The United States remains open to diplomacy and dialogue with North Korea, a White House spokesperson said Monday, despite North Korea's missile launch that it said poses threat to US allies in the region. Karine Jean-Pierre, principal deputy spokeswoman for the White House, said the US offer to meet anywhere, anytime also remains unchanged. "So you know our position has not changed when it comes to North Korea," she said when asked aboard the Air Force One en route to Boise, Idaho whe

Diplomatic Circuit Sept. 14, 2021

South Korea's export prices rose in August, marking the ninth straight monthly gain amid a strong recovery in exports, central bank data showed Tuesday. The country's export price index, in terms of the local currency, rose 1 percent in August from the previous month, according to the preliminary data from the Bank of Korea (BOK). The reading marked the ninth consecutive month of an on-month rise. In July, the index rose 3.5 percent on-month. From a year earlier, the index jumped 18.6 perce

Economy Sept. 14, 2021

South Korea's top court has confirmed a lower court's order to seize Mitsubishi Heavy Industries Ltd.'s assets here to compensate wartime forced labor victims, judicial officials said Monday. The Supreme Court on Friday dismissed the Japanese company's appeal of a court order to seize its six patent rights and two trademark rights registered in South Korea. In 2018, the top court ordered Mitsubishi to compensate South Korean workers who were mobilized into forced labor in the company's plants

Social Affairs Sept. 13, 2021

South Korea and Australia reaffirmed their shared commitment to promoting stability in the Indo-Pacific region during their foreign and defense ministers' talks Monday, casting themselves as "like-minded" democracies amid China's growing assertiveness and North Korea's renewed threats. Foreign Minister Chung Eui-yong, Defense Minister Suh Wook, and their Australian counterparts, Marise Payne and Peter Dutton, respectively, held their countries' fifth biennial "two-plus-two"

Foreign Affairs Sept. 13, 2021

South Korean stocks edged up after choppy trading Monday as investors remained cautious after a fall on Wall Street last week amid concerns about rising inflation. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 2.1 points, or 0.07 percent, to close at 3,127.86 points. Trading volume was moderate at about 718 million shares worth some 13.3 trillion won ($11.3 billion), with gainers outnumbering losers 579 to 286. Foreigners bought a net 139

Market Sept. 13, 2021

Chung Sye-kyun, former prime minister and presidential hopeful, on Monday decided to drop out of the ruling party's presidential primary race, according to his campaign team representatives. The former business executive-turned-politician decided to end his primary race after holding a meeting with his campaign team and plans to hold a press conference to announce his decision at the National Assembly later in the day. Chung, a former six-term lawmaker, stepped down as prime minister in April

Politics Sept. 13, 2021

The top nuclear envoys of South Korea and Japan held talks in Tokyo on Monday to discuss cooperation in resuming dialogue with North Korea, amid renewed tensions caused by Pyongyang's recent cruise missile launches. The talks between Seoul's chief nuclear negotiator, Noh Kyu-duk, and his Japanese counterpart, Takehiro Funakoshi, came on the eve of their trilateral meeting with the US special representative for the North, Sung Kim. Earlier in the day, the North's official Korean Central News Ag

Foreign Affairs Sept. 13, 2021

Six American soldiers and three family members have tested positive for the new coronavirus upon their arrival here, US Forces Korea (USFK) said Monday. Four of the service members and a family member arrived at Osan Air Base in Pyeongtaek, 70 kilometers south of Seoul, on US government-chartered flights, while the others arrived at Incheon international airport, west of the capital, via commercial flights between Aug. 26 and Sept. 6, according to the US military. The latest cases raised the t

Defense Sept. 13, 2021

The National Assembly on Monday approved the resignation of Rep. Yun Hee-suk of the main opposition People Power Party (PPP), who offered to resign following speculation allegations over her father's past real estate transaction. Yun, a former economist and a rising PPP freshman member, had offered to give up her seat and presidential bid last month after being included in a group of main opposition lawmakers who either themselves or their families were suspected of being linked to speculative

Politics Sept. 13, 2021

Finance Minister Hong Nam-ki on Monday raised the need to strengthen the monitoring of the property market as the latest rate hike and the talks of US tapering could increase market volatility. The minister also called for ways to encourage the private sector to take part in the government's efforts to increase the home supply. "There is a need to strengthen the monitoring of the housing market due to changes in real estate market conditions," Hong told a meeting with senior government

Economy Sept. 13, 2021

South Korean shipbuilder Samsung Heavy Industries Co. said Monday that it has been in talks with contractors to build liquefied natural gas (LNG) carriers to transport the LNG to be produced in northern Siberia of Russia. But "nothing has yet to be determined in the talks," Samsung Heavy said in a regulatory filing. Samsung Heavy's announcement came shortly after a report by a local newspaper that the shipbuilder is likely to win orders estimated at about 3 trillion won ($2.6 billion)

Industry Sept. 13, 2021

The COVID-19 pandemic slashed South Korea's 2021-22 potential growth rate by 0.2 percentage point to 2 percent, the Bank of Korea (BOK) said Monday. South Korea's potential growth rate, which refers to the maximum possible rate an economy can grow without triggering inflation, has been on a steady decline due to a shrinking working-age population and mounting household debts. But the pandemic prompted the nation's potential growth rate to further decline as it dealt a heavy blow to small merchan

Economy Sept. 13, 2021

The amount of payments made electronically hit a record high in the first half of this year, central bank data showed Monday, as the COVID-19 pandemic prompted more people to engage in contact-free commerce. The daily average amount of electronic financial transactions came to 863.5 billion won ($738 million) in the January-June period, up 12.8 percent from six months earlier, according to the data from the Bank of Korea (BOK). The reading marked the highest amount since the central bank started

Economy Sept. 13, 2021

South Korea on Monday proposed a new pact on digital trade with Southeast Asia to cope with the changing global business environment and forge deeper economic ties with the region. Trade Minister Yeo Han-koo held a virtual meeting of economic ministers with his ASEAN counterparts to share opinions on various issues, covering trade and the environment, according to the Ministry of Trade, Industry and Energy. ASEAN comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Th

Economy Sept. 13, 2021

South Korea's industry ministry on Monday designated eight additional hydrogen-focused businesses eligible to receive state financial support, in line with the country's goal to slowly phase out conventional resources and go carbon neutral by 2050. The country launched a new law on promoting the hydrogen economy in February, under which companies whose business portfolio covers the sector can receive state subsidies of up to 150 million won (US$128,000). So far, 19 companies have been tapped to

Industry Sept. 13, 2021