South Korea has conveyed its concerns over a new U.S. law that provides tax incentives for electric vehicles manufactured in North America only, a foreign ministry official said Thursday. "As revisions to the electric vehicle subsidies, included in the Inflation Reduction Act, are subject to violation of not only the South Korea-U.S. Free Trade Agreement but also the World Trade Organization rul...

Seoul shares closed lower Thursday as investors digested the Federal Reserve's minutes that hinted at more aggressive interest rate hikes to temper inflation. The Korean won sharply fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.42 points, or 0.33 percent, to close at 2,508.05 points. Trading volume was moderate at about 370.84 million shares worth so...

The Yoon Suk-yeol administration will strive to create a condition for North Korea to embrace the "audacious initiative" intended to support its economic development for its denuclearization steps, Seoul's point man on Pyongyang told lawmakers Thursday. Unification Minister Kwon Young-se said the government plans to send more specific messages to the North, going forward, and have related consul...

South Korea's military announced a master plan Thursday to relocate its air base in the southeastern region of Daegu to the nearby area of Uiseong and Gunwi, both in North Gyeongsang Province, by 2030 in an 11.4 trillion-won ($8.6 billion) project. Under the plan, the military will relocate several Army and Air Force units currently stationed at the base, home to F-15K fighter jets, to the envis...

The interim leader of the ruling People Power Party (PPP) apologized Thursday for turmoil from the party's leadership transition, vowing to win back people's support through "reform" and "unity." "The party sincerely apologizes to the people and our supporters and is reflecting on itself for failing to resolve the internal conflict and division and allowing the situation to evolve into a legal f...

An American Chamber of Commerce in Korea (AMCHAM) delegation has discussed economic security and partnerships, including the new US-led Indo-Pacific Economic Framework (IPEF), with US government officials and lawmakers during their recent visit to Washington, AMCHAM said Thursday. The 14-member delegation made the three-day trip to the United States starting July 27 as part of its annual busines...

President Yoon Suk-yeol said Thursday his press conference held the previous day to mark his first 100 days in office was intended to show that he will closely listen to the people's voices. "The purpose of yesterday's press conference was that I will closely look into and honor the people's words," he said as he arrived at the presidential office. The press conference was held as Yoon's image ...

South Korea's fiscal deficit increased 22.2 trillion won ($16.9 billion) in the first six months of this year from a year ago as the government revved up spending to tackle the fallout of the pandemic, data showed Thursday. The managed fiscal balance, a key gauge of fiscal health calculated on a stricter term, posted a deficit of 101.9 trillion won in the January-June period, larger than a short...

Four South Korean speed skaters, including three-time Olympic medalist Kim Min-seok, have decided not to appeal their recent suspension over a drunk driving accident, an official with the national Olympic body said Thursday. The official from the Korean Sport & Olympic Committee (KSOC) said Kim and three of his fellow national team athletes did not submit appeals by Wednesday's deadline. On Aug...

South Korea's new COVID-19 cases stayed above 170,000 for the second consecutive day Thursday as the country is experiencing a new virus wave amid the continued spread of a highly contagious omicron subvariant. The country added 178,574 new COVID-19 infections, including 633 cases from overseas, bringing the total caseload to 21,861,296, according to the Korea Disease Control and Prevention Agen...

Seoul shares opened lower Thursday, tracking losses on Wall Street, as the US Federal Reserve may keep up its aggressive monetary tightening amid global recession woes. The benchmark Korea Composite Stock Price Index (KOSPI) fell 24.69 points, or 0.98 percent, to trade at 2,491.78 points as of 9:15 a.m. In the Fed's latest minutes, released Wednesday (US time), policymakers expected the economy...

WASHINGTON -- The United States will continue to maintain strong sanctions against North Korea until the recalcitrant country changes its behavior and engages in dialogue, a state department spokesperson said Wednesday. Department Press Secretary Ned Price made the remarks after North Korea fired two cruise missiles, marking its 19th show of force this year and first since June. "We will contin...

Seoul shares snapped their three-day winning streak Wednesday as investors await the latest minutes of the Federal Reserve that will give them an idea of its future rate policy to combat high inflation. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 17.05 points, or 0.67 percent, to close at 2,516.47 points. Trading volume was moderate at...

President Yoon Suk-yeol said Wednesday that South Korea cannot provide North Korea with security guarantees, but he does not want the status quo changed "unreasonably or by force." The remark, made in a press conference marking his 100 days in office, was seen as yet another olive branch to Pyongyang, days after he unveiled what he described as an "audacious" offer to rebuild the North's economy...

A top financial regulator said Wednesday that it is necessary to step up global cooperation in effectively responding to crimes involving digital assets as transactions take place across borders with their impact on traditional financial markets fast expanding. Kim So-young, vice chair of the Financial Services Commission (FSC), highlighted the need in the inauguration meeting of the recently la...