Articles by Yonhap
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S. Korea to extend fuel tax cut through June amid Middle East tensions
The government will extend the tax cut on fuel consumption by an additional two months amid growing tensions in the Middle East, Finance Minister Choi Sang-mok said Monday. South Korea has applied a 25 percent discount on the consumption of gasoline and a 37 percent discount on the consumption of diesel and liquefied petroleum gas, which were supposed to expire at the end of this month. The government began implementing a fuel tax cut scheme in 2021 and has extended it eight times so far, with t
Economy April 15, 2024
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Seoul shares open sharply lower on Iran's attack against Israel
South Korean stocks started sharply lower Monday amid growing geopolitical instability in the Middle East sparked by Iran's missile and drone strikes against Israel. The benchmark Korea Composite Stock Price Index dropped 33.9 points, or 1.26 percent, to 2,647.92 in the first 15 minutes of trading. Iran conducted the attack Saturday in retaliation for Israel's airstrike on Iran's diplomatic complex in Syria earlier this month. Tech shares opened bearish, with Samsung Electronics f
Market April 15, 2024
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US ambassador to UN set to arrive in S. Korea
The top US envoy to the United Nations will visit South Korea on Sunday for engagements to advance bilateral and trilateral cooperation on North Korean threats and other issues. During her four-day stay in South Korea, Ambassador Linda Thomas-Greenfield plans to meet senior Seoul officials to discuss ways to step up cooperation in the UN Security Council. The ambassador's visit comes after Russia last month vetoed the UN's annual renewal of an expert panel monitoring the North's c
Foreign Affairs April 14, 2024
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Presidential office says it will take time to name new PM, chief of staff after election defeat
A senior official at the presidential office said Sunday it will take time to name candidates for a new prime minister and chief of staff, after the resounding defeat of the ruling party in last week's parliamentary elections. The official told Yonhap News Agency that some media outlets have reported that the office of President Yoon Suk Yeol may announce a personnel reshuffle as early as Sunday, but "it is not physically possible." "It needs a minimum amount of time to find
Politics April 14, 2024
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N. Korea's Kim vows to further develop ties with China
North Korean leader Kim Jong-un met with China's top legislator, Zhao Leji, in Pyongyang and discussed ways to further deepen bilateral ties, the North's state media said Sunday. During the luncheon meeting held Saturday, Kim said Zhao's visit to Pyongyang is "of very weighty significance in demonstrating the invincibility of the DPRK-China friendship and further developing the traditional friendly and cooperative relations between the two countries as required by the times,&
North Korea April 14, 2024
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China's top legislator meets N. Korean leader to deepen ties
China's top legislator Zhao Leji met North Korean leader Kim Jong-un in Pyongyang on Saturday as they move to further strengthen bilateral ties, according to foreign news media. Zhao is the first high-ranking Chinese official to visit the North since the outbreak of the COVID-19 pandemic in early 2020. In his meeting with the No. 3 official in the Chinese Communist Party, Kim said Pyongyang is "unwaveringly" committed to cementing and further developing its cooperative ties with B
North Korea April 13, 2024
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Yoon likely to soon name new chief of staff after election defeat
President Yoon Suk Yeol is expected to name a new presidential chief of staff Sunday at the earliest in what would be his first move to overhaul state affairs after a resounding defeat in this week's parliamentary elections, sources at the presidential office said Saturday. After his party's crushing defeat in Wednesday's parliamentary elections, Yoon has delivered a message through his chief of staff that he will "humbly uphold the people's will" shown in the opposition's landslide vi
Politics April 13, 2024
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Pyongyang, Beijing vow strong friendly ties: KCNA
High-ranking officials from North Korea and China attended the opening ceremony of the "year of DPRK-China friendship" in Pyongyang to bolster their ongoing relations, Pyongyang's state media said Saturday. Choe Ryong-hae, chairman of the Standing Committee of the Supreme People's Assembly of the DPRK, and Zhao Leji, chairman of the National People's Congress of China, attended the ceremony at the East Pyongyang Grand Theatre on Friday to mark the 75th anniversary of the
North Korea April 13, 2024
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S. Korea, U.S. agree to hold trilateral industry ministers' talks with Japan in H1: Seoul official
South Korea and the United States have agreed to hold bilateral talks on supply chain and commercial issues and a trilateral industry ministers' meeting with Japan in the first half of the year, a senior Seoul official said Friday. Industry Minister Ahn Duk-geun announced the agreement, wrapping up his dayslong trip in Washington, during which he met U.S. Commerce Secretary Gina Raimondo, lawmakers and experts for talks on trade, energy and industrial issues. The plan for the meetings com
Foreign Affairs April 13, 2024
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S. Korea reelected to executive boards of WFP, UNICEF
South Korea has been reelected to the respective executive boards of the World Food Program and the United Nations Children's Fund for the 2025-27 period, the foreign ministry said Friday. South Korea retained its seats at the election held during a session of the U.N. Economic and Social Council. The executive boards, run by 36 member states, are the top governing body responsible for deciding policy directions and the supervision of overall activities. South Korea was among the six countr
Foreign Affairs April 12, 2024
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Uneven pace of economic recovery among sectors continues in S. Korea: finance ministry
The South Korean economy has largely been on a recovery track on the back of robust growth of exports and manufacturing production, but domestic demand remains weak and uncertainties have grown over global prices of raw materials, the finance ministry said Friday. "Our economy has seen an economic recovery centering on manufacturing output and exports while reporting a high level of employment," the Ministry of Economy and Finance said in the Green Book, its monthly economic assessment
Economy April 12, 2024
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US, Japan, Philippines stress Korean Peninsula denuclearization goal, decry NK threats
The United States, Japan and the Philippines affirmed their commitment to the "complete" denuclearization of the Korean Peninsula and denounced North Korea's growing military threats in their joint statement Thursday. Following their countries' first-ever trilateral summit in Washington, President Joe Biden, Japanese Prime Minister Fumio Kishida and Philippine President Ferdinand Marcos Jr. issued the "joint vision" statement, noting Pyongyang's provocative actions have "
World News April 12, 2024
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Seoul shares open lower despite US gains
South Korean stocks started lower Friday despite overnight US gains as investors await the Bank of Korea's rate decision later in the day. The benchmark Korea Composite Stock Price Index dropped 16.61 points, or 0.61 percent, to 2,690.35 in the first 15 minutes of trading. Overnight, the Nasdaq Composite jumped 1.7 percent and the S&P 500 rose 0.7 percent on a tech rally, while the Dow Jones Industrial Average was almost flat. Apple soared 4.3 percent, Nvidia surged 4.1 percent, and Amazon c
Market April 12, 2024
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S. Korea adds fewest number of jobs in 3 years in March; youth employment falls
South Korea added the fewest number of jobs in three years in March due mainly to a high base effect and weak employment in the agricultural sector amid unfavorable weather conditions, the statistics agency said Friday. The number of employed people came to 28.39 million last month, up 173,000 from a year earlier, according to the data compiled by Statistics Korea. It marked the fewest number of new jobs since February 2021, when the country lost 473,000 job posts on-year amid the COVID-19 pande
Social Affairs April 12, 2024
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US Navy secretary touts S. Korea's shipbuilding capabilities
US Secretary of the Navy Carlos Del Toro has noted South Korea's capabilities to build high-quality ships, including warships, in a cost-effective way while voicing concerns that America's shipbuilding capabilities have "atrophied" over the past decades. Toro made the remarks during an event organized by the Navy League in Maryland on Tuesday, stressing the need to reverse the United States' underinvestment in modernization and industrial capacity. "Our Korean and Japanese allies
World Business April 12, 2024
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