SEOUL– South Korea’s finance ministry on Wednesday lowered the country’s 2023 economic growth to 1.6 percent as the country braces for the impact of global monetary tightening moves and weaker exports. The government’s projection marked a sharp decrease from the 2.5 percent growth outlook projected by the ministry in June following the launch of … Read more
SEOUL– Samsung Electronics Executive Chairman Lee Jae-yong left for Vietnam on Wednesday to attend an opening ceremony of a research and development (R&D) center there. Samsung Electronics began building the US$220 million R&D center in Hanoi in March 2020, in what the tech giant said would be the largest R&D facility in Southeast Asia. … Read more
SEOUL– Street vendors in Myeongdong, a major shopping district in downtown Seoul, will be closed on Christmas Eve as part of crowd management measures, officials said Wednesday. A total of 362 vendors have agreed with the office of Junggu Ward covering the district to keep their businesses closed on the holiday that falls on … Read more
SEOUL– Police have again sought a warrant to arrest a former chief of the Yongsan Police Station as part of their investigation into the bungled response to the deadly crowd crush in Seoul’s Itaewon neighborhood. Earlier, a court denied a special investigation team’s request for the arrest of Lee Im-jae, former head of the … Read more
SEOUL– Seoul shares ended lower to extend their losing streak to a fifth day Wednesday amid concerns over a global recession following the Federal Reserve’s hawkish comments and Japan’s possible monetary tightening. The Korean won rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.34 points, or 0.19 percent, … Read more
SEOUL– President Yoon Suk Yeol called Wednesday for removing “deep-rooted evils” blocking the nation’s growth and pushing for reforms especially in labor, pensions and education. Yoon issued the call while receiving a briefing from the finance ministry on its plans for the new year. The president is set to receive similar briefings from all … Read more
SEOUL– South Korea aims to broaden its diplomatic horizon by elevating its level of cooperation with Pacific island nations, Seoul’s top diplomat said Wednesday, as the country prepares to host an inaugural group summit with the 14 nations next year. “In the future, we will open a new horizon for our diplomacy by dramatically … Read more
SEOUL– South Korea and the United States plan to craft “realistic” training scenarios to handle advancing North Korean nuclear and missile threats while expanding the scale of their field drills next year, the defense ministry said Wednesday. Defense Minister Lee Jong-sup presided over a meeting of top commanders to discuss the plan and other … Read more