South Korea added more than 100,000 jobs for the first time in three months in July, but jobs in the construction sector fell by the most in 11 years amid a slowdown in the industry, data showed Wednesday. The number of employed people came to 28.86 million last month, up 172,000 from a year earlier, according to the data compiled by Statistics Korea. It marked the first time in three months that the monthly job additions bounced back to over 100,000. In June, 96,000 jobs were added on-year afte

Economy Aug. 14, 2024

The government will ease restrictions on the price of meals served to public officials and other professions later this month, officials said Wednesday, in a move aimed at reflecting the current price levels since the anti-corruption law came into effect in 2016. Under the Improper Solicitation and Graft Act, commonly known as the Kim Young-ran law, public officials and individuals in specific roles, such as journalists and private school teachers, are not allowed to be served meals worth more t

Social Affairs Aug. 14, 2024

South Korean stocks opened higher Wednesday, tracking overnight gains on Wall Street led by a cooler-than-expected US producer price index. The benchmark Korea Composite Stock Price Index rose 29.24 points, or 1.12 percent, to 2,650.74 in the first 15 minutes of trading. Overnight, major US indexes gained ground as softer producer price data boosted bets the Federal Reserve will start cutting its rates soon. In Seoul, market bellwether Samsung Electronics advanced 1.97 percent, and its chipmakin

Market Aug. 14, 2024

Samsung Electronics' labor union said Tuesday it will launch a four-day strike from Liberation Day this week, stepping up pressure over their demand for a pay raise and additional bonuses. The National Samsung Electronics Union, the largest labor union of the South Korean tech giant, announced its plan to stage the strike on Aug. 15-18, instructing its striking members to refuse to work on Liberation Day on Thursday and to work in shifts until Sunday. The union and management have held seve

Technology Aug. 13, 2024

Foreign Minister Cho Tae-yul on Tuesday rebutted the criticism that South Korea backed down in the negotiations with Japan regarding the UNESCO World Heritage listing of an old Japanese mine complex linked to wartime forced labor. Cho made the point during a parliamentary session as criticism persists over the way the government negotiated with Tokyo to demonstrate the Sado gold and silver mines as a site where more than a thousand Koreans were forcibly taken to toil during World War II. Critics

Foreign Affairs Aug. 13, 2024

South Korean stocks ended slightly higher Tuesday as investors remained cautious ahead of the releases of major US data later this week to gauge the Federal Reserve's monetary policy direction. The local currency gained ground against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) added 3.2 points, or 0.12 percent, to 2,621.50. Trade volume was a little slim at 372.2 million shares worth 8.8 trillion won ($6.4 billion), with losers outnumbering winners 561 to 322. Fo

Market Aug. 13, 2024

The Cabinet on Tuesday demanded the National Assembly reconsider two contentious bills aimed at enhancing the rights of workers and providing cash handouts to the entire population. A motion demanding parliamentary reconsideration was approved during a Cabinet meeting and will be sent to President Yoon Suk Yeol for endorsement. Yoon is widely expected to endorse the motion. One bill, known as the "yellow envelope bill," seeks to limit companies from making damage claims against workers

Politics Aug. 13, 2024

South Korean food company CJ CheilJedang Corp. said Tuesday its second-quarter net profit rose 16 percent from a year earlier on increased sales of food and high-end products. Net profit for the three months to June rose to 147.82 billion won ($108 million) from 127.46 billion won during the same period of last year, the company said in a statement. "Strong overseas sales of dumpling products under CJ's Bibigo brand and other food products buoyed the quarterly results. And increased sa

Economy Aug. 13, 2024

South Korean stocks opened slightly higher Tuesday as investors are awaiting the release of major US economic data due later this week. The benchmark Korea Composite Stock Price Index (Kospi) rose 5.8 points, or 0.22 percent, to 2,624.10 in the first 15 minutes of trading. Overnight, major US indexes finished mixed, with the S&P 500 almost unchanged, the Dow Jones Industrial Average down 0.4 percent, and the tech-heavy Nasdaq composite up 0.2 percent. Investors' eyes are on the US consu

Market Aug. 13, 2024

President Yoon Suk Yeol held a dinner meeting with former President Lee Myung-bak and his wife Monday, in what marked their first official dinner since Yoon took office. First lady Kim Keon Hee and Chung Jin-suk, Yoon's chief of staff who had served as a senior secretary to Lee for political affairs, also attended the dinner. The meeting came around a year after Yoon and Lee, who served as president from 2008 to 2013, briefly met at the funeral of Yoon's father in August 2023. In Decem

Politics Aug. 12, 2024

South Korea has deployed a bedbug sniffer dog at its main Incheon international airport in a bid to reduce the risk of the tiny insects entering the country when athletes, officials and fans return from the Paris Olympics. Leading the campaign is a two-year-old beagle named Ceco, who pest control company Cesco said is the first and so far only canine trained in the country to detect the odor of pheromones, the chemicals released by bedbugs. Ceco is capable of sweeping a standard hotel room in un

More Sports Aug. 12, 2024

The tropical night phenomenon has continued in Seoul for 22 days in a row, the third longest on record, the state weather agency said Monday. Seoul has experienced yet another tropical night phenomenon overnight, marking the third longest on record 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 f

Social Affairs Aug. 12, 2024

Vice ministers from various government agencies will hold a meeting this week to address growing safety concerns over electric cars, following the recent explosion of an electric sedan in an underground apartment parking lot, the government said Monday. The Office for Government Policy Coordination is set to preside over the vice ministerial meeting on Tuesday as part of the government's plan to announce a set of measures to prevent electric car fires early next month, according to offici

Social Affairs Aug. 12, 2024

South Korean stocks closed more than 1 percent higher Monday, recovering from last week's rout as concerns over a US economic recession eased. The local currency lost ground against the US dollar. The benchmark Korea Composite Stock Price Index gained 29.87 points, or 1.15 percent, to 2,618.30, rising for the second consecutive day. Trade volume was slim at 286.2 million shares worth 7.4 trillion won ($5.4 billion), with winners far outnumbering losers 674 to 202. Foreigners and institution

Market Aug. 12, 2024

North Korean leader Kim Jong-un took swipe at South Korean media reports on flood damage in the North in an apparent attempt to divert public attention from the emergency situation, Seoul's unification ministry said Monday. During a visit to flood-hit areas of Uiju County in the northwestern province of North Pyongan last week, Kim lashed out at South Korean media reports that floods in areas along the Amnok River generated massive casualties. Kim rebuked South Korean media outlets as the m

North Korea Aug. 12, 2024