Articles by Yonhap
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Posco Holdings 2023 net tumbles 48.5% amid steel slump
South Korea's top steelmaker POSCO Holdings Inc. said Tuesday its 2023 earnings nearly halved from a year earlier amid a global industry slump. Net profit stood at 1.83 trillion won ($1.37 billion) last year, down 48.5 percent from a year earlier, the company said in a regulatory filing. Sales declined 9 percent on-year to 77.13 trillion won, with operating income falling 27.2 percent to 3.53 trillion won. POSCO Holdings' 2023 operating profit was far below a median estimate of 4.09
Industry Jan. 23, 2024
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FM Cho holds first phone talks with Japanese counterpart
Foreign Minister Cho Tae-yul spoke by phone with his Japanese counterpart, Yoko Kamikawa, on Tuesday to discuss bilateral relations and other issues, his office said, the first such talks between the two top diplomats since Cho's inauguration. The ministers assessed the improvement in bilateral relations and the rebuilding of trust between the two countries through the series of leaders' summits and foreign ministers' talks that took place last year. In this vein, they agreed that
Foreign Affairs Jan. 23, 2024
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Bail granted to ex-Ssangbangwool head accused of illegal remittance to N. Korea
A local court on Tuesday granted bail to the former chairman of South Korean underwear maker Ssangbangwool who had been arrested for embezzlement and illegal remittance to North Korea. The Suwon District Court allowed former Ssangbangwool Chairman Kim Sung-tae to be released on bail on condition that he pay 100 million won (US$75,000) and carry a real-time location tracking device with him until trials are over. The former chairman is expected to be released late Tuesday evening when the depos
Social Affairs Jan. 23, 2024
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S. Korean diplomatic missions under fire for wrong depiction of flag, traditional clothing
Two South Korean diplomatic missions came under criticism Tuesday after they posted wrong images of the national flag and traditional clothing on their social networking services. Earlier in the day, Seo Kyoung-duk, a Sungshin Women's University professor well known for his efforts to promote Korean interests abroad, took issue with a Facebook post by the South Korean Embassy in the Czech Republic that depicted a graphic image of a woman dressed in what appears to be Chinese traditional att
Foreign Affairs Jan. 23, 2024
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Seoul shares close higher following stellar performance of US stocks
South Korean stocks closed higher Tuesday as investors scooped up undervalued shares after US stock indexes closed at an all-time high overnight. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index added 14.26 points, or 0.58 percent, to 2,464.35. Trading volume was moderate at 461 million shares worth 7.87 trillion won ($5.89 billion), with gainers outpacing losers 482 to 379. Foreigners bought shares worth 137.9 billion won, while retail investors offload
Market Jan. 23, 2024
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Seoul shares open higher on record Wall Street performance
South Korean stocks opened higher Tuesday as US shares reached an all-time high overnight on growing optimism over the US economy. The benchmark Korea Composite Stock Price Index rose 9.84 points, or 0.4 percent, to 2,474.19 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average closed 0.36 percent higher to set an all-time high level. The S&P 500 advanced 0.22 percent, also reaching a fresh high. The tech-heavy Nasdaq added 0.32 percent as well. In Seoul, top tech g
Market Jan. 23, 2024
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Producer prices rise 0.1% in December on higher agriculture goods, gas costs
South Korea's producer prices moved up 0.1% on-month in December due to the higher cost of agricultural products and gas, the central bank said Tuesday. The producer price index, a major barometer of consumer inflation, came to 121.19 last month, up from 121.02 tallied in November, according to the data from the Bank of Korea. It marked the first rebound in three months, as the index fell 0.1 percent and 0.4 percent on-month in October and November, respectively. From a year earlier, it gai
Economy Jan. 23, 2024
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S. Korean envoy lambasts N. Korea-Russia cooperation, UNSC resolution breach
South Korea's top envoy to the UN renewed Seoul's criticism of arms transactions between North Korea and Russia during a UN Security Council meeting on Monday, as Russia's top diplomat shifted the blame to the West for the prolonging of the war in Ukraine. South Korean Ambassador Hwang Joon-kook called the weapons transfers between Pyongyang and Moscow "direct" violations of UNSC resolutions during the meeting on the war in Ukraine, where Russian Foreign Minister Sergei
North Korea Jan. 23, 2024
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Director Hong Sang-soo's film to compete in upcoming Berlin Int'l Film Festival
South Korean director Hong Sang-soo's new film, "A Traveler's Needs," will compete in the upcoming Berlin International Film Festival next month, the event's website showed Monday. The film by Hong was among the 19 full-length titles announced on the website to compete in the 74th Berlin International Film Festival, scheduled to take place from Feb. 15-25. The 31st feature film by Hong stars French actress Isabelle Huppert, alongside Korean actors and actresses such as K
Film Jan. 22, 2024
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2 police officers indicted over deadly Itaewon crowd crush
Prosecutors have indicted two police officers over the bungled response to the deadly 2022 crowd crush in the district of Itaewon, officials said Monday. The indictment of the two officers who were overseeing patrol duties at a precinct station in Itaewon came a year and three months after the crowd crush on Oct. 29, 2022, which killed 159 people on a Halloween weekend in the district's entertainment neighborhood. The Seoul Western District Prosecutors Office has charged them with professio
Social Affairs Jan. 22, 2024
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Seoul court delays ruling on Samsung chief in 2015 merger case
A Seoul district court has postponed its decision on Samsung Electronics Co. Chairman Lee Jae-yong in a case involving a controversial merger of two Samsung affiliates where, if convicted as indicted, the Samsung chief may face a five-year prison term. The Seoul Central District Court was originally set to make its final decision Friday, but has pushed back its final trial date to Feb. 5, according to informed sources. The delay reportedly comes as both Lee and the prosecution submitted addition
Industry Jan. 22, 2024
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Seoul shares close lower ahead of earnings season
South Korean stocks lost ground on Monday as investors sat on the sidelines ahead of the release of fourth-quarter earnings reports. The Korean won edged up against the US dollar. The benchmark Korea Composite Stock Price Index fell 8.39 points, or 0.34 percent, to 2,464.35. Trading volume was low at 376 million shares worth 8.25 trillion won ($6.1 billion), with losers outpacing gainers 575 to 295. Foreigners bought shares worth 295.3 billion won, while retail investors offloaded a net 244 bill
Market Jan. 22, 2024
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Survivor of torpedoed corvette takes helm of reincarnated ROKS Cheonan frigate
A Navy officer who survived North Korea's 2010 sinking of the South Korean warship Cheonan took the helm of a new frigate named after the ill-fated corvette, the Navy said Monday. The FFG-826 Daegu-class frigate was named after the ROKS Cheonan, which sank in the Yellow Sea after the North Korean torpedo attack in March 2010, killing 46 sailors. Commander Park Yeon-soo, who served as the operations officer on the Cheonan, became the commanding officer of the ROKS Cheonan frigate during an i
Defense Jan. 22, 2024
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S. Korea, US discuss bolstering cooperation in US arms maintenance
South Korea and the United States have discussed ways to expand the participation of South Korean companies in the maintenance of US military equipment in the Indo-Pacific region, the defense ministry said Monday. Lee Gap-su, head of the ministry's logistics management bureau, held a meeting with Christopher J. Lowman, US assistant secretary of defense for sustainment, on the sidelines of a Pentagon-hosted workshop on the arms industry and logistics support held in Hawaii on Thursday and Fr
Foreign Affairs Jan. 22, 2024
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Yoon to skip public debate amid clash between presidential office, ruling party chief
President Yoon Suk Yeol skipped a government-public debate scheduled for Monday, triggering speculation as to whether the decision was related to a clash between the presidential office and the ruling party chief. The presidential office sent a notice to reporters half an hour before the start of the debate that Yoon had no events on his public schedule for the day. The debate was the fifth in a series of sessions on people's livelihood issues and Yoon had led all previous sessions. Monday&
Politics Jan. 22, 2024
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