The adviser of Young Poong Corp., the biggest shareholder of Korea Zinc Inc., on Tuesday defended Young Poong's joint tender offer to buy the top zinc smelter with private equity firm MBK Partners as an attempt to save the company. Chang Hyung-jin, son of Young Poong co-founder Chang Byung-hee, made the remark in a rare interview with the local wire Yonhap News Agency, as a management conflict flared up over the share purchase plan, which Korea Zinc has strongly protested as a "hostile

Companies Sept. 24, 2024

President Yoon Suk Yeol hosted a dinner meeting with the leadership of the ruling People Power Party on Tuesday, which will be a test of how he decides to manage relations with PPP chief Han Dong-hoon and address pending issues. Yoon met with Han, PPP floor leader Rep. Choo Kyung-ho and Supreme Council members at the presidential office, the second such gathering following Han's election in July. The gathering was initially planned for late August but was postponed after Han diverged from Y

Politics Sept. 24, 2024

Seoul shares closed higher Tuesday to extend their winning streak to a sixth day, driven by hopes for further US rate cuts and China's stimulus plan. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index added 1.14 percent, or 29.67 points, to 2,631.68. Trading volume was slim at 345.9 million shares worth 10.1 trillion won ($7.6 billion), with gainers surpassing decliners 605 to 264. Institutions bought 561.6 billion won worth of local shares to off

Market Sept. 24, 2024

The prosecution's independent investigation review committee held a meeting to deliberate on whether a Korean American pastor should be indicted for gifting a luxury bag and other expensive items to first lady Kim Keon Hee. The panel, comprising outside experts, convened behind closed doors to review whether pastor Choi Jae-young should be indicted on charges of violating the anti-graft law, defamation, and others related to the scandal. The Korean American pastor gifted a Dior handbag wort

Social Affairs Sept. 24, 2024

The financial regulator stressed the need to supply enough funds to local businesses in a "timely" manner, noting a recent US rate cut may increase market volatility. Kim So-young, deputy chief of the Financial Services Commission, also insisted that there still remained many uncertainties stemming from the upcoming US presidential election and increasing tensions in the Middle East, as well as widely expected rate reductions in major economies. "The speed of rate reductions in ma

Economy Sept. 24, 2024

Seoul shares opened higher Tuesday, tracking overnight gains on Wall Street amid hopes for more US rate cuts. The benchmark Korea Composite Stock Price Index rose 0.58 percent, or 15.18 points, to 2,617.19 in the first 15 minutes of trading. Overnight, major US indexes gained ground as several Federal Reserve policymakers voiced support for additional rate cuts in the future. Last week, the Fed cut its lending rate by half a percentage point to a range of 4.75 percent to 5 percent and pledged fu

Market Sept. 24, 2024

The presidential office said Monday that President Yoon Suk Yeol's possible solo meeting with ruling People Power Party (PPP) chief Han Dong-hoon needs a separate consultation, after Han requested it on the occasion of Yoon's dinner meeting with the PPP leadership this week. Yoon will hold a dinner meeting with Han and other PPP leaders Tuesday to discuss the government's medical reform plan. Separately from the group dinner, Han requested a solo meeting with Yoon on the same day.

Politics Sept. 23, 2024

Three recently passed bills, including one targeting first lady Kim Keon Hee, violate the Constitution, the presidential office said Monday, suggesting they will be vetoed by President Yoon Suk Yeol. The bills were unilaterally passed by the main opposition Democratic Party on Thursday despite fierce objections from the ruling People Power Party. One calls for an independent probe into Kim's stock manipulation allegations, as well as her receipt of a luxury bag and her alleged interference

Politics Sept. 23, 2024

Seoul shares closed higher Monday to extend their winning streak to a fifth day, backed by tech gains, as investors were digesting the US Federal Reserve's big cut last week. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 0.33 percent, or 8.64 points, to 2,602.01. Trading volume was slim at 330.2 million shares worth 9.3 trillion won ($6.96 billion), with losers slightly surpassing winners 449 to 434. Retail investors and institutions pur

Market Sept. 23, 2024

Korea Hydro & Nuclear Power said Monday it has signed a memorandum of understanding (MOU) with a Czech hydrogen association to seek cooperation for clean hydrogen. The agreement, inked with the Czech Hydrogen Technology Platform (HYTEP) in Prague last week, will focus on exchanging information and seeking cooperation in the European market for clean hydrogen, according to KHNP. Under the agreement, the two institutions aim to collaborate in the production of clean hydrogen using surplus ener

Economy Sept. 23, 2024

Naver Corp., the operator of South Korea's leading internet portal, said Monday it has plans to establish a Middle Eastern unit in Saudi Arabia within this year as part of efforts to expand its global business. The new unit, tentatively named Naver Arabia, will be in charge of Naver's business projects in Saudi Arabia, including the creation of a digital twin platform for five Saudi cities and the development of an Arabic-based large language model, according to the Korean company. Nav

Companies Sept. 23, 2024

The top diplomats of South Korea, the United States and Japan will hold talks on the sidelines of the annual UN General Assembly in New York on Monday (local time), according to South Korea's foreign ministry. This will be the first trilateral meeting among South Korean Foreign Minister Cho Tae-yul, US Secretary of State Antony Blinken and Japanese Foreign Minister Yoko Kamikawa since their last talks during the Group of 20 (G20) summit in Brazil in February. The diplomats are expected to d

Diplomatic Circuit Sept. 23, 2024

South Korea's military on Monday vowed to take "stern" military measures should North Korea "cross the line" with its ongoing trash balloon campaign or inflict serious damage to the South Korean people. The Joint Chiefs of Staff made the remark in a statement in response to the North's repeated launch of trash-carrying balloons across the border, including those attached with timer devices that could potentially cause fires. Since late May, the North has launched so

Defense Sept. 23, 2024

Seoul shares opened almost flat Monday as investors were paying attention to remarks by the US Federal Reserve officials following a big cut last week. The benchmark Korea Composite Stock Price Index rose 0.03 percent, or 0.9 points, to 2,594.27 in the first 15 minutes of trading. Investors' eyes are now on Fed officials' comments to be made throughout this week to assess the aftermath of the Fed's rate cut Wednesday . The Fed kicked off its monetary-easing cycle by cutting its ov

Market Sept. 23, 2024

South Korea and the United States are set to hold another round of negotiations this week to determine Seoul's contribution to the cost of stationing US Forces Korea, a South Korean foreign ministry official said Monday. The eighth round of talks on the Special Measures Agreement will be held from Wednesday to Friday in Seoul, according to the official. The current six-year SMA is scheduled to expire at the end of next year. "The government plans to conduct discussions with the stance

Diplomatic Circuit Sept. 23, 2024