Int'l tribunal dismisses Iranian investor's $566 mil. claim against Seoul

The Korea Times - Sep 30, 2026

An international arbitration body has dismissed a 770 billion-won ($566 million) damages claim by an Iranian investor against Seoul in a case stemming from a failed takeover of a Korean company, the justice ministry said Wednesday. A panel under the Hague-based Permanent Court of Arbitration (PCA) ruled in favor of Korea in the case brought by six members of Iran's Dayyani family in 2021, seeking compensation for Seoul's delayed transfer of funds over a prior arbitration, according to the ministry. The panel sided with Korea in the case and ordered the Dayyanis to pay about 4 billion won to Korea for legal expenses and around 800 million won in administrative fees, the ministry said. The original case traces back to 2015, when the Dayyanis, a major shareholder of Entekhab Industrial Group, filed for arbitration after Korea's state-run Korea Asset Management Corp. canceled a contract to sell a major stake in Daewoo Electronics to Entekhab in 2011. In a 2018 arbitration, Seoul was ordered to pay 73 billion won plus interest in compensation to the Dayyanis over the failed takeover of Daewoo

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ITCZ to affect Palawan, parts of Visayas, Mindanao Wednesday

Sep 30, 2026

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Kazakh worker killed as concrete ceiling collapses at Seoul construction site

Sep 30, 2026

Kazakh worker killed as concrete ceiling collapses at Seoul construction site

A Kazakhstani worker died Tuesday after part of a concrete ceiling collapsed on him at an apartment construction site in southern Seoul, authorities said. The man, in his 30s, was waiting to begin cleaning inside a unit on the 23rd floor of the site in Seoul's Seocho district when part of the concrete ceiling fell and hit him at around 9:45 a.m., according to the labor ministry. The ministry said it immediately suspended work at the site and began an investigation into the incident with police and construction safety authorities. Police and the labor ministry plan to investigate the cause of the accident and look into whether the companies involved violated workplace safety laws.

Young Koreans use digital placebos to curb spending

Sep 30, 2026

Young Koreans use digital placebos to curb spending

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Planned cut to bank hours sparks debate among customers

Sep 30, 2026

Planned cut to bank hours sparks debate among customers

A planned 30-minute reduction in bank branch hours is drawing mixed reactions from customers, with many worrying that shorter service hours could make it harder to get in-person banking services. Under a tentative labor-management agreement reached Monday, bank branches will open at 9:30 a.m. starting April next year, instead of the current 9 a.m., while closing hours will remain unchanged at 4 p.m. Some customers said the shorter hours could worsen already long waits as banks continue to reduce the number of branches and staff. "Even when I go in the morning, there are already long lines, and there are fewer employees available during lunch breaks. I don't understand why they are shortening the hours. If anything, they should keep the branches open until later," said Park, an office worker in Seoul. Some online users suggested that if banks are going to shorten their operating hours, they should instead open later and close later, saying longer evening hours would make it easier for office workers to visit branches after work. The issue is particularly relevant for customers looking for

Starlink Wi-Fi raises cost dilemma for LCCs

Sep 30, 2026

Starlink Wi-Fi raises cost dilemma for LCCs

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FM Cho calls for stronger Korea-China-Japan cooperation for regional peace

Sep 30, 2026

FM Cho calls for stronger Korea-China-Japan cooperation for regional peace

Foreign Minister Cho Hyun has called for stronger cooperation among Korea, China and Japan to promote peace and prosperity in their shared region, his office said Wednesday. Cho made the call during a meeting Tuesday with Tatsushi Nishioka, secretary-general of the Trilateral Cooperation Secretariat (TCS), and Deputy Secretaries-General Kim Han-kyu and Li Jing, respectively from South Korea and China, to congratulate them on taking office this month, according to the ministry. The TCS is a trilateral organization established in Seoul in 2011 following a Korean proposal at the second trilateral summit among the three nations in 2009. It carries out various programs, including people-to-people exchanges, aimed at deepening three-way cooperation. During the talks, Cho stressed the importance of cooperation among Seoul, Beijing and Tokyo in promoting the practical interests of their peoples and achieving peace and prosperity in East Asia. He said the Korean government will continue to play an active role in helping the three countries find common ground and maintain dialogue while asking the

Trump could announce Korea's investment projects as early as Wednesday: report

Sep 30, 2026

Trump could announce Korea's investment projects as early as Wednesday: report

WASHINGTON — U.S. President Donald Trump could announce Korea's investment projects in the United States, including a liquefied natural gas (LNG) project in Alaska, under last year's bilateral trade agreement, as early as Wednesday, according to a news report. Reuters reported Tuesday that Trump could announce his administration's plans to use Korea's strategic investment fund for several major projects, including approximately $54 billion for the Alaska LNG project. It cited two people familiar with the discussions. Following the report, the White House released a press schedule for Wednesday, which included a plan for Trump to make an announcement with Commerce Secretary Howard Lutnick in the Oval Office at 3:30 p.m. (Washington time), heightening expectations for his possible announcement on Korea's investment projects. Seoul and Washington have been in coordination to announce the investment projects under the trade agreement that committed the Asian country to investing $350 billion in the U.S. in return for lower U.S. tariffs on Korean goods. Last week, Seoul's industry ministry

N. Korea denies responsibility for DMZ mine blast, warns S. Korea of retaliation

Sep 30, 2026

N. Korea denies responsibility for DMZ mine blast, warns S. Korea of retaliation

North Korea on Wednesday denied South Korea's announcement that a North Korean mine likely caused a recent blast inside the Demilitarized Zone (DMZ), accusing Seoul of fabricating the findings and warning of "immediate and merciless" retaliation if its troops are fired upon. Kim Yo-jong, the powerful sister of North Korean leader Kim Jong-un, issued the warning in a statement after the South Korean Joint Chiefs of Staff (JCS) announced Monday that North Korean land mines were "highly likely" to have caused the explosion on Sept. 21 that left three South Korean soldiers injured. In the statement carried by the Korean Central News Agency (KCNA), Kim said the South Korean military is "cooking up the groundless results and 'justifying their conduct' for political and military provocation against the DPRK, openly talking about 'reasonable and corresponding enforcement of measures.'" DPRK stands for North Korea's official name, the Democratic People's Republic of Korea. Kim claimed the North Korean military began building barriers in the southern border areas two years ago, saying the work is

AMD chief to visit Korea next month: sources

Sep 30, 2026

AMD chief to visit Korea next month: sources

Lisa Su, chief executive officer of Advanced Micro Devices Inc. (AMD), is expected to visit Korea next month to meet with Korean semiconductor companies and government officials, industry sources said Wednesday. The visit would come about seven months after her previous trip to Korea in March. According to government and semiconductor industry sources, a meeting attended by Su is being considered for Oct. 8 in Seoul. The meeting is expected to include the CEOs of major Korean artificial intelligence (AI) semiconductor companies, including Rebellions Inc., FuriosaAI and Mobilint. Su is also expected to meet with Science Minister Bae Kyung-hoon around the time of the meeting, the sources said. During her visit, Su is also coordinating meetings with heads of major Korean companies, including Samsung Electronics Co. When she visited in March, the AMD chief met with Samsung Electronics Chairman Lee Jae-yong. Samsung Electronics has supplied HBM3E chips to AMD for its latest AI solutions since 2025, with the two companies maintaining a close business relationship.

Military demands NK apology over DMZ mine blast as UNC confirms Armistice violation

Sep 30, 2026

Military demands NK apology over DMZ mine blast as UNC confirms Armistice violation

South Korea’s military on Wednesday demanded an apology from North Korea over a recent mine explosion in the Demilitarized Zone (DMZ) that seriously injured South Korean soldiers, calling on Pyongyang to halt its ongoing border fortification activities. The Joint Chiefs of Staff (JCS) said North Korea has continued laying mines and carrying out what it calls the “fortification of its border” near the Military Demarcation Line (MDL), saying such activities have heightened tensions along the inter-Korean border. “This is a clear violation of the Armistice Agreement and undermines the spirit of existing inter-Korean agreements, and must be stopped immediately,” the JCS said. It also urged the North to offer an apology and take “responsible measures” over the Sept. 21 blast. The United Nations Command (UNC), which conducted a joint on-site investigation with the South Korean military, said investigators found an active North Korean anti-personnel mine on the South Korean side of the MDL. “Based on the findings of the investigation, UNC determined that an Armistice Agreement v

Less than half of S. Koreans say unification with N. Korea necessary: poll

Sep 30, 2026

Less than half of S. Koreans say unification with N. Korea necessary: poll

Less than half of South Koreans believe unifying the divided Koreas is necessary, a poll showed Wednesday, marking the second consecutive year that those in favor of unification fell short of 50 percent. According to the poll conducted by the Korea Institute for National Unification, 48.2 percent of those surveyed said unification with North Korea is necessary. The reading also marks a slight drop from 49 percent in 2025. By age, over 60 percent of those born in 1960 or before said unification with North Korea was necessary, while less than 40 percent of those born in 1991 or later said they saw the need. When asked if they agreed with an argument that unification will "not" be necessary if the two Koreas can peacefully coexist, 66.9 percent of respondents said yes, up from 63.2 percent a year earlier, according to the survey. Also, 70.3 percent of respondents said they were not interested in North Korea, marking a 2.2 percentage point increase from last year and the highest figure since the institute began conducting the annual survey in 2014. Additionally, 71.6 percent of those surveyed

UN Command says Armistice Agreement violation occurred over DMZ mine blast

Sep 30, 2026

UN Command says Armistice Agreement violation occurred over DMZ mine blast

The United Nations Command (UNC) said Wednesday it found a violation of the Armistice Agreement has occurred over last week's mine blast inside the Demilitarized Zone (DMZ). "Based on the findings of the investigation, UNC determined that an Armistice Agreement violation occurred. UNC is addressing the violation through established Armistice mechanisms," it said in an emailed statement. The UNC said a joint investigation team with the South Korean military identified an active North Korean mine on the South Korean side of the Military Demarcation Line (MDL). "UNC remains committed to maintaining and enforcing the Armistice Agreement and fulfilling its responsibilities to preserve stability and prevent escalation on the Korean Peninsula," it said. South Korea's Joint Chiefs of Staff released Monday its preliminary findings on the joint investigation with the UNC on the Sept. 21 mine blast. It determined that North Korean resin antipersonnel mines "highly likely" caused the two explosions that injured three South Korean soldiers. Two of them suffered critical injuries. North Korea denied it

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