Daily foreign exchange (FX) trading by banks in Korea rose slightly to reach a new high in the third quarter on strong trade-related transactions, central bank data showed Friday. Average daily FX turnover, including derivatives trading, came to an average of $122.01 billion during the July-September period, up $570 million, or 0.5 percent, from the second quarter, according to the data from the Bank of Korea (BOK). The quarterly figure has been renewing records for the third consecutive quarter since the first quarter of this year. The BOK said the on-quarter increase slowed as a sharp increase in FX trading by robust exports was partly offset by a decrease in offshore investors' stock transactions amid a correction in the stock market. Exports and imports rose to a combined $173.9 billion in the third quarter from $154.7 billion three months earlier, while foreigners traded 1,154 trillion won ($862.8 billion) worth of equities per month in July and August, down from a monthly average of 1,285 trillion won in the second quarter. Average daily spot FX turnover fell 6.2 percent on-quarter

Next week's sentencing hearing for former President Yoon Suk Yeol over election law violation charges will be broadcast live, court officials said Friday, a high-stakes ruling that could force the main opposition People Power Party (PPP) to return nearly $30 million in reimbursed election expenses. The Seoul High Court decided to allow broadcasters to air the sentencing scheduled for 2 p.m. Wednesday, officials said. Yoon was sentenced by a district court in July to a 18-month prison term, suspended for three years, for making false statements during the campaign ahead of the March 2022 presidential election that he ultimately won as the PPP's candidate. Yoon was charged with falsely claiming during a December 2021 press event that he had never introduced a lawyer to a former tax official, who is the older brother of former senior prosecutor Yoon Dae-jin, a close associate of Yoon from his time in the prosecution service. He also faces charges of lying in a January 2022 interview by claiming a party official had introduced him to shaman Jeon Seong-bae, while denying that he and his wife,

South Korea will continue taking necessary measures based on clear principles in response to the recent mine blast in the Demilitarized Zone (DMZ), the country's top security adviser said Friday, reiterating the government's focus on establishing peace that eliminates the need for fighting. National Security Adviser Wi Sung-lac made the remarks at a press briefing following the detonation of North Korean land mines inside the DMZ in September that wounded three South Korean soldiers, two of them seriously. "Our government will continue taking necessary measures in response to the DMZ mine blast incident based on clear principles," Wi said. "The government will focus its resources on creating peace that makes fighting unnecessary by consistently pursuing its policy of peaceful coexistence," he added. The security adviser said that, since the incident, Seoul has demanded an apology from North Korea, removed mines at the accident site and ensured the military's readiness by test-firing a hypersonic missile. Seoul has also proposed military talks with the North on several occasions to clear u

A special counsel team said Friday it has appealed the acquittal of Seoul Mayor Oh Se-hoon in a political funds case linked to the 2021 mayoral by-election. Special counsel Min Joong-ki's team said it filed the appeal with the Seoul High Court earlier in the day, a week after the appellate court overturned a lower court ruling to acquit the mayor of violating the Political Funds Act. Oh had been indicted on charges of having a political supporter make payments totaling 33 million won ($24,700) for opinion polls he allegedly received on 10 occasions from self-proclaimed power broker Myung Tae-kyun ahead of the 2021 election. The lower court found him partially guilty of the charges and sentenced him to a 10 million-won fine, which, if finalized, would have stripped him of his mayoralty. But the appellate court reversed the conviction, ruling that the only direct evidence for the allegations was Myung's testimony, which it said could not be fully trusted. "Denying the credibility of Myung's testimony was unlawful, as it exceeded the bounds of the principle of free evaluation of evidence," t

Hyundai Motor Group said Friday it plans to establish two special purpose companies (SPCs) next month to develop artificial intelligence (AI) data centers as part of its push to expand into AI infrastructure. The automotive group said its affiliates, including Hyundai Motor, Kia, Hyundai Mobis, Hyundai Engineering & Construction and Hyundai AutoEver, will participate in the investment. One SPC will oversee data center construction and infrastructure development, while the other will handle graphics processing unit (GPU) services. The group said it plans to break ground on the project in the Saemangeum reclaimed land area in Gunsan, about 200 kilometers southwest of Seoul, in March 2027. Commercial operations are targeted for early 2030. The announcement came a day after Hyundai Motor Group Vice Chairman Chang Jae-hoon visited Saemangeum, reaffirming the group's commitment to invest 9 trillion won ($6.7 billion) in the region. During the visit, Chang outlined plans to transform Saemangeum into a hub for AI data centers, robotics and hydrogen-related industries as part of the group's broade

Korea's tax revenue rose by 26.4 trillion won ($19.6 billion) in September from a year earlier on the back of higher corporate tax collections driven by improved earnings at chipmakers, data showed Friday. The government collected 55.2 trillion won in taxes last month, according to the Ministry of Finance and Economy. Corporate tax revenue rose by 23.6 trillion won to 36.2 trillion won, with the finance ministry attributing the increase to improved earnings at chipmakers. Income tax revenue rose by 1.2 trillion won to 9.7 trillion won on the back of an increase in the number of regular workers, while more housing transactions led to higher capital gains tax collections. Other major gainers included inheritance and gift taxes, revenue from which increased by 200 billion won. The finance ministry attributed the increase partly to a rise in housing gift transactions, which reached 7,000 in June, up 31.2 percent from 5,300 a year earlier. For the January-September period, total tax collections came to 385 trillion won, up 95.4 trillion won from a year earlier.

President Lee Jae Myung's approval rating has slipped to below 40 percent following a brief rebound last week, a poll showed Friday. The survey, conducted by Gallup Korea from Tuesday through Thursday on 1,000 people aged 18 and older, showed that positive assessments of Lee's performance fell 1 percentage point from a week earlier to 39 percent. Negative assessments also fell 1 percentage point to 49 percent. Lee's approval rating had remained below 40 percent in Gallup polls since early September, before rebounding to the 40 percent mark in the previous survey. Among those who positively assessed Lee's performance, 17 percent cited diplomacy, followed by economic and livelihood issues at 14 percent, and communication at 8 percent. Real estate policies and economic concerns were among the main reasons cited by those who disapproved of Lee's performance at 19 percent and 17 percent, respectively. Another 10 percent cited concerns over security and policies on North Korea. Support for the ruling Democratic Party of Korea fell 2 percentage points to 35 percent, slipping back to its lowest le

A summit between North Korea and the United States is likely to be difficult within this year, a leading Japanese scholar has said, doubting that either side is ready for a meeting that leads to any "meaningful" negotiations. Junya Nishino, a professor of political science at Tokyo's Keio University, made the remarks in a meeting with Korean reporters in Tokyo on Oct. 22, as U.S. President Donald Trump has expressed interest in meeting with North Korean leader Kim Jong-un this year. "I think a summit (between Trump and Kim) this year will be difficult," Nishino said, adding Trump's interest in resuming diplomacy with Kim stems more from personal rapport than from a U.S. policy aimed at negotiations. Speculation has arisen that Trump may want to meet Kim on the occasion of his visit to China next month for the Asia-Pacific Economic Cooperation (APEC) summit. "What we want is a meeting that leads to negotiations," he said. "I do not think either the U.S. or North Korea is prepared for that." "A meeting could take place, but I doubt very much that it would amount to the kind of meaningful me

The deadly collapse of a boiler tower at a power plant in Ulsan last November was caused by excessive cutting of support columns ahead of its planned demolition by explosives, according to a probe result released Friday. The Ministry of Land, Infrastructure and Transport released the findings of an investigation committee into the deadly accident at the Ulsan Thermal Power Plant, about 300 kilometers southeast of Seoul. A 63.4-meter-tall boiler tower at Unit 5 of the plant collapsed during preparations for demolition, killing seven workers and injuring two others. Investigators found that too many support columns had been cut due to flawed structural assessments, leaving them unable to support the weight of the upper structure. To prevent similar accidents, the committee suggested stricter on-site inspections, new technical standards for demolition work and tighter oversight of high-risk demolition projects.

President Lee Jae Myung on Friday extended "deep condolences" over the death of popular veteran actor Choi Bool-am, calling him the "father of our era." Choi died the previous day at the age of 87 at a hospital, where he was receiving treatment. Since beginning his television career in 1967, Choi had been known for his portrayals of paternal characters in popular TV series. "You will long remain in the hearts of people as a detective who safeguards justice and a loving father," Lee wrote on his X account, referring to the TV roles that made Choi widely loved. The president quoted Choi's remarks, "Becoming a good actor starts with becoming a good person," lauding the exemplary, heartwarming care Choi had shown for people and the world. "We will engrave in our hearts your will to look into the shadowy places of society and care for the wounds of neighbors," Lee noted. "We will remember you, who had stood by the people for a long time as the father of our era," he added, wishing him to rest in peace.

Korea's indigenous KF-21 fighter jet has made its first formation flight with U.S. aircraft over the West Sea, Seoul officials said Friday. The KF-21 Boramae, assigned to the 156th Fighter Squadron, 16th Fighter Wing, conducted the joint aerial formation flight with U.S. Air Force jets last Friday, according to military officials. The U.S. side deployed the U-2S Dragon Lady, a high-altitude reconnaissance aircraft, and the F-35 and F-16 fighter jets, whereas the Korean Air Force mobilized its F-35, F-15K and FA-50 fighter jets, along with the KF-21 Boramae. It marked the first time the KF-21 Boramae has flown in formation with U.S. air force assets. The formation flight came shortly before the allies launched their biannual combined air drills, dubbed Freedom Flag, on Monday, aimed at enhancing the joint interoperability of their forces. A Korean Air Force official explained that the flight was aimed at accumulating experience for the KF-21 ahead of the Freedom Flag drills. "The Friendship Flight demonstrated the combined interoperability and combat readiness of the U.S. Air Force and ROKA

Prime Minister Han Seong-sook mourned the death of actor Choi Bool-am on Friday, saying his acting career was the history of Korea's culture and arts itself. Choi, widely thought of as the nation's father figure, died Thursday night at the age of 87. "The late actor's career was, in itself, a history of Korean culture and arts. We will forever cherish the emotion he brought to the nation," Han said in a message posted on the social platform X. Han also noted Choi's contributions to society, such as providing support for children from vulnerable backgrounds and those suffering from incurable diseases, as well as efforts to help locate missing children. "Together with the people, I will remember the way he warmed the hearts of the people," she said.

Korea's bourse operator on Friday activated a sell-side sidecar for the benchmark Korea Composite Stock Price Index (KOSPI) as the stock index plunged. Program trading for the KOSPI-listed shares was suspended for five minutes at 10:04 a.m., according to the Korea Exchange (KRX). After opening 2.99 percent lower, the KOSPI fell 277.75 points, or 4.68 percent, to 5,661.7 as of 10:06 a.m. The index came under downward pressure following overnight losses on Wall Street, as renewed concerns over the sustainability of the artificial intelligence (AI) boom weighed on investor sentiment. Overnight, Wall Street shares retreated, with Google parent Alphabet plunging more than 12 percent after its third-quarter revenue missed market expectations. A sell-side sidecar is triggered when the KOSPI 200 Futures Index falls 5 percent or more for at least one minute.

Nvidia is scheduled to fulfill its $1 billion investment in Naver next Friday, according to the portal giant's regulatory filing Friday, a move set to make the U.S. chip giant the third-largest shareholder of the Korean IT firm. The completion of the capital increase comes as Naver was able to secure at least $9 billion in computing infrastructure, the filing said. Naver will fix the number of common shares to be acquired by Nvidia via a rights offering on Tuesday. Currently, Korea's national pension fund is the largest shareholder with 9.49 percent, followed by BlackRock, a global asset manager, with 7.31 percent. The upcoming investment is part of a strategic partnership between Naver and Nvidia announced in July, to establish a massive, global artificial intelligence (AI) factory.

Korean stocks sank more than 5 percent late Friday morning, led by heavy losses in technology shares amid renewed concerns over the sustainability of the artificial intelligence (AI) boom. After opening 2.99 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) extended its losses, falling 311.84 points, or 5.25 percent, to 5,626.02 as of 11:20 a.m. The sell-off followed overnight losses on Wall Street, where concerns over lofty AI-related valuations dampened investor sentiment. As the market extended its decline, the Korea Exchange triggered a sell-side sidecar to suspend program trading for the KOSPI-listed shares for five minutes shortly after 10 a.m. The measure was activated for the first time in 11 trading days. A sell-side sidecar is triggered when the KOSPI 200 Futures Index falls 5 percent or more for at least one minute. KOSPI heavyweights traded lower. Top market cap Samsung Electronics fell 6.03 percent, and chip giant SK hynix plunged 8.65 percent. Leading automaker Hyundai Motor slipped 3.76 percent after lowering its annual sales target and investment plans a

North Korea has fired a 600-millimeter "ultra-precision" multiple rocket launcher and simulated drone strikes in a demonstration of key weapons, with leader Kim Jong-un emphasizing "absolute superiority" in securing unmanned attack capabilities, state media reported Friday. The demonstration was held Thursday alongside an exhibition on unmanned aeronautical technology attended by leader Kim Jong-un, according to the North's Korean Central News Agency (KCNA). The event took place on the same day that South Korea's Joint Chiefs of Staff (JCS) detected around 10 short-range ballistic missiles launched from the Wonsan area toward the East Sea. The missiles flew about 250 kilometers. The exhibition featured various types of drones and other combat systems, while the weapons demonstration involved tactical suicide attack drones, tactical cruise missiles, multi-purpose drones and a 600-mm multiple rocket launcher battalion, the KCNA said. "Tactical suicide attack drones, air-to-surface missiles from multi-purpose drones and cruise missiles hit the islet target with 100 percent accuracy," the re

Korea was set to open its first Korean Cultural Center in Malaysia with a ceremony Friday. The new center marks the 36th such facility worldwide and the fifth in Southeast Asia. Located across from Kuala Lumpur's Petronas Twin Towers, the biggest tourist attraction in Malaysia, the venue has a 100-seat performance hall, an exhibition room, a cinema, a library and classrooms, according to Seoul's culture ministry. The performance hall on the first floor is equipped with a large LED panel to showcase Korean cultural content and is lined with bookshelves on both sides so visitors can use the space to read and socialize when no shows are scheduled. First Vice Minister of Culture, Sports and Tourism Kim Young-soo noted that Malaysia has a strong interest in Korean culture. "We expect the center will serve as a focal point for bringing fresh momentum across the overall Korean cultural industry in cooperation with many local organizations," he said.

Korean stocks opened lower Friday, tracking overnight losses on Wall Street, as renewed concerns over the sustainability of the artificial intelligence (AI) boom weighed on investor sentiment. After opening 2.99 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) extended its earlier losses to trade lower 228.43 points, or 3.85 percent, to 5,709.23 as of 9:15 a.m. The index fell 1.24 percent in the previous session on profit-taking in heavyweight chip stocks, despite Samsung Electronics' record quarterly earnings. Overnight, Wall Street shares retreated, led by a sell-off in technology shares. Google parent Alphabet plunged more than 12 percent after its third-quarter revenue rose 25 percent on-year to $127.58 billion but missed market expectations, raising concerns over returns on massive AI investments. The tech-heavy Nasdaq Composite Index shed 1.38 percent, while the Philadelphia Semiconductor Index fell 1.4 percent, weighing on sentiment toward Korean chipmakers. KOSPI heavyweights traded lower. Top market cap Samsung Electronics fell 3.66 percent, and chip giant SK

The top diplomats of South Korea, the United States and Japan will meet in the U.S. to discuss Korean Peninsula issues and ways to strengthen economic security cooperation, officials here said Friday. Foreign Minister Cho Hyun is set to hold trilateral talks with U.S. Secretary of State Marco Rubio and Japanese Foreign Minister Toshimitsu Motegi on the sidelines of the Group of 20 (G20) foreign ministers' meeting in Atlanta, according to the officials at Seoul's foreign ministry. In a message to reporters, the U.S. State Department said the trilateral meeting is set to be held at 4:40 p.m. Friday (U.S. time), followed by a signing ceremony for a memorandum of cooperation on the trilateral Arctic-Pacific Partnership at 5:10 p.m., which all three ministers are expected to attend. The three ministers are expected to assess North Korea's latest missile launches and closer ties between Pyongyang and Beijing following North Korean leader Kim Jong-un's recent visit to China, and discuss ways to coordinate their responses to Pyongyang. Also on the table would be ways to encourage Pyongyang to re

Samsung Lions infielder Ryu Ji-hyuk will never be mistaken for a power hitter. In 1,221 regular-season games over 15 years in the Korea Baseball Organization (KBO), Ryu has hit just 23 home runs. And in 38 postseason games before Thursday night, Ryu had zero homers. Ryu's breakthrough dinger came at an opportune time for his club. His two-run home run off Kia Tigers starter Keisho Shirakawa gave the Lions a 4-3 lead in the top of the fifth in Game 3 of the second round in the KBO postseason. Although the Lions gave up the tying run in the bottom sixth, they pulled ahead with two runs in the seventh for a 6-4 victory. "I don't usually hit home runs. So even when I do connect for one, I always run hard out of the box because, honestly, I don't really know how it is supposed to feel to hit the ball out," Ryu said. "But today, for some reason, I knew I had hit one as soon as I made contact. So I didn't have to run fast from the start. I just looked toward my dugout to celebrate early." And Ryu acted like he had done this before, slowly trotting around the bases. "It was incredible," Ryu said