Articles by Yonhap
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Govt. open to change in medical school quota hike if better option is proposed: minister
The government is open to the possibility of changing its policy to increase the medical school admission quota if a better option is proposed, the interior minister said Wednesday, as the walkout by protesting trainee doctors continued for the seventh week. Interior Minister Lee Sang-min made the remark during a government response meeting amid no signs of a breakthrough in the prolonged standoff between the government and the medical community over the plan to add 2,000 more medical school sea
Social Affairs April 3, 2024
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Seoul shares open lower on faded hopes for early rate cut by Fed
Seoul shares opened lower Wednesday, tracking overnight losses on Wall Street, after robust US manufacturing activity spurred speculation that the Federal Reserve will keep interest rates higher for the time being. The benchmark Korea Composite Stock Price Index fell 32.21 points, or 1.17 percent, to 2,720.95 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 1 percent to 39,170.24 and the tech-heavy Nasdaq shed 0.95 percent to 16,240.45. In Seoul, large-cap sto
Market April 3, 2024
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N. Korea claims successful launch of new IRBM tipped with hypersonic warhead
North Korea said Wednesday it has successfully test-fired a new intermediate-range ballistic missile tipped with a hypersonic warhead, saying that all missiles the country has developed are now solid-fuel and nuclear capable with warhead control capability. North Korean leader Kim Jong-un guided the testing of the Hwasong-16 missile Tuesday, according to the Korean Central News Agency. The South Korean military said Tuesday it detected the firing of an IRBM from the Pyongyang region and the miss
North Korea April 3, 2024
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Biden stresses 'enduring' US commitment to Korean Peninsula denuclearization to Xi: White House
President Joe Biden underscored the United States' "enduring" commitment to the complete denuclearization of the Korean Peninsula during phone talks with Chinese President Xi Jinping on Tuesday, the White House said. The call came amid growing concerns over North Korea's continued saber-rattling, including its missile launch this week, and a potential erosion of the sanctions regime against the North due to Russia's veto last week of a resolution to extend the mandate of a UN panel mon
Foreign Affairs April 3, 2024
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S. Korea, Chile hold talks on improving bilateral FTA
South Korea's trade ministry said Tuesday it has launched another round of talks with Chile to update their bilateral free trade agreement (FTA) that went into effect in 2004, aiming to reflect the latest changes in the global supply chain and the digital economy. Director General for FTA Policy Ahn Chang-yong met his Chilean counterpart, Pablo Urria, in Santiago for the ninth round of negotiations on improving South Korea's first FTA, according to the Ministry of Trade, Industry and E
Foreign Affairs April 2, 2024
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Hyundai Motor Group becomes largest shareholder of KT Corp.
Hyundai Motor Group has become the largest shareholder of a leading mobile carrier, KT Corp., the communications service provider said Tuesday in a regulatory filing. Hyundai's status as the largest shareholder, however, requires approval from the science ministry. The change came as the National Pension Service, previously the largest shareholder of KT, sold some 2.88 million shares on the day, lowering its stake in the mobile service provider to 7.51 percent from 8.53 percent, according t
Industry April 2, 2024
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Seoul shares up for 3rd day on tech gains; won at 5-month low
Seoul shares closed higher Tuesday to extend their winning streak to a third day on strong gains in techs amid speculation that strong US data may prod the Federal Reserve to push back its rate-cut timetable. The Korean won tumbled to the lowest in over five months to the US dollar. The benchmark Korea Composite Stock Price Index rose 5.30 points, or 0.19 percent, to close at 2,753.16. Trade volume was heavy at 618.07 million shares worth 12.9 trillion won ($9.5 billion), with decliners outpacin
Market April 2, 2024
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Foreigners must stay in S. Korea for 6 months to be eligible for state health insurance as dependents
Foreigners and overseas Koreans can only become eligible for the state health insurance coverage as dependents if they reside in South Korea for at least six months, according to the health ministry Tuesday. The tightened rule, which goes into effect Wednesday, comes as some foreigners have reportedly exploited the nation's health insurance system. Media reports have said some foreign nationals working in South Korea register siblings and other relatives as dependents and arrange temporary
Social Affairs April 2, 2024
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Seoul shares open lower on strong US data
Seoul shares opened lower Tuesday on speculation that stronger than expected data may prod the Federal Reserve to push back its rate-cut timetable. The benchmark Korea Composite Stock Price Index fell 10.12 points, or 0.4 percent, to 2,737.74 in the first 15 minutes of trading. The Institute for Supply Management's manufacturing purchasing managers' index released overnight stayed at 50.3 last month, the highest since September 2022 despite a prolonged tightening mode by the Fed. The F
Market April 2, 2024
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Consumer prices rise over 3% for 2nd month in March
South Korea's inflation stayed over 3 percent for the second consecutive month in March on record prices of fruits and rising global oil prices, data showed Tuesday. Consumer prices, a key gauge of inflation, rose 3.1 percent on-year last month, following a 3.2 percent increase the previous month, according to the data from Statistics Korea. In January, inflation fell below 3 percent for the first time since July 2023, but high prices of fruits, farm produce and energy have caused inflation
Economy April 2, 2024
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USTR takes issue again with S. Korean bills on network usage fees
The Office of the US Trade Representative has taken issue again with South Korean bills calling on foreign online content providers to pay network usage fees in a recent report, saying they could be "anticompetitive." On Friday, the office issued the 2024 National Trade Estimate Report on Foreign Trade Barriers, where it touched on the bills that have been pending at the National Assembly. US streaming giant Netflix and other foreign content providers could be subject to the fees in qu
World Business April 2, 2024
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Football coach stresses cohesion ahead of Olympic qualifiers
With South Korea preparing for the Olympic men's football qualifying tournament kicking off in two weeks, head coach Hwang Sun-hong on Monday emphasized the importance of cohesion. "There will be no such thing as an easy opponent," Hwang told reporters before a training session at Icheon Stadium in Icheon, some 60 kilometers south of Seoul. "No matter whom we face, it's really up to how we prepare. Our players have a strong desire to play at the Olympics, and I have conf
Soccer April 1, 2024
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Hyundai Motor's March sales down 3.7 pct on weaker demand in S. Korea
Hyundai Motor, South Korea's leading automaker, said Monday its monthly sales fell 3.7 percent in March from a year earlier due to sluggish demand in its home market. Hyundai Motor sold 369,132 vehicles last month, down from 383,396 units a year ago, the company said in a statement. Domestic sales sank 16.1 percent on-year to 62,504 units last month, and exports edged down 0.7 percent to 306,628 units during the cited period. Hyundai Motor said it sold 15,302 sedans, including 6,100 Grandeu
Mobility April 1, 2024
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Seoul shares up for 2nd day amid revived hopes for US rate cuts
Seoul shares closed higher Monday as US inflation data was in line with market expectations raising hopes that the Federal Reserve may start cutting rates in June at the earliest. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 1.23 points, or 0.04 percent, to close at 2,747.86. Trade volume was slim at 391.77 million shares worth 9.9 trillion won ($7.3 billion), with gainers outpacing losers 573 to 295. Institutions and foreigners bought a combine
Market April 1, 2024
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S. Korea launches research center in defense artificial intelligence
The defense ministry on Monday established a research center aimed at overseeing artificial intelligence development in the defense sector as part of efforts to introduce advanced technologies to the military. A founding ceremony for the Defense AI Center took place at the state-run Agency for Defense Development in Daejeon, 139 kilometers south of Seoul, attended by Defense Minister Shin Won-sik and Science Minister Lee Jong-ho, according to Shin's office. The launch came as part of South
Defense April 1, 2024
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