North Korean leader Kim Jong-un called for nurturing offshore fish farming in the port city of Sinpho, state media said Tuesday, as the North seeks to develop backward provinces to narrow widening economic gaps among regions. Kim visited a construction site for an offshore fish farm in the coastal city in South Hamgyong Province on Monday and presided over a meeting where developing the envisioned farm "into a new fine model of shallow-sea culture" was discussed, according to the Korea

North Korea July 16, 2024

The industry ministry said Tuesday it has asked the country's four major oil refiners to refrain from excessive price increases as part of efforts to combat lingering inflation. Second Vice Industry Minister Choe Nam-ho made the remark during his meeting with representatives from SK Energy Co., GS Caltex Corp., S-Oil Corp. and HD Hyundai Oilbank, according to the Ministry of Trade, Industry and Energy. "Although consumer prices have slowed to some extent since April, perceived inflatio

Economy July 16, 2024

Seoul shares opened higher Tuesday, tracking overnight gains on Wall Street buoyed by expectations for Donald Trump's victory in the US presidential election. The benchmark Korea Composite Stock Price Index rose 6.95 points, or 0.24 percent, to 2,867.87 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average jumped 0.53 percent to hit a fresh high, while the S&P 500 and Nasdaq composite rose 0.28 percent and 0.4 percent, respectively, following an assassination a

Market July 16, 2024

Former President Donald Trump on Monday announced Sen. J.D. Vance of Ohio as his vice presidential running mate, as the Republican Party kicked off a national convention to officially crown Trump as the GOP nominee for the November general election. Trump made the announcement on the 39-year-old critic-turned-supporter in a social media post as GOP delegates and others gathered at the four-day Republican National Convention in Milwaukee, the largest city in the battleground state of Wisconsin. V

Foreign Affairs July 16, 2024

The delinquency ratio on loans extended by banks in South Korea rose for a second consecutive month in May, data showed Tuesday. The delinquency ratio on banks' won-denominated loans stood at 0.51 percent at end-May, up 0.03 percentage point from a month earlier, according to the data from the Financial Supervisory Service. The rise follows a 0.05 percentage-point on-month increase in April. The May reading marks a 0.15 percentage-point rise from a year earlier. The amount of newly overdue

Economy July 16, 2024

South Korea's import prices rebounded in June as a rise in prices of petrochemical goods and raw materials offset a fall in oil prices, central bank data showed Tuesday. The import price index rose 0.7 percent last month from a month earlier following a 1.3 percent on-month dip the previous month, according to the preliminary data from the Bank of Korea (BOK). From a year earlier, prices also rose 9.7 percent last month following a 4.7 percent on-year advance the previous month, the data sh

Economy July 16, 2024

The Republican Party formally nominated former President Donald Trump as the GOP standard-bearer for the Nov. 5 general election on Monday, as a weekend assassination attempt against him has brought more voter attention to his campaign and further cemented his support base. GOP delegates crowned Trump as the presidential nominee for a third time in a roll call vote as the Republican Party Convention kicked off its four-day run in Milwaukee in the battleground state of Wisconsin, two days after h

Foreign Affairs July 16, 2024

Kentucky Gov. Andy Beshear met with officials from South Korea's major electric vehicle (EV) battery and materials companies in a bid to attract additional investment to the US state, industry sources said Monday. The Kentucky governor came to Korea on Sunday for meetings on Monday with executives of car battery maker SK On Co. and Lotte Chemical Corp., which makes EV battery materials, according to the sources. He also plans to meet officials from LG Chem Ltd., which owns about an 80 perce

Industry July 15, 2024

Seoul shares closed slightly higher Monday as investors digested the aftermath of the assassination attempt of former US President Donald Trump over the weekend. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 3.92 points, or 0.14 percent, to 2,860.92. Trade volume was moderate at 418 million shares worth 12 trillion won ($8.67 billion), with gainers outnumbering losers 491 to 381. Foreigners sold a net 80.7 billion won, while individuals offlo

Market July 15, 2024

A civic group filed a complaint Monday against President Yoon Suk Yeol for vetoing a bill mandating a special counsel investigation into the military's response to a Marine's death. The civic group, known as the "National Action for Judicial Justice," filed the complaint with the Corruption Investigation Office for High-ranking Officials, accusing Yoon of abusing his power to block the appointment of a special counsel to look into allegations the presidential office and the d

Social Affairs July 15, 2024

As he begins his second tour of duty as head coach of the South Korean men's national football team, Hong Myung-bo asked for support from disgruntled fans Monday. Hong traveled to Europe on Monday to interview candidates for assistant coaching positions on his backroom staff. He's scheduled to make stops in Spain and Portugal in what could be a weeklong trip. It will be his first official activity as the men's national team boss since the Korea Football Assciation announced Saturd

Soccer July 15, 2024

A close aide to first lady Kim Keon Hee has claimed that Kim ordered the return of a Dior bag she received as a gift from a pastor on the same day it was given, sources said Monday. Kim's aide, surnamed Yoo, made the statement during questioning at the Seoul Central District Prosecutors Office in early July as part of the ongoing investigation into the luxury bag scandal, according to the legal sources. The scandal centers on allegations that Kim illegally received a Dior handbag worth abou

Social Affairs July 15, 2024

Seoul shares opened nearly flat Monday as investors continued to cash in profits amid expectations over a rate cut by the Federal Reserve in September on the back of eased inflation. The benchmark Korea Composite Stock Price Index edged up 0.03 point to stand steady at 2,857.03 in the first 15 minutes of trading. On Friday, all three major US indexes gained ground amid growing hopes for the Fed's rate cut this year. In Seoul, top tech giant Samsung Electronics remained unchanged, while No.

Market July 15, 2024

The chief of the US Indo-Pacific Command has said the introduction of nuclear-powered submarines in South Korea could be considered in the future depending on its operational analysis, the presidential office said Sunday. "From the standpoint of submarine warfare, I think it's important as allies and partners to find the most efficient and effective ways to combine our capabilities in ways that most effectively defend our alliances and partnerships," Commander Adm. Samuel Paparo s

Defense July 14, 2024

The average price of South Korean automobiles shipped overseas hit a new record high in the first half of 2024, data showed Sunday, following the growing demand for premium models. According to data compiled by the Korea Automobile & Mobility Association, the average price of car exports reached $25,224 over the January-June period, up 0.5 percent from $25,079 recorded a year earlier. The increase came amid growing demand for eco-friendly models, as well as SUVs and commercial cars, which ty

Economy July 14, 2024