S. Korean rescue teams struggling to reach Nepal flood site as 9 remain missing

South Korean government and corporate response teams are struggling to reach a hydropower plant construction site in Nepal where nine South Koreans remain unaccounted for amid concerns over further flooding, officials said Friday. The government's joint rapid response team arrived in Kathmandu late Thursday, while corporate response teams from Doosan Enerbility Co. and Korea South-East Power Co. arrived early Friday. The government and the companies have secured a total of six helicopters for se

2026-08-28 18:44:37:00

Seoul stocks snap 3-day rise on tech slump

Seoul stocks closed sharply down Friday to snap their three-day winning streak, as investors sold off tech heavyweights amid external uncertainties, such as Washington's trade policy. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index closed down 123.49 points, or 1.79 percent, to 6,788.88. Trade volume was light at 287.6 million shares worth 19.9 trillion won ($14.5 billion). Winners outnumbered losers 638 to 237. Foreign and institutional investors were

2026-08-28 16:02:33:00

Court allows cash-strapped JTBC to begin rehabilitation process

The Seoul Bankruptcy Court on Friday approved troubled local broadcaster JTBC's request to begin rehabilitation proceedings, allowing it to restructure its debts under court supervision. JTBC, an affiliate of media giant JoongAng Group, filed for rehabilitation on June 15, three days after failing to repay 20.6 billion won ($14.9 million) in asset-backed loans at maturity. The broadcaster has struggled with a major contraction in the TV advertising market, fueled by rapid shifts in the media lan

2026-08-28 11:41:52:00

Lee to unveil 2027 budget, support projects for young people

President Lee Jae Myung was set to preside over a meeting Friday to unveil next year's budget for young people and present the government's major projects specifically designed to assist them. The "2027 youth budget unboxing" event to be held later in the day marks the first time the government will publicly present major budget allocations and projects ahead of the formal unveiling of the annual budget, the presidential office said. During the meeting, budget allocations and major projects aime

2026-08-28 10:40:20:00

SKT, KT, Kakao consortia selected for govt.-led AI service project

South Korea's science ministry said Friday it has selected three teams to build an artificial intelligence service accessible to everyone, under the government's "AI for all" initiative. The three consortia are each led by SK Telecom Co., KT Corp. and Kakao Corp. They will receive a total of 512 B200 graphics processing units from Nvidia, while expenses needed to roll out the service next year will be covered by government budgets, the ministry of science and ICT said. The science ministry plans

2026-08-28 10:26:25:00

Samsung Biologics to raise W3tr via rights offering

Samsung Biologics announced Friday it would raise 3 trillion won ($2.17 billion) through a rights offering as part of efforts to fund investments in its long-term growth strategy. Some 2.71 trillion won from the offering proceeds will be used for its planned acquisition of the Swiss-based PolyPeptide Group, the biotech arm of Samsung Group said. In July, the company had announced plans to acquire the specialized contract development and manufacturing firm as part of efforts to expand its portfol

2026-08-28 10:23:54:00

Seoul stocks open lower despite US rally

Seoul stocks opened lower Friday, bucking overnight gains on Wall Street, while investors sat on the sidelines ahead of the Jackson Hall meeting set to provide clues on the Federal Reserve's rate policy. The benchmark Korea Composite Stock Price Index opened down 65.83 points, or 0.95 percent, to 6,846.54 as of 9:15 a.m. Overnight, major stock indexes on Wall Street closed higher, with the S&P 500 adding 0.72 percent and the tech-heavy Nasdaq jumping 1.57 percent. The US market was mainly led by

2026-08-28 09:35:17:00

S. Korea to offer debt relief to small biz owners hit by COVID-19 pandemic

South Korea will offer a debt relief program for small business owners hit by the COVID-19 pandemic to help improve their financial health, the finance ministry said Friday, amid concerns that they could face heavier debt-servicing burdens following recent rate hikes. Finance Minister Koo Yun-cheol announced the measures during a meeting with relevant ministers, after the Bank of Korea raised its benchmark rate by 0.25 percentage point for the second consecutive meeting the previous day to curb

2026-08-28 09:22:17:00

S. Korea, US, Japan to conduct Freedom Edge joint drills in early September

South Korea, the United States and Japan will conduct their trilateral military exercise off South Korea's southern coast early next month, the South's Joint Chiefs of Staff said Friday. The multi-domain Freedom Edge exercise will take place from Sept. 7-11 in international waters east and south of Jeju Island, the JCS said in a message to media. "The exercise is defensive in nature, which is held by the three nations annually to counter North Korea's nuclear and missile threats and to safeguard

2026-08-28 09:17:50:00

Nepal flood death toll rises to 389 with 1,200 still missing

A flash flood in a Nepalese valley near the Chinese border unleashed waves of devastation that inundated villages and swept away buildings, killing at least 389 and leaving more than 1,200 still missing, including hundreds of foreign tourists. Visitors from countries including India, Malaysia, Australia, the UK and US are unaccounted for more than 24 hours after the disaster, which washed away roads and bridges in Nepal’s mountainous Rasuwa district and prompted widespread evacuation alerts. Ima

2026-08-28 09:13:19:00