Articles by Yonhap
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NK leader guides artillery firing drills involving border units capable of striking 'enemy's capital'
North Korean leader Kim Jong-un has guided artillery firing drills involving front-line units capable of striking the "enemy's capital," state media reported Friday, in an apparent response to an ongoing joint military exercise between South Korea and the United States. The drills were conducted Thursday with the aim of enhancing the combat readiness posture and actual war capability of artillery troops, according to the Korean Central News Agency. "The drill started with the
North Korea March 8, 2024
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Former President Kim Young-sam's widow dies
Son Myung-soon, the widow of former President Kim Young-sam, died Thursday at the age of 96, medical sources said. The ex-first lady died of a chronic ailment late in the afternoon while under treatment at Seoul National University Hospital, according to the sources. Son was a widow to Kim, who served as South Korea's 14th president from 1993-1998. Kim died at the age of 88 in 2015. Son was married to Kim in 1951 and was known to have assisted her husband as the supportive wife of the long-
Politics March 7, 2024
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Seoul shares end tad higher amid Fed chief's testimony
South Korean stocks closed slightly higher Thursday after US Fed Chairman Jerome Powell hinted at a possible rate cut this year, while acknowledging economic uncertainties still remain. The local currency gained against the US dollar. The benchmark Korea Composite Stock Price Index added 6.13 points, or 0.23 percent, to 2,647.62. Trade volume was moderate at 447 million shares worth 10.2 trillion won ($7.72 billion), with losers outpacing gainers 591 to 297. Foreigners offloaded 308 billion won
Market March 7, 2024
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S. Korean adults' financial literacy higher than OECD average: survey
South Korean adults' financial literacy is higher than the Organization for Economic Cooperation and Development average, a report showed Thursday. According to the survey by the Bank of Korea and the Financial Supervisory Service, the financial literacy of South Koreans aged between 18 and 79 came to 67 points out of 100 in 2022, higher than the OECD's average of 63. South Korea's financial literacy level in 2022 was also higher than the 65 points earned in 2020 and ranked fifth
Social Affairs March 7, 2024
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Seoul shares open higher as Fed chair hints at possible rate cut this year
South Korean stocks opened higher Thursday as US Federal Reserve Chair Jerome Powell hinted that the rate cut is likely "at some point this year." The benchmark Korea Composite Stock Price Index added 9.77 points, or 0.37 percent, to 2,651.26 in the first 15 minutes of trading. Overnight, the US stock market closed higher with the Dow Jones Industrial Average rising 0.2 percent and the tech-heavy Nasdaq Composite advancing 0.58 percent. During the testimony delivered before the House o
Market March 7, 2024
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Govt. begins to form committee to allocate additional med school seats to universities
The government has begun forming a committee responsible for allocating 2,000 additional medical school admission seats to universities, officials said Thursday, amid continuing protests from doctors against the plan. The move came as the government is forging ahead with the medical quota hike to address a chronic shortage of doctors in rural areas and essential but unpopular medical fields, despite a weekslong walkout by trainee doctors nationwide. Earlier this week, the government announced th
Social Affairs March 7, 2024
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NK leader calls for intensifying war drills
North Korean leader Kim Jong-un called for intensifying "practical actual war drills" during a visit to a military training base, state media said Thursday, as a joint military exercise between South Korea and the United States was under way. During the visit to the base in the country's western region Wednesday, Kim inspected training facilities and guided the actual maneuvers of military units, the official Korean Central News Agency said. The visit came two days after South Kor
North Korea March 7, 2024
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US focus on 'interim' steps with N. Korea raises questions about policy direction
US officials' recent focus on the idea of "interim steps" for a path towards North Korea's ultimate denuclearization is raising a flurry of questions about their intentions and the direction of America's policy on the recalcitrant regime. The idea has come into the spotlight in South Korea as some observers see it as a potential sign of Washington's greater desire for dialogue with Pyongyang amid little progress in its diplomacy to the North and security concerns he
Foreign Affairs March 7, 2024
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Fitch keeps S. Korea's 'AA-' credit rating, eyes 2.1% growth
Global credit appraiser Fitch Ratings said Wednesday it has reaffirmed South Korea's sovereign rating at "AA-" with a stable outlook. It is the fourth-highest level on the agency's sovereign ratings table, and Fitch has maintained AA- for South Korea since September 2012 when it upgraded the rating by one notch from A+. "(South) Korea's rating balances robust external finances, resilient macroeconomic performance and a dynamic export sector against geopolitical ri
Economy March 6, 2024
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S. Korea seeking to establish ground-based military rocket launch site
South Korea's arms procurement agency said Wednesday it is seeking to establish a ground-based military rocket launch site to accommodate future satellite launches. The Defense Acquisition Program Administration unveiled the plan in a policy report to President Yoon Suk Yeol, as the military plans to launch dozens of small-sized reconnaissance satellites by 2030 in addition to its first spy satellite launched last year. While the military currently operates a maritime launch site, there h
Defense March 6, 2024
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Seoul shares close lower ahead of Fed chief's testimony
South Korean stocks closed lower Wednesday as investors awaited clues on the US Federal Reserve's future rate direction, with techs and chemicals leading the overall decline. The local currency closed flat against the US dollar. The benchmark Korea Composite Stock Price Index lost 7.91 points, or 0.3 percent, to 2,641.49. Trade volume was low at 364 million shares worth 9.8 trillion won ($7.38 billion), with losers outpacing gainers 606 to 282. Foreigners offloaded 374.4 billion won worth o
Market March 6, 2024
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Police question doctors' association leader over walkout
A leader of the country's biggest doctors' assocation appeared before police for questioning Wednesday in connection with the walkout by trainee doctors protesting the government's decision to hike the medical school quota. The questioning of Joo Soo-ho, the chief spokesperson of the Korea Medical Association, came as thousands of intern and resident doctors have stayed off the jobs at general hospitals nationwide for the 16th day in protest of the plan to raise the quota by 2,000
Social Affairs March 6, 2024
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Police push to tighten noise level at rallies, fly drones for evidence of illegal acts
Police have passed strengthened regulations to lower noise from rallies and demonstrations and allow the use of drones to collect evidence of any illegal acts during such assemblies, officials said Wednesday. The revision to the enforcement decree of the Assembly and Demonstration Act was approved Monday as part of follow-up measures after police laid out plans to minimize public inconvenience from excessive noise at rally sites in September. The revision lowered the decibel limit around residen
Social Affairs March 6, 2024
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Financial regulator vows swift implementation of W5tr support fund for local firms
The financial regulator said Wednesday it will work to quickly provide up to 5 trillion won ($3.75 billion) in financial support to local firms this year, while pushing to create an additional 3 trillion-won investment fund for businesses. The government earlier announced plans to provide more than 76 trillion won in financial support for local businesses, with 20 trillion won earmarked for large businesses and 15 trillion won for mid-sized firms. "As a follow-up to the 'business-tailo
Politics March 6, 2024
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Seoul shares open lower on Wall Street losses
South Korean stocks opened lower Wednesday after major blue chips finished bearish on Wall Street. The benchmark Korea Composite Stock Price Index fell 8.84 points, or 0.33 percent, to 2,640.56 in the first 15 minutes of trading. Overnight, the US stock market closed lower, with the Dow Jones Industrial Average falling 1.04 percent and the tech-heavy Nasdaq Composite losing 1.65 percent. US tech giant Apple sharply lost ground amid reports that its sales in China dipped sharply over the first si
Market March 6, 2024
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