Articles by Yonhap
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Seoul shares close higher ahead of Fed chairman's testimony
Seoul shares closed slightly higher Tuesday as investors awaited a congressional testimony by Federal Reserve Chairman Jerome Powell this week. The local currency gained against the US dollar. The benchmark Korea Composite Stock Price Index added 9.62 points, or 0.34 percent, to 2,867.38. Trade volume was moderate at 443.2 million shares worth 10.8 trillion won ($7.83 billion), with gainers outnumbering losers 453 to 406. Foreigners bought a net 313 billion won, while individuals offloaded a net
Market July 9, 2024
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Govt. to cut trainee doctor quota unless hospitals accept resignations by next Monday
The government has notified hospitals that it will reduce next year's quota of trainee doctors unless they accept their resignations by next week, according to officials and the medical community Tuesday. The move is seen as a measure to put pressure on trainee doctors, who have left their worksites since late February in protest of the medical reform, to return to hospitals. The notice was sent to training hospitals Monday, when the government announced a decision to withdraw its plan to t
Social Affairs July 9, 2024
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Cabinet again passes motion requesting reconsideration of bill on special probe into Marine's death
The Cabinet again passed a motion Tuesday demanding the National Assembly reconsider a bill mandating a special counsel investigation into the military's response to a Marine's death, the second time it did so in less than two months. The bill calls for the appointment of a special counsel to look into allegations the presidential office and the defense ministry inappropriately interfered in the military's investigation into the death of Cpl. Chae Su-geun, who was killed during a search mission
Politics July 9, 2024
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S. Korea, Thailand launch first round of talks for trade deal
South Korea's trade ministry announced Tuesday that it has launched the first round of negotiations with Thailand to seek an Economic Partnership Agreement aimed at bolstering bilateral trade and investment. The South Korean delegation, led by Deputy Minister for FTA Negotiations Roh Keon-ki, plans to discuss related matters with his counterpart, Chotima Iemsawasdikul, in Bangkok through Thursday, according to the Ministry of Trade, Industry and Energy. An EPA is intended to establish a mut
Economy July 9, 2024
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Yoon arrives in Hawaii to begin US trip focused on security
President Yoon Suk Yeol arrived in Hawaii on Monday to kick off his trip to the United States focused on bolstering South Korea's security against North Korea's evolving nuclear and missile threats. Yoon will stay in Honolulu for two days ahead of his visit to Washington, DC, to attend a North Atlantic Treaty Organization summit Wednesday and Thursday. Upon arrival, Yoon and first lady Kim Keon Hee visited the National Memorial Cemetery of the Pacific and laid wreaths in honor of veter
Foreign Affairs July 9, 2024
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Seoul shares open higher tracking Wall Street
Seoul shares opened higher Tuesday, tracking overnight gains on Wall Street buoyed by technology shares. The benchmark Korea Composite Stock Price Index gained 10 points, or 0.35 percent, to 2,867.76 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite and the S&P 500 rose to hit record highs as investors scooped up technology shares, including Apple and Nvidia. Investors have been waiting for Federal Reserve Chairman Jerome Powell's congressional testimony and
Market July 9, 2024
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NATO is 'not expanding' into Indo-Pacific: US official
The North Atlantic Treaty Organization is not expanding into the Indo-Pacific, but it has a "wide" opportunity for greater cooperation with South Korea and other regional partners, a senior US official said Monday. Ambassador Michael Carpenter, senior advisor for Europe at the White House National Security Council, made the remarks as South Korean President Yoon Suk Yeol and the leaders of Japan, Australia and New Zealand have been invited to the NATO summit set to take place in Washin
Foreign Affairs July 9, 2024
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S. Korea, US to hold 5th round of defense cost-sharing talks this week
South Korea and the United States will hold their fifth round of negotiations this week on sharing the costs for stationing the 28,500-strong US Forces Korea (USFK), the foreign ministry said Monday. The latest round of talks on the Special Measures Agreement will take place in Seoul from Wednesday to Friday, according to the Ministry of Foreign Affairs. The fourth round of talks was held in late June. The allies launched the negotiations in April, earlier than expected, amid speculation that Se
Defense July 8, 2024
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Seoul shares end 3-day winning streak on profit-taking
Seoul shares closed lower to snap their three-day rise Monday as investors moved to lock in profits. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 4.47 points, or 0.16 percent, to 2,857.76. Trade volume was moderate at 420.2 million shares worth 9.8 trillion won ($7.1 billion), with gainers outnumbering losers 518 to 344. The Kospi declined as retail investors and institutions sold shares worth 184.2 billion won and 347.6 billion won, respect
Market July 8, 2024
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First lady text allegations rekindle tensions between Han, Yoon's office
Tensions between former ruling party chief Han Dong-hoon and the presidential office have surfaced again following allegations Han snubbed text messages from first lady Kim Keon Hee early this year, a development that threatens to consume the party's national convention just weeks away. Han, who served as interim leader of the ruling People Power Party (PPP) ahead of the April 10 general elections, reportedly ignored five Telegram messages the first lady sent to him in January to offer to r
Politics July 8, 2024
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LGES Q2 operating profit plunges 58% as EV sales slip
LG Energy Solution Ltd., South Korea's leading battery maker, said Monday its second-quarter operating profit plunged 58 percent from a year earlier due to slowing sales of electric vehicles. Operating profit for the three months ended in June is estimated to have plummeted to 195.3 billion won ($142 million) from 460.6 billion won in the same period of last year, LGES said in a statement. "Decreased lithium and other metal prices weighed on EV battery prices, and lower demand from aut
Economy July 8, 2024
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Govt. to halt administrative steps against striking trainee doctors for breakthrough
The government is likely to halt the suspension of licenses and other administrative steps against striking trainee doctors in an effort to seek a breakthrough in monthslong medical service disruptions, officials said Monday. Health Minister Cho Kyoo-hong is scheduled to hold a press briefing later in the day after a meeting of the Central Disaster and Safety Countermeasures Headquarters, during which he will announce measures that would help facilitate dialogue and resolve the ongoing standoff
Social Affairs July 8, 2024
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Ruling party asks Yoon to veto special probe bill on Marine's death
The ruling People Power Party on Monday publicly proposed that President Yoon Suk Yeol veto a bill mandating a special counsel investigation into the military's response to a Marine's death. PPP floor leader Choo Kyung-ho made the appeal during an emergency committee meeting, saying that his party cannot accept such an "unconstitutional" bill that was railroaded by the main opposition Democratic Party (DP). "We strongly ask that the president exercise his veto rights on
Politics July 8, 2024
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Unionized workers at Samsung Electronics set to stage 3-day strike
Unionized workers of Samsung Electronics Co. are set to launch a three-day strike Monday, but the planned labor action is unlikely to disrupt production at the technology giant due to low participation. The National Samsung Electronics Union, the biggest labor union with 29,000 members, will kick off the strike with a rally at the entrance of the company's facility in Hwaseong, 45 kilometers south of Seoul, according to industry sources. The strike is scheduled to last through Wednesday. Th
Economy July 8, 2024
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Yoon set to travel to US for NATO summit with focus on Russia-N. Korea ties
President Yoon Suk Yeol is set to embark on a trip to the United States on Monday to attend a North Atlantic Treaty Organization summit in Washington, where he will address concerns over deepening defense cooperation between North Korea and Russia. Yoon will visit Washington from Wednesday and Thursday to meet with NATO leaders for discussions on the ongoing war in Ukraine and enhancing cooperation between the transatlantic security alliance and the Indo-Pacific region. South Korea was invited t
Politics July 8, 2024
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