The defense ministry on Thursday declined comment on North Korea's branding of South Korea's new submarine-launched ballistic missile (SLBM) as a "clumsy product," only saying that the country has been steadily strengthening defense capabilities. On Monday, Jang Chang-ha, the chief of the North's Academy of National Defense, said in a statement South Korea's newly unveiled SLBM looked like a "poor weapon without all its shape," questioning its underwater capabilities. Asked f

Defense Sept. 23, 2021

South Korea and the United States will hold biannual defense talks in Seoul next week to discuss regional security situations and pending alliance issues, the defense ministry said Thursday. During the 20th Korea-US Integrated Defense Dialogue (KIDD), which will kick off Monday for a two-day run, the two sides will discuss "major pending security issues," such as the assessment of the security situation on the Korean Peninsula and the policy coordination on North Korea, according to th

Diplomatic Circuit Sept. 23, 2021

South Korean President Moon Jae-in has received the remains of 68 Korean soldiers, killed in the 1950-53 Korean War, from the United States in a ceremony in Honolulu. South Korea also handed over five sets of American service members' remains to the US during the joint repatriation ceremony held at Hickam Air Force Base in Hawaii. The Defense POW/MIA Accounting Agency (DPAA) hosted the event, along with the South Korean defense ministry's Agency for KIA Recovery and Identification, and Moon &quo

Politics Sept. 23, 2021

The foreign ministers of South Korea and Japan plan to hold talks in New York this week on the sidelines of the UN General Assembly in what would be only their second one-on-one meeting amid strained relations between the two countries. The talks between Foreign Minister Chung Eui-yong and his Japanese counterpart, Toshimitsu Motegi, are expected to take place Thursday (New York time), a day after the two held trilateral talks with US Secretary of State Antony Blinken, officials said. It will ma

Diplomatic Circuit Sept. 23, 2021

South Korea's daily coronavirus cases stayed above 1,700 for the third day in a row Thursday due to fewer tests during the three-day Chuseok holiday, the Korean equivalent of Thanksgiving, but concerns run high over a potential resurgence across the country down the road. The country reported 1,716 new COVID-19 cases, including 1,698 local infections, raising the total caseload to 292,699, according to the Korea Disease Control and Prevention Agency.  The latest caseload was slightly d

Social Affairs Sept. 23, 2021

South Korean stocks opened steeply lower Thursday after the three-day Chuseok holiday, following comments by the US Federal Reserve's chief that it could start tapering its stimulus as early as November and growing woes over a default of a giant Chinese real estate developer. The benchmark Korea Composite Stock Price Index (KOSPI) fell 17.83 points, or 0.57 percent, to 3,122.68 points in the first 15 minutes of trading. The key stock index plunged as investors digest the overnight US FOMC mee

Market Sept. 23, 2021

South Korea plans to closely monitor financial markets as China Evergrande Group's debt problems and uncertainty about the Federal Reserve's tapering issue could increase market volatility, a senior government official said Thursday. First Vice Finance Minister Lee Eog-weon said the government will also pump up efforts to slow the growth of household debt in a bid to ease financial imbalances. Global financial markets were rattled this week ahead of the Fed's policy meeting and due to concerns

Economy Sept. 23, 2021

The Korea Electric Power Corp. (KEPCO), South Korea's state-run utility firm, announced Thursday it plans to raise the electricity rate in the fourth quarter of 2021 to reflect the hike in the global price of resources. KEPCO said it plans to terminate the discount of 3 won ($0.0025) per kilowatt-hour, which has been applied since the first quarter, in October, effectively raising costs for households. Under the new rates, an average four-member household is expected to pay 1,050 won extra eve

Industry Sept. 23, 2021

A global shortage of chips used in autos is expected to have a limited impact on third-quarter earnings of South Korea's top two carmakers Hyundai Motor Co. and Kia Corp., a market tracker said Thursday. The market consensus for Hyundai's operating profit amounts to 1.78 trillion won ($1.51 billion) for the July-September period, according to an analysis by Yonhap Infomax, the financial news arm of Yonhap. Yonhap Infomax has analyzed earnings forecasts for the leading automakers, which 17 loca

Industry Sept. 23, 2021

The Air Force has formed a space committee jointly with civilian experts to chart a path for South Korea to expand its presence in space and strengthen defense capabilities against emerging threats, officials said Thursday. An inauguration ceremony for the 43-member "Air Force Space Power Development Committee" was set to be held at the Air Force headquarters in the central city of Gyeryong, officials said. Co-headed by Air Force Chief of Staff Gen. Park In-ho and the Korea Aerospace R

Defense Sept. 23, 2021

South Korea's exports rose 22.9 percent on-year in the first 20 days of September on the back of robust demand for chips, petroleum products and autos, customs data showed Thursday. The country's outbound shipments stood at $36.1 billion in the Sept. 1-20 period, compared with $29.4 billion a year earlier, according to the data from the Korea Customs Service. Imports increased 38.8 percent on-year to $35 billion, resulting in a trade surplus of $1.12 billion during the cited period, the data s

Economy Sept. 23, 2021

South Korea's listed companies are likely to see their earnings spike nearly 50 percent in the third quarter on brisk exports, a market tracker said Thursday. The combined operating income of 246 listed firms is expected to reach 59.6 trillion won ($50.6 billion) for the July-September period, up about 49 percent from a year earlier, according to FnGuide. The operating profit outlook still remains high though it is much lower than forecasts of 118 percent and 91 percent for the first and secon

Economy Sept. 23, 2021

The top diplomats of South Korea, Japan and the United States met in New York to discuss North Korea and other issues. The meeting between South Korean Foreign Minister Chung Eui-yong, Japanese Foreign Minister Toshimitsu Motegi and US Secretary of State Antony Blinken was held on the sidelines of the U.N. General Assembly on Wednesday (local time). "The secretary and ministers of the three countries will discuss the Korean Peninsula issue and other regional and global matters," a Seou

Diplomatic Circuit Sept. 23, 2021

Major South Korean companies' dependence on overseas markets for sales increased in the first half of the year amid the coronavirus pandemic, data showed Thursday. Combined overseas sales of the country's top 100 firms by revenue climbed 13.2 percent on-year to 397.3 trillion won ($337 billion) in the January-June period, according to the data from the Federation of Korean Industries (FKI). The amount accounted for 54.9 percent of their total top line for the first half, up 2.8 percentage poin

Economy Sept. 23, 2021

South Korean President Moon Jae-in awarded posthumous medals of honor to two Korean immigrants in Hawaii Wednesday, with their descendants in attendance at the ceremony. It marked the first time that a South Korean president held a medal-awarding ceremony abroad for those recognized for independence activities during Japan's colonial rule of Korea from 1910-45, Cheong Wa Dae said. Moon bestowed the Order of Merit for National Foundation on the two late figures -- Kim No-di and Ahn Jung-song -- f

Politics Sept. 23, 2021