Seoul shares closed higher Wednesday on tech and auto gains amid concerns over a possible slower pace in the Federal Reserve's rate cuts. The Korean won continued to slip against the US dollar. The benchmark Korea Composite Stock Price Index rose 28.92 points, or 1.1 percent, to close at 2,599.62. Trade volume was moderate at 345.96 million shares worth 9.25 trillion won ($6.7 billion), with gainers outpacing losers 448 to 408. Institutions and foreigners bought a combined 510 billion won w

Market Oct. 23, 2024

The top security officials of South Korea and Poland on Wednesday expressed concerns over growing military ties between North Korea and Russia and agreed to expand their nations' security and defense industry cooperation in response, the presidential office said. National Security Adviser Shin Won-sik held a meeting with his Polish counterpart, Jacek Siewiera, ahead of a summit between South Korean President Yoon Suk Yeol and Polish President Andrzej Duda on Thursday. The two officials disc

Politics Oct. 23, 2024

Finance Minister Choi Sang-mok has said South Korea will maintain close communication with global investors to ensure the country's successful debut in a key global government bond index managed by FTSE Russell. Choi made the remark during his meeting in New York with representatives from major U.S. investment companies on Tuesday, noting that South Korea's inclusion in the World Government Bond Index reflects global recognition of its efforts to improve the investment environment. &qu

Economy Oct. 23, 2024

Prime Minister Han Duck-soo said Wednesday the government will collaborate with the National Assembly to promptly enact a law supporting the artificial intelligence industry. Han underscored the importance of the proposed AI Act, which aims to establish a legal framework promoting the AI industry while ensuring the safe use of the technology. "(The government) will closely communicate with the National Assembly to promptly pass the AI Act," Han said during a conference in Seoul. "

Politics Oct. 23, 2024

The finance ministry said Wednesday it will extend the tax cut on fuel by another two months with some adjustments amid the ongoing Middle East crisis. Under the decision, South Korea will apply a 15 percent discount on gasoline consumption and a 23 percent cut on diesel and liquefied petroleum gas, according to the Ministry of Economy and Finance. South Korea has been applying a 20 percent discount on gasoline consumption and a 30 percent discount on diesel and liquefied petroleum gas, which we

Economy Oct. 23, 2024

Seoul shares opened higher Wednesday on retail buying, though investors remain cautious due to concerns over a slower pace of the Federal Reserve's rate cuts. The benchmark Korea Composite Stock Price Index (Kospi) rose 3.53 points, or 0.14 percent, to 2,574.23 in the first 15 minutes of trading. Overnight, US stocks closed mixed. The Dow Jones Industrial Average fell 0.02 percent to 42,924.89, while the tech-heavy Nasdaq Composite rose 0.18 percent to 18,573.13. In Seoul, large-cap stocks

Market Oct. 23, 2024

North Korean leader Kim Jong-un has once again called for enhancing the country's war deterrence, including the readiness of its nuclear capabilities, in response to what he described as growing nuclear threats from the United States, state media said Wednesday. Kim made the remarks during his inspection of "strategic missile bases," the Korean Central News Agency said in an English-language dispatch. The report did not specify the location or the date of the inspection. "As

North Korea Oct. 23, 2024

South Korean music legend Cho Yong-pil proves that age is not a barrier to pursuing a career in music. The 74-year-old singer made a monumental return Tuesday with the release of his 20th full-length album, aptly titled "20," marking his first studio album in 11 years. "Releasing new songs at over 70 is challenging, but I worked really, really hard," he said during a press conference in Seoul to promote the album. Although he suggested "20" might be his last, he add

K-pop Oct. 22, 2024

The powerful sister of North Korean leader Kim Jong-un slammed South Korea and Ukraine on Tuesday for what she claimed was a military provocation against Pyongyang, likening the two countries to "bad dogs bred by the US." The statement by Kim Yo-jong, vice department director of the central committee of the ruling Workers' Party, came days after South Korea's spy agency said the North was sending troops to fight alongside Russia in the war in Ukraine. "A military provoca

North Korea Oct. 22, 2024

Seoul shares closed lower Tuesday as Samsung and other market heavyweights came under heavy selling following overnight losses on Wall Street. The Korean won continued to slip against the US dollar. The benchmark Korea Composite Stock Price Index fell 34.22 points, or 1.3 percent, to close at 2,570.70. Institutions and foreigners sold a combined 602 billion won ($436 million) worth of stocks, exceeding individuals' stock purchases valued at 582 billion won. Trade volume was moderate at 337.

Market Oct. 22, 2024

A pro-Russia Telegram account has posted a photo showing the Russian and North Korean flags side by side on a Ukrainian battlefield, indicating that North Korea has likely sent troops to support Russia in its prolonged war with Ukraine. The image, shared by a blogger named @rvvoenkor_bot on Monday, showed the two flags raised together over a mine in Pokrovsk, one of the strongholds on Ukraine's eastern front. The blogger said that the North Korean flag has recently been raised on a hill at

North Korea Oct. 22, 2024

Seoul shares opened lower Tuesday as US stocks took a breather after reporting their longest weekly rally this year. The benchmark Korea Composite Stock Price Index fell 16.66 points, or 0.6 percent, to 2,588.26 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.8 percent to 42,931.60, while the tech-heavy Nasdaq Composite rose 0.3 percent to 18,540.01. In Seoul, large-cap stocks were mixed. Market bellwether Samsung Electronics Co. fell 1 percent, top carmake

Market Oct. 22, 2024

The opening game of the South Korean baseball championship series was suspended by rain in the southern city of Gwangju on Monday, the first such occurrence in Korea Baseball Organization (KBO) postseason history. Game 1 of the Korean Series between the home team Kia Tigers and the Samsung Lions was put on hold at 9:24 p.m., with the Lions leading 1-0 in the top of the sixth inning at Gwangju-Kia Champions Field in Gwangju, 270 kilometers south of Seoul. The Lions had runners at first and second

Baseball Oct. 21, 2024

Russia said on Monday it will continue its cooperation with North Korea but declined to comment on allegations that it plans to use North Korean soldiers in military operations against Ukraine. "There is a lot of contradictory information," Kremlin spokesperson Dmitry Peskov told reporters when questioned about the alleged dispatch of North Korean troops and a possible plan to use them, according to the Russian news agency TASS. He added such questions should be directed to the defense

Foreign Affairs Oct. 21, 2024

President Yoon Suk Yeol met with British Foreign Secretary David Lammy on Monday to discuss strengthening security and defense industry cooperation amid deepening military ties between North Korea and Russia, Yoon's office said. During the meeting, Yoon shared the latest information on North Korea's preparations for sending troops to Russia to support its war in Ukraine, and pledged to cooperate closely with Britain and the North Atlantic Treaty Organization to counter the threats, h

Foreign Affairs Oct. 21, 2024