South Korea's leading steelmaker, Posco, said Tuesday it shut down a wire rod mill in its factory in the southeastern city of Pohang in an effort to boost profitability and managerial efficiency. The Unit 1 wire rod mill at the Pohang factory, 273 kilometers southeast of Seoul, was brought to an end in the day after more than 45 years of operation, according to the steelmaker. The shutdown decision was made due to the heated competition and oversupply in the global wire rod market from chea

Industry Nov. 19, 2024

South Korean stocks rose for the second straight day Tuesday following a sharp gain the previous session ahead of the release of AI giant Nvidia's third-quarter earnings. The local currency rose for the third consecutive day against the US dollar. The benchmark Korea Composite Stock Price Index climbed 2.88 points, or 0.12 percent, to close at 2,471.95. The main index soared 2.16 percent Monday, marking the largest gain since Sept. 26. Trade volume was moderate at 401.2 million shares worth

Market Nov. 19, 2024

Stray Kids to perform at Son Heung-min's home stadium as part of world tour K-pop sensation Stray Kids will perform at Tottenham Hotspur Stadium, home to English Premier League club Tottenham Hotspur and its star player Son Heung-min, on July 18, 2025, as part of their expanded "dominATE" world tour, becoming the first K-pop act to do so, the band's agency said Tuesday. JYP Entertainment announced that the tour will include 20 new concerts across Latin America, North America,

K-pop Nov. 19, 2024

Trade minister calls for strengthening foundation for economic cooperation with Africa Trade Minister Cheong In-kyo said Tuesday that the South Korean government will strengthen institutional foundations to expand trade and investment opportunities with Africa. Cheong made the remarks during an Africa business forum held in Seoul, a follow-up to a South Korea-Africa summit that took place in June and aimed to deepen cooperation with African partners. The forum was organized to review the outcome

Foreign Affairs Nov. 19, 2024

The state auditor has referred senior officials of the former Moon Jae-in administration to the prosecution on suspicions of leaking intelligence related to the THAAD US missile defense system to activists and China, an official with knowledge of the matter said Tuesday. Former National Security Adviser Chung Eui-yong, former Defense Minister Jeong Kyeong-doo, and two other officials who served in the preceding administration were referred to the Supreme Prosecutors Office by the Board of Audit

Politics Nov. 19, 2024

Telegram designates child protection officer to respond to sexually exploitative materials: S. Korean regulator The global messaging service Telegram has designated an officer in charge of protecting underage users from illicit content amid criticism over its passive response against sexually exploitative materials circulating on the platform, South Korea's media regulator said Tuesday. The Korea Communications Commission said Telegram made the designation and set up an email account as a h

Social Affairs Nov. 19, 2024

The United States and Russia traded barbs Monday over President Joe Biden's reported decision to allow Ukraine to use US-provided longer-range missiles to strike targets inside Russia, amid concerns about an escalation of Moscow's protracted war in Ukraine. US officials repeated accusations that Russia was to blame for an escalation in the wake of its introduction of North Korean troops onto the battlefield, while the Kremlin accused the Biden administration of moving to "continue

Foreign Affairs Nov. 19, 2024

MIKTA leaders call for adherence to UN Charter amid concerns over NK-Russia military cooperation The leaders of South Korea and four other middle-power countries called Monday for all UN members to comply with the UN Charter and Security Council resolutions, as concerns deepened over North Korea's troop dispatch to help Russia in its war against Ukraine. South Korean President Yoon Suk Yeol, Mexican President Claudia Sheinbaum, Indonesian President Prabowo Subianto, Turkish President Recep

Foreign Affairs Nov. 19, 2024

A Seoul court again rejected an arrest warrant for Qoo10 CEO Ku Young-bae on Tuesday on fraud and embezzlement charges related to his e-commerce group's large-scale payment delays to vendors. The Seoul Central District Court made the decision following a hearing Monday, saying there was "room for dispute" over whether the allegations constitute a crime and no evidence suggesting Ku attempted to flee or destroy evidence since a previous request for an arrest warrant was rejected la

Industry Nov. 19, 2024

President Yoon Suk Yeol strongly condemned the deepening military cooperation between North Korea and Russia at the Group of 20 summit in Brazil on Monday, Yoon's office said. Yoon used the G20 sessions to urge Pyongyang and Moscow to immediately cease their "illegal" military cooperation and called for international unity to issue a stern warning against such moves, Principal Deputy National Security Adviser Kim Tae-hyo said. The condemnation by Yoon came shortly after Russian Fo

Foreign Affairs Nov. 19, 2024

North Korea warned Tuesday that trilateral security cooperation among South Korea, the United States, and Japan would prompt more "retaliatory responses," days after the leaders of the three nations decided to establish a secretariat to bolster three-way cooperation. The North's official Korean Central News Agency (KCNA) carried the message in a commentary after President Yoon Suk Yeol, US President Joe Biden, and Japanese Prime Minister Shigeru Ishiba issued a joint statement in

Foreign Affairs Nov. 19, 2024

The presidential office said Monday that maintaining high-level communication is crucial to strengthening ties between South Korea and China, hoping to build on the momentum from the recent bilateral summit in Peru. While President Yoon Suk Yeol has focused on reinforcing South Korea's security alliance with the United States over the past 2 1/2 years, he said in a recent interview during his visit to Brazil that South Korea does not see US-China relations as a matter of choosing sides. Whe

Foreign Affairs Nov. 19, 2024

North Korean leader Kim Jong-un has met with Russia's visiting natural resources minister and called for "more extensive and diversified" promotion of cooperative relations between their countries, state media reported Tuesday. The previous day, Kim met with Russian Minister of Natural Resources and Ecology Alexander Kozlov, who led a government delegation to North Korea for the 11th meeting of the countries' intergovernmental committee for cooperation in trade, economy, scie

North Korea Nov. 19, 2024

South Korean banks' net profit fell in the third quarter of the year from three months earlier on a fall in interest income, data showed Tuesday. The combined net profit of 20 banks in the July-October period came to 6.2 trillion won ($4.44 billion), down 13.9 percent from three months earlier, according to the data from the Financial Supervisory Service. From a year earlier, the reading marks a 14.8 percent rise. The interest income of the 20 banks came to 14.6 trillion won in the third qu

Economy Nov. 19, 2024

South Korean stocks started a tad higher Tuesday following the previous day's rally. The benchmark Korea Composite Stock Price Index added 5.11 points, or 0.21 percent, to 2,474.18 in the first 15 minutes of trading. The main index jumped 2.16 percent Monday, the sharpest daily gain since Sept. 26, led by a rally in chipmakers, such as Samsung Electronics. In the United States, the Dow Jones Industrial Average fell 0.13 percent, and the tech-heavy Nasdaq Composite rose 0.6 percent. In Seo

Market Nov. 19, 2024