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

Market Nov. 19, 2024

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 Affairs Nov. 19, 2024

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 Affairs Nov. 19, 2024

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 Affairs Nov. 19, 2024

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 Affairs Nov. 18, 2024

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 Korea Nov. 18, 2024

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

Defense Nov. 18, 2024

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

Politics Nov. 18, 2024

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.

Politics Nov. 18, 2024

South Korean stocks jumped more than 2 percent Monday as investors scooped up Samsung Electronics' shares on the chip giant's massive buyback plan. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) gained 52.21 points, or 2.16 percent, to close at 2,469.07. It marked the largest daily gain since Sept. 26, when the Kospi jumped 2.9 percent Trade volume was moderate at 431.2 million shares worth 10.4 trillion won (US$7.5 billion), with gai

Market Nov. 18, 2024

The unification ministry said Monday it is reviewing measures to reclaim loans granted to North Korea for building inter-Korean roads and train tracks after the North blew them up in October. The unification ministry unveiled the tentative measures as part of its policy plan for the second half of President Yoon Suk Yeol's administration, which is now at the midpoint of his five-year term. On Oct. 15, North Korea demolished parts of the roads and train tracks connected to South Korea -- the

North Korea Nov. 18, 2024

Trade Minister Cheong In-kyo emphasized on Monday that all efforts should be focused on thoroughly preparing to minimize uncertainties for businesses as former US President Donald Trump is set to take office for his second term. Cheong made the remarks during a meeting with ministry officials, as Trump, who is set to return to the White House in January next year, has pledged to implement significant policy changes, including higher tariffs on imported goods. The ministry has held a series of me

Economy Nov. 18, 2024

South Korean financial authorities said Monday the recent stock market plunge was excessive, given economic fundamentals, vowing to enhance market monitoring and swiftly implement a policy fund to strengthen valuation of local companies. The message was released during an interagency meeting among chiefs of the Financial Services Commission, Financial Supervisory Service and the Korea Exchange, as well as market experts and relevant institutions, in Seoul, in response to steep losses incurred in

Economy Nov. 18, 2024

President Yoon Suk Yeol arrived in Rio de Janeiro, Brazil, on Sunday to attend the Group of 20 (G20) summit, a multilateral forum representing the world's major economies. Yoon flew from Lima to Rio de Janeiro to participate in the G20 summit slated for Monday and Tuesday, which marks Yoon's third consecutive attendance at the summit. On the first day, Yoon will join the launch of the Global Alliance for Hunger and Poverty and outline South Korea's contributions to combat global h

Politics Nov. 18, 2024

The chief of South Korea's arms procurement agency has met Peru's defense minister and discussed ways to expand their arms industry cooperation on the ground, sea and air, the Defense Acquisition Program Administration said Monday. The meeting between DAPA Minister Seok Jong-gun and Peru's Defense Minister Walter Astudillo in Lima on Saturday came as President Yoon Suk Yeol visited Peru for an Asia-Pacific Economic Cooperation summit. In a separate summit held with his Peruvian co

Diplomatic Circuit Nov. 18, 2024