South Korean stocks opened lower on Monday, as investors sat on the sidelines over policy uncertainties under the incoming Trump administration. The benchmark Korea Composite Stock Price Index fell 12.6 points, or 0.49 percent, to 2,548.55 in the first 15 minutes of trading. In Seoul, top tech giant Samsung Electronics moved down 2.11 percent, and No. 2 chipmaker SK hynix shed 1.8 percent. Top battery maker LG Energy Solution, on the other hand, increased 8.91 percent. Top steelmaker Posco Holdi

Market Nov. 11, 2024

Police said Sunday they have identified over 4,700 minors involved in online gambling activities over the past year. The National Police Agency said 4,715 individuals under the age of 19 were discovered during a special crackdown on illegal online gambling conducted from September 2023 to October this year. No arrests of minors have been made. The figure accounts for 47.2 percent of all age groups involved in the crackdown. Initially, police focused on targeting illegal gambling operators and ha

Social Affairs Nov. 10, 2024

Loans from savings banks, credit unions and other secondary financial institutions rose sharply last month as authorities tightened credit regulations for major banks, officials said Sunday. Loans from savings banks, credit card firms, insurance companies and other second-tier lenders surged over 1.5 trillion won ($1.02 billion) in October, the largest gain since July 2021, according to the officials from the financial sector. In detail, cash advances and other loans from credit card firms and c

Economy Nov. 10, 2024

A fire broke at a Posco factory in the southeastern city of Pohang early Sunday, leaving one worker injured, fire authorities said. The fire started with multiple explosions at the steel company's third Finex furnace of the plant, located about 270 kilometers southeast of Seoul, at around 4:20 a.m. The blaze was initially contained by around 6:30 a.m. and completely extinguished at around 9:20 a.m. Witnesses reported hearing explosions that felt like an earthquake, and some said they felt the gr

Social Affairs Nov. 10, 2024

K-pop boy group Seventeen has been honored with a certificate of appreciation from Los Angeles for its contributions to music and youth empowerment within the American city, the group's agency said Saturday. Pledis Entertainment said Joshua, the LA-born member of the 13-piece group, was invited by the LA City Council to receive the certificate on the group's behalf Friday. Joshua was born and raised in LA before moving to South Korea after high school to pursue a career in music. The g

K-pop Nov. 9, 2024

North Korea staged GPS jamming attacks for the second consecutive day Saturday, affecting several ships and dozens of civilian aircraft, South Korea's military said. The jamming attacks were conducted in the North's Haeju and Kaesong areas, the Joint Chiefs of Staff said, warning vessels and civilian aircraft operating in the Yellow Sea to beware of the attacks. Military operations and equipment were not affected, according to the JCS. "North Korea should immediately halt the GPS provocatio

North Korea Nov. 9, 2024

More than 3,700 North Koreans visited Russia during the third quarter this year for "study" purposes, marking the highest quarterly figure since 2010, a United States news outlet reported Saturday. US broadcaster Radio Free Asia said a total of 5,263 North Korean nationals visited Russia during the July-September period, citing data from Russia's Federal State Statistics Service. The number is comparable to the 5,591 recorded during the same period in 2019, after which it dropped

North Korea Nov. 9, 2024

President Yoon Suk Yeol will convene an emergency economic and security meeting Sunday to discuss the possible impact of former US President Donald Trump's return to office, Yoon's office said Friday. The meeting will focus on monitoring potential policy shifts under the Trump administration and preparing proactive response measures, the office said. Ministers of economy, foreign affairs, defense and trade along with senior presidential aides will attend the meeting. A second Donald Tr

Foreign Affairs Nov. 8, 2024

President Yoon Suk Yeol said a nuclear-based alliance between South Korea and the United States will immediately strike if North Korea attempts a nuclear attack against the South, according to an interview published Friday. Yoon made the remark during an interview with US magazine Newsweek to address growing concerns over North Korea's evolving nuclear and missile threats. "I believe that it would be irrational for them to decide to wage a nuclear attack against the Republic of Korea a

North Korea Nov. 8, 2024

The presidential office said Friday cyber attacks by pro-Russian hacking groups against South Korea have increased following North Korea's troop deployment to Russia in support of its war in Ukraine. The National Security Council (NSC) held an emergency intra-agency meeting on Thursday after several government websites, including those of the defense ministry and courts, suffered distributed denial-of-service (DDoS) attacks earlier this week. The NSC said the cyber attacks, mostly DDoS, by

North Korea Nov. 8, 2024

South Korean stocks closed lower Friday as uncertainties over the incoming Trump administration's policies overshadowed a back-to-back rate cut by the Federal Reserve. The local currency sharply rose against the US dollar. The benchmark Korea Composite Stock Price Index fell 3.48 points, or 0.14 percent, to close at 2,571.15. Trade volume was moderate at 440.7 million shares worth 9.63 trillion won ($6.94 billion), with losers outpacing winners 469 to 388. Foreigners sold a net 18.1 billion

Market Nov. 8, 2024

Myung Tae-kyun, a self-proclaimed power broker at the center of a growing political scandal, appeared before prosecutors Friday for questioning over allegations of receiving illicit funds from a former ruling party lawmaker in exchange for his assistance with her candidacy in the 2022 parliamentary by-elections in violation of political funding laws. Myung, who runs a public polling agency, arrived at the Changwon District Prosecutors Office in the city about 300 kilometers southeast of Seoul at

Politics Nov. 8, 2024

South Korea fired a Hyunmoo-II surface-to-surface ballistic missile into the Yellow Sea this week in a show of force after North Korea's recent series of missile launches, the Joint Chiefs of Staff said Friday. The live-fire exercise took place Thursday in the western coastal county of Taean, 108 kilometers southwest of Seoul, days after North Korea fired short-range ballistic missiles Tuesday and a new intercontinental ballistic missile (ICBM) last week. Under a scenario of a North Korean

Defense Nov. 8, 2024

The South Korean central bank said Friday uncertainties have grown over global growth, inflation, and monetary policy paths of major economies following Donald Trump's presidential election victory, vowing enhanced market monitoring and timely responses. Bank of Korea Deputy Gov. Ryoo Sang-dai made the comment during a meeting meant to check the market situation after the Federal Reserve on Thursday decided to cut the benchmark interest rate by 0.25 percentage point, the second consecutive

Economy Nov. 8, 2024

South Korean stocks opened sharply higher, tracking overnight gains on Wall Street, after the US Federal Reserve lowered its benchmark interest rate by a quarter-percentage point. The Korean won also sharply gained against the greenback. The benchmark Korea Composite Stock Price Index added 25.57 points, or 1 percent, to 2,590.2 in the first 15 minutes of trading. The rate cut marked the second consecutive reduction following a 50-basis-point cut in September. The move came after Republican flag

Market Nov. 8, 2024