President Yoon Suk Yeol on Friday proposed establishing a forum among Asia-Pacific Economic Cooperation members to set standards to promote the integration of artificial intelligence and manufacturing industries. Yoon stressed APEC's significant role in global manufacturing during the APEC CEO summit, a business forum held alongside the APEC summit in Lima, as he noted the world has ushered in an "era of grand AI transition" that affects corporate competitiveness and national secu

Foreign Affairs Nov. 16, 2024

South Korean President Yoon Suk Yeol made an emphatic call for international solidarity against growing military ties between North Korea and Russia and urged the two countries to halt their "reckless" military adventure as he attended the Asia-Pacific Economic Cooperation summit in Peru on Friday. In a keynote speech, Yoon condemned "illegal" military cooperation between Pyongyang and Moscow as intelligence reports have confirmed that North Korean forces have been engaged in

Foreign Affairs Nov. 16, 2024

President Yoon Suk Yeol and US President Joe Biden held a farewell summit in Peru on Friday as they looked back on their partnership and reaffirmed efforts for enhancing the bilateral alliance, Yoon's office said. The meeting followed a trilateral summit with Japanese Prime Minister Shigeru Ishiba on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Lima, Principal Deputy National Security Adviser Kim Tae-hyo told reporters. During the 10-minute meeting, Yoon thanked B

Foreign Affairs Nov. 16, 2024

President Yoon Suk Yeol asked Chinese President Xi Jinping on Friday to play a "constructive" role in North Korea's provocations and Pyongyang's deepening military cooperation with Russia in support of Moscow's invasion of Ukraine. Yoon made the remark at a summit with Xi on the sidelines of the Asia-Pacific Economic Cooperation in Lima amid heightened concerns over North Korea's repeated ballistic missile tests and troop deployment to Russia, Principal Deputy Natio

Foreign Affairs Nov. 16, 2024

  The leaders of South Korea, the United States and Japan announced the establishment of a secretariat for trilateral cooperation and condemned North Korea and Russia's decision to "dangerously expand" Moscow's war in Ukraine as they met on the margins of a multilateral summit in Peru. President Yoon Suk Yeol, US President Joe Biden and Japanese Prime Minister Shigeru Ishiba issued a joint statement after they held a trilateral meeting in Lima on the margins of the Asia-Pacific Ec

Foreign Affairs Nov. 16, 2024

President Yoon Suk Yeol met with Brunei's Sultan Hassanal Bolkiah on Friday (local time) to explore ways to expand bilateral ties across defense industry, infrastructure and digital technologies, Yoon's office said. Their first summit took place on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit held in Lima, Peru. Yoon highlighted the bilateral economic ties in crude oil trade and construction projects, expressing hope to expand cooperation to include new areas su

Foreign Affairs Nov. 16, 2024

South Korean President Yoon Suk Yeol has said North Korea and Russia are "colluding" on military cooperation to maintain their leaders' grip on power, according to an interview published Friday. Yoon, who is in Lima to attend the Asia-Pacific Economic Cooperation (APEC) summit, made the remark in a written interview with Peruvian newspaper El Comercio, after Seoul's spy agency confirmed North Korean soldiers deployed to Russia's Kursk region on the western frontline have

Politics Nov. 15, 2024

The state-run Korea Electric Power Corp. (KEPCO) said Friday it has secured new renewable energy deals in Saudi Arabia and Guam, expected to lead to over 1 trillion won (US$717.1 million) in sales over the next 25 years. A consortium of KEPCO and Masdar, an energy firm from the United Arab Emirates, won a bid for a project led by the Saudi Power Procurement Company, under the Middle Eastern country's national renewable energy program. The project expected to cost 1.5 trillion won is aimed a

Economy Nov. 15, 2024

Samsung Electronics Co. said Friday it will buy back its own shares worth a combined 10 trillion won (US$7.16 billion) over the next year as part of efforts to boost its shareholder value following a recent slide in its stock price. In the buyback plan approved by the board of directors, a combined 3 trillion won of shares will be bought back within three months starting Monday and continuing until Feb. 17, the company said in a statement. For the remaining 7 trillion won, the company will decid

Market Nov. 15, 2024

Seoul shares closed nearly flat Friday as investors' bargain hunting limited declines amid lingering uncertainties, including a possible slowdown in US rate cuts. The local currency gained against the US dollar, trading at the 1,300 won level as of 3:30 p.m. for the first time in four days. The benchmark Korea Composite Stock Price Index edged down 2 points, or 0.08 percent, to close at 2,416.86. The main index briefly fell below the psychologically significant 2,400 level at one point. Tra

Market Nov. 15, 2024

Korean American Sen.-elect Andy Kim stressed the need Thursday to make sure that President-elect Donald Trump's "America First" policy does not mean "America only," as he expressed concerns over some of Trump's personnel choices. Kim, the first Korean American elected to the upper chamber of Congress, made the remarks, underscoring his position against an "isolationist" foreign policy and vowing to play a role to reinforce the relationship between South Ko

Foreign Affairs Nov. 15, 2024

President Yoon Suk Yeol arrived in Peru on Thursday to attend the Asia-Pacific Economic Cooperation summit and meet world leaders to discuss security and economic issues. On Friday, Yoon will deliver a keynote speech as South Korea prepares to host next year's APEC summit and join the main session and CEO summit. On the same day, Yoon is scheduled to hold a trilateral meeting with US President Joe Biden and Japanese Prime Minister Shigeru Ishiba on the margins of the summit. On Saturday, he

Politics Nov. 15, 2024

The South Korean economy is gradually recovering, supported by stabilizing prices, but uncertainties remain both at home and abroad, the finance ministry said Friday. The ministry made the assessment in its monthly economic report, the Green Book, highlighting plans to promote a road map for strengthening the sustainability of the country's economy. "Our economy is seeing a gradual recovery amid stabilizing prices, but uncertainties persist due to changing conditions at home and abroad

Economy Nov. 15, 2024

Trade Minister Cheong In-kyo attended an economic event for business executives at the Asia-Pacific Economic Cooperation summit in Peru, where he exchanged views on the global supply chain with other participants, his office said Friday. In the event held Wednesday, Cheong also highlighted that his country sought to gain insights from Peru about preparing for the annual summit of 21 global leaders as Seoul is set to host the 2025 APEC summit in Gyeongju, North Gyeongsang Province. During his vis

Economy Nov. 15, 2024

The mandatory closing day for large supermarkets in a major tourist district in Seoul will be changed from weekends to weekdays, the industry ministry said Friday, adding to the convenience of its residents and foreign tourists alike. Starting later this month, large supermarkets in Seoul's central district of Jung will close their business on Wednesdays instead of Sundays. The latest decision is expected to add convenience not only for the residents but also the high number of foreign tour

Consumer Nov. 15, 2024