Seoul shares ended lower Wednesday as investors await US chip giant Nvidia Corp.'s earnings results and comments from the US Federal Reserve on its monetary policy. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index declined 10.24 points, or 0.41 percent, to close at 2,505.50. Trading volume was moderate at 535.96 million shares worth 8.35 trillion won ($6.2 billion), with losers outnumbering gainers 503 to 367. Overnight, US stocks ended mixed, with

Market Aug. 23, 2023

Supreme Court Chief Justice nominee Lee Gyun-ryong said Wednesday that he will be committed to restoring public trust in the judiciary. In his first public remark after nomination the previous day, Lee said he will constantly reflect on ways for the court to serve freedom and rights and meet the people's expectations by restoring trust in the judiciary and its authority. He also stressed that fairness and neutrality of trials are fundamental to any country's judicial system but refrain

Politics Aug. 23, 2023

South Korea's business sentiment fell to the lowest level in six months in August amid continued uncertainties over the economy and monetary tightening here and abroad, a central bank poll showed Wednesday. Manufacturers' business sentiment index for August came to 67, down from 72 tallied for the previous month, according to the survey by the Bank of Korea. The index marks the lowest since February this year, when the comparable reading was 63. The index measures corporate prospects f

Economy Aug. 23, 2023

Corporate direct financing in South Korea contracted 32.8 percent in July from the previous month, data showed Wednesday. Local companies raised a combined 16.07 trillion won ($12.03 billion) by selling stocks and bonds last month, down 7.85 trillion won from June, according to the Financial Supervisory Service. Direct financing refers to raising funds directly from the stock and bond markets without borrowing from banks and other financial institutions. Stock sales shot up 58.6 percent on-month

Economy Aug. 23, 2023

Seoul shares opened lower Wednesday as investors await US chipmaking giant Nvidia Corp.'s earnings results. The benchmark Korea Composite Stock Price Index fell 5.0 points, or 0.2 percent, to 2,510.74 in the first 15 minutes of trading. Overnight, Wall Street closed mixed, with the Dow Jones Industrial Average falling 0.51 percent but the tech-heavy Nasdaq Composite inching up 0.06 percent. Nvidia's earnings results will likely have broader implications for stock markets as the tech st

Market Aug. 23, 2023

That a top-six finish at the World Athletics Championships can be seen as a disappointment for Woo Sang-hyeok indicates just how far the South Korean high jumper has come. It wasn't that long ago when the goal for any Korean high jumper competing at a worlds was to make it out of the preliminary phase and qualify for the final. Woo then raised the figurative bar high by winning silver at last year's World Athletics Championships in Eugene, Oregon. South Korea, a country long without an

More Sports Aug. 23, 2023

WASHINGTON -- Iranian assets currently frozen in South Korean banks will not go to Iran, US National Security Advisor Jake Sullivan said Tuesday, dismissing concerns that the money could be used to advance the Middle Eastern country's illegal weapons program. The US said earlier that it was in negotiations with Tehran to transfer the frozen funds from South Korean banks to a special account in Qatar in exchange for the release of five US citizens currently detained in Iran. "First of a

Foreign Affairs Aug. 23, 2023

WASHINGTON -- The United States will take all steps necessary to counter provocations by North Korea, a Pentagon spokesperson said Tuesday, amid reports that Pyongyang may be poised to launch a space rocket in the near future. North Korea has notified Japan of its plan to fire a space launch vehicle between Thursday and Aug. 31, according to a report by Japan's Kyodo News. "As always, we will stand with our Japanese and our ROK allies in the face of North Korea's continued provoca

Foreign Affairs Aug. 23, 2023

South Korean stocks closed slightly higher Tuesday but spent most of the session giving back their early tech gains. The Korean won went up against the US dollar. The benchmark Korea Composite Stock Price Index added 6.94 points, or 0.28 percent, to close at 2,515.74. Trading volume was slim at 462.1 million shares worth 9.05 trillion won ($6.77 billion), with losers outnumbering gainers 498 to 373. Offshore investors and institutions bought a net combined 46.92 billion won worth of shares, whil

Market Aug. 22, 2023

The suspect in a credit union heist in Daejeon last week was confirmed to have fled to Vietnam, police said Tuesday. The man is suspected of robbing a credit union in the central city Friday, threatening employees with a weapon. He made off with 39 million won ($29,115). The Daejeon Police Agency confirmed that the man departed for Vietnam on Sunday and requested cooperation from Interpol to apprehend him. Police requested search and seizure warrants to investigate his residence and related loca

Social Affairs Aug. 22, 2023

New orders won by South Korean shipbuilders jumped 11.9 percent in the first half of 2023 on the back of rising demand for high-priced vessels, the industry ministry said Tuesday. The country's shipbuilders secured orders worth $9.29 billion in the January-June period, compared with $8.24 billion a year earlier, according to the Ministry of Trade, Industry and Energy. South Korea accounted for 29 percent of the orders placed worldwide in the first half, taking up the world's second spo

Mobility Aug. 22, 2023

A trio of South Korean players will be among the last 30 left standing as the PGA Tour's annual playoffs draw to a conclusion this week. Tom Kim, Im Sung-jae and Kim Si-woo all ranked inside the top 30 in the FedEx Cup standings after the end of the second playoff event, the BMW Championship, on Sunday in Olympia Fields, Illinois, and earned themselves a ticket to the Tour Championship, which tees off Thursday in Atlanta. There will be no cut in the exclusive-field event at East Lake Golf C

Golf Aug. 22, 2023

South Korean stocks opened sharply higher Tuesday on tech gains. The benchmark Korea Composite Stock Price Index added 17.3 points, or 0.69 percent, to 2,526.1 in the first 15 minutes of trading. Overnight, Wall Street closed mixed, with the tech-heavy Nasdaq Composite rallying 1.56 percent and the S&P 500 rising 0.69 percent. The Dow Jones Industrial Average declined 0.11 percent. US chipmaker Nvidia, which has spurred the artificial intelligence boom this year, sharply rose 8.3 percent ahe

Market Aug. 22, 2023

President Yoon Suk Yeol reportedly plans to replace his industry minister, according to sources Monday. According to a presidential office official, Bang Moon-kyu, minister of government policy coordination, is expected to be appointed to replace Lee Chang-yang, minister of trade, industry and energy, on Tuesday. A career public servant, Bang has extensive experience in areas related to ministries of finance, agriculture and health. He also served as the head of the state-run Export-Import Bank

Politics Aug. 21, 2023

Seoul's top diplomat said Monday the government explained to Beijing the results of a recent trilateral summit between the leaders of South Korea, the United States and Japan soon after the gathering. President Yoon Suk Yeol and his US and Japanese counterparts, Joe Biden and Fumio Kishida, respectively, held a summit at the US presidential retreat of Camp David in Maryland last week, where they adopted a series of documents that outlined their commitments to enhance security and economic c

Diplomatic Circuit Aug. 21, 2023