Articles by Yonhap
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Gyeongju recommended as host city candidate for 2025 APEC summit in S. Korea
The city of Gyeongju in South Korea's North Gyeongsang Province has been recommended as the host city candidate for the 2025 Asia-Pacific Economic Cooperation (APEC) summit, Seoul's foreign ministry said Thursday. The government's APEC summit host city recommendation committee held a meeting earlier in the day and selected Gyeongju, about 280 kilometers southeast of Seoul, as the candidate city to host the summit scheduled to be held next year, the ministry said. The upcomin
Foreign Affairs June 20, 2024
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US Supreme Court dismisses British firm's appeal case over F-35 jet sales to S. Korea
The top US court has dismissed an appeal case by a British company claiming it was wrongfully excluded during South Korea's purchase of advanced US-made F-35 fighters, Seoul's arms procurement agency said Thursday. The US Supreme Court dismissed the appeal Monday in a case that South Korea has argued is beyond the jurisdiction of US courts as the transaction was one between governments, according to the Defense Acquisition Program Administration (DAPA). In December 2020, Blenheim C
Defense June 20, 2024
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Seoul shares up for 3rd day to exceed 2,800 on tech gains
Seoul shares ended higher for the third consecutive session to exceed 2,800 points for the first time in about 2 1/2 years Thursday on tech gains despite concerns over the possible delay of long-awaited US interest rate cuts. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 10.3 points, or 0.37 percent, to close at 2,807.63. The closing index exceeded the 2,800 level for the first time since Jan. 24, 2022, when the comparable reading was 2,828.11. T
Market June 20, 2024
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Financial firms to provide W5tr in loans for real estate projects
Five banks and five insurance firms in South Korea agreed Thursday to provide up to 5 trillion won ($3.6 billion) in additional funding for real estate development projects. The move comes amid government-led efforts to normalize real estate project financing ㅣloans as prices continue to rise, which include the liquidation of failing projects. Under a memorandum of understanding signed Thursday, the five banks and five insurance firms will first create a 1 trillion-won syndicated loan and gradua
Economy June 20, 2024
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S. Korea's auto exports hit record high in May
South Korea's car exports rose 4.8 percent on-year last month to reach a record high for any May, driven by solid demand for eco-friendly vehicles, data showed Thursday. The combined value of car shipments came to $6.5 billion in May, beating the previous record for any May set in 2023, when the value stood at $6.23 billion, according to the Ministry of Trade, Industry and Energy. In terms of volume, car exports advanced 2.9 percent on-year to come to 254,496 units last month. The increase
Market June 20, 2024
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N. Korea, Russia agree to offer military assistance 'without delay' if either is attacked: KCNA
North Korea and Russia have agreed to offer military assistance "without delay" if either is attacked under a new partnership treaty signed after this week's summit, Pyongyang's state media reported Thursday. The Korean Central News Agency disclosed the Korean-language full text of the comprehensive strategic partnership treaty that North Korean leader Kim Jong-un and Russian President Vladimir Putin signed Wednesday after their talks in Pyongyang. Article 4 of the 23-point t
North Korea June 20, 2024
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EU 'ready to react appropriately' against possible safety issues involving T'way's European routes: EASA
The European Union's aviation safety authority will be "ready to react appropriately" against possible flight maintenance issues of the European operation of South Korean low-cost carrier T'way Air, which has recently been plagued by frequent delays due to aircraft maintenance issues, an agency spokesperson said Thursday. T'way Air experienced four flight delay incidents last week alone, affecting hundreds of international passengers connecting South Korea with overseas
Mobility June 20, 2024
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S. Korea conducts probe into imported Toyota, Yamaha models over fraudulent Japanese testing
The South Korean government said Thursday it has carried out a probe into some imported vehicles made by Japanese automakers Toyota Motor Corp. and Yamaha Motor Co. in connection with their improper certification tests in their home country. Seoul's Ministry of Land, Infrastructure and Transport said it has looked into whether 38 models from Japanese automakers currently under investigation for fraudulent certification tests in Tokyo were being sold in South Korea. The ministry said none of
Mobility June 20, 2024
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Seoul shares open higher on tech gains
Seoul shares opened higher Thursday, after a holiday in the US, helped by tech gains amid concerns over the possible delay of a long-awaited interest rate cut by the US Federal Reserve. The benchmark Korea Composite Stock Price Index rose 7.46 points, or 0.27 percent, to 2,804.79 in the first 15 minutes of trading. US stock markets were closed on Juneteenth on Wednesday to commemorate the end of slavery in the US The Fed recently pared back projections for rate cuts this year. In Seoul, tech sto
Market June 20, 2024
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US restates NK-Russia cooperation is trend of 'great concern' after Kim-Putin summit
The United States reiterated Wednesday that growing cooperation between Russia and North Korea is a trend of "great concern," after Pyongyang and Moscow signed a pact calling for mutual aid if either side comes under attack. A State Department spokesperson made the point after Russian President Vladimir Putin and North Korean leader Kim Jong-un inked a "comprehensive strategic partnership" treaty at a summit in Pyongyang on Wednesday amid concerns about security implications
North Korea June 20, 2024
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Romania to buy S. Korean K-9 howitzers for US$920 mln
Romania has confirmed its plan to buy South Korean K-9 self-propelled howitzers for US$920 million, the defense ministry said Wednesday, in another boost for Seoul's drive to clinch more arms export deals. Romanian Defense Minister Angel Tilvar announced the decision during talks in Romania with Seoul's defense chief Shin Won-sik, who is on a weeklong trip to Eastern Europe that will also take him to Poland, according to the ministry. Shin thanked Tilvar for the decision and anticipate
Defense June 19, 2024
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Top court dismisses doctors' call to halt gov't's med school quota hike move
The Supreme Court on Wednesday turned down an injunction filed by doctors seeking to stop the government from raising the number of medical school admissions, a ruling expected to affect several similar pending court proceedings. The top court upheld and finalized the appellate court's decision to reject the injunction filed by trainee doctors and medical professors calling for the suspension of the government plan to increase the medical school quota by 2,000 starting next year. The court
Social Affairs June 19, 2024
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Seoul shares up for 2nd day on tech stocks
Seoul shares advanced by more than 1 percent Wednesday as investors scooped up tech stocks following a rally on Wall Street. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index added 33.41 points, or 1.21 percent, to close at 2,797.33. The closing index marks the highest since Jan. 21, 2022, when the comparable reading was 2,834.29. Trade volume was heavy at 635.72 million shares worth 13.86 trillion won ($10.03 billion), with losers outnumbering winners 53
Market June 19, 2024
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Daytime highs to soar up to 37 C; season's 1st heat wave advisory issued in Seoul
Temperatures are expected to shoot up to 37 C in the city of Goyang, north of Seoul, on Wednesday, as a heat wave grips the nation, the state weather agency said. Other parts of the country are also expected to see temperatures rise to 35 C or higher. Highs are forecast to be 36 C in the southeastern city of Daegu and 35 C in Seoul, the central city of Daejeon and the southwestern city of Gwangju, the Korea Meteorological Administration said. The eastern coastal city of Gangneung was hit by yet
Social Affairs June 19, 2024
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Regulator launches probe into major doctors' group over walkout
The antitrust regulator launched an on-site inspection into a major lobby group for doctors Wednesday for allegedly forcing its members to join a walkout against the government's medical reform plan, officials said. The Fair Trade Commission sent inspectors to the office of the Korean Medical Association in Seoul and conducted a probe regarding the KMA-led one-day walkout on Tuesday that involved community doctors and other medical staff, as well as a massive rally in Seoul, according to of
Social Affairs June 19, 2024
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