Articles by Yonhap
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Defense chief apologizes over 'Silmido' unit for 1st time
Defense Minister Kim Yong-hyun apologized Tuesday over the fate of members of a past secret unit that trained commandos to infiltrate into North Korea for the first time since they were killed more than a half century ago. Kim's apology was read on his behalf during a ceremony to mark the beginning of an excavation project to find the yet-recovered remains of four Silmido unit members who were executed and secretly buried in 1972. "May those who were sacrificed during the Silmido inc
Defense Oct. 15, 2024
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Yoon calls for bipartisan efforts to scrap financial investment income tax
President Yoon Suk Yeol urged Tuesday bipartisan efforts to abolish the planned financial investment income tax and instructed the government to prepare lifting a temporary ban on short selling in March 2025 to shore up the stock market. During a Cabinet meeting, Yoon addressed the ongoing uncertainty surrounding the implementation of the financial investment income tax, which would impose a 20 percent tax on capital gains exceeding 50 million won ($38,000) from stock investments, or a 25 percen
Politics Oct. 15, 2024
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Land ministry delegation to visit Philippines, Thailand for infrastructure cooperation
The Ministry of Land, Infrastructure and Transport said Tuesday it plans to send a delegation to the Philippines and Thailand to explore infrastructure and development-related cooperation with the countries. During the four-day trip beginning Tuesday, the delegation headed by First Vice Land Minister Jin Hyun-hwan plans to meet with Manila's land and transport ministries, as well as the Asian Development Bank officials, to discuss cooperation in related areas. In Thailand, the delegation pl
Economy Oct. 15, 2024
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S. Korea-China route container shipping costs on constant rise: data
Container shipping costs from South Korea to China rose for the eighth consecutive month in September, the customs agency said Tuesday. The average shipping cost for a 40-foot container from South Korea to China climbed 17.6 percent on-month to 862,000 won ($634.48) last month, according to the data from the Korea Customs Service. The figure has been on a constant increase since February. But the average shipping costs from South Korea to the European Union shed 14.7 percent, the first fall in f
Economy Oct. 15, 2024
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Russia urges S. Korea to avoid provocations amid N. Korea's drone allegations
Russia has called on South Korea to refrain from further provocations in response to North Korea's accusation that Seoul had deployed unmanned drones. North Korea claimed Friday that South Korea sent unmanned drones carrying anti-North propaganda leaflets over Pyongyang on Oct. 3, as well as on Wednesday and Thursday of last week. South Korean Defense Minister Kim Yong-hyun, however, said he could not confirm the North's claim. "The South Korean authorities should take Pyongyang
Diplomatic Circuit Oct. 15, 2024
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Seoul shares open higher on Wall Street gains
South Korean shares opened higher Tuesday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (Kospi) added 5.45 points, or 0.21 percent, to 2,628.74 in the first 15 minutes of trading. Overnight, US stocks closed sharply higher ahead of earnings reports. The Dow Jones Industrial Average gained 0.47 percent to close at 43,065.22, breaching the 43,000 mark for the first time, while the S&P 500 also climbed to a record high of 5,859.85. In Seoul, large cap
Market Oct. 15, 2024
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Nobel prize laureates tout S. Korea's 'remarkable' economic rise, but note challenges ahead
This year's Nobel economics prize laureates on Monday applauded South Korea's economic rise, a key subject of their research, but pointed out a set of challenges ahead, including the fast-graying population of Asia's fourth largest economy. They also drew a stark contrast between the economic backwater of North Korea -- a repressive country under an institutional framework that they said serves only a certain elite class -- and South Korea under a more "inclusive" system
Foreign Affairs Oct. 15, 2024
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N. Korean leader's sister accuses S. Korean military of flying drones over Pyongyang
Kim Yo-jong, the influential sister of North Korean leader Kim Jong-un, accused the South Korean military on Monday of sending unmanned drones carrying leaflets over Pyongyang in recent days, while also blaming the United States for the incident. "We clearly know that the main culprit behind the Pyongyang drone incident is the trash of the South Korean military," Kim said in a statement carried by North Korea's state-run Korean Central News Agency. She, however, provided no eviden
North Korea Oct. 14, 2024
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KBO postseason contestants alter pitching plans
Both the Samsung Lions and the LG Twins have altered their pitching plans for the ongoing Korea Baseball Organization postseason series -- with the latter team deciding to switch things up after Monday's game was postponed due to rain. The two teams were scheduled to play Game 2 of their best-of-five series at Daegu Samsung Lions Park in Daegu, 235 kilometers southeast of Seoul, on Monday, but rain pushed the contest to Tuesday, back at the same venue. Speaking to reporters before the postp
Baseball Oct. 14, 2024
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Seoul shares jump over 1% on tech gains, foreign buying
South Korean shares closed sharply higher Monday, helped by strong advances in tech and financial shares. The local currency lost ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index (Kospi) added 26.38 points, or 1.02 percent, to close at 2,623.29. Trading volume was moderate at 391 million shares worth 8.3 trillion won ($6.12 billion), with gainers outnumbering losers 488 to 395. Foreigners net bought 77.6 billion won worth of shares while retail investors dumped 440
Market Oct. 14, 2024
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ICT exports rise for 11th straight month in Sept. on record chip sales
South Korea's exports of information and communication technology (ICT) products rose for the 11th consecutive month in September, driven by record sales of semiconductors, data showed Monday. Outbound shipments of ICT products came to $22.4 billion last month, up 24 percent from $18.04 billion a year earlier, according to data compiled by the Ministry of Science and ICT. The monthly tally marked the second highest since March 2022. Imports of ICT products increased 15.9 percent on-year to
Economy Oct. 14, 2024
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N. Korea appears to be preparing for explosions on roads connected to S. Korea: JCS
North Korea appears to be preparing to carry out explosions at roads connected to South Korea, the South's military said Monday, just days after Pyongyang vowed to cut off all inter-Korean roads and railways. On Wednesday, the North's Korean People's Army announced the measure that will "completely separate" North Korea's territory from that of South Korea and said it sent a telephone message to the US military in the South to "prevent any misjudgment and accid
North Korea Oct. 14, 2024
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Seoul shares open higher on Wall Street gains
South Korean shares opened slightly higher Monday, taking a cue from Wall Street gains. The benchmark Korea Composite Stock Price Index (Kospi) added 15.92 points, or 0.61 percent, to 2,612.83 in the first 15 minutes of trading. The rise follows gains on Wall Street last week. The Dow Jones Industrial Average closed 0.97 percent higher Friday (US time), with the tech-heavy Nasdaq advancing 0.33 percent. In Seoul, large caps traded mixed. Market kingpin and tech giant Samsung Electronics advanced
Market Oct. 14, 2024
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N. Korea says it ordered front-line artillery units to fully prepare to open fire
North Korea's military has ordered artillery units along the border with South Korea to be fully ready to open fire, state media has reported, after the North warned of a "horrible disaster" over the alleged flight of drones over its capital. North Korea's defense ministry issued the statement Sunday night, days after the recalcitrant regime claimed South Korea had sent unmanned drones carrying anti-North Korea propaganda leaflets over Pyongyang three times this month. "
North Korea Oct. 14, 2024
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S. Korea warns N. Korea will see 'end of its regime' if it harms its people
South Korea warned North Korea on Sunday that it will see "the end of its regime" if it causes any harm to its people, after the North threatened a "horrible disaster" over the alleged flight of drones over its capital. The South's Defense Ministry issued the statement after Kim Yo-jong, the powerful sister of the North's leader Kim Jong-un, made the threat in a commentary carried by its state media, just a day after the reclusive state claimed the South had sent
North Korea Oct. 13, 2024
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