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President hopes new US envoy will strengthen Seoul-Washington alliance

President Lee Jae Myung expressed his hope that U.S. Ambassador to South Korea Michelle Steel will serve as a “strong bridge” and further strengthen the Korea-U.S. alliance, Cheong Wa Dae said Wednesday. The announcement came after Lee received Steel’s credentials and held a separate meeting with the Korean-born American diplomat. Steel was among four newly appointed foreign envoys who attended the credentials presentation ceremony. “U.S. Ambassador Steel said she was delighted to take up her post in South Korea and pledged to engage extensively with the Korean government and people to promote mutual understanding, friendship and cooperation between the two countries,” presidential spokesperson Kang Yu-jung said. Lee responded that he expected Steel’s deep understanding of Korean culture and society to help both countries deepen the bilateral alliance, according to Kang. The spokesperson went on to quote Lee as saying that “outstanding issues between the two countries could be resolved smoothly through reasonable and active dialogue and cooperation.” The meeting came amid s

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InterviewInside Hwang's network, moving defectors, cash across N. Korea's hardening border

Hwang Ji-sung, 46, fled North Korea in 2009. Since then, he has helped roughly 3,000 people escape the North and sent money to many of the families they left behind. “At first, I didn't understand why defectors would cry over having no news of their families. Getting that kind of news wasn't hard for me,” Hwang said in an interview with The Korea Times. “So I told them, 'I'll do it for you.'” From smuggler to broker Growing up in Musan County, North Hamgyong Province, Hwang became familiar with the geography of the North Korea-China border, including the Tuman River's currents and water levels, knowledge that proved critical when he began smuggling goods into China in the mid-1990s, amid a famine that killed an estimated 600,000 to 3 million people, though the exact toll remains unknown. He also guided women who had been trafficked into China, later sent back to North Korea and wanted to return to their Chinese husbands, leading them to the banks of the Tuman River. In 2005, Hwang made his first attempt to defect, drawn by a longing for freedom and stories that people in South Ko

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US consumer prices increase as expected in July

WASHINGTON — U.S. consumer prices increased slightly in July, potentially weakening the argument for an interest rate increase from the Federal Reserve next month. The Consumer Price Index edged up 0.1 percent last month after dropping 0.4 percent in June, which was the first decline in six years, the Labor Department's Bureau of Labor Statistics said on Wednesday. In the 12 months through July, the CPI advanced 3.4 percent after rising 3.5 percent in June. Excluding the volatile food and energy components, the CPI gained 0.2 percent last month after being unchanged in June. The so-called core CPI increased 2.5 percent in the 12 months through July after climbing 2.6 percent in June. Economists polled by Reuters had forecast the CPI rebounding 0.1 percent and core inflation rising 0.2 percent over the month. The U.S. central bank tracks the Personal Consumption Expenditures price indexes for its 2 percent inflation target. The CPI report followed news last week of surprise job losses last month. Prior to the CPI report, financial markets saw a roughly 46 percent chance of a rate hike a

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Korea unveils 7 tech projects for securing future growth engines

The government on Wednesday announced key projects to nurture advanced technologies in seven sectors, including renewable energy and space science, as part of broader efforts to seek new growth engines. The projects are part of the "strategic emerging engines for disruptive innovation," or SEED, initiative announced during a policy briefing at Cheong Wa Dae by the Ministry of Science and ICT and the Ministry of Trade, Industry and Resources. The SEED initiative aims to secure new growth engines for Korea by focusing on three areas: renewable energy, frontier technologies and an advanced supply chain ecosystem, the government said. In the renewable energy area, the government plans to commercialize water-cooled small modular reactors (SMRs) by 2035, while beginning construction of non-water-cooled SMRs around 2030. In particular, for advanced modular reactors, the government plans to establish a special purpose company (SPC) in cooperation with the private sector to oversee the project from the development stage. Korea also seeks to build a locally developed nuclear fusion reactor by 2035

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Property tax changes complicate home ownership choices for couples

A salaried worker in his 40s surnamed Lee who lives in Seoul’s Dongjak District was caught off guard after learning that the government’s latest tax overhaul could increase the comprehensive real estate tax burden on couples who jointly own a single home. Under the tax reform plan announced on Aug. 3, some provisions of the comprehensive real estate tax would apply the same standards to couples who jointly own a single home as to multiple-home owners, potentially increasing their tax burden. “Wasn’t joint ownership between spouses encouraged by the government as a way to save on taxes?” Lee said. “I feel like I’ve been blindsided now that we’re suddenly being treated like multiple-home owners and facing tax disadvantages.” More than 4,000 comments have already been submitted to the Ministry of Government Legislation’s public legislative participation center since the proposed revisions to the tax law were posted for public comment on Aug. 4. Many of the comments raise concerns about how couples who jointly own a single home would be taxed. “It is wrong to treat coup

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BTS' V reveals hearing problem: 'I can barely hear out of one ear'

BTS member V has revealed that he has been experiencing hearing problems for more than two years and is currently receiving medical treatment. V and fellow BTS member Jung Kook held a livestream on fan platform Weverse on Wednesday, where V opened up about the issue for the first time to fans. "I've never told ARMY about this before, but I think it's been about two and a half years. My hearing has gotten worse," V said, referring to BTS' fandom by its official name. The 30-year-old singer said his hearing is significantly weaker in one ear than the other. "If one ear is at about 100, I can only hear about 30 with the other," he said. During the conversation, Jung Kook stressed the importance of consistently taking care of one's health. V agreed and said he is currently taking medication. V also said the problem became worse while he was serving in the military but that he initially did not take it as seriously as he should have. "It got a little worse in the military, and since I was surrounded by people who exercised a lot, everyone said, 'It's a matter of mental strength,'" V said. "After

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Ex-Chinese Premier Zhu Rongji, architect of growth, dies of illness at 97

BEIJING — Former Chinese Premier Zhu Rongji has died, according to state media. The impatient, sharp-tongued reformer helped ignite China’s explosive economic boom by forcing wrenching change on state industry in the 1990s and leading the country into the World Trade Organization. The official Xinhua news agency reported that Zhu died of illness in Beijing at around 11 a.m. on Wednesday. He was 97 years old. Once sent into rural exile to do manual labor for praising reforms in other communist countries, Zhu pushed through a dizzying array of changes as premier, China’s top economic post, from 1998 to 2003. Zhu clashed with Communist Party conservatives and state industry bosses as he pushed state-owned companies to become efficient and profitable. That cost millions of layoffs, but helped propel China to overtake Japan as the second-largest economy behind the United States in 2010. Building on former leader Deng Xiaoping’s 1979 reforms, Zhu is credited with supplying the resourcefulness and tenacity to push through history-making changes such as China’s WTO membership, which he

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Speculative fever grips Kosdaq amid record rally

The Kosdaq has risen about 19 percent this month, the best performance among major global equity indexes. But some of the speculative trading that had fueled volatility in the KOSPI has migrated to the junior bourse, leaving the smaller-cap market prone to sharper swings, market watchers said Wednesday. The index hit a year-to-date high of 1,226.18 on April 27 before sliding from May, according to the Korea Exchange. It fell to 644.78 on July 30, a three-month low, before rebounding sharply to the 850 level. On Wednesday, it closed at 858.91, up 0.12 percent from the previous session. The turnaround came as enthusiasm for semiconductor stocks cooled and tighter restrictions on single-stock leveraged exchange-traded funds (ETFs) dampened activity in the benchmark KOSPI. Bargain hunting after the Kosdaq's steep decline also helped fuel the rebound. However, the shift has also redirected speculative capital into the market, with retail investors rapidly changing their positioning. Buy-side trading curbs have been triggered four times in seven sessions since July 31. Between July 1 to 31, in

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HD Hyundai chairman, Bill Gates to meet Friday to discuss SMR cooperation: sources

HD Hyundai Chairman Chung Ki-sun plans to meet with Bill Gates, founder and chairman of U.S. nuclear energy firm TerraPower, in Seoul later this week to discuss ways to deepen cooperation in small modular reactors (SMRs), industry sources said Wednesday. It would mark their first meeting in seven months since they met on the sidelines of the World Economic Forum in Davos, Switzerland. The meeting comes as HD Hyundai, Korea's leading shipbuilding group, and TerraPower, which specializes in advanced nuclear energy technology, have been expanding cooperation in the SMR sector. HD Korea Shipbuilding & Offshore Engineering, the group's shipbuilding holding company, invested $30 million in TerraPower in 2022. HD Hyundai has since been participating in the construction of reactor equipment for TerraPower's 345-megawatt Natrium sodium-cooled fast reactor project in Wyoming, the United States. In March 2025, Chung and Gates signed a memorandum of understanding to cooperate on the commercialization of the Natrium reactor and met again five months later to discuss ways to further expand their nuclea

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SK hynix faces dilemma as de facto largest Kioxia shareholder

SK hynix has become the de facto largest shareholder in Kioxia, the world’s third-largest NAND flash maker, but uncertainty remains over whether it can participate in the Japanese company’s management, leaving the Korean chipmaker with a valuable yet complicated strategic position. Kioxia said in a regulatory filing on Monday that BCPE Pangea Cayman2 (SPC2) is now its largest stakeholder. SPC2 is a special purpose company established by United States private equity Bain Capital and invested by SK hynix. Toshiba was previously Kioxia’s largest shareholder, but its stake fell to 14.12 percent from 14.48 percent as of July 31 after the Japanese company sold shares in the market last month. With SPC2 maintaining its 14.19 percent stake, it became Kioxia’s largest shareholder. SPC2 was established by Bain Capital, but it effectively serves as an investment vehicle solely for SK hynix. In 2018, the Korean chipmaker invested about 3.9 trillion won ($2.75 billion) through two Bain Capital SPCs — 2.63 trillion won in SPC1, an equity investment vehicle, and 1.3 trillion won through SPC2

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Korean football scandal set to spread

As Korea suffers in the heat of a relentless summer, the Korea Football Association (KFA) is in danger of undergoing a total meltdown with consequences that are impossible to foresee. Just when you think the football situation in the country could not get any worse, it does. If only events on the field were able to make these many headlines, then we would all be in a better position. For those who have been lying in a dark air-conditioned room for the last few weeks, a quick recap: Korea's showing at the 2026 FIFA World Cup ended in disaster, coach Hong Myung-bo and KFA chief Chung Mong-gyu stepped down amid huge public anger and were then grilled at a parliamentary hearing in July. That would be more than enough drama in most countries but then in August, the police raided KFA offices and a leaked 2016 government audit revealed something else. It turns out that in 2011 and 2012, officials at the KFA had used corporate credit cards to provide "sexual entertainment" to foreign referees who had come to the country to oversee the qualification games for the 2012 London Olympics and the 20

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Ha Young says 'sincerely sorry' over great-grandfather's pro-Japanese past

Actor Ha Young apologized Wednesday over allegations surrounding her great-grandfather's pro-Japanese activities during Japan's 1910-45 colonial rule of Korea, saying she was "sincerely sorry" as his descendant. The actor issued the apology in a handwritten letter posted on her social media account, a day after her agency acknowledged that her great-grandfather Ahn Sang-ho (1872-1927) was a member of an organization that allegedly took part in pro-Japanese activities. "I had only partially known about my great-grandfather's life through stories told by my family," she said. "I am ashamed, that despite my ignorance, I had spoken on many occasions about him as a source of family pride." "I believe the fact that I had not known about it cannot be an excuse for disregarding or lightly considering that history. I take that mistake heavily and as a descendant, I am sincerely sorry," the actor said. While appearing on an episode of the KBS talk show "Problem Child in House" last week, Ha Young mentioned how her great-grandfather studied Western medicine in Japan as she explained that medical pr

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Curbs on loans drive borrowers to higher-cost savings banks

Tighter lending restrictions at commercial banks are pushing more borrowers toward savings banks where interest rates are significantly higher, as the government continues its drive to rein in household debt, according to industry officials Wednesday. Annual interest rates on mid-interest loans for borrowers with low to medium credit scores range from 9.7 percent to 16.2 percent, roughly two to three times the average for comparable commercial bank loans. In the first half of this year, savings banks issued over 491,000 such loans, up 14 percent from the second half of last year and the highest level on record, according to the Korea Federation of Savings Banks. At the current pace, the annual tally could reach 1 million for the first time. The shift comes as banks tighten access to household credit, traditionally the main source of financing for consumers. In July, KB Kookmin Bank halved the maximum mortgage available to individual borrowers nationwide to 300 million won ($212,000) from 600 million won. Other major lenders like Hana Bank have also restricted online lending channels for

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Telecoms see AI businesses gain traction in Q2

Major telecom operators are seeing early results from their push into artificial intelligence (AI), with AI data centers (AIDC), cloud and AI transformation businesses posting growth in the second quarter even as traditional telecom operations remained largely stagnant. SK Telecom reported the sharpest growth in its AI infrastructure business. Its second-quarter revenue rose 0.5 percent year-on-year to 4.3591 trillion won ($3.08 billion), while operating profit jumped 67.3 percent to 566 billion won. The profit increase was partly due to the absence of one-off costs from last year’s hacking incident. Despite the company’s marginal growth in overall revenue, its AIDC business surged 92.5 percent year-on-year to 136.2 billion won this quarter. It attributed the growth to expanded data center operations and rising demand for high-performance computing infrastructure as generative AI adoption accelerates. The company established a new company, SK Hyper, late last month to oversee AIDC business development and plans to invest 750 billion won through 2030. It aims to build out 5 gigawatts

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Korean Air-Asiana merger enters final phase

Asiana Airlines shareholders approved its high-profile merger with Korean Air on Wednesday, clearing a key final hurdle ahead of the official launch of an integrated national flag carrier in December. The approval concludes the corporate combination process that began in November 2020, when Korean Air decided to acquire its smaller rival. The deal has since undergone regulatory reviews by authorities in Korea and abroad. Asiana shareholders voted in favor of the merger at an extraordinary shareholders' meeting, with 81.9 percent of shareholders in attendance and 99.3 percent voting in favor of Asiana’s integration with Korean Air. The two airlines plan to officially launch the integrated Korean Air on Dec. 17. Asiana Airlines will be dissolved the same day. “This marks the first step toward writing a new chapter in Korea’s aviation industry as a megacarrier,” Asiana Airlines CEO Song Bo-young said. “All employees will come together to ensure the successful launch of the integrated airline while bringing Asiana Airlines’ final chapter to a meaningful close.” The merger ratio h

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Korea pledges $1 mil. in aid to quake-hit Colombia

Korea will provide $1 million in humanitarian aid to Colombia to help the country recover from a recent deadly earthquake, Seoul's foreign ministry said Wednesday. "We hope this aid will help the country's recovery efforts and ensure a swift return to normalcy for its people," the ministry said, adding the donation will be delivered through an international organization operating in Columbia. The South American country was hit by a 7.4 magnitude earthquake earlier this week that has killed over 200 people.

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Over 44,000 ethnic Korean laborers secure long-term visas as gov't speeds up integration

In a major overhaul of its immigration framework, the Korean government is rapidly tearing down long-standing bureaucratic divides to offer permanent settlement pathways for hundreds of thousands of ethnic Koreans returning to their ancestral homeland. According to government figures released Wednesday, more than 54 percent of ethnic Koreans holding short-term H-2 visiting employment visas have successfully transitioned to the status of F-4 overseas Koreans within just six months of a reform implemented in February. The total number of H-2 visa holders dropped from 81,447 in mid-February to 31,186 by the end of July, signaling a swift embrace of long-term residency rights. The shift marks a decisive turn in Korea’s approach to diaspora integration. Historically, ethnic Koreans tracing their roots to former Soviet states (Koryoin) or northeastern China (Joseonjok) faced rigid administrative hurdles compared to those holding passport status from Western nations or developed economies. While some received broad rights as overseas compatriots, others were funneled into restrictive, short-

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January weddings cheapest in Korea, saving couples more than $2,300

Couples who held their weddings in January spent an average of just over 19 million won (about $13,700), more than 3 million won (about $2,300) less than those who married during the peak season in April, according to a recent survey. The Korea Consumer Agency analyzed monthly wedding service contract prices across 14 regions nationwide from April last year through June this year. The average cost of a wedding during the off-season in January was 19.13 million won (about $13,700), the lowest of any month. This was 3.25 million won (about $2,300) less than the 22.38 million won (about $16,000) average recorded in April, the most expensive month. The average wedding cost during the peak season — March through June and September through December — was 21.56 million won (about $15,400), 2.02 million won (about $1,400) higher than the 19.54 million won (about $14,000) average during the off-season months of January, February, July and August. Wedding venue costs also varied significantly depending on the season. The median venue cost during the peak season was 16.1 million won (about $11

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Myeongdong Theater in Seoul stages free lunchtime performances

The National Theater Company of Korea will launch a new outdoor lunchtime series at Myeongdong Theater this month, inviting office workers, residents and tourists to performing arts shows in the middle of Seoul’s bustling shopping district. Titled “Myeongdong Theater at Noon,” the program will take place every Wednesday from Aug. 19 through Oct. 28 at the theater’s outdoor plaza, presenting a total of 10 free performances. The initiative is designed to make art more accessible to people by staging short performances during an hour when most people are free, rather than requiring them to enter a traditional theater venue. No reservations are required to attend. The lineup features veteran artists and groups experienced in outdoor festivals and street theater. It includes traditional mask dancing by the Bongsan Mask Dance Preservation Society, as well as percussion and sangmo — Korea’s traditional ribbon-hat dances — performances by Yeonhui Jeomchuri and Yeonhui Group The Gwangdae. Project Tong, known for movement-based physical theater, will also participate. Theater Asura w

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Editor's Pick

Korea's stock market is missing 'long money'

REPORTER’S NOTEBOOKKorea's stock market is missing 'long money'

Koreans were largely skeptical when President Lee Jae Myung took office last June with the goal of pushing the KOSPI from 2,000 to 5,000. They had reason to be. According to the Korea Corporate Governance Forum, a 100 million won ($70,691) investment in the U.S. stock market a decade earlier would have grown to 340 million won by 2024, including dividends and capital gains. The equivalent investment in Japan and Taiwan would have reached 280 million won and 260 million won, respectively, compared with just 160 million won in Korea. It was a market that offered investors only "a little sense of reward," as Park Yoo-kyung, former managing director of emerging markets equities at APG Asset Management, once put it. That dismal record helped explain the enthusiasm among global investors for Lee's efforts to improve corporate governance and shareholder returns, tackling the so-called "Korea discount." Then came the artificial intelligence (AI) boom, with Korea's two semiconductor giants at the center. The KOSPI surged 75.89 percent in 2025, the strongest performance among major markets. After br

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Life in Korea

Seoul urges transit riders to trade in climate cards ahead of Sept. 1 overhaul

Seoul urges transit riders to trade in climate cards ahead of Sept. 1 overhaul

Seoul is ramping up outreach urging users of its Climate Card transit pass to switch to a new nationwide discount program before a major overhaul takes effect Sept. 1, the city government said Wednesday. The new offering, known as the Climate Companion Card — and marketed locally as "Everyone's Card" — combines the national government’s K-pass discount system with Seoul-specific perks, including extending youth fare discounts to residents up to age 39. Launched in January 2024 as Korea's pioneering unlimited transit pass, the Climate Card is now being folded into the broader national framework after the central government introduced its own unlimited-style transit pass under the K-pass umbrella this year. Seoul said it is consolidating the programs to offer nationwide usability, stronger cash-back benefits and its own city-specific perks under a single system. Since the city announced the transition June 17, usage of the original Climate Card has dropped sharply. The number of active 30-day pass holders fell to roughly 530,000 as of Monday from about 900,000 on June 29 — a 41 pe

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Lifestyle

'Fashion disaster' flip-flops with socks become new summer trend among young Koreans

Despite the sweltering heat, open-toe socks designed for flip-flops are emerging as an unlikely fashion item. Flip-flops are traditionally worn with bare feet, but the convention-defying look is gaining attention as a new trend. The style is often marketed as open-toe or toeless socks. The design leaves the toes exposed while covering the instep. Versions come in cotton, knit and lace, with designs ranging from low-cut and ankle-length styles to split-toe versions resembling traditional Japanese tabi. The socks first emerged for practical reasons. Flip-flop straps can rub against the instep when worn on bare feet, and the fabric helps prevent chafing. Changing attitudes toward wearing socks with sandals have also helped the look gain acceptance. Once widely dismissed as a "fashion disaster," the combination has become a deliberate fashion statement. The socks leave pedicures visible while adding color and texture around the instep. Runway appearances have also raised their profile, with luxury brand Miu Miu presenting the look last year and Lemaire and Paloma Wool following this year. The

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'Fashion disaster' flip-flops with socks become new summer trend among young Koreans

K-Culture

Hanoi is bracing for upcoming BIGBANG concert, driving massive travel booking surge

Aviation and hotel industries are bracing for a BIGBANG windfall ahead of the group's October concert in Hanoi, Vietnam. The K-pop group, which helped drive the Korean wave in the country, commands a massive local following. BIGBANG will bring its world tour to Hanoi at My Dinh National Stadium for two days on Oct. 24 and 25, local media reported Tuesday. Ticket prices are set between 1 million dong ($37.46) and 10.5 million dong. Ticket reservations are scheduled to begin Thursday, but demand for flights and hotel rooms was already rising as of Tuesday. Round-trip domestic flights from Ho Chi Minh City to Hanoi for the weekend of the concert have reached 5 million dong, more than 1.5 times the usual price, Vietnamese news outlet VnExpress reported. Fares are expected to climb further as the concert dates approach. When K-pop girl group BLACKPINK performed in Hanoi in July 2023, one-way flights on the same route peaked at 9 million dong. Accommodations are seeing a surge in bookings linked to the concerts. The Sheraton Hanoi Hotel reported that about 80 percent of its rooms are already

2 MIN READ
Hanoi is bracing for upcoming BIGBANG concert, driving massive travel booking surge

Celebrities

Rosé apologizes to BLACKPINK fans after 10th anniversary event draws criticism

BLACKPINK's Rosé has apologized to fans following the group's 10th anniversary event, saying she was "deeply sorry" that the celebration may have left them feeling "even more alone." Her message came after fellow member Jisoo also addressed fans amid criticism surrounding the scale and organization of the highly anticipated anniversary event. Rosé posted a lengthy message on her official channel Tuesday, three days after BLACKPINK held an event marking the 10th anniversary of its debut. "I had a lot on my mind over the past few days, so I wasn't able to write sooner," Rosé said. "I think I was left with a lot of disappointment as we marked our 10th anniversary. It wasn't because I couldn't understand how our fans felt. If anything, I could relate to those feelings, and it took me some time to figure out where to begin." She apologized for taking time to address the controversy, saying, "I feel heavyhearted because I think I made you feel even more alone in the meantime." "The 10 years that I've spent growing up alongside BLINK, cherishing one another and walking together, mean so much

2 MIN READ
Rosé apologizes to BLACKPINK fans after 10th anniversary event draws criticism

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Opinion

Top 10 Stories

  1. President hopes new US envoy will strengthen Seoul-Washington alliance

  2. Korean football scandal set to spread

  3. InterviewInside Hwang's network, moving defectors, cash across N. Korea's hardening border

  4. EXPLAINER Lee's push to open Sejong presidential office by 2029

  5. Property tax overhaul sparks fears of fewer rentals, higher rents

  6. N. Korea conducts another missile launch ahead of key S. Korea-US military drills

  7. Property tax changes complicate home ownership choices for couples

  8. Korea unveils 7 tech projects for securing future growth engines

  9. SK hynix faces dilemma as de facto largest Kioxia shareholder

  10. Over 44,000 ethnic Korean laborers secure long-term visas as gov't speeds up integration

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