The United States is set to deploy a B-52 bomber to South Korea on Wednesday for joint air drills with its Asian ally, sources said, in the latest show of force against North Korea. South Korean fighter jets will escort the nuclear-capable bomber when it flies over South Korea later in the day, sources with knowledge of the issue said. The B-52 bomber is returning to the country after less than a month, following its first-ever landing in South Korea on Oct. 17. It will mark the allies' six

Defense Nov. 15, 2023

Container shipping costs from South Korea to the US west coast gained 7.1 percent on-month in October, data showed Wednesday. The average shipping cost for a 40-foot container for the route came to 4.38 million won ($3,358) last month, compared with 4.09 million logged a month earlier, according to the data from the Korea Customs Service. It marked the second on-month increase following 1.8 percent growth the previous month. On an on-year basis, however, the costs dropped 58.6 percent in October

Economy Nov. 15, 2023

Finance Minister Choo Kyung-ho called on the National Assembly on Wednesday to reenact the now-defunct corporate restructuring act that makes it easier for insolvent companies to begin an out-of-court debt restructuring program. The Corporate Restructuring Promotion Act was legislated in 2001 with a sunset provision after South Korea was hit by the 1997-98 Asian financial crisis and had been extended five times before expiring last month. It allows an insolvent company to start a debt workout pr

Economy Nov. 15, 2023

South Korea's on-year employment grew at a faster pace for the third consecutive month in October, but jobs in the manufacturing sector fell for the 10th month in a row amid an economic slowdown, data showed Wednesday. The number of employed people came to 28.76 million last month, up 346,000 from a year earlier, or 1.2 percent, according to the data compiled by Statistics Korea. Monthly job additions had slowed down for four months in a row to tumble below 300,000 in July but made a reboun

Social Affairs Nov. 15, 2023

A Russian government delegation has arrived in Pyongyang for talks on trade and science cooperation, the North's state media said Wednesday, as the two countries seek to strengthen ties following the rare summit between their leaders in September. The delegation, led by its Natural Resources Minister Alexander Kozlov, arrived Tuesday to take part in the 10th meeting of the Committee for Cooperation in Trade, Economy, Science and Technology between the two countries, according to the Korean

North Korea Nov. 15, 2023

The US Department of State has approved a possible sale to South Korea of Standard Missile-6 (SM-6) shipborne missile interceptors and related equipment to help improve the Asian ally's security capabilities, a government agency said Tuesday. The Defense Security Cooperation Agency under the Department of Defense made the announcement on the potential government-to-government Foreign Military Sale estimated to cost $650 million. The South Korean government has made a request to buy up to 38 SM-6

Defense Nov. 15, 2023

The top diplomats of South Korea, the United States and Japan held three-way talks on the sidelines of the Asia-Pacific Economic Cooperation summit in San Francisco on Tuesday, as they are stepping up cooperation to address North Korean threats and other regional and global issues. Foreign Minister Park Jin, US Secretary of State Antony Blinken and Japanese Foreign Minister Yoko Kamikawa met trilaterally less than two months after they held brief talks on the margins of the UN General Assembly i

Foreign Affairs Nov. 15, 2023

President Joe Biden said Tuesday that the United States is not trying to "decouple" from China, but pursuing better relations with its assertive rival, as he prepares for a summit with the Chinese leader this week. Biden's remarks apparently set an amicable tone ahead of the summit with Chinese President Xi Jinping slated to take place in San Francisco on Wednesday on the margins of the Asia-Pacific Economic Cooperation forum. "As I told you, we are not trying to decouple fro

Foreign Affairs Nov. 15, 2023

South Korean stocks opened higher Wednesday tracking overnight gains on Wall Street helped by lower-than-expected US inflation data. The benchmark Korea Composite Stock Price Index added 35.21 points, or 1.45 percent, to 2,468.46 in the first 15 minutes of trading. US stocks closed higher overnight following reports that the US consumer price index, a key inflation measure, rose at the slowest pace in October since 2021. The Dow Jones Industrial Average added 1.43 percent, while the Nasdaq Compo

Market Nov. 15, 2023

South Korean stocks finished higher Tuesday on gains in technology and chemical shares, while investors awaited the US inflation data slated to be announced this week. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index advanced 29.49 points, or 1.3 percent, to close at 2,433.25. Trading volume was slim at 300 million shares worth 6.27 trillion won ($4.71 billion), with gainers outnumbering losers 709 to 108. Foreigners offloaded a net 93.5 billion won

Market Nov. 14, 2023

South Korea has attended the Finance Ministers' Meeting of the Asia-Pacific Economic Cooperation in San Francisco this week to discuss ways of cooperation with member nations on the global economy, sustainable finance and digital assets, the finance ministry said Tuesday. The South Korean delegation led by Deputy Finance Minister Choi Ji-young attended the two-day meeting that began Sunday (US time), where the 21 member nations agreed upon joint efforts to secure growth momentum while ensur

Foreign Affairs Nov. 14, 2023

With their Europe-based stars enjoying strong club seasons, South Korea will chase their fourth consecutive win under head coach Jurgen Klinsmann this week against Singapore in Seoul, as their qualifying campaign for the 2026 FIFA World Cup begins. It will be the first Group C match for both teams in the second round of the Asian World Cup qualifiers. The kickoff is at 8 p.m. Thursday at Seoul World Cup Stadium. South Korea will then travel to Shenzhen, China, to face China next Tuesday. South K

Soccer Nov. 14, 2023

South Korea's Vice Defense Minister Kim Seon-ho will travel to Indonesia this week to attend an annual regional security meeting involving the Association of Southeast Asian Nations, the defense ministry said Tuesday. Kim will leave for Jakarta on Wednesday to participate in the ASEAN Defense Ministers' Meeting-Plus set to kick off the next day. It will bring together top defense officials from nine ASEAN countries and eight others, including the United States and China. Myanmar will n

Foreign Affairs Nov. 14, 2023

South Korean stocks opened higher Tuesday on advances in tech shares amid growing concerns that the United States may face a government shutdown. The benchmark Korea Composite Stock Price Index added 25.87 points, or 1.08 percent, to 2,429.63 in the first 15 minutes of trading. Investors have been closely monitoring the possibility that the US may face a government shutdown should Congress fail to pass a spending plan by Friday. Overnight, US shares closed mixed, with the Dow Jones Industrial Av

Market Nov. 14, 2023

South Korea, the United States and 44 other countries have joined a declaration highlighting the "responsible" use of artificial intelligence in the military domain, the State Department said Monday. Launched in February, the Political Declaration on Responsible Military Use of AI and Autonomy aims to build international consensus on responsible behavior and guide countries' development, deployment and use of military AI, according to the department. The declaration came amid grow

Foreign Affairs Nov. 14, 2023