South Korea and the United States have signed their first bilateral document on joint space policy research, Seoul's defense ministry said Tuesday, in the allies' latest push to reinforce cooperation in the increasingly crucial security domain. Cho Yong-geun, the ministry's director of North Korea policy, and John D. Hill, US deputy assistant secretary of defense for space and missile defense, inked the document during a session of the Space Cooperation Working Group (SCWG) in Was

Defense April 26, 2022

South Korean stocks opened sharply lower Monday, as investors remained wary of a possible sharp rate hike by the US Federal Reserve in next week's policy meeting. The Korea Composite Stock Price Index (Kospi) fell 1.05 percent, or 28.51 points, to trade at 2,676.20 in the first 15 minutes of trading. Investors remain cautious as the Fed has signaled a more aggressive rate raise than previously estimated to tame the worst inflation in decades, with its next policy meeting set to take place M

Politics April 25, 2022

South Korean stocks retreated Friday as the US Federal Reserve chief signaled interest rates would be aggressively raised. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) fell 23.5 points, or 0.86 percent, to close at 2,704.71 points. The key stock index gained 0.32 percent from a week ago. Daily trading volume was moderate at about 1.21 billion shares worth some 11.9 trillion won ($9.6 billion), with losers outnumbering gainers 550 to 313. Inst

Market April 22, 2022

The value of stock settlements in South Korea plunged nearly 32 percent in the first quarter of the year as the stock market remained in the doldrums, a local clearing house said Friday. The Korea Securities Depository (KSD) said stocks worth 1.85 trillion won ($1.49 billion) were settled through the agency per day in the January-March period, down 31.8 percent from a year earlier. Yet the first-quarter figure was up 4.6 percent from three months earlier. The benchmark Korea Composite Stock Pric

Economy April 22, 2022

North Korea has a large number of "theater-class" missiles with a desire to develop a "credible" missile threat, a US commander has said, casting the recalcitrant regime as a strategic security challenge. Adm. Charles Richard, head of the US Strategic Command (USSTRATCOM), made the assessment in a written statement to the House Appropriations Subcommittee on Defense prior to a closed-door hearing on Tuesday (US time). "The DPRK previously tested ICBM class missiles desig

North Korea April 5, 2022

The Bank of Korea (BOK) should step up efforts to make more accurate assessments of current economic and financial situations ahead of next week's rate-setting meeting, the central bank's acting chief said Monday. BOK Vice Gov. Lee Seung-heon, who is serving as acting chair of the central bank after Lee Ju-yeol left office last week, made the call in an internal meeting with senior officials, according to the bank. The chief post is not expected to be filled until the rate-setting meet

Economy April 4, 2022

South Korean stocks opened lower Monday as investors unloaded large-cap shares, including tech issues, amid lingering uncertainties over the Ukraine crisis and inflation. The benchmark Korea Composite Stock Price Index lost 11.51 points, or 0.42 percent, to trade at 2,728.34 points as of 9:15 a.m. Investors took to the sidelines as the ongoing crisis surrounding Ukraine has deepened concerns over soaring energy prices and inflation. Moscow said Sunday that it attacked and destroyed key energy fa

Market April 4, 2022

President-elect Yoon Suk-yeol's transition team said Thursday it will ask the state auditor to look into the recent appointment of a friend of President Moon Jae-in's brother as CEO of a local shipbuilder under government control. Transition committee deputy spokesperson Won Il-hee made the remark after Park Doo-sun was named CEO of Daewoo Shipbuilding & Marine Engineering (DSME) earlier this week, denouncing the appointment as "irrational" and "shameless." "Da

Politics March 31, 2022

South Korean shares closed a tad higher Wednesday, as investors focused on the recent round of Ukraine-Russia peace talks that ended earlier in the day. The Korean won steeply rose against the US dollar. The benchmark Korea Composite Stock Price Index advanced 5.67 points, or 0.21 percent, to close at 2,746.74 points. Trading volume was moderate at about 825 million shares worth some 10.9 trillion won ($9 billion), with losers outnumbering gainers 432 to 416. Institutions bought a net 160 billio

Market March 30, 2022

About half of South Koreans are against President-elect Yoon Suk-yeol's plan to move the presidential office out of Cheong Wa Dae, while some 44 percent support the idea, a poll showed Wednesday. According to the poll of 1,004 adults, conducted by pollster Embrain Public on Sunday and Monday, 51.9 percent said the presidential office should remain at Cheong Wa Dae and 44.3 percent said they back the relocation plan. Yoon has decided to move the presidential office from Cheong Wa Dae to what

Social Affairs March 30, 2022

The Korea Development Bank (KDB), a state-run lender, said Tuesday its customers will be allowed to use ATMs and other offline branch offices of Hana Bank as part of efforts to enhance customer convenience. Under a deal for cooperation, all KDB customers will be able to use 3,576 ATMs and around 600 offline branch offices run by Hana Bank without paying fees starting Tuesday, according to the lender. The deal is expected to help senior people and other digitally marginalized citizens have more a

Industry March 29, 2022

South Korea's consumer sentiment ticked up in March, as the country eased social distancing curbs to bolster spending and help pandemic-hit small merchants, central bank data showed Tuesday. The composite consumer sentiment index (CCSI) came to 103.2 in March, up 0.1 point from the previous month, according to data from the Bank of Korea. A reading above 100 means optimists outnumber pessimists. The index has been up and down in the last few months, affected by the severity of the spread of

Economy March 29, 2022

President Moon Jae-in has sent a letter to Chinese President Xi Jinping to express condolences over the recent crash of a Chinese airliner, Moon's office said Thursday. In the letter, Moon offered deep sympathy to victims and their bereaved families, presidential spokesperson Park Kyung-mee said in a statement. The China Eastern flight crashed in southern China with 132 people on board earlier this week, with all of them being presumed dead. (Yonhap)

Politics March 24, 2022

South Korea's exports of snacks hit a record high last year on the back of demand by stay-at-home consumers amid the COVID-19 pandemic and the popularity of the Korean pop culture, customs data showed Thursday. Exports of snacks came to an all-time high of $466 million last year, up 13.1 percent from a year earlier and extending their gains to the second straight year, according to the data from the Korea Customs Service. Snack shipments also rose 16.6 percent to $75 million in the first tw

Industry March 24, 2022

INCHEON -- When the SSG Landers signed former major league infielder Kevin Cron in December, they probably didn't think he'd be hitting below the Mendoza Line about halfway through the preseason. With the start of the regular season less than two weeks away, Cron is batting 3-for-19 (.158) with a home run and three RBIs in seven games in his first spring in the Korea Baseball Organization (KBO). The preseason will wrap up next Tuesday, with the regular season starting on April 2. Cron

Baseball March 22, 2022