Prosecutors on Monday grilled an e-commerce tycoon believed to be at the center of the large-scale insolvency incidents involving online shopping platforms TIMON and WeMakePrice. Ku Young-bae, CEO of the Singapore-based Qoo10 Group, the parent company of TIMON and WeMakePrice, underwent questioning as a fraud and embezzlement suspect at the Seoul Central District Prosecutors Office in the morning. He entered the prosecution office at 8:55 a.m. after telling reporters that he will faithfully unde

President Yoon Suk Yeol's approval rating has fallen to 25.8 percent, the lowest level since he took office in 2022, with the negative assessment of his performance topping 70 percent for the first time, a poll showed Monday. The survey, conducted by Realmeter and commissioned by a local news outlet, showed Yoon's positive rating fell 4.5 percentage points from the previous week. The previous record low in Realmeter surveys was 27 percent in the second week of September. The survey att

Prosecutors were set to request a sentence Monday for opposition leader Lee Jae-myung on charges of suborning a former mayoral secretary to make false court testimony in his favor in 2018. Lee, chair of the main opposition Democratic Party, was indicted last year on charges of demanding a secretary of former Seongnam Mayor Kim Byung-ryang to give false testimony in a 2018 election law violation case involving him. The Seoul Central District Court was scheduled to hold the closing hearing on the

Seoul shares opened slightly higher Monday, led by gains in battery and steel shares. The benchmark Korea Composite Stock Price Index rose 0.05 percent, or 1.3 points, to 2,651.08 in the first 15 minutes of trading. Battery and steel shares led the overall gains, with industry leaders LG Energy Solution and Posco Holdings increasing 2.53 percent and 1.94 percent, respectively. Bio and internet service operators also added momentum. Samsung Biologics rose 0.91 percent, and top internet portal ope

South Korea's industrial output increased for the first time in four months last month on the rising production in the auto and semiconductor sectors, data showed Monday. Retail sales, a gauge of private spending, also rose by the most in 18 months in August, but facility investment ended two months of on-month growth and fell markedly, according to the data compiled by Statistics Korea. Industrial output advanced 1.2 percent on-month in August, the first increase since April. The figure fe

The South Korean state telecommunications watchdog on Sunday noted "significant progress" in its recent talks with Telegram over the handling of deepfake content on the encrypted messaging app. The Korea Communications Standards Commission added that its chairman, Ryu Hee-lim, is scheduled to announce the results of those talks with Telegram on Monday. "We met with Telegram's top security officer and others in a third country on Friday and Saturday," a KCSC official said

Prosecutors investigating two beleaguered e-commerce platforms' payment delays to vendors are now trying to determine the nature of huge sums of money changing hands between those firms and their parent company, legal sources said Sunday. According to the sources, the Seoul Central District Prosecutors Office secured a management consulting agreement between Qoo10 and their e-commerce affiliates, TMON and WeMakePrice, in June 2023. Under the deal, those affiliates were required to pay the S

The Hanwha Eagles lost their final home game at the oldest stadium in the South Korean professional baseball league Sunday. The Eagles fell to the NC Dinos 7-2 at Hanwha Life Eagles Park in Daejeon, some 140 kilometers south of Seoul, to finish off their 2024 Korea Baseball Organization (KBO) season at 66-76-2 (wins-losses-ties). Opened in 1964, the stadium had been the oldest ballpark in the KBO and also the smallest in the league with a capacity of 12,000. The KBO had its first season in 1982,

The interior ministry held a meeting Sunday with relevant agencies to discuss preparedness for an approaching typhoon. Interior Minister Lee Sang-min presided over the meeting, where attending officials reviewed emergency plans and safety measures with Typhoon Krathon expected to affect the southern island of Jeju and other southern regions, plus the eastern province of Gangwon this week. The Korea Meteorological Administration said the typhoon will likely pass near Taipei on Wednesday with a ma

Banks' household loans inch down amid tightening efforts Despite banks' move to tighten household lending, home-backed loans fell a mere 5 percent on-month in September from a record high level a month earlier, data showed Sunday. The daily average amount of new mortgages extended by five major lenders came to 301.8 billion won ($230.1 million) in Sept. 1-26, down 16 percent from the daily average logged in August, according to data from the banks. Excluding the three-day Chuseok holid

South Korea will show off a new ballistic missile and other key weapons systems on the 76th founding anniversary of its armed forces this week, officials said Sunday, in an apparent warning against North Korea's provocations. The Hyunmoo-5, known to be able to carry a warhead weighing 8-9 tons, will be displayed during both the ceremony at Seoul Air Base in Seongnam, just south of the capital, and a military parade in downtown Seoul on Tuesday, according to the officials. "We showcased

The top diplomats of South Korea and China agreed to continue high-level meetings between the two countries on the margins of multilateral gatherings, the foreign ministry said Sunday, signaling a summit between President Yoon Suk Yeol and Chinese President Xi Jinping. Foreign Minister Cho Tae-yul and his Chinese counterpart, Wang Yi, reached the agreement as they met in New York on the sidelines of the UN General Assembly to discuss bilateral ties and security on the Korean Peninsula, according

Credit card loans have risen sharply to reach an all-time high this year as banks have tightened lending and small businesses have suffered financial difficulties amid weak domestic demand, officials said. Loans extended by eight major credit card firms reached 44.67 trillion won ($34.05 billion) during the first eight months of 2024, surpassing the total amount for all of 2023, which stood at 41.55 trillion won, according to data from the Financial Supervisory Service and released by Rep. Kang

South Korea's foreign minister has made a strong case for multilateralism to address global challenges through international cooperation, stressing that it has undergirded his country's democratic and economic rise. Foreign Minister Cho Tae-yul made the remarks at the UN General Assembly on Friday (New York time) as skepticism has deepened over the role of a deeply divided United Nations and other multilateral mechanisms in the midst of conflicts and humanitarian crises, including Russ

US Secretary of State Antony Blinken reiterated calls Friday for joint efforts to press North Korea, China and Iran to stop providing support for Russia's war in Ukraine, stressing the need to bring a "just and lasting" peace in the war-torn country. Blinken made the remarks during a press conference, touching on various issues, including heightened tensions between Israel and the Iran-backed Lebanese militant group Hezbollah and the war between Israel and Hamas militants in Gaza.

Four in 10 foreigners who illegally stayed in South Korea last year entered the country without visas and stayed beyond the visa-free period, data from the justice ministry showed Saturday. The number of illegal aliens in South Korea came to 423,675 as of the end of last year, accounting for 16.9 percent of the total foreigners staying in the nation, according to the data cited by Rep. Song Seong-jun of the ruling People Power Party. Of the illegal aliens, the number of those who arrived in Sout

The South Korean government reiterated Friday that the denuclearization of North Korea remains a shared goal of the international community amid controversy surrounding the United Nations nuclear chief's remarks suggesting the world should recognize that Pyongyang possesses nuclear weapons. In an interview with the Associated Press, Rafael Grossi, director general of the International Atomic Energy Agency (IAEA), emphasized the importance of continuing to press North Korea to cease its

Chinese equities capped their biggest weekly rally since 2008 with a burst of trading that overwhelmed the Shanghai stock exchange, underscoring a dramatic shift in investor sentiment after Xi Jinping’s government ramped up economic stimulus. In an echo of the rally that followed China’s massive stimulus during the global financial crisis, the CSI 300 Index of large-cap shares soared 4.5 percent on Friday — bringing this week’s gain to 16 percent. Trading activity was

Trade Minister Cheong In-kyo met his Chinese counterpart and agreed to begin talks on services and investment under a bilateral trade deal this year, officials said Friday. The meeting between Cheong and Wang Shouwen, China's international trade representative, was held in Beijing earlier in the day, Seoul's trade ministry said. Seoul and Beijing implemented their bilateral FTA in December 2015 and held their first follow-up meeting in 2018 to broaden cooperation in the investment an

South Korea on Friday pledged to continue its cooperation with Japan's incoming government in order to maintain "positive momentum," following the ruling party's election of former Defense Minister Shigeru Ishiba as leader, setting him up to become the country's new prime minister. "We will continue to work closely with the new Japanese cabinet to ensure the positive flow of South Korea-Japan relations," said a senior presidential official, who spoke on the c