Articles by Yonhap
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Seoul shares close lower ahead of parliamentary elections, US inflation data
South Korean stocks ended lower Tuesday as investors grew more cautious ahead of parliamentary elections and the release of key US inflation data later this week. The Korean won fell against the US dollar. After starting higher, the benchmark Korea Composite Stock Price Index lost 12.49 points, or 0.46 percent, to close at 2,705.16. Trade volume was moderate at 458.4 million shares worth 9.48 trillion won ($6.99 billion), with decliners outpacing gainers 489 to 370. Institutions bought stocks wo
Market April 9, 2024
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Opposition leader attends court hearing on corruption charges on eve of elections
Opposition leader Lee Jae-myung accused the Yoon Suk Yeol government of trying to knock out his political enemies as he attended a court hearing on charges connected to a development corruption scandal on the eve of the parliamentary elections Tuesday. Lee, the chair of the main opposition Democratic Party, appeared for the hearing at the Seoul Central District Court on corruption charges related to two apartment construction projects in Seongnam, south of Seoul, launched during his term as the
Politics April 9, 2024
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N. Korea revs up festive mood ahead of late founder's birthday
North Korea has held a photo exhibition and a youth art festival to celebrate the upcoming 112th birthday of late founder Kim Il-sung, state media reported Tuesday. Kim died of heart failure in 1994 at age 82, opening the way for his son, Kim Jong-il, to take over in communism's first hereditary succession of power. Despite the senior Kim's death, his birthday, April 15, is revered as the Day of Sun and is celebrated as one of the communist country's most important national holida
North Korea April 9, 2024
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S. Korea's 2nd spy satellite makes contact with local ground station
South Korea's second military reconnaissance satellite launched into space this week has made contact with a ground station in the country and is undergoing initial operations normally, the defense ministry said Tuesday. The satellite successfully entered orbit after being launched on a SpaceX Falcon 9 rocket from Florida at 8:17 a.m. Monday. It succeeded in communicating with an overseas ground station hours after lift-off. "Our second military reconnaissance satellite has currently e
Defense April 9, 2024
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Big companies increase R&D investment in 2023
Big companies in South Korea increased their investments in research and development activities last year despite decreased earnings, a corporate data tracker said Tuesday. Their combined R&D investments rose 9.4 percent to 73.42 trillion won ($54 billion) in 2023 from 67.14 trillion won a year earlier, according to a recent survey of 224 firms by the data tracker CEO Score. They suffered declines in sales and operating profit due to an economic slowdown but they executed their planned R&
Companies April 9, 2024
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Rival parties vie for final voter support in wider Seoul area on eve of elections
The ruling and opposition parties intensified their final appeals for support on the eve of the quadrennial parliamentary elections Tuesday, concentrating on the most fiercely contested battlegrounds in Seoul. Wednesday's general elections are to pick 300 members of the National Assembly, with 254 of them to be selected through direct elections and the remaining 46 proportional representation seats to be allocated to parties according to the number of votes they receive overall. The quadrennial
Politics April 9, 2024
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N. Korea does not appear ready to address 'outstanding' issues with Japan: Tokyo envoy
North Korea does not appear to be ready to deal with "outstanding" matters with Japan, including the issue of Japanese nationals abducted by Pyongyang decades ago, Tokyo's top envoy to the United States said Monday. Ambassador Shigeo Yamada made the remarks, referring to recent statements from senior North Korean officials that Pyongyang does not have intentions to talk with Tokyo over the abduction issue despite Japan's diplomatic outreach to secure a meeting between Japanes
Foreign Affairs April 9, 2024
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Seoul shares open higher ahead of parliamentary elections, US inflation data
South Korean stocks started higher Tuesday ahead of parliamentary elections and the release of key US inflation data later this week. The benchmark Korea Composite Stock Price Index gained 18.76 points, or 0.69 percent, to 2,736.41 in the first 15 minutes of trading. Overnight, major US indexes were almost flat as investors awaited the March consumer price index report, a key measure of inflation, to be released later this week. Investors' eyes are also on the results of South Korea's
Market April 9, 2024
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US, Britain, Australia mulling cooperation with Japan in AUKUS Pillar II projects
The United States, Britain and Australia are considering cooperation with Japan on advanced capability projects of their trilateral AUKUS security pact, their defense chiefs said in a joint statement Monday. US Defense Secretary Lloyd Austin and his British and Australian counterparts, Grant Shapps and Richard Marles, issued the statement, noting their consideration of cooperation with Japan in AUKUS Pillar II projects. Launched in September 2021 in an apparent move to counter China's regio
World News April 9, 2024
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Police book man in his 50s for creating fabricated video of Yoon
Police said Monday they have booked a man suspected of creating a fabricated video of President Yoon Suk Yeol apologizing for corruption and incompetence ahead of the April 10 general elections. Seoul Metropolitan Police Agency Commissioner Cho Ji-ho said during a regular meeting with the press that the man, who is in his 50s and residing in a provincial region, has admitted to making the fake video. Asked if he is affiliated with any political party, Cho said the man is "working for a poli
Social Affairs April 8, 2024
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US unveils some $11.6 b in grants, loans to TSMC
The US government announced a plan Monday to award Taiwan Semiconductor Manufacturing Co. some $11.6 billion in grants and loans to support the chipmaker's investment for three fabrication plants in Arizona, as it strives to boost domestic semiconductor production. The Department of Commerce has signed a preliminary agreement with TSMC Arizona Corporation, a TSMC subsidiary, to provide up to $6.6 billion in grants and about $5 billion in loans under the CHIPS Act to back TSMC's investment of mor
Industry April 8, 2024
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Seoul shares end tad higher on auto, battery stocks
South Korean stocks ended slightly higher Monday on the back of autos and batteries following stronger-than-expected US jobs data. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index gained 3.44 points, or 0.13 percent, to 2,717.65. Trade volume was moderate at 611.2 million shares worth 10.36 trillion won ($7.6 billion), with decliners outpacing gainers 590 to 277. Foreigners bought 207.6 billion won worth of local shares, while retail investors and instit
Market April 8, 2024
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S. Korean economy to grow 2.3% in 2024: AMRO
An economic surveillance organization in Asia has expected the South Korean economy to expand 2.3 percent this year on rising exports, Seoul's finance ministry said Monday. The ASEAN+3 Macroeconomic Research Office made the assessment in its regional report, noting that the recovery of the semiconductor sector will boost exports and lead the overall economic growth, according to the Ministry of Economy and Finance. Last year, the Korean economy expanded 1.4 percent amid a global economic sl
Economy April 8, 2024
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S. Korea, US to hold regular defense talks on deterrence against N. Korea
South Korea and the United States will hold regular defense talks this week to discuss ways to bolster security cooperation and deter North Korean nuclear and missile threats, Seoul's defense ministry said Monday. The Korea-US Integrated Defense Dialogue will take place in Washington on Thursday for discussions on a range of alliance issues ahead of the allies' Nuclear Consultative Group session in June. South Korean Deputy Defense Minister for Policy Cho Chang-rae, Ely Ratner, US assi
Defense April 8, 2024
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N. Korea's Kim sends message to Putin over flooding in Russia
North Korean leader Kim Jong-un has sent a message consoling Russian President Vladimir Putin over heavy floods that hit Russia's southern region, state media said Monday. Kim's message came in response to media reports that Russia declared a federal emergency after heavy floods in the country's Orenburg region forced thousands of people to evacuate. "Kim Jong-un, on behalf of the DPRK government and people and on his own behalf, extended deep consolation to the Russian presi
North Korea April 8, 2024
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