Articles by Yonhap
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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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Health minister vows to accomplish medical reform
Health Minister Cho Kyoo-hong said Monday the government will accomplish medical reform, despite a prolonged walkout by junior doctors that have crippled public health services at major hospitals for nearly six weeks. "The government will accomplish medical reform by only looking at the people," Cho told a government response meeting, repeating his appeal for junior doctors to return to work. Cho urged "medical professors to withdraw their collective resignations and trainee docto
Social Affairs April 1, 2024
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Exports rise for 6th straight month in March
South Korea's exports moved up for the sixth consecutive month in March on the back of the robust performance of chips, data showed Monday. Outbound shipments gained 3.1 percent on-year to $56.5 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports decreased 12.3 percent on-year to $52.2 billion last month, resulting in a trade surplus of $4.28 billion. South Korea has been maintaining a trade surplus for 10 consecutive months. By sector,
Economy April 1, 2024
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Seoul shares open higher after US inflation data
Seoul shares opened higher Monday as the US Federal Reserve is expected to await more evidence that inflation is under control before cutting rates this year. The benchmark Korea Composite Stock Price Index rose 8.11 points, or 0.3 percent, to 2,754.74 in the first 15 minutes of trading. Fresh inflation data released Friday was in line with the US central bank's expectations. Fed Chair Jerome Powell said it would not be appropriate to cut rates until officials are sure inflation is on track
Market April 1, 2024
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Yoon to address nation on medical reform Monday amid attention to possible change to 2,000 quota hike
President Yoon Suk Yeol plans to address the nation Monday on the government's push for medical reform, his office said Sunday, amid keen attention to whether he may show a flexible attitude toward the state plan to boost the medical school enrollment quota by 2,000 seats. "As there are many opinions saying that the people still want to know about the progress on the government's plan for medical reform and the medical school quota hike, Yoon plans to explain them in detail tomorrow,"
Social Affairs April 1, 2024
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N. Korea reaffirms plan to launch multiple spy satellites this year
North Korea vowed Monday to push for space development and reaffirmed its plan to launch multiple reconnaissance satellites this year after putting its first spy satellite into orbit in November. Following the launch of the Malligyong-1 last year after two failed attempts in May and August, respectively, North Korean leader Kim Jong-un announced during a year-end meeting the country plans to place three more spy satellites into orbit this year. "The successful launch of the reconnaissance s
North Korea April 1, 2024
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