South Korea’s top-tier stock market Kospi closed below the 2,000 mark on Thursday, marking a two-year low, pulled down by foreign investors’ stock dumping and heightened fears of an economic slowdown, illustrated by Apple’s pessimistic revenue outlook. The main bourse index closed at 1,993.7, down 16.3 points, or 0.81 percent, from the previous session’s close. It had fluctuated above and below the 2,000 mark throughout the day, after its first dip under at 9:59 a.m. 

Market Jan. 3, 2019

Softbank Ventures Korea, the local venture capital arm of Japan’s Softbank Group, has rebranded itself to build a presence across Asia, the firm said Thursday. Now Softbank Ventures Asia, the company plans to open offices and hire investment professionals in Singapore and Shanghai. It currently operates out of Seoul, Beijing, San Francisco, and Tel Aviv.  Upon being launched in 2000, the company initially focused on tech venture investments in South Korea, but soon turned its attentio

Market Jan. 3, 2019

South Korea’s top-tier stock market Kospi dipped below the 2,000-point barrier on Thursday, according to Korea Exchange, pulled down by foreign investors’ stock dumping. The benchmark index hit 1,999.93 at around 9:59 a.m. The last time the figure fell lower than the 2,000 mark was on Oct. 30. The main bourse opened at 2,011.81, which was 1.81 points higher than the previous day’s close. But it sharply dipped below 2,000 within an hour.By Jung Min-kyung (mkjung@heraldcorp.

Market Jan. 3, 2019

Approximately half of South Korea’s self-employed businesses plan to lay off employees or cut back on hiring this year, according to a survey released Wednesday.Incruit, an online recruiting service, conducted the survey with 240 self-employed participants, asking whether their business decisions in 2019 will be effected by the Cabinet’s decision to pass the revised Minimum Wage Act.  The decree obliges employers to provide workers with paid leave depending on their weekly worki

Economy Jan. 2, 2019

Despite a widespread feeling that the US-North Korea nuclear talks have stalled, the North Korean leader’s rare end-of-year letter to President Moon Jae-in indicates his willingness to break the deadlock by means of his New Year’s address. In his letter, Kim vowed to meet Moon “frequently” next year to discuss the denuclearization of the Korean Peninsula and work together to resolve the issue, the South’s presidential office Cheong Wa Dae said Sunday. He also expressed a strong determination to

North Korea Dec. 31, 2018

North Korean leader Kim Jong-un’s step-grandmother and the national founder Kim Il-sung’s second wife Kim Song-ae died in 2014, South Korea’s Ministry of Unification confirmed Thursday, in a booklet of North Korean personnel data published annually by the ministry. In the updated booklet, Kim Song-ae was categorized under “deceased,” with a note saying that she died in 2014. This is the first time the government has officially acknowledged her death.Her sign and specific date of death remains un

North Korea Dec. 27, 2018

South and North Korea held a groundbreaking ceremony Wednesday to highlight the significance of their goal of modernizing and reconnecting cross-border railways and roads, amid the Seoul government’s efforts to improve inter-Korean relations despite stalled denuclearization talks between Washington and Pyongyang. The ceremony kicked off at Panmun Station in the North’s border town of Kaesong at around 10 a.m., according to the South’s Ministry of Unification. Several ranking officials from both

North Korea Dec. 26, 2018

The two Koreas on Wednesday kicked-off a symbolic groundbreaking ceremony for the reconnection and modernization of inter-Korean roads and railways.The event started around 10 a.m. at Panmun Station in North Korea’s border town of Kaesong, according to South Korea's Ministry of Unification. (Yonhap)A special Kaesong-bound train carrying some 100 South Korean participants left Seoul Station earlier in the day. Among them were Transport Minister Kim Hyun-mee, Unification Minister Cho Myoung-gyon a

National Dec. 26, 2018

The United Nations Security Council has agreed to exempt this week’s groundbreaking ceremony for inter-Korean road and railway projects from sanctions, reports said Tuesday, in another sign of the US softening its stance toward North Korea. Negotiations with the UNSC North Korea sanctions committee on the groundbreaking ceremony were completed Tuesday in New York, said Yonhap News Agency, citing an unnamed South Korean Foreign Ministry official. A South Korean soldier inspects the train that was

North Korea Dec. 25, 2018

South Korea and the US agreed Friday that a groundbreaking ceremony for the modernization and reconnection of inter-Korean railways should be held next week, with the US agreeing to waive sanctions for the event. The US apparently decided to support the Koreas’ project to recover 1950-53 Korean War remains as well. “Through the (US-South Korea) working group, it will now be possible to proceed as planned the groundbreaking ceremony linked to the inter-Korean railway project,“ Lee Do-hoon, the So

North Korea Dec. 21, 2018

The top US nuclear envoy said Friday that successful cooperation between South Korea and the US will help bring an end to “war and hostility” on the Korean Peninsula, while adding that the US was excited to hear the results of the two Koreas’ joint railway survey. “The work we do together is not just for US-South Korea relations, it’s for the future of the Korean Peninsula,” Stephen Biegun said during a meeting with South Korean Unification Minister Cho Myoung-gyon in Seoul. “And if we are succe

North Korea Dec. 21, 2018

For those who don’t enjoy skiing, annual family ski trips can be quite dull. But in recent years, ski resorts in South Korea have found an ironic yet new target group -- nonskiers. Major resorts here are trying to come up with fresh ideas every winter, slowly transitioning into “theme parks,” where everyone can spend quality time. The Vivaldi Park resort, located about 60 kilometers east of Seoul in Hongcheon, Gangwon Province, has been frequented by locals and tourists for over two decades. Wit

Travel Dec. 20, 2018

The two Koreas have made 285 rounds of contact, including 46 meetings, at the joint liaison office in North Korea’s border town of Kaesong so far, South Korea’s Ministry of Unification said Thursday. The liaison office opened in September. The contact includes five meetings among government officials from both sides, five working-level talks, and 36 meetings between chiefs and deputy chiefs of the office. On top of this, 173 messages or documents were exchanged at the office.  Koreas open their

North Korea Dec. 20, 2018

South Korea’s Unification Minister said Wednesday that North Korea’s denuclearization process had yet to get “fully on track,” indicating that the Seoul government believes Washington and Pyongyang have yet to properly discuss corresponding measures for the North‘s steps towards denuclearization.“Regarding the issue of North Korea’s denuclearization, it would be an accurate assessment to say that the process (of talks between the US and the North) is not fully on track at the moment,” Unificatio

North Korea Dec. 19, 2018

Parents of an American university student who died last year after being detained in North Korea are seeking over $1 billion in compensation from the rogue regime, Voice of America said Tuesday, citing a US court document. The family of Otto Warmbier, who died days after he was returned to the US in a comatose state in 2017, filed a lawsuit against North Korean Foreign Minister Ri Yong-ho in April. The lawsuit was filed in the US District Court for the District of Columbia and charged the North

North Korea Dec. 18, 2018