Having been suspended by the sports ministry over alleged misconduct, the South Korean Olympic chief Lee Kee-heung faces an uncertain future as he seeks a third term at the helm of the top national sports body. The sports ministry announced late Monday it had suspended Lee's duties as president of the Korean Sport & Olympic Committee. This came a day after the ethics inspection team under the Office for Government Policy Coordination had said it would ask police to investigate Lee, amon

More Sports Nov. 12, 2024

-- US President-elect Donald Trump has picked Florida Rep. Mike Waltz as his national security adviser, according to a news report, as he is in the process of picking key officials for his incoming administration amid multiple policy challenges, including North Korea's nuclear threats and Russia's war in Ukraine. Trump has offered the job to the congressman, a Green Beret veteran who served in Afghanistan, the Middle East and Africa, The Wall Street Journal reported Monday, citing unna

Diplomatic Circuit Nov. 12, 2024

South Korean stocks opened lower Tuesday bucking continued bullish runs on Wall Street, amid lingering uncertainties over the impact of the new Trump administration's policies on the domestic industry. The Korean won also breached the psychologically important level of 1,400 won against the U.S. dollar. The benchmark Korea Composite Stock Price Index fell 12.62 points, or 0.5 percent, to 2,519.04 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq Composite increased 0.06 p

Market Nov. 12, 2024

North Korean leader Kim Jong-un has signed off a defense pact with Russia, the North's state media reported Tuesday, as Pyongyang sent its troops to Russia in support of Moscow's invasion of Ukraine. The treaty on "comprehensive strategic partnership" between North Korea and Russia was ratified the previous day as a decree from the North Korean leader, the North's Korean Central News Agency reported. The report noted that the treaty will take effect from the day both si

North Korea Nov. 12, 2024

The culture and sports ministry said Monday it has suspended the duties of Lee Kee-heung, president of the Korean Sport & Olympic Committee, over suspected misconduct. On Sunday, the ethics inspection team under the Office for Government Policy Coordination announced it asked the police to investigate Lee and other sports officials for alleged improper conduct, such as improper hiring practices and misuse of funds. The Ministry of Culture, Sports and Tourism said it requested a swift inves

More Sports Nov. 11, 2024

Bitcoin soared to a record high above $82,000 on Monday on expectations that cryptocurrencies will boom in a favorable regulatory environment following the election of Donald Trump as U.S. president and of pro-crypto candidates to Congress. The world's biggest and best-known cryptocurrency , has now more than doubled from the year's low of $38,505 and was last at $81,991, having earlier touched a record high of $82,413. Trump embraced digital assets during his campaign, promising to

World Business Nov. 11, 2024

Kakao Corp., the operator of South Korea's dominant mobile messenger, has filed an administrative lawsuit against a government fine of 15.1 billion won (US$11 million) over the leaking of personal information on a large scale, according to sources Monday. The Personal Information Protection Commission, the government's personal information watchdog, ordered the fine in May, concluding that Kakao's lax user data scrutiny and protection measures led to the data leak of some 65,000

Companies Nov. 11, 2024

Pizza Hut Korea Ltd., the South Korean operator of the namesake American pizza franchise, on Monday received approval from a court to proceed with an autonomous restructuring support plan, putting on hold court-mandated rehabilitation proceedings after losing a lawsuit brought by store owners. The Seoul Bankruptcy Court said it approved the ARS rehabilitation plan requested by Pizza Hut Korea earlier in the day. An ARS program is a system where a company negotiates debt repayment plans autonom

Companies Nov. 11, 2024

Prosecutors on Monday requested an arrest warrant for Myung Tae-kyun, a self-proclaimed power broker, over allegations of interfering in candidate nominations in the 2022 parliamentary by-elections through his ties with then presidential candidate Yoon Suk Yeol and his wife. They also filed warrants for Kim Young-sun, a former lawmaker of the ruling People Power Party, and two ex-candidates in the June 2022 local elections, citing risk of destruction of evidence, according to the Changwon Dist

Politics Nov. 11, 2024

South Korean shares declined more than 1 percent Monday as Samsung Electronics fell to an over two-year low amid rising uncertainties over the new Trump administration's trade policies. The local currency sharply fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 29.49 points, or 1.15 percent, to close at 2,531.66, following a 0.14 percent drop on Friday. Trade volume was heavy at 565.2 million shares worth 11.1 trillion won ($7.96 billion), with losers far out

Market Nov. 11, 2024

Ukraine's defense intelligence agency has released an audio clip of what it claims to be intercepted radio communications between North Korean soldiers in Russia speaking in coded military terms. The Defense Intelligence of Ukraine uploaded a post on Sunday (local time) of what it claimed to be intercepted radio transmissions of a group of North Korean soldiers deployed in Russia's western Kursk region to support Russia's war against Ukraine. In the audio, the soldiers exchange co

North Korea Nov. 11, 2024

The Yoon government has successfully maintained stable macroeconomic conditions to mitigate the impact of multiple global crises, the finance ministry said Monday, highlighting the success of the Yoon Suk Yeol administration's economic and fiscal policies over the past 2 1/2 years. The review was presented in a report issued by the Ministry of Economy and Finance to mark the midpoint of President Yoon's single five-year term, which fell on Sunday. "From the start of the administ

Economy Nov. 11, 2024

The main opposition Democratic Party said Monday it will submit a revised special counsel bill focused on allegations involving first lady Kim Keon Hee, which narrows the scope of the probe and allows a third party to recommend a special prosecutor. DP spokesperson Han Min-soo said the party will submit the revised proposal focused on Kim's alleged involvement in a stock manipulation scheme and allegations of interference in election nominations during a plenary session of the National Asse

Politics Nov. 11, 2024

South Korea's exports slid 17.8 percent on-year in the first 10 days of November due mainly to fewer working days and falling demand from major economies, data showed Monday. Outbound shipments reached $14.91 billion in the Nov. 1-10 period, compared with $18.13 billion tallied a year earlier, according to the data from the Korea Customs Service. The number of working days during the cited period of this year came to 7 days, compared with 8.5 days a year earlier. Per-day exports only slippe

Economy Nov. 11, 2024

South Korean stocks opened lower on Monday, as investors sat on the sidelines over policy uncertainties under the incoming Trump administration. The benchmark Korea Composite Stock Price Index fell 12.6 points, or 0.49 percent, to 2,548.55 in the first 15 minutes of trading. In Seoul, top tech giant Samsung Electronics moved down 2.11 percent, and No. 2 chipmaker SK hynix shed 1.8 percent. Top battery maker LG Energy Solution, on the other hand, increased 8.91 percent. Top steelmaker Posco Holdi

Market Nov. 11, 2024