South Korea's import prices spiked by the most in 17 months last month due to the higher price of crude oil, central bank data showed Wednesday. The import price index rose 4.4 percent in August from a month earlier, following a 0.2 percent fall the previous month, according to the preliminary data from the Bank of Korea. The rise marks the sharpest since March last year, when the comparable figure was 7.6 percent. From a year earlier, the prices fell 9 percent. Import prices are a major fa

Economy Sept. 13, 2023

South Korea's job additions rebounded in August after slowing for four consecutive months, but the growth was led mostly by seniors, data showed Wednesday. The number of employed people came to 28.67 million in August, up 268,000 from a year earlier, according to the data compiled by Statistics Korea. The country's jobless rate came to 2 percent last month, down 0.1 percentage point over the period. In July, the country added 211,000 jobs on-year, the lowest in 29 months. South Korea&#

Economy Sept. 13, 2023

South Korean stocks opened slightly higher Wednesday, as investors await US inflation data for August that will offer clues as to what direction the Federal Reserve will take in its interest rate hike cycle. The benchmark Korea Composite Stock Price Index rose 4.94 points, or 0.19 percent, to 2,541.52 in the first 15 minutes of trading. The United States is set to release the consumer price index for August later in the day, with the reading on producer prices to be released Thursday. The upcomi

Market Sept. 13, 2023

South Korea will send a disaster relief team and humanitarian aid worth US$2 million to Morocco, which is struggling with the effects of last week's powerful earthquake, the foreign ministry said Tuesday. Last Friday, the 6.8 magnitude quake struck the North African country, and the death toll had risen to over 2,800 as of late Monday (local time), according to foreign media reports. To support relief and rescue efforts, South Korea conveyed to Morocco its intention to dispatch the Korea Di

Foreign Affairs Sept. 12, 2023

Opposition leader Lee Jae-myung was grilled by prosecutors again Tuesday over allegations of his involvement in a company's illegal remittance to North Korea in 2019. Lee, chair of the main opposition Democratic Party, left the Suwon District Prosecutors Office after around five hours of questioning on charges of third-party bribery, three days after he underwent the first round of questioning on Saturday. "I don't know why (investigators) called me again, as they again failed to

Politics Sept. 12, 2023

The board of directors at South Korea's public broadcaster KBS passed a motion Tuesday to dismiss CEO Kim Eui-chul with the end of his term still more than a year away. Six out of 11 board members, who are considered aligning with the ruling bloc, voted for Kim's dismissal during a meeting at the company headquarters in Seoul, according to sources familiar with the matter. The five others, who stand with the opposition bloc, abstained from the vote in protest. President Yoon Suk Yeol a

Television Sept. 12, 2023

The upcoming summit between Russian President Vladimir Putin and North Korean leader Kim Jong-un is poised to present a significant challenge to the universal values of democracy, human rights and the rule of law, Oleksandra Matviichuk, a Ukrainian Nobel Peace Prize laureate, said Tuesday. Kim arrived in Russia on Tuesday for a rare summit with Putin, raising speculation they may discuss the North's supply of ammunition and weaponry to support Russia's ongoing invasion of Ukraine. The

Foreign Affairs Sept. 12, 2023

South Korean stocks closed 0.79 percent lower Tuesday, as investors kept a cautious mode ahead of the release of US inflation data that will offer clues as to what direction the Federal Reserve will take in its interest rate hike cycle. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index retreated 20.30 points to finish at 2,536.58. Trading volume was light at 354.5 million shares worth 8.78 trillion won ($6.61 billion), with decliners outstripping gain

Market Sept. 12, 2023

Tim Hortons will open its first store in South Korea this year, officials said Tuesday. On Tuesday, Canada's top coffee chain officially began preparing for the opening of its shop in the Urban Hive building in Seoul's southern Gangnam district later this year, the officials said. The exact date of the opening has yet to be determined. The 335-square-meter store will serve Tim Hortons' popular coffee and donuts, including its signature bite-sized Timbits. "We are very happy t

Industry Sept. 12, 2023

The state anti-corruption agency said Tuesday it will look into virtual asset holdings of all lawmakers to see if any irregularities are involved, after suspicions arose earlier this year over a lawmaker's once-massive cryptocurrency assets. The Anti-Corruption and Civil Rights Commission said it will conduct a 90-day inspection starting next Monday at the request of the National Assembly and a special team of 30 investigators will be mobilized for the inspection. Earlier this year, the rul

Politics Sept. 12, 2023

The government and the ruling People Power Party decided Tuesday to push for a set of legal revisions aimed at safeguarding teachers' rights during child abuse investigations. The move comes after a series of suicide deaths of teachers sparked massive demands for the protection of teacher rights. Some argue the current child abuse crimes act could hold teachers accountable for child abuse allegations stemming from what they consider necessary disciplinary actions. The proposed revisions wou

Politics Sept. 12, 2023

South Korea's finance ministry said Tuesday it has signed an agreement with the Inter-American Development Bank to double the ceiling on its loan program in a bid to support infrastructure development in Latin America. Asia's No. 4 economy plans to raise the ceiling of the cooperative loan program from $500 million to $1 billion starting next year under the letter of intent signed between South Korea's Economic Development Cooperation Fund and the IDB. The signing ceremony took pl

Economy Sept. 12, 2023

North Korea may test fire a submarine-launched ballistic missile to show the effectiveness of its new tactical nuclear submarine launched earlier this month, a US monitor said Monday. Beyond Parallel, a project of the Washington-based Center for Strategic and International Studies, also noted that Pyongyang may request submarine or SLBM-requested technology from Russia during leader Kim Jong-un's high-profile trip to Russia. "The logical next step for North Korea is a missile launch fr

North Korea Sept. 12, 2023

South Korean stocks opened slightly higher Tuesday, as investors await US inflation data for August due out later this week that will offer clues as to what direction the Federal Reserve will take in its interest rate hike cycle. The benchmark Korea Composite Stock Price Index rose 2.03 points, or 0.08 percent, to 2,558.91 in the first 15 minutes of trading. The United States is set to release the consumer price index for August on Wednesday, with the reading on producer prices to be released th

Market Sept. 12, 2023

The White House called on North Korea not to provide any weapons to Russia on Monday, ahead of North Korean leader Kim Jong-un's widely anticipated meeting with Russian President Vladimir Putin. Adrienne Watson, spokesperson for the White House National Security Council, underscored that the two countries will likely continue discussing a potential arms deal during Kim's ongoing trip to Russia. "As we have warned publicly, arms discussions between Russia and the DPRK are expected

North Korea Sept. 12, 2023