Articles by Yonhap
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Seoul shares open higher ahead of BOK rate decision
South Korean stocks opened higher Friday as the country's central bank was set to hold a rate-setting meeting later in the day. The benchmark Korea Composite Stock Price Index rose 0.68 percent, or 17.55 points, to 2,616.71 in the first 15 minutes of trading. Investors' eyes are on the results of the Bank of Korea's monetary policy meeting to be held later in the day, where it is widely expected to start its rate-cutting cycle. Overnight, Wall Street lost ground amid mixed bets on
Market Oct. 11, 2024
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Major online bookstores crash due to high traffic after Han Kang wins Nobel Prize in literature
South Korea's two major online bookstores said Thursday their sites briefly crashed due to high traffic soon after homegrown author Han Kang was announced as the winner of the Nobel Prize in literature. "We fielded complaints that people weren't able to get on our website, and when they did, pages were slow to load," an official at Kyobo Book Centre said. "Since we did not anticipate Han Kang winning the award, we don't have any stock of her books. We have contacted
Books Oct. 10, 2024
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Yoon celebrates Han Kang's winning of Nobel literature prize as 'monumental achievement'
President Yoon Suk Yeol congratulated novelist Han Kang on winning the 2024 Nobel Prize in Literature Thursday, calling it "a monumental achievement" in the history of Korean literature "It is a monumental achievement in the history of Korean literature and a national celebration that brings joy to all the people," Yoon wrote on his Facebook page during his visit to Laos to attend the Association of Southeast Asian Nations summit. "You have transformed the painful wounds
Books Oct. 10, 2024
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Kremlin rejects S. Korean claim of N. Koreans fighting in Ukraine
Russia on Thursday rejected a recent South Korean claim that North Korean soldiers were likely fighting alongside Russian forces in Ukraine. During a parliamentary audit session in Seoul on Tuesday, South Korean Defense Minister Kim Yong-hyun said it was "highly likely" that North Korea had deployed troops in support of Russia, because the two countries have a mutual treaty "akin to a military alliance." Kim also said a recent media report on North Korean troop casualties in
Foreign Affairs Oct. 10, 2024
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Rival parties clash over first lady's alleged involvement in nominations
Lawmakers of the ruling People Power Party and the main opposition Democratic Party clashed Thursday over allegations that first lady Kim Keon Hee was involved in nominating candidates for a 2022 by-election and the April 2024 parliamentary elections. During a parliamentary audit of the National Election Commission, the state election watchdog, the People Power Party lawmakers dismissed the allegations, which have been raised by the media and the opposition bloc, as having nothing to do with the
Politics Oct. 10, 2024
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Teenage N. Korean defector shares horrific story of life in reclusive regime
A North Korean teenage defector on Thursday shared her horrific story of life in the reclusive regime during a forum hosted by South Korea's unification ministry. "I wear makeup and go out here in South Korea, but my friends in North Korea can't even wash properly, let alone wear makeup. Some friends smell because they can't bathe, but we live understanding each other," Noh Jin-hae recalled. The 16-year-old girl, who defected from North Korea in 2019, recalled her harsh
North Korea Oct. 10, 2024
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Seoul shares end tad higher on Wall Street gains
Seoul stocks finished marginally higher Thursday on overnight US stock gains amid a decline in international oil prices. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index edged up 0.19 percent, or 4.8 points, to 2,599.16. Trading volume was heavy at 603 million shares worth 13.48 trillion won ($9.99 billion), with gainers outpacing losers at 442 to 423. Institutions sold a net 299.6 billion won, while foreign and retail investors together bought a net
Market Oct. 10, 2024
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Bond sales rise on corporate bond issues in Sept.
Bond sales in South Korea rose sharply from a month earlier in September helped by an increase in corporate bond issues, data showed Thursday. The value of bonds sold last month came to 77.1 trillion won ($57.1 billion), up 7.4 trillion won from 69.7 trillion won sold in August, according to the data from the Korea Financial Investment Association. The value of outstanding bonds, on the other hand, dropped 10.3 trillion won to 2,802.6 trillion won over the cited period, due to a sharp decline in
Market Oct. 10, 2024
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Court to deliberate on issuing arrest warrants for Qoo10 CEO over massive payment delays
Qoo10 CEO Ku Young-bae attended a court hearing held on Thursday to determine whether to issue an arrest warrant on fraud and embezzlement charges related to his e-commerce group's large-scale payment delays to vendors. Ku appeared at the Seoul Central District Court for his hearing, which will be shortly followed by arrest warrant hearings for Ryu Kwang-jin and Ryu Hwa-hyun, CEOs of Qoo10's e-commerce subsidiaries TMON and WeMakePrice, over the massive insolvency incident Ku denied sp
Social Affairs Oct. 10, 2024
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Seoul shares open higher on Wall Street gains
Seoul stocks opened higher Thursday thanks to overnight US stocks gains led by a decline in international oil prices and a rise in local tech stocks. The benchmark Korea Composite Stock Price Index rose 0.46 percent, or 11.90 points, to 2,606.26 in the first 15 minutes of trading. Overnight, US stocks extended their gains thanks to a decline in global oil prices and gains in tech stocks. The Dow Jones Industrial Average rose 1.03 percent, the S&P 500 gained 0.71 percent, and the tech-heavy N
Market Oct. 10, 2024
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Yoon, Japan's Ishiba to hold 1st summit in Laos on sidelines of ASEAN
President Yoon Suk Yeol and Japanese Prime Minister Shigeru Ishiba are set to hold their first summit on the sidelines of the Association of Southeast Asian Nations (ASEAN) summit in Laos on Thursday, Yoon's office said Wednesday. Yoon arrived in Vientiane, the Lao capital, for a three-day visit until Friday to attend the regional gatherings of the ASEAN. Last week, Yoon and Ishiba held their first phone talks, where they shared the need for bilateral cooperation as well as trilateral coope
Politics Oct. 10, 2024
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Wiz walk off Twins to stay alive in KBO postseason
The KT Wiz walked off the LG Twins 6-5 in 11 innings Wednesday to stay alive in the Korea Baseball Organization postseason. No. 9 hitters Sim Woo-jun delivered an infield single with the bases loaded in the bottom 11th before a sellout crowd of 17,600 at KT Wiz Park in Suwon, just south of Seoul. The Wiz scored three times in the bottom of the third inning to rally from a 3-1 deficit before a sellout crowd of 17,600 at KT Wiz Park in Suwon, just south of Seoul. Cleanup Kang Baek-ho gave the home
Baseball Oct. 9, 2024
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MBK says not to raise tender offer price for Korea Zinc amid management battle
Private equity firm MBK Partners said Wednesday that it will not further raise the tender offer price for Korea Zinc Inc. amid intensifying competition for management control. MBK and Young Poong Corp. recently raised their tender offer price for Korea Zinc to 830,000 won ($617) and for Young Poong Precision to 30,000 won, as they aim to gain a controlling stake in the world's top zinc smelter. Young Poong Precision holds a 1.85 percent stake in Korea Zinc. "We cannot stand by as the c
Industry Oct. 9, 2024
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N. Korea amends constitution at parliamentary meeting without disclosing details
North Korea has convened a key parliamentary meeting to revise the constitution, state media reported Wednesday, without disclosing details about whether it removed unification-related clauses or stipulated territorial boundaries in line with an order by leader Kim Jong-un. At the 11th session of the 14th Supreme People's Assembly Monday and Tuesday in Pyongyang, North Korea unanimously decided to amend and supplement parts of the country's socialist constitution, according to the Kore
North Korea Oct. 9, 2024
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Blinken to raise NK-Russia cooperation issue at ASEAN gatherings in Laos: State Dept.
US Secretary of State Antony Blinken is expected to raise the issue of the "concerning" and "deepening" partnership between North Korea and Russia during annual gatherings involving the Association of Southeast Asian Nations (ASEAN) in Laos this week, a State Department spokesperson said Tuesday. Blinken is set to represent the US at the East Asia Summit and the US-ASEAN Summit on behalf of President Joe Biden during his trip to the Laotian capital of Vientiane, which lasts u
Foreign Affairs Oct. 9, 2024
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