A Seoul court again rejected an arrest warrant for Qoo10 CEO Ku Young-bae on Tuesday on fraud and embezzlement charges related to his e-commerce group's large-scale payment delays to vendors. The Seoul Central District Court made the decision following a hearing Monday, saying there was "room for dispute" over whether the allegations constitute a crime and no evidence suggesting Ku attempted to flee or destroy evidence since a previous request for an arrest warrant was rejected la

Industry Nov. 19, 2024

President Yoon Suk Yeol strongly condemned the deepening military cooperation between North Korea and Russia at the Group of 20 summit in Brazil on Monday, Yoon's office said. Yoon used the G20 sessions to urge Pyongyang and Moscow to immediately cease their "illegal" military cooperation and called for international unity to issue a stern warning against such moves, Principal Deputy National Security Adviser Kim Tae-hyo said. The condemnation by Yoon came shortly after Russian Fo

Foreign Affairs Nov. 19, 2024

North Korea warned Tuesday that trilateral security cooperation among South Korea, the United States, and Japan would prompt more "retaliatory responses," days after the leaders of the three nations decided to establish a secretariat to bolster three-way cooperation. The North's official Korean Central News Agency (KCNA) carried the message in a commentary after President Yoon Suk Yeol, US President Joe Biden, and Japanese Prime Minister Shigeru Ishiba issued a joint statement in

Foreign Affairs Nov. 19, 2024

The presidential office said Monday that maintaining high-level communication is crucial to strengthening ties between South Korea and China, hoping to build on the momentum from the recent bilateral summit in Peru. While President Yoon Suk Yeol has focused on reinforcing South Korea's security alliance with the United States over the past 2 1/2 years, he said in a recent interview during his visit to Brazil that South Korea does not see US-China relations as a matter of choosing sides. Whe

Foreign Affairs Nov. 19, 2024

North Korean leader Kim Jong-un has met with Russia's visiting natural resources minister and called for "more extensive and diversified" promotion of cooperative relations between their countries, state media reported Tuesday. The previous day, Kim met with Russian Minister of Natural Resources and Ecology Alexander Kozlov, who led a government delegation to North Korea for the 11th meeting of the countries' intergovernmental committee for cooperation in trade, economy, scie

North Korea Nov. 19, 2024

South Korean banks' net profit fell in the third quarter of the year from three months earlier on a fall in interest income, data showed Tuesday. The combined net profit of 20 banks in the July-October period came to 6.2 trillion won ($4.44 billion), down 13.9 percent from three months earlier, according to the data from the Financial Supervisory Service. From a year earlier, the reading marks a 14.8 percent rise. The interest income of the 20 banks came to 14.6 trillion won in the third qu

Economy Nov. 19, 2024

South Korean stocks started a tad higher Tuesday following the previous day's rally. The benchmark Korea Composite Stock Price Index added 5.11 points, or 0.21 percent, to 2,474.18 in the first 15 minutes of trading. The main index jumped 2.16 percent Monday, the sharpest daily gain since Sept. 26, led by a rally in chipmakers, such as Samsung Electronics. In the United States, the Dow Jones Industrial Average fell 0.13 percent, and the tech-heavy Nasdaq Composite rose 0.6 percent. In Seo

Market Nov. 19, 2024

Campbell calls defense cost deal with Seoul 'extraordinarily generous,' hopes Trump gov't will grasp its 'wisdom' US Deputy Secretary of State Kurt Campbell on Monday portrayed a recently concluded defense cost-sharing deal with South Korea as "extraordinarily generous and gracious," and expressed hope that the incoming Trump administration will appreciate its "wisdom." Campbell made the remarks during a forum amid concerns that after President-elect

Foreign Affairs Nov. 19, 2024

President Yoon Suk Yeol said Monday that South Korea will provide $10 million worth of humanitarian aid to address the hunger crisis in Africa as part of a global initiative led by the Group of 20 major economies. Yoon made the pledge as a member of the Global Alliance Against Hunger and Poverty, which was launched at the start of the G20 summit in Rio de Janeiro, Brazil. It marks the first year the African Union joined as a regular member. "As a founding member, South Korea will actively j

Foreign Affairs Nov. 19, 2024

Any attempt to end North Korea's military support for Russia's war in Ukraine needs to proceed in parallel with a push to denuclearize the North, Seoul's chief diplomat said Monday, stressing Pyongyang's backing for Moscow is reshaping security dynamics in the Indo-Pacific and Europe. In a message to an annual forum, Cho voiced optimism that the South Korea-US alliance will continue to "thrive" under the incoming Trump administration, despite concerns that Preside

Foreign Affairs Nov. 19, 2024

South Korea has confirmed the season's third case of highly pathogenic avian influenza at a poultry farm west of Seoul, a provincial government said Monday. The case was reported at the chicken farm in Incheon's Ganghwa County, 51 kilometers west of Seoul. Authorities culled over 15,000 chickens at the farm, and plan to slaughter an additional 17,000 chickens raised at nearby farms. The latest case follows Korea's confirmation of the season's second highly pathogenic AI case

Social Affairs Nov. 18, 2024

A United Nations committee has voiced concern over the potential negative impact on North Korea's human rights situation following the North's decision to abandon its policy of seeking reunification with South Korea, a draft report showed Monday. The UN General Assembly Third Committee, which deals with human rights and humanitarian affairs, made the reference to the shift in the North's state policy in the latest draft resolution regarding the human rights violations in the reclu

North Korea Nov. 18, 2024

The state audit agency said Monday that it referred a former national security adviser and three others to the prosecution as they had abused their powers to intentionally delay the deployment of an advanced US missile defense system in a southeastern county. According to the Board of Audit and Inspection, Chung Eui-yong, who also served as foreign minister under the former Moon Jae-in administration, and other senior government officials were found to have intentionally delayed the publication

Defense Nov. 18, 2024

The wife of the main opposition Democratic Party leader Lee Jae-myung has filed an appeal against a court ruling that fined her for providing free meals during Lee's run in the party primary for the 2022 presidential election, people familiar with the matter said Monday. Kim Hye-kyung submitted the appeal to the Suwon District Court, south of Seoul, through her legal counsel, after she was found guilty of providing meals worth 104,000 won ($74.43) to the wives of three former and current pa

Politics Nov. 18, 2024

President Yoon Suk Yeol said South Korea's relations with the United States and China are not about choosing sides, pledging to working closely with both great powers amid Donald Trump's imminent return to the White House, according to interviews published Monday. Yoon expressed hope for constructive relations between Washington and Beijing in a written interview with Brazilian newspapers -- Folha de S.Paulo and O Globo -- as he visited Rio de Janeiro to attend the Group of 20 summit.

Politics Nov. 18, 2024