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Seoul shares spike nearly 2% on bargain hunting; won sharply up
South Korean stocks soared almost 2 percent Thursday as investors bought bargains after four consecutive sessions of decline amid ongoing geopolitical risks in the Middle East and speculation about delays in US interest rate cuts. The Korean won rebounded sharply against the US dollar. The benchmark Korea Composite Stock Price Index gained 50.52 points, or 1.95 percent, to close at 2,634.7. Trade volume was moderate at 466 million shares worth 10.2 trillion won ($7.47 billion), with gainers far
Market April 18, 2024
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Fugitive facing W3b fraud charges extradited from Kuwait after 12 years
A South Korean man has been extradited home from Kuwait this week, 12 years after he fled to the Middle Eastern nation to avoid arrest on charges of fraud amounting to some 3 billion won ($2.17 million), officials said Thursday. The suspect, 58, was brought home through Incheon International Airport on Wednesday afternoon to face charges that he defrauded the victim after fabricating a company document ordering construction materials in May 2011, according to police. After he fled to Kuwait in S
Social Affairs April 18, 2024
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Regulator calls for collaboration of shareholders, firms
The head of the financial regulator on Thursday stressed the need for businesses and their shareholders to work together to ensure joint development, saying the government will work to create a virtuous cycle between shareholder activities and business growth. Lee Bok-hyun, chief of the Financial Supervisory Service, noted that shareholder activism will only continue to grow, but said efforts by shareholders may end in vain unless they are sound and reasonable enough to be supported by other sha
Economy April 18, 2024
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S. Korea to build F-35 maintenance facility at Cheongju Air Base
South Korea will build its own maintenance facility for its F-35A stealth jets by 2027, a move that would enhance operational efficiency and reduce costs, the state arms procurement agency said Thursday. South Korea's Air Force operates a fleet of 39 F-35As at an air base in Cheongju, 112 kilometers south of Seoul, after one jet retired last year due to damage from a bird strike. In December, the Defense Acquisition Program Administration signed a letter of acceptance with the US government
Defense April 18, 2024
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Seoul shares open higher amid woes over rate cut delay
South Korean stocks started higher Thursday as investors hunted for bargains following a recent decline amid speculations over a potential delay in US interest rate cuts this year. The benchmark Korea Composite Stock Price Index gained 26.08 points, or 1.01 percent, to 2,610.26 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.12 percent and the tech-heavy Nasdaq declined 1.15 percent. The Federal Reserve said in the Beige Book that the economy has expanded s
Market April 18, 2024
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Vice FM visits Mauritius to seek support for South Korea-Africa summit
First Vice Foreign Minister Kim Hong-kyun has visited Mauritius as a special envoy for an upcoming summit with African nations, his office said Thursday. Kim paid a courtesy call on Mauritian Prime Minister Pravind Kumar Jugnauth on Wednesday and discussed cooperation in the areas of infrastructure and high-level exchanges, according to the ministry. He asked for Mauritius's support and attendance at the South Korea-Africa summit, to be held on June 4-5 in Seoul, saying the meeting will ser
Foreign Affairs April 18, 2024
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S. Korean envoy discusses upcoming Africa summit, climate change with Algerian officials
South Korea's envoy for climate met with top government officials in Algeria earlier this week and discussed an upcoming summit with African nations and other environmental issues, the foreign ministry said Thursday. Kim Hyo-eun, ambassador and deputy foreign minister on climate change, met with Lounes Magramane, the secretary general of Algeria's Ministry of Foreign Affairs and National Community Abroad, on Wednesday. Kim invited Algeria to the South Korea-Africa summit, set for June
Foreign Affairs April 18, 2024
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Senior trade officials from S. Korea, US discuss 3-way talks with Japan
Senior trade officials from South Korea and the United States discussed preparations for the upcoming three-way talks of industry chiefs with Japan, Seoul's industry ministry said Thursday. The discussion was made as Deputy Minister for Trade Yang Byeong-nae met with officials from the US Department of Commerce and the Office of the US Trade Representative during his three-day visit to Washington this week, according to the Ministry of Trade, Industry and Energy. Seoul and Washington also d
Foreign Affairs April 18, 2024
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S. Korean parliamentary chief calls for stronger S. Korea-US efforts to address NK threats
South Korea's National Assembly Speaker Kim Jin-pyo stressed the need Wednesday to beef up joint deterrence efforts by Seoul and Washington to address evolving North Korean military capabilities, which he said pose a "direct" threat to the continental United States. Kim made the remarks during a forum hosted by the Institute for Korean Studies at George Washington University, urging Pyongyang to cease its nuclear threats and return to the "path of denuclearization." &quo
North Korea April 18, 2024
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Seoul shares down for 4th day on geopolitical, rate policy woes
South Korean stocks dipped nearly 1 percent Wednesday to expand their losing streak to a fourth day as investors' concerns heightened on hawkish remarks by US Federal Reserve officials and escalating tension in the Middle East. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index plunged 25.45 points, or 0.98 percent, to close at 2,584.18. Trade volume was a little slim at 400.5 million shares worth 9.5 trillion won (US$6.8 billion), with decliners outp
Market April 17, 2024
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Indo-Pacific deal on supply chains takes effect in S. Korea
A US-led Indo-Pacific agreement on supply chains went into effect in South Korea, Seoul's trade ministry said Wednesday. The Indo-Pacific Economic Framework was launched by US President Joe Biden in 2022, involving 14 member nations, including South Korea, the United States and Japan. "The government plans to come up with measures to utilize the IPEF, as the country needs a policy that supports the industrial supply chain," Trade Minister Cheong In-kyo told a meeting with corporat
Economy April 17, 2024
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13,000 medical students to seek injunction against medical school quota hike
Some 13,000 medical students plan to collectively seek court injunctions to halt their schools' expansion of admission quotas, a lawyer said Wednesday, as the walkout by protesting trainee doctors continued for nearly two months. The injunction requests will be filed next Monday by students from 32 medical schools outside Seoul against the presidents of their universities, asking the court to halt the schools' revision of admission plans to reflect increased medical school seats, said
Social Affairs April 17, 2024
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Seoul shares open higher on bargain hunting
South Korean stocks started higher Wednesday as investors hunted for bargains following a sharp slide the previous day sparked by escalating tensions in the Middle East. The benchmark Korea Composite Stock Price Index gained 8.58 points, or 0.33 percent, to 2,618.21 in the first 15 minutes of trading. Overnight, the S&P 500 fell 0.2 percent and the tech-heavy Nasdaq edged down 0.1 percent, while the Dow Jones Industrial Average gained 0.2 percent. US Federal Reserve Chair Jerome Powell said
Market April 17, 2024
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US 'incredibly concerned' about suspected NK-Iran military ties
The United States is "incredibly concerned" about long-suspected military cooperation between North Korea and Iran, a State Department spokesperson said Tuesday. Matthew Miller, the spokesperson, made the remarks in response to a question about whether America has concerns about Iran working with Pyongyang on nuclear and ballistic missile programs. "Certainly, that's something we've been incredibly concerned about," Miller told a press briefing. Having established diplomatic
Foreign Affairs April 17, 2024
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NK leader celebrates completion of 10,000 new homes in Pyongyang
North Korean leader Kim Jong-un has attended a ceremony marking the completion of building another 10,000 new homes in Pyongyang, state media said Wednesday. Kim attended the ribbon-cutting ceremony Tuesday for the completion of new apartments in the Hwasong district of Pyongyang as part of a housing project to build a combined 50,000 new homes in the capital by 2025, the Korean Central News Agency said. Kim called for workers to attain the remaining goals for the five-year project to "turn
North Korea April 17, 2024
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