US Fed Raises Rates for First Time in 3 Years and 2 Months: "Annual 3.75~4.00%"
The US Federal Reserve (Fed) has raised its key interest rate for the first time in three years and two months, complicating the Bank of Korea's interest rate calculations. The market consensus was that, after back-to-back rate hikes in July and August, the Bank of Korea would take a breather to assess the effects. However, the continued rise in oil prices, intensifying upward pressure on demand-driven inflation, and growing uncertainties around major variables such as financial imbalances have left the door open to additional rate increases within the year. At the Federal Open Market Committee (FOMC) meeting held on the 15th and 16th (local time), the Fed set the target for the federal funds rate at an annual range of 3.75~4.00%, an increase of 0.2
Foreign Minister Cho Hyun stated on the 17th regarding possible deployment of troops to the Strait of Hormuz, "We are committed to international cooperation, but will prioritize the safety of our citizens and the free navigation in the Strait of Hormuz." Speaking to reporters at Terminal 2 of Incheon International Airport before departing for Washington, D.C., Cho explained the government’s position on the US request for troop deployment. The remarks were interpreted as meaning that a "solo deployment", as requested by the US, was no longer on the table. However, Cho also noted, "Our position is not yet finalized, and we are still reviewing all possible options, taking various elements into account."
Despite the US Federal Reserve's rate hike decision, KOSPI started the session with strong gains. As of 9:42 a.m. on the 17th, KOSPI was up 20.39 points (0.30%) at 6,738.36. By investor type, individuals were net buyers of 337.753 billion KRW, while foreigners and institutions were net sellers of 520.162 billion KRW and 35.817 billion KRW, respectively. By sector, machinery and equipment (+1.90%), transportation and warehousing (+1.80%), transport equipment and parts (+1.73%), and metals (+1.29%) saw gains, while medical and precision equipment (-0.39%) and paper and woodworking (-0
Editor's Note: The race for critical minerals is heating up globally. Minerals essential to future industries such as electric vehicles, semiconductors, robots, wind power, and defense are now strategic assets that determine industrial competitiveness and national security, not just raw materials. Countries are reorganizing supply chains from mining and refining to production and recycling with their own interests in mind, effectively waging a "mineral war." In particular, the United States, Europe, and Japan are rushing to build production bases and supply chains outside of China and among allied nations, as China dominates the supply chain for key minerals including rare earth permanent magnets, lithium, nickel, and graphite. Korean companies are also...
On the 17th, President Lee Jaemyung declared, regarding the resale of tickets for concerts and sporting events, "We will track down scalpers to the end and ensure that all illegitimate profits are recovered." This reaffirmed the government's strong stance on illegal ticket trading after large-scale scalping rings were caught and the revised Performance Act, which stiffened penalties, was enacted late last month. President Lee posted on X (formerly Twitter), "Scalping deprives genuine fans of the right to attend," and reiterated the crackdown. He added, "Since the revised law came into effect on August 28, its impact is being felt." In particular, President Lee said that idol concerts and overseas artist shows...
Prosecutors have additionally indicted former President Yoon Seok-yeol for failing to report his wife Kim Keon-hee's receipt of a luxury handbag. The 3rd Anti-Corruption Investigation Division at the Seoul Central District Prosecutors' Office (Chief Prosecutor Kim Jin-yong) announced on the 17th that Yoon was indicted without detention for violating the Anti-Graft Act. According to prosecutors, Yoon is accused of failing to fulfill his legal duty to report that Mrs. Kim received the luxury handbag from Pastor Choi Jae-young while in office. Prosecutors judged a connection between Mrs. Kim's gift and the president's duties. Pastor Choi's court testimony and the court handling Mrs. Kim's bribery case...
Homebuyers who purchase tenant-occupied properties in land transaction permit zones in Seoul and twelve areas in Gyeonggi Province are now allowed to delay moving in until as late as 2029. The grace period to apply for a move-in exemption, which was previously set to expire on December 31 this year, has been extended by a year to December 31 of next year. Lease renewal contracts (up to 2 years) are now also newly included in the exemption scope. The Ministry of Land, Infrastructure and Transport announced on the 17th that it will begin pre-announcing a revision to the 'Real Estate Transaction Reporting Act' Enforcement Decree containing these changes, starting on the 18th. The revised law will take effect next month...
A new artificial intelligence (AI) technology has been developed that allows robots not only to recognize items like microwaves but also to understand that handles are used to open doors and buttons operate devices. By linking object locations and their parts' functions, this tech helps robots translate human instructions into concrete actions. Gwangju Institute of Science and Technology (GIST) announced on the 17th that Professor Euihwan Kim's AI department research team has developed a 'Unified 3D Scene Graph' connecting objects, component locations, functions, and possible actions in one scheme. This graph enables robots to better understand their surroundings...
Editor’s Note: South Korea became the second country in the world after the European Union (EU) to enact a comprehensive Artificial Intelligence (AI) law. Half a year after implementation, can the law and institutions keep pace with rapidly evolving technology and industry trends? The Asia Business Daily meets with lawmakers who have led AI legislation, seeking institutional solutions for South Korea’s survival in the global AI race. Rep. Yongwon Yoo of the People Power Party emphasized the urgent need to establish an AI-based integrated air defense command and control system to counter North Korea’s “mixed drone and missile” attacks, highlighting the importance of enhancing military AI capabilities...
British travel and culture media outlet 'Time Out' has named Jongno 3-ga in Seoul the world's coolest neighborhood. On the 16th (local time), CNN reported that Jongno 3-ga ranked first in Time Out's latest "World's Coolest Neighborhoods" list. After moving up two places from third in 2021, Jongno 3-ga claimed the top spot this time. Time Out annually selects notable neighborhoods based on recommendations from writers and editors around the globe. Grace Beard, Time Out's travel editor, said, "Previously selected neighborhoods have evolved into even more attractive places," and "Jongno 3-ga, which ranked third in 2021...
The 2026 Yeosu World Islands Expo, with a project budget of 70 billion won, is facing criticism for its uninspiring content and food offerings after opening. After complaints that the "Geomundo Boat Song" performance, which features a boat-shaped 1-ton truck, was poorly executed, criticism has spread to the 14,900-won soy sauce marinated crab meal sold at the event, described as too simple for the price. According to social media and SNS on the 17th, a YouTuber named "Massangmu," who has about 640,000 subscribers and reviews food, visited the Yeosu World Islands Expo and shared a video that spread rapidly. In the video, Massangmu describes the...
A woman from Beijing, China, who disappeared 26 years ago, was discovered in a rural village, sparking suspicions of human trafficking. Daughter of a wealthy Beijing family, found in the countryside after 26 years. On the 16th, Hong Kong's South China Morning Post (SCMP) and other Chinese media highlighted the story of Chinese woman Sun Meihua. According to reports, Ms. Sun was born in 1968 in a wealthy Beijing family, fluent in English, and trained in ballet and ballroom dancing. She suddenly lost contact with her family in 2000. Despite years of searching, her whereabouts remained unknown. Her existence only came to light this April, when...
The PGA Tour has finalized the relegation system for its Championship Series. According to the new system announced by the PGA Tour on September 17, 2026 (Korean time), a total of 120 players will participate in the Championship Series, which includes 23 tournaments for the top-tier group of players. Of these, only the top 90 will retain their eligibility for the following season. The 20 players who fail to finish within the top 90 in the Championship Series will be relegated to the lower Challenger Series, while the top 20 performers from the Challenger Series will be promoted to the Championship Series. With the PGA Tour set to operate its events by dividing them into the Championship Series and Challenger Series starting in 2028, the qualification system for the 2027 season will also be changed. Currently, players ranked within the top 100 in the FedEx Cup standings receive eligibility, but in 2027, only those in the top 95 will be able to compete in the Championship Series (and fro
Sixty-six golf courses will remain open throughout the Chuseok holiday without any closures. The Korea Golf Course Management Association announced on September 16 the open and closed schedules of its member golf courses for the three-day Chuseok holiday starting September 24. Sixty-five golf courses will be closed only on Chuseok day. Information about the operational status of each golf course can be found on the Korea Golf Course Management Association's website. ◆ Golf courses open without closure (66 courses): Gamgok, Gangnam 300, Gochang, Gold Lake, Golfzon County Seonun, Golf Club Q, Green Field, Nam Yeoju, Dasan Beache, Damyang Reina, Dogo, Lakeside, Lotte Skyhill Buyeo, Leonette, Maron, Muju Deogyusan, Mungyeong, Venue G, Bayside, Bella 45, BlueOne Yongin, Cypress, Shambala, Sandpine, Seosan Soo, Seowon Valley, Seokjeong Hill, Sagewood Yeosu Gyeongdo, Century 21, Centerium, Sono Felice, Sunhill, Ananti Jungang (formerly Emerson), Asiana, Yangji Pine, Eodeungsan, Edinburgh, Eve
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