The government said Wednesday it will work to enhance the competitiveness of the domestic aviation industry while minimizing potential monopolistic harm from the soon pending merger between Korean Air Co. and Asiana Airlines Inc. The transport ministry announced an aviation industry support plan during a meeting of industries-focused ministries held at Hanwha Ocean Co.'s research and development campus in Siheung, Gyeonggi Province. To manage monopoly concerns arising from the merger, the m

Industry Dec. 11, 2024

Finance Minister Choi Sang-mok said Wednesday that the government will continue to closely monitor the market and to fully implement market stabilization measures amid lingering uncertainties from a political crisis. Choi made the remarks during a daily emergency meeting with Bank of Korea Gov. Rhee Chang-yong and other top financial officials, as the government is scurrying to minimize economic impacts of President Yoon Suk Yeol's short-lived imposition of martial law last week. "As u

Economy Dec. 11, 2024

South Korea's exports grew 12.4 percent from a year earlier in the first 10 days of this month on strong shipments of chips, data showed Wednesday. Outbound shipments reached $17.6 billion in the December 1-10 period, compared with $15.6 billion tallied a year earlier, according to the data from the Korea Customs Service. Imports gained 11.6 percent on-year to $19.1 billion, resulting in a trade deficit of $1.55 billion. Adjusted for the number of working days, daily average exports increas

Economy Dec. 11, 2024

The Asian Development Bank has lowered its 2025 growth outlook for the South Korean economy to 2 percent, Seoul's finance ministry said Wednesday. The latest figure marks a 0.3 percentage-point fall from its earlier projection presented in September, the ministry said, citing the latest report by the Manila-based bank. The projection is on par with the forecasts by the International Monetary Fund and the Organization for Economic Cooperation and Development, both of which have projected 2 p

Economy Dec. 11, 2024

The Russian Embassy in North Korea has hosted a reception to celebrate the ratification of a mutual defense treaty between the two nations, the North's state media reported Wednesday. North Korea's top officials, including Choe Ryong-hae, chairman of the Supreme People's Assembly's standing committee, Foreign Minister Choe Son-hui and Kim Yo-jong, the powerful sister of North Korean leader Kim Jong-un, attended the reception Tuesday, according to the Korean Central News Agenc

North Korea Dec. 11, 2024

Trade Minister Cheong In-kyo vowed efforts to maintain a stable economic environment for foreign companies operating in the country while meeting with representatives from a US business lobby group in South Korea on Wednesday amid lingering political turmoil. Cheong's meeting with officials from the American Chamber of Commerce in Korea (AMCHAM) came about a week after President Yoon Suk Yeol's controversial martial law declaration, which caused significant uncertainties in the local b

Economy Dec. 11, 2024

Seoul shares opened slightly higher Wednesday as a widespread investigation into President Yoon Suk Yeol's brief martial law declaration by various law enforcement agencies gained traction. The benchmark Korea Composite Stock Price Index added 6.44 points, or 0.27 percent, to 2,424.28 in the first 15 minutes of trading. The president faces a criminal investigation in connection with insurrection and other charges related to his short-lived martial law order last week. Earlier in the day, he

Market Dec. 11, 2024

South Korea's job growth picked up slightly in November compared to a month earlier but the manufacturing sector alone shed nearly 100,000 positions, data showed Wednesday, signaling potential challenges for the country's export-dependent economy. The number of employed people aged 15 years and older came to 28.82 million as of the end of last month, up 123,000 from a year earlier, according to the data compiled by Statistics Korea. Despite a slight improvement compared to the previous

Economy Dec. 11, 2024

Former Defense Minister Kim Yong-hyun was formally arrested Wednesday on charges of helping President Yoon Suk Yeol stage an insurrection through his short-lived imposition of martial law last week. The Seoul Central District Court issued a warrant for his arrest after prosecutors accused Kim of engaging in "essential" activities in insurrection and abusing his power to obstruct the exercising of rights when martial law was in place for six hours between Tuesday and Wednesday last week

Politics Dec. 11, 2024

A court on Tuesday issued an arrest warrant for former Defense Minister Kim Yong-hyun on charges of helping President Yoon Suk Yeol stage an insurrection through his short-lived imposition of martial law last week. The Seoul Central District Court issued the warrant at the request of the prosecution, who accused Kim of engaging in "essential" activities in insurrection and abuse of power in connection with Yoon's declaration of martial law last Tuesday. The warrant's issuance

Politics Dec. 11, 2024

The government will make every effort to prepare for the swift execution of next year's budget to help stabilize people's livelihoods and respond to external uncertainties, the finance ministry said Tuesday. The ministry issued the statement shortly after the National Assembly passed next year's national budget of 673.3 trillion won ($471.5 billion), following a 4.1 trillion-won cut by the main opposition Democratic Party. "The government will make every effort to prepare for

Politics Dec. 10, 2024

Japanese Prime Minister Shigeru Ishiba said Tuesday no one could have ever imagined South Korean President Yoon Suk Yeol's short-lived martial law imposition last week, while US Defense Secretary Lloyd Austin took note of Ishiba's "steady hand." Ishiba met with Austin at his residence in Tokyo as Seoul is reeling from the aftermath of the reversed martial law declaration. "The world changes very quickly on a weekly basis. No one could have ever imagined what has happened

Foreign Affairs Dec. 10, 2024

US Defense Secretary Lloyd Austin reaffirmed America's "ironclad" deterrence commitment to South Korea and Japan on Tuesday, stressing that Washington remains "clear-eyed" about security challenges from North Korea, China and Russia. During his talks with Japanese Defense Minister Gen Nakatani in Tokyo, Austin also underscored the United States' commitment to advancing what he called "historic" trilateral cooperation with South Korea in the face of shared

Foreign Affairs Dec. 10, 2024

The culture minister on Tuesday called on opposition parties to refrain from impeaching two Cabinet ministers overseeing the nation's legal and security matters in connection with President Yoon Suk Yeol's short-lived martial law declaration, warning such actions could destabilize the government. Speaking in his capacity as the government spokesperson at the main government building in Seoul, Yu In-chon issued a public statement emphasizing the need for stability in state governance. &

Politics Dec. 10, 2024

Search and rescue operations for the last missing person were under way for the second day Tuesday after a boat capsized off the southeastern coast, the Coast Guard said. The 29-ton fishing boat carrying eight crew members capsized after colliding with a 456-ton sand barge in waters near Gyeongju, about 270 kilometers southeast of Seoul, on Monday, leaving seven crew members dead. Seven people -- three South Koreans and four foreign nationals -- were rescued in a state of cardiac arrest and take

Social Affairs Dec. 10, 2024