The science ministry said Tuesday it will allocate 730.8 billion won ($548.7 million) this year to bolster the local software industry, with a particular focus on the software as a service sector, as part of its effort to enhance South Korea's digital innovation. Second Vice Science Minister Kang Do-hyun announced the investment plan during his first on-site meeting with software companies since his appointment last month. The ministry said the country should strengthen its competitiveness

Social Affairs March 5, 2024

A senior South Korean diplomat who previously served as the consul general in Sydney has been named to lead the negotiations with the United States on the sharing of costs for the upkeep of US troops here, the foreign ministry said Tuesday. Lee Tae-woo will head the upcoming rounds of the talks on the 12th Special Measures Agreement, the ministry said, without specifying when the initial negotiations will be launched. The career diplomat has the experience and expertise in various fields of the

Politics March 5, 2024

South Korean stocks opened lower Tuesday as investors sought profit after a sharp rise the previous session, with tech and auto shares leading the losses. The benchmark Korea Composite Stock Price Index fell 8.26 points, or 0.31 percent, to 2,666.01 in the first 15 minutes of trading. Overnight, the US stock market closed lower, with the Dow Jones Industrial Average falling 0.25 percent and the tech-heavy Nasdaq Composite losing 0.41 percent. In Seoul, tech shares opened mostly bearish, with Sam

Market March 5, 2024

A group of F-16 fighter jets operated by the US Forces Korea departed South Korea last month to join a multinational exercise in Thailand, the aircraft's unit has said. The unspecified number of F-16s assigned to the US 8th Fighter Wing at Kunsan Air Base in Gunsan, 178 kilometers south of Seoul, left the country on Feb. 22 to take part in the annual Cobra Gold exercise, the unit recently said. The exercise led by the United States and Thailand began last Tuesday and is set to end later thi

Defense March 5, 2024

UN Secretary General Antonio Guterres has appointed a new UN resident coordinator for North Korea in a personnel decision confirmed by the reclusive regime, his spokesperson said Monday. Joe Colombano of Italy assumed his role on Friday, Stephane Dujarric said, in a development that raised hopes for Pyongyang to allow the entry of other personnel from key UN agencies, such as the World Health Organization and the UN Development Program. There has been no presence of international UN staff in the

Foreign Affairs March 5, 2024

South Korea's economy grew 1.4 percent last year, matching an earlier estimate, amid sluggish exports and tightening monetary policies around the globe, central bank data showed Tuesday. The country's real gross domestic product -- a key measure of economic growth -- increased 1.4 percent last year, in line with the central bank's earlier estimate in January, according to preliminary data from the Bank of Korea. But last year's economic expansion marked a slowdown from a 2.6

Economy March 5, 2024

North Korea on Tuesday denounced an annual joint military exercise that South Korea and the United States launched this week, warning they will pay a "dear price" for what it called their large-scale war drills. An unnamed spokesperson at the North's defense ministry issued a statement condemning the annual Freedom Shield exercise that began Monday for an 11-day run to strengthen deterrence against North Korea's nuclear and missile threats. "The large-scale war drills st

North Korea March 5, 2024

Police said Monday they have decided to clear Olympic fencing medalist Nam Hyun-hee of charges that she was an accomplice in the fraud by her former fiance. Nam, the silver medalist in women's foil at the 2008 Beijing Olympics, came under public scrutiny after her former fiance, Jeon Cheong-jo, was charged for swindling about 3 billion won ($2.25 million) from 27 people under the pretext of investment between 2022 and 2023. Nam broke up with the fiance after Jeon was found to be legally a w

Social Affairs March 4, 2024

Former major league All-Star Ryu Hyun-jin will likely make two preseason appearances before marking his much-anticipated regular season return to the top South Korean league, his manager said Monday. Ryu and the Hanwha Eagles returned home Monday from their spring training in Okinawa, Japan. Ryu, the 2019 National League All-Star Game starter, reunited with the Eagles on an eight-year contract on Feb. 22, and flew to Okinawa to report to camp the following day. His deal, worth 17 billion won ($1

Baseball March 4, 2024

North Korea has removed articles with unification references from the website of its state-run media outlet, after leader Kim Jong-un called South Korea the North's "primary foe" and vowed not to seek unification with the South. As of Monday, a majority of the articles containing references to unification, such as "peaceful reunification," "great national unity" and "northern half," appear to have been deleted from the website of the North's Kore

North Korea March 4, 2024

South Korean teenager Seo Min-kyu shocked the figure skating world Saturday, winning the men's singles title at the World Junior Figure Skating Championships in Taipei in his first appearance. The 15-year-old became the first South Korean man to win a medal of any color at the world juniors, and the first South Korean skater, male or female, to win a world junior title since Kim Yu-na won the women's singles gold medal in 2006. Seo, who returned from Taipei City on Monday, insisted he

More Sports March 4, 2024

South Korean stocks closed higher Monday as foreigners extended their buying streak to seven consecutive sessions, with technology and financial shares leading the overall rise. The local currency gained against the US dollar. The benchmark Korea Composite Stock Price Index rose 31.91 points, or 1.21 percent, to 2,674.27. Trade volume was moderate at 383 million shares worth 12.2 trillion won ($9.22 billion), with losers slightly outpacing gainers 442 to 436. Foreigners were net buyers, scooping

Market March 4, 2024

The South Korean baseball league announced Monday it has signed a record-setting streaming rights deal with CJ ENM, with its games moving behind a paywall for the first time. For the next three seasons, CJ ENM, the media and entertainment arm of CJ Group, will carry Korea Baseball Organization games on its streaming platform, Tving. According to the KBO, the deal is worth 135 billion won ($101.6 million), compared with the previous five-year, 110 billion-won contract with a consortium of portal

Baseball March 4, 2024

A four-term lawmaker previously affiliated with the main opposition Democratic Party joined the ruling People Power Party on Monday as a factional rift in the Democratic Party deepened over candidate nominations for the April 10 parliamentary elections. Rep. Kim Young-joo, a deputy National Assembly speaker, quit the Democratic Party last month, protesting the party's inclusion of her in a list of underperformers to be disadvantaged in election nominations amid allegations the party is side

Politics March 4, 2024

South Korea's industrial output rose for the third consecutive month in January despite the marked fall in semiconductor production, data showed Monday. Retail sales also gathered ground for the second month, while facility investment and construction orders tumbled amid weak domestic demand, according to the data compiled by Statistics Korea. Industrial output gained 0.4 percent on-month in January, following a 0.3 percent increase in November last year and 0.4 percent growth in December.

Economy March 4, 2024