The government and the ruling People Power Party agreed Sunday to introduce a system mandating automakers to disclose the battery brand information of all electric vehicles. During a meeting between senior government officials and PPP officials, the two sides also agreed to launch at an early date a system mandating automakers to get government certification on the safety of the batteries for their EV models, which was initially set to be introduced in February next year. The move comes amid saf

Politics Aug. 25, 2024

South Korean tech giants Samsung Electronics Co. and LG Electronics Inc. are planning to showcase various new artificial intelligence-powered home appliances at the IFA 2024 home electronics show in Berlin next month, industry sources said Sunday. Samsung will present a range of products, including the Bespoke AI Combo, an all-in-one washer-dryer; the Bespoke AI Family Hub, a premium refrigerator product; and the Bespoke AI Steam, a new robot vacuum cleaner product. The company will also showcas

Companies Aug. 25, 2024

The combined debt of the government and households in South Korea has surpassed 3,000 trillion won ($2.26 trillion) for the first time, driven by lower tax revenue, increased bond issuance and aggressive borrowing from households for real estate investments, government data showed Sunday. According to data from the finance ministry and the central bank, the country's combined national debt and household debt reached a record 3,042 trillion won as of the end of the second quarter. This amoun

Economy Aug. 25, 2024

The South Korean presidential office said Saturday it is in close discussions with the US government to resolve a dispute between the two countries' companies over a nuclear power plant construction project in the Czech Republic. "We are in talks with the US government through various channels to smoothly resolve the dispute," an official at the presidential office said, referring to the conflict between the Korea Hydro & Nuclear Power Co. and American energy firm Westinghouse

Foreign Affairs Aug. 24, 2024

Five day laborers, including three Chinese nationals, were killed in a traffic accident in Ansan on Saturday while heading to a worksite, local authorities said. The accident occurred in Ansan, about 30 kilometers south of Seoul, at around 5:45 a.m., while the victims were heading to a worksite in a van, according to Gyeonggi Province fire services. The van carrying the victims collided with a bus and hit a passenger car before coming to a stop, resulting in a total of 14 casualties. The five la

Social Affairs Aug. 24, 2024

A nationwide union of nurses and medical workers said Saturday that their members have voted to launch a strike next week, calling for a pay raise and the normalization of the crippled medical system amid a prolonged walkout by trainee doctors, its officials said Saturday. The Korean Health and Medical Workers' Union, which has some 30,000 nurses and medical workers at 61 hospitals as members, said more than 91 percent of its members supported the strike plan, according to the officials. If

Social Affairs Aug. 24, 2024

A group of business leaders, including Samsung Electronics Chairman Lee Jae-yong, will accompany President Yoon Suk Yeol on his visit to the Czech Republic next month, industry sources said Saturday. Yoon is arranging the visit to the Czech Republic to deepen bilateral economic ties after the European country selected a South Korean consortium in July for a major nuclear plant project. The South Korean consortium led by Korea Hydro & Nuclear Power was named the preferred bidder for the Czech

Foreign Affairs Aug. 24, 2024

Seoul has posted its 37th tropical night this summer, the most in the city's history, the state weather agency said Saturday. Seoul experienced yet another tropical night phenomenon overnight, setting the highest number in a single year since modern meteorological observation began in the city in 1907, the Korea Meteorological Administration (KMA) said. A tropical night refers to a phenomenon when the nighttime temperatures stay above 25 degrees Celsius from 6:01 p.m. to 9 a.m. the followin

Social Affairs Aug. 24, 2024

North Korea on Saturday strongly lashed out at a revised US nuclear strategy plan, vowing to further strengthen its nuclear capability. Earlier this week, The New York Times reported that President Joe Biden approved the revised strategy in March this year to focus on China's growing nuclear threats and prepare for possible coordinated nuclear challenges from North Korea, China and Russia. Biden's approval of the revised strategy, called the "Nuclear Employment Guidance," cam

North Korea Aug. 24, 2024

Prosecutor General Lee One-seok referred the case of first lady Kim Keon Hee's acceptance of a luxury bag to a review committee, his office said Friday, amid controversy over the prosecution team's decision to clear her of the charges. The announcement came as the controversy is growing after prosecutors concluded that anti-graft law violation charges cannot be sought against Kim although she received a Dior bag worth about 3 million won (US$2,255) and other expensive gifts from pastor

Politics Aug. 23, 2024

South Korean stocks ended slightly lower Friday, snapping three consecutive sessions of gains, as investors sat on the sidelines ahead of Federal Reserve Chair Jerome Powell speech later in the day. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Indexfell 5.98 points, or 0.22 percent, to close at 2,701.69. Trade volume was moderate at 324 million shares worth 8.1 trillion won ($6.05 billion), with gainers outnumbering losers 429 to 428. Foreigners sold a

Market Aug. 23, 2024

TOKYO -- A Korean-ethnic high school in Japan won a prestigious national baseball championship for the first time on Friday. Kyoto International High School defeated Kanto Daiichi High School in the final of the National High School Baseball Championship, better known as "Summer Koshien," by the score of 2-1 in extra innings at Hanshin Koshien Stadium in Nishinomiya, just west of Osaka. Kyoto International was founded in 1963 as an ethnic institution for students of Korean descent. S

Baseball Aug. 23, 2024

Five Russian university students have arrived in NK for a language program, marking Russian students' first entry to Pyongyang after a four-year hiatus since the outbreak of the COVID-19 pandemic, the Russian Embassy in Pyongyang said Friday. The students from MGIMO University of the Russian Foreign Ministry visited the embassy Wednesday, and they will participate in a language program at Kim Il Sung University, the Russian Embassy said on its Telegram account. "We wish MGIMO students

North Korea Aug. 23, 2024

A US senator, known for his close ties to former President Donald Trump, said Thursday that he will visit Seoul next month to attend an annual trilateral economic meeting between South Korea, the United States, and Japan. Sen. Bill Hagerty, who served as the US ambassador to Japan from 2017-2019 during Trump's presidency, plans to participate in the second annual Trilateral Economic Dialogue on Sept. 4 that will bring together private- and public-sector leaders from the three countries. The

Foreign Affairs Aug. 23, 2024

South Korean stocks opened lower Friday after three consecutive sessions of gains as investors cashed in profits ahead of Federal Reserve Chair Jerome Powell's speech at the Jackson Hole symposium. The benchmark Korea Composite Stock Price Index fell 10.91 points, or 0.4 percent, to 2,696.76 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average closed 0.43 percent lower, with the S&P 500 falling 0.89 percent. The tech-heavy Nasdaq composite decreased 1.67 perce

Market Aug. 23, 2024