The defense chiefs of South Korea and Poland held talks in Warsaw during which they discussed ways to expand security and arms cooperation, Seoul's defense ministry said Friday. During the talks Thursday, Defense Minister Lee Jong-sup and his Polish counterpart, Mariusz Blaszczak, assessed major deals between the two countries last year to supply South Korean weapons systems, including K2 battle tanks, K9 self-propelled howitzers and FA-50 light attack aircraft, according to the ministry. T

Foreign Affairs Sept. 1, 2023

A total of 100 foreigners will be employed for housekeeping jobs as early as later this year as part of a government pilot project to address a dwindling number of locals willing to work as maids despite rising demand, officials said Friday. The project, scheduled to be introduced in Seoul as early as December, aims to tackle the shortage of local individuals willing to work as maids and to support women in continuing their careers, according to the Office for Government Policy Coordination unde

Social Affairs Sept. 1, 2023

South Korean stocks opened almost flat Friday amid the outlook that the US Federal Reserve is likely to pause the interest rate hikes in its next policy meeting in September. The benchmark Korea Composite Stock Price Index rose 0.84 points, or 0.03 percent, to 2,557.11 in the first 15 minutes of trading. Stocks fluctuated in and out of positive terrain in the 15-minute period. Wall Street ended mixed Thursday as investors cemented bets the Fed will pause the interest rate hike, after data showed

Market Sept. 1, 2023

South Korea's exports fell for the 11th consecutive month in August due mainly to weak demand for semiconductors and petroleum products, but the country reported a trade surplus for the third straight month, the industry ministry said Friday. Outbound shipments fell 8.4 percent on-year to $51.87 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy. The decline came as exports of semiconductors, the country's key export item, sank 21 percent o

Economy Sept. 1, 2023

The US Department of Treasury's Office of Foreign Assets Control imposed sanctions Thursday on two individuals including a North Korean national and one entity in Russia for helping to finance North Korea's illegal weapons development program. The move comes in response to North Korea's failed attempt to launch a reconnaissance satellite last week, according to the office. "In coordination with the Republic of Korea and Japan, the United States sanctioned two individuals and one entity -- J

North Korea Sept. 1, 2023

Samsung Electronics Co. on Thursday shared its vision and technological developments for what it sees as the future way of living: fully connected homes and an eco-friendly lifestyle. The South Korean tech giant highlighted its latest products and innovations, built for sustainable and smart living, at a press conference, one day ahead of the official opening of the IFA tech trade show in Berlin. Samsung, which has participated in the tech show since 1991, did not offer any exclusive product lau

Technology Aug. 31, 2023

South Korea and the United States staged combined live-fire air drills Thursday to bolster their precision strike capabilities, as part of the allies' key annual military exercise. Seoul's Air Force said the drills mobilized some 30 aircraft, including South Korean F-35A radar-evading jets, armed with various missiles, in connection with the Ulchi Freedom Shield exercise set to end Thursday. During the live-fire exercise over the Yellow Sea, the South's F-35A, F-15K and KF-16 figh

North Korea Aug. 31, 2023

President Yoon Suk Yeol ate seafood for lunch during a visit to a fish market in Seoul on Thursday, his office said, the latest move to boost consumption of local fisheries amid public concern about Japan's release of radioactive water into the ocean. During his visit to Noryangjin fish market, Yoon checked the safety of local fisheries products and purchased various kinds of seafood, such as rockfish, blue crab and gizzard shad, presidential spokesperson Lee Do-woon said in a written press

Politics Aug. 31, 2023

South Korean stocks closed marginally lower Thursday, snapping a three-day winning streak, amid growing expectations the US Federal Reserve may pause the interest rate hike after a set of fresh economic data signaled a cooling economy. The local currency inched up against the US dollar. The benchmark Korea Composite Stock Price Index fell 4.95 points, or 0.19 percent, to close at 2,556.27. Trading volume was moderate at 461.5 million shares worth 10.8 trillion won ($8.16 billion), with decliners

Market Aug. 31, 2023

South Korean shipyard Samsung Heavy Industries Co. said Thursday it has won an approval in principle for a floating carbon dioxide storage unit (FCSU) from Norwegian accredited registrar and classification society DNV. The floating unit, developed jointly with Malaysia's MISC Berhad, is 330 meters long and 64 meters wide, and is capable of storing 100,000 cubic meters of liquid CO2 at temperatures of minus 50 C and below, Samsung Heavy said. The shipyard said its FCSU is able to store CO2 c

Industry Aug. 31, 2023

North Korea plans to convene a key parliamentary meeting next month to mainly discuss organizational matters, state media said Thursday, amid speculation that the country might replace its premier over flood damage. The standing committee of the Supreme People's Assembly decided the previous day to hold the ninth session of the 14th SPA on Sept. 26, according to the North's official Korean Central News Agency. The upcoming session will discuss organizational matters and the issue of ex

North Korea Aug. 31, 2023

South Korean stocks opened higher Thursday, tracking overnight gains on Wall Street, as the latest US data bolstered bets that the US Federal Reserve may pause the interest rate hike in the next policy meeting. The benchmark Korea Composite Stock Price Index rose 4.57 points, or 0.18 percent, to 2,565.79 in the first 15 minutes of trading. The US economy grew at a 2.1 percent annual pace in the second quarter, falling short of a 2.4 percent expansion estimate. Payrolls in the private sector slow

Market Aug. 31, 2023

WASHINGTON -- A group of Russian officials recently trip to North Korea, indicating a potential arms deal between the two countries, a US National Security Council official said Wednesday. John Kirby, NSC coordinator for strategic communications, said the trip may be followed by high-level discussions that could lead to the provision of North Korean weapons to Russia for use in its war against Ukraine. "We have new information, which we are able to share today, that arms negotiations betwee

North Korea Aug. 31, 2023

South Korea's industrial output, retail sales and facility investment lost ground from a month earlier amid growing concerns of an economic slowdown, data showed Thursday. The industrial output fell 0.7 percent in July from a month earlier after standing still in June, according to the data from Statistics Korea. The three indicators lost ground at the same time for the first time since January. The output in the mining, manufacturing, gas and electricity industries decreased 2 percent due

Economy Aug. 31, 2023

Police said Wednesday it will maintain the number of school zones on a trial run with a relaxed speed limit at night, in an about-face of its earlier announcement that it will apply the same rule across the country starting next month. The abrupt retraction came only a day after the police said the school zone speed limit will be eased to up to 50 kilometers per hour from the current 30 kph during the night and early morning hours, and it will be applied nationwide. "The school zone speed

Social Affairs Aug. 30, 2023