Articles by Yonhap
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Economics professor, ex-BOK official named as new monetary policymakers
The Bank of Korea said Friday that an economics professor and a former BOK official have been recommended to replace two outgoing monetary policymakers of the central bank. Lee Soo-hyung, a professor at Seoul National University, and Kim Jong-hwa, a former BOK deputy governor, were named to sit on the BOK's seven-member rate-setting board. If appointed by President Yoon Suk Yeol, Lee and Kim will start their four-year terms by replacing Suh Young-kyung and Cho Yoon-je, respectively. Lee and
Economy April 19, 2024
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N. Korea slams US envoy's Asian tour as 'aid-begging' trip to enliven anti-Pyongyang sanctions
North Korea on Friday denounced the recent visit to South Korea and Japan by the top US envoy to the United Nations, calling it an "aid-begging" trip to invigorate the "weakened illegal" sanctions against Pyongyang. Late last month, the UN Security Council failed to extend the mandate of the panel of experts monitoring the enforcement of sanctions against the North's nuclear and missile programs due to Russia's veto. The operation of the panel is set to expire on Ap
North Korea April 19, 2024
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Seoul shares open sharply lower amid waning hope for early rate cuts
South Korean stocks started sharply lower Friday amid expectations over a delay in US interest rate cuts this year. The benchmark Korea Composite Stock Price Index fell 37 points, or 1.4 percent, to 2,597.7 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average edged up 0.06 percent, while the tech-heavy Nasdaq decreased 0.52 percent, extending losses for a fifth consecutive month. New York Federal Reserve President John Williams has said that he feels no urgency to cut
Market April 19, 2024
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Exchange rate volatility does not pose 'significant' economic challenges in Korea's case: IMF official
Exchange rate volatility does not present 'significant" economic challenges to South Korea, an official at the International Monetary Fund said Thursday, advising policymakers in Seoul not to "overly" focus on what moves the US Federal Reserve will take. During a press briefing, Krishna Srinivasan, director of the IMF's Asia and Pacific Department, made the remarks as concerns deepened over the recent depreciation of the Korean won at a time when Asia's fourth large
Economy April 19, 2024
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Govt. likely to accept university chiefs' request to lower med school enrollment quota
The government is likely to accept a request made by the chiefs of six national universities to lower their medical school enrollment quotas for next year, officials said Friday. The six universities, all located outside the capital region, made the request Thursday amid an ongoing standoff between the government and the medical community over the government's decision to increase total medical school admissions by 2,000 starting next year. The six -- Gangwon National University, Kyungpook
Social Affairs April 19, 2024
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
Russia's denial of entry of a South Korean national and its subsequent decision to impose a 30-year entry ban on the person appears to be unrelated to the bilateral relations that have soured amid Moscow's war in Ukraine, a Seoul official said Thursday. Lim Soo-suk, the foreign ministry spokesperson, made the comment after the Donga Ilbo daily reported that a South Korean businesswoman, who has spent more than 20 years doing business in Russia, was denied entry last month upon arrival
Foreign Affairs April 18, 2024
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S. Korea requests Chinese e-commerce giants comply with personal data protection law
The South Korean private information protection watchdog requested Chinese e-commerce giants Thursday to faithfully comply with the South Korean law on personal data protection, the agency said. Personal Information Protection Commission (PIPC) Vice Chairperson Choi Jang-hyuk made the request during a meeting in Beijing with officials from AliExpress, Temu and about eight other Chinese internet firms, as Chinese e-commerce firms have rapidly emerged as major players in South Korea. A senior exec
Foreign Affairs April 18, 2024
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Top military officer meets new U.S. Pacific Fleet commander
South Korea's top military officer held talks with the new commander of the U.S. Pacific Fleet on Thursday on ways to boost the allies' combined defense readiness, the Joint Chiefs of Staff (JCS) said. JCS Chairman Adm. Kim Myung-soo met US Adm. Stephen Koehler at the headquarters of the Navy's Fleet Command in Busan, 320 kilometers southeast of Seoul, according to the JCS. The two admirals were briefed on naval operations at the unit's command center and held talks on ways t
Defense April 18, 2024
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Seoul shares spike nearly 2% on bargain hunting; won sharply up
South Korean stocks soared almost 2 percent Thursday as investors bought bargains after four consecutive sessions of decline amid ongoing geopolitical risks in the Middle East and speculation about delays in US interest rate cuts. The Korean won rebounded sharply against the US dollar. The benchmark Korea Composite Stock Price Index gained 50.52 points, or 1.95 percent, to close at 2,634.7. Trade volume was moderate at 466 million shares worth 10.2 trillion won ($7.47 billion), with gainers far
Market April 18, 2024
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Fugitive facing W3b fraud charges extradited from Kuwait after 12 years
A South Korean man has been extradited home from Kuwait this week, 12 years after he fled to the Middle Eastern nation to avoid arrest on charges of fraud amounting to some 3 billion won ($2.17 million), officials said Thursday. The suspect, 58, was brought home through Incheon International Airport on Wednesday afternoon to face charges that he defrauded the victim after fabricating a company document ordering construction materials in May 2011, according to police. After he fled to Kuwait in S
Social Affairs April 18, 2024
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Regulator calls for collaboration of shareholders, firms
The head of the financial regulator on Thursday stressed the need for businesses and their shareholders to work together to ensure joint development, saying the government will work to create a virtuous cycle between shareholder activities and business growth. Lee Bok-hyun, chief of the Financial Supervisory Service, noted that shareholder activism will only continue to grow, but said efforts by shareholders may end in vain unless they are sound and reasonable enough to be supported by other sha
Economy April 18, 2024
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S. Korea to build F-35 maintenance facility at Cheongju Air Base
South Korea will build its own maintenance facility for its F-35A stealth jets by 2027, a move that would enhance operational efficiency and reduce costs, the state arms procurement agency said Thursday. South Korea's Air Force operates a fleet of 39 F-35As at an air base in Cheongju, 112 kilometers south of Seoul, after one jet retired last year due to damage from a bird strike. In December, the Defense Acquisition Program Administration signed a letter of acceptance with the US government
Defense April 18, 2024
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Seoul shares open higher amid woes over rate cut delay
South Korean stocks started higher Thursday as investors hunted for bargains following a recent decline amid speculations over a potential delay in US interest rate cuts this year. The benchmark Korea Composite Stock Price Index gained 26.08 points, or 1.01 percent, to 2,610.26 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.12 percent and the tech-heavy Nasdaq declined 1.15 percent. The Federal Reserve said in the Beige Book that the economy has expanded s
Market April 18, 2024
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Vice FM visits Mauritius to seek support for South Korea-Africa summit
First Vice Foreign Minister Kim Hong-kyun has visited Mauritius as a special envoy for an upcoming summit with African nations, his office said Thursday. Kim paid a courtesy call on Mauritian Prime Minister Pravind Kumar Jugnauth on Wednesday and discussed cooperation in the areas of infrastructure and high-level exchanges, according to the ministry. He asked for Mauritius's support and attendance at the South Korea-Africa summit, to be held on June 4-5 in Seoul, saying the meeting will ser
Foreign Affairs April 18, 2024
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S. Korean envoy discusses upcoming Africa summit, climate change with Algerian officials
South Korea's envoy for climate met with top government officials in Algeria earlier this week and discussed an upcoming summit with African nations and other environmental issues, the foreign ministry said Thursday. Kim Hyo-eun, ambassador and deputy foreign minister on climate change, met with Lounes Magramane, the secretary general of Algeria's Ministry of Foreign Affairs and National Community Abroad, on Wednesday. Kim invited Algeria to the South Korea-Africa summit, set for June
Foreign Affairs April 18, 2024
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