The Organization for Economic Cooperation and Development (OECD) slashed the growth outlook for the South Korean economy to 2.5 percent this year, Seoul's finance ministry said Wednesday. The latest figure marked a 0.1 percentage point fall from its projection presented in May and is on a par with the forecasts by the International Monetary Fund. The South Korean government expected a 2.6 percent expansion, and the Bank of Korea (BOK) forecast a 2.4 percent growth this year. "Growth is

Social Affairs Sept. 25, 2024

The presidential office has declined to respond to a court-approved query on whether President Yoon Suk Yeol had made remarks last year accused of interfering with a probe over a young Marine's death. Earlier this month, the court martial in central Seoul accepted Col. Park Jung-hun's request to inquire whether Yoon had made remarks opposing the booking of Maj. Gen. Im Sung-keun over the death of Cpl. Chae Su-geun, who served in Im's unit, during a search mission for victims of he

Politics Sept. 25, 2024

Seoul shares ended more than 1 percent lower Wednesday to end their six-day winning streak as investors were disappointed with a new stock index to be launched next week. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index declined 1.34 percent, or 35.36 points, to 2,569.32. Trading volume was moderate at 441.8 million shares worth 11.4 trillion won (US$8.6 billion), with losers outnumbering winners 516 to 355. Retail investors and institutions bought a

Market Sept. 25, 2024

South Korea and Morocco have held a policy consultation meeting on envisioned joint economic and industry projects through a cooperation fund, Seoul's finance ministry said Wednesday. During the two-day meeting held in Rabat from Monday, the two nations chose energy, transportation, green growth and digital fields as key cooperation fields under the Economic Development Cooperation Fund framework and discussed candidate projects, according to the finance ministry. The move came as South Kor

Diplomatic Circuit Sept. 25, 2024

Seoul shares opened higher Wednesday tracking overnight gains on Wall Street on increasing hopes for more US rate cuts. The benchmark Korea Composite Stock Price Index rose 0.56 percent, or 14.79 points, to 2,646.47 in the first 15 minutes of trading. Overnight, major US indexes closed higher on hopes for additional rate cuts by the Federal Reserve amid lingering concerns on the labor market. Blue chip tech shares rallied, with AI chip giant Nvidia up 3.97 percent and TSMC up 4.13 percent. In Se

Market Sept. 25, 2024

Republican presidential nominee Donald Trump said Tuesday that voters will see a "mass exodus of manufacturing" to America from South Korea, China and other countries if they vote for him in November, as he stepped up efforts to court swing voters in a battleground state. Trump made the remarks during a campaign speech on tax policy in Savannah, Georgia, as various polls have shown the former president and his Democratic rival, Kamala Harris, in a tight race with the general election l

Foreign Affairs Sept. 25, 2024

US President Joe Biden on Tuesday made no reference to North Korea in his fourth and final speech to the UN General Assembly as president, though he stressed his commitment to diplomacy with Pyongyang and decried its sanctions violations in past addresses to the annual high-level gathering. The absence of his reference to the North came as Washington's repeated overtures for dialogue with the recalcitrant regime have gone unanswered with Pyongyang doubling down on its nuclear and missile pr

Foreign Affairs Sept. 25, 2024

North Korea on Wednesday denounced the United States for violating the North's sovereign rights and trying to justify its hostile policy against Pyongyang by hosting the Quad summit with the leaders of India, Japan and Australia. After holding the fourth in-person summit in Wilmington, Delaware, the leaders of the four nations in the Quad security partnership on Saturday issued a joint statement denouncing North Korea's missile launches and its nuclear program, and reaffirming their co

North Korea Sept. 25, 2024

The Doosan Bears smacked three home runs, including a pair by No. 8 hitter Kang Seung-ho, as they defeated the NC Dinos 10-5 at home to step closer to a postseason berth in the Korea Baseball Organization on Tuesday. Kang slapped a go-ahead solo home run in the bottom of the second inning at Jamsil Baseball Stadium in the capital city, before delivering a two-run shot that extended the Bears' lead to 4-1 in the fourth inning. Jared Young added a two-run homer of his own in the three-run f

Baseball Sept. 24, 2024

South Korea's science ministry said Tuesday it has opened a joint artificial intelligence research lab in collaboration with New York University as part of efforts to lead global-level AI research projects. The new Global AI Frontier Lab at NYU aims to become a global AI joint research hub for researchers from South Korea and the United States, as well as many other countries, according to the Ministry of Science and ICT. The lab will be co-led by two distinguished computer scientists -- Ch

Politics Sept. 24, 2024

Hong Myung-bo, the beleaguered head coach of the South Korean men's national football team, said Tuesday he doesn't think he was given any preferential treatment when he was hired for the job this summer. Hong also defied calls for his resignation over the issue. Hong made these comments during the questioning session by the Culture, Sports and Tourism Committee of the National Assembly. The coach was among witnesses summoned by the committee, whose lawmakers grilled Hong, Korea Footba

Soccer Sept. 24, 2024

Kim Yo-jong, the influential sister of North Korean leader Kim Jong-un, vowed Tuesday to "continuously and limitlessly" bolster the North's nuclear war deterrent against what it called US threats, denouncing the arrival of a US nuclear-powered submarine in South Korea. The remark came a day after the 7,800-ton USS Vermont entered a major naval base in Busan, 320 kilometers southeast of Seoul, to replenish supplies and provide rest for crew members. "The DPRK's nuclear

North Korea Sept. 24, 2024

The adviser of Young Poong Corp., the biggest shareholder of Korea Zinc Inc., on Tuesday defended Young Poong's joint tender offer to buy the top zinc smelter with private equity firm MBK Partners as an attempt to save the company. Chang Hyung-jin, son of Young Poong co-founder Chang Byung-hee, made the remark in a rare interview with the local wire Yonhap News Agency, as a management conflict flared up over the share purchase plan, which Korea Zinc has strongly protested as a "hostile

Companies Sept. 24, 2024

President Yoon Suk Yeol hosted a dinner meeting with the leadership of the ruling People Power Party on Tuesday, which will be a test of how he decides to manage relations with PPP chief Han Dong-hoon and address pending issues. Yoon met with Han, PPP floor leader Rep. Choo Kyung-ho and Supreme Council members at the presidential office, the second such gathering following Han's election in July. The gathering was initially planned for late August but was postponed after Han diverged from Y

Politics Sept. 24, 2024

Seoul shares closed higher Tuesday to extend their winning streak to a sixth day, driven by hopes for further US rate cuts and China's stimulus plan. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index added 1.14 percent, or 29.67 points, to 2,631.68. Trading volume was slim at 345.9 million shares worth 10.1 trillion won ($7.6 billion), with gainers surpassing decliners 605 to 264. Institutions bought 561.6 billion won worth of local shares to off

Market Sept. 24, 2024