South Korea and the United States will hold regular defense talks next week to discuss ways to strengthen security cooperation against North Korean nuclear and missile threats, the South's defense ministry said Friday. The 25th Korea-US Integrated Defense Dialogue (KIDD) is set to be held in Seoul on Monday and Tuesday for discussions on an array of security alliance issues ahead of the annual Security Consultative Meeting, which takes place annually in the fall. South Korea's Deputy M

Diplomatic Circuit Sept. 20, 2024

Seoul shares opened higher Friday, tracking gains on Wall Street, after the US Federal Reserve's first rate cut in more than four years lifted investor sentiment. The benchmark Korea Composite Stock Price Index rose 1.09 percent, or 28.01 points, to 2,608.81 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average added 1.3 percent to 42,025.19 points, and the tech-heavy Nasdaq Composite jumped 2.5 percent to 18,013.98. On Wednesday, the Fed kicked off its monetary-ea

Market Sept. 20, 2024

The presidential office on Thursday rejected former President Moon Jae-in's call for reviewing its approach to unification with North Korea, saying the previous government's dialogue-focused peace initiative is "unrealistic." A senior presidential official who accompanied President Yoon Suk Yeol on a trip to the Czech Republic made the remark after Moon criticized the Yoon administration's hard-line policy on North Korea and called for efforts to ease inter-Korean tensio

Politics Sept. 20, 2024

A 3.9 magnitude earthquake struck North Korea's northwestern province bordering China on Thursday, which is believed to be a natural one, the South Korean weather agency said. The quake struck an area 7 kilometers northeast-east of Ryongrim in Jagang Province, at 7:41 p.m., according to the Korea Meteorological Administration. The epicenter was at a latitude of 40.54 degrees north and a longitude of 126.75 degrees east, the KMA said. The quake is believed to have occurred naturally, it adde

Social Affairs Sept. 19, 2024

A parliamentary subcommittee passed a bill Thursday that calls for tougher punishment for digital sex crimes using deepfake technologies against children and teenagers. During a subcommittee legislative review session, the National Assembly's gender equality and family committee made the bipartisan decision to pass the revision of the act on the protection of children against sex crimes. The proposed bill calls for sentencing of at least three years imprisonment for blackmailing young people usi

Politics Sept. 19, 2024

The number of patients who visited hospital emergency rooms dropped 32 percent during the Chuseok holiday, the health ministry said Thursday, assessing that there were no major disruptions in emergency care. A prolonged walkout by trainee doctors had fueled concerns about potential disruptions at hospital emergency rooms during the holiday, prompting the government to ask patients with mild illnesses to visit community hospitals. The average number of patients who visited emergency rooms stood a

Social Affairs Sept. 19, 2024

Foreign Minister Cho Tae-yul will fly to New York next week to attend the annual United Nations General Assembly, where he is expected to discuss key international issues and highlight South Korea's efforts toward sustainable peace, his office said Thursday. During the six-day visit starting Monday, Cho will deliver a keynote speech at the general debate of the high-level gathering to reaffirm South Korea's commitment to ensuring global peace and prosperity, foreign ministry spokespers

Foreign Affairs Sept. 19, 2024

Seoul shares ended higher Thursday as investors cheered the US Federal Reserve's first rate cut in more than four years. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 0.21 percent, or 5.39 points, to close at 2,580.80. Trading volume was moderate at 378.78 million shares worth 12.6 trillion won ($9.5 billion), with gainers exceeding decliners 497 to 371. The Fed cut its overnight lending rate to a range of 4.75 percent to 5 percent a

Market Sept. 19, 2024

Prosecutors questioned the CEOs of e-commerce affiliates TMON and WeMakePrice on Thursday as part of an investigation over massive payment delays to vendors on their platforms. TMON CEO Ryu Kwang-jin and WeMakePrice CEO Ryu Hwa-hyun appeared at the Seoul Central District Prosecutors Office for questioning on suspicions of embezzlement, fraud and other illegal acts. In late July, the e-commerce platforms owned by Singapore-based Qoo10 filed for court receivership due to liquidity problems that re

Social Affairs Sept. 19, 2024

Prime Minister Han Duck-soo called on the government Thursday to remain alert to ensure the smooth operation of emergency health care systems even after the five-day Chuseok holiday passed without major disruptions. Han issued the call during a Cabinet meeting held a day after the Korean fall harvest holiday ended without the emergency health care crisis some had feared due to staff shortages caused by an ongoing doctors' walkout. "Very fortunately, there was no emergency room crisis a

Politics Sept. 19, 2024

Container shipping costs from South Korea to the US east coast and Europe increased for the fourth consecutive month in August amid prolonged geopolitical risks in the Red Sea, data showed Thursday. The average shipping cost for a 40-foot container from South Korea to the US east coast rose 11.9 percent on-month to 8.66 million won ($6,530), according to data from the Korea Customs Service. The cost to Europe increased to 8.06 million won, up 2.8 percent over the same period. On the other hand,

Economy Sept. 19, 2024

Seoul shares opened lower Thursday tracking losses on Wall Street after the Federal Reserve cut interest rates by a half percentage point, the first rate cut in more than four years. The benchmark Korea Composite Stock Price Index fell 0.35 percent, or 8.90 points, to 2,565.51 in the first 15 minutes of trading. The Fed cut its overnight lending rate to a range of 4.75 percent to 5 percent in an aggressive start to a monetary-easing cycle in the world's biggest economy. The US central bank

Market Sept. 19, 2024

Finance Minister Choi Sang-mok said Thursday the government will work closely with the Bank of Korea and swiftly take market stabilization measures if necessary, as the US Federal Reserve cut its interest rates for the first time in over four years. "Following the Fed's monetary policy pivot, the market is moving away from a complex global crisis, which was triggered by excessive liquidity supplied to cope with the pandemic, as well as shocks to the global supply chain caused by the wa

Economy Sept. 19, 2024

The US Federal Reserve on Wednesday lowered its benchmark interest rate by half of a percentage point, the first cut in 4 1/2 years, in a major policy shift less than seven weeks away from the presidential election. After the two-day Federal Open Market Committee meeting, the central bank announced the decision to reduce the rate to the 4.75 to 5.0 percent range from its 23-year high, putting an end to its post-pandemic tightening cycle. FOMC members' new median economic projections showed

Foreign Affairs Sept. 19, 2024

The United States will not accept North Korea as a nuclear-armed country, a senior US diplomat said Wednesday, after Pyongyang made a rare disclosure of a uranium enrichment facility last week. During a hearing of the House Foreign Affairs Committee, Deputy Secretary of State Kurt Campbell reiterated the US position, reaffirming America's "durable" and "evolving" deterrence commitment to South Korea, and stressing that Washington "will not accept any kind of threat&

Foreign Affairs Sept. 19, 2024