The presidential office said Thursday that a South Korean nuclear power plant project in the Czech Republic will proceed as planned despite a temporary hold placed by the Czech antitrust body. On Wednesday, news reports said the Czech Office for the Protection of Competition had imposed the hold in response to appeals filed by U.S. nuclear energy firm Westinghouse Electric Co. and French energy company Electricite de France. The news came as a South Korean consortium, led by Korea Hydro &

Industry Oct. 31, 2024

South Korea on Thursday conducted its first interagency field training exercise aimed at coping with potential hazards from space debris, the Joint Chiefs of Staff (JCS) said. The exercise, organized by the JCS, was conducted at the Air Force's 20th Fighter Wing, attended by relevant agencies, including the Korea Aerospace Administration and the National Fire Agency, officials said. Under a scenario of space debris falling on South Korean territory, participating agencies and the military

Defense Oct. 31, 2024

South Korea's military said Thursday it staged airstrike drills against a mock mobile missile launcher earlier this week in an apparent warning against North Korea's latest firing of an intercontinental ballistic missile (ICBM). The drills took place Wednesday at a training ground in Taebaek, 181 kilometers east of Seoul, as part of the ongoing Freedom Flag air exercise with the US, a day before North Korea launched an ICBM into the East Sea. Hours after the launch, the Joint Chiefs

North Korea Oct. 31, 2024

South Korea's state-run oil company said Thursday it has signed an agreement with Kuwait Petroleum Corporation to store 4 million barrels of oil from the Middle Eastern country that can be accessed in case of a global energy crisis, adding to Seoul's efforts to secure a stable supply of energy sources. Under the agreement, the Korea National Oil Corp. (KNOC) will store the barrels in the southeastern industrial city of Ulsan, where they can be supplied domestically when needed. "A

Companies Oct. 31, 2024

South Korean stocks closed almost 1.5 percent lower Thursday as tech and financial shares sharply lost ground. The local currency was rising against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) lost 37.64 points, or 1.45 percent, to close at 2,556.15. Trading volume was a little slim at 396.7 million shares worth 10.7 trillion won ($7.75 billion), with winners slightly outnumbering losers 473 to 401. Overnight, Wall Street finished lower on the losses of chip companies,

Market Oct. 31, 2024

The ruling People Power Party called Thursday for a swift revision of espionage laws to outlaw spying not only for "enemy countries" but for all "foreign countries." PPP leader Han Dong-hoon issued the call during a Supreme Council meeting days after a South Korean national was found to have been detained by China on espionage charges while working for a Chinese chipmaker. "Because the espionage law applies only to North Korea, in the event that a Chinese national is sus

Politics Oct. 31, 2024

South Korean stocks kicked off sharply lower Thursday, tracking overnight losses on Wall Street. The benchmark Korea Composite S tock Price Index (Kospi) lost 33.62 points, or 1.3 percent, to 2,560.17 in the first 15 minutes of trading. Overnight, Wall Street finished lower, with the Dow Jones Industrial Average down 0.22 percent, the tech-heavy Nasdaq composite down 0.56 percent and the S&P 500 down 0.33 percent, as chip companies, including Advanced Micro Devices and Nvidia, lost ground. I

Market Oct. 31, 2024

South Korea's industrial output fell from a month earlier in September on dwindling production in the semiconductor and other manufacturing sectors, data showed Thursday. Retail sales, a gauge of private spending, also went down amid signs of weaker economic growth, while facility investment rebounded on-month, according to the data compiled by Statistics Korea. Industrial production fell 0.3 percent on-month, following a 1.2 percent increase in August. In on-year terms, industrial output w

Economy Oct. 31, 2024

Defense Minister Kim Yong-hyun said Wednesday that the dispatch of a South Korean team of observers or analysts to Ukraine would be the South Korean military's "obvious" task, as he stressed there would be lessons to be learned. Kim made the remarks, saying that if such a team is not sent to Ukraine, it would constitute a "dereliction of duty." "Throughout the history in many different wars, including the Iraq war, there have been many cases where we have sent monit

Politics Oct. 31, 2024

The defense chiefs of South Korea and the United States condemned North Korea's troop deployment to Russia in the "strongest" terms with "one voice" as they held the allies' annual defense talks at the Pentagon on Wednesday. Defense Minister Kim Yong-hyun and US Secretary of Defense Lloyd Austin issued the condemnation at the 56th Security Consultative Meeting (SCM) as Seoul and Washington have confirmed the troop deployment, which is feared to escalate Russia'

Politics Oct. 31, 2024

North Korea fired a suspected intercontinental ballistic missile on a lofted trajectory toward the East Sea on Wednesday, South Korea's military said, hours after the defense chiefs of South Korea and the United States jointly condemned the North's troop deployment to Russia. The Joint Chiefs of Staff said it detected the launch at about 7:10 a.m. from the North's Pyongyang area. "North Korea's ballistic missile appears to be an ICBM fired on a lofted trajectory," t

North Korea Oct. 31, 2024

North Korea fired an unidentified ballistic missile toward the East Sea on Thursday, South Korea's military said. The Joint Chiefs of Staff gave no further details, saying an analysis is under way. The launch came just hours after the defense chiefs of South Korea and the United States condemned North Korea's troop deployment to Russia with "one voice" in the "strongest" terms during the allies' annual defense talks at the Pentagon on Wednesday. North Korea last fired multipl

North Korea Oct. 31, 2024

North Korea's foreign minister will hold strategic consultations with her Russian counterpart in Moscow, a news report showed Wednesday, amid concerns that the North's troops deployed to Russia may soon join combat in its war against Ukraine. Choe Son-hui, the North's top diplomat, will arrive in Moscow to hold talks with Russian Foreign Minister Sergey Lavrov, Russia's TASS news agency reported, citing a spokesperson at the foreign ministry. Other details, including the da

North Korea Oct. 30, 2024

National Security Adviser Shin Won-sik on Wednesday lambasted North Korea as the "worst rogue group" for dispatching its troops to Russia, vowing to come up with "all possible" response measures based on South Korea's alliance with the United States. Shin made the remark during a conference in Seoul as South Korea has confirmed some North Korean forces have arrived in western Russia, near the border with Ukraine, raising concerns they could soon join combat in the Russia

North Korea Oct. 30, 2024

North Korea's state-sponsored cyberunit, comprising some 8,400 hackers, has mounted over 10,000 attacks against South Korea this year, South Korea's cyber operation command said Wednesday. The Cyber Operations Command revealed these findings during a parliamentary audit session, according to Rep. Lee Seong-kweun of the ruling People Power Party and Park Sun-won of the main opposition Democratic Party. The North Korean hacking group has intensified its cyberattacks on South Korea's

North Korea Oct. 30, 2024