GN Food, the operator of Goobne Chicken, South Korea's leading roast chicken franchise, said Wednesday it has opened its first outlet in the Philippines as part of its expansion strategy. The first Goobne outlet in the Southeast Asian country is located in Bonifacio Global City, a central business district in Taguig, Metro Manila, the company said in a statement. GN Food has increased its overseas outlets to 40 in 11 countries, including Japan, China and the United States, since 2014, when

Market July 17, 2024

Seoul shares finished lower Wednesday as foreign investors locked in profits following a two-session winning streak despite overnight Wall Street gains. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index shed 22.80 points, or 0.8 percent, to close at 2,843.29. Trade volume was slightly heavy at 534.4 million shares worth 13.6 trillion won ($9.85 billion), with losers outnumbering winners 460 to 409. Foreign investors dumped local shares worth 261.4 bil

Market July 17, 2024

President Yoon Suk Yeol postponed his planned trip to the southern region Wednesday due to heavy rain, sources said. Yoon was scheduled to attend a meeting on regional cooperation in South Chungcheong Province, but the presidential office, mayors and governors agreed to delay the schedule to focus on measures against the heavy downpour, sources said. "The president is receiving real-time reports on damage across the nation and has urged the heads of each local government to concentrate reco

Social Affairs July 17, 2024

A heavy rain watch was issued across parts of northern Gyeonggi Province on Wednesday, with 100 millimeters of rain per hour pouring in the border city of Paju, the state weather agency said. As of 7 a.m., heavy downpours of 100.9 mm per hour had been pounding Munsan, a town in Paju, 37 kilometers northwest of Seoul, according to the Korea Meteorological Administration. The accumulated precipitation was recorded at 342.5 mm in the inter-Korean border village of Panmunjom, 202 mm in Namyangju, 18

Social Affairs July 17, 2024

SK Innovation Co. and SK E&S Co., two major energy affiliates of SK Group, are set to hold separate board meetings Wednesday to discuss a proposed merger of the two companies, industry sources said. If the merger is approved, it will create the biggest energy company in South Korea, with combined assets of 106 trillion won ($76.5 billion). The merger of SK Innovation, SK Group's energy subholding company, and SK E&S, a privately owned recycled energy firm, is part of the group'

Industry July 17, 2024

South Korea's industry ministry said Wednesday it held a fresh round of trade talks with Indian officials to improve a bilateral partnership agreement. Director General of FTA Negotiations Ryu Peob-min and his Indian counterpart, Anant Swarup, started the three-day session in Seoul to discuss the agenda, including goods, services and investment, according to the Ministry of Trade, Industry and Energy. South Korea and India implemented the CEPA in 2010 and have been carrying out negotiations

Economy July 17, 2024

Seoul shares opened lower Wednesday as investors locked in profits following a two-session winning streak despite overnight Wall Street gains. The benchmark Korea Composite Stock Price Index fell 2.17 points, or 0.08 percent, to 2,863.92 in the first 15 minutes of trading. Overnight, Wall Street shares rose on rising expectations for a rate cut by the Federal Reserve. The Dow Jones Industrial Average jumped 1.9 percent to hit a fresh high, while the S&P 500 and Nasdaq composite gained 0.2 pe

Market July 17, 2024

The government is taking administrative action against Saudi Arabian airline Saudia for suspending its direct flights to South Korea without permission from aviation authorities, according to officials Wednesday. The Ministry of Land, Infrastructure and Transport issued a prior notice of administrative measure to Saudia on Monday. Saudia has been asked to submit their reasons for the suspension and their future plans by July 30. The ministry will convene an administrative review committee to dis

Foreign Affairs July 17, 2024

A former US national security advisor said Tuesday he is looking forward to a "big" contribution by South Korea in reference to ongoing negotiations between Seoul and Washington over the cost sharing for stationing the 28,500-strong US Forces Korea. Robert O'Brien, who served as national security advisor for then President Donald Trump from 2019-2021, made the remarks as the allies have been engaging in negotiations over a new cost-sharing deal, called the Special Measures Agreeme

Foreign Affairs July 17, 2024

Foreign Minister Cho Tae-yul met with Pamela Melroy, the deputy chief of the US National Aeronautics and Space Administration, on Tuesday to discuss space cooperation between the two countries, according to the foreign ministry. During the meeting in Seoul, Cho expressed hope for active cooperation between the national space agency, the Korea AeroSpace Administration, or KASA, and NASA. KASA was launched in Sacheon, approximately 300 kilometers south of Seoul, on May 27. "Space cooperation

Foreign Affairs July 16, 2024

President Yoon Suk Yeol on Tuesday ordered an increased emergency response posture against the ongoing heavy downpours, giving instructions for a thorough evacuation of affected residents, according to his office. The order was issued following briefings on the forecast of heavy concentrated rainfall, including in the wider Seoul area, said Jeong Hye-jeon, a presidential spokesperson, in a written press briefing. Earlier in the day, Prime Minister Han Duck-soo also instructed relevant ministries

Social Affairs July 16, 2024

With controversy surrounding the Korea Football Association's hiring of the new men's national team head coach not dying down, both the Sports Ministry and the state-run Korea Sports Ethics Center have said they will investigate the national soccer body for any procedural issues. The KFA has been under fire since appointing Hong Myung-bo as head coach of the men's national team on July 7. The KFA had spent the previous five months trying to find a replacement for Juergen Klinsmann

Soccer July 16, 2024

A lawyer for first lady Kim Keon Hee said Tuesday it is true that Kim ordered her aide to return a Dior bag she received as a gift from a pastor on the same day it was given, asking media to refrain from "excessive speculation" on the matter. Lawyer Choi Ji-woo released a press release, expressing hope that the media will refrain from "excessively speculative and malicious articles" on the first lady. The scandal centers on allegations that Kim illegally received a Dior handb

Politics July 16, 2024

Kiwoom Heroes manager Hong Won-ki said Tuesday he welcomed the introduction of the new pitch-calling device that he feels will help speed up games. The Korea Baseball Organization has distributed PitchCom transmitters and receivers to all 10 clubs, and they're available for use starting with Tuesday's games. Catchers can use the transmitter to give pitch signals to pitchers instead of using conventional finger signs, and pitchers will be able to listen to the call via the receiver worn

Baseball July 16, 2024

Seoul shares closed slightly higher Tuesday as traders were trying to digest the effect of Donald Trump's possible victory in the US presidential election on the market. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 5.17 points, or 0.18 percent, to close at 2,866.09. Trade volume was slightly heavy at 667.5 million shares worth 12.4 trillion won ($8.95 billion), with losers outnumbering winners 498 to 356. Foreign investors and instituti

Market July 16, 2024