Articles by Yonhap
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Seoul shares dip 1% on dashed rate-cut hopes
Seoul shares dipped 1 percent Friday as investors were disappointed with hawkish comments by Federal Reserve officials ahead of US jobs data. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 27.79 points, or 1.01 percent, to close at 2,714.21. The main index has fallen 1.2 percent this week. Trade volume was moderate at 615.09 million shares worth 11.16 trillion won ($8.2 billion), with decliners outpacing gainers 633 to 244. Institutions and foreig
Market April 5, 2024
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EV sales drop 25% in S. Korea in Q1; hybrid car sales jump
Electric vehicle sales in South Korea plunged 25 percent in the first quarter from a year earlier, while gasoline hybrid model sales jumped 46 percent during the same period, according to a market tracker Friday. From January to March, the country's EV registrations fell to 25,550 units from 34,186 in the same period of last year as global EV sales growth slows, CarIsYou said in a statement. It is the first time for the first-quarter EV sales to fall compared to a year earlier, the statemen
Industry April 5, 2024
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Seoul shares open lower on dashed hopes for early rate cut
Seoul shares opened lower Friday as investors were disappointed with hawkish comments by Federal Reserve officials. The benchmark Korea Composite Stock Price Index fell 23.64 points, or 0.86 percent, to 2,718.36 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 1.35 percent to 38,596.98 points and the tech-heavy Nasdaq declined 1.4 percent to 16,049.08. Fed officials said the US central bank needs time to be confident on inflation before starting to cut rates a
Market April 5, 2024
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Early voting for parliamentary elections kicks off
Early voting began Friday ahead of next week's parliamentary elections, with turnout reaching a record high amid high interest in the vote seen as a midterm referendum on the administration of President Yoon Suk Yeol. Voters began casting ballots at 3,565 polling stations nationwide at 6 a.m. in the two-day early voting taking place ahead of Wednesday's main vote to elect a new 300-member National Assembly. Voting hours are from 6 a.m. to 6 p.m. As of 11 a.m., some 2.26 million people
Politics April 5, 2024
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FM Cho meets with Italian, Turkish foreign ministers on sidelines of NATO meeting
Foreign Minister Cho Tae-yul has met with his Italian and Turkish counterparts in Brussels to discuss bilateral cooperation and North Korean issues on the sidelines of a meeting of North Atlantic Treaty Organization (NATO) foreign ministers, his office said. Cho held talks with Italian Foreign Minister Antonio Tajani on Wednesday (local time) and discussed ways to cooperate on Africa development and artificial intelligence (AI), key agendas for this year's summit of the Group of Seven (G7)
Diplomatic Circuit April 4, 2024
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1 S. Korean dies in gunfight with police in Cebu during robbery
A South Korean national has died in a gunfight with police in Cebu, the Philippines, while allegedly robbing a house with two other Korean companions, local news outlets reported Thursday. The 47-year-old deceased, surnamed Choi, was robbing a house in a luxury neighborhood in Cebu at around 9:30 p.m. Tuesday (local time), with two other South Korean nationals, both surnamed Kim, according to the media reports. The suspects reportedly threatened the owner of the house, who is also a South Korean
Diplomatic Circuit April 4, 2024
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Trainee doctors' group head says 'no future for S. Korea's medical community' after meeting with Yoon
The leader of a trainee doctors' group said Thursday there is "no future for South Korea's medical community" after his meeting with President Yoon Suk Yeol over the government's push to increase medical school admissions. Park Dan, the head of an emergency committee at the Korea Intern Resident Association, wrote such a short message in his social media post after he met with Yoon for 2 hours and 20 minutes at the presidential office to discuss the standoff between the
Social Affairs April 4, 2024
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Seoul shares rebound on tech gains, revived rate-cut hopes
Seoul shares rebounded sharply Thursday from the previous session's dip on tech, auto gains and revived optimism for the US Federal Reserve to cut rates this year. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 35.03 points, or 1.29 percent, to close at 2,742.00. Trade volume was moderate at 468.06 million shares worth 11.64 trillion won ($8.6 billion), with decliners outpacing gainers 465 to 416. Foreigners bought a net 588 billion won worth
Market April 4, 2024
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LG chairman loses suit filed to recoup part of massive inheritance taxes
LG Group Chairman Koo Kwang-mo on Thursday lost a lawsuit he filed together with his family members to recoup part of the near 1 trillion won ($735.7 billion) in inheritance taxes imposed following the death of former Chairman Koo Bon-moon. After the former chairman's death in 2018, a combined 990 billion won in taxes were imposed on Koo Kwang-mo and other members of the owning family for their inheritance worth about 2 trillion won that included an 11.28 percent share in LG Corp., the hold
Companies April 4, 2024
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Early voting for parliamentary elections to kick off Friday
Early voting for next week's parliamentary elections will kick off Friday for a two-day run, the election watchdog said. Eligible voters will be able to cast ballots at 3,565 polling stations nationwide from 6 a.m. to 6 p.m. during the two-day period, according to the National Election Commission. The NEC said that thorough preparations will be made to ensure voters can cast their votes with confidence in the fairness of the process, particularly in light of the recent discovery of spy cameras a
Politics April 4, 2024
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S. Korea to spend W710.2b to expand AI in everyday life
South Korea will funnel 710.2 billion won ($526.9 million) into the government's projects to integrate artificial intelligence into everyday life, the science ministry said Thursday. The AI Strategy High-Level Consultative Council, a government-civilian panel for shaping AI policies, convened its inaugural meeting and approved the investment plan to proceed with 69 AI projects aimed at helping the people feel the benefits of AI across all sectors, according to the Ministry of Science and IC
Technology April 4, 2024
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Seoul shares open sharply higher on revived rate-cut hopes
Seoul shares opened higher Thursday as US Federal Reserve Chair Jerome Powell reaffirmed rate cuts this year. The benchmark Korea Composite Stock Price Index rose 31.45 points, or 1.16 percent, to 2,738.42 in the first 15 minutes of trading. The US central bank reiterated it will take a wait-and-see approach before cutting rates this year. But Powell's view that inflation figures did not materially change the Fed's overall picture gave a boost to risk assets. In Seoul, tech, auto and e
Market April 4, 2024
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Biden, Kishida to discuss N. Korean threats, trilateral cooperation with S. Korea: White House
President Joe Biden and Japanese Prime Minister Fumio Kishida will discuss an array of issues, including North Korean threats and the two countries' trilateral cooperation with South Korea, during their summit next week, a White House official said Wednesday. The two leaders are set to hold the summit on April 10 as Washington and Tokyo are stepping up defense cooperation amid growing security uncertainties stemming from North Korea's evolving military threats, China's growing assertiveness and
North Korea April 4, 2024
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Russia says S. Korea's sanctions on Russian ships, individuals 'unfriendly'
Russia's foreign ministry on Wednesday criticized South Korea's decision to impose sanctions on Russian ships and others, and vowed to take actions in response to the "unfriendly step." On Tuesday, South Korea imposed sanctions on two Russian individuals and their companies involved in the illegal sending of North Korean IT workers overseas as well as two Russian vessels involved in shipping containers of military supplies between Pyongyang and Moscow. "The introduction
Foreign Affairs April 3, 2024
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NATO invites S. Korea to Washington summit in July
The chief of the North Atlantic Treaty Organization said Wednesday leaders of South Korea and three other nations in the Indo-Pacific region were invited to the upcoming summit scheduled in July in Washington. NATO Secretary General Jens Stoltenberg said South Korea was invited to the NATO summit for the third year as one of the non-NATO partners in the Indo-Pacific region, which include Japan, Australia and New Zealand. "I welcome the fact that I have now invited for the third time the hea
Foreign Affairs April 3, 2024
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