong Beedoolkee Theater's "Gulliverse," a play loosely inspired by Jonathan Swift's "Gulliver's Travels." Directed by Kim Hyun-tak, the production presents multiple actors portraying young Gullivers navigating different societal landscapes, as the Gullivers have become trapped in the worlds within their smartphones. Running at Daehakro Arts Theater in Daehangno, English subtitles wi

PerformanceOct. 4, 2024

Seoul shares rebound on bargain hunting; won sharply down

Seoul shares closed slightly higher Friday, snapping three consecutive sessions of losses, as investors hunted bargains despite the escalating tensions in the Middle East. The local currency sharply fell against the US dollar. The benchmark Korea Composite Stock Price Index moved up 0.31 percent, or 8.02 points, to 2,569.71. Trading volume was moderate at 405 million shares worth 9.63 trillion won ($7.2 billion), with gainers outpacing losers at 462 to 412. Foreigners bought a net 41 billion won

MarketOct. 4, 2024

Man gets suspended jail term for cutting gas line, threatening family

A 61-year-old man, who cut the hose of an apartment gas line and threatened to start a fire with his family there, was sentenced to 1 year in prison, suspended for two years by a local court. The Uijeongbu District Court said Friday it had handed the guilty verdict to the defendant indicted for threatening and exposing others to explosive substances. Using gas or other explosive substances to cause danger to another person is punishable by at least one year in prison, according to the Article 17

Social AffairsOct. 4, 2024

KG Mobility vows to advance autonomous driving technology

KG Mobility will push for advancing autonomous driving technology based on its cooperation with companies that have core technologies in the self-driving sector, the Korean automaker said Friday. The Korando E-Motion, the country’s first nighttime autonomous driving taxi developed by KG Mobility and SWM, a local autonomous driving startup, began its ride-hailing service in Gangnam-gu’s trial operation zone last month. The two companies previously signed a memorandum of understanding

MobilityOct. 4, 2024

Man sentenced to 3 1/2 years in prison for assaulting parents over allowance

A man in his 20s was sentenced to three years and six months in prison for assaulting his parents after he was refused an allowance, according to a court ruling Friday. The 25-year-old man was found guilty of robbery with violence and other charges by the Cheonan branch of the Daejeon District Court. The defendant was arrested and indicted for attacking his parents at their home in Asan, South Chungcheong Province, last December. The man reportedly demanded 100,000 won ($75) from his parents and

Social AffairsOct. 4, 2024

Workplace accidents in Korea for 2023 hit 10-year high

A total of 136,796 workers in South Korea suffered work-related accidents last year, government data showed Friday, marking the highest figure in the past 10 years. The number of occupational accidents in the country increased by 11.4 percent from 128,379 in 2022, according to Ministry of Employment and Labor data submitted to Rep. Kim So-hee of the ruling People Power Party. Occupational accidents in the country have increased every year since surpassing 100,000 in 2018. Defined in Article 5-1

Social AffairsOct. 4, 2024

[Photo News] Genesis shines on red carpet

Supported by Hyundai Motor Group’s luxury brand Genesis, the Busan International Film Festival celebrates its 29th year. Over 100 Genesis G90 Black and GV80 Coupes will chauffeur top directors, actors, and festival officials to the outdoor theater. Beyond the red carpet, Genesis will offer test drives of the GV60, GV70 EV and G90 Black along Busan’s scenic coastal roads. Guests can also visit an interactive booth to preview films from the comfort of the G80 and GV80 Coupe. This year

CompaniesOct. 4, 2024