Seoul, July 24 (IANS) The South Korean government said on Friday that the United States has reaffirmed its commitment to honouring the existing Seoul-Washington tariff agreement regarding newly announced Section 301 tariffs on trading partners.”We have requested that the U.S. side comply with the Korea-U.S. trade agreement,” said the Ministry of Trade, Industry and Resources in a statement, referring to the tariff agreement reached last year that set reciprocal tariffs on South Korean goods at 1…
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Seoul, July 22 (IANS) LG Display, an affiliate of South Korean electronics giant LG Electronics, said on Wednesday it swung to a net loss in the second quarter from a year earlier due to one-off costs.For the three months that ended in June, the company shifted to a net loss of 418.8 billion won (US$283 million) from a net profit of 890.8 billion won, it said in a statement.”One-off costs associated with a voluntary retirement program in the second quarter weighed on the bottom line,” a company …
Seoul, July 16 (IANS) South Korea’s police said Thursday they have applied for an arrest warrant for a woman who staged a solo blockade of a vote counting centre last month amid protests demanding a rerun of the June 3 local elections. The woman is accused of standing outside a door to the Olympic Park Handball Gymnasium in southern Seoul, which had been used as a ballot counting centre, on June 16 and preventing sports groups based at the stadium from entering.The woman had refused to move desp…
Seoul, July 15 (IANS) South Korean President Lee Jae Myung stressed the need for reform and innovation in carrying out policy tasks at government ministries and agencies Wednesday, saying the remainder of his five-year term may be more important in achieving his policy goals. The president made the remarks as he began receiving briefings from all government ministries and agencies to review progress in the implementation of their policy tasks.On the first day of the policy briefings, Lee receive…
Seoul, July 9 (IANS) North Korean leader Kim Jong-un made more official appearances in the first six months of the year than in any first half since 2014, with military-related events reaching their highest level since he took power, data showed Thursday.Kim engaged in 92 official activities in the first half, nearly doubling from 50 the previous year, according to the North’s state media reports analysed by Yonhap News Agency and research by the Seoul-based Korea Institute for National Unificat…
New Delhi, July 8 (IANS) South Korea’s bourse operator on Wednesday activated a sell-side sidecar for the benchmark Korea Composite Stock Price Index (KOSPI) after the index tumbled sharply.Program trading for the KOSPI was suspended for five minutes at around 1:31 p.m., according to the Korea Exchange (KRX).The KOSPI came under heavy selling pressure as investors offloaded technology and other large-cap stocks as they reassess the next phase of artificial intelligence (AI) trade.Foreigners and …
Seoul, July 7 (IANS) South Korea-based Samsung Electronics Co. on Tuesday estimated its second-quarter operating profit at nearly 90 trillion won (US$58.8 billion), marking another quarterly record as strong demand for artificial intelligence (AI)-related semiconductors boosted earnings.The South Korean technology giant said operating profit for the April-June period is expected to total 89.4 trillion won, up 1,181 percent from a year earlier, according to its earnings guidance, reports Yonhap N…
Seoul, July 5 (IANS) The South Korean won has fallen nearly 6 per cent against the US dollar this year, central bank data showed on Sunday, as foreign investors sold off more than 156 trillion won ($102.3 billion) worth of domestic stocks.The average exchange rate stood at 1,484.56 won per dollar during the first half of the year, according to the Bank of Korea’s Economic Statistics System.It marked the second-highest first-half average on record, behind 1,493.08 won in the first half of 1998 du…
Seoul, July 2 (IANS) South Korea’s Supreme Court will deliver its verdict next week on charges that former President Yoon Suk Yeol obstructed justice by blocking investigators from detaining him in the wake of his failed martial law bid in 2024, legal sources said Thursday. The sentencing hearing will be held at 2 pm next Thursday, marking the top court’s first ruling for Yoon over charges stemming from his surprise declaration of martial law on December 3, 2024.The jailed former president is ac…
Seoul, July 2 (IANS) South Korea’s consumer prices rose more than 3 per cent from a year earlier for two straight months in June, reflecting the lingering impact of the Middle East war on supply chains and oil prices, data showed on Thursday.Consumer prices, a key gauge of inflation, increased 3.2 percent last month from a year earlier, according to data from the Ministry of Data and Statistics. It marked the sharpest increase since December 2023, when the figure was at the same level.Prices of …