South Korean shares closed sharply lower Friday, extending their losing streak to a fourth consecutive session amid concerns over a potential US recession. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index lost 31.22 points, or 1.21 percent, to close at 2,544.28. Trading volume was moderate at 368.9 million shares worth 8.5 trillion won ($6.4 billion), with losers outnumbering gainers 760 to 139. Foreign investors extended their selling streak to a fo

Market Sept. 6, 2024

President Yoon Suk Yeol approved the appointment of Kim Yong-hyun, former head of the Presidential Security Service, as defense minister and presented a certificate of appointment on Friday, his office said. Kim, a retired three-star Army general and close aide to Yoon, was nominated to the post last month to replace then minister Shin Won-sik, who has since served as national security adviser. Following Yoon's election in May 2022, Kim led efforts to relocate the presidential office from C

Politics Sept. 6, 2024

The defense ministry said Friday the military has been deploying an integrated anti-drone system in multiple locations across the country to counter threats posed by unmanned aerial vehicles from North Korea. The move comes as South Korea has pushed to bolster its drone response capabilities after five North Korean drones crossed the border in December 2022, with one of them entering Seoul. The military failed to intercept any of them, raising questions over its readiness. "The anti-drone i

Defense Sept. 6, 2024

Japanese Prime Minister Fumio Kishida is set to visit South Korea on Friday for talks with President Yoon Suk Yeol as Kishida is preparing to leave office with a legacy of improving long-frayed relations with Seoul. Yoon and Kishida are scheduled to hold summit talks later Friday, their 12th summit in just about two years. It will also be their last summit as Kishida has given up on reelection as prime minister and leader of the ruling Liberal Democratic Party after three years on the job. Durin

Foreign Affairs Sept. 6, 2024

South Korean shares opened slightly lower Friday ahead of the US jobs report that may serve as another indicator of a possibly looming recession. The benchmark Korea Composite Stock Price Index shed 7.63 points, or 0.30 percent, to 2,567.87 in the first 15 minutes of trading. The index has been on a steady decline since Tuesday, when the United States reported a worse-than-expected manufacturing purchasing managers index. The US is set to release its latest jobs data Friday. In Seoul, large caps

Market Sept. 6, 2024

South Korea racked up a current account surplus for the third consecutive month in July, driven by robust exports, central bank data showed Friday. The country's current account surplus reached $9.13 billion in July, marking a surplus for the third consecutive month, according to data compiled by the Bank of Korea. The July surplus was smaller than the previous month's $12.56 billion, the largest since September 2017. The country's goods account racked up an $8.49 billion surplus in July followi

Economy Sept. 6, 2024

South Korea failed to sell out their World Cup qualifying match in Seoul on Thursday, the first time since October last year that the Taegeuk Warriors did not play in front of a full house at home. The Korea Football Association (KFA) said about 4,000 tickets had been left unsold an hour before the 8 p.m. kickoff for the Group B match of the third round in the Asian World Cup qualification between South Korea and Palestine at Seoul World Cup Stadium. The stadium seats about 65,000. South Korea h

Soccer Sept. 5, 2024

South Korea's industry and science ministers met with a senior Czech official Thursday to discuss bilateral cooperation, building on a recent nuclear power plant deal between the two countries. Industry Minister Ahn Duk-geun met with Czech National Security Adviser Tomas Pojar who was visiting Seoul as a special envoy of the prime minister, expressing hope for closer ties in areas including the nuclear energy industry, according to the Ministry of Trade, Industry and Energy. In July, the Cz

Industry Sept. 5, 2024

South Korean captain Son Heung-min earned his 128th international cap on Thursday to grab the sole possession of fourth place on the country's all-time list. Son was inserted into the starting lineup against Palestine in the countries' Group B match of the third round in the Asian qualification for the 2026 FIFA World Cup. The match was to kick off at 8 p.m. at Seoul World Cup Stadium. Son, captain for both South Korea and the Premier League club Tottenham Hotspur, had been tied with L

Soccer Sept. 5, 2024

North Korea floated trash-carrying balloons into South Korea for a second straight day on Thursday, South Korea's military said, the latest in its repeated provocations Seoul condemned as "senseless." The Joint Chiefs of Staff (JCS) said it detected the North launching some 480 trash balloons from late Wednesday until 12 p.m. Thursday, with around 100 trash bundles landing in Seoul and northern parts of Gyeonggi Province that surrounds the capital. In a notice sent to reporters at

Social Affairs Sept. 5, 2024

South Korean shares dropped for a third consecutive session Thursday amid concerns of an economic recession in the United States. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index lost 5.30 points, or 0.21 percent, to close at 2,575.50. Trading volume was moderate at 371 million shares worth 10 trillion won ($7.48 billion), with losers outnumbering winners 519 to 358. Retail investors purchased a net 457.6 billion won worth of local shares, extending

Market Sept. 5, 2024

South Korea will tighten export controls against Russia and Belarus by expanding its list of items subject to export restrictions, including machine tool parts and sensors, in response to Moscow's invasion of Ukraine, the industry ministry said Thursday. According to the revision to the regulations on trading strategic items, South Korea added 243 more items that can potentially be used for military purposes to the list of items that are banned from shipping to Russia and Belarus, according

Foreign Affairs Sept. 5, 2024

A senior South Korean diplomat has called for joint efforts among the countries of the North Atlantic Treaty Organization and in the Indo-Pacific to act against growing cyberthreats, the foreign ministry said Thursday. Rhee Dong-yeol, ambassador for international cybersecurity affairs, made the call during the Cyber Champions Summit held in Australia on Wednesday, as he particularly noted the need to address the spread of misinformation as a key focus for international cooperation against cybert

Foreign Affairs Sept. 5, 2024

North Korea again started floating balloons into South Korea on Thursday morning, South Korea's military said, hours after it sent hundreds of balloons across the border the previous day. "As North Korea has again been floating balloons since 9 a.m., we advise the public to beware of falling objects and report to nearby military units or the police when discovering a fallen balloon," the Joint Chiefs of Staff (JCS) said in a notice to reporters. The move came after North Korea sen

North Korea Sept. 5, 2024

Seoul shares opened higher Thursday as investors sought to pick up blue chip bargains, one day after the local market plunged by more than 3 percent on US woes. The benchmark Korea Composite Stock Price Index added 21.63 points, or 0.84 percent, to 2,602.43 in the first 15 minutes of trading. The index had dipped 3.15 percent the previous day on growing concerns of a US economic slowdown following a worse-than-expected manufacturing purchasing managers index for August. US stocks closed mixed ov

Market Sept. 5, 2024