Seoul shares opened higher Friday following tech gains on Wall Street, although investors remained concerned about a potential slower pace of the Federal Reserve's rate cuts. The benchmark Korea Composite Stock Price Index rose 25.4 points, or 0.98 percent, to 2,606.43 in the first 15 minutes of trading. Overnight, US stocks ended mixed. The Dow Jones Industrial Average fell 0.33 percent to 42,374.36, while the tech-heavy Nasdaq Composite rose 0.76 percent to 18,415.49. In Seoul, tech stock

Market Oct. 25, 2024

The first batch of North Korean troops sent to Russia to support its war in Ukraine has reportedly arrived in Russia's western border region near Ukraine, according to Ukrainian media on Friday. The North Korean military unit was spotted Wednesday in the "war zones" of Russia's Kursk region, where Ukrainian forces have been conducting operations since launching an incursion in August, Ukrainian media outlets, including Ukrainska Pravda, reported, citing Ukrainian intelligence

North Korea Oct. 25, 2024

A fire broke out at a US Forces Korea (USFK) storage facility in the southeastern port city of Busan on Thursday, officials said, with no casualties reported so far. The blaze occurred at 6:31 p.m. at the USFK's Busan Storage Center in Busan, 320 kilometers southeast of Seoul, according to officials. More than 160 personnel and 51 pieces of fire equipment have been mobilized to extinguish the fire, which is believed to have started during plumbing work. As of 7:55 p.m., Busan fire authoriti

Social Affairs Oct. 24, 2024

Ruling People Power Party (PPP) chief Han Dong-hoon's call for appointing an independent inspector general investigating corruption by the president's family has sparked internal conflict, driving a wedge between him and the floor leader. During a supreme council meeting Thursday, Han reiterated his calls to begin the process to appoint an independent inspector general responsible for investigating corruption by the president's spouse, close relatives and senior presidential aides

Politics Oct. 24, 2024

Prosecutors on Thursday reaffirmed their demand for a fine of 3 million won ($2,174) against the wife of opposition leader Lee Jae-myung on charges of providing free meals to several people ahead of the 2021 party election to pick a presidential candidate. The Suwon District Prosecutors Office demanded the fine against Kim Hye-kyung during the closing hearing on charges of election law violations. She was indicted for providing meals worth 104,000 won to the wives of three former and current p

Politics Oct. 24, 2024

A group representing the families of those abducted by North Korea vowed Thursday to fly leaflets into North Korea next week, aiming to raise awareness about the abductee issue. About 100,000 leaflets bearing the names and photos of abductees in North Korea will be sent across the border from the western border city of Paju sometime next week, the group said in a press conference in Suwon, south of Seoul. A copy of the leaflet shown by the group included images and descriptions of those abduct

Social Affairs Oct. 24, 2024

Seoul shares closed lower Thursday on tech losses amid concerns over weak economic growth and diminishing expectations for Federal Reserve rate cuts. The Korean won, however, snapped its 8-day losing streak against the U.S. dollar. The benchmark Korea Composite Stock Price Index fell 18.59 points, or 0.7 percent, to close at 2,581.03. Trade volume was moderate, with 336.43 million shares worth 9.47 trillion won ($6.9 billion) changing hands, and losers outnumbering gainers 613 to 256. Institutio

Market Oct. 24, 2024

The main opposition Democratic Party plans to push for the passage of a bill calling for a special counsel probe into allegations involving first lady Kim Keon Hee at a parliamentary plenary session next month, an official said Thursday. The DP has previously voted for two similar bills, only to see them scrapped in revotes conducted following President Yoon Suk Yeol's vetoes. A DP official told Yonhap News Agency that a new bill is likely to be reviewed in the legislation and judiciary par

Politics Oct. 24, 2024

North Korea is building unidentified structures on an eastern inter-Korean road that it blew up last week, a source said Thursday, amid heightened cross-border tensions over the North's border activities. Last Tuesday, North Korea blew up sections of the eastern Donghae Line and the western Gyeongui Line, just north of the border, days after vowing to cut off all roads and railways linked to the South and build front-line defense structures. Since the explosions, South Korea's border s

North Korea Oct. 24, 2024

Seoul shares opened lower Thursday, tracking losses on Wall Street amid concerns over a slower pace of the US Federal Reserve's rate cuts. The benchmark Korea Composite Stock Price Index fell 8.92 points, or 0.34 percent, to 2,590.70 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.96 percent to 42,514.95, while the tech-heavy Nasdaq Composite declined 1.6 percent to 18,276.65. In Seoul, large-cap stocks were mixed. Market bellwether Samsung Electronics

Market Oct. 24, 2024

A Seoul court has approved the process to find a new owner for e-commerce platforms TMON and WeMakePrice placed under court-led rehabilitation since early September after failing to make payments to vendors using their platforms, an official said Wednesday. The Seoul Bankruptcy Court has selected the EY Hanyoung accounting firm as the lead manager for the process to sell the e-commerce platforms to help resolve the massive payment delays, the court's appointed custodian, Jo In-cheol, told Y

Social Affairs Oct. 23, 2024

The board of directors at South Korea's largest public broadcaster KBS on Wednesday recommended its main news anchor as new president and CEO, officials said. During an extra board meeting in the day, Park Jang-beom was chosen to replace current CEO Park Min to be the 27th president of the broadcaster out of three candidates, including the incumbent chief. The decision needs approval from President Yoon Suk Yeol. If confirmed, the new president's term will begin on Dec. 10 to run throu

Social Affairs Oct. 23, 2024

Hyundai Rotem Co., a South Korean defense solutions company, has been working on developing the world's first hydrogen fuel-based tank for the military, industry sources said Wednesday. In collaboration with the Agency for Defense Development and other defense technology research institutes, Hyundai Rotem is designing a next-generation tank model as part of its plans to upgrade the K2 main battle tank, according to the sources. This new tank, which is planned for production after 2040, wi

Industry Oct. 23, 2024

J-Hope, a member of the global K-pop sensation BTS, threw out the ceremonial first pitch before Game 2 of the Korean Series in his hometown Wednesday. Wearing a cap and a jacket bearing the Korean Series logo, J-Hope tossed the pitch prior to the second game of the South Korean baseball championship round between the home team Kia Tigers and the Samsung Lions at Gwangju-Kia Champions Field in Gwangju, 270 kilometers south of Seoul. J-Hope is from Gwangju. J-Hope was discharged from mandatory mil

K-pop Oct. 23, 2024

Japan provided South Korea on Wednesday with another batch of passenger manifests from the 1945 sinking of a Japanese vessel that is known to have killed thousands of Koreans aboard. The Ukishima Maru sank in waters off the Aomori Prefecture in August 1945 following an explosion in the hull. The ship was transporting Koreans, many of whom were forcibly mobilized for wartime labor, back to their homeland, as Korea was liberated from Japan's 1910-45 colonial rule. South Korea's foreign m

Foreign Affairs Oct. 23, 2024