US govt. grants combined $958m subsidy to SK hynix

The US Commerce Department said Thursday it has decided to grant up to $458 million in direct funding to SK hynix Inc.'s project to build a new plant in Indiana. The US government will also provide up to $500 million in loans, both under the CHIPS and Science Act, according to the US Department of Commerce. In April, the company announced a plan to invest $3.87 billion to build a memory packaging plant for artificial intelligence products, and an advanced packaging research and development

TechnologyDec. 19, 2024

Prosecutors investigate police officials over alleged role in martial law case

Prosecutors launched an investigation into around 10 police and military officials Thursday for their alleged involvement in President Yoon Suk Yeol's brief declaration of martial law earlier this month. Prosecutors seized mobile phones belonging to Woo Jong-soo, chief of the National Office of Investigation, as well as several other police and military officials, as part of their probe into the office, the Seoul Yeongdeungpo Police Station and the Ministry of Defense's investigative u

Social AffairsDec. 19, 2024

Renault, BMW Korea chiefs win Car Person of the Year awards

Renault Korea CEO Stephane Deblaise and BMW Korea CEO Han Sang-yoon won the 2024 Car Person of the Year awards from the Korea Automobile Journalists Association on Thursday. In the four award categories, Deblaise received the Industrial Innovation award, while Han was honored with the Industrial Contribution award. According to KAJA, Deblaise has played a crucial role in revitalizing the French auto giant’s Korean operations since his appointment in 2022. Deblaise, a former automotive en

MobilityDec. 19, 2024

Lotte Chemical bondholders agree to remove clause causing liquidity concerns

The holders of corporate bonds issued by loss-making Lotte Chemical Corp. agreed Thursday to remove a clause in the company's bond covenants that the company and others believe has been the cause of recent concerns over a potential liquidity crisis at Lotte Group. Under the clause in the covenants for 14 bonds issued between September 2013 and March 2023, investors are able to declare an event of default and demand an early redemption of the bonds if Lotte Chemical fails to maintain a certa

CompaniesDec. 19, 2024

Long-delayed 'Bogota: City of the Lost' not worth finding

Star actor Song Joong-ki's latest overseas venture was, ironically, his first. "Bogota: City of the Lost," which screened for reporters Thursday at Megabox Coex in Seoul, wrapped after an unusually prolonged production -- first halted due to the COVID-19 pandemic in Colombia in 2020, with completion taking several additional years. Although audiences now know Song from his Italian escapades in "Vincenzo" and Belgian journey in "My Name is Loh Kiwan," "Bogo

FilmDec. 19, 2024

Global consortium with KHNP wins nuclear reactor refurbishment project in Romania

A global consortium that includes South Korea's state-run Korea Hydro & Nuclear Power Co. has won a project to refurbish an aging nuclear reactor at Romania's Cernavoda power plant, Seoul's industry ministry said Thursday. Under the project, worth around 2.8 trillion won ($1.93 billion), KHNP will jointly refurbish Cernavoda's unit 1 reactor with Canada's Candu Energy Inc. and Italy's Ansaldo Nucleare S.p.A., according to the Ministry of Trade, Industry and Ener

IndustryDec. 19, 2024

Korean chipmakers weigh options as Kioxia goes public

Kioxia Holdings, the world’s third-largest NAND flash memory chip-maker, made its market debut this week, drawing much attention from Korean rivals amid the evolving competition in the chip market driven by the era of artificial intelligence. Kioxia debuted on the Tokyo Stock Exchange's Prime Market on Wednesday, closing its first trading day 10 percent higher than the offering price. Its market cap stood at 863 billion yen ($5.62 billion). The initial public offering is expected to p

IndustryDec. 19, 2024

Church officials who called for 'spicy martial law' accused of instigating insurrection

Civic group Peace Tree said Wednesday it has filed a criminal complaint against a far-right church group that called for President Yoon Suk Yeol to launch a second round of martial law. The left-leaning civic group said it filed for charges of "agitation of insurrection," as stipulated in Article 90 of the Criminal Act, against multiple individuals, including a close confidant of controversial pastor Jeon Kwang-hoon. Jeon, a Christian pastor known for far-right views, has accused the o

Social AffairsDec. 19, 2024

Wrap up 2024 with annual year-end K-pop festivals

K-pop fans worldwide are gearing up for the grand spectacle of Korea's major year-end music shows — "KBS Song Festival," "SBS Gayo Daejeon" and "MBC Gayo Daejejeon." Each festival has a unique concept and star-studded lineup, offering a glimpse into the past, present and future of K-pop. From legendary reunions to first-time collaborations, these year-end stages promise unforgettable moments to close out 2024 and welcome 2025 in style. Cross-generatio

PerformanceDec. 19, 2024

Politics and YouTube in Korea: Intertwined and dangerous

South Korea has descended into political turmoil following President Yoon Suk Yeol’s unexpected declaration of emergency martial law on the night of Dec. 3. The move shocked many, particularly after it was revealed that Yoon had ordered troops to the National Election Commission on that chaotic night. Many suspect that Yoon’s actions were influenced by far-right extremist YouTube channels, which have long propagated election fraud conspiracy theories, including claims about irregular

CultureDec. 19, 2024

Seoul shares plunge nearly 2% on hawkish Fed, Micron shock; won tumbles

Seoul shares tumbled nearly 2 percent Thursday as risk appetite weakened after the US Federal Reserve hinted at a slower monetary easing cycle next year and US tech giant Micron Technology's sharp losses overnight. The Korean won was sliding against the US dollar. The benchmark Korea Composite Stock Price Index plummeted 48.5 points, or 1.95 percent, to close at 2,435.93. The local currency was trading at 1,451.9 won against the greenback at 3:30 p.m., down 16.4 won from the previous sessio

EconomyDec. 19, 2024

Mirae Asset’s overseas stock holdings hit W40tr

With more South Korean retail investors flocking to US shares and other overseas stock markets, the balance of foreign equities held by Mirae Asset Securities customers has reached 40 trillion won ($27.6 billion), according to the country’s leading brokerage house Thursday. Investors at Mirae Asset Securities held over 40 trillion won in foreign equities, marking an over 10 trillion won gain from the 30 trillion won recorded in June, the firm said. The brokerage firm also saw its customers

MarketDec. 19, 2024

Justices at Constitutional Court hold 1st meeting

The Constitutional Court of Korea, set to deliver a final decision on President Yoon Suk Yeol’s impeachment within 180 days, held its first closed-door meeting Thursday with six justices of the nine-seat court. At the meeting, justices were expected to share opinions on the resolution of whether to uphold or overturn Yoon’s impeachment. Their discussion was based on research conducted by a 10-member constitutional task force on the legal grounds and facts behind Yoon’s Dec. 3

Social AffairsDec. 19, 2024

Yoon denies insurrection charges: confidant

President Yoon Suk Yeol rejected allegations of insurrection over his short-lived martial law declaration on Dec. 3, his confidant told reporters Wednesday, stressing that the martial law decree was made to act against a national crisis. Seok Dong-hyeon, a lawyer who wished to be identified as Yoon's aide until the president's defense team is officially launched, said that Yoon feels confident to deliver his thoughts “proudly” in court. “Yoon apologized to the people

Social AffairsDec. 19, 2024

Ex-DCC chief claims Yoon mentioned martial law in 2023

South Korean President Yoon Suk Yeol reportedly mentioned the possibility of declaring emergency martial law last year, calling it a last resort, according to testimony by former defense counterintelligence chief Yeo In-hyung during prosecution questioning. According to Kyunghyang Shinmun, a local daily, Yeo testified that Yoon first mentioned “taking emergency action” to address “difficult social issues” in late December 2023. Yeo interprets “emergency action&rdquo

PoliticsDec. 19, 2024

At least 100 North Korean soldiers died in Ukraine war: NIS

At least 100 North Korean soldiers sent to Russia to fight against Ukraine have been killed, and more than 1,000 wounded, according to the National Intelligence Service in Seoul. Rep. Lee Seong-kweun, the ruling People Power Party's deputy chair of the National Assembly's Intelligence Committee, told reporters Thursday that among some 11,000 North Korean soldiers believed to have been deployed in Kursk near Russia’s border with Ukraine, “at least 100 have been killed, and m

PoliticsDec. 19, 2024

Acting president vetoes 6 contentious bills

Acting President Han Duck-soo on Thursday vetoed six bills passed in the opposition-controlled National Assembly last month, despite threats from the main opposition Democratic Party of Korea to impeach him if he "crosses the line." This is the second time in Korea's constitutional history that an acting president has exercised his veto power, with the last instance occurring in 2004. Prime Minister Han immediately assumed the role of acting president following President Yoon Suk

PoliticsDec. 19, 2024

Authorities on alert as Korean won sinks to 15-year low

The Korean won fell Thursday to its weakest levels against the US dollar since the 2009 global financial crisis as the dollar strengthened after the US central bank signaled a slower pace of rate cuts, fueling concerns over further depreciation as markets continue to digest political turmoil unfolding here. The Korean currency opened at 1,453 per dollar, down 17.5 from the previous session. This is the first won slide to breach 1,450 against the greenback in over 15 years, since March 16 in 20

EconomyDec. 19, 2024

Controversy-ridden KFT chief vows to 'rebuild trust' for soccer federation, national team

Chung Mong-gyu, incumbent president of the Korea Football Association, officially announced his bid for a fourth term at the nation's top soccer governing body on Thursday while vowing to earn back the trust of Koreans toward the soccer federation. The 62-year-old said he would gladly accept criticism of irregularities in the KFA's operation during his tenure, adding he would work to rebuild public confidence in the federation and the national team. "As a person who worked hard wi

SoccerDec. 19, 2024

Lotteria caught in crossfire of martial law debacle

Homegrown fast-food chain Lotteria has garnered unwarranted nationwide attention in relation to the Dec. 3 declaration of martial law, after it was revealed that military commanders had discussed their actions concerning the president's orders at one of its branches. The fast-food brand, one of the largest in the country, has expressed discomfort in the surge of internet memes linking it to President Yoon Suk Yeol's ill-fated declaration of martial law. "We are perplexed for being

Social AffairsDec. 19, 2024