"Anything" that South Korea can provide to help strengthen Ukraine's defense capabilities will be "warmly welcomed," a senior NATO official said Tuesday, stressing the "strategic" implications of Russia's war in Ukraine for both Europe and Asia. The official made the remarks as Seoul has said it would reconsider its policy ban on the provision of lethal weapons to Ukraine following last month's summit between Russian President Vladimir Putin and North

Foreign Affairs July 10, 2024

The labor segment of the Minimum Wage Commission proposed a 13.6-percent increase in next year's minimum wage Tuesday, while management representatives called for a near freeze. The proposals were made during the ninth plenary session of the commission tasked with determining the legal minimum wage per hour for 2025. This year's rate is set at 9,860 won (US$7.13), with an eye being placed on whether it will surpass 10,000 won for the first time. The labor side of the commission, which

Social Affairs July 9, 2024

The growing alignment between Russia and North Korea will end when the war in Ukraine is over, and bringing the conflict to a stop will be a priority if ex-U.S. President Donald Trump returns to the White House, a former U.S. official said Tuesday. Fred Fleitz, a former chief of staff of the National Security Council under the previous Trump administration, also said it will be a "bad precedent" for South Korea if it were to acquire its own nuclear weapons. "This relationship show

North Korea July 9, 2024

Another round of monsoon rains will hit most regions of the country till late Wednesday with the greater Seoul area to receive up to 120 mm of rainfall until late Wednesday, the state weather agency said Tuesday. Heavy downpours have left one person missing, and many houses and roads inundated in the southern regions, and heavy rain warnings across the country may be issued later in the day, according to the Korea Meteorological Administration. The downpours will continue in the wider Seoul area

Social Affairs July 9, 2024

Seoul shares closed slightly higher Tuesday as investors awaited a congressional testimony by Federal Reserve Chairman Jerome Powell this week. The local currency gained against the US dollar. The benchmark Korea Composite Stock Price Index added 9.62 points, or 0.34 percent, to 2,867.38. Trade volume was moderate at 443.2 million shares worth 10.8 trillion won ($7.83 billion), with gainers outnumbering losers 453 to 406. Foreigners bought a net 313 billion won, while individuals offloaded a net

Market July 9, 2024

The government has notified hospitals that it will reduce next year's quota of trainee doctors unless they accept their resignations by next week, according to officials and the medical community Tuesday. The move is seen as a measure to put pressure on trainee doctors, who have left their worksites since late February in protest of the medical reform, to return to hospitals. The notice was sent to training hospitals Monday, when the government announced a decision to withdraw its plan to t

Social Affairs July 9, 2024

The Cabinet again passed a motion Tuesday demanding the National Assembly reconsider a bill mandating a special counsel investigation into the military's response to a Marine's death, the second time it did so in less than two months. The bill calls for the appointment of a special counsel to look into allegations the presidential office and the defense ministry inappropriately interfered in the military's investigation into the death of Cpl. Chae Su-geun, who was killed during a search mission

Politics July 9, 2024

South Korea's trade ministry announced Tuesday that it has launched the first round of negotiations with Thailand to seek an Economic Partnership Agreement aimed at bolstering bilateral trade and investment. The South Korean delegation, led by Deputy Minister for FTA Negotiations Roh Keon-ki, plans to discuss related matters with his counterpart, Chotima Iemsawasdikul, in Bangkok through Thursday, according to the Ministry of Trade, Industry and Energy. An EPA is intended to establish a mut

Economy July 9, 2024

President Yoon Suk Yeol arrived in Hawaii on Monday to kick off his trip to the United States focused on bolstering South Korea's security against North Korea's evolving nuclear and missile threats. Yoon will stay in Honolulu for two days ahead of his visit to Washington, DC, to attend a North Atlantic Treaty Organization summit Wednesday and Thursday. Upon arrival, Yoon and first lady Kim Keon Hee visited the National Memorial Cemetery of the Pacific and laid wreaths in honor of veter

Foreign Affairs July 9, 2024

Seoul shares opened higher Tuesday, tracking overnight gains on Wall Street buoyed by technology shares. The benchmark Korea Composite Stock Price Index gained 10 points, or 0.35 percent, to 2,867.76 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite and the S&P 500 rose to hit record highs as investors scooped up technology shares, including Apple and Nvidia. Investors have been waiting for Federal Reserve Chairman Jerome Powell's congressional testimony and

Market July 9, 2024

The North Atlantic Treaty Organization is not expanding into the Indo-Pacific, but it has a "wide" opportunity for greater cooperation with South Korea and other regional partners, a senior US official said Monday. Ambassador Michael Carpenter, senior advisor for Europe at the White House National Security Council, made the remarks as South Korean President Yoon Suk Yeol and the leaders of Japan, Australia and New Zealand have been invited to the NATO summit set to take place in Washin

Foreign Affairs July 9, 2024

South Korea and the United States will hold their fifth round of negotiations this week on sharing the costs for stationing the 28,500-strong US Forces Korea (USFK), the foreign ministry said Monday. The latest round of talks on the Special Measures Agreement will take place in Seoul from Wednesday to Friday, according to the Ministry of Foreign Affairs. The fourth round of talks was held in late June. The allies launched the negotiations in April, earlier than expected, amid speculation that Se

Defense July 8, 2024

Seoul shares closed lower to snap their three-day rise Monday as investors moved to lock in profits. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 4.47 points, or 0.16 percent, to 2,857.76. Trade volume was moderate at 420.2 million shares worth 9.8 trillion won ($7.1 billion), with gainers outnumbering losers 518 to 344. The Kospi declined as retail investors and institutions sold shares worth 184.2 billion won and 347.6 billion won, respect

Market July 8, 2024

Tensions between former ruling party chief Han Dong-hoon and the presidential office have surfaced again following allegations Han snubbed text messages from first lady Kim Keon Hee early this year, a development that threatens to consume the party's national convention just weeks away. Han, who served as interim leader of the ruling People Power Party (PPP) ahead of the April 10 general elections, reportedly ignored five Telegram messages the first lady sent to him in January to offer to r

Politics July 8, 2024

LG Energy Solution Ltd., South Korea's leading battery maker, said Monday its second-quarter operating profit plunged 58 percent from a year earlier due to slowing sales of electric vehicles. Operating profit for the three months ended in June is estimated to have plummeted to 195.3 billion won ($142 million) from 460.6 billion won in the same period of last year, LGES said in a statement. "Decreased lithium and other metal prices weighed on EV battery prices, and lower demand from aut

Economy July 8, 2024