S. Korean banks' Q3 net down on decreased interest income

South Korean banks' net profit fell in the third quarter of the year from three months earlier on a fall in interest income, data showed Tuesday. The combined net profit of 20 banks in the July-October period came to 6.2 trillion won ($4.44 billion), down 13.9 percent from three months earlier, according to the data from the Financial Supervisory Service. From a year earlier, the reading marks a 14.8 percent rise. The interest income of the 20 banks came to 14.6 trillion won in the third qu

EconomyNov. 19, 2024

Seoul shares open tad higher after rally

South Korean stocks started a tad higher Tuesday following the previous day's rally. The benchmark Korea Composite Stock Price Index added 5.11 points, or 0.21 percent, to 2,474.18 in the first 15 minutes of trading. The main index jumped 2.16 percent Monday, the sharpest daily gain since Sept. 26, led by a rally in chipmakers, such as Samsung Electronics. In the United States, the Dow Jones Industrial Average fell 0.13 percent, and the tech-heavy Nasdaq Composite rose 0.6 percent. In Seo

MarketNov. 19, 2024

Campbell calls defense cost deal with Seoul 'extraordinarily generous,' hopes Trump govt. will grasp its 'wisdom'

Campbell calls defense cost deal with Seoul 'extraordinarily generous,' hopes Trump gov't will grasp its 'wisdom' US Deputy Secretary of State Kurt Campbell on Monday portrayed a recently concluded defense cost-sharing deal with South Korea as "extraordinarily generous and gracious," and expressed hope that the incoming Trump administration will appreciate its "wisdom." Campbell made the remarks during a forum amid concerns that after President-elect

Foreign AffairsNov. 19, 2024

Yoon pledges $10m in humanitarian aid to address hunger crisis in Africa

President Yoon Suk Yeol said Monday that South Korea will provide $10 million worth of humanitarian aid to address the hunger crisis in Africa as part of a global initiative led by the Group of 20 major economies. Yoon made the pledge as a member of the Global Alliance Against Hunger and Poverty, which was launched at the start of the G20 summit in Rio de Janeiro, Brazil. It marks the first year the African Union joined as a regular member. "As a founding member, South Korea will actively j

Foreign AffairsNov. 19, 2024

Effort to stop NK military support for Russia needs to go in parallel with denuclearization push: FM

Any attempt to end North Korea's military support for Russia's war in Ukraine needs to proceed in parallel with a push to denuclearize the North, Seoul's chief diplomat said Monday, stressing Pyongyang's backing for Moscow is reshaping security dynamics in the Indo-Pacific and Europe. In a message to an annual forum, Cho voiced optimism that the South Korea-US alliance will continue to "thrive" under the incoming Trump administration, despite concerns that Preside

Foreign AffairsNov. 19, 2024

[Graphic News] Most firms favor raising retirement age

A recent survey by online recruiter Saramin showed that 8 out of 10 companies favor raising companies' retirement age. Conducted among 461 firms, 79.8 percent of respondents were in favor of raising the retirement age, with an average ideal age of 65.7 years. Over half of those surveyed, 57.9 percent, saw age 65 as optimal retirement age, citing the value of retaining experienced employees. Furthermore, 52.9 percent indicated openness to hiring workers in their 50s and 60s, to benefit fro

Social AffairsNov. 19, 2024

[Helmut K. Anheier] What Germany‘s next government must do

Horrible endings are better than never-ending horrors, or so the German saying goes. Many in Germany probably felt that way earlier this month, as they watched the collapse of the most unpopular government in recent German history, led by the most unpopular chancellor. The fierce political bickering that ensued was not particularly desirable, but it was better than more of the same. Though the collapse of Chancellor Olaf Scholz’s “traffic-light” coalition -- Scholz’s Soci

ViewpointsNov. 19, 2024

[Peter Singer] A lesson from Trump’s campaign

In the aftermath of Donald Trump’s victory in the US presidential election, The New York Times reported on a clash of views between two Democratic members of the US Congress. “Democrats spend way too much time trying not to offend anyone rather than being brutally honest about the challenges many Americans face,” said Rep. Seth Moulton of Massachusetts. “I have two little girls, I don’t want them getting run over on a playing field by a male or formerly male athlete

ViewpointsNov. 19, 2024

S. Korea reports season's 3rd avian influenza case

South Korea has confirmed the season's third case of highly pathogenic avian influenza at a poultry farm west of Seoul, a provincial government said Monday. The case was reported at the chicken farm in Incheon's Ganghwa County, 51 kilometers west of Seoul. Authorities culled over 15,000 chickens at the farm, and plan to slaughter an additional 17,000 chickens raised at nearby farms. The latest case follows Korea's confirmation of the season's second highly pathogenic AI case

Social AffairsNov. 18, 2024

UN committee voices concerns over negative impact of NK's abandonment of reunification policy

A United Nations committee has voiced concern over the potential negative impact on North Korea's human rights situation following the North's decision to abandon its policy of seeking reunification with South Korea, a draft report showed Monday. The UN General Assembly Third Committee, which deals with human rights and humanitarian affairs, made the reference to the shift in the North's state policy in the latest draft resolution regarding the human rights violations in the reclu

North KoreaNov. 18, 2024

Audit agency refers ex-security adviser to probe over delayed deployment of THAAD

The state audit agency said Monday that it referred a former national security adviser and three others to the prosecution as they had abused their powers to intentionally delay the deployment of an advanced US missile defense system in a southeastern county. According to the Board of Audit and Inspection, Chung Eui-yong, who also served as foreign minister under the former Moon Jae-in administration, and other senior government officials were found to have intentionally delayed the publication

DefenseNov. 18, 2024

Opposition leader's wife appeals against election law violations

The wife of the main opposition Democratic Party leader Lee Jae-myung has filed an appeal against a court ruling that fined her for providing free meals during Lee's run in the party primary for the 2022 presidential election, people familiar with the matter said Monday. Kim Hye-kyung submitted the appeal to the Suwon District Court, south of Seoul, through her legal counsel, after she was found guilty of providing meals worth 104,000 won ($74.43) to the wives of three former and current pa

PoliticsNov. 18, 2024

Yoon says S. Korea's relations with US, China not about choosing sides

President Yoon Suk Yeol said South Korea's relations with the United States and China are not about choosing sides, pledging to working closely with both great powers amid Donald Trump's imminent return to the White House, according to interviews published Monday. Yoon expressed hope for constructive relations between Washington and Beijing in a written interview with Brazilian newspapers -- Folha de S.Paulo and O Globo -- as he visited Rio de Janeiro to attend the Group of 20 summit.

PoliticsNov. 18, 2024

[Herald Interview] Veteran creators take on new roles in 'Swing Days: Codename A'

Korean screenwriter Kim Hee-jai and American music director, producer and composer Jason Howland, both seasoned veterans in their respective fields, stepped into unfamiliar territory with "Swing Days: Codename A," a new musical set to premiere later this month. Kim, 55, a playwright with a string of successful films and dramas to her name including “Silmido” (2003), the first film in South Korea to surpass 10 million admissions, has ventured into musical production for th

CultureNov. 18, 2024

Woori Bank raided over improper loans tied to ex-chairman

South Korean prosecutors raided the headquarters of Woori Bank on Monday as part of an ongoing probe into alleged improper loans linked to family members of former Woori Financial Group Chairman Son Tae-seung. The Seoul Southern District Prosecutors' Office searched offices at Woori Bank’s central Seoul headquarters, including those of the group chairman and the bank’s CEO, seeking internal documents, payment records and transaction logs tied to the alleged 35 billion won ($25 m

IndustryNov. 18, 2024

Oh Hee-ok, last female Korean independence fighter, dies at 98

At South Korea's 72nd annual national liberation day ceremony on Aug. 15, 2017, the usual formalities of the occasion gave way to an unexpected moment. As the then-President Moon Jae-in and other officials rose for the national anthem, a small, elderly woman took the stage alone. In a voice that was thin and trembling but remarkably clear, she began to sing Korea's national anthem to the melody of "Auld Lang Syne." Her rendition echoed the defiant spirit of the colonial era,

Social AffairsNov. 18, 2024

Korea Zinc buyout could jeopardize high-tech supply chains: sources

Young Poong’s bid to buy Korea Zinc has been met with concerns that the takeover of the world’s largest zinc smelter could erode its position in the global markets and cause high-tech supply disruptions. Industry watchers have cast doubt over the ability of Young Poong and private equity firm MBK Partners to run Korea Zinc, which exerts negotiation power in setting global zinc prices. “Based on Korea Zinc’s track record in the zinc smelting market, which has been built

CompaniesNov. 18, 2024

Hana eyes senior services in Hong Kong expansion

Hana Financial Group Chairman Ham Young-joo pledged to enhance wealth management services tailored to senior generations in Hong Kong, emphasizing the group’s global expertise and commitment to deepening ties between South Korea and the city’s financial sectors. Ham made the remarks during a meeting Thursday with Peter Lam, chairman of the Hong Kong Trade Development Council, following the South Korean financial delegation’s investor relations event in the city. The meeting als

IndustryNov. 18, 2024

Korean man caught in Peru airport carrying 320 tarantulas

A 28-year-old Korean man was apprehended at Jorge Chavez International Airport near Lima during an apparent attempt to smuggle out hundreds of arthropods, including 320 tarantulas, on Nov. 8. According to Peru’s nature protection agency, the National Forestry and Wildlife Service (SERFOR), the man was carrying 320 tarantulas, 110 centipedes and nine bullet ants, some of which were protected species. All of the creatures were native species of the Peruvian Amazon and were confirmed to have

Social AffairsNov. 18, 2024