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LIG Nex1 bags $3.2bln missile interceptor deal with Saudi Arabia
South Korean defense firm LIG Nex1 has clinched a US$3.2 billion deal to export mid-range surface-air-to missiles (M-SAM II) to Saudi Arabia, Seoul's defense ministry said Tuesday. LIG Nex1 inked the contract with the Saudi defense ministry to sell Cheongung M-SAM II in November, the ministry said. It marks LIG Nex1's second overseas sales of Cheongung-II following a deal with the United Arab Emirates (UAE) in January 2022. The hit-to-kill missile system is capable of intercepting in
Industry Feb. 6, 2024
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Seoul shares down for 2nd day on Powell's comments on rate cuts
South Korean shares closed lower for a second consecutive day Tuesday amid US rate woes prompted by the Federal Reserve chair. The local currency slightly gained ground against the US dollar. The benchmark Korea Composite Stock Price Index lost 15.11 points, or 0.58 percent, to close at 2,576.20. Trade volume was heavy at 404.4 million shares worth 10.1 trillion won ($7.6 billion), with losers outnumbering gainers 613 to 265. Foreign investors scooped up a net 338.1 billion won worth of shares,
Market Feb. 6, 2024
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National security adviser met with Russian deputy FM during Seoul visit: sources
National Security Adviser Chang Ho-jin met with Russia Deputy Foreign Minister Andrey Rudenko when he visited Seoul last week, sources said Tuesday, amid heightened tensions between Seoul and Moscow over North Korea. The meeting took place on Saturday, the sources said, as tensions have flared anew since Russian Foreign Ministry spokesperson Maria Zakharova denounced President Yoon Suk Yeol's remarks on North Korea as "blatantly biased" on Thursday. In response, Seoul's forei
Foreign Affairs Feb. 6, 2024
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Doctors warn of nationwide strike against envisioned medical school quota hike
The doctors' association vowed Tuesday to launch a nationwide strike if the government "unilaterally" pushes for raising the medial school enrollment quota. The health ministry is widely expected to announce a plan later in the day to increase the number of medical students by up to around 2,000 starting 2025 as part effort to address the chronic shortages of doctors in rural areas and the essential health care field. It will be the first hike in nearly 20 years, as the current li
Social Affairs Feb. 6, 2024
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S. Korea to mass-produce 155 mm extended-range artillery shell
South Korea will mass-produce a 155-millimeter extended-range artillery shell this year after successfully completing its development in a yearslong project, the state arms procurement agency said Tuesday. The Defense Acquisition Program Administration held a meeting with ammunition maker Poongsan at the company's research center in Daejeon, 139 kilometers south of Seoul, to officially conclude the development project launched in 2014 after the shell was assessed as combat suitable last Aug
Defense Feb. 6, 2024
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Seoul shares open lower on Wall Street losses
Seoul shares opened lower Tuesday tracking overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index lost 7.74 points, or 0.30 percent, to 2,583.57 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average closed 0.71 percent lower after US Federal Reserve Chair Jerome Powell made remarks that suggested rate cuts may come later than anticipated. In Seoul, large caps traded mixed. Market bellwether Samsung Electronics advanced 0.13 percent, while the w
Market Feb. 6, 2024
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US stresses close trilateral coordination with S. Korea, Japan over 'destabilizing' NK actions
The United States highlighted its focus on close trilateral security coordination with South Korea and Japan on Monday, criticizing North Korea's recent cruise missile launches as "deeply destabilizing." Pyongyang has conducted four rounds of cruise missile launches this year, including the test-fire of a submarine-launched ballistic missile, amid questions over how to rein in such cruise missile launches that are not subject to UN Security Council resolutions. "These kinds o
North Korea Feb. 6, 2024
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S. Korean midfielder considers pressure to win 'privilege'
As the pressure mounts on his team to end the country's decadeslong title drought at the top Asian football tournament, South Korean midfielder Hwang In-beom said Monday he wouldn't have it any other way. South Korea, world No. 23, will take on 87th-ranked Jordan in the semifinals of the Asian Football Confederation (AFC) Asian Cup in Qatar at 6 p.m. Tuesday in Qatar, or midnight Wednesday in Seoul. They are two wins away from capturing their first Asian Cup title since 1960. South Kor
Soccer Feb. 5, 2024
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Klinsmann's message to S. Korea before semifinals: 'stay relaxed'
With South Korea set to face Jordan in the semifinals of the Asian Football Confederation Asian Cup this week, head coach Jurgen Klinsmann said Monday he wants his players not to feel stressed about the occasion. "Just stay relaxed and look forward to it," Klinsmann said at his pre-match press conference at the Main Media Centre in Doha, when asked about his message to his squad. The match between world No. 23 South Korea and 87th-ranked Jordan will kick off at Ahmad bin Ali Stadium in
Soccer Feb. 5, 2024
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OECD cuts S. Korea's 2024 growth outlook to 2.2%
The Organization for Economic Cooperation and Development revised down its outlook for South Korea's economic growth this year to 2.2 percent, Seoul's finance ministry said Monday. The figure marked a 0.1 percentage-point fall from its projection of 2.3 percent made in November, according to the Ministry of Economy and Finance. The projection was on par with that of the South Korean government, though the Bank of Korea presented a 2.1 percent growth outlook for this year. The Internati
Economy Feb. 5, 2024
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Seoul shares close lower on profit taking
South Korean stocks closed lower Monday on profit taking after recent gains. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 24 points, or 0.92 percent, to 2,591.31, ending a two-day winning streak. Kospi soared nearly 5 percent over the bullish period. Trade volume was heavy at 500.2 million shares worth 12.1 trillion won ($9.09 billion), with losers closely outnumbering winners 459 to 434. Institutions sold a net 724.2 billion won worth of lo
Market Feb. 5, 2024
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N. Korea slams Seoul defense chief's anti-Pyongyang warning as 'catalyst' for clash
North Korea on Monday denounced South Korea's defense minister over his latest warning that Pyongyang will face the end of its regime in the event it wages war, calling his remark a "catalyst" for a physical clash. Minister Shin Won-sik warned on Jan. 24 that Pyongyang will face the end of its regime in the event it wages a war, hours after North Korea fired several cruise missiles into the Yellow Sea. During his visit to the 17th Fighter Wing at Cheongju Air Base, 112 kilometers
Defense Feb. 5, 2024
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Speed skater Kim Min-sun finishes 2nd in World Cup standings with silver in finale
South Korean speed skater Kim Min-sun has finished second in the World Cup standings after grabbing a silver medal in her finale in Canada. Kim finished second to Femke Kok of the Netherlands in the second of two women's 500-meter races with a time of 37.91 seconds at the International Skating Union World Cup Speed Skating at Centre de Glaces in Quebec City on Sunday (local time). Kok beat the South Korean by 0.20 second for the gold. On Saturday, it was Kim beating Kok for the gold in the
More Sports Feb. 5, 2024
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Seoul shares open lower after rally
South Korean stocks started lower Monday as investors locked in profits following a surge the previous session. The benchmark Korea Composite Stock Price Index dropped 1.32 percent, or 34.56 points, to 2,580.75 in the first 15 minutes of trading. On Friday, the Kospi soared 2.87 percent on the back of a climb in autos and techs. Market bellwether Samsung Electronics sank 1.46 percent, and its consumer electronics rival LG Electronics declined 0.51 percent. Bio shares also traded weaker, with Sam
Market Feb. 5, 2024
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Court set to rule on Samsung chief in controversial 2015 merger case
A Seoul court is set to deliver its ruling on Samsung Electronics Co. Chairman Lee Jae-yong on Monday on charges of stock price rigging and accounting fraud connected to the controversial 2015 merger of two Samsung affiliates. The Seoul Central District Court is scheduled to hold a sentencing hearing at 2 p.m. on Lee, three years and five months after the Samsung chief was indicted in connection with the merger of Cheil Industries Inc. and Samsung C&T Corp. Lee was charged with stock price r
Industry Feb. 5, 2024
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