Seoul shares tumbled by more than 3.5 percent on Friday as data fueled concerns over the US economy despite the Federal Reserve's rate-cut signals. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) plummeted 101.49 points, or 3.65 percent, to close at 2,676.19. The KOSPI has fallen 2 percent this week. Trade volume was heavy at 523.78 million shares worth 12.87 trillion won ($9.38 billion), with decliners far outnumbering gainers 868 to 58. I

Economy Aug. 2, 2024

South Korea's inflation picked up pace in July on high prices of fruits and petroleum products, though it stayed below 3 percent for the fourth consecutive month, data showed Friday. Consumer prices, a key gauge of inflation, rose 2.6 percent on-year last month, compared with a 2.4 percent increase a month earlier, according to the data from Statistics Korea. It was the first time in six months that the price growth accelerated. In January, inflation slowed to 2.8 percent, dropping below 3

Economy Aug. 2, 2024

South Korea's inflation picked up pace in July on high prices of fruits and petroleum products, though it stayed below 3 percent for the fourth consecutive month, data showed Friday. Consumer prices, a key gauge of inflation, rose 2.6 percent on-year last month, compared with a 2.4 percent increase a month earlier, according to the data from Statistics Korea. It was the first time in six months that the price growth accelerated. In January, inflation slowed to 2.8 percent, dropping below 3

Economy Aug. 2, 2024

Seoul shares opened sharply lower Friday, tracking overnight losses on Wall Street, as disappointing US economic data raised concerns over an economic slowdown despite the Fed's rate-cut signals. The benchmark Korea Composite Stock Price Index fell 68.48 points, or 2.47 percent, to 2,709.20 in the first 15 minutes of trading. US data showed unemployment claims hit the highest in almost a year and manufacturing shrank. The monthly employment data is set to be released Friday. The Fed signale

Market Aug. 2, 2024

A State Department spokesperson on Thursday criticized North Korea's sending of trash-carrying balloons to South Korea as a "reckless" and "destabilizing" act amid growing concerns about their impact on public safety in the South. Vedant Patel, the department's deputy spokesperson, made the comment as the North's balloons have been found in more than 3,300 locations in the South in recent months, including the presidential office in Seoul and Incheon Internatio

Foreign Affairs Aug. 2, 2024

Im Ae-ji has secured South Korea's first Olympic boxing medal in 12 years. Im defeated Yeni Arias of Colombia in a 3-2 decision in the quarterfinals of the women's 54-kilogram boxing event at the Paris Olympics on Thursday at North Paris Arena. By advancing to the semifinals, Im has assured herself of at least a bronze medal. There will be no third-place bout in boxing, and the two losers of the semifinals will each receive a bronze medal. It will be South Korea's first boxing med

More Sports Aug. 2, 2024

PARIS -- Three South Korean doubles teams were knocked out of medal contention at the Paris Olympics on Thursday with losses in the quarterfinals. In the men's doubles quarters, Kang Min-hyuk and Seo Seung-jae, the 2023 world champions, lost to Kim Astrup and Anders Skaarup Rasmussen of Denmark 2-0 (21-19, 22-20) at La Chapelle Arena in Paris. Kang and Seo had defeated the same Dane team for their world title last year, but couldn't get past them this time after a back-and-forth batt

More Sports Aug. 1, 2024

Samsung Electronics Co.'s labor union instructed its striking members Thursday to return to work by early next week, but made it clear the strike will continue for the long haul. The National Samsung Electronics Union, the largest labor union of the South Korean tech giant, made the announcement on its YouTube channel, calling on its 31,000 members to go back to work, effective immediately, and by next Monday to shift the fight to "a long-term plan." "We need a transition o

Companies Aug. 1, 2024

South Korea expresses "deep concern" over the recent escalation of tensions in the Middle East and urges all parties to exercise restraint and seek diplomatic efforts to reduce tensions, the foreign ministry said Thursday. "Our government expresses deep concern over the recent sharp escalation of tensions in the Middle East," ministry spokesperson Lee Jae-woong said in a commentary. "We strongly urge all parties to exercise maximum restraint and hope that diplomatic effo

Foreign Affairs Aug. 1, 2024

PARIS -- Shin Yu-bin advanced to the semifinals of the women's singles table tennis tournament at the Paris Olympics on Thursday, moving within a win of grabbing her second medal in the French capital. Shin, world No. 8, edged out 13th-ranked Miu Hirano of Japan 4-3 (11-4, 11-7, 11-5, 7-11, 8-11, 9-11, 13-11) in the quarterfinals at South Paris Arena 4 in Paris. Shin, who won the mixed doubles bronze medal on Tuesday, will next play world No. 4 from China, Chen Meng, in the semifinals on Fr

More Sports Aug. 1, 2024

Prime Minister Han Duck-soo met with Thailand's Foreign Minister Maris Sangiampongsa in Seoul on Thursday and discussed bilateral relations and future cooperation, Han's office said. The meeting took place as the top Thai diplomat paid a courtesy call on Han while on his visit to South Korea this week. In Thursday's meeting, Han expressed hope that South Korea and Thailand will further deepen their economic cooperation in areas like clean energy and smart infrastructure, the pri

Foreign Affairs Aug. 1, 2024

South Korean stocks increased for two straight sessions Thursday driven by the US Federal Reserve's strong signal for a rate cut next time. The local currency rose sharply against the US dollar. The benchmark Korea Composite Stock Price Index increased 6.99 points, or 0.25 percent, to close at 2,777.68, following a 1.19 percent rise the previous day. Trade volume was moderate at 463.9 million shares worth 10.6 trillion won ($7.75 billion), with gainers outnumbering losers 632 to 247. Foreig

Market Aug. 1, 2024

South Korean stocks started higher Thursday, driven by the US Federal Reserve's rate-cut signals. The benchmark Korea Composite Stock Price Index (Kospi) gained 18.65 points, or 0.67 percent, to 2,789.34 in the first 15 minutes of trading. At its rate-setting meeting, the US central bank froze its key rate in the 5.25-5.50 percent range. Chair Jerome Powell said a reduction in policy rate "could be on the table" at its upcoming meeting next month. The comments pushed up US stocks,

Market Aug. 1, 2024

South Korea's exports extended on-year gains to the tenth straight month in July on the back of the robust performance of semiconductors, data showed Thursday. Outbound shipments rose 13.9 percent on-year to $57.4 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports added 10.5 percent on-year to $53.8 billion, resulting in a trade surplus of $3.62 billion. South Korea has been maintaining a trade surplus for 14 consecutive months. The com

Economy Aug. 1, 2024

The United States is considering a new measure meant to prevent Samsung Electronics Co., SK hynix Inc. and Micron Technology Inc. from supplying high-bandwidth memory (HBM) chips to Chinese firms, Bloomberg reported Wednesday. Citing people familiar with the matter, the news outlet said that the US is weighing the unilateral restrictions on China's access to artificial intelligence (AI) memory chips and equipment capable of making those chips "as soon as next month," though no fin

Economy Aug. 1, 2024