Starbucks to open store on North Korea's doorstep

Starbucks Korea will open a new outlet this month, just 1.4 km away from North Korea. The store will be located on the second floor of the observatory at Aegibong Peace Ecopark in Gimpo, Gyeonggi Province. Aegibong, a 154-meter peak, offers a direct view of North Korea’s Kaepung County and Songaksan. Since the park’s opening in 2021, the observatory has drawn large crowds. Last year, almost 140,000 tourists visited the park to catch a glimpse of North Korea. The ecopark features an o

IndustryNov. 8, 2024

Sunken fishing boat's location confirmed; fishing net hinders search

South Korean officials have confirmed the location of the sunken fishing boat off the coast of Jeju Island, but a tangled fishing net is making the search for the vessel difficult, Jeju Coast Guard said Friday. Officials from the Coast Guard held a briefing at 2 p.m. on the search and rescue operations for the crew of the 129-ton Geumseong which sank early Friday morning, leaving two of the 27 crew dead and 12 unaccounted for. Sixteen of the crew were Korean and 11 were of foreign nationality. U

Social AffairsNov. 8, 2024

Posco considers selling off steel plant in China amid market oversupply

Posco Group is reportedly considering selling its stainless steel plant in Zhangjiagang, China, as part of a broader restructuring initiative led by Chairman Chang In-hwa to streamline 125 low-profit and non-core assets. According to industry sources Friday, Posco is in the process of selecting an advisory firm to aid in decision-making regarding the sale of Zhangjiagang Pohang Stainless Steel. With an annual production capacity of 110,000 metric tons, the plant was constructed near the Yangtze

IndustryNov. 8, 2024

Seoul shares down despite Fed's rate cut; won sharply up

South Korean stocks closed lower Friday as uncertainties over the incoming Trump administration's policies overshadowed a back-to-back rate cut by the Federal Reserve. The local currency sharply rose against the US dollar. The benchmark Korea Composite Stock Price Index fell 3.48 points, or 0.14 percent, to close at 2,571.15. Trade volume was moderate at 440.7 million shares worth 9.63 trillion won ($6.94 billion), with losers outpacing winners 469 to 388. Foreigners sold a net 18.1 billion

MarketNov. 8, 2024

Naver to enhance 'AI Briefing' after record Q3 earnings

South Korean internet giant Naver on Friday reported record-high quarterly earnings for the July-September period, showing strong performances in all of its major businesses including the search platform, commerce and content. During an earnings call, Naver Chief Executive Officer Choi Soo-yeon said the company would expand its "AI Briefing" summary function to mobile phones next year. The feature provides direct answers to search queries by understanding user intent and context based

IndustryNov. 8, 2024

[Today’s K-pop] NewJeans surpasses 200m Spotify streams with ‘Cool With You’

NewJeans added “Cool With You” to the list of their songs played over 200 million times on Spotify, agency Ador said Friday. The single reached the milestone on Wednesday, according to the platform’s data, and became NewJeans' tenth song to do so. “Cool With You” is one of the three focus tracks from the group's second EP “Get Up” -- along with “Super Shy” and “ETA” -- that came out in July last year. All three songs ent

K-popNov. 8, 2024

LG ramps up US battery push with $6.7b supply deal for Rivian EVs

South Korea's LG Energy Solution has secured a landmark deal with Rivian, the US electric vehicle maker known for its rugged electric trucks and SUVs. The South Korean battery manufacturer will deliver a total of 67 gigawatt-hours worth of 4695 cells -- named for their 46mm diameter and 95mm height -- over the next five years. Although neither company disclosed the exact financial details, Korean industry analysts estimate that the deal could be worth at least $6.7 billion, based on the typ

MobilityNov. 8, 2024

Olympic shooter Kim Ye-ji announces break amid hate comments

South Korean pistol shooter Kim Ye-ji, who won a silver medal at the Summer Olympics, announced she will be taking a break from competitive shooting to focus on her family, a decision reportedly affected by a surge of criticisms online after achieving stardom following the Paris Games. Kim’s agency Plfil said Wednesday that Kim had terminated her contract early with her team, Imsil County Office, as there are no upcoming competitions for the remainder of the year. “I would like to br

More SportsNov. 8, 2024

Top court upholds 8-year sentence for mother who killed newborns, stored bodies in freezer

South Korea’s Supreme Court has upheld an eight-year prison term for a woman who killed her two newborn babies and hid their bodies in her refrigerator. The top court confirmed a lower court’s verdict that sentenced the mother, in her 30s, on charges of murder and concealing of a corpse on Oct. 8, according to media reports Friday. She was convicted of strangling a daughter and a son to death shortly after their birth in November 2018 and November 2019, respectively. Prosecutors said

Social AffairsNov. 8, 2024

Dua Lipa pop-up store to open in Seoul

Global pop star Dua Lipa is launching special merchandise pop-up stores for fans as part of promotions for her ongoing world tour "Radical Optimism" -- including one in Seoul. The pop-up store will offer exclusive tour merchandise that won't be available at the concert venues, and American Express cardholders will receive exclusive entry and perks. Additionally, limited-edition Puma Speedcat shoes will be available for purchase at the stores in Seoul, Singapore, and Tokyo. The Seo

PerformanceNov. 8, 2024

NewJeans to appear on biggest year-end festival in Japan

NewJeans will be the first K-pop girl group to perform at one of Japan’s largest year-end festivals, "Countdown Japan 24/25," the group's agency announced Thursday. Countdown Japan 24/25 will take place from Dec. 28-31 at Makuhari Messe in Tokyo, and NewJeans will perform on the final day, adorning the last day of 2024. Countdown Japan is Japan's largest indoor year-end festival, established in 2003, featuring Japan’s top artists every year. Following their appear

PerformanceNov. 8, 2024

Korean transformer export surge on clean energy, AI demand

South Korea’s transformer industry is booming thanks to rising global demand for clean energy and artificial intelligence infrastructure. Leading Korean manufacturers like HD Hyundai Electric and Hyosung Heavy Industries have seen a significant surge in orders for their high-capacity transformers, which are essential for handling the massive electricity loads required by renewable energy projects and data centers supporting AI. With their order books full and growing, these companies are n

IndustryNov. 8, 2024

Murder charge sought over death of mentally disabled student who was pushed into sea

South Korean prosecutors on Thursday requested an appellate court to hand a 25-year prison term to a 20-year-old over the death of a mentally disabled 18-year-old, who died after the accused pushed him into the sea for losing a game. Prosecutors want the defendant convicted of murder, after a lower court found him guilty only of a lesser offence. He pushed the victim into the sea in Mokpo, South Jeolla Province, on Feb.1. The defendant lured the victim to the port by suggesting to go fishing,

Social AffairsNov. 8, 2024

Police nab 20 suspects connected to ‘international sender’ phishing texts

Seoul police have uncovered six companies accused of mass-sending phishing messages beginning with “international sender” under the direction of criminal organizations, authorities said Thursday. After investigating the six firms from May to October this year, police sent 20 individuals -- among them a key operator named Kim, his employees and system developers – to the prosecution on charges of violating the Telecommunications Business Act and the Information and Communicati

Social AffairsNov. 8, 2024

Woman jailed for hiding her baby's body for 4 years

A woman accused of causing her newborn's death and then hiding the baby's body was sentenced to a four-year prison term by a local court, officials said Thursday. Daejeon District Court on Oct. 26 found the defendant guilty of violating Article 4 of the Act on Special Cases Concerning the Punishment of Child Abuse Crimes, death resulting from child abuse. The defendant in her 30s was held responsible for the death of her child, who died a week after being born in September 2019. The de

Social AffairsNov. 8, 2024

Yoon’s approval rating drops to new low

President Yoon Suk Yeol’s approval rating has fallen to a new low in the latest Gallup Korea poll released Friday, coming in at a record 17 percent. The results, however, do not reflect reactions to Thursday’s press conference, which was met with mixed reactions. The poll, conducted between Nov. 5 and 7, indicated that public sentiment has further deteriorated, with only 17 percent rating Yoon’s performance positively -- 2 percentage points lower than two weeks ago. Over the sa

PoliticsNov. 8, 2024

Self-proclaimed power broker appears before prosecutors

Myung Tae-kyun, a self-proclaimed power broker at the center of a growing political scandal, appeared before prosecutors Friday for questioning over allegations of receiving illicit funds from a former ruling party lawmaker in exchange for his assistance with her candidacy in the 2022 parliamentary by-elections in violation of political funding laws. Myung, who runs a public polling agency, arrived at the Changwon District Prosecutors Office in the city about 300 kilometers southeast of Seoul at

PoliticsNov. 8, 2024

S. Korea holds live-fire ballistic missile drills after N. Korean missile launches

South Korea fired a Hyunmoo-II surface-to-surface ballistic missile into the Yellow Sea this week in a show of force after North Korea's recent series of missile launches, the Joint Chiefs of Staff said Friday. The live-fire exercise took place Thursday in the western coastal county of Taean, 108 kilometers southwest of Seoul, days after North Korea fired short-range ballistic missiles Tuesday and a new intercontinental ballistic missile (ICBM) last week. Under a scenario of a North Korean

DefenseNov. 8, 2024

2 dead, 12 missing after fishing boat sinks near Jeju Island

A fishing boat carrying 27 people sank off the coast of Jeju Island on Friday, leaving two dead and 12 missing as authorities set up an emergency task force for rescue operations. As of Friday morning, Jeju Special Self-Governing Province is commanding rescue operations at the emergency headquarters in Jeju City. Dozens of vessels and multiple aircraft from the Coast Guard, Navy, Air Force and the civilian sector are conducting search and rescue operations in the waters off Biyangdo Island. Pr

Social AffairsNov. 8, 2024

BOK warns of growing uncertainties over global inflation, monetary policy

The South Korean central bank said Friday uncertainties have grown over global growth, inflation, and monetary policy paths of major economies following Donald Trump's presidential election victory, vowing enhanced market monitoring and timely responses. Bank of Korea Deputy Gov. Ryoo Sang-dai made the comment during a meeting meant to check the market situation after the Federal Reserve on Thursday decided to cut the benchmark interest rate by 0.25 percentage point, the second consecutive

EconomyNov. 8, 2024