A US Republican lawmaker has introduced a bill requiring the Pentagon to annually submit to Congress a report on contributions that South Korea and other allies make to "common defense" efforts, his office said Tuesday. Rep. Alex Mooney (R-W.Va.) submitted to the House the Allied Burden Sharing Report Act, which calls for the report on contributions by South Korea, Australia, Japan, New Zealand, the Philippines, Thailand, Arab Gulf allies and all members of the North Atlantic Treaty Or

Foreign Affairs Nov. 1, 2023

The floor leader of the main opposition party on Tuesday voiced his disappointment at President Yoon Suk Yeol's budget speech, saying next year's state budget lacks funds needed to prepare for the future and support vulnerable people. Rep. Hong Ihk-pyo of the Democratic Party made the assessment, as Yoon delivered a budget speech earlier in the day pledging to put the top priority on stabilizing inflation and people's livelihoods. "(The speech) was very disappointing. There w

Politics Oct. 31, 2023

South Korea's industry ministry said Tuesday it has requested that the European Union "prudently review" its ban on the use of dangerous chemicals known as per-and polyfluoroalkyl substances and other non-tariff barriers that may hinder free trade. Trade Minister Ahn Duk-geun met Executive Vice President Valdis Dombrovskis of the European Commission in Seoul to discuss pending bilateral trade issues, including Europe's new carbon border tax, according to the Ministry of Trade

Foreign Affairs Oct. 31, 2023

South Korean stocks slid to the lowest point since early January on Tuesday as investors await the Federal Reserve's policy meeting this week. The local currency rose against the greenback. The benchmark Korea Composite Stock Price Index fell 32.56 points, or 1.41 percent, to close at 2,277.99, marking the lowest point since Jan. 5, when the comparable figure was 2,264.65. Trading volume was moderate at 387.6 million shares worth 8 trillion won ($5.95 billion), with losers outnumbering gain

Market Oct. 31, 2023

South Korea, the United States and Japan have held their first trilateral working-level talks on ways to bolster cooperation in humanitarian aid policies, in a follow-up to the summit of the three countries' leaders in August, Seoul's foreign ministry said Tuesday. The two-day policy dialogue that ended Monday in Honolulu, Hawaii, was led by Won Do-yeon, director general for development cooperation; Michele Sumilas, assistant to the administrator of the bureau for planning, learning an

Foreign Affairs Oct. 31, 2023

Health authorities have ramped up the vaccination of cattle to contain lumpy skin disease, with the spread of the disease showing little signs of easing, officials said Tuesday. One confirmed case was reported at a farm in South Gyeongsang Province on Monday for the first time, the agriculture ministry said, in the latest evidence that the disease may further spread for the time being. So far, South Korea has confirmed 67 cases of the disease since the first-ever outbreak of the viral infection

Social Affairs Oct. 31, 2023

South Korea's industrial output rose for the second consecutive month in September on the back of the turnaround in the semiconductor sector, data showed Tuesday. Retail sales, a gauge of private spending, and facility investment also logged an on-year growth last month, signaling a gradual economic recovery, according to Statistics Korea. It was the first time since May that the country reported an increase in the three major indicators on industrial activities. Industrial output advanced

Economy Oct. 31, 2023

A signal failure disrupted operations on Seoul subway Line No. 3 for about 30 minutes during morning rush hour Tuesday. The signal failure happened at 6:55 a.m. at Yaksu Station, causing delays to northbound trains and leaving stations crowded with passengers looking for an alternative means of transport. Southbound trains were not affected by the disruptions. Seoul Metro said they are examining the exact cause of the signal failure. (Yonhap)

Social Affairs Oct. 31, 2023

South Korea stocks got off to a strong start Tuesday, tracking overnight gains on Wall Street, analysts said. The benchmark Korea Composite Stock Price Index rose 7.09 points, or 0.31 percent, to 2,317.64 in the first 15 minutes of trading. US stocks closed higher overnight, with the Dow Jones Industrial Average advancing 1.58 percent and the Nasdaq Composite rising 1.16 percent. The rebound came after investors scooped up bargain shares ahead of the US Federal Reserve's monetary policy mee

Market Oct. 31, 2023

The United States opposes any country supplying Hamas with anything that the militant group can use for "terrorist activities," the State Department said Monday, amid a report that Hamas has been using North Korean weapons in its war against Israel. Last week, the Voice of America cited Israeli Ambassador to South Korea Akiva Tor as saying that Israeli authorities know that North Korean-made weapons are in use by Hamas. "Hamas is a brutal terrorist organization and we oppose anyon

Foreign Affairs Oct. 31, 2023

President Yoon Suk Yeol pledged Tuesday to put the top priority on stabilizing prices and people's livelihoods amid global economic difficulties as he delivered a budget speech centered largely on economic and domestic issues. Despite such difficulties, Yoon also vowed to stick to a sound fiscal policy next year in order not to pass debts on to future generations, as he called for bipartisan support for passing the government's 657 trillion-won ($487 billion) budget proposal. "The

Politics Oct. 31, 2023

The US special representative for North Korea held video talks with his Chinese counterpart Monday to discuss military cooperation between the North and Russia, China's reported repatriation of North Korean escapees and other issues, the State Department said. The talks between Ambassador Sung Kim and Liu Xiaoming, China's special representative on Korean Peninsula affairs, came as Washington has encouraged Beijing to play a constructive role in addressing North Korea-related issues. A

Diplomatic Circuit Oct. 30, 2023

Meta Platforms Ireland Inc. has lost a legal battle to defy the South Korean data protection watchdog's decision to slap a fine for providing users' personal information to other operators without consent, officials said Monday. In November 2020, the Personal Information Protection Commission (PIPC) fined Meta, formerly known as Facebook Inc., 7.8 billion won ($5.78 million) after its probe found that the personal information of at least 3.3 million out of 18 million Facebook users in

Technology Oct. 30, 2023

South Korea's state pension fund registered some 10 percent yield through October on the back of good performance in its investments in local and overseas stocks, its operator said Monday. The National Pension Service (NPS) said the national pension fund logged a 10.27 percent return in the January-October period, with the value of its assets under management reaching 997.38 trillion won($739 billion) as of end-October. Last year, the pension fund logged its worst return at minus 8.28 perce

Market Oct. 30, 2023

South Korea's science ministry said Monday its project to develop a homegrown spacecraft to the moon has passed through a preliminary feasibility study and will officially begin next year. With the passage of the 530 billion won ($392.9 million)-project, the Ministry of Science and ICT plans to develop a 1.8-ton spacecraft to land on the moon in 2032 as part of the country's plan to begin exploring lunar resources under its ambitious road map for a "future space economy." The

Technology Oct. 30, 2023