Articles by Yonhap
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People Power Party leader vows to downsize National Assembly to 250 seats after election victory
The leader of the ruling People Power Party on Tuesday proposed reducing the number of lawmakers from 300 to 250 as part of political reforms, vowing to pass the proposal through the National Assembly after winning April's parliamentary elections. "The People Power Party will first initiate and pass the law revision ... after achieving victory in the upcoming general election," Han Dong-hoon, chairman of the People Power Party's emergency committee, said during the party'
Politics Jan. 16, 2024
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S. Korea to invest W3tr in robot industry by 2030
South Korea's industry ministry unveiled a plan Tuesday to invest 3 trillion won ($2.26 billion) in the robot sector with private businesses by 2030, with a goal of supplying 1 million robots to local industries. The plan for intelligence robots will focus on securing 80 percent of key robot parts locally by 2030, compared with the current estimate of 44 percent, according to the Ministry of Trade, Industry and Energy. The country will also promptly lift around 50 regulations to pave the wa
Economy Jan. 16, 2024
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ICT exports up 8.1% in Dec. on higher chip demand
South Korea's exports of information and communication technology products rose 8.1 percent in December from a year earlier mainly thanks to a recovery in global chip demand, government data showed Tuesday. Outbound shipments of ICT products came to $18.3 billion last month, compared with $16.9 billion a year earlier, according to the data compiled by the Ministry of Science and ICT. The December tally marked the highest monthly figure for 2023 and the second consecutive month of on-year ga
Economy Jan. 16, 2024
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Complaint filed against Coupang over alleged unfair practices
11Street Co., a South Korean e-commerce company, said Tuesday it has filed a complaint with the anti-trust regulator over its bigger rival Coupang, Inc.'s alleged unfair practices. New York-listed Coupang has recently released the comparison between the maximum commission rates it receives from its product suppliers and competitors' rates to show its rates are lower than theirs. The comparison comes after a local newspaper report that Coupang receives hefty commissions from its supplie
Economy Jan. 16, 2024
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Seoul shares open lower on slump in Europe
South Korean stocks opened lower Tuesday, tracking overnight losses on the European stock market. The benchmark Korea Composite Stock Price Index lost 4.37 points, or 0.17 percent, to 2,521.62 in the first 15 minutes of trading. While Wall Street was closed, European stocks declined on contraction in the German economy and hawkish comments by the European Central Bank officials. In Seoul, big-cap shares started mixed. Market bellwether Samsung Electronics fell 0.41 percent, and No. 2 chipmaker S
Market Jan. 16, 2024
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S. Korea to join US-led multinational anti-submarine exercise
South Korea will join a US-led multinational anti-submarine exercise in waters off Guam on Tuesday, the Navy said, in an effort to hone capabilities against underwater threats. The Navy will deploy some 40 personnel and a P-3 maritime patrol aircraft for the annual Sea Dragon exercise that is set to begin later in the day through Jan. 25, which will also involve India, Australia and Japan. The exercise will train troops aboard maritime patrol aircraft to identify and track submarines with detect
Defense Jan. 16, 2024
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Govt. to front-load record yearly state budget in first half
Finance Minister Choi Sang-mok said Tuesday the government will administer more than 65 percent of this year's fiscal spending in the first half in a move to boost domestic demand and support vulnerable people. "It would be far from easy for the people to feel an economic recovery in the first half due to high inflation and interest rates," Choi said during an emergency economic-related ministers' meeting. "The government will administer more than 65 percent of this year
Politics Jan. 16, 2024
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S. Korea defeat Bahrain to open group stage behind Lee Kang-in's brace
Paris Saint-Germain midfielder Lee Kang-in scored a brace as South Korea defeated Bahrain 3-1 to open their title bid at the Asian Football Confederation Asian Cup in Qatar on Monday. Lee broke the 1-1 deadlock in the 56th minute at Jassim bin Hamad Stadium in Doha and then netted an insurance marker a dozen minutes later for his sixth goal in the past six international matches. Midfielder Hwang In-beom scored the first goal for 23rd-ranked South Korea in the 38th minute, before Abdullah Al Hash
Soccer Jan. 15, 2024
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Celltrion Holdings pushing for listing on Nasdaq: sources
Celltrion Holdings, the parent company of major South Korean pharmaceutical company Celltrion Inc., is pushing for a listing on the Nasdaq stock exchange, industry sources said Monday. Celltrion Holdings' Chairman Seo Jung-jin announced the company's initial public offering plan during an event hosted by the Federation of Korean Industries a day earlier, according to the sources. Seo said the company will push for an IPO on the tech-heavy Nasdaq around the end of this year at the earli
Industry Jan. 15, 2024
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Samsung family members sell W2.7tr worth of shares in group units in block deal
Three members of Samsung Group's founding family have sold their shares totaling 2.7 trillion won ($2 billion) in group affiliates, including Samsung Electronics, in an apparent bid to pay inheritance taxes. Samsung Electronics said in a regulatory filing Monday that Hong Ra-hee, the mother of Samsung Electronics Chairman Lee Jae-yong, and her two daughters -- Hotel Shilla Co. CEO Lee Boo-jin and Lee Seo-hyun, chief of the Samsung Welfare Foundation have unloaded a combined 29.8 million sha
Industry Jan. 15, 2024
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Five more members leave DP to join new party ahead of general elections
A group of former lawmakers and mayors quit the main opposition Democratic Party on Monday, saying they would join a new party that former DP leader Lee Nak-yon is trying to launch, amid attention over how deep the DP's split will go. The departures of the five people -- former lawmakers Shin Kyoung-min and Choi Woon-youl, former Goyang Mayor Choi Sung, former Bucheon Mayor Jang Deog-cheon and former Jecheon Mayor Lee Keun-kyu -- came four days after Lee Nak-yon left the DP to create a new
Politics Jan. 15, 2024
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Seoul shares nearly flat after 8-day fall amid renewed hope for Fed rate cut
Seoul shares closed nearly flat Monday after an eight-session losing streak, as cooler-than-expected US inflation data buoyed hopes for rate cuts by the Federal Reserve this year. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index edged up 0.94 points, or 0.04 percent, to close at 2,525.99. Trade volume was moderate at 788.29 million shares worth 8.05 trillion won ($6.09 billion), with losers outnumbering gainers 575 to 304. Institutions bought a net 89.73
Market Jan. 15, 2024
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S. Korea considering support measures for safe passage in Red Sea
South Korea is considering various measures to secure safe passage for cargo ships in the Red Sea amid rising tensions on the major shipping route, the defense ministry said Monday. Tensions in the Red Sea have escalated as the United States and Britain conducted strikes on military targets in Houthi-controlled areas of Yemen last week following more than two dozen attacks by the rebels since mid-November. "The defense ministry is making all efforts to ensure Korean vessels' safe shipp
Defense Jan. 15, 2024
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Nuclear envoys of S. Korea, US, Japan condemn N. Korea's missile launch
The top nuclear envoys of South Korea, the United States and Japan have condemned North Korea's latest ballistic missile launch during their phone talks earlier this week, Seoul's foreign ministry said Monday. The North test-fired an intermediate-range ballistic missile into the East Sea on Sunday in its first ballistic missile launch this year, according to South Korea's Joint Chiefs of Staff. It came after North Korea fired hundreds of artillery shells near the inter-Korean mari
Foreign Affairs Jan. 15, 2024
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Seoul shares open higher on chip, bio gains
South Korean stocks opened higher Monday as chip and bio shares gained ground. The benchmark Korea Composite Stock Price Index added 5.86 points, or 0.23 percent, to 2,530.91 in the first 15 minutes of trading. Market bellwether Samsung Electronics climbed 1.09 percent, and No. 2 chipmaker SK hynix rose 0.75 percent. Samsung Biologics also added 0.67 percent, and Celltrion climbed 0.66 percent. Auto shares also started in positive terrain, with Hyundai Motor up 0.22 percent and its smaller affil
Market Jan. 15, 2024
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