South Korean stocks opened a tad lower Thursday, tracking overnight losses on Wall Street led by declines in big-cap tech shares. The benchmark Korea Composite Stock Price Index (Kospi) shed 3.05 points, or 0.12 percent, to 2,500.01 in the first 15 minutes of trading. Foreigners were on a selling mode, which offset buying by institutions and retail investors. Overnight, the Dow Jones Industrial Average fell 0.31 percent and the tech-heavy Nasdaq composite slid 0.6 percent as major tech shares lo

Market Nov. 28, 2024

Heavy snow blanketed South Korea's capital area for the second consecutive day Thursday, with up to 40 centimeters of snowfall seen in parts of Seoul. A heavy snow advisory was in effect in all of Seoul as the accumulated snowfall reached 40.2 cm in Gwanak Ward and 27.1 cm in Seongbuk Ward. On Wednesday, Seoul saw the heaviest November snowfall since modern weather observations began in 1907, with 16.5 cm of snowfall. The record coincided with the first snow of the season in the city. Traffic wa

Social Affairs Nov. 28, 2024

Foreign Minister Cho Tae-yul said Wednesday he takes "full responsibility" for the controversy over Japan's memorial ceremony for Korean wartime forced labor victims, expressing regret over Tokyo's failure to honor the promises it made to the international community. Criticism emerged after Japan hosted the event for Sado mine forced laborers earlier this week, which failed to properly acknowledge the victims or the site's full history of forced mobilization of labor dur

Foreign Affairs Nov. 27, 2024

SK hynix on Wednesday announced plans to increase dividend payouts by 25 percent per share by 2027 as part of a broader strategy to boost corporate value amid the chipmaker's rapid growth in the artificial intelligence chip market. As part of its new shareholder return program, the company will raise annual dividends to 1,500 won ($1.08) per share over the next three years, up from the current 1,200 won. This will result in a total annual dividend payout of approximately 1 trillion won, SK

Technology Nov. 27, 2024

Lotte Group, one of South Korea's largest conglomerates, said Wednesday it will provide Lotte World Tower in Seoul as collateral for the corporate bonds of its financially-strapped chemical unit in an effort to address market concerns about a potential liquidity crisis. In a regulatory filing, the group said it will use the 123-story supertall skyscraper, one of its key assets worth 6 trillion won ($4.31 billion), as additional collateral for bonds issued by Lotte Chemical Corp. A bondholde

Industry Nov. 27, 2024

The presidential office on Wednesday expressed concerns about the potential impact of President-elect Donald Trump's proposed tariffs on Korean businesses in Mexico and Canada, vowing proactive measures to address the risks. Sung Tae-yoon, the presidential chief of staff for policy, held an interagency meeting to assess the potential effects of Trump's pledge to levy a 25 percent tariff on all products from Mexico and Canada, along with an additional 10 percent tariff on China. Trump&#

Politics Nov. 27, 2024

South Korean stocks closed lower Wednesday as investors offloaded semiconductor shares amid concerns that the incoming US administration may scrap subsidies for chipmakers. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index shed 17.3 points, or 0.69 percent, to close at 2,503.06. Trade volume was moderate at 406.3 million shares worth 8.4 trillion won (US$6 billion), with losers outnumbering winners 516 to 372. Major tech shares lost ground after a sen

Market Nov. 27, 2024

The presidential office plans to hold an emergency meeting Wednesday to discuss responses to US President-elect Donald Trump's proposal to impose tariffs on three trading partners, a senior presidential official said. The meeting comes after Trump said on social media that he will use an executive order to levy new tariffs on Canada, China and Mexico on his first day in office. The meeting is expected to analyze the US trade policy in Trump's second term and discuss potential counterme

Politics Nov. 27, 2024

Prosecutors on Wednesday raided the headquarters of the ruling People Power Party as part of an investigation into an influence-peddling scandal linked to the 2022 parliamentary by-elections. Prosecutors sought to confiscate materials related to the party's nomination of candidates for the 2022 elections but were unable to do so as the relevant office is located in a separate building within the National Assembly compound, according to PPP officials. Authorities are currently working to gai

Politics Nov. 27, 2024

Hyundai Motor Co. announced Wednesday that it will launch an electric vehicle (EV) charging subscription service for its customers in Indonesia this week. Beginning Thursday, subscribers will gain access to 518 chargers at 288 charging stations operated by Hyundai and its EV partner companies across Indonesia. The service, available through Hyundai's smartphone app, offers subscription plans of 50 kilowatt-hours (kWh), 100 kWh, and 250 kWh. Additional charging can be purchased once users ex

Mobility Nov. 27, 2024

South Korean companies with manufacturing bases in Mexico are reviewing countermeasures in response to US President-elect Donald Trump's plan to impose a 25 percent tariff on imports from Mexico at the start of his second term. Trump announced on social media Monday that he plans to issue an executive order to levy tariffs on goods made in Mexico and Canada on his first day in office, as part of his campaign to incentivize firms to relocate production to the United States. Mexico has long b

Economy Nov. 27, 2024

South Korea's artificial intelligence safety institute officially opened Wednesday to address various risks associated with the rapidly evolving technology, the science ministry said. The new AI Safety Institute follows the AI Seoul Summit held in May, where leaders from South Korea, Britain, and eight other nations adopted a joint declaration on promoting safe, innovative, and inclusive AI, according to the Ministry of Science and ICT. Located in Pangyo, just south of Seoul, the institute

Social Affairs Nov. 27, 2024

Samsung Electronics Co. announced its new leadership Wednesday, focusing on the semiconductor business in an apparent move to enhance its future competitiveness in the field. Jun Young-hyun, vice chairman and head of the device solutions division, was named CEO and will also lead the memory business and Samsung Advanced Institute of Technology, the company said in a press release. To bolster technological competitiveness, the new CEO will directly manage the memory business unit. Han Jin-man, f

Industry Nov. 27, 2024

The top diplomats of South Korea, Canada, France, and Italy have voiced concerns over the threat posed by North Korea's troop deployment to Russia in its war with Ukraine, pledging to work together for a concerted response, Seoul's foreign ministry said Wednesday. South Korean Foreign Minister Cho Tae-yul and his counterparts from Canada, France, and Italy raised the issue during separate talks held on the sidelines of the Group of Seven (G7) foreign ministers' meeting in Fiuggi,

Foreign Affairs Nov. 27, 2024

South Korea unveiled a comprehensive package of support measures for the semiconductor industry Wednesday, with its top economic policymaker highlighting "growing headwinds" amid concerns over potential shifts in US trade policy under the incoming Donald Trump administration and intensifying competition from Chinese rivals. "The next six months will be the 'golden time' that will decide the fate of our industries," Finance Minister Choi Sang-mok said during a meetin

Politics Nov. 27, 2024