Alibaba Group's AliExpress said Tuesday it will step up marketing campaigns in South Korea with an aim of securing more than half of online shopping platform users in South Korea within three to five years. In a press conference held in Hangzhou, AliExpress Korea Chief Executive Ray Zhang announced the target for the Korean market, which is dominated by local e-commerce giant Coupang Inc. The Chinese e-commerce retail platform has aggressively promoted about 150 million products at competit

Companies Sept. 10, 2024

The head of the financial watchdog on Tuesday called for banks to curb a continuing rise in household lending. Lee Bok-hyun, chief of the Financial Supervisory Service, made the call in a meeting with the heads of 18 banks. "Should we fail to keep household debts at a proper level in the future, it may lead to increased economic burden by expanding market volatility and working as an obstacle to economic growth," Lee told the meeting. Tuesday's meeting follows reports that househo

Politics Sept. 10, 2024

Overnight temperatures in Seoul stayed above 25 C, marking the season's latest tropical night since meteorological observation began, the state weather agency said Tuesday. The lowest nighttime temperature overnight in the capital city was 25.6 C at 6 a.m., another tropical night that refers to a phenomenon where temperatures do not drop below 25 C until 9 a.m., according to the Korea Meteorological Administration. It marks the season's latest tropical night record in Seoul since recor

Social Affairs Sept. 10, 2024

South Korean stocks started lower Tuesday despite overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (Kospi) opened slightly higher but lost 0.48 percent, or 12.09 points, to 2,523.84 in the first 15 minutes of trading. Overnight, major US indices closed higher after the previous week's big losses. The Dow Jones Industrial Average rose 1.2 percent, and the tech-heavy Nasdaq Composite gained 1.16 percent. In Seoul, market heavyweights led the weak opening. Top-ca

Market Sept. 10, 2024

Democratic presidential candidate Kamala Harris and her Republican rival Donald Trump are set to face off against each other in their first -- potentially only -- debate this week, with its outcome expected to substantially impact their final sprint to Election Day in November. The high-stakes 90-minute debate will take place at the National Constitution Center in Philadelphia in the battleground state of Pennsylvania on Tuesday night, as recent polls have shown Vice President Harris and former

Foreign Affairs Sept. 10, 2024

North Korean leader Kim Jong-un has vowed to bolster the country's nuclear capabilities to deter any threats by enemies, saying it is steadily carrying out a policy to increase the number of nuclear weapons exponentially, state media said Tuesday. Kim made the vow during a speech in a meeting with senior party and government officials on the occasion of the 76th founding anniversary of the regime, according to the Korean Central News Agency. The North's leader delivered a speech for th

North Korea Sept. 10, 2024

South Korea head coach Hong Myung-bo said Monday he is bracing for a tough World Cup qualifying match against Oman away from home but he is not about to settle for anything less than a victory. South Korea and Oman will clash Tuesday for their second Group B match in the third round of the Asian qualification for the 2026 FIFA World Cup. The match at Sultan Qaboos Sports Complex in Muscat kicks off at 6 p.m. local time, or 11 p.m. in South Korea. South Korea, world No. 23, got their third round

Soccer Sept. 9, 2024

South Korean center back Kim Min-jae on Monday apologized for his action following a recent World Cup qualifying match against Palestine in Seoul, where he clashed with some fans over their booing. South Korea settled for a goalless draw against Palestine to begin the third round last Thursday in Seoul, despite being 73 spots higher than their opponent in the FIFA rankings at No. 23. Nearly 60,000 fans that flocked to Seoul World Cup Stadium booed South Korea's head coach, Hong Myung-bo, du

Soccer Sept. 9, 2024

New Defense Minister Kim Yong-hyun visited a western frontline unit Monday in his first on-site inspection after taking office last week, the defense ministry said. Kim checked troop readiness at the 2nd Marine Division's observation post at an undisclosed location after assuming his new role Friday, according to the ministry. "If the enemy undertakes a provocation ... punish them fully and sternly until they are unable to carry out more provocations," Kim was quoted as saying. No

Social Affairs Sept. 9, 2024

Yogiyo, a South Korean food delivery app, officially launched the country's first robot delivery service, the company said Monday. The service was introduced in the Songdo district of Incheon, about 40 kilometers west of Seoul, with plans for nationwide expansion in the future, according to Yogiyo. It is the first robot delivery service by a South Korean food delivery app. The self-driving delivery robots will operate within a 1.2-kilometer radius from participating restaurants, delivering

Industry Sept. 9, 2024

Seoul shares ended lower Monday to extend their losing streak to a fifth day amid concerns that the US Federal Reserve may not cut its rate by a large margin. The Korean won traded sharply lower against the US dollar. The benchmark Korea Composite Stock Price Index lost 8.35 points, or 0.33 percent, to close at 2,535.93. Trading volume was moderate at 262.46 million shares worth 7.3 trillion won ($5.4 billion), with gainers outnumbering losers 502 to 371. Foreigners sold a net 540 billion won wo

Market Sept. 9, 2024

The transport ministry said Monday it plans to issue a legislative notice for new government regulations regarding electric vehicle safety announced last week in response to public concerns over EV fires. The ministry said the legislative notice for amendments to the enforcement regulations of the Automobile Management Act will be issued for 40 days, from Tuesday to Oct. 21. Last week, the government said its EV battery certification system that was scheduled to go into effect next February will

Mobility Sept. 9, 2024

The chief of the financial regulator urged mutual savings banks Monday to recommit themselves to their basic duty of serving their communities, also calling on them to quickly address risks on loans extended to real estate projects. Kim Byoung-hwan, chair of the Financial Services Commission, made the call in a meeting with top officials from five major mutual savings banks and credit cooperatives, including Nonghyup. "The mutual banking sector has long contributed to the balanced developme

Economy Sept. 9, 2024

North Korea has held celebrative events to mark the 76th anniversary of the regime's founding, with senior officials visiting a mausoleum to pay tribute to the country's late former leaders, state media reported Monday. Premier Kim Tok-hun and other key officials on Sunday visited the Kumsusan Palace of the Sun, where the embalmed bodies of the current leader's father, Kim Jong-il, and grandfather, Kim Il-sung, lie in state, according to the Korean Central News Agency. The North&#

North Korea Sept. 9, 2024

Seoul shares opened lower Monday after weaker US employment data, amid concerns that the Federal Reserve has waited too long to cut rates as recession risks grow. The benchmark Korea Composite Stock Price Index fell 1.3 percent, or 33.89 points, to 2,510.39 in the first 15 minutes of trading. Weaker-than-expected employment data in August weighed on investor sentiment ahead of the Fed's rate decision later this month, analysts said. They noted that investors will focus on next week's i

Market Sept. 9, 2024