Seoul shares opened higher Friday on auto and energy gains, with investors eyeing the planned parliamentary vote for President Yoon Suk Yeol's impeachment over his botched declaration of martial law earlier this week. The benchmark Korea Composite Stock Price Index rose 13.68 points, or 0.56 percent, to 2,455.53 in the first 15 minutes of trading. On Tuesday night, Yoon abruptly declared martial law, accusing the main opposition party of paralyzing the government with impeachment motions an

Market Dec. 6, 2024

The South Korea-US alliance "transcends any particular president," a State Department spokesperson said Thursday, as the National Assembly is moving to vote on an impeachment motion against President Yoon Suk Yeol over his short-lived martial law imposition. Principal deputy spokesperson Vedant Patel made the remarks, voicing expectation that the impeachment process will proceed in line with South Korea's Constitution. "This relationship, this alliance, this partnership that

Foreign Affairs Dec. 6, 2024

US Defense Secretary Lloyd Austin has "no plans" to visit South Korea "at this time," an official said Thursday, following a report that he scrapped a plan to travel to the Asian country in the aftermath of President Yoon Suk Yeol's short-lived martial law imposition. The move came amid concerns that despite Washington's renewed commitment to the "rock-solid" alliance, a period of uncertainty in South Korea could affect coordination between the allies over

Foreign Affairs Dec. 6, 2024

South Korea and the United States are "in communication at all levels" as needed, a foreign ministry official said Thursday, after a senior US diplomat's comment on South Korea's martial law turmoil drew attention for its critical tone. US Deputy Secretary of State Kurt Campbell said Wednesday (US time) that President Yoon Suk Yeol "badly misjudged" when he declared martial law late Tuesday and ended it hours later following a parliamentary vote. Speaking at a forum

Politics Dec. 5, 2024

Some train and subway lines across South Korea experienced delays and cancellations Thursday after unionized workers of the national railway operator launched an indefinite general strike. Subway Lines 1, 3 and 4 in the capital area, as well as high-speed KTX trains and regular trains, were being delayed or canceled as workers of the Korea Railroad Corp. (KORAIL) began a strike to demand better pay and additional hiring, the first such walkout since September 2023. At Seoul Station, passengers w

Social Affairs Dec. 5, 2024

Seoul shares closed lower for a second straight session on Wednesday as President Yoon Suk Yeol faces an impeachment vote this weekend following his botched declaration of martial law. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 22.15 points, or 0.90 percent, to close at 2,441.85. Trade volume was moderate at 502.49 million shares worth 9.29 trillion won ($6.56 billion), with losers far outpacing winners 724 to 175. Foreigners sold a net 319.19

Market Dec. 5, 2024

Unionized workers at Hyundai Motor Co. will stage a partial strike this week in solidarity with an umbrella labor union's walkout against President Yoon Suk Yeol's short-lived martial law declaration, according to the company's union Thursday. Hyundai's 43,000-strong union will hold a four-hour strike each on Thursday and Friday under the guidelines of the Korean Metal Workers' Union, a union spokesperson said over the phone. The KMWU is part of the militant Korean Confe

Social Affairs Dec. 5, 2024

The main opposition Democratic Party said Thursday it will push for a vote Saturday for an impeachment motion against President Yoon Suk Yeol over his declaration of martial law and subsequent lifting. The DP and five other minor opposition parties have submitted an impeachment motion, arguing Yoon's martial law declaration constituted violations of the Constitution and other laws. Yoon declared martial law Tuesday night, citing "anti-state" acts by the opposition. It was lifted s

Politics Dec. 5, 2024

Some train and subway lines experienced delays and cancellations Thursday after unionized workers of the national railway operator launched an indefinite general strike. Subway Lines 1, 3 and 4 in the capital area, as well as high-speed KTX trains and regular trains, were being delayed or canceled as workers of the Korea Railroad Corp. (KORAIL) began a strike to demand better pay and additional hiring, the first such walkout since September 2023. At Seoul Station, a public announcement informed

Social Affairs Dec. 5, 2024

A new defense treaty signed by the leaders of North Korea and Russia in June came into force this week as the two nations have exchanged the treaty ratification instruments, state media reported Thursday. The comprehensive strategic partnership treaty went into effect Dec. 4, when the two sides signed protocol on exchanging the ratification instruments, according to the Korean Central News Agency. At summit talks in Pyongyang in June, North Korean leader Kim Jong-un and Russian President Vladimi

North Korea Dec. 5, 2024

Nearing his age limit as a member of the International Olympic Committee, Lee Kee-heung, suspended head of the Korean Sport & Olympic Committee, will not have his term extended beyond next year. Following its Executive Board meeting, the IOC on Thursday decided to propose a four-year extension of the term for one member, Spyros Capralos of Greece, who, like Lee, was elected in 2019 and will reach the age limit of 70 in 2025. The decision will be reached during the 144th IOC Session in Greece

More Sports Dec. 5, 2024

Former Defense Minister Kim Yong-hyun ordered troops to infiltrate the National Assembly and block lawmakers from entering the compound during martial law, vice defense minister said Thursday. Vice Defense Minister Kim Seon-ho made the remark in response to a lawmaker's question in a parliamentary session, as South Korea is reeling from the aftermath of the turmoil triggered by President Yoon Suk Yeol's aborted declaration of martial law late Tuesday. The martial law imposition lasted

Politics Dec. 5, 2024

South Korea's financial watchdog called on securities firms Thursday to draw up contingency plans as market volatility is likely to increase amid martial law-related political turmoil. The local financial markets were roiled on Wednesday by President Yoon Suk Yeol's declaration of emergency martial law late Tuesday, which was lifted hours later after a parliamentary vote to block the decree. Earlier in the day, the opposition-controlled National Assembly introduced a motion to impeach

Economy Dec. 5, 2024

The South Korean economy expanded by 0.1 percent in the third quarter of 2024 amid weak domestic demand and slower export growth, central bank data showed Thursday. The country's real gross domestic product -- a key measure of economic growth -- increased 0.1 percent in the July-September period from the previous quarter, matching an earlier estimate, according to preliminary data from the Bank of Korea. The figure was markedly lower than the market expectation of a 0.5 percent gain. The ec

Economy Dec. 5, 2024

North Korea's state media on Thursday kept mum about President Yoon Suk Yeol's short-lived imposition of emergency martial law and its political repercussions. Yoon abruptly declared martial law late Tuesday, accusing the opposition of paralyzing the government with "anti-state" activities. He lifted the decree hours after the National Assembly voted to reject it. As of 9 a.m., none of the North's state media, including the Rodong Sinmun, the North's main newspaper,

Politics Dec. 5, 2024