SK Group Chairman Chey Tae-won is expected to contest a court's recognition of former President Roh Tae-woo's slush fund as seed money for the conglomerate in his divorce suit against Roh's daughter, sources said Tuesday. In May, the Seoul High Court ordered Chey to pay 1.38 trillion won ($1 billion) in property division to Roh Soh-yeong in the country's most expensive divorce suit in history. The court recognized that a purported slush fund of 30 billion won from the former

Industry Aug. 6, 2024

South Korean stocks began sharply higher Tuesday following the previous session's worst crash over mounting US recession fears and the sluggish performance of big tech shares. The benchmark Korea Composite Stock Price Index gained 106.11 points, or 4.35 percent, to 2,547.66 in the first 15 minutes of trading. During the session, the bourse operator issued a sidecar order at 9:06 a.m., halting program purchasing for five minutes, after the Kospi 200 index rose over 5 percent for more than 1

Market Aug. 6, 2024

South Korea's financial authorities said Tuesday that they are ready to take action against extremely volatile market jitters urging investors to remain calm and cool-headed given the country's sound economic fundamentals. The country's benchmark Korea Composite Stock Price Index suffered the worst crash on Monday as investors staged a massive selling binge out of fears over a recession in the United States. The index plummeted a record 234.64 points, or 8.77 percent, to close at

Market Aug. 6, 2024

Moments after capturing her first Olympic gold medal in Paris on Monday, South Korean badminton player An Se-young hinted at retiring from the national team over its poor handling of her knee injury. An defeated He Bingjiao of China 2-0 (21-13, 21-16) in the women's singles final at Porte de La Chapelle Arena in Paris. It came about 10 months after An tore a ligament in her right knee during the Asian Games women's singles final in China. The 22-year-old returned to action about a mont

More Sports Aug. 5, 2024

One person was killed with another one injured when a car crashed into pedestrians at an apartment complex in central Seoul on Monday, police said. The driver of the vehicle, a man in his late 50s, has claimed vehicle malfunction, but the police suspect "poor driving" may have caused the deadly accident. The accident took place at an apartment complex in Ichon-dong, Yongsan, at around 11 a.m., when the vehicle crashed into a woman in her 50s and then another woman in her 80s, according

Social Affairs Aug. 5, 2024

NCSoft, a major South Korean game developer, said Monday its operating profit decreased 75 percent from a year earlier on sluggish sales. Operating profit for the April-June period came to 8.8 billion won ($6.4 million), compared with 35.3 billion won a year ago, and sales fell 16.2 percent on-year to 368.9 billion won, the company said in a regulatory filing. Net profit for the period, however, jumped 132.8 percent on-year to 71.1 billion won thanks to favorable currency exchange rates, accordi

Industry Aug. 5, 2024

South Korea will provide $3 million to four African countries to help them cope with the damage from severe drought, the Foreign Ministry in Seoul said Monday. Of the total, $1 million will each be delivered to Zimbabwe and Zambia, and $500,000 each to Malawi and Namibia, the ministry said. The aid will be made through the World Food Programme. The four countries have declared a national emergency as the severe drought hit the South African region and exacerbated food shortages. (Yonhap)

Foreign Affairs Aug. 5, 2024

The world's top-ranked shuttler An Se-young soared to her first Olympic gold medal in the women's singles in Paris on Monday, giving South Korea its first badminton singles title in 28 years. An defeated He Bingjiao of China 2-0 (21-13, 21-16) in the final at Porte de La Chapelle Arena in the French capital to become just the second South Korean woman to win an Olympic singles title, joining Bang Soo-hyun from 1996. South Korea now has 11 gold medals overall, just two shy of matching i

More Sports Aug. 5, 2024

Cho Yeong-jae was on target for silver in the men's 25-meter rapid fire pistol shooting at the Paris Olympics on Monday for South Korea's sixth medal in the sport. Cho finished in second place behind Li Yuehong of China, 32-25, at the Chateauroux Shooting Centre in Chateauroux, south of Paris. With Cho's medal, South Korea has now won more shooting medals at the Paris Games than at any other Olympics before. The country had previously won five medals at the 2012 London Olympics wi

More Sports Aug. 5, 2024

South Korean stocks tumbled by the most on record to a near nine-month low Monday amid intensifying fears over a US economic slowdown, with big tech coming under heavy selling. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) plummeted a record 234.64 points, or 8.77 percent, to close at 2,441.55, after dipping to as low as 2,273.97 at one point, following a 3.65 percent loss the previous session. It is the lowest closing price since Nov. 14, whe

Market Aug. 5, 2024

North Korean leader Kim Jong-un has attended a ceremony to commemorate the transfer of a new-type tactical ballistic missile weapon system, which serves as the "pivot military hardware" in the armed forces, state media reported Monday. Kim attended the ceremony, which took place Sunday, showcasing 250 new-type tactical ballistic missile launchers, according to the Korean Central News Agency. Kim also delivered a speech, stating that an important task specified in the practical guidelin

North Korea Aug. 5, 2024

The head of South Korea's financial regulator said Monday that he will redouble efforts to reduce high household debts via the implementation of tighter curbs. Kim Byoung-hwan, the chief of the Financial Services Commission, also said the regulator will remain vigilant against potential volatility in the financial market. "The very reason for our financial system's vulnerability to external shocks is relatively high indebtedness and dependence on debts," he said. "We nee

Economy Aug. 5, 2024

South Korean stocks started sharply lower Monday as investor sentiment was dampened by continuing fears of a US economic slowdown. The benchmark Korea Composite Stock Price Index (Kospi) fell 100.4 points, or 3.75 percent, to 2,575.79 in the first 15 minutes of trading. On Friday, the Kospi slumped 3.65 percent to a two-month low of 2,676.19 after US unemployment claims hit the highest in almost a year, fueling concerns over the world's largest economy. Moreover, the US unemployment rate, r

Market Aug. 5, 2024

The nationwide heat wave has led to a surge in the number of patients with heat-related illnesses to 1,546, while causing the deaths of over 257,000 livestock, the interior ministry said Monday. The previous day, temperatures in Yeoju, 64 kilometers southeast of Seoul, reached 40 C, marking the first time since 2018, which was recorded as the hottest year on record. The interior ministry said that the total number of patients with heat-related illnesses from May 20 to last Saturday reached 1,546

Social Affairs Aug. 5, 2024

Im Ae-ji grabbed a bronze medal in the women's 54-kilogram boxing event at the Paris Olympics on Sunday, giving South Korea its first medal ever in women's boxing after losing her semifinal bout. Im couldn't get past Hatice Akbas of Turkiye in the semifinals at North Paris Arena in Paris on Sunday, losing by a 3-2 split decision.. There are no bronze medal bouts in Olympic boxing, and the two losers of the semifinals each receive a bronze medal. This was South Korea's first b

More Sports Aug. 5, 2024