Seoul shares opened lower Wednesday as political uncertainties arose after President Yoon Suk Yeol lifted a short-lived attempt at martial law. The benchmark Korea Composite Stock Price Index (Kospi) fell 25.95 points, or 1.04 percent, to 2,474.15 in the first 15 minutes of trading. On late Tuesday, Yoon declared an "emergency martial law," accusing the main opposition Democratic Party of sympathizing with North Korea and paralyzing the government with anti-state activities. But Yoon l

Market Dec. 4, 2024

South Korea's bourse operator said Wednesday it is yet to be decided whether stock markets will open as usual following President Yoon Suk Yeol's unexpected emergency martial law declaration. Yoon declared martial law in a previously unannounced late-night address Tuesday, accusing the opposition side of controlling the parliament and paralyzing the government by conducting "anti-state activities." "It is yet to be decided if the stock markets will be opened Wednesday,&q

Economy Dec. 4, 2024

Finance Minister Choi Sang-mok convened an emergency meeting with top economic and financial officials Tuesday following the declaration of martial law. Choi, who doubles as deputy prime minister for economic affairs, met with the heads of the Bank of Korea, the Financial Services Commission and the Financial Supervisory Service, the finance ministry said. The industry ministry later said it has also held an emergency meeting with senior officials to review and discuss matters related to the eco

Economy Dec. 3, 2024

Korean Air Co. said Tuesday it will finalize its acquisition of a controlling share in rival Asiana Airlines Inc. next week, completing the merger deal between South Korea's leading carriers that has been sought over the past four years. Korean Air said it will invest 1.5 trillion won ($1.07 billion) in a third-party share issuance by Asiana Airlines on December 11 to acquire about 131.57 million new shares, or a 63.9 percent stake, in the rival carrier. The move is the final step in the

Industry Dec. 3, 2024

Kia Corp., South Korea's second-largest automaker, on Tuesday announced ambitious financial targets for the next three years, aiming for an average annual sales growth rate and operating profit margin of over 10 percent. In the company's mid- to long-term value enhancement plan, Kia also said it aims to achieve return of equity rates of over 15 percent between 2025 and 2027. To achieve these targets, Kia outlined strategies, including expanding sales of eco-friendly vehicles, increas

Mobility Dec. 3, 2024

South Korea has confirmed two more cases of highly pathogenic avian influenza at regional farms, bringing the season's total to seven, according to the government Tuesday. Authorities said the cases were reported at a duck farm in Gangjin in South Jeolla Province, 410 kilometers south of Seoul, and a chicken farm in Sejong, 113 kilometers south of Seoul. The farm owners reported an unusual increase in livestock deaths the previous day, prompting quarantine authorities to conduct detailed

Social Affairs Dec. 3, 2024

SEOUL, Dec. 3 (Yonhap) -- Kim Ye-ji, an Olympic shooting silver medalist who went viral during the Paris Summer Games, has been included on the BBC's list of the 100 most influential and inspirational women this year. The British broadcaster announced its annual list of remarkable women Tuesday under the theme of "resilience" this year, which also included fellow South Korean Park Soo-bin, founder of Stair Crusher Club, a project on wheelchair accessibility. "Charisma and s

Social Affairs Dec. 3, 2024

CHANGWON -- Kim Young-sun, a former five-term lawmaker of the ruling People Power Party, was indicted by prosecutors Tuesday, along with Myung Tae-kyun, a political broker at the center of a growing election nomination scandal involving the ruling party. The Changwon District Prosecutors' Office said Kim and Myung were indicted and detained on charges of violating the Political Funds Act in the past. Prosecutors allege that Kim offered Myung 80.7 million won ($57,540) between August 2022

Social Affairs Dec. 3, 2024

Joint Chiefs of Staff Chairman Adm. Kim Myung-soo visited the Army's 1st Corps and an air defense post near the North Korean border Tuesday to review their readiness against potential provocations. Addressing the troops at the 1st Corps in Goyang, north of Seoul, Kim stressed to the need to maintain vigilance against the risk of provocations during the year-end and New Year period, and instructed military personnel to respond decisively and effectively against provocations. During inspectio

Defense Dec. 3, 2024

South Korea and the United States are expected to produce the highest economic growth rates among major economies next year, Prime Minister Han Duck-soo said Tuesday. Han made the remarks during a press briefing, highlighting the global rating agencies' positive assessment of the Korean economy, including Goldman Sachs' recent outlook of a 1.8 percent growth for both countries. He said South Korea and the US are expected to grow the most among the advanced countries, followed by Britai

Politics Dec. 3, 2024

JEJU -- Four people died and four others were injured after a truck crashed into a rental car on the southern resort island of Jeju on Tuesday, police said. The accident occurred at 3:58 p.m. in Jeju's Seogwipo, as the 1-ton truck and the rental minivan collided on a two-lane road. Four of the six passengers in the minivan were transported to a nearby hospital in cardiac arrest but died. Two others in the minivan and two riding in the truck sustained minor and serious injuries. Some of the

Social Affairs Dec. 3, 2024

South Korean stocks soared nearly 2 percent Tuesday on better-than-expected US industry data and Washington's export curbs targeting China having a limited impact on the market. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index added 45.62 points, or 1.86 percent, to close at 2,500.1. Trade volume was moderate at 314.4 million shares worth 8.87 trillion won ($6.32 billion), with winners outpacing losers 733 to 163. Foreigners bought a net 538.8 b

Market Dec. 3, 2024

The KT Wiz announced their re-signing of former MVP Mel Rojas Jr. The Wiz said Rojas agreed to a new one-year deal worth $1.8 million to return for his sixth season in the Korea Baseball Organization. Rojas first played for the Wiz from 2017 to 2020 and won the regular-season MVP award in 2020. He then left for Japan before rejoining the Wiz ahead of the 2024 season. He made a successful return by ranking among the league leaders in major offensive categories. He finished second in runs (108), f

Baseball Dec. 3, 2024

Seoul Mayor Oh Se-hoon has canceled his overseas business trip to respond to strikes planned by subway and railway workers later this week, the city government said Tuesday. Oh's one-week business trip to India and Malaysia, scheduled to begin Wednesday, has been canceled as citizens are expected to be inconvenienced by walkouts by unionized KORAIL and Seoul Metro workers, set to begin Thursday and Friday, respectively, the government said in a release. The union of KORAIL, the KTX and regu

Social Affairs Dec. 3, 2024