The financial regulator stressed the need to supply enough funds to local businesses in a "timely" manner, noting a recent US rate cut may increase market volatility. Kim So-young, deputy chief of the Financial Services Commission, also insisted that there still remained many uncertainties stemming from the upcoming US presidential election and increasing tensions in the Middle East, as well as widely expected rate reductions in major economies. "The speed of rate reductions in ma

Economy Sept. 24, 2024

Seoul shares opened higher Tuesday, tracking overnight gains on Wall Street amid hopes for more US rate cuts. The benchmark Korea Composite Stock Price Index rose 0.58 percent, or 15.18 points, to 2,617.19 in the first 15 minutes of trading. Overnight, major US indexes gained ground as several Federal Reserve policymakers voiced support for additional rate cuts in the future. Last week, the Fed cut its lending rate by half a percentage point to a range of 4.75 percent to 5 percent and pledged fu

Market Sept. 24, 2024

The presidential office said Monday that President Yoon Suk Yeol's possible solo meeting with ruling People Power Party (PPP) chief Han Dong-hoon needs a separate consultation, after Han requested it on the occasion of Yoon's dinner meeting with the PPP leadership this week. Yoon will hold a dinner meeting with Han and other PPP leaders Tuesday to discuss the government's medical reform plan. Separately from the group dinner, Han requested a solo meeting with Yoon on the same day.

Politics Sept. 23, 2024

Three recently passed bills, including one targeting first lady Kim Keon Hee, violate the Constitution, the presidential office said Monday, suggesting they will be vetoed by President Yoon Suk Yeol. The bills were unilaterally passed by the main opposition Democratic Party on Thursday despite fierce objections from the ruling People Power Party. One calls for an independent probe into Kim's stock manipulation allegations, as well as her receipt of a luxury bag and her alleged interference

Politics Sept. 23, 2024

Seoul shares closed higher Monday to extend their winning streak to a fifth day, backed by tech gains, as investors were digesting the US Federal Reserve's big cut last week. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 0.33 percent, or 8.64 points, to 2,602.01. Trading volume was slim at 330.2 million shares worth 9.3 trillion won ($6.96 billion), with losers slightly surpassing winners 449 to 434. Retail investors and institutions pur

Market Sept. 23, 2024

Korea Hydro & Nuclear Power said Monday it has signed a memorandum of understanding (MOU) with a Czech hydrogen association to seek cooperation for clean hydrogen. The agreement, inked with the Czech Hydrogen Technology Platform (HYTEP) in Prague last week, will focus on exchanging information and seeking cooperation in the European market for clean hydrogen, according to KHNP. Under the agreement, the two institutions aim to collaborate in the production of clean hydrogen using surplus ener

Economy Sept. 23, 2024

Naver Corp., the operator of South Korea's leading internet portal, said Monday it has plans to establish a Middle Eastern unit in Saudi Arabia within this year as part of efforts to expand its global business. The new unit, tentatively named Naver Arabia, will be in charge of Naver's business projects in Saudi Arabia, including the creation of a digital twin platform for five Saudi cities and the development of an Arabic-based large language model, according to the Korean company. Nav

Companies Sept. 23, 2024

The top diplomats of South Korea, the United States and Japan will hold talks on the sidelines of the annual UN General Assembly in New York on Monday (local time), according to South Korea's foreign ministry. This will be the first trilateral meeting among South Korean Foreign Minister Cho Tae-yul, US Secretary of State Antony Blinken and Japanese Foreign Minister Yoko Kamikawa since their last talks during the Group of 20 (G20) summit in Brazil in February. The diplomats are expected to d

Diplomatic Circuit Sept. 23, 2024

South Korea's military on Monday vowed to take "stern" military measures should North Korea "cross the line" with its ongoing trash balloon campaign or inflict serious damage to the South Korean people. The Joint Chiefs of Staff made the remark in a statement in response to the North's repeated launch of trash-carrying balloons across the border, including those attached with timer devices that could potentially cause fires. Since late May, the North has launched so

Defense Sept. 23, 2024

Seoul shares opened almost flat Monday as investors were paying attention to remarks by the US Federal Reserve officials following a big cut last week. The benchmark Korea Composite Stock Price Index rose 0.03 percent, or 0.9 points, to 2,594.27 in the first 15 minutes of trading. Investors' eyes are now on Fed officials' comments to be made throughout this week to assess the aftermath of the Fed's rate cut Wednesday . The Fed kicked off its monetary-easing cycle by cutting its ov

Market Sept. 23, 2024

South Korea and the United States are set to hold another round of negotiations this week to determine Seoul's contribution to the cost of stationing US Forces Korea, a South Korean foreign ministry official said Monday. The eighth round of talks on the Special Measures Agreement will be held from Wednesday to Friday in Seoul, according to the official. The current six-year SMA is scheduled to expire at the end of next year. "The government plans to conduct discussions with the stance

Diplomatic Circuit Sept. 23, 2024

South Korea's exports lost 1.1 percent on-year in the first 20 days of September despite robust sales of semiconductors due mainly to the fewer number of working days and weak demand for automobiles, data showed Monday. Outbound shipments reached US$35.58 billion in the Sept. 1-20 period, compared with $35.97 billion tallied a year earlier, according to the data from the Korea Customs Service. Per-day exports, however, advanced 18 percent on-year to $2.74 billion. The number of working days

Economy Sept. 23, 2024

North Korea sent more balloons likely carrying trash toward South Korea on Sunday, the South's military said, just four days after the prior similar launch. The Joint Chiefs of Staff said the North resumed its balloon campaign and warned the balloons may float toward Seoul and the surrounding Gyeonggi Province. Since late May, the North has launched thousands of balloons carrying trash in retaliation against anti-Pyongyang leaflets sent across the border by North Korean defectors and acti

North Korea Sept. 22, 2024

Chang Ki-pyo, a prominent pro-democracy and labor activist in the 1970s, has died. He was 78. Chang died of gallbladder cancer early Sunday at a hospital in Ilsan, Gyeonggi Province, according to his family. Born in 1945 and enrolled at Seoul National University in 1966, Chang began actively campaigning for democracy and labor rights in 1970 in the wake of the self-immolation of Jeon Tae-il. Jeon burned himself to death in 1970 in protest of brutal working conditions at a Seoul sewing factory.

Social Affairs Sept. 22, 2024