Global stock markets diverge after global rally

Global stock markets diverged and the dollar was mixed against main rivals Friday following an equities rally triggered by a jumbo US interest rate cut this week. In early afternoon deals, European stocks pared back hefty gains from the previous session, won after the Federal Reserve opted for a bumper 50-basis-point rate reduction and pledged further cuts as inflation cools. There had been fears the move could signal officials were worried about the economy and were behind the curve in easing p

World BusinessSept. 20, 2024

Tigers pitcher Stout out for season with hamstring injury

The Kia Tigers announced Friday their temporary foreign pitcher Eric Stout will miss the rest of the regular season with a hamstring injury. The Tigers, the 2024 regular-season champions in the Korea Baseball Organization, said Stout was diagnosed with a left hamstring injury that will keep him from pitching again this season. The Tigers, who clinched the best regular-season record on Tuesday, have six games remaining. Stout suffered the injury after delivering a pitch during Thursday's gam

BaseballSept. 20, 2024

Ex-MLB All-Star Choo Shin-soo pushes retirement ceremony to next year

The retiring South Korean baseball star Choo Shin-soo has decided to postpone a celebration of his long professional career to next year. The SSG Landers of the Korea Baseball Organization (KBO) announced Friday that Choo, who plans to hang up his spikes after this season, asked the club not to hold his retirement ceremony this year. According to the Landers, Choo said he didn't want to be a distraction during the club's fight for a postseason spot. With their game on Friday rained out

BaseballSept. 20, 2024

Hybe acquires US PR agency

K-pop giant Hybe said Friday it has acquired a US-based public relations agency as part of its strategy to bolster the PR capabilities of its American unit. According to Hybe's semi-annual report, The Agency Group PR LCC, a non-listed company based in Santa Monica, California, has been added to the list of its consolidated subsidiaries through an equity acquisition. The Agency Group PR, whose main business is public relations, is now a subsidiary of Hybe America, with Hybe holding a 51 perc

K-popSept. 20, 2024

Prosecutors demand 2-year prison term for DP leader Lee Jae-myung

Prosecutors on Friday sought a two-year prison sentence for Lee Jae-myung, leader of the main opposition Democratic Party, around two years after he was indicted for making false statements during the 2022 presidential election campaign. The court is scheduled to deliver its verdict on Nov. 15. In the final hearing at the Seoul Central District Court, prosecutors urged the court to impose the sentence, accusing Lee of violating the Public Official Election Act. "The defendant repeatedly lie

PoliticsSept. 20, 2024

Hyundai Motor bolsters hydrogen push in Czech

Hyundai Motor Group has renewed its commitment to the hydrogen fuel cell vehicles industry in the Czech Republic, a booming market for the clean mobility sector. Ken Ramirez, vice president of global commercial vehicle and hydrogen Business division at Hyundai Motor Group, and Skoda Electric CEO Jaromir Silhanek participated in the signing ceremony held in Prague on Friday to join forces in hydrogen-powered mobility. The partnership agreement comes during South Korean President Yoon Suk Yeol&rsq

MobilitySept. 20, 2024

Presidential security official accused of extorting funds in 2022 office relocation

A presidential security official who was recently arrested on charges of illegally taking personal profits when handling the 2022 presidential office relocation project, was found to have extorted a large sum of money from a construction broker to funnel the relocation budget, reports said Friday. The Seoul Central District Prosecutors Office, which last week arrested the official, identified by his surname Jeong, found that the suspect threatened and extorted a total of 176 million won ($132,15

Social AffairsSept. 20, 2024

[Exclusive] MBK incapable of running Korea Zinc’s Australia business: Aussie renewable energy CEO

The envisioned takeover of Korea Zinc would wreak havoc on its business in Australia because the demands on private equity firms like prospective buyer MBK Partners are incompatible with the long-term requirements of the industry, according to the chief of Ark Energy, Korea Zinc's Australian renewable energy subsidiary. MBK Partners, a big-name private equity house based in Seoul, recently joined hands with Young Poong to win control of Korea Zinc, the world's largest zinc smelter. Y

IndustrySept. 20, 2024

Heavy rain, strong winds to lash Korea this weekend

Heavy rain, with strong winds of up to 25 meters per second, is expected over the weekend when Typhoon Pulasan passes near South Korea’s southern region on Saturday evening, according to the Korea Meteorological Administration on Friday. The state weather agency warned that heavy rain will be concentrated in the Greater Seoul area of Seoul, Incheon and Gyeonggi Province, the eastern coast of Gangwon Province, and Jeju Island, with some areas expected to receive up to 300 mm of rainfall by

Social AffairsSept. 20, 2024

Yuhan, Janssen halt next-gen cancer drug collaboration

South Korean pharmaceutical giant Yuhan announced Friday it has terminated its collaboration with Janssen Biotech on the development of a next-generation targeted anticancer drug, citing the strong efficacy of its existing treatment, which has reduced the need for further development. According to the company’s regulatory filing, Yuhan and Janssen have amended their research partnership to discontinue the further development of a fourth-generation epidermal growth factor receptor (EGFR) ty

CompaniesSept. 20, 2024

Police bust Vietnam-based phishing ring in W10b scam

Police have busted a Vietnam-based scam ring suspected of stealing more than 10 billion won ($7.5 million) through phishing schemes involving fake mobile wedding invitations and delivery notifications, officials said Friday. Last week, Korean and Vietnamese authorities apprehended seven individuals, six of whom -- including the leader -- have been extradited to Korea. The criminal ring is accused of stealing around 10 billion won, the largest amount recorded in such phishing scams, from 230 vict

Social AffairsSept. 20, 2024

'Music Bank' team demands apology from Real Madrid for cancellation of Madrid concert

The KBS' “Music Bank” overseas concert, scheduled for next month at Madrid's Santiago Bernabeu Stadium, has been abruptly canceled by Spanish soccer club Real Madrid, according to the "Music Bank" production team. In a statement released Thursday, the production team asked for an official apology and explanation from Real Madrid CF, expressing its deep frustration over the sudden cancellation of the Madrid concert. “We deeply regret Real Madrid's unilat

K-popSept. 20, 2024

Popular AfreecaTV streamer arrested on drug charges

A popular AfreecaTV streamer, identified only by the surname Park, has been arrested and handed over to prosecutors on drug abuse charges, according to police Friday. The Gangnam Police Station in Seoul said Park's case was transferred to the Seoul Central District Prosecutors’ Office on Friday morning on charges of using illegal drugs. The court issued an arrest warrant, citing the possibility Park might flee. Park, 35, is accused of consuming drugs, including ketamine, on several oc

Social AffairsSept. 20, 2024

US military personnel booked for beating taxi driver over fare dispute

A US soldier has been booked for assaulting a taxi driver in Dongducheon, Gyeonggi Province, local media reported Thursday. The US soldier -- a man in his 20s -- is being investigated for causing injuries to the driver while they were arguing about the taxi fare on Sept. 1, Dongducheon Police Station told local media Thursday. The soldier was charged 77,000 won ($58) for traveling from Seoul's Hongdae neighborhood to the city at around 8 a.m. He attacked the driver in his 70s on a sidewalk,

Social AffairsSept. 20, 2024

Last words of Korean independence fighter inspire ballet

The long-running ballet production "Ahn Jung-geun: A Dance in the Heaven" will be performed at the CJ Towol Theater in the Seoul Arts Center this weekend. The ballet tells the story of Korean independence fighter Ahn Jung-geun (1879-1910), taking inspiration from Ahn’s final words before his execution in Lushun Prison, China, in March 1910. He was convicted for assassinating Ito Hirobumi, a former Japanese prime minister and the first governor-general of Korea during Japanese col

PerformanceSept. 20, 2024

Formation of four-way consultative body to discuss quota hike faces tough road

Eyes are on whether the much-anticipated four-way consultative body comprising the Yoon Suk Yeol administration, opposition parties and the medical circle will convene as the health care standoff continues following the Chuseok holiday. Amid the medical stalemate, Second Vice Health Minister Park Min-soo said during Friday's government response meeting that the door to talks is open. He stressed that the government is "ready to engage in discussions with an open mind" if the medic

Social AffairsSept. 20, 2024

Seoul shares end up on institutional buying

Seoul shares ended higher Friday on institutional buying after the Federal Reserve's first rate cut in more than four years lifted investor sentiment. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 0.49 percent, or 12.57 points, to close at 2,593.37. The main index rose 0.7 percent this week. Trading volume was moderate at 477.43 million shares worth 13.78 trillion won ($10.4 billion), with gainers exceeding decliners 562 to 319. Over

MarketSept. 20, 2024

Hanwha Ocean unveils zero-emission LNG carrier for greener shipping

Leading Korean shipbuilding and offshore company Hanwha Ocean unveiled its next-generation zero-emission liquefied natural gas carrier, Ocean 1, at Gastech 2024 in a move to spearhead sustainable maritime innovation. The company announced Friday that Ocean 1 was showcased at the conference held in Houston from Sept. 17-20, where it attracted the interest of over 100 major shipbuilding and shipping line representatives. This marks the first time Hanwha has revealed the technologies behind its vis

IndustrySept. 20, 2024

Allies urge NK to free detainees as S. Korean missionary marks 4,000 days in captivity

Seoul and Washington issued concurrent statements condemning North Korea’s unlawful detention of six South Korean nationals and demanding their immediate, unconditional release, timed to mark missionary Kim Jung-wook's 4,000th day in captivity. South Korea released the statement from Unification Minister Kim Yung-ho on Friday, while the US simultaneously issued the press statement Thursday from State Department spokesman Matthew Miller. In his statement, Kim decried, "North Korea

North KoreaSept. 20, 2024

3 suspects apprehended for selling celebrity deepfake porn: police

Three suspects are accused of selling sexually explicit deepfake images and videos of over 20 South Korean celebrities, including minors, through Telegram, according to Gyeonggi Nambu Provincial Police Agency on Friday. Police officials announced two suspects were arrested and one was apprehended without arrest Thursday in violation of the Juvenile Protection Act and the Act on Special Cases Concerning the Punishment of Sexual Crimes. The police said the three suspects were in their 20s and were

Social AffairsSept. 20, 2024