Seoul shares closed higher Monday to snap their three-day slide as investors scooped oversold stocks after US gains. The Korean won fell to the lowest in over two months against the US dollar. The benchmark Korea Composite Stock Price Index rose 11.1 points, or 0.43 percent, to close at 2,604.92. Trade volume was moderate at 235.86 million shares worth 7.6 trillion won ($5.5 billion), with gainers outpacing losers 434 to 427. Institutions and foreigners bought a combined 284 billion won, exceedi

Market Oct. 21, 2024

President Yoon Suk Yeol and the ruling party chief were set to meet Monday to discuss a range of pressing issues, likely including controversies involving first lady Kim Keon Hee. Yoon and Han Dong-hoon, chair of the People Power Party, were scheduled to meet for tea at the presidential office at 4:30 p.m., with the presidential chief of staff, Chung Jin-suk, also attending, Yoon's office said. The meeting comes as Yoon and the ruling party seek to recover from declining approval ratings, w

Politics Oct. 21, 2024

Seoul shares opened higher Monday, tracking gains on Wall Street last week. The benchmark Korea Composite Stock Price Index (Kospi) rose 5.19 points, or 0.2 percent, to 2,599.01 in the first 15 minutes of trading. On Friday, the Dow Jones Industrial Average gained 0.09 percent to 43,275.91, and the tech-heavy Nasdaq Composite was up 0.63 percent to 18,489.55. In Seoul, large-cap stocks were mixed. Market bellwether Samsung Electronics Co. fell 0.8 percent, leading auto parts maker Hyundai Mobis

Market Oct. 21, 2024

South Korea's exports lost 2.9 percent on-year in the first 20 days of October due to falling demand for vehicles and petroleum products and fewer working days, data showed Monday. Outbound shipments reached $32.77 billion in the Oct. 1-20 period, compared with $33.74 billion tallied a year earlier, according to the data from the Korea Customs Service. Per-day exports, however, rose 1 percent on-year to $2.62 billion. The number of working days during the cited period of this year came to 1

Economy Oct. 21, 2024

The number of pilots newly hired by South Korean air carriers rose 8 percent on-year through August, data showed Sunday, driven by post-pandemic travel demand. The 11 air carriers hired 537 new pilots over the January-August period, compared with 498 in the same period a year earlier, according to Rep. Lee Yeon-hee of the main opposition Democratic Party, who cited data from the transport ministry. The figure marks a significant increase from the annual average of 135 recorded between 2020 and 2

Industry Oct. 20, 2024

The two third basemen for the contestants in this year's Korean Series, Kim Do-yeong of the Kia Tigers and Kim Young-woong of the Samsung Lions, are two of the brightest young stars in the Korea Baseball Organization (KBO) today, former high school phenoms who finally lived up to their hype in their third season in 2024. Starting Monday, the two 21-year-olds will try to make sure their regular-season success will translate to championship glory. Kim Do-yeong had one of the greatest offens

Baseball Oct. 20, 2024

Hannah Green of Australia won the lone annual LPGA Tour event held in South Korea on Sunday, fending off multiple contenders with a late birdie for her third victory of 2024. Green shot a one-under 71 to finish at 19-under overall to capture the BMW Ladies Championship by one stroke over Celine Boutier of France at Seowon Hills at Seowon Valley Country Club in Paju, northwest of Seoul in Gyeonggi Province. With Boutier in the clubhouse at 18-under after shooting a bogey-free 66, Green birdied

Golf Oct. 20, 2024

South Korea will include a plan to build four small modular reactors (SMRs) in the upcoming basic energy plan to be announced later this year, a senior presidential aide said Sunday. Park Sang-wook, presidential secretary for science and technology, said in an interview with public broadcaster KBS that the SMRs will be reflected in the 11th basic plan for electricity supply and demand. SMRs are ready-to-install modular reactors that are smaller in size and power output compared with traditional

Politics Oct. 20, 2024

North Korea has floated about 20 balloons carrying trash toward South Korea since Saturday night, and some 10 objects from the balloons were found in the border county of Cheorwon, the South Korean military said Sunday. The Joint Chiefs of Staff said the trash-loaded balloons were sent across the border between Saturday night and early Sunday and the fallen objects were household waste, such as paper and vinyl, and included no hazardous items. The number of dropped items does not necessarily cor

North Korea Oct. 20, 2024

Russia appears to have prepared a Korean-language questionnaire to facilitate the distribution of military equipment to North Korean soldiers deployed in its territory, CNN reported. The questionnaire, provided by the Ukrainian Center for Strategic Communication and Information Security (SPRAVDI), is seen as further evidence that North Korean troops may be joining Russian forces in the conflict in Ukraine. The questionnaire includes instructions requesting soldiers to provide their hat, uniform

North Korea Oct. 20, 2024

Chinese President Xi Jinping has sent a message to North Korean leader Kim Jong-un, expressing a willingness to move relations between the two countries further forward and to promote regional and global peace, Pyongyang's state media reported Sunday. Xi sent the message on Wednesday in response to a message that Kim had earlier sent on the occasion of the 75th anniversary of China's founding in 1949, according to the North's Korean Central News Agency. "China and the DPRK ar

North Korea Oct. 20, 2024

North Korea's top diplomat has criticized a new multilateral sanctions monitoring team led by the United States as "unlawful and illegitimate" and warned the participating countries will "pay a dear price," state media reported Sunday. North Korea's Foreign Minister Choi Sun-hui issued a statement condemning the sanctions regime after South Korea, the US, and Japan on Thursday announced the launch of the monitoring mechanism with eight other countries, following Rus

North Korea Oct. 20, 2024

South Korea's state-run oil developer has selected US-based Schlumberger as a service provider to analyze the rock and gas composition of a potential gas field in the East Sea, a document showed Sunday. Schlumberger will conduct the "mud logging" operation for an excavation project in the East Sea that could potentially uncover between 3.5 billion and 14 billion barrels of gas and oil, according to Rep. Kim Won-i of the main opposition Democratic Party, who cited data from Korea N

Politics Oct. 20, 2024

Unionized workers at Seoul National University (SNU) Hospital, one of the country's biggest hospitals, have decided to launch an indefinite walkout beginning on Oct. 31 in protest of the government's health care reform and poor working conditions, sources said Saturday. The union made the decision in a meeting held on Friday amid botched talks with the hospital on its call for maintaining the number of hospital beds, improving working conditions and raising pay for members. The u

Social Affairs Oct. 19, 2024

      North Korea claimed Saturday it has discovered remains of at least one drone sent from South Korea, describing it as the same type displayed on the South's Armed Forces Day in Seoul earlier this month. Pyongyang has accused Seoul of sending drones carrying anti-North Korean propaganda leaflets over the capital. But South Korean Defense Minister Kim Yong-hyun said that he could not confirm the North's allegations. A North Korean defense ministry spokesperson said in a stateme

North Korea Oct. 19, 2024