Articles by Yonhap
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US Fed keeps key lending rate unchanged for 4th straight time
The US Federal Reserve held its benchmark lending rate steady for a fourth consecutive time during a monetary policy meeting on Wednesday, amid expectations that it would start lowering rates later this year. After the two-day Federal Open Market Committee meeting, the central bank announced its decision to keep the rate between 5.25 and 5.50 percent, as Fed Chair Jerome Powell said that a rate cut in March is "probably not the most likely case." The bank has maintained the rate at the
World News Feb. 1, 2024
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Stage X picked as new operator of 5th-generation network
A local consortium was selected as the new operator of the 28 gigahertz band of the fifth-generation network in South Korea on Wednesday, the science ministry said, becoming the country's fourth mobile carrier. Stage X, a consortium of Stage Five, a communications affiliate of tech giant Kakao Corp., and other unidentified companies, will be the fourth operator of the 5G network. Currently, three major mobile carriers -- SK Telecom Co., KT Corp. and LG Uplus Corp. -- are the country's
Industry Jan. 31, 2024
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Samsung C&T 2023 net profit up on construction, resort business
Samsung C&T said Wednesday its 2023 net profit gained 6.8 percent from a year earlier, driven by the strong performance of its construction and resort business. The net profit came to 2.71 trillion won ($2 billion) in the three months ended in December, compared with 2.54 trillion won a year ago, the company said in a regulatory filing. Operating profit was 2.87 trillion won, compared with 2.52 trillion from the previous year, and annual sales fell 2.9 percent to 41.89 trillion won. The trad
Industry Jan. 31, 2024
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Earthquake hits waters off Jeju Island but no damage
A 3.8 magnitude earthquake struck waters off the southern island of Jeju on Wednesday but there were no immediate reports of damage. The quake occurred at 5:36 p.m. in waters about 62 kilometers northeast of Ieodo, a submerged rock south of Jeju Island, some 450 km south of Seoul, according to the Korea Meteorological Administration (KMA). The epicenter was at a depth of 13 km. The quake is the strongest to occur on the Korean Peninsula and its surrounding waters since a 4.0-magnitude quake in t
Social Affairs Jan. 31, 2024
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Integrated labor union of 4 Samsung units to set sail
A labor union comprising workers of four Samsung Group affiliates will officially set sail next month, industry sources said Wednesday. The unionized workers held their first intercompany labor union meeting earlier in the day to make an internal announcement of the union's establishment, according to the sources. The Samsung affiliates are Samsung Electronics's device experience (DX) division, Samsung Fire & Marine Insurance, Samsung Display and Samsung Biologics. The integrated u
Industry Jan. 31, 2024
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Unification minister slams NK war rhetoric backers as 'anti-state'
Unification Minister Kim Yung-ho on Wednesday condemned some liberal South Koreans supportive of North Korea's war rhetoric for having an "anti-state" mindset that could undermine the foundation of the South. The minister made the remark at the start of a screening session of "Beyond Utopia," a US documentary film depicting North Korean defectors' desperate escape from their home country. Citing a news report that some liberal experts said during a forum at the Nati
North Korea Jan. 31, 2024
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Seoul shares fall as chipmakers weighed down after Samsung Electronics earnings
South Korean stocks closed slightly lower Wednesday, hurt by declines in semiconductor stocks after chip giant Samsung Electronics reported its fourth-quarter earnings. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 1.72 points, or 0.07 percent, to 2,497.09. Trade volume was moderate at 443.1 million shares worth 8.69 trillion won ($6.50 billion), with losers outpacing winners 525 to 350. Market watchers cited the mixed performance of overnight Wa
Market Jan. 31, 2024
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Seoul shares open weaker ahead of US Fed's rate decision
South Korean stocks opened weaker Wednesday ahead of a key rate decision by the US Federal Reserve this week. The benchmark Korea Composite Stock Price Index slid 6.01 points, or 0.24 percent, to 2,492.80 in the first 15 minutes of trading. Overnight, US stocks closed mixed as Wall Street waited for the Fed's latest decision on interest rates. The Dow Jones Industrial Average inched up 0.35 percent, while the S&P 500 shed 0.06 percent. The Nasdaq composite dropped 0.76 percent. In Seoul
Market Jan. 31, 2024
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Bolton warns Trump could seek 'reckless' deal on NK nuclear program if reelected
Former US National Security Advisor John Bolton warned in a new edition of his memoir Tuesday that former President Donald Trump, if reelected, could attempt to reach a "reckless" deal on North Korea's nuclear program that would alienate South Korea. Bolton, who served as national security advisor under Trump from 2018-2019, made the prediction in the new foreword of his book, "The Room Where It Happened," as Trump is expected to face President Joe Biden in the Nov. 5 pr
Foreign Affairs Jan. 31, 2024
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S. Korea defeat Saudi Arabia on penalties to reach quarterfinals
South Korea knocked off Saudi Arabia 4-2 on penalties to advance to the quarterfinals at the Asian Football Confederation Asian Cup in Qatar on Tuesday. South Korean goalkeeper Jo Hyeon-woo made two stops in the shootout, while the first four South Korean shooters all converted their kicks at Education City Stadium in Al Rayyan, west of Doha, in the round of 16 at the top AFC tournament. Abdullah Radif gave Saudi Arabia the lead less than a minute into the second half, and the Green Falcons were
Soccer Jan. 31, 2024
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N. Korea says it conducted launch of 'Hwasal-2' strategic cruise missile
North Korea said Wednesday it conducted a drill to launch the Hwasal-2 strategic cruise missile the previous day to check its rapid counterattack posture and improve its strategic striking capability. The launch in the Yellow Sea had "no adverse effect on the security of a neighboring country," the Korean Central News Agency said without giving further details, including how many missiles were launched and how far they flew. South Korea had said Tuesday the North fired several cruise m
North Korea Jan. 31, 2024
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S. Korean Shin Ji-a captures women's figure skating silver at Winter Youth Olympics
South Korean teenager Shin Ji-a won the silver medal in the women's singles figure skating at the Winter Youth Olympics on home ice Tuesday. Shin, 15, became the second straight South Korean medalist in this event, following the 2020 Youth Olympic champion, You Young. Shin scored 191.83 points overall, with 125.35 points in Tuesday's free skate added to 66.48 points from Sunday's short program. Mao Shimada of Japan, the leader after the short program with 71.05 points, earned 125.
More Sports Jan. 30, 2024
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Yoon vows to do more to preserve Buddhist heritage
President Yoon Suk Yeol attended a Buddhist New Year's gathering Tuesday and pledged to do more to better preserve Buddhist and other religious heritages. The gathering co-organized by the Association of Korean Buddhist Orders and the Buddhist leaders' forum of the Jogye Order brought together some 800 members of the public, Buddhist leaders, including Jogye leader Ven. Jinwoo, lawmakers and government officials, to mark the 2568th year in the Buddhist calendar. In congratulatory remar
Culture Jan. 30, 2024
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Korean Air shifts to Q4 net loss on operating costs
Korean Air Co., South Korea's national flag carrier, said Tuesday it had shifted to a net loss in the fourth quarter of 2023 from a year earlier due to increased operating costs. Korean Air swung to an estimated net loss of 234.59 billion won ($176 million) in the three months ended on Dec. 31 from a net profit of 353.98 billion won a year earlier, the company said in a statement. Operating profit likely plunged 65 percent to 183.61 billion won in the October-December period from 520.08 bil
Industry Jan. 30, 2024
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FM Cho discusses alliance, N. Korea issues with top US envoy
South Korean Foreign Minister Cho Tae-yul met with the top US envoy to Seoul on Tuesday to discuss ways of boosting the bilateral alliance and trilateral cooperation with Japan amid growing threats from North Korea. In his talks with Ambassador Philip Goldberg, Cho stressed that the South Korea-US alliance has stepped up to an unprecedented level since the allies marked their 70th anniversary last year and proposed they continue to advance the alliance, the foreign ministry said in a press relea
Foreign Affairs Jan. 30, 2024
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