Seoul shares closed higher Wednesday as big-cap tech shares gained ground tracking a US tech rebound. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index increased 17.66 points, or 0.64 percent, to 2,792.05. Trade volume was moderate at 524.6 million shares worth 11.02 trillion won ($7.9 billion), with losers outnumbering winners 510 to 355. Foreigners purchased 502.6 billion won worth of shares, offsetting retail investors and institutions' sale o

The finance ministry said Wednesday it will provide low-interest loans of 17 trillion won ($12.22 billion) next month for corporate investment in the semiconductor industry and will push to extend tax benefits for investment in strategic technologies. It is part of execution plans for the comprehensive support package worth 26 trillion won announced by President Yoon Suk Yeol last month and designed to support the key industry amid intensifying global competition. Under the plan, the government

Nuclear envoys of South Korea, the United States and Japan discussed coordination efforts Wednesday after North Korea fired a ballistic missile that appears to have failed, Seoul's foreign ministry said. Lee Jun-il, director general for Korean Peninsula policy, shared the assessment on the latest missile launch, with his US and Japanese counterparts, Jung Pak and Yukiya Hamamoto, respectively, the ministry said. "The three sides condemned the North's ballistic missile launch as a

Three officials at lithium battery maker Aricell were booked Wednesday for allegedly violating the industrial safety laws in connection with this week's deadly factory fire that claimed 23 lives, labor authorities said. The labor ministry's special investigation team said the government issued an order for Aricell to completely suspend the entire operations of its gutted plant in Hwaseong, 45 kilometers south of Seoul, as of 9 a.m. Wednesday. As many as 23 employees, mostly foreigners,

The United States on Tuesday condemned North Korea's ballistic missile launch this week as a violation of UN Security Council resolutions and renewed calls for the recalcitrant regime to return to dialogue. The South Korean military said that the North fired an unspecified ballistic missile from a site in or around Pyongyang on Wednesday morning, but its launch is presumed to have failed. The launch appears to have involved a hypersonic missile, according to a source. "The United State

North Korea has launched more than 250 trash-carrying balloons toward South Korea overnight, Seoul's military said Wednesday, marking the sixth launch of such balloons since late last month. Some 100 balloons, mostly carrying scrap paper, landed in Seoul and the northern part of Gyeonggi Province that surrounds the capital, the Joint Chiefs of Staff said in a notice to reporters. As of 9 a.m., there were no balloons floating in the air, while an analysis of retrieved balloons showed they di

The presidential office convened a security situation assessment meeting on Wednesday to discuss North Korea's latest ballistic missile launch. Yin Sung-hwan, the second deputy national security adviser, presided over the meeting shortly after North Korea fired a ballistic missile from the Pyongyang region toward the East Sea at around 5:30 a.m., according to sources familiar with the matter. The Joint Chiefs of Staff said the launch apparently failed and an in-depth analysis is under way.

South Korea will allow offshore investors' overdrafts of the Korean currency over the course of foreign exchange transactions and will ease relevant regulations in an effort to improve their access to bond trading and promote investment, the finance ministry said Wednesday. It is part of the government's planned revision to the Foreign Exchange Transactions Regulations, which come along with the envisioned implementation of omnibus accounts by clearing houses Euroclear and Clearstream

Seoul shares opened lower Wednesday as big-cap tech and auto shares started in negative territory. The benchmark Korea Composite Stock Price Index fell 5.23 points, or 0.19 percent, to 2,769.16 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.76 percent, while the Nasdaq Composite and S&P 500 gained 1.26 percent and 0.39 percent, respectively, as megacap tech shares gained ground. In Seoul, tech behemoth Samsung Electronics lost 0.87 percent, while No. 2

Kia Tigers closer Jung Hai-young, the top vote getter for the All-Star Game, will miss the midseason exhibition due to shoulder injury, his manager said Tuesday. The Tigers put Jung on the injured list on Monday with rotator cuff tendinitis in his right shoulder. The Tigers initially held out hope that Jung would be able to appear in the All-Star Game for the Korea Baseball Organization, scheduled for July 6, as he led all players by receiving about 1.39 million votes from fans. However, Tigers

Seven former US representatives visited the Joint Security Area in the Demilitarized Zone bisecting the two Koreas on Tuesday to commemorate the 74th anniversary of the 1950-53 Korean War. The delegation, part of the United States Association of Former Members of Congress, included Dennis A. Ross, Betsy Markey and Greg Walden, who were accompanied by their spouses. Walden, whose father-in-law served as a UN soldier in the Korean War, noted that the visit held special significance for him. The

South Korea and the United States held a new round of negotiations Tuesday on sharing the cost for the upkeep of the 28,500-strong US Forces Korea, Seoul's foreign ministry officials said. The three-day talks in Seoul came about two weeks after South Korea's chief negotiator Lee Tae-woo and his U.S. counterpart, Linda Specht, held the third round of negotiations on the Special Measures Agreement (SMA) in Washington. Tuesday's talks lasted for about seven hours until 5 p.m. "

Seoul shares closed higher Tuesday as investors hunted for bargains, with logistics and automobile shares leading the overall gains. The Korean won gained against the US dollar. The benchmark Korea Composite Stock Price Index added 9.66 points, or 0.35 percent, to 2,774.39. Trade volume was moderate at 703.6 million shares worth 11.4 trillion won ($8.2 billion), with gainers outnumbering losers 492 to 375. Foreigners sold a net 143.5 billion won, while individuals offloaded a net 304 billion won

North Korea has launched around 350 trash-carrying balloons toward South Korea overnight, Seoul's military said Tuesday, in what marked the fifth launch of its kind since late last month. Some 100 balloons, mostly carrying scrap paper and waste, landed in Seoul and in the northern part of Gyeonggi Province, the Joint Chiefs of Staff said in a notice to reporters. As of 9 a.m., there were no balloons floating in the air, while an analysis of retrieved balloons showed they did not contain t

South Korea and the United States signed a memorandum of understanding (MOU) on cooperating in the exchange of diplomatic intelligence analyses, Seoul's foreign ministry said Tuesday. Park Jang-ho, director general for diplomatic intelligence at South Korea's foreign ministry, signed the MOU with Brett Holmgren, US assistant secretary of state for intelligence and research, in Washington on Monday. The signing came as the allies have been working to establish a framework for collaborat