Articles by Yonhap
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Exports soar 34% from July 1-10 on strong chip sales
South Korea's exports jumped 33.8 percent on-year in the first 10 days of July on strong global demand for semiconductors, data showed Thursday. Outbound shipments reached $17.75 billion in the July 1-10 period, compared with $13.26 billion tallied a year earlier, according to the data from the Korea Customs Service. Per-day exports also gained 10.2 percent on-year to $2.09 billion. Imports grew 26.7 percent on-year to $19.7 billion during the period, resulting in a trade deficit of $2 bill
Economy July 11, 2024
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Seoul shares open higher on Powell's comments
Seoul shares opened higher Thursday as Wall Street rallied after Federal Reserve Chairman Jerome Powell said the central bank will not wait until inflation "gets all the way down to 2 percent" for a rate cut. The benchmark Korea Composite Stock Price Index jumped 27.35 points, or 0.95 percent, to 2,895.29 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq Composite and the S&P 500 rose to record highs. The Dow Jones Industrial Average also increased 1.09 percent.
Market July 11, 2024
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S. Korea, Japan hold 1st meeting of senior defense officials in 9 years
South Korea and Japan held joint talks between their senior defense officials in Tokyo on Wednesday, the defense ministry said, amid efforts to improve bilateral ties and deter threats from North Korea. It marked the first time the director general-level meeting was held since August 2015. The meeting had usually been held on an annual basis since it was launched in 1994. Lee Seung-beom, director general for international policy at the defense ministry, and his Japanese counterpart, Atsushi Ando
Defense July 10, 2024
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Driver behind deadly car crash in downtown Seoul undergoes 2nd round of police questioning
The driver responsible for a deadly car crash that killed nine pedestrians in central Seoul last week underwent a second round of police questioning Wednesday, officials said. The 68-year-old man, identified only by his surname Cha, was questioned for approximately four hours while receiving treatment at a hospital, according to the Seoul Namdaemun Police Station. Cha reportedly reiterated his claim that the brakes of his car did not function properly at the time of the accident, consistent with
Social Affairs July 10, 2024
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Yoon arrives in Washington to attend high-stakes NATO Summit
WASHINGTON -- President Yoon Suk Yeol arrived in Washington on Wednesday to attend a North Atlantic Treaty Organization summit with a strong message against North Korea's military cooperation with Russia amid the prolonged war in Ukraine. South Korea was invited to the NATO summit for the third consecutive year as one of the Indo-Pacific partners, alongside Japan, Australia and New Zealand. During his two-day stay, Yoon is expected to have a series of bilateral meetings with leaders from ov
Foreign Affairs July 10, 2024
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Outgoing Ulsan coach acknowledges fans' anger toward his departure for national team
Ulsan HD FC head coach Hong Myung-bo said Wednesday he understands the anger Ulsan supporters feel toward him for leaving their K League 1 club for the South Korean national team. Before Ulsan hosted Gwangju FC at Munsu Football Stadium in the southeastern city of Ulsan, Hong met with the media for the first time since being named the new head coach for the men's national team on Sunday. Hong's hiring came as a surprise to many, because Hong had publicly rejected offers from the Kore
Soccer July 10, 2024
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Seoul shares close nearly flat ahead of US inflation data
Seoul shares closed nearly flat Wednesday as investors sat on the sidelines ahead of the release of the latest US inflation data that may give more clues on future rate directions. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index inched up 0.61 points, or 0.02 percent, to 2,867.99. Trade volume was moderate at 459 million shares worth 11.2 trillion won ($8 billion), with losers outnumbering gainers 432 to 423. Foreigners sold a net 599 billion won, w
Market July 10, 2024
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Govt. vows to boost housing supply amid real estate market volatility
Finance Minister Choi Sang-mok said Wednesday that the government will devise measures to increase housing supply if needed, as South Korea has seen growing volatility in the real estate market. "Volatility has risen in the real estate market as housing prices have gone up in Seoul and some adjacent regions, though overall industry indices remain stable," Choi said during a meeting of economy-related ministers in Seoul on the day. "The government will enhance the monitoring of the
Economy July 10, 2024
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S. Korea adds fewer than 100,000 jobs for 2nd month in June
South Korea added fewer than 100,000 jobs for the second consecutive month in June due to the slowing growth of manufacturing jobs and the weak construction industry, data showed Wednesday. The number of employed people came to 28.91 million last month, up 96,000 from a year earlier, according to the data compiled by Statistics Korea. In May, 80,000 new jobs were added on-year, which was the fewest since February 2021, when the country shed 473,000 positions amid the COVID-19 pandemic. In Januar
Social Affairs July 10, 2024
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Yoon pledges to enhance combined readiness with US against N. Korea
President Yoon Suk Yeol vowed to bolster South Korea's combined defense readiness with the United States to deter North Korea's growing threats during his visit to the Indo-Pacific Command in Hawaii on Tuesday. Yoon made the remark during his meeting with Adm. Samuel Paparo, commander of Indo-Pacific Command, and Gen. Paul LaCamera, commander of US Forces Korea, and other US military leaders. "North Korea's evolving nuclear and missile capabilities and continued provocations
Politics July 10, 2024
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Seoul shares open lower as Powell withholds hints on rate cuts
Seoul shares opened lower Wednesday, as investors sat on the sidelines after Federal Reserve Chairman Jerome Powell fell short of offering more details on the path of the Fed's rate policy. The benchmark Korea Composite Stock Price Index fell 5.96 points, or 0.21 percent, to 2,861.42 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite and the S&P 500 rose to record highs, although the Dow Jones Industrial Average edged down 0.13 percent. During his congression
Market July 10, 2024
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'Anything' South Korea can do for Ukraine's defense ability will be 'warmly welcomed': NATO official
"Anything" that South Korea can provide to help strengthen Ukraine's defense capabilities will be "warmly welcomed," a senior NATO official said Tuesday, stressing the "strategic" implications of Russia's war in Ukraine for both Europe and Asia. The official made the remarks as Seoul has said it would reconsider its policy ban on the provision of lethal weapons to Ukraine following last month's summit between Russian President Vladimir Putin and North
Foreign Affairs July 10, 2024
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Labor side proposes 13.6 pct hike in 2025 minimum wage; management suggests near freeze
The labor segment of the Minimum Wage Commission proposed a 13.6-percent increase in next year's minimum wage Tuesday, while management representatives called for a near freeze. The proposals were made during the ninth plenary session of the commission tasked with determining the legal minimum wage per hour for 2025. This year's rate is set at 9,860 won (US$7.13), with an eye being placed on whether it will surpass 10,000 won for the first time. The labor side of the commission, which
Social Affairs July 9, 2024
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N. Korea-Russia relationship will end when Ukraine war is over: ex-Trump official
The growing alignment between Russia and North Korea will end when the war in Ukraine is over, and bringing the conflict to a stop will be a priority if ex-U.S. President Donald Trump returns to the White House, a former U.S. official said Tuesday. Fred Fleitz, a former chief of staff of the National Security Council under the previous Trump administration, also said it will be a "bad precedent" for South Korea if it were to acquire its own nuclear weapons. "This relationship show
North Korea July 9, 2024
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Another round of heavy downpours forecast till early Wednesday, Seoul expected to receive up to 120 mm
Another round of monsoon rains will hit most regions of the country till late Wednesday with the greater Seoul area to receive up to 120 mm of rainfall until late Wednesday, the state weather agency said Tuesday. Heavy downpours have left one person missing, and many houses and roads inundated in the southern regions, and heavy rain warnings across the country may be issued later in the day, according to the Korea Meteorological Administration. The downpours will continue in the wider Seoul area
Social Affairs July 9, 2024
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