The South Korean economy is gradually recovering, supported by stabilizing prices, but uncertainties remain both at home and abroad, the finance ministry said Friday. The ministry made the assessment in its monthly economic report, the Green Book, highlighting plans to promote a road map for strengthening the sustainability of the country's economy. "Our economy is seeing a gradual recovery amid stabilizing prices, but uncertainties persist due to changing conditions at home and abroad

Economy Nov. 15, 2024

Trade Minister Cheong In-kyo attended an economic event for business executives at the Asia-Pacific Economic Cooperation summit in Peru, where he exchanged views on the global supply chain with other participants, his office said Friday. In the event held Wednesday, Cheong also highlighted that his country sought to gain insights from Peru about preparing for the annual summit of 21 global leaders as Seoul is set to host the 2025 APEC summit in Gyeongju, North Gyeongsang Province. During his vis

Economy Nov. 15, 2024

The mandatory closing day for large supermarkets in a major tourist district in Seoul will be changed from weekends to weekdays, the industry ministry said Friday, adding to the convenience of its residents and foreign tourists alike. Starting later this month, large supermarkets in Seoul's central district of Jung will close their business on Wednesdays instead of Sundays. The latest decision is expected to add convenience not only for the residents but also the high number of foreign tour

Consumer Nov. 15, 2024

Foreign Minister Cho Tae-yul and his Japanese counterpart, Takeshi Iwaya, have held talks on the sidelines of the Asia Pacific Economic Cooperation meeting in Peru, Seoul's foreign ministry said Friday. The top diplomats of the two nations held a meeting in Lima on Thursday to discuss bilateral ties and North Korean issues, according to the ministry. It marked the first in-person meeting between Cho and Iwaya since the top Japanese diplomat took office last month with the launch of the new

Diplomatic Circuit Nov. 15, 2024

Foreign Minister Cho Tae-yul and U.S. Secretary of State Antony Blinken have discussed bilateral ties and concerns about North Korea's troop dispatch to Russia, vowing close coordination against Pyongyang and Moscow's growing alignment, Cho's office said Friday. Cho and Blinken held talks on the sidelines of the Asia Pacific Economic Cooperation meeting in Peru on Thursday, where the top diplomats accompanied their leaders on the APEC summit. In the meeting, both sides expressed c

Diplomatic Circuit Nov. 15, 2024

The upcoming trilateral summit between South Korea, the United States and Japan in Peru will be a chance for the three countries to discuss a "coordinated" response to North Korea's troop dispatch to support Russia's war in Ukraine, a senior US security official said Thursday. National Security Advisor Jake Sullivan made the remarks as South Korean President Yoon Suk Yeol, US President Joe Biden and Japanese Prime Minister Shigeru Ishiba are set to hold a trilateral summit on

Politics Nov. 15, 2024

Opposition leader Lee Jae-myung is set to be sentenced Friday on charges of lying during the previous presidential campaign when he was a candidate, a decision that will affect whether he can run in the next presidential election in 2027. Lee, the leader of the main opposition Democratic Party, is accused of lying during a media interview in December 2021 that he did not know the late Kim Moon-ki, a former executive of Seongnam Development Corp., which was behind a corruption-ridden development

Politics Nov. 15, 2024

US President-elect Donald Trump's transition team is aiming to end a tax credit for electric vehicle (EV) purchases, a key element of President Joe Biden's Inflation Reduction Act, as part of broader tax reform legislation, Reuters reported Thursday, citing two unnamed sources. The potential repealing of the $7,500 consumer tax credit is being discussed in meetings by an energy-policy transition team, which is headed by Harold Hamm, founder of Continental Resources, and North Dakota Go

Diplomatic Circuit Nov. 15, 2024

South Korea men's football head coach Hong Myung-bo took the reins in July under less-than-ideal circumstances, dogged by criticism of an unfair hiring process by the Korea Football Association. He was booed lustily by home fans before, during and after his first match, a World Cup qualifier against Palestine on Sept. 5 in Seoul. That the match ended in a goalless draw only added fuel to the fire. With each passing match, though, Hong has gradually come to be viewed in a different light. Bo

Soccer Nov. 15, 2024

South Korean stocks opened lower Friday as Federal Reserve Chair Jerome Powell hinted at slowing the central bank's rate cut amid signs of lingering inflation. The Korean won opened slightly lower against the greenback, continuing to hover above the psychologically important level of 1,400 won. The benchmark Korea Composite Stock Price Index fell 0.57 points, or 0.57 percent, to 2,405.12 in the first 15 minutes of trading. During a speech held in Dallas, Powell said the economy is showing n

Market Nov. 15, 2024

Captain Son Heung-min marked his international return with a goal, as South Korea defeated Kuwait 3-1 for their fourth consecutive victory in the ongoing World Cup qualification round in Kuwait City on Thursday. Son converted a penalty that he had drawn himself at Jaber Al-Ahmad International Stadium during the teams' Group B match in the third round of the Asian qualification for the 2026 FIFA World Cup. It was Son's 50th international goal, which put him in a tie for second place on

Soccer Nov. 15, 2024

A regional court on Thursday fined the wife of opposition leader Lee Jae-myung 1.5 million won ($1,070) for providing free meals during her husband's run in the party primary to select the candidate for the 2022 presidential election. Kim Hye-kyung, wife of Democratic Party of Korea Chair Lee, was indicted after providing meals worth 104,000 won to the wives of three former and current party lawmakers and three of her aides at a restaurant in Seoul in August 2021, shortly after Lee declar

Politics Nov. 14, 2024

South Korea's consul general in New York has offered to step down amid growing criticism from the opposition party in Seoul over his personal ties to first lady Kim Keon Hee. In a statement released to media on Wednesday (New York time), Kim Euy-whan said he had already submitted his resignation to the foreign ministry on Oct. 26, following the parliamentary audit where he came under intense scrutiny from opposition party lawmakers. Kim denied that his connection to the first lady was the r

Politics Nov. 14, 2024

Delivery platforms and their partnered restaurants reached an agreement Thursday on reducing controversial commission fees to 2 to 7.8 percent from the current 9.8 percent starting next year, officials said. The decision came in the 12th round of a meeting held by a government consultative body overseeing the discussions, attended by representatives from Baedal Minjok, or Baemin, as well as smaller competitors Coupang Eats and Yogiyo, along with small business owners registered with these platfo

Politics Nov. 14, 2024