Seoul shares closed lower Thursday amid investors' disappointment on Micron Technology's earnings results. The local currency gained ground against the US dollar. The benchmark Korea Composite Stock Price Index fell 7.99 points, or 0.29 percent, to 2,784.06. Trade volume was moderate to a little slim at 387.4 million shares worth 10.1 trillion won ($7.3 billion), with losers far outnumbering winners 619 to 262. Foreigners and retail investors purchased local shares worth 509.5 billion

Market June 27, 2024

North Korea sent more than 180 trash-carrying balloons toward South Korea overnight, the Joint Chiefs of Staff said Thursday, in what marked its third consecutive balloon launch this week. Some 70 balloons, largely carrying small pieces of paper, mostly landed in Seoul and the northern part of Gyeonggi Province that surrounds the capital, the JCS said in a notice to reporters. As of 9 a.m., there were no balloons floating in the air, while an analysis of retrieved trash has so far indicated they

North Korea June 27, 2024

The United States will oppose any cooperation between Russia and North Korea on Russia-occupied parts of Ukraine's territory, a State Department official said Wednesday, amid speculation that North Korean workers could potentially be sent there for reconstruction work. Matthew Miller, the spokesperson, made the remarks as concerns have arisen that a recent security treaty between Russia and the North would likely bolster their military cooperation to the extent that Pyongyang could even com

Foreign Affairs June 27, 2024

Top industry officials of South Korea, the United States and Japan expressed concerns Wednesday over the "weaponization" of economic dependencies on certain supply sources for strategic goods as they held their first trilateral meeting on economic security in Washington. South Korean Industry Minister Ahn Duk-geun, US Commerce Secretary Gina Raimondo and Japanese Industry Minister Ken Saito issued a joint statement following the Commerce and Industry Ministerial Meeting, which undersco

Foreign Affairs June 27, 2024

Seoul shares opened lower Thursday despite overnight gains on Wall Street as big-cap tech stocks started off weak. The benchmark Korea Composite Stock Price Index fell 24.58 points, or 0.88 percent, to 2,767.47 in the first 15 minutes of trading. Overnight, Wall Street closed higher, mainly driven by megacap tech shares' performance. But Micron Technology declined after earnings results failed to meet investors' expectations. In Seoul, market bellwether Samsung Electronics lost 0.74 pe

Market June 27, 2024

The "entire" Korean Peninsula could go nuclear if former President Donald Trump returns to the White House, strikes an inadequate nuclear deal with North Korea and pulls out American troops from South Korea, a prominent US expert said Wednesday. Victor Cha, senior vice president for Asia and Korea chair at the Center for Strategic and International Studies, made the prediction in an article in Foreign Affairs magazine, noting the hope that "reasonable" lawmakers at the Capito

Foreign Affairs June 27, 2024

North Korea claimed to have successfully conducted a missile test aimed at securing multiple warhead capability, state media said Thursday, contradicting South Korea's assessment that the test is believed to have ended in failure. During the test conducted Wednesday, the North's Missile Administration "successfully conducted the separation and guidance control test of individual mobile warheads," the Korean Central News Agency said. The North said the test was "aimed at

North Korea June 27, 2024

North Korea on Wednesday sent balloons presumed to be carrying trash toward South Korea again, the Joint Chiefs of Staff (JCS) said, in what marked its third consecutive balloon launch campaign this week alone. The JCS said the balloons appeared to be travelling in a southeastern direction from the northern part of Gyeonggi Province that surrounds Seoul. It advised the public to not touch fallen balloons and report them to the military or police. With the latest launch, North Korea is estimated

North Korea June 26, 2024

Seoul shares closed higher Wednesday as big-cap tech shares gained ground tracking a US tech rebound. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index increased 17.66 points, or 0.64 percent, to 2,792.05. Trade volume was moderate at 524.6 million shares worth 11.02 trillion won ($7.9 billion), with losers outnumbering winners 510 to 355. Foreigners purchased 502.6 billion won worth of shares, offsetting retail investors and institutions' sale o

Market June 26, 2024

The finance ministry said Wednesday it will provide low-interest loans of 17 trillion won ($12.22 billion) next month for corporate investment in the semiconductor industry and will push to extend tax benefits for investment in strategic technologies. It is part of execution plans for the comprehensive support package worth 26 trillion won announced by President Yoon Suk Yeol last month and designed to support the key industry amid intensifying global competition. Under the plan, the government

Industry June 26, 2024

Nuclear envoys of South Korea, the United States and Japan discussed coordination efforts Wednesday after North Korea fired a ballistic missile that appears to have failed, Seoul's foreign ministry said. Lee Jun-il, director general for Korean Peninsula policy, shared the assessment on the latest missile launch, with his US and Japanese counterparts, Jung Pak and Yukiya Hamamoto, respectively, the ministry said. "The three sides condemned the North's ballistic missile launch as a

Defense June 26, 2024

Three officials at lithium battery maker Aricell were booked Wednesday for allegedly violating the industrial safety laws in connection with this week's deadly factory fire that claimed 23 lives, labor authorities said. The labor ministry's special investigation team said the government issued an order for Aricell to completely suspend the entire operations of its gutted plant in Hwaseong, 45 kilometers south of Seoul, as of 9 a.m. Wednesday. As many as 23 employees, mostly foreigners,

Social Affairs June 26, 2024

The United States on Tuesday condemned North Korea's ballistic missile launch this week as a violation of UN Security Council resolutions and renewed calls for the recalcitrant regime to return to dialogue. The South Korean military said that the North fired an unspecified ballistic missile from a site in or around Pyongyang on Wednesday morning, but its launch is presumed to have failed. The launch appears to have involved a hypersonic missile, according to a source. "The United State

Foreign Affairs June 26, 2024

North Korea has launched more than 250 trash-carrying balloons toward South Korea overnight, Seoul's military said Wednesday, marking the sixth launch of such balloons since late last month. Some 100 balloons, mostly carrying scrap paper, landed in Seoul and the northern part of Gyeonggi Province that surrounds the capital, the Joint Chiefs of Staff said in a notice to reporters. As of 9 a.m., there were no balloons floating in the air, while an analysis of retrieved balloons showed they di

North Korea June 26, 2024

The presidential office convened a security situation assessment meeting on Wednesday to discuss North Korea's latest ballistic missile launch. Yin Sung-hwan, the second deputy national security adviser, presided over the meeting shortly after North Korea fired a ballistic missile from the Pyongyang region toward the East Sea at around 5:30 a.m., according to sources familiar with the matter. The Joint Chiefs of Staff said the launch apparently failed and an in-depth analysis is under way.

North Korea June 26, 2024