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"With this (decision) Yoon is trying to make sure there is policy continuity in place ahead of election," said Park Sang-hyun, an economist at HI Investment & Securities. "Choi has been long-time finance ministry person and he basically spearheaded major economics policies of the Yoon administration from the very beginning so its a safe choice." Choi has a bachelor's degree from the Seoul National University law school, where Yoon also studied around the same time. Choi's career in government service has been mostly at the finance ministry, overseeing economic policy making, financial market policies, and external business relations. Yoon doesn’t need parliamentary approval to appoint a new finance minister, who also serves as deputy prime minister.

Persons: Yoon Suk, Choi Sang, mok, Choi, Choo, Yoon, Yoon's, Yoon doesn’t, Soo, hyang Choi, Ed Davies Organizations: HI Investment, Securities, Gallup, Bank of, Seoul National University, Thomson Locations: SEOUL, Gallup Korea, Daegu

☆ South Korea's Yoon set to announce cabinet reshuffle -media
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

South Korean President Yoon Suk-yeol gives a speech on the government budget at the National Assembly in Seoul, South Korea, 31 October 2023. JEON HEON-KYUN/Pool via REUTERS/File photo Acquire Licensing RightsSEOUL, Dec 4 (Reuters) - South Korean President Yoon Suk Yeol is likely to announce a major cabinet reshuffle as early as Monday, with as many as 10 ministers including the finance minister set to be replaced, Yonhap news agency reported. The financial regulator head could also be replaced, the Korea Economic Daily reported on Monday, also citing unidentified sources. Some cabinet members are widely expected to stand down to capitalise on their increased profile to run as political candidates. Yoon does not require parliamentary approval to appoint a finance minister, who also serves as deputy prime minister.

Persons: Yoon Suk, JEON HEON, Yonhap, Park, Choo Kyung, Choi Sang, Yoon, Hyunsu Yim, Cynthia Kim, Ed Davies, Christopher Cushing Organizations: South, National Assembly, Rights, Korea Economic, Foreign, Finance, Democratic Party of Korea, Thomson Locations: Seoul, South Korea, Rights SEOUL, Korea, Busan

☆ South Korea's Yoon Set to Announce Cabinet Reshuffle -Media
▼ + stars: | 2023-12-03 | by ( Dec. | At P.M. | ) www.usnews.com time to read: +1 min

SEOUL (Reuters) - South Korean President Yoon Suk Yeol is likely to announce a major cabinet reshuffle as early as Monday, with as many as 10 ministers including the finance minister set to be replaced, Yonhap news agency reported. The transport and labour ministers may also be changed, Yonhap said, citing unidentified sources. The financial regulator head could also be replaced, the Korea Economic Daily reported on Monday, also citing unidentified sources. Some cabinet members are widely expected to stand down to capitalise on their increased profile to run as political candidates. Yoon does not require parliamentary approval to appoint a finance minister, who also serves as deputy prime minister.

Persons: Yoon Suk, Yonhap, Park, Choo Kyung, Choi Sang, Yoon, Hyunsu Yim, Cynthia Kim, Ed Davies, Christopher Cushing Organizations: Korea Economic, Foreign, Finance, Democratic Party of Korea Locations: SEOUL, Korea, Busan

☆ Samsung, SK Hynix get indefinite waivers to ship U.S. chip equipment to their China factories
▼ + stars: | 2023-10-10 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Samsung Electronics Co. 4GB Double-Data-Rate (DDR) 3 memory module, top, and 8GB DDR 3 memory modules are arranged for a photograph in Seoul, South Korea, on Tuesday, July 9, 2019. South Korean chip giants Samsung and SK Hynix will be allowed to ship U.S. semiconductor manufacturing equipment to their China factories indefinitely without separate U.S. approvals, South Korea's Yonhap News Agency reported on Monday. Previously, Samsung Electronics and SK Hynix obtained one-year waivers from the U.S. to continue importing advanced tools for their China plants. "The U.S. government's decision means that the most significant trade issue of our semiconductor companies has been resolved," said Choi. The latest development quells concerns Samsung and SK Hynix have about their chip production in China, which partly relies on U.S. equipment.

Persons: Choi Sang, Seoul's, Choi Organizations: Samsung Electronics Co, Samsung, SK Hynix, Yonhap News Agency, Samsung Electronics Locations: Seoul, South Korea, Korean, China, U.S

☆ South Korean firms get indefinite waiver on US chip gear supplies to China
▼ + stars: | 2023-10-09 | by ( ) edition.cnn.com time to read: +2 min

The United States had been expected to extend a waiver granted to the South Korean chipmakers on a requirement for licenses to bring US chip equipment into China. The United States has already notified Samsung and SK Hynix of the decision, indicating that it is in effect, Choi said. Samsung and SK Hynix, the world’s largest and second-largest memory chipmakers, have invested billions of dollars in their chip production facilities in China and welcomed the move. SK Hynix said: “We welcome the US government’s decision to extend a waiver with regard to the export control regulations. The companies together controlled nearly 70% of the global DRAM market and 50% of the NAND flash market as of end-June, data from TrendForce showed.

Persons: ”, Choi, mok, ” Samsung, SK Hynix Organizations: Seoul Reuters, Samsung Electronics, SK Hynix, United, Korean, Samsung, US Department of Commerce, SK Locations: Seoul, China, United States, Xian, Wuxi, Dalian, TrendForce

☆ South Korea's Yoon heads to NATO summit amid North Korea, China tensions
▼ + stars: | 2023-07-10 | by ( Hyonhee Shin | ) www.reuters.com time to read: +3 min

SEOUL, July 10 (Reuters) - South Korean President Yoon Suk Yeol was set to depart on Monday for a summit with NATO leaders, seeking deeper international security cooperation amid rising North Korean threats and tension over China. Last year, he attended the NATO summit for the first time as a South Korean leader, saying new conflicts and competition posed threats to universal values. There had also been speculation in media that Yoon might visit Ukraine as part of the trip. Last year, two South Korean companies signed a $5.76 billion contract with Poland to export tanks and howitzers, as part of South Korea's biggest ever arms deal. "The NATO summit would be a chance to reinforce cooperation with the countries that share values and norms," Park said.

Persons: Yoon Suk Yeol, Yoon, Choi Sang, mok, Yoon's, Hyonhee Shin, Soo, hyang Choi, Raju Gopalakrishnan Organizations: NATO, North, Asia Pacific, Associated Press, Ukraine, South Korea's, Ewha Womans University, Thomson Locations: SEOUL, China, Lithuania, Japan, Australia, New Zealand, Poland, Europe, Ukraine, U.S, Korean, North Korea, South Korea, South, Seoul

☆ South Korea's Yoon begins foreign tour for 2030 expo bid, Vietnam state visit
▼ + stars: | 2023-06-19 | by ( ) www.reuters.com time to read: +1 min

SEOUL, June 19 (Reuters) - South Korean President Yoon Suk Yeol departed Seoul for Paris on Monday to support his country's bid to host Expo 2030, part of a foreign trip that will also include meetings with the leaders of France and Vietnam, his office said. Yoon will address the general assembly of the International Bureau of Expositions (BIE), the organiser of the world fair, to promote South Korea's bid. Yoon will then head to Vietnam on Thursday for a three-day state visit, accompanied by a 205-person business delegation, his office said. 1 salesman" for South Korea, has made business deals and "sales diplomacy" a core element of his foreign trips since taking office. "It will be the largest business delegation since the launch of the Yoon Suk Yeol administration," Choi Sang-mok, senior presidential secretary for economy, said on Tuesday.

Persons: Yoon Suk Yeol, Yoon, Ukraine's Odesa, Emmanuel Macron, Yoon Suk, Choi, mok, Soo, hyang Choi, Gerry Doyle Organizations: Paris, International, South, NATO, Thomson Locations: SEOUL, Seoul, France, Vietnam, South Korean, Busan, Saudi Arabia's Riyadh, Italy's Rome, Madrid, South Korea

☆ US, South Korean leaders pledge to cooperate on forex market stability
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

April 26 (Reuters) - U.S. President Joe Biden and South Korean President Yoon Suk Yeol upgraded their commitment to cooperate on maintaining stability in foreign exchange markets at a summit on Wednesday, a senior South Korean economic official said. "It is meaningful that (the two leaders) expressed their willingness to actively cooperate for the financial stability at a higher level than before," Choi Sang-mok, senior presidential secretary for economy, told reporters in Washington. Biden and Yoon said in a statement following the summit that the two countries "will continue to consult closely on foreign exchange market developments to promote sustainable growth and financial stability". It was a reaffirmation of a commitment made last year but was an upgrade in the sense that it was included in the statement after the summit meeting held on the occasion of President Yoon's state visit, Choi said. Reporting by Choonsik Yoo; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

[1/4] South Korean President Yoon Suk Yeol delivers remarks to the U.S.-Korea Business Council at the U.S. Chamber of Commerce in Washington, D.C., U.S., April 25, 2023. He said the two countries' economies had been facing new challenges and the economic slowdown was unsettling the investment environment. "Competition for technological hegemony, energy issues and climate crises are casting more uncertainties on business activity day by day," Yoon said. "This cooperation should extend beyond semiconductors to future emerging technologies such as AI, Quantum, SMR (Small Modular Reactors) and more," Yoon said. Core technologies from the United States and South Korea's advanced manufacturing capabilities would "create enormous synergies that will benefit both countries," he said.

[1/4] A man clears away the snow from an alley as it snows on a cold winter day in Seoul, South Korea, January 26, 2023. REUTERS/Kim Hong-JiSEOUL, Jan 26 (Reuters) - South Korea plans to double energy vouchers and a discount of gas prices for underprivileged families to cope with spiralling heating bills amid a prolonged cold wave, officials said on Thursday. Many South Korean households began to feel the impact in recent weeks after turning up the heat amid a cold spell, with monthly gas bills up 34% last month from a year ago, according to Statistics Korea. "There is an inevitable aspect of realising energy prices under these difficult external circumstances," he told a briefing. Many South Koreans expressed concerns over additional hikes in energy bills as freezing winter weather continued.

☆ Electric vehicles row overshadows S.Korean president's first U.S. visit
▼ + stars: | 2022-09-20 | by ( Hyonhee Shin | ) www.reuters.com time to read: +5 min

He will fly to Canada on Thursday for the last leg of his trip before returning home on Saturday. Seoul officials have asked Washington to postpone the new rules until Hyundai completes building its Georgia factory in 2025. A number of high-level South Korean officials have been mobilised in recent weeks to relay concerns to their U.S. counterparts and press for exemptions, though solutions are far from clear. Trade Minister Lee Chang-yang will travel to the United States this week to discuss the IRA, the ministry said on Tuesday. However, the South Korean government is focusing on bilateral dialogue for now, he said, when answering a lawmaker's question in parliament.

☆ Row over EV subsidy rules overshadows S.Korean president's first U.S. visit
▼ + stars: | 2022-09-19 | by ( Hyonhee Shin | ) www.reuters.com time to read: +4 min

The KIA logo is seen on the new KIA Niro during a press day at the 2021 Seoul Mobility Show in Goyang, South Korea, November 25, 2021. Yoon, who was in London for the funeral of Britain's Queen Elizabeth, departed for New York late on Monday to attend the U.N. General Assembly. He will fly to Canada on Thursday for the last leg of his trip before returning home on Saturday. A number of high-level South Korean officials have been mobilised in recent weeks to relay concerns to their U.S. counterparts and press for exemptions, though solutions are far from clear. Yoon has also been struggling to make headway on other key diplomatic and security issues such as improving relations with Japan and enticing North Korea back to denuclearisation talks.

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