SEOUL– President Yoon Suk-yeol met with Maryland Gov. Larry Hogan on Friday and asked for his support for South Korean businesses amid concern of discriminatory treatment under the U.S. Inflation Reduction Act (IRA), his office said. Yoon met with Hogan and his Korean-born wife, Yumi, at the presidential office and discussed cooperation between South … Read more
SEOUL– South Korean stocks retreated 0.79 percent Friday, extending a losing streak to a third straight day, as the latest U.S. economic data supported the view that the Federal Reserve will deliver another steep interest rate hike in next week’s policy meeting. The benchmark Korea Composite Stock Price Index (KOSPI) lost 19.05 points to … Read more
SEOUL– National Assembly Speaker Kim Jin-pyo and China’s top legislator, Li Zhanshu, agreed Friday on the need to beef up strategic communications to resolve North Korea’s nuclear issue and maintain peace on the Korean Peninsula. “We exchanged our opinions on the geopolitical situation of the Korean Peninsula and agreed it is important to sustain … Read more
SEOUL– South Korean steelmaker POSCO said Friday it will complete repairs of manufacturing facilities damaged by a recent typhoon within three months and plan to fully normalize operations by December. Earlier this month, Typhoon Hinnamnor hit the country’s southeastern parts and severely flooded POSCO’s facilities in Pohang, about 270 kilometers southeast of Seoul. … Read more
SEOUL– Unionized financial workers staged a one-day nationwide strike Friday calling for a wage hike and a 4.5-day workweek. The strike, called by the Korean Financial Industry Union (KFIU), caused minimal disruption to operations of five major commercial banks, including KB Kookmin and Shinhan, with about 1 percent of union members participating, according to … Read more
SEOUL– President Yoon Suk-yeol on Friday ordered the government to scrap a contentious plan to build a state guest house at the new presidential compound. Earlier in the day, the main opposition Democratic Party (DP) slammed the government for requesting a massive budget for the project, saying the administration is squandering taxpayers’ money on … Read more
SEOUL– South Korean President Yoon Suk-yeol on Friday invited Chinese President Xi Jinping to visit Seoul, during his meeting with Li Zhanshu, China’s top legislator. Yoon said Xi’s visit will “serve as important momentum to open a new chapter in Seoul-Beijing relations for the next 30 years,” according to the presidential office. … Read more
SEOUL– Korea Aerospace Industries (KAI), South Korea’s sole aircraft maker, signed a US$3 billion contract with Poland on Friday to follow up on an earlier basic deal to export 48 FA-50 fighter jets, Seoul’s arms procurement agency said. KAI inked the “executive” contract with Warsaw’s Armament Agency as a follow-up to the “framework” contract … Read more