Articles by Yonhap
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LG Display sells its China plant to TCL subsidiary for 2 tln won
LG Display Co., a major flat screen supplier, said Thursday it has sold its facilities in China to a subsidiary of Chinese tech giant TCL Group for 2 trillion won (US$1.5 billion) as part of its business reorganizing effort. In a regulatory filing, the company said it has signed an agreement to transfer its stake in its liquid-crystal display (LCD) panel and module factories in Guangzhou, China, to China Star Optoelectronics Technology, following approval from its board of directors. The deal is
Industry Sept. 26, 2024
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Assembly rejects 6 bills vetoed by Yoon in revote
All six contentious bills vetoed by President Yoon Suk Yeol were automatically scrapped Thursday, failing to pass a parliamentary revote. The National Assembly voted down four broadcasting bills, aimed at reducing the government's clout over public broadcasters, as well as a bill on providing cash handouts to the entire population and the so-called "yellow envelope" pro-labor bill, during a plenary session. The bills were ultimately scrapped as they failed to gain the two-thirds s
Politics Sept. 26, 2024
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Seoul shares spike nearly 3% on US rate cut hopes
Seoul shares ended nearly 3 percent higher Thursday as tech stocks advanced, with hopes for additional rate cuts by the Federal Reserve lifting investor sentiment. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index jumped 2.9 percent, or 75.25 points, to 2,571.57. Trading volume was moderate at 317.46 million shares worth 11.4 trillion won ($8.6 billion), with gainers far outnumbering winners 747 to 140. Overnight, US stocks ended mixed. The Dow Jones Indu
Market Sept. 26, 2024
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Household debt poses risk to financial stability: BOK
South Korea's financial system remains relatively stable, but rising household debt and home prices may increase potential financial instability, a central bank report showed. In its report on financial stability, the Bank of Korea said there are high expectations about monetary easing as household debts and home prices do not show signs of drastically slowing down. The central bank warned of high chances of financial imbalance growing due to a rise in home prices and household debts. The a
Economy Sept. 26, 2024
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Regulator vows zero tolerance for illegal transaction of virtual assets
The country's top financial watchdog warned against illegal transactions of virtual assets, calling on cryptocurrency exchanges and other virtual asset firms to strictly follow rules. The warning came about two months after the country enacted the new Virtual Asset Users Protection Act, allowing the maximum penalty of life imprisonment for financial gains of more than 5 billion won ($3.75 million) through illegal transactions of virtual assets. "The financial government will continue t
Economy Sept. 26, 2024
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Seoul shares open higher on rate cut hopes
Seoul shares opened higher, backed by a rally in tech shares, after a mixed close on Wall Street, on hopes for additional US rate cuts. The benchmark Korea Composite Stock Price Index rose 1.83 percent, or 47.60 points, to 2,643.92 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.7 percent to 41,914.75, but the tech-heavy Nasdaq Composite rose 0.04 percent to 18,082.21. On Wednesday, a Federal Reserve official said it will be appropriate for the US central b
Market Sept. 26, 2024
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S. Korean FM cites N. Korea-Russia arms transactions as case of UNSC 'limitations'
South Korean Foreign Minister Cho Tae-yul on Wednesday pointed out "limitations" of the UN Security Council in effectively addressing pressing security issues, citing North Korea's transfers of weapons to Russia in breach of relevant UNSC resolutions. Cho made the remarks during a UNSC open debate on the leadership for peace, where high-level participants discussed a range of issues, including Russia's war in Ukraine, instability in the Middle East, and the civil war in Sudan
North Korea Sept. 26, 2024
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About 2 in 3 Asian American voters support Harris in tight US presidential race
Roughly two in three Asian American voters support Democratic presidential candidate Kamala Harris over her Republican rival Donald Trump, a recent survey showed, amid expectations over the role of the rapidly growing voting bloc in the Nov. 5 general election. APIAVote, a nonpartisan organization for Asian American and Pacific Islander (AAPI) communities, and AAPI Data, a research entity, released the outcome of the survey conducted by the National Opinion Research Center (NORC) at the Universi
Foreign Affairs Sept. 26, 2024
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Same-sex marriage in Thailand to become legal in January
DPA -- Same-sex marriage will be legal in Thailand from January after Thai King Maha Vajiralongkorn signed the law on Tuesday, making the country the first in South-East Asia to legalize it. The upper and lower houses of the Thai parliament had already passed the legislation months ago, both with large majorities. Now that the king has signed the law, it will enter into force in 120 days. While Thailand is the first country in South-East Asia to allow for same-sex marriage, it is the third in al
World News Sept. 25, 2024
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Ex-lawmaker Cho, honorary SNU professor Jung picked as final candidates for Seoul's education chief
Cho Jun-hyuk, a former lawmaker of the predecessor of the ruling People Power Party, was chosen Wednesday as the conservative bloc's single candidate for the Oct. 16 by-election for Seoul's education chief. The conservative bloc's candidacy merger committee said Cho defeated two other right-leaning candidates in a public opinion poll conducted last Saturday. Educator Ahn Yang-ok and Korea University professor Hong Hoo-jo previously raised objections to the method of electing a sin
Politics Sept. 25, 2024
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OECD cuts S. Korea's 2024 growth outlook to 2.5 pct
The Organization for Economic Cooperation and Development (OECD) slashed the growth outlook for the South Korean economy to 2.5 percent this year, Seoul's finance ministry said Wednesday. The latest figure marked a 0.1 percentage point fall from its projection presented in May and is on a par with the forecasts by the International Monetary Fund. The South Korean government expected a 2.6 percent expansion, and the Bank of Korea (BOK) forecast a 2.4 percent growth this year. "Growth is
Social Affairs Sept. 25, 2024
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Yoon declines to respond to query on alleged remarks over Marine's death
The presidential office has declined to respond to a court-approved query on whether President Yoon Suk Yeol had made remarks last year accused of interfering with a probe over a young Marine's death. Earlier this month, the court martial in central Seoul accepted Col. Park Jung-hun's request to inquire whether Yoon had made remarks opposing the booking of Maj. Gen. Im Sung-keun over the death of Cpl. Chae Su-geun, who served in Im's unit, during a search mission for victims of he
Politics Sept. 25, 2024
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Seoul shares snap 6-day rise on disappointment over value-up index
Seoul shares ended more than 1 percent lower Wednesday to end their six-day winning streak as investors were disappointed with a new stock index to be launched next week. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index declined 1.34 percent, or 35.36 points, to 2,569.32. Trading volume was moderate at 441.8 million shares worth 11.4 trillion won (US$8.6 billion), with losers outnumbering winners 516 to 355. Retail investors and institutions bought a
Market Sept. 25, 2024
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S. Korea, Morocco discuss joint economic projects on energy, transportation
South Korea and Morocco have held a policy consultation meeting on envisioned joint economic and industry projects through a cooperation fund, Seoul's finance ministry said Wednesday. During the two-day meeting held in Rabat from Monday, the two nations chose energy, transportation, green growth and digital fields as key cooperation fields under the Economic Development Cooperation Fund framework and discussed candidate projects, according to the finance ministry. The move came as South Kor
Diplomatic Circuit Sept. 25, 2024
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Seoul shares open higher on Wall Street gains
Seoul shares opened higher Wednesday tracking overnight gains on Wall Street on increasing hopes for more US rate cuts. The benchmark Korea Composite Stock Price Index rose 0.56 percent, or 14.79 points, to 2,646.47 in the first 15 minutes of trading. Overnight, major US indexes closed higher on hopes for additional rate cuts by the Federal Reserve amid lingering concerns on the labor market. Blue chip tech shares rallied, with AI chip giant Nvidia up 3.97 percent and TSMC up 4.13 percent. In Se
Market Sept. 25, 2024
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