Major South Korean shipbuilder Hanwha Ocean Co. said Monday it has won orders totaling 2.15 trillion won ($1.55 billion) for eight carriers from two Middle Eastern shippers. Hanwha Ocean will build four liquefied natural gas (LNG) ships for one undisclosed Middle Eastern shipper at a cost of 1.43 trillion won and four very large crude carriers (VLCCs) for another at 719.6 billion won, the company revealed in a regulatory filing. So far this year, Hanwha Ocean has bagged $5.3 billion worth of ord

Industry July 1, 2024

The office of President Yoon Suk Yeol will create the position of political affairs minister at the top office in an effort to strengthen communication with the National Assembly, Yoon's chief of staff said Monday. Presidential Chief of Staff Chung Jin-suk made the remark during a parliamentary steering committee meeting amid calls for Yoon's office to make greater efforts to reach out to the opposition-controlled parliament to better take care of state affairs and move its agenda forw

Politics July 1, 2024

South Korea's industry ministry said Monday it has hosted a business forum with Vietnam to seek new opportunities for partnerships in chips, artificial intelligence and other areas. Around 500 government and business officials from both countries attended the event, which took place during Vietnamese Prime Minister Pham Minh Chinh's visit to Seoul, according to the Ministry of Trade, Industry and Energy. The Vietnamese prime minister started his four-day trip to South Korea the previou

Foreign Affairs July 1, 2024

South Korean stocks opened a tad higher Monday amid eased woes over US inflation and rising political uncertainties. The benchmark Korea Composite Stock Price Index added 0.95 point, or 0.03 percent, to 2,798.77 in the first 15 minutes of trading. Last week, US key inflation data of the personal consumption expenditures price index rose 0.1 percent on-month for May, meeting the market expectations. However, escalating uncertainties over the upcoming US presidential election weighed heavily on th

Market July 1, 2024

A subway maintenance train caught fire on a rail track between Dogok and Daechi stations in southern Seoul in the wee hours of Monday, but the fire was put out shortly afterward without affecting train services during the morning rush hour. The blaze occurred at 3:42 a.m. from the motorcar train's battery on the southbound track of the No. 3 line, but firefighters extinguished it shortly after arriving at the scene, according to the subway operator. Seoul Metro sent out a message at 5:34 a.

Social Affairs July 1, 2024

Houses and roads were flooded Sunday as strong winds and heavy rain pounded the country, disrupting flights and passenger ships, and causing landslides and power outages in some areas, fire and provincial authorities said. Due to heavy rain that began Saturday, 18 domestic flights were canceled, and 13 domestic and international flights had been delayed at Jeju International Airport on the southern resort island of Jeju as of 10 a.m. Passenger ships connecting Incheon, west of Seoul, and nearby

Social Affairs June 30, 2024

North Korea vowed Sunday to take action to protect its sovereignty as it condemned South Korea, the United States and Japan for their recent joint military exercises. The move came amid a growing North Korea-Russia alignment after Russian President Vladimir Putin and North Korean leader Kim Jong-un signed a "comprehensive strategic partnership" treaty that calls for providing military assistance to each other without delay if either side comes under an armed attack. "We will prote

North Korea June 30, 2024

Busan, South Korea's second-largest city, appears to have entered a phase of extinction due to low birthrates and superaging population, becoming the nation's first metropolitan city to do so, said a research paper published on Friday. The paper from the Korea Employment Information Service estimated Busan's ratio of the population aged 65 or older at 23 percent as of March this year, making it the only metropolitan city to become a superaging society. The southeastern port city&#

Social Affairs June 29, 2024

South Korea on Saturday commemorated the 22nd anniversary of its victorious naval skirmish against North Korea, paying tribute to Navy sailors killed in action and vowing to honor their sacrifices with a firmer defense posture. The ceremony marking the anniversary of the Second Battle of Yeonpyeong took place at the Navy's 2nd Fleet Command in Pyeongtaek, 60 kilometers south of Seoul. Defense Minister Shin Won-sik, Chief of Naval Operations Adm. Yang Yong-mo and Vice Veterans Minister Lee Hee-wa

Defense June 29, 2024

A senior South Korean football executive in charge of the men's national team coaching search has offered to resign, officials said Saturday, as the country's bid to hire a new bench boss took an unexpected turn. According to officials at the Korea Football Association, Chung Hae-soung, head of the National Teams Committee at the KFA, expressed his intent to step down during his visit to the KFA headquarters in Seoul on Friday. Chung cited his declining health as a reason, but the KFA

Soccer June 29, 2024

South Korea, the United States and Japan are scheduled to conclude their first trilateral multidomian military exercise Saturday afternoon, the Joint Chiefs of Staff said, as the three countries looked to strengthen their deterrence against North Korean threats. Titled "Freedom Edge," the three-day exercise began Thursday in international waters south of South Korea's southern resort island of Jeju. Defense chiefs of the three nations had agreed to launch these drills earlier in June,

Defense June 29, 2024

The UN Security Council held an open meeting Friday to discuss arms cooperation between North Korea and Russia, where Western nations condemned the two countries' transactions while Russia called them "completely false." South Korean Ambassador to the UN Hwang Joon-kook, this month's rotating UNSC president, presided over the meeting that at one point descended into an exchange of sharp criticism between the representatives of the United States, Russia and China. The meetin

North Korea June 29, 2024

South Korea's exports of pharmaceutical and bio technologies surged from a year earlier in the first half of the year, data showed Saturday. In the first six months of the year, the country exported 4.5 trillion won ($3.26 billion) worth of pharmaceutical and bio technologies, up 55 percent from 2.9 trillion won for the same period last year, according to the data from the Korea Pharmaceutical and Bio-Pharma Manufacturers Association. The number of export deals dropped to seven from 12 over

Economy June 29, 2024

The financial regulator has lowered maximum rates for loans extended by secondary lenders, such as savings banks, to people with mid- and low-level credit scores, market sources said Saturday. According to the sources, the Financial Services Commission has cut the maximum rate on loans from mutual finances to 10.22 percent in the second half of the year from the 10.5 percent applied in the first six months. The maximum rate for midrange interest rate loans from savings banks has also been reduce

Economy June 29, 2024

Tickets for summer exhibition matches in Seoul involving the Premier League club Tottenham Hotspur have all sold out, organizers announced Saturday. South Korean streaming service Coupang Play said tickets for two matches in the "2024 Coupang Play Series" were all snapped up after going on sale at 8 p.m. Friday on its website. Tickets were only available to paying members of Coupang WOW services. Tottenham, captained by South Korean star Son Heung-min, will first face Team K League, ma

Soccer June 29, 2024