City Seoul Financial News

Kim Jong Un wrapped the year with fresh threats of a nuclear attack on Seoul and orders for a military arsenal build-up to prepare for a war that can «break out at any time» on the peninsula, state media reported Sunday. Kim lambasted the United States during a lengthy speech at the end of five days of year-end party meetings that set his country's military, political, and economic policy decisions for 2024. The meeting announced plans for further military development in the coming year, including launching three more spy satellites, building unmanned drones and developing electronic warfare capabilities, as well as strengthening nuclear and missile forces, according to the official Korean Central News Agency (KCNA). Pyongyang this year successfully launched a reconnaissance satellite, enshrined its status as a nuclear power in its constitution, and test-fired the most advanced intercontinental ballistic missile (ICBM) in its arsenal. At the meeting that ended Saturday, Kim accused the United States of posing «various types of military threat» and ordered his armed forces to maintain «overwhelming war response capability», according to KCNA. It is a «fait accompli that a war can break out at any time on the Korean peninsula due to reckless moves by the enemies to invade us», Kim said. In an effort to deter Pyongyang, Washington earlier this month deployed a nuclear-powered submarine in the South Korean port city of Busan, and flew its long-range bombers in drills with Seoul and Tokyo. The North has previously described the deployment of Washington's strategic weapons — such as B-52 bombers — in joint drills on the Korean peninsula as the «intentional nuclear war provocative moves». «We must respond quickly to a

South Korea's defense minister said, amid suspicions that the North may use it as a new source of fissile materials for nuclear weapons. Concerns about North Korea's nuclear program deepened recently as the UN atomic agency and foreign experts said they've detected signs indicating that North Korea had begun operating its light-water reactor at the Yongbyon nuclear complex. IAEA Director General Rafael Grossi said last week that his agency had observed increased levels of activity at and near the reactor and since mid-October, a strong water outflow from its cooling system.

By Cynthia Kim

Lee Sun-kyun, a popular South Korean actor best known for his role in the Oscar-winning movie “Parasite,” was found dead in a car in Seoul on Wednesday, authorities said, after weeks of an intense police investigation into his alleged drug use.Police and emergency officers initially found Lee in what they believed was an unconscious state in the car parked on a street in northern Seoul. Emergency officers later confirmed he was dead, according to Seoul’s Seongbuk police station.Police had been searching for Lee, 48, after receiving a report that he was missing.They refused to provide further details including whether they had determined Lee killed himself.

South Korean actor, Lee Sun-kyun, widely known for his role in the Oscar-winning film Parasite, was discovered deceased at the age of 48, in what appears to be a case of suicide. Lee's body was found within a vehicle parked in a Seoul park, as reported by the Associated Press. His family's concern prompted a search, leading to the discovery after they revealed the existence of a note suggestive of suicide. Inside the car, authorities found a charcoal briquette alongside Lee, who was pronounced dead at the scene.

Asian shares have advanced, tracking gains on Wall Street after markets there reopened following Monday's holiday

World shares have advanced, tracking gains on Wall Street after markets there reopened following Monday's holiday

By Cynthia Kim

By Hyonhee Shin

The frenzied adoration of South Korean retail traders for everything EV battery-related has sparked a meteoric rally of one cathode producer, making it the world’s best-performing stock this year. 

SEOUL—Food prices have risen so much that Kim Soo-yeon has developed a suspicious new habit at the grocery store. She has taken to shaking bags of her favorite brands of potato chips to see if they feel lighter. “If companies are reducing the amount of food by unnoticeable amounts, it feels deceptive," said the 32-year-old office worker in Seoul.

SEOUL (Reuters) — South Korea's commercial banks will provide 2 trillion won ($1.53 billion) to support small businesses, the organisation representing the lenders said on Thursday, amid political and regulatory pressure to share more of their profits with society.

South Korea’s Supreme Court has jailed a crypto fraudster who amassed $153 million for 10 years, upholding a sentence handed out in February.

North Korea test-fired a intercontinental ballistic missile (ICBM) powered by solid fuel on Monday, South Korean officials said, in what would be the third such test this year to boost capabilities for launching with little preparation. Seoul did not identify the specific missile, but nuclear-armed North unveiled its solid-fuel Hwasong-18 ICBM at a military parade in February and previously tested it during launches in April and July. Last month North Korea also said it had tested solid-fuel engines for an upcoming new-type of intermediate-range ballistic missile (IRBM). Here are some characteristics of solid-fuel technology, and how it can help the North improve its missile systems. WHAT ARE SOME ADVANTAGES OF SOLID FUEL? Solid-fuel missiles do not need to be fuelled immediately ahead of launch, are often easier and safer to operate, and require less logistical support, making them harder to detect and more survivable than liquid-fuel weapons. «These capabilities are much more responsive in a time of crisis,» said Ankit Panda, a senior fellow at the U.S.-based Carnegie Endowment for International Peace. WHAT IS SOLID-FUEL TECHNOLOGY? Solid propellants are a mixture of fuel and oxidiser.

Nirupesh Joshi and Mercy Amalraj were high-flying technology consultants, earning handsomely, with successful stints in Boston, Seoul and Hong Kong until 2018. One fine day the couple gave it all up, got into entrepreneurship in an entirely alien area: the world of mechanical watches the couple had all along been fascinated by.They landed in Bengaluru, the ground-zero of wrist watches and startups. “A watch carries memories through generations.

nuclear-powered submarine arrived in the South Korean port city of Busan on Sunday, the Yonhap news agency reported citing the South Korean navy. The arrival of the USS Missouri, also known as SSN-780, comes after South Korea and the U.S. held their second Nuclear Consultative Group meeting in Washington on Friday. «Any nuclear attack by North Korea against the United States or its allies is unacceptable and will result in the end of the Kim regime,» a joint U.S.-South Korean statement from the meeting said. A senior South Korean official said earlier this week that North Korea may test-launch an intercontinental ballistic missile this month. Visits by U.S.

Kristalina Georgieva (pictured) is managing director of the IMF.

South Korea’s central bank governor Lee Chang-yong is calling for action around central bank digital currencies (CBDC) which he says have become imperative and there is an urgency that can no longer be postponed.

Asian shares have churned higher after the Dow Jones Industrial Average climbed to another record high

The digital currency landscape is abuzz as Bitcoin’s price soars to $42,777, marking a significant 4% increase on Thursday. This rally is buoyed by a wave of optimism following the Federal Reserve’s latest FOMC meeting, which indicated a dovish stance on future rate hikes, and sparked lively discussions on the approval of Bitcoin Spot ETFs, with investment giant BlackRock interpreting the minutes as a ‘green light for investors.’

Kristalina Georgieva, the managing director of the International Monetary Fund (IMF), addressed ways to curb cryptocurrency risks on financial stability.