Seoul shares closed higher Tuesday on tech gains, with investors awaiting earnings results from AI chip leader Nvidia and other US tech firms this week. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index was up 19.22 points, or 0.8 percent, to close at 2,510.42. Trade volume was moderate at 340.42 million shares worth 7.6 trillion won ($5.9 billion), with gainers outnumbering losers 598 to 271. Overnight, the Dow Jones Industrial Average increased 0.6 perc

Market Nov. 21, 2023

Labor and management of Seoul Metro, the operator of subway lines 1-8, are set to hold last-minute negotiations over manpower reduction on Tuesday, one day before a general strike threatened by its unionized workers. The final talks are to begin at the company headquarters in eastern Seoul at 4 p.m., according to union and company officials. The biggest of Seoul Metro's three labor unions, which is affiliated with the militant umbrella Korean Confederation of Trade Unions, has threatened to

Social Affairs Nov. 21, 2023

The USS Carl Vinson aircraft carrier arrived at a naval base in the southeastern city of Busan on Tuesday, South Korea's Navy said, hours after North Korea notified Japan of a plan to launch a space rocket in the coming days. The nuclear-powered vessel of Carrier Strike Group 1 entered the naval base in Busan, 320 kilometers southeast of Seoul, in a show of US military might amid heightened tensions over North Korea's plan to launch the rocket between Wednesday and Dec. 1. It would mar

Defense Nov. 21, 2023

South Korea's exports of kimchi advanced 10 percent on-year through October this year, data showed Tuesday, with the amount widely anticipated to hit a record level for all of 2023. Outbound shipments of kimchi came to $130 million over the January-October period, rising from $118.6 million tallied a year earlier, according to the data compiled by the Korea Customs Service. Kimchi is a traditional Korean side dish typically made from fermented cabbage, salt and hot peppers, and is consumed

Economy Nov. 21, 2023

South Korea's oceans ministry said Tuesday it has issued a navigation warning for ships, responding to North Korea's upcoming space rocket launch set to take place in less than two weeks. The notification, issued at 2:30 a.m., came after the reclusive regime informed Japan that the planned launch is expected to take place between Wednesday and Dec. 1. The North has been gearing up for its third attempt to launch a spy satellite into orbit. North Korea mentioned three maritime zones tha

North Korea Nov. 21, 2023

South Korean golfer Amy Yang has reached a year-high 15th in the world rankings on the strength of her victory in the LPGA Tour season finale on the weekend. Yang jumped 21 spots to No. 15 in the latest rankings released Tuesday. The 34-year-old won the CME Group Tour Championship in Naples, Florida, on Sunday for her fifth career title and first since February 2019. It was also Yang's first win in America; she had previously won once in South Korea and three times in Thailand. Yang, whose

Golf Nov. 21, 2023

The US Department of State reiterated its concerns Monday over military cooperation between North Korea and Russia, as Pyongyang is gearing up for a space rocket launch to put a military spy satellite into orbit. Pyongyang has notified Japan's Coast Guard of a plan to conduct the launch between Nov. 22 and Dec. 1, Japanese media reported, despite Seoul's warning against what would be its third such launch attempt this year. "I will say that our concerns about North Korea's ba

Foreign Affairs Nov. 21, 2023

South Korea's exports rose 2.2 percent on-year in the first 20 days of this month on growing demand for semiconductors and vehicles, data showed Tuesday. Outbound shipments reached $33.79 billion in the Nov. 1-20 period, compared with $33.07 billion tallied a year earlier, according to the data from the Korea Customs Service. Per-day exports also went up 2.2 percent on-year to $2.18 billion during the cited period, it added. Exports grew for the first time in 13 months in October. They adva

Economy Nov. 21, 2023

South Korea maintains a steady supply of liquefied natural gas and is actively preparing for potential contingencies amid Middle East geopolitical uncertainties, the industry ministry said Tuesday. "There have been concerns over the supply of gas following the Israel-Hamas incident amid the lingering war between Russia and Ukraine, but the supply currently remains stable," Director-General for Resource Policy Ryu Peob-min said during a meeting with industry officials. "However, in

Economy Nov. 21, 2023

Seoul shares opened higher Tuesday, tracking overnight gains on Wall Street, as investors await earnings results from AI chip leader Nvidia and other US tech firms. The benchmark Korea Composite Stock Price Index rose 19.92 points, or 0.8 percent, to 2,511.12 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.6 percent to 35,151.04, and the tech-rich NASDAQ added 1.1 percent to 14,284.53. Nvidia is set to release quarterly results on Tuesday on the back of str

Market Nov. 21, 2023

A fire broke out at SK On's electric vehicle battery factory during a test run in China, but no fatalities were reported, the company said Monday. The blaze occurred at 2.50 p.m. (Chinese time) at the facility in Yancheng, eastern China, the company said in a statement. "No casualties have been reported, and we are investigating the cause of the fire and property damage," the company said. SK On is the battery-making arm of South Korea's leading energy firm, SK Innovation Co.

Industry Nov. 20, 2023

Seoul shares closed higher Monday despite investor concerns over possible US rate hikes to tame high inflation. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 0.86 percent, or 21.35 points, to close at 2,491.20. Trade volume was moderate at 319.84 million shares worth 6.5 trillion won ($5.03 billion), with gainers outnumbering losers 648 to 229. The Kospi opened nearly flat amid concerns of an additional US rate hike. The US Federal Reserve has be

Market Nov. 20, 2023

President Yoon Suk Yeol has said that China would not benefit from trilateral cooperation with North Korea and Russia because the three countries have "divergent interests." Yoon made the remarks in an interview with The Telegraph, a British daily, published Sunday local time ahead of his state visit to London, stressing that China has an important role in "promoting freedom, peace and prosperity in East Asia." "China is likely to take into consideration that pursuing tr

Politics Nov. 20, 2023

Seoul shares opened almost flat Monday amid investor concerns over a continued US rate hike due to high inflation. The benchmark Korea Composite Stock Price Index rose 6.92 points, or 0.3 percent, to 2,476.77 in the first 15 minutes of trading. On Friday, the Dow Jones Industrial Average inched up 0.01 percent to 34,947.28, and the tech-heavy NASDAQ gained 0.08 percent to 14,125.48. The US Federal Reserve has been expected to end its hiking cycle, but San Francisco Federal Reserve President Mary

Market Nov. 20, 2023

The South Korean military warned North Korea on Monday to "immediately stop" preparations for another military spy satellite launch, vowing to take "necessary measures" if it presses ahead with the launch. Kang Ho-pil, chief director of operations at the Joint Chiefs of Staff, made the warning, a day after South Korea's defense chief said Pyongyang may make another satellite launch attempt as early as "this week or so." "(We) sternly warn North Korea to im

North Korea Nov. 20, 2023