Articles by Yonhap
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Heavy rain watch issued across northern Gyeonggi Province
A heavy rain watch was issued across parts of northern Gyeonggi Province on Wednesday, with 100 millimeters of rain per hour pouring in the border city of Paju, the state weather agency said. As of 7 a.m., heavy downpours of 100.9 mm per hour had been pounding Munsan, a town in Paju, 37 kilometers northwest of Seoul, according to the Korea Meteorological Administration. The accumulated precipitation was recorded at 342.5 mm in the inter-Korean border village of Panmunjom, 202 mm in Namyangju, 18
Social Affairs July 17, 2024
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SK Innovation, SK E&S set to hold board meetings on merger plan
SK Innovation Co. and SK E&S Co., two major energy affiliates of SK Group, are set to hold separate board meetings Wednesday to discuss a proposed merger of the two companies, industry sources said. If the merger is approved, it will create the biggest energy company in South Korea, with combined assets of 106 trillion won ($76.5 billion). The merger of SK Innovation, SK Group's energy subholding company, and SK E&S, a privately owned recycled energy firm, is part of the group'
Industry July 17, 2024
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S. Korea, India hold fresh round of trade talks
South Korea's industry ministry said Wednesday it held a fresh round of trade talks with Indian officials to improve a bilateral partnership agreement. Director General of FTA Negotiations Ryu Peob-min and his Indian counterpart, Anant Swarup, started the three-day session in Seoul to discuss the agenda, including goods, services and investment, according to the Ministry of Trade, Industry and Energy. South Korea and India implemented the CEPA in 2010 and have been carrying out negotiations
Economy July 17, 2024
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Seoul shares open lower on tech, auto losses
Seoul shares opened lower Wednesday as investors locked in profits following a two-session winning streak despite overnight Wall Street gains. The benchmark Korea Composite Stock Price Index fell 2.17 points, or 0.08 percent, to 2,863.92 in the first 15 minutes of trading. Overnight, Wall Street shares rose on rising expectations for a rate cut by the Federal Reserve. The Dow Jones Industrial Average jumped 1.9 percent to hit a fresh high, while the S&P 500 and Nasdaq composite gained 0.2 pe
Market July 17, 2024
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S. Korea taking administrative steps against Saudi airline over flight suspension
The government is taking administrative action against Saudi Arabian airline Saudia for suspending its direct flights to South Korea without permission from aviation authorities, according to officials Wednesday. The Ministry of Land, Infrastructure and Transport issued a prior notice of administrative measure to Saudia on Monday. Saudia has been asked to submit their reasons for the suspension and their future plans by July 30. The ministry will convene an administrative review committee to dis
Foreign Affairs July 17, 2024
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Ex-Trump official voices hope for S. Korea to make 'big' contribution for defense
A former US national security advisor said Tuesday he is looking forward to a "big" contribution by South Korea in reference to ongoing negotiations between Seoul and Washington over the cost sharing for stationing the 28,500-strong US Forces Korea. Robert O'Brien, who served as national security advisor for then President Donald Trump from 2019-2021, made the remarks as the allies have been engaging in negotiations over a new cost-sharing deal, called the Special Measures Agreeme
Foreign Affairs July 17, 2024
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FM Cho expresses hope for cooperation between S. Korea's new space agency, NASA
Foreign Minister Cho Tae-yul met with Pamela Melroy, the deputy chief of the US National Aeronautics and Space Administration, on Tuesday to discuss space cooperation between the two countries, according to the foreign ministry. During the meeting in Seoul, Cho expressed hope for active cooperation between the national space agency, the Korea AeroSpace Administration, or KASA, and NASA. KASA was launched in Sacheon, approximately 300 kilometers south of Seoul, on May 27. "Space cooperation
Foreign Affairs July 16, 2024
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Yoon orders emergency response posture against heavy downpours
President Yoon Suk Yeol on Tuesday ordered an increased emergency response posture against the ongoing heavy downpours, giving instructions for a thorough evacuation of affected residents, according to his office. The order was issued following briefings on the forecast of heavy concentrated rainfall, including in the wider Seoul area, said Jeong Hye-jeon, a presidential spokesperson, in a written press briefing. Earlier in the day, Prime Minister Han Duck-soo also instructed relevant ministries
Social Affairs July 16, 2024
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Sports Ministry, govt.-run body to investigate soccer federation over coach hiring
With controversy surrounding the Korea Football Association's hiring of the new men's national team head coach not dying down, both the Sports Ministry and the state-run Korea Sports Ethics Center have said they will investigate the national soccer body for any procedural issues. The KFA has been under fire since appointing Hong Myung-bo as head coach of the men's national team on July 7. The KFA had spent the previous five months trying to find a replacement for Juergen Klinsmann
Soccer July 16, 2024
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Lawyer confirms first lady's bag return instruction
A lawyer for first lady Kim Keon Hee said Tuesday it is true that Kim ordered her aide to return a Dior bag she received as a gift from a pastor on the same day it was given, asking media to refrain from "excessive speculation" on the matter. Lawyer Choi Ji-woo released a press release, expressing hope that the media will refrain from "excessively speculative and malicious articles" on the first lady. The scandal centers on allegations that Kim illegally received a Dior handb
Politics July 16, 2024
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KBO club manager welcomes new pitch-calling device
Kiwoom Heroes manager Hong Won-ki said Tuesday he welcomed the introduction of the new pitch-calling device that he feels will help speed up games. The Korea Baseball Organization has distributed PitchCom transmitters and receivers to all 10 clubs, and they're available for use starting with Tuesday's games. Catchers can use the transmitter to give pitch signals to pitchers instead of using conventional finger signs, and pitchers will be able to listen to the call via the receiver worn
Baseball July 16, 2024
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Seoul shares up for 2nd day amid Trump effect
Seoul shares closed slightly higher Tuesday as traders were trying to digest the effect of Donald Trump's possible victory in the US presidential election on the market. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 5.17 points, or 0.18 percent, to close at 2,866.09. Trade volume was slightly heavy at 667.5 million shares worth 12.4 trillion won ($8.95 billion), with losers outnumbering winners 498 to 356. Foreign investors and instituti
Market July 16, 2024
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N. Korea's Kim calls for developing offshore aquaculture during Sinpho visit
North Korean leader Kim Jong-un called for nurturing offshore fish farming in the port city of Sinpho, state media said Tuesday, as the North seeks to develop backward provinces to narrow widening economic gaps among regions. Kim visited a construction site for an offshore fish farm in the coastal city in South Hamgyong Province on Monday and presided over a meeting where developing the envisioned farm "into a new fine model of shallow-sea culture" was discussed, according to the Korea
North Korea July 16, 2024
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Govt. asks refiners for efforts to stabilize oil prices
The industry ministry said Tuesday it has asked the country's four major oil refiners to refrain from excessive price increases as part of efforts to combat lingering inflation. Second Vice Industry Minister Choe Nam-ho made the remark during his meeting with representatives from SK Energy Co., GS Caltex Corp., S-Oil Corp. and HD Hyundai Oilbank, according to the Ministry of Trade, Industry and Energy. "Although consumer prices have slowed to some extent since April, perceived inflatio
Economy July 16, 2024
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Seoul shares open higher on US gains
Seoul shares opened higher Tuesday, tracking overnight gains on Wall Street buoyed by expectations for Donald Trump's victory in the US presidential election. The benchmark Korea Composite Stock Price Index rose 6.95 points, or 0.24 percent, to 2,867.87 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average jumped 0.53 percent to hit a fresh high, while the S&P 500 and Nasdaq composite rose 0.28 percent and 0.4 percent, respectively, following an assassination a
Market July 16, 2024
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