South Korea's industry ministry said Thursday it held a meeting with relevant authorities to check supplies of oil and gas as concerns grow over price volatility due to the widening Israel-Hamas war. "There have been concerns over prices in the early stages of the conflict, but no disruptions have been reported so far," Yoo Beop-min, director general of the ministry's resources policy, told the meeting. Prices of gasoline and diesel currently remain "relatively stable,&q

Economy Nov. 2, 2023

US Secretary of State Antony Blinken plans to discuss responses to Russia's war in Ukraine and instability in the Middle East during his trip to Seoul as part of a multination trip this month, his office said Wednesday. His nine-day trip, which includes stops in Israel, Jordan, Japan and India, is set to begin Thursday as Washington is striving to prevent an escalation of the war between Israel and the Hamas militant group while maintaining its strategic policy focus on the Indo-Pacific region.

Defense Nov. 2, 2023

The ruling People Power Party launched a special committee on Thursday to discuss its heatedly debated proposal of integrating the neighboring city of Gimpo into the capital city of Seoul. This committee will be headed by Rep. Cho Kyoung-tae, a five-term lawmaker and a civil engineering doctorate holder with expertise in urban design, Rep. Park Jung Ha, the party's spokesperson, told reporters. The envisioned plan, which aims to include the northwestern city of Gimpo in Gyeonggi Province su

Politics Nov. 2, 2023

North Korea's national carrier appears to have resumed regular flights connecting Pyongyang and Beijing, a website showed Thursday, as the reclusive regime reopened its border following more than three years of border lockdown. The move comes after an Air Koryo flight landed in Beijing on Aug. 22, the first resumption of commercial flights since the North closed its border in January 2020 to fend off COVID-19. The Beijing Capital International Airport's website showed that a flight dep

North Korea Nov. 2, 2023

The ruling People Power Party decided Thursday to lift the membership suspensions imposed on former party leader Lee Jun-seok and Daegu Mayor Hong Joon-pyo over alleged misconduct, endorsing one of the first reform measures recommended by its innovation committee. The PPP accepted the committee's "grand amnesty" request and nullified the disciplinary measures taken against Lee, Hong and two other members in a gesture of unity before next year's general elections, according to

Politics Nov. 2, 2023

Having been pushed to the brink of elimination in the Korea Baseball Organization postseason, the KT Wiz must pull off a rare feat to stay alive against the NC Dinos. The Wiz dropped the first two games of the best-of-five second round in the postseason at home in Suwon, just south of Seoul. The series now moves to the Dinos' home in the southeastern city of Changwon, for Game 3 at 6:30 p.m. Thursday and, if necessary, Game 4 at 6:30 p.m. Friday. If the Wiz bounce back to steal the next two

Baseball Nov. 2, 2023

Chinese President Xi Jinping told North Korean leader Kim Jong-un that he is "willing to make bigger contributions" to "defend the region's peace, stability, development and prosperity," Pyongyang's state media said Thursday. Xi made the remarks as he replied to Kim's congratulatory message marking the 74th founding anniversary of the People's Republic of China. In the Oct. 1 letter, Kim pledged to "strive to consolidate" their bilateral relation

North Korea Nov. 2, 2023

South Korea's inflation grew at a faster pace in October, staying above 3 percent for the third consecutive month, due to higher prices of energy and farm goods, data showed Thursday. Consumer prices, a key gauge of inflation, rose 3.8 percent last month from a year earlier, compared with a 3.7 percent on-year increase the previous month, according to the report from Statistics Korea. It is the third month in a row that the annual price growth has picked up pace, though inflation has genera

Economy Nov. 2, 2023

US President Joe Biden chose his top Asia aide as the nominee for deputy secretary of state, the White House said Wednesday, as Washington maintains its strategic focus on the Indo-Pacific despite growing tensions in the Middle East and Russia's war in Ukraine. The White House said Biden expressed his intent to designate Kurt Campbell, the National Security Council coordinator for Indo-Pacific affairs, for the State Department's No. 2 post that has been left vacant since former Deputy

Foreign Affairs Nov. 2, 2023

South Korean stocks kicked off higher on Thursday after the US Federal Reserve held its key rate steady as widely expected. The benchmark Korea Composite Stock Price Index shot up 37.01 points, or 1.61 percent, to 2,338.57 in the first 15 minutes of trading. Overnight, the Fed held its benchmark lending rate steady at a 22-year high for a second consecutive time as it keeps striving to bring down inflation to its 2 percent target. US stocks closed higher, with the Dow Jones Industrial Average ad

Market Nov. 2, 2023

The US Federal Reserve held its benchmark lending rate steady at a 22-year high for a second consecutive time during a monetary policy meeting on Wednesday, as it keeps striving to bring down inflation to its 2-percent target. After the two-day Federal Open Market Committee meeting, the central bank announced the decision to keep the rate between 5.25 and 5.50 percent. But it left open the possibility of a rate change later to achieve "maximum" employment and its inflation target. In t

Economy Nov. 2, 2023

President Yoon Suk Yeol on Wednesday donated 5 million won ($3,685) toward the construction of a memorial for South Korea's first President Syngman Rhee, his office said. The donation was sent to the Rhee Syngman Foundation, which has led a fundraising campaign to build a memorial for the former president who ruled the country for 12 years until his ouster in 1960. "Former President Syngman Rhee's fight for independence was a national foundation campaign to construct a liberal dem

Politics Nov. 1, 2023

CJ Olive Young Corp., the distribution unit of South Korean food-to-cosmetics conglomerate CJ Group, on Wednesday opened a foreigner-focused outlet in Seoul as travelers return to the country after years of the COVID-19 pandemic. CJ Olive Young's outlet in Myeongdong, central Seoul, underwent a large-scale renewal to serve as an online-to-offline (O2O) shopping platform mainly for the convenience of foreign customers. O2O commerce is a business model that draws potential customers from onli

Industry Nov. 1, 2023

A memorial park commemorating Hong Beom-do, a revered Korean independence fighter against Japan's 1910-45 colonial rule, will open at his former burial site in Kazakhstan later this week, Seoul's veterans ministry said Wednesday. South Korea had pledged to build the memorial at the site in Kyzylorda in southern Kazakhstan after repatriating his remains to Seoul for burial at Daejeon National Cemetery in Daejeon, 139 kilometers south of Seoul, in August 2021. A ceremony marking the park

Social Affairs Nov. 1, 2023

South Korean stocks got off to a strong start Wednesday, tracking overnight gains on Wall Street, as investors picked up tech bargains following a recent sharp fall awaiting the Federal Reserve's rate-setting decision. The benchmark Korea Composite Stock Price Index added 31.57 points, or 1.39 percent, to 2,309.56 in the first 15 minutes of trading. Overnight, US shares finished higher, with the Dow Jones Industrial Average rising 0.38 percent and the tech-heavy Nasdaq Composite going up 0.

Market Nov. 1, 2023