SEOUL (Reuters) – At least seven people died in the South Korean capital of Seoul and metropolitan area overnight, authorities said on Tuesday, after torrential rain knocked out power and left roads and subways submerged. The southern part of Seoul received more than 100 millimeters (3.9 inches) of rain per hour on late Monday, with…
Record rain leaves at least 8 dead in South Korean capital
SEOUL—At least eight people died in and around Seoul overnight, South Korean authorities said on Tuesday, after torrential rain knocked out power, caused landslides and left roads and subways submerged. The southern part of the national capital received more than 100mm (3.9 inches) of rain per hour on late Monday, with some parts of…
South Korea Takes Aim at Inflation With Unprecedented Half-Point Rate Hike
SEOUL—South Korea’s central bank raised its policy interest rate by an unprecedented half point on Wednesday, aiming to pull inflation from 24-year highs while balancing fear of a sharp economic downturn as business activity flounders. Though 6 percent inflation prompted calls for action, a policy rate widely seen peaking by year-end at 2.75 percent—five times higher…
Deep Losses in China Force Korean Beauty Companies to Expand in North America
July 3, 2022
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Korean firms have begun expediting their expansion into North America to reduce their dependence on Chinese customers due to difficulties sustaining product sales in China under the Chinese Communist Party’s (CCP) zero-COVID policy. Korea’s success in the United States, where their beauty products are rapidly gaining popularity, has been facilitated in part by the Korean boy band…
South Korea’s LGES Reviews $1.3 Billion Arizona Battery Investment as US Inflation Bites
SEOUL—South Korean battery maker LG Energy Solution Ltd. (LGES), a major supplier to U.S. carmakers including Tesla, is reassessing a $1.3 billion investment plan for an Arizona factory citing “unprecedented” economic conditions. News that South Korea’s biggest battery maker is reviewing the plan, unveiled only three months ago, knocked LGES shares down 4.6 percent on…
South Korean Prosecutors Grant Ex-president Temporary Release
SEOUL, South Korea—South Korean prosecutors granted ex-President Lee Myung-bak a three-month release from prison over health concerns Tuesday after he served less than three years of a 17-year sentence for corruption. Lee, 80, could be sent back to prison at the end of that period, barring further health setbacks, but there is also the possibility…
Worries About South Korean Economy Grow Amid Truckers’ Strike
SEOUL—South Korea’s prime minister warned Tuesday that the disruption of cargo transport could cause “irrecoverable” damages on the country’s economy, as a nationwide truckers’ strike entered its eighth day. About 6,800 truckers were rallying Monday at various sites across South Korea, continuing to trigger a delay in the shipment and delivery of key items like…
South Korean Union Truckers Continue Strike, Talks With Government Stall
SEOUL—South Korean truckers were on strike for a sixth day on Sunday after talks with the government failed to make progress over their demands for higher pay, crippling cargo transport at the country’s industrial hubs and major ports. Transport ministry officials met for more than 10 hours with union leaders on Saturday for a third…
Korea Seeks to Deepen Trade Ties as Feds Appoint Panel on Indo-Pacific Strategy
Keung Ryong Chang, ambassador of South Korea, says he hopes Canada’s forthcoming Indo-Pacific strategy will deepen the two countries’ already strong trade and economic ties. The ambassador says Korea, a leading producer of hybrid and electric cars, is strengthening investment in Canada, including in the manufacture of batteries for electric vehicles. He also says, with…
Fire Caused by Suspected Arson in South Korea Kills at Least 7
SEOUL, South Korea—A fire caused by suspected arson spread through an office building Thursday in South Korea’s Daegu city, killing at least seven people and injuring dozens, fire and police officials said. Dozens of firefighters and vehicles quickly put out the blaze, which began in the late morning on the second of a seven-floor office…
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