South Korean stocks opened lower Thursday, taking a cue from the estimate-beating inflation data in the United States that fanned concerns about faster than expected rate hikes. The benchmark Korea Composite Stock Price Index (Kospi) decreased 15.85 points, or 0.54 percent, to 2,914.32 in the first 15 minutes of trading. The key stock index retreated as US consumer prices grew at the fastest pace since 1990. Overnight, the tech-heavy Nasdaq composite plunged 1.66 percent, and the Dow Jones In

Market Nov. 11, 2021

South Korea's exports grew 29.3 percent on-year in the first 10 days of November on the back of solid demand for chips and petroleum products, customs data showed Thursday. The country's outbound shipments stood at $18.3 billion in the Nov. 1-10 period, compared with $14.1 billion a year earlier, according to the data from the Korea Customs Service. Imports jumped 59 percent on-year to $21.2 billion, resulting in a trade deficit of $2.98 billion during the cited period, the data showed. By se

Economy Nov. 11, 2021

South Korea's economy remains on a recovery path driven by robust exports but faces an expanded "unknowable uncertainty" associated with global supply chain disruptions and concerns over inflation, the country's central bank chief said Thursday. Bank of Korea Gov. Lee Ju-yeol made the remarks in a meeting with economic experts from major think tanks, adding that next year will be an "important turning point" toward a "new balance" after a prolonged fight against th

Economy Nov. 11, 2021

South Korea's leading securities companies posted record earnings in the first nine months of this year on a stock market boom, industry sources said Thursday. The country's top 10 brokerage housed are estimated to have registered a combined net profit of around 7 trillion won ($5.9 billion) for the January-September period, with their full-year bottom line likely to exceed 10 trillion won. Their record net profit comes as the local stock market has been on a roll this year on the back of acti

Market Nov. 11, 2021

WASHINGTON -- South Korea and the United States will launch new bilateral talks next month on enhancing their cooperation on the semiconductor supply chain, Industry Minister Moon Sung-wook said Wednesday. The inaugural meeting will be held Dec. 8, involving director-level officials from the two countries, as well as officials and representatives from businesses and other related organizations. Moon said he and his US counterpart, Gina Raimondo, have also agreed to consider upgrading the count

Foreign Affairs Nov. 11, 2021

The South Korean phenomenon "Squid Game" has outnumbered the longtime TV powerhouse "Game of Thrones" in terms of combined YouTube views of its derivative video content, a US media outlet has reported. A total of 129,000 videos of the survival drama, including official trailers, fan-made reaction clips and video games, have earned a total of 17 billion views on the platform since the show's release on Sept. 17, Variety said Wednesday (US time), citing a report by content ana

Television Nov. 11, 2021

South Korea will cut tariffs and place emergency controls on the production and provision of urea solution, Prime Minister Kim Boo-kyum said Thursday, to ease the ongoing supply crunch of the material used to reduce emissions in diesel vehicles. Kim unveiled the plans during an extraordinary Cabinet meeting called to discuss measures to address urea shortages. During the meeting, the Cabinet was set to approve a government notice that allows authorities to control production, shipments and sale

Politics Nov. 11, 2021

WASHINGTON -- The United States and South Korea have yet to make any decision on the timing of wartime operational control (OPCON) transfer to Seoul, US Department of Defense Press Secretary John Kirby said Wednesday. The press secretary also said the countries continue to make progress toward the proposed OPCON transition, but that they still have more work to do. "The other thing important to remember is that the OPCON transition is going to be conditions-based in accordance with bilate

Foreign Affairs Nov. 11, 2021

Main opposition presidential candidate Yoon Seok-youl traveled to the liberal stronghold of Gwangju on Wednesday and apologized in person for remarks seen as praising a former authoritarian president accused of bloodily quelling a democracy uprising in the southwestern city. Yoon of the conservative People Power Party was met by protesters as he arrived to pay his respects to victims of the 1980 massacre at the May 18th National Cemetery in Gwangju, 329 kilometers south of Seoul. Blocked by th

Politics Nov. 10, 2021

South Korean stocks slumped more than 1 percent Wednesday amid concerns about the rising inflation pressure. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) decreased 32.29 points, or 1.09 percent, to close at 2,930.17 points. Trading volume was moderate at about 559 million shares worth some 9.5 trillion won ($8 billion), with losers outnumbering gainers 807 to 86. Institutions sold net 236 billion won, while retail investors bought 235 bill

Market Nov. 10, 2021

South Korea's central bank chief will hold a meeting with economic experts this week to exchange views on recent economic trends, officials said Wednesday. Bank of Korea Gov. Lee Ju-yeol will meet seven economic experts from major think tanks, including the Samsung Economic Research Institute, at a Seoul hotel Thursday, according to the bank officials. Lee occasionally held the "discussion on economic trends" with experts from various economic sectors, but no such meetings have been

Economy Nov. 10, 2021

South Korea said Wednesday it can secure a two-and-a half month stockpile of urea solution for vehicles through various means amid a short supply of the key fluid needed in diesel cars to cut emissions. The government said the estimated stockpile is calculated based on planned imports from Australia, Vietnam and China, as well as secured amounts through crackdowns and the military's reserves. "Given the unspecified amount of domestic reserves, there will be no problem in securing urea sol

Social Affairs Nov. 10, 2021

The steelmaking conglomerate Posco has promised to create 25,000 new jobs over the next three years as part of the government's youth job and education support project, the Prime Minister's Office said Wednesday. Posco and its affiliates will hire 14,000 people annually for three consecutive years and run support programs for partners and startups to recruit 11,000 people over that period. The plan was revealed during a partnership announcement event between Posco and the Prime Minister's Offi

Economy Nov. 10, 2021

South Korea and a group of Latin American countries agreed to respond preemptively to the climate change crisis and seek ways to deepen cooperation in green sectors, the foreign ministry said Wednesday. At the Korea-Pacific Alliance Green Economy Forum, held both online and offline in Seoul, the two sides discussed cooperation on the hydrogen economy and other energy transition efforts, as they acknowledged the need for a shift to a low-carbon and eco-friendly economy, according to the ministry

Social Affairs Nov. 10, 2021

The foreign ministry has disclosed classified documents about a 1989 visit to North Korea by a then South Korean college student, including Pyongyang's demand that Seoul should not punish her for making the unauthorized trip. Lim Su-kyung, a member of a pro-unification group of college students, made the trip to attend a youth event in Pyongyang without the government's permission and returned to Seoul through the inter-Korean border village of Panmunjom. She was arrested upon return and sente

North Korea Nov. 10, 2021