Articles by Yonhap
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Govt. vows to boost housing supply amid real estate market volatility
Finance Minister Choi Sang-mok said Wednesday that the government will devise measures to increase housing supply if needed, as South Korea has seen growing volatility in the real estate market. "Volatility has risen in the real estate market as housing prices have gone up in Seoul and some adjacent regions, though overall industry indices remain stable," Choi said during a meeting of economy-related ministers in Seoul on the day. "The government will enhance the monitoring of the
Economy July 10, 2024
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S. Korea adds fewer than 100,000 jobs for 2nd month in June
South Korea added fewer than 100,000 jobs for the second consecutive month in June due to the slowing growth of manufacturing jobs and the weak construction industry, data showed Wednesday. The number of employed people came to 28.91 million last month, up 96,000 from a year earlier, according to the data compiled by Statistics Korea. In May, 80,000 new jobs were added on-year, which was the fewest since February 2021, when the country shed 473,000 positions amid the COVID-19 pandemic. In Januar
Social Affairs July 10, 2024
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Yoon pledges to enhance combined readiness with US against N. Korea
President Yoon Suk Yeol vowed to bolster South Korea's combined defense readiness with the United States to deter North Korea's growing threats during his visit to the Indo-Pacific Command in Hawaii on Tuesday. Yoon made the remark during his meeting with Adm. Samuel Paparo, commander of Indo-Pacific Command, and Gen. Paul LaCamera, commander of US Forces Korea, and other US military leaders. "North Korea's evolving nuclear and missile capabilities and continued provocations
Politics July 10, 2024
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Seoul shares open lower as Powell withholds hints on rate cuts
Seoul shares opened lower Wednesday, as investors sat on the sidelines after Federal Reserve Chairman Jerome Powell fell short of offering more details on the path of the Fed's rate policy. The benchmark Korea Composite Stock Price Index fell 5.96 points, or 0.21 percent, to 2,861.42 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite and the S&P 500 rose to record highs, although the Dow Jones Industrial Average edged down 0.13 percent. During his congression
Market July 10, 2024
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'Anything' South Korea can do for Ukraine's defense ability will be 'warmly welcomed': NATO official
"Anything" that South Korea can provide to help strengthen Ukraine's defense capabilities will be "warmly welcomed," a senior NATO official said Tuesday, stressing the "strategic" implications of Russia's war in Ukraine for both Europe and Asia. The official made the remarks as Seoul has said it would reconsider its policy ban on the provision of lethal weapons to Ukraine following last month's summit between Russian President Vladimir Putin and North
Foreign Affairs July 10, 2024
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Labor side proposes 13.6 pct hike in 2025 minimum wage; management suggests near freeze
The labor segment of the Minimum Wage Commission proposed a 13.6-percent increase in next year's minimum wage Tuesday, while management representatives called for a near freeze. The proposals were made during the ninth plenary session of the commission tasked with determining the legal minimum wage per hour for 2025. This year's rate is set at 9,860 won (US$7.13), with an eye being placed on whether it will surpass 10,000 won for the first time. The labor side of the commission, which
Social Affairs July 9, 2024
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N. Korea-Russia relationship will end when Ukraine war is over: ex-Trump official
The growing alignment between Russia and North Korea will end when the war in Ukraine is over, and bringing the conflict to a stop will be a priority if ex-U.S. President Donald Trump returns to the White House, a former U.S. official said Tuesday. Fred Fleitz, a former chief of staff of the National Security Council under the previous Trump administration, also said it will be a "bad precedent" for South Korea if it were to acquire its own nuclear weapons. "This relationship show
North Korea July 9, 2024
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Another round of heavy downpours forecast till early Wednesday, Seoul expected to receive up to 120 mm
Another round of monsoon rains will hit most regions of the country till late Wednesday with the greater Seoul area to receive up to 120 mm of rainfall until late Wednesday, the state weather agency said Tuesday. Heavy downpours have left one person missing, and many houses and roads inundated in the southern regions, and heavy rain warnings across the country may be issued later in the day, according to the Korea Meteorological Administration. The downpours will continue in the wider Seoul area
Social Affairs July 9, 2024
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Seoul shares close higher ahead of Fed chairman's testimony
Seoul shares closed slightly higher Tuesday as investors awaited a congressional testimony by Federal Reserve Chairman Jerome Powell this week. The local currency gained against the US dollar. The benchmark Korea Composite Stock Price Index added 9.62 points, or 0.34 percent, to 2,867.38. Trade volume was moderate at 443.2 million shares worth 10.8 trillion won ($7.83 billion), with gainers outnumbering losers 453 to 406. Foreigners bought a net 313 billion won, while individuals offloaded a net
Market July 9, 2024
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Govt. to cut trainee doctor quota unless hospitals accept resignations by next Monday
The government has notified hospitals that it will reduce next year's quota of trainee doctors unless they accept their resignations by next week, according to officials and the medical community Tuesday. The move is seen as a measure to put pressure on trainee doctors, who have left their worksites since late February in protest of the medical reform, to return to hospitals. The notice was sent to training hospitals Monday, when the government announced a decision to withdraw its plan to t
Social Affairs July 9, 2024
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Cabinet again passes motion requesting reconsideration of bill on special probe into Marine's death
The Cabinet again passed a motion Tuesday demanding the National Assembly reconsider a bill mandating a special counsel investigation into the military's response to a Marine's death, the second time it did so in less than two months. The bill calls for the appointment of a special counsel to look into allegations the presidential office and the defense ministry inappropriately interfered in the military's investigation into the death of Cpl. Chae Su-geun, who was killed during a search mission
Politics July 9, 2024
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S. Korea, Thailand launch first round of talks for trade deal
South Korea's trade ministry announced Tuesday that it has launched the first round of negotiations with Thailand to seek an Economic Partnership Agreement aimed at bolstering bilateral trade and investment. The South Korean delegation, led by Deputy Minister for FTA Negotiations Roh Keon-ki, plans to discuss related matters with his counterpart, Chotima Iemsawasdikul, in Bangkok through Thursday, according to the Ministry of Trade, Industry and Energy. An EPA is intended to establish a mut
Economy July 9, 2024
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Yoon arrives in Hawaii to begin US trip focused on security
President Yoon Suk Yeol arrived in Hawaii on Monday to kick off his trip to the United States focused on bolstering South Korea's security against North Korea's evolving nuclear and missile threats. Yoon will stay in Honolulu for two days ahead of his visit to Washington, DC, to attend a North Atlantic Treaty Organization summit Wednesday and Thursday. Upon arrival, Yoon and first lady Kim Keon Hee visited the National Memorial Cemetery of the Pacific and laid wreaths in honor of veter
Foreign Affairs July 9, 2024
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Seoul shares open higher tracking Wall Street
Seoul shares opened higher Tuesday, tracking overnight gains on Wall Street buoyed by technology shares. The benchmark Korea Composite Stock Price Index gained 10 points, or 0.35 percent, to 2,867.76 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite and the S&P 500 rose to hit record highs as investors scooped up technology shares, including Apple and Nvidia. Investors have been waiting for Federal Reserve Chairman Jerome Powell's congressional testimony and
Market July 9, 2024
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NATO is 'not expanding' into Indo-Pacific: US official
The North Atlantic Treaty Organization is not expanding into the Indo-Pacific, but it has a "wide" opportunity for greater cooperation with South Korea and other regional partners, a senior US official said Monday. Ambassador Michael Carpenter, senior advisor for Europe at the White House National Security Council, made the remarks as South Korean President Yoon Suk Yeol and the leaders of Japan, Australia and New Zealand have been invited to the NATO summit set to take place in Washin
Foreign Affairs July 9, 2024
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