North Korea's obnoxious sending of trash-filled balloons to South Korea is a "form of soft terrorism," a US think tank report said Tuesday, stressing it should not be taken lightly though it reflects the recalcitrant regime's "weakness" and "insecurity." Victor Cha, senior vice president for Asia and Korea chair at the Center for Strategic and International Studies, and Andy Lim, an associate fellow with the CSIS Korea Chair, released the report that analy

Foreign Affairs July 3, 2024

The South Korean baseball club SSG Landers reinstated pitcher Roenis Elias from the injured list Tuesday, while terminating a deal with his temporary replacement in a corresponding move. The Landers said Elias, who had been out since May 18 with an oblique injury, will start against the NC Dinos on Wednesday at Changwon NC Park in the southeastern city of Changwon. The Cuban left-hander last pitched on May 12, and was sidelined before his next scheduled start six days later. With Elias out, th

Baseball July 2, 2024

Naver Corp. CEO Choi Soo-yeon confirmed Tuesday the company will not sell its stake in Japan's LY Corp., the operator of popular mobile messenger Line, in the "short term" amid LY's push to lessen its dependence on Naver. "We don't plan to sell the stake in the short term," Choi said, while noting the company cannot give confirmation on its mid-to-long term strategy. Naver, South Korea's biggest internet portal operator, holds a 50 percent stake in A H

Companies July 2, 2024

The Minimum Wage Commission on Tuesday voted down a proposal to adopt different rates by industry next year. In a vote that took place during the commission's plenary session at the government complex in the central city of Sejong, 15 were against the different minimum wage rates, while 11 were in favor. There was one invalid vote. Since differentiated minimum wages were adopted for the first time in 1988, the same minimum wage has been set annually across all industrial sectors. The ma

Social Affairs July 2, 2024

South Korean stocks fell sharply Tuesday ahead of key economic events in the United States later this week. The local currency traded weaker against the US dollar. The benchmark Korea Composite Stock Price Index fell 23.45 points, or 0.84 percent, to 2,780.86, ending a two-session winning streak. Trade volume was moderate at 532.3 million shares worth 11.5 trillion won ($8.28 billion), with decliners sharply outnumbering gainers 691 to 195. Foreigners and institutions sold a net 30 billion won a

Market July 2, 2024

South Korea resumed live-fire exercises at artillery ranges near the border with North Korea on Tuesday for the first time in six years, following the suspension of an inter-Korean tension-reduction pact that restricted such drills. Troops fired some 140 rounds using the K9 and K105A1 self-propelled howitzers during the drills at front-line ranges in the provinces of Gyeonggi and Gangwon, located within 5 kilometers of the Military Demarcation Line within the Demilitarized Zone (DMZ) separating

Defense July 2, 2024

The ruling People Power Party threatened to launch a filibuster Tuesday if the opposition seeks to pass a contentious bill mandating a special counsel investigation into the military's response to a Marine's death last year. The move comes as the main opposition Democratic Party is pushing to pass the bill and three broadcasting law revisions during this week's parliamentary plenary session despite objections from the PPP. The special probe bill calls for a special counsel to look

Politics July 2, 2024

President Yoon Suk Yeol accepted the resignation of Korea Communications Commission Chairman Kim Hong-il on Tuesday, his office said, before a National Assembly vote on his impeachment. Kim offered to voluntarily step down earlier in the day, a move designed to have a successor continue the duties because impeachment would suspend the job. The position holds the key to decisions on broadcasting stations, including the appointment of a new president at MBC TV. The resignation came just hours befo

Politics July 2, 2024

The head of the broadcasting regulator voluntarily stepped down Tuesday, as opposition parties are set to vote on an impeachment motion against him. Kim Hong-il, chair of the Korea Communications Commission, offered his resignation and skipped a Cabinet meeting earlier in the day. His voluntary stepping down came hours before the main opposition Democratic Party is set to report an impeachment motion against him to a plenary session of the National Assembly, citing "abuse of power." Th

Politics July 2, 2024

South Korean stocks opened slightly lower Tuesday despite overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index lost 7.76 points, or 0.28 percent, to 2,796.55 in the first 15 minutes of trading. Overnight, Wall Street closed slightly higher, while investors awaited US labor market data and the Federal Reserve minutes due later this week to seek clues about the interest rate outlook. The Dow Jones Industrial Average rose 0.13 percent, and the tech-heavy Nasdaq went up 0.

Market July 2, 2024

South Korea's consumer prices slowed to an 11-month low in June, though prices of fresh food items and petroleum products remained high, data showed Tuesday. Consumer prices, a key gauge of inflation, rose 2.4 percent on-year last month, compared with a 2.7 percent on-year rise a month earlier, according to the data from Statistics Korea. It was the third consecutive month that the price decelerated and stayed below 3 percent, and June's figure marked the lowest level since July 2023,

Economy July 2, 2024

North Korea has test-fired a new tactical ballistic missile capable of carrying a super-large warhead, state media reported Tuesday, a day after South Korea said the North fired two missiles and one of them could have failed. North Korea successfully launched the Hwasong-11Da-4.5 missile capable of carrying a 4.5 ton-class super-large warhead on Monday, according to the Korean Central News Agency. "The test-fire was conducted with a missile tipped with a simulated heavy warhead to verify fl

North Korea July 2, 2024

Rival parties clashed Monday over a bill mandating a special counsel investigation into the military's response to a Marine's death last year. The parliamentary House Steering Committee held a plenary meeting and questioned Chung Jin-suk, the presidential chief of staff, Principal Deputy National Security Adviser Kim Tae-hyo and other officials about the Marine's death. Lawmakers of the main opposition Democratic Party reiterated their calls for a special probe bill surrounding

Politics July 1, 2024

South Korean stocks finished a tad higher Monday as investors took a breather ahead of the release of the Fed minutes and the second-quarter earnings guidance of Samsung Electronics. The local currency fell against the US dollar on the first day of won-dollar transactions being extended until 2 a.m. The benchmark Korea Composite Stock Price Index added 6.49 points, or 0.23 percent, to 2,804.31. Trade volume was slim at 452.5 million shares worth 9.8 trillion won ($7.1 billion), with losers beati

Market July 1, 2024

Hanwha Aerospace Co. said Sunday it aims to generate 2.9 trillion won ($2.08 billion) in sales from the global aviation engine components business by 2032, with a target to secure capabilities for developing its own engine technologies for fighter jets. "Hanwha Aerospace has been actively promoting its global engine parts business, with Hanwha Aerospace USA (HAU) playing a key role," said Park Myong-hwan, chief financial officer at HAU. "We aim to achieve 2.9 trillion won in sales

Industry July 1, 2024