BOK says inflation to ease in Sept. but underlying pressures to persist

Inflation in September is expected to ease from the previous month as a base effect fades, but underlying price pressures will likely persist, particularly in core items, the central bank said Wednesday. "In August, the consumer price index rose at a faster rate than the previous month due to a base effect resulting from discount programs by a telecommunications company last year," Deputy Gov. Lee Ji-ho said during a meeting to review inflation trends. "In September, consumer price growth is exp

2026-09-02 10:30:48:00

Veterans ministry seeks 8% hike in 2027 budget for expanded honors, key projects

The veterans ministry said Wednesday it is seeking an 8 percent hike in its 2027 budget to expand veterans benefits, support independence fighters' descendants and host an international sports event for injured soldiers. The Ministry of Patriots and Veterans Affairs said it has proposed 7.22 trillion won ($5.25 billion) for next year's budget, up by 532 billion won from this year's 6.68 trillion won. The draft proposal calls for raising basic compensation for war veterans and allowances for pers

2026-09-02 10:12:42:00

Consumer price hike seen at 2.5% without mobile bills: finance ministry

South Korea's consumer price increase for August, which came to 3.1 percent, is estimated to have been around 2.5 percent when excluding a surge in mobile communication bills following a low base, a senior financial official said Wednesday. "In August last year, there was a temporary 50-percent discount in mobile bills, which served as a base effect, leading to a 3.1 percent rise in consumer prices this month," Kang Gi-lyong, a senior financial official, said during a government meeting. In Augu

2026-09-02 09:55:43:00

Seoul stocks open sharply lower amid escalating hostilities in Mideast

South Korean stocks started sharply lower Wednesday, tracking losses on Wall Street, as the United States and Iran continued exchanging military attacks, which pushed up oil prices. The benchmark Korea Composite Stock Price Index fell 184.73 points, or 2.7 percent, to 6,651.07 as of 9:15 a.m. Overnight, major US stocks closed lower as a new round of US military strikes on Iran pushed up oil prices and fueled concerns over inflation in the world's largest economy. Inflation worries stoked a gover

2026-09-02 09:26:41:00

FTC carries out on-site probe into Coupang on previous day: sources

South Korea's fair trade watchdog has carried out another on-site probe into the South Korean arm of US-listed Coupang Inc. in connection with a separate case following a failed inspection attempt last month, industry sources said Wednesday. According to the sources, officials from the Fair Trade Commission conducted an on-site inspection of Coupang's headquarters in Seoul on the previous day, with the company cooperating with the probe. The investigation centered on whether Coupang unfairly obs

2026-09-02 09:18:58:00

Im Sung-jae to compete at Presidents Cup as captain's pick

South Korean PGA Tour veteran Im Sung-jae will tee off at the upcoming Presidents Cup as a captain's pick for the International Team. Geoff Ogilvy, captain of the International Team, consisting of non-European and non-American golfers, selected Im and five others on Tuesday, putting them alongside six automatic qualifiers who had made the team based on their world ranking positions Monday. The Presidents Cup is a biennial match play event pitting the International Team against the US side. This

2026-09-02 09:09:07:00

Consumer prices up 3.1% in Aug. on fuel, mobile subscription fees

South Korea's consumer prices moved up 3.1 percent in August from a year earlier as oil prices remained elevated, along with higher mobile service subscription charges due to a low base effect from large-scale discounts offered last year following a hacking incident, data showed Wednesday. According to data from the Ministry of Data and Statistics, consumer price growth reached above 3 percent in August, accelerating from a 2.8 percent on-year rise in July. The consumer price increase came to 3.

2026-09-02 08:27:51:00

S. Korea dispatches disaster relief team to Nepal to support flood recovery efforts

A South Korean disaster relief team has left for Nepal to support search, rescue and other relief efforts following devastating floods, the foreign ministry said Wednesday. The Korea Disaster Relief Team (KDRT), consisting of 44 personnel from the foreign ministry, the Korea International Cooperation Agency (KOICA), fire authorities and other agencies, departed for Nepal shortly before midnight Tuesday aboard a KC-330 Cygnus multirole tanker transport aircraft, according to the ministry. The tea

2026-09-02 08:26:58:00

Bolton sees possibility of Trump meeting Kim in Pyongyang, warns of summit risks

Former US National Security Adviser John Bolton on Tuesday raised the possibility of President Donald Trump meeting North Korean leader Kim Jong-un in Pyongyang for a new summit, while noting the "very high" risk of renewed summitry between them. Bolton, who served as a top security aide to Trump from 2018-2019, made the remarks during an online forum as Trump has expressed his intention to meet Kim later this year. Trump held three meetings with Kim during his first term: the first in Singapore

2026-09-02 08:17:26:00

Two tankers carrying Saudi oil attacked in Strait of Hormuz

Two supertankers carrying Saudi oil were struck by unknown projectiles within minutes of each other while transiting outbound through the Strait of Hormuz late on Monday, according ‌to shipping intelligence and tracking firms Marisks and Kpler. "The near-simultaneous incidents represent a further escalation in the threat environment within the Omani corridor," Marisks said. The tankers each loaded 2 million ⁠barrels of Saudi crude at the Juaymah terminal last week, Kpler data showed. Saudi Aramc

2026-09-01 19:38:09:00