S. Korean economy grows 6.9% per year since 1954 under new base year

South Korea's economy grew at an annualized rate of nearly 7 percent after a change in the base year for economic growth data compilation, central bank data showed Wednesday. According to the data from the Bank of Korea, Asia's fourth-largest economy expanded at an average 6.9 percent per year from 1954 to last year under the new base year of 2020, up from a 6.8 percent advance under the previous base year of 2015. The data also showed that the nominal gross domestic product (GDP) stoo

EconomyDec. 18, 2024

S. Korea unveils blueprint for energy R&D projects

South Korea's industry ministry on Wednesday unveiled a blueprint for government investment in energy research and development projects to maintain a stable power supply using carbon-free sources. The energy technology development plan, effective through 2033, is expected to generate an economic effect of 59 trillion won ($41 billion), according to the Ministry of Trade, Industry and Energy. Under the blueprint, the country aims to achieve a technological self-sufficiency rate of 90 percent

EconomyDec. 18, 2024

Badminton champion's plea for overhaul of old system voted top S. Korean sports story of 2024

Moments after winning her first Olympic gold medal in Paris on Aug. 5, South Korean badminton star An Se-young was not in the mood for celebration. In her media availability following her women's singles title, An criticized the Badminton Korea Association and the national team staff for mismanaging her injury from the previous year and accused them of a series of old practices and customs that she deemed unfair to athletes. An even hinted she would no longer compete for the national team a

More SportsDec. 18, 2024

Seoul shares open higher ahead of Fed rate decision

Seoul shares started higher Wednesday as investors were paying attention to the results of the Federal Reserve's rate decision meeting. The benchmark Korea Composite Stock Price Index (Kospi) added 16.43 points, or 0.67 percent, to 2,473.24 in the first 15 minutes of trading. Overnight, Wall Street closed lower as investors awaited the Fed's rate decision. The US central bank is widely expected to make its third consecutive rate cut on Wednesday. In Seoul, most big-cap shares gained gr

MarketDec. 18, 2024

UN General Assembly adopts resolution on N. Korean human rights for 20th straight year

The UN General Assembly on Tuesday passed a resolution on North Korean human rights for the 20th consecutive year, calling for improvement in the reclusive state's human rights record. The adoption by consensus came as Seoul and Washington have stressed the importance of improvement in the North's human rights environment on the grounds that a repressive political climate has led the regime to continue to pursue its weapons development programs without allowing for public comment. The

North KoreaDec. 18, 2024

US sanctions 2 individuals, 1 entity involved in money laundering network to support N. Korea

The United States on Tuesday sanctioned two individuals and one entity involved in a network that launders illicit funds generated by North Korean IT workers and cybercrime to support Pyongyang, the Treasury Department said. The department's Office of Foreign Assets Control (OFAC) added two Chinese nationals and a UAE-based front company, named Green Alpine Trading, LLC, to its sanctions list. It accused them of facilitating money laundering and cryptocurrency conversion services that funne

Foreign AffairsDec. 18, 2024

[Graphic News] Gap between main opposition, ruling parties reaches record high

The results of a public opinion poll show that the gap in support between the Democratic Party of Korea and the People Power Party has reached its highest level since the inauguration of the Yoon Suk Yeol administration in May 2022. According to a survey conducted by Realmeter over two days on Dec. 12-13 with 1,001 voters aged 18 and older nationwide, support ratings were as follows: Democratic Party of Korea at 52.4 percent, People Power Party at 25.7 percent, Rebuilding Korea Party at 8 perc

PoliticsDec. 18, 2024

[Eric Posner] Trump’s pro-corporate populism

The outpouring of joy on social media after the murder of UnitedHealthcare CEO Brian Thompson suggests that America’s populist moment is evolving into something larger and more significant than just a backlash against the political establishment. If so, it is also becoming something Americans have seen before. In the late 19th century, the People’s Party, also known as the Populists, targeted big business as well as establishment politicians, blaming large enterprises for both dest

ViewpointsDec. 18, 2024

[Kim Seong-kon] The yo-yo phenomenon in Korea's political climate

On Saturday, the National Assembly of South Korea passed a motion to impeach President Yoon Suk Yeol over his Dec. 3 martial law declaration. Supporters of his impeachment cheered in front of the National Assembly, while those who opposed it were despondent at Gwanghwamun Square. The world is now anxiously watching for signs of South Korea’s future, wondering, “What’s next?” According to foreign press, Korea will have to face “uncertainty” for a while. The pro

ViewpointsDec. 18, 2024

Worker error suspected in mixing of cleaning solution in Maeil Dairies' milk products

The food safety ministry said Tuesday worker error is suspected to have caused the recent mixing of cleaning solution in some Maeil Dairies Co.'s milk products, requesting a one-month business suspension on the company's plant responsible for the incident. Last Thursday, some employees at an unidentified company reported stomach pain and other symptoms after consuming Maeil Dairies' 200 milliliter sterilized milk product, prompting an investigation by the Ministry of Food and

IndustryDec. 17, 2024

Joint investigation team attempts raid on Presidential Security Service

A joint investigation team was unable to seize material related to President Yoon Suk Yeol's martial law declaration from the office of the Presidential Security Service on Tuesday, with its raid attempt foiled by the security officials. According to the investigation team, the PSS will decide later whether to cooperate with the raid and inform the investigators Wednesday. Investigators of the joint team arrived at the security service headquarters, located inside the presidential offic

PoliticsDec. 17, 2024

Foreign ministry holds 1st task force meeting on US policy under incoming Trump administration

The foreign ministry said Tuesday it held its first task force meeting on reviewing its US policy ahead of the launch of the second Donald Trump administration. The meeting, presided over by First Vice Foreign Minister Kim Hong-hyun, came as South Korea is crafting its foreign policy approach to address alliance and security issues with the incoming Trump administration as his second term begins next month. Such efforts have become more important as South Korea is reeling from the fallout of t

Foreign AffairsDec. 17, 2024

Top military officer inspects partially restored guard post inside DMZ

South Korea's top military officer on Tuesday visited a partially restored guard post inside the Demilitarized Zone separating the two Koreas to inspect troop readiness against North Korean threats, his office said. Joint Chiefs of Staff Chairman Adm. Kim Myung-soo's visit came amid concerns of North Korea possibly undertaking provocative acts in light of South Korea's recent political turmoil. Kim instructed troops to maintain a posture to "immediately" respond to a

DefenseDec. 17, 2024

Number of immigrants in S. Korea hits record 1.56 million in 2024

The number of immigrants in South Korea, which includes foreign nationals residing here as well as naturalized citizens, reached a record high of over 1.56 million in 2024, according to government data released Tuesday. Similarly, the number of employed foreign nationals also hit an all-time high at 1.01 million. The number of those having resided in South Korea for at least 91 days, aged 15 and above, reached about 1,561,000 as of May, compared to 1.48 million tallied a year earlier, according

Social AffairsDec. 17, 2024

[Contribution] Leadership vacuum exposes vulnerability to Trump

By Kim Heung-kyu Director of the US-China Policy Institute at Ajou University, President of the Plaza Project President Yoon Suk Yeol’s failed attempt at martial law poses a colossal challenge to Korea-US relations. The Yoon government has most actively accepted the dichotomous foreign policies of democracy versus authoritarianism that the Biden administration proposed in its early period. President Yoon has emphasized freedom and democracy in his speeches whenever he had the opportunity.

ViewpointsDec. 17, 2024

'Report IU to the CIA': Bizarre online trolling of celebs who support Yoon impeachment

Users of local websites with politically conservative inclinations are encouraging each other to file online reports to the US Central Intelligence Agency against K-pop star IU and other celebrities who publicly supported protests calling for President Yoon Suk Yeol's impeachment. The anonymous users have posted screenshots of their reports to the US federal agency that collects and analyzes foreign intelligence. "IU can't go to America now," read the title of an anonymous po

Social AffairsDec. 17, 2024

Martial law debacle likely to hurt job market: report

The political turmoil following President Yoon Suk Yeol's ill-fated martial law declaration could negatively impact the labor market, according to a report by a state-run think tank. The Korea Labor Institute said that employment for 2025 is expected to increase by less than 100,000 compared to this year, in its report submitted to Rep. Kim Hyun-jung of the main opposition Democratic Party of Korea. This is significantly less than the institute's previous estimate of 120,000, which it

EconomyDec. 17, 2024

World-class opera stars including Placido Domingo, unite for 'Turandot'

World-renowned opera singers and artists are coming together to revive the grandeur of large-scale opera productions in Korea, a rarity outside dedicated opera theaters. Park Hyun-joon, artistic director of the “Again 2024 Turandot project,” aims to deliver a production that echoes the success of its predecessor two decades ago. “Bringing together world-renowned singers like this cast was almost impossible,” Park said Tuesday during a press conference held at Coex Hall D,

PerformanceDec. 17, 2024

As early presidential election looms, opposition chief seeks to delay trial

The chair of the Democratic Party of Korea, Rep. Lee Jae-myung, has requested the judges be changed in one of his criminal trials, as an early presidential election appears likely with impeached President Yoon Suk Yeol awaiting the final verdict on his removal from office by the Constitutional Court. Currently a defendant in four separate trials, Lee has regularly been absent at the National Assembly as his court schedules often collide with plenary sessions and other regular parliamentary dutie

PoliticsDec. 17, 2024