South Korea and the United States are expected to sign an arrangement aimed at bolstering bilateral security supply chains this month, Seoul's arms procurement agency said Monday, amid the allies' efforts to step up security cooperation. In a policy report for a parliamentary hearing, the Defense Acquisition Program Administration said it expects to sign the Security of Supply Arrangement with the US Department of Defense at the end of October. Under the agreement, the allies will be a

Defense Oct. 16, 2023

North Korea on Monday condemned Japan's move to accelerate its planned acquisition of Tomahawk cruise missiles from the United States as an "arrogant choice," warning that it will heighten regional tensions. Earlier this month, Japanese Defense Minister Minoru Kihara said Tokyo aims to purchase the missiles as early as fiscal 2025, a year earlier than planned, following talks with his US counterpart, Lloyd Austin, in Washington. He later said Japan is also reviewing speeding up th

North Korea Oct. 16, 2023

South Korean stocks started a tad lower Monday as investors took a cautious approach ahead of the earnings season. The benchmark Korea Composite Stock Price Index fell 6.06 points, or 0.25 percent, to 2,450.09 in the first 15 minutes of trading. Most of the major publicly traded companies report their quarterly earnings starting next week, with market heavyweights SK hynix and Samsung Electronics slated for Oct. 26 and Oct. 31, respectively. Battery shares led the decline, with industry leader L

Market Oct. 16, 2023

President Yoon Suk Yeol's approval rating has dropped to 34 percent, marking the lowest level since May, a poll showed Monday. The opinion poll, conducted by polling agency Realmeter, showed the positive assessment of Yoon's performance decreased by 3.7 percentage points from the previous week, while 62.2 percent of respondents disapproved of his performance, up 2.4 percentage points from the same period. This marks the first time since the first week of May that his approval rating ha

Politics Oct. 16, 2023

The labor union of Kia Corp., South Korea's second-largest automaker, said Sunday it has failed to settle wage talks with the company again, raising the possibility of it staging a partial strike starting later this week. Unless the two sides resume negotiations and reach an agreement by Tuesday, the union is expected to go on an eight-hour strike from Tuesday to Thursday and a 12-hour walkout on Oct. 20 as planned. The move by Kia's union came as unionized workers of Hyundai Motor Co.

Companies Oct. 15, 2023

South Korea's central bank is expected to keep its benchmark rate unchanged at 3.5 percent for the sixth consecutive time this week, with inflation continuing to ease amid lingering concerns about growth, according to experts Sunday. According to a survey of six economic experts conducted by Yonhap News Agency, all of them said the Bank of Korea will likely decide to stand pat at its rate decision meeting Thursday. A 2 percentage-point gap between the key rates of South Korea and the United

Economy Oct. 15, 2023

The South Korean economy is entering a "recovery phase" on the back of signs of an export rebound, while the geopolitical tension from the Middle East is emerging as a new uncertainty, the finance minister said Sunday. "We believe that chips are gradually supporting exports again," Finance Minister Choo Kyung-ho said during a meeting with reporters held on the margins of the annual International Monetary Fund and the World Bank meetings in Marrakesh, western Morocco. "Th

Economy Oct. 15, 2023

South Korea has joined a key donor group of the International Committee of the Red Cross for the first time after making major contributions last year, the humanitarian organization said Sunday. The country was recently included in the ICRC's 2023 Donor Support Group, which consists of donors contributing more than 10 million Swiss francs ($11 million) a year, after it contributed 10.5 million Swiss francs to the ICRC last year, according to the ICRC's office in Seoul. Other than South

Social Affairs Oct. 15, 2023

Foreign investors have dumped South Korean stocks for 15 consecutive trading days, the longest streak logged since 2020, according to the bourse operator Sunday. Foreigners offloaded a net 2.5 trillion won ($1.8 billion) on the benchmark Korea Composite Stock Price Index from Sept. 18 to last Friday, according to the Korea Exchange. Previously, the longest sell-off streak in the Kospi market recorded by foreigners was 30 consecutive trading days from March 5 to April 16 in 2020. During the 15-da

Market Oct. 15, 2023

More than 160 South Korean nationals arrived home from Israel aboard a military aircraft late Saturday, the foreign ministry said, after an armed clash broke out between the Jewish state and the Palestinian Hamas group. A KC-330 military transport plane carrying 163 South Koreans landed at Seoul Air Base in Seongnam, just south of Seoul, at 10:45 p.m., the ministry said. The plane flew to Israel on Friday and departed from Tel Aviv early Saturday. The plane also brought 51 Japanese and six Singa

Foreign Affairs Oct. 15, 2023

South Korea and the United Arab Emirates struck a bilateral free trade agreement Saturday, which is expected to enhance bilateral trade and overall economic relations, Seoul's industry ministry said. South Korea's Trade Minister Ahn Duk-geun and the UAE's foreign trade minister, Thani bin Ahmed Al Zeyoudi, signed the joint statement on the conclusion of negotiations for the bilateral Comprehensive Economic Partnership Agreement in Seoul, according to the Ministry of Trade, Industr

Economy Oct. 14, 2023

South Korea plans to review additional measures against growing military ties between North Korea and Russia, a senior government official said Saturday, following revelations that Pyongyang has delivered more than 1,000 containers of military equipment and munitions to Moscow for use in Ukraine. The White House announced Friday that the North has made such a delivery in recent weeks, amid speculation that a summit between North Korean leader Kim Jong-un and Russian President Vladimir Putin last

Foreign Affairs Oct. 14, 2023

MARRAKESH, Morocco -- South Korea's finance minister called Saturday for concerted international efforts to end protectionism and recover supply chains to address economic challenges stemming from Russia's protracted war in Ukraine, COVID-19 and other factors. Finance Minister Choo Kyung-ho made the call during the two-day G20 Finance Ministers and Central Bank Governors Meeting held in Marrakesh, Morocco, which ended Friday, according to the Ministry of Economy and Finance. Choo calle

Economy Oct. 14, 2023

MARRAKESH, Morocco -- South Korea has "no urgency" to lower its key lending rate as bringing down inflation still remains a priority, a director at the International Monetary Fund said Saturday. Krishna Srinivasan, the director of the Asia and Pacific Department at the IMF, made the remarks, noting that the Bank of Korea has "appropriately" maintained a monetary policy tightening approach as inflation remains elevated above its 2-percent target. "Given the fact that infl

Economy Oct. 14, 2023

Key officials of the ruling People Power Party have offered to resign over the party's recent by-election defeat, which could spark a change in the party's leadership ahead of the parliamentary elections in April. On Wednesday, Jin Kyo-hoon of the main opposition Democratic Party won 56.52 percent of the vote against his PPP rival Kim Tae-woo's 39.37 percent in the by-election for the chief of Seoul's Gangseo Ward, seen as a test of voter sentiment ahead of next year's p

Politics Oct. 14, 2023