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

K-pop boy group Enhypen has broken its own first-week sales record by selling more than 1.88 million copies of its second full-length album, a market tracker said Saturday. Sales of the album, titled "Romance: Untold," reached 1,883,143 units on Friday alone, the day of its release, according to Hanteo Chart, a leading local album sales tracker. It broke the group's previous record of 1.87 million copies set in November last year with its latest EP, "Orange Blood." The

K-pop July 13, 2024

The South Korean national football federation said Saturday it has finalized its hiring of Hong Myung-bo as the new men's national team head coach, following a drawn-out process of replacing Jurgen Klinsmann. The Korea Football Association said its board of directors approved Hong's appointment in a vote held from Wednesday to Friday, with 21 of 23 eligible voters supporting the 55-year-old tactician. The KFA announced Hong's nomination last Sunday, and the final step through th

Soccer July 13, 2024

The ruling People Power Party on Saturday lauded the joint nuclear deterrence guidelines signed by Seoul and Washington, describing them as a potent deterrent against North Korea's provocations. "Mutual trust between South Korea and the United States, restored under the Yoon Suk Yeol administration, has become a strong deterrent against the North Korean regime's reckless provocations," the PPP's spokesperson Ho Jun-seok said. On Thursday (US time) in Washington, DC, th

Foreign Affairs July 13, 2024

Hyundai Motor Company's labor and management have concluded their wage negotiations without a strike for the sixth year in a row, agreeing on the highest wage increase in the company's history. The union said Saturday its members have voted to accept a tentative wage deal reached earlier in the week. Under the agreement, Hyundai will increase workers' basic monthly pay by 4.65 percent, or 111,200 won ($81), and give a one-off performance-based bonus equivalent to 500 percent of

Companies July 13, 2024

Renowned soprano Sumi Jo has successfully launched her first international vocal competition in France, drawing hundreds of aspiring singers from across the globe. The inaugural Sumi Jo Vocal Competition took place over seven days, beginning last Sunday at the historic Chateau de la Ferte-Imbault in France's Loire Valley. "I pinched myself to see if this competition, which I'd been dreaming of and preparing for, was really happening," the soprano said Friday. "It'

Performance July 13, 2024

Jin of K-pop supergroup BTS will be the first torchbearer in the Louvre Museum section of the 2024 Paris Olympics torch relay in Paris this weekend, according to local news outlets specializing in Olympic news. The South Korean singer is expected to begin carrying the flame at the Louvre Pyramid at about 8:30 p.m. Sunday. The French domestic torch relay, which began May 8 in Marseille, southern France, has been under way for more than two months. The torch is scheduled to arrive in Paris o

K-pop July 13, 2024

Foreign Minister Cho Tae-yul has met with US Secretary of State Antony Blinken on the sidelines of the North Atlantic Treaty Organization summit and discussed the two nations' alliance and ways to jointly deal with growing cooperation between North Korea and Russia, Cho's office said Friday. Cho and Blinken held talks in Washington on Thursday (US time) to discuss the latest outcome of the summit between President Yoon Suk Yeol and US President Joe Biden, and ways to enhance bilate

Foreign Affairs July 13, 2024

North Korea on Saturday vehemently objected to the declaration adopted by the leaders of the North Atlantic Treaty Organization last week, labeling it an "illegal document." The declaration "violates the legitimate rights of independent sovereign states and a confrontational program that incites new Cold War and military confrontation on a global scale," according to a statement released by North Korea's foreign ministry through the Korean Central News Agency. On Wedne

North Korea July 13, 2024

South Korea strongly protested Friday after Japan restated its territorial claims to South Korea's easternmost islets of Dokdo as the foreign and defense ministries called in senior officials at the Japanese Embassy in Seoul to lodge a complaint. The move came as the Japanese government adopted the 2024 defense white paper at a Cabinet meeting earlier in the day, in which it reiterated the argument that Takeshima, the Japanese name for Dokdo, is part of its own territory and the issue ove

Diplomatic Circuit July 13, 2024

President Yoon Suk Yeol returned home Friday from his five-day trip to the United States that was focused on bolstering security against rising threats posed by deepening military ties between North Korea and Russia. Yoon attended the North Atlantic Treaty Organization summit in Washington on Wednesday and Thursday as South Korea was invited to the summit for the third consecutive year as one of four Indo-Pacific partners alongside Japan, Australia and New Zealand. During the main session and

Foreign Affairs July 12, 2024

Defense Minister Shin Won-sik vowed Friday to strengthen solidarity with France and other countries that share common values at an event commemorating France's national day, his office said. Shin made the pledge during the Bastille Day ceremony organized by the French Embassy in Seoul and the French Korean Chamber of Commerce and Industry at the Sebitseom artificial islands on the Han River in Seoul, according to the ministry. This year's Bastille Day falls on Sunday. "The Repub

Foreign Affairs July 12, 2024

Seoul shares closed lower Friday, snapping a rise for three consecutive sessions, as investors cashed in profits after the US market finished bearish despite slowing inflation data. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 34.35 points, or 1.19 percent, to 2,857. Trade volume was heavy at 399 million shares worth 13.7 trillion won ($9.93 billion), with losers outnumbering gainers 430 to 426. Foreigners sold a net 549 billion won, while i

Market July 12, 2024

A former chairman of the underwear manufacturer Ssangbangwool Group was sentenced to prison on Friday on charges including illegally remitting US$8 million to North Korea in 2019 on behalf of the Gyeonggi provincial government while opposition leader Lee Jae-myung was governor. The scandal centers on allegations that Ssangbangwool illegally transferred US dollars to North Korea in 2019 as expenses for the Gyeonggi government's inter-Korean smart farms project as well as then Gyeonggi Gov. L

Social Affairs July 12, 2024

Seoul shares opened lower Friday, tracking overnight losses on Wall Street after investors cashed in profits from major tech shares despite signs of cooling US inflation. The benchmark Korea Composite Stock Price Index shed 23.8 points, or 0.82 percent, to 2,867.55 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq Composite plunged 1.95 percent, and the S&P 500 dipped 0.88 percent. The Dow Jones Industrial Average, on the other hand, increased 0.08 percent. The US inflatio

Market July 12, 2024