Seoul shares opened higher Monday amid increasing hopes the US Federal Reserve is set to end its rate-hike cycle. The benchmark Korea Composite Stock Price Index rose 14.43 points, or 0.58 percent, to 2,519.44 in the first 15 minutes of trading. On Friday, all three major US indexes rallied on growing optimism that the Federal Reserve is done raising interest rates. The S&P 500 rose 0.6 percent to hit its highest level in over a year, the Dow Jones Industrial Average jumped 0.8 percent, and

Market Dec. 4, 2023

What a recalcitrant North Korea respects is "strength" and "solidarity," a US think tank founder has said, noting he would advise former President Donald Trump to keep up trilateral cooperation between South Korea, the United States and Japan. Edwin Feulner, founder of the conservative Heritage Foundation, made the remarks as Trump seeks a second White House term. The think tank has led the development of "Project 2025," a presidential transition plan in the event o

Foreign Affairs Dec. 4, 2023

Son Heung-min of Tottenham Hotspur has grabbed sole possession of third place in the Premier League scoring race, with a goal against defending champions Manchester City in a 3-3 draw. The Spurs skipper, though, also scored one into his own net in this wild away match. Son opened the scoring after only six minutes at Etihad Stadium in Manchester, England, on Sunday with his ninth goal of the campaign. In a counterattack opportunity, Son broke from inside his own half to take a long pass from Dej

Soccer Dec. 4, 2023

President Yoon Suk Yeol's approval rating inched down to 37.6 percent, falling for the first time in three weeks, according to a poll released Monday. The survey, conducted by the polling agency Realmeter, showed that the positive assessment of Yoon's performance inched down by 0.5 percentage point from the previous week. Yoon's approval rating had previously rebounded from 34.7 percent to 35.6 percent and then to 38.1 percent, lingering in the high 30 percent range. By region, re

Politics Dec. 4, 2023

South Korea's domestic consumption is expected to slow down further after local service sector output posted the lowest-level growth in 32 months in November amid high rates and high inflation, government data showed Sunday. Output in the service sector grew 0.8 percent last month compared to the same month of last year, marking the lowest on-year monthly growth since reporting a 0.8 percent decline in February 2021, according to data from Statistics Korea. Services output began to increase

Market Dec. 3, 2023

Buddhists and political leaders bade their final farewell to late Ven. Jaseung, a former leader of South Korea's largest Buddhist sect Jogye, at the funeral held Sunday. Ven. Jaseung, who served as president of the Jogye Order from 2009 to 2017, was found dead at a burnt dwelling at a temple in Anseong, south of Seoul, on Wednesday, in an apparent self-immolation, or a Buddhist practice of burning oneself alive as an offering to Buddha. Police have discovered several notes from the monk

Social Affairs Dec. 3, 2023

President Yoon Suk Yeol is expected to reshuffle his Cabinet as early as Monday, with up to 10 out of 19 ministers subject to replacement, sources said. Yoon has widely been expected to shake up his Cabinet in the coming days as a number of ministers are reportedly planning to run for parliament in next April's general elections. The ministers likely to be replaced are those for finance, land, SMEs, oceans, science, agriculture and labor. Industry Minister Bang Moon-kyu could be added to

Politics Dec. 3, 2023

"12.12: The Day," a historical film depicting South Korea's military coup in 1979, surpassed 4 million ticket sales on the 12th day of its release on Sunday, its distributor said. The accumulated ticket sales of the title topped the 4 million threshold shortly after midnight, the distributor, Plus M Entertainment, said. Since its release on Nov. 22, the film has been rapidly gaining popularity, reaching the 1 million sales mark on its fourth day and 3 million sales mark on the 10t

Culture Dec. 3, 2023

South Korea and Japan are expected to resume high-level economic talks later this month after nearly eight years of suspension due to tensions over wartime sexual slavery and other rows, diplomatic sources said Sunday. The resumption of the Korea-Japan High-Level Economic Consultation is the latest in a series of measures the two countries have taken amid warming relations in the wake of the resolution of the wartime forced labor issue earlier this year. During a summit in Lithuania's Vilni

Politics Dec. 3, 2023

Suwon Samsung Bluewings were relegated to the second division in South Korean football for the first time in their club history Saturday, following a goalless draw against Gangwon FC at home. Suwon Samsung finished the 2023 K League 1 season in last place with 33 points on eight wins, nine draws and 21 losses, and suffered direct relegation to the K League 2 for 2024. In order to avoid direct relegation, Suwon Samsung had to defeat Gangwon at Suwon World Cup Stadium in Suwon, just south of Seoul

Soccer Dec. 2, 2023

The government on Saturday posthumously conferred a state medal on late Ven. Jaseung, a former leader of South Korea's largest Buddhist sect Jogye, in recognition of his decadeslong service in the Buddhist community. Culture Minister Yu In-chon awarded a Mugunhwa Medal of the Order of Civil Merit to the deceased during his visit to the Jogye Temple in central Seoul, where a memorial altar has been set up to pay tribute to the late monk. The Mugunghwa Medal is the highest of five medals that

Culture Dec. 2, 2023

North Korea will hold a plenary meeting of the ruling Workers' Party later this month to discuss this year's state policies and policy goals for next year, its state media said Saturday. The ninth plenary meeting of the eighth Central Committee of the WPK will be convened late in December to "review the execution of the Party and state policies in 2023," the Korean Central News Agency said in an English-language dispatch. The decision was made during a politburo meeting on Fr

North Korea Dec. 2, 2023

The Seoul government on Saturday welcomed the release of proposed U.S. guidance on U.S. tax credits for electric vehicles (EVs), noting it will help remove uncertainties surrounding the 2022 Inflation Reduction Act (IRA). The U.S. released the guidance on Friday (U.S. time), defining a "foreign entity of concern" (FEOC) whose battery components and critical minerals may disqualify EVs from U.S. incentives. "Our battery makers have been asking for an early release of FEOC requireme

Industry Dec. 2, 2023

The United States on Friday released proposed guidance defining a "foreign entity of concern (FEOC)" in a move to clarify its rules meant to block tax credits for electric vehicles (EVs) with battery components and critical minerals from China. The Treasury and Energy Departments announced the long-awaited rules of the 2022 Inflation Reduction Act (IRA) as South Korean battery makers have stressed the need to clarify the FEOC requirements to address uncertainties in their overseas oper

Foreign Affairs Dec. 2, 2023

The United States has approved a potential sale to South Korea of munitions for the operation of F-35 radar-evading fighter jets and related equipment to help improve the Asian ally's defense capabilities, a government agency said Friday. The Defense Security Cooperation Agency under the Department of Defense made the announcement on the potential government-to-government Foreign Military Sale (FMS) estimated to cost US$271 million. South Korea has made a request to purchase 39 AIM-120C-8 A

Defense Dec. 2, 2023