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☆ South Korea Halloween crush: 3 former police officers sentenced for destroying evidence
▼ + stars: | 2024-02-15 | by ( Yoonjung Seo | ) edition.cnn.com time to read: +2 min

Seoul, South Korea CNN —Three former police officers were sentenced in a Seoul court on Wednesday for destroying evidence related to the deadly Halloween crowd crush in the city’s Itaewon neighborhood in 2022. They are the first officers to be convicted of crimes related to the crowd crush, in which nearly 160 people were killed. The court document said Park ordered his officers to delete police reports warning of crowd-related incidents and raising public safety concerns ahead of the Halloween celebrations in 2022 shortly after the Itaewon crowd crush occurred. One of the deleted police reports stated a need for measures to prevent male police officers from hitting on women during Halloween. Most of those killed in the October 29 crush were young adults and teenagers, who were among tens of thousands of partygoers who poured into Seoul’s Itaewon district to celebrate Halloween.

Persons: Sung, Kim Jin, Young, seok, Kim Kwang Organizations: South Korea CNN —, Seoul Metropolitan Government, Seoul’s, Seoul police Locations: Seoul, South Korea, Seoul’s

☆ Hyundai Motor's union in South Korea votes on strike
▼ + stars: | 2023-08-24 | by ( Heekyong Yang | ) www.reuters.com time to read: +3 min

SEOUL, Aug 25 (Reuters) - Hyundai Motor's (005380.KS) unionised workers in South Korea on Friday vote on whether to hold a strike after two months of talks with the company over wage increase and extension of the retirement age stalled last week. If the union stages a strike, it would mark the first such action in five years related to wage negotiations at the South Korean carmaker, and could disrupt delivery of some popular vehicles which Hyundai has been struggling to ramp up due to prolonged component shortages. The voting result is expected at around 6 p.m. (0900 GMT), a union official at Hyundai Motor told Reuters, adding that the union will continue working-level negotiations with the management regardless of the vote. "South Korea has relatively low pension replacement rates, compared to other advanced countries in Europe. Unionised workers at Hyundai in South Korea held a four-hour strike for one day in July in support of its umbrella union's general strike, but it was not related to the union's wage negotiations with the management.

Persons: Ji, Kim Jinwoo, 1,328.0600, Heekyong Yang, Shri Navaratnam snd Michael Perry Organizations: Hyundai, Hyundai Motor, Reuters, Korea University's School of Law, Analysts, Korea Investment, Securities, Thomson Locations: SEOUL, KS, South Korea, Korean, Korea, Europe

[1/2] A Hyundai Kona vehicle is unveiled at the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. PERFORMANCEHyundai said vehicle sales rose 8.5% to 1.06 million units in the second quarter, with EV sales soaring 47% to nearly 78,000 units. In the United States, Hyundai's biggest market, sales of green energy cars that include EVs and plug-in hybrids more than doubled to 46,000 units. Overall vehicle sales in the U.S. grew 14% to 225,000 units, led by sedans, while in South Korea, its second-biggest market, sales rose 13% to 206,000 units. Hyundai said last month it planned to boost EV production in the United States to three-quarters of its total production there by 2030 from just 0.7% now.

Persons: Andrew Kelly, Elon Musk, Kim Jinwoo, Zayong Koo, Refinitiv SmartEstimate, 1,279.1700, Heekyong Yang, Miyoung Kim, Jacqueline Wong Organizations: Hyundai, New York, REUTERS, Kia Corp, Korea Investment & Securities, EV, Thomson Locations: Manhattan , New York City, U.S, SEOUL, KS, United States, North America, South Korea

☆ Exclusive: South Korea asks banks to prepare $4 bln to support credit union - sources
▼ + stars: | 2023-07-10 | by ( Seunggyu Lim | ) www.reuters.com time to read: +3 min

An official at the Financial Services Commission confirmed that banks had been asked to prepare liquidity through repurchase-agreement facilities to aid MG Community Credit Cooperatives, but did not comment on the amount. Depositors were lining up last week to withdraw funds from a branch of MG Community Credit Cooperatives after local media reported a rise in non-performing loans tied to real estate projects. Woori Bank, Hana Bank, Shinhan Bank, KB Kookmin Bank and NongHyup Bank had been asked to make financing available to MG Community Credit, although the actual amount extended to the credit union would depend on deposit withdrawals, the sources said. The sources added that each of the banks was asked to prepare 1 trillion won of financing, or 5 trillion won in total ($3.84 billion), as potential support. MG Community and the five banks did not immediately respond to requests for comment.

Persons: Kim Jin, 1,302.7800, Seunggyu Lim, Jihoon Lee, Ed Davies, Edmund Klamann Organizations: Financial Services Commission, Community Credit Cooperatives, MG Community Credit Cooperatives, Woori Bank, Hana Bank, Shinhan Bank, KB Kookmin Bank, NongHyup Bank, MG Community Credit, MG Community, Community, Interior Ministry, Bank of, Ministry of Finance, Citi, Jungdo, Thomson Locations: SEOUL, Namyangju, Seoul, Bank of Korea, Gangwon

☆ South Korean romance reality shows boom, but marriage no longer the end game
▼ + stars: | 2023-03-05 | by ( Jihoon Lee | ) www.reuters.com time to read: +5 min

[1/5] Choi Seo-eun, a participant in Single's Inferno 2 takes a selfie with her fans during a fan meeting event in Seoul, South Korea, February 11, 2023. While official statistics on their numbers are not kept, unmarried couples living together no longer raise eyebrows in South Korea. And while romance reality shows may be all the rage, a substantial number of Koreans also appear prepared to eschew relationships altogether. Even on dating shows like Netflix's (NFLX.O) hit "Single's Inferno" which transports young people to a deserted island, most of the shows' content revolves around long conversations between participants. The conversations in and around dating and relationship shows are good for South Korea, says Lim Myung-ho, a professor of psychology at Dankook University.

☆ Kim Jong Un attended a soccer match with his daughter, sparking fresh rumors that she will be North Korea's next ruler
▼ + stars: | 2023-02-20 | by ( Tom Porter | ) www.businessinsider.com time to read: +2 min

North Korean dictator Kim Jong Un's daughter is making increasingly frequent public appearances. North Korean state media said that Kim Jong Un had attended the match in Pyongyang Friday to mark the North Korean Day of the Shining Star holiday, which commemorates his father, Kim Jing Il's, birth. In pictures of the event, Kim Ju Ae, who is believed to be about 10, sits beside her father. North Korean leader Kim Jong Un reacts as he watches sport games in Pyongyang, North Korea on February 17, 2023. KCNA via ReutersAlso pictured at last week's soccer match was Kim Jong Un's sister, Kim Yo Jong, who is also rumored to be a potential successor to the dictator.

☆ S.Korea's Kakao Entertainment secures $966 mln investment from sovereign wealth funds
▼ + stars: | 2023-01-11 | by ( Joyce Lee | ) www.reuters.com time to read: +2 min

SummarySummary Companies Largest overseas investment in Korean content firm, co saysBusiness includes K-Pop, video, online comics and novels"Recession-proof" nature of business likely a draw -analystsSEOUL, Jan 12 (Reuters) - South Korean tech conglomerate Kakao Corp (035720.KS) said on Thursday unit Kakao Entertainment secured a 1.2 trillion won ($966.27 million) investment from leading sovereign wealth funds. Kakao, however, did not name the sovereign wealth funds in its statement. Kakao Corp shares rose 1% in early morning trade, outperforming a 0.2% rise in the wider market (.KS11). Unlisted Kakao Entertainment has a business portfolio ranging from K-Pop - including artist management - to shows, movies, and online-targeted, comparatively low-cost content such as comics called webtoons and serial web novels. "Having secured funds, Kakao Entertainment may seek to strengthen its artist lineup that can better target overseas markets via M&A or other ways."

Seoul, South Korea CNN —Two former police officers were arrested in South Korea on Monday, accused of destroying evidence relating to the deadly Halloween crowd crush in Seoul, according to authorities in the country. They allegedly ordered their subordinates to destroy an internal report about the risks stemming from a large crowd gathering in Itaewon during Halloween festivities. The two officers were already dismissed from their posts in November over their handling of the Itaewon incident. Both are under suspicion of professional negligence in relation to the crowd crush resulting in deaths and injuries. Video Ad Feedback CNN reporter returns to Itaewon's narrow alley one day after the Halloween disaster.

☆ Neymar and Danilo back with Brazil against South Korea
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +1 min

DOHA, Dec 5 (Reuters) - Brazil forward Neymar will start for the five-times champions in their World Cup last-16 match against South Korea on Monday after recovering from an ankle injury. Full back Danilo was also cleared to play and will start on the left side of defence, as both Alex Sandro and Alex Telles were ruled out by injuries. Centre back Eder Militao, who replaced Danilo at right back against Switzerland, will play against South Korea in the same role. Brazil: Alisson; Eder Militao, Thiago Silva (captain), Marquinhos, Danilo, Casemiro, Lucas Paqueta, Neymar, Vinicius Jr., Raphinha, Richarlison. South Korea: Kim Seung-gyu, Kim Moon-hwan, Kim Min-jae, Kim Young-gwon, Kim Jin-su, Lee Jae-sung, Jung Woo-young, Jeong Woo-yeong, Hwang In-beom, Son Heung-min (captain), Hwang Hee-chan, Cho Gue-sung.

☆ Ronaldo leads Portugal against South Korea after injury scare
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +2 min

Portugal, needing only a draw to be sure of top spot in Group H and mindful of the risk of yellow-card suspensions in the next round, have brought Diogo Dalot and Antonio Silva into the defence. Matheus Nunes, Vitinha and Joao Mario come into the midfield in place of Bernardo Silva, William Carvalho and Bruno Fernandes -- who scored twice in the 2-0 win over Uruguay -- while Ricardo Horta replaces Joao Felix up front. South Korea's Portuguese coach Paulo Bento left out central defender Kim Min-jae, who was an injury doubt, and replaced him with Kwon Kyung-won, while Lee Jae-sung and Lee Kang-in were drafted into midfield. The Koreans, with one point so far, must beat Portugal and hope the result of Ghana's match with Uruguay goes their way in order to reach the last 16. TeamsSouth Korea: Kim Seung-gyu, Kim Moon-hwan, Kwon Kyung-won, Kim Young-gwon, Kim Jin-su, Lee Jae-sung, Lee Kang-in, Jeong Woo-yeong, Hwang In-beom, Son Heung-min, Cho Gue-sungPortugal: Diogo Costa, Diogo Dalot, Pepe, Antonio Silva, Joao Cancelo, Matheus Nunes, Ruben Neves, Vitinha, Joao Mario, Cristiano Ronaldo, Ricardo HortaWriting by William Schomberg and Anita Kobylinska; Editing by Ken FerrisOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea beat Portugal to squeeze into next round at World Cup
▼ + stars: | 2022-12-02 | by ( Anita Kobylinska | ) www.reuters.com time to read: +2 min

[1/8] Soccer Football - FIFA World Cup Qatar 2022 - Group H - South Korea v Portugal - Education City Stadium, Al Rayyan, Qatar - December 2, 2022 South Korea players celebrate after the match as South Korea qualify for the knockout stages REUTERS/Wolfgang RattayAL RAYYAN, Qatar, Dec 2 (Reuters) - South Korea scored a last-gasp goal to beat already-qualified Portugal 2-1 at the World Cup in a comeback win that sent the Asian side into the last 16 ahead of Uruguay on goals scored. South Korea had to beat Portugal at the Education City Stadium to stand a chance of going through to the last 16 and their win catapulted them from fourth to second place by virtue of having scored four goals in the tournament to Uruguay's two. Portugal finished top despite the loss and should avoid facing likely Group G winners Brazil in the knockout stage. However, they did manage to equalise 10 minutes later through defender Kim Young-gwon who scored after the ball bounced off Cristiano Ronaldo's back following a corner. Writing by William Schomberg and Anita Kobylinska; Editing by Ken FerrisOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: The art of the cross lights up Ghana-South Korea thriller
▼ + stars: | 2022-11-28 | by ( Nick Mulvenney | ) www.reuters.com time to read: +2 min

The touch evaded the South Koreans after Mohammed Kudus had put Ghana ahead for the final time, however, and they repeatedly found space down the wings only for the final ball to clatter off the head of a Ghanaian defender. That reprised the opening 25 minutes of the game when the Koreans dominated possession, swinging the ball left and right across the pitch and working their neat triangulations to get into threatening positions down the flanks. The 31-year-old's delivery was even better 10 minutes later, a high arching cross that Kudus needed only the faintest touch on to guide past Kim Seung-gyu in the Korean goal. That means the coach will not be on the bench against his native Portugal in South Korea's final group game on Friday but his squad might expect a little bit of extra crossing practice over the next four days. Reporting by Nick Mulvenney, editing by Ed OsmondOur Standards: The Thomson Reuters Trust Principles.

The costs, of which Hyundai accounted for 1.36 trillion won and Kia for 1.54 trillion won, amount to more than half of Hyundai's estimated third-quarter net profit and 77% of Kia's profit, Refinitiv data shows. APOLOGY"We sincerely apologise for repeated quality issues and additional costs related to the Theta II GDI engine recall," Cha Seong-ju, head of the quality division at Hyundai Motor Group, told analysts. "We will put our utmost efforts to secure engine quality... and manage quality related cost in order to prevent a repetition of quality issues." In 2020, Hyundai and Kia together made 3.6 trillion won in provisions related to engine issues. Hyundai Motor is scheduled to report its July-September earnings next Monday, while Kia has not yet announced when it will report its third quarter results.

☆ Hyundai Motor is considering selling its Russia plant - media report
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

SEOUL, Oct 18 (Reuters) - South Korea's Hyundai Motor (005380.KS) is considering options for its suspended Russia operations that could include selling its manufacturing plant there, South Korean media reported on Tuesday. Many factories in Russia have suspended production and furloughed workers due to shortages of high-tech equipment because of sanctions and an exodus of Western manufacturers since Moscow sent armed forces into Ukraine on Feb. 24. Hyundai Motor recently submitted to management a report analysing its future prospects in Russia due to the difficult operating environment, Dong-a Ilbo newspaper said, citing an unidentified auto industry source. Register now for FREE unlimited access to Reuters.com RegisterHyundai Motor was not immediately available for comment when contacted by Reuters. Hyundai Motor suspended operations at its Russian factory in March and a regulatory filing from the company showed it sold no cars in the country in August and September.

Kakao shares plunged as much as 9.5% on Monday to their lowest since May 2020, wiping out 2 trillion won ($1.39 billion) in market capitalisation at one point, while shares in affiliates KakaoPay (377300.KS) and KakaoBank (323410.KS) lost more than 8% before paring losses. South Korea's technology ministry is probing whether the outage violated any laws while the communications regulator is reviewing the matter, including questions of user compensation, officials said on Sunday. An initial probe on Sunday found electrical issues around battery racks in third basement floor of the data centre, which is operated by SK C&C (034730.KS), may have caused the fire. REPUTATIONAL HITThe Kakao messaging application and the Kakao T taxi booking application are seen on a mobile phone in this illustration photo March 13, 2018. It said on Monday it would discuss compensation with data centre operator SK C&C for losses it and its key units have sustained.

☆ Kakao shares slump as outage sparks calls for regulatory scrutiny
▼ + stars: | 2022-10-17 | by ( Joyce Lee | ) www.reuters.com time to read: +5 min

Kakao shares plunged more than 9% on Monday to their lowest since May 2020, while shares in Kakao affiliates KakaoPay (377300.KS) and KakaoBank (323410.KS) also plunged more than 8% in morning trade. Police and the National Forensic Service are conducting a second investigation on Monday at the data centre, which is operated by SK C&C (034730.KS). After an initial probe on Sunday, police said electrical issues around battery racks in third basement floor of the data centre may have caused the fire. It said in a regulatory filing on Monday that after it normalises services, it will discuss compensation with data centre operator SK C&C for losses sustained by Kakao and its key units. A Kakao spokesperson declined to provide the total number of servers it uses, citing security concerns.

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