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☆ South Korea hosts its first summit with Pacific island leaders
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +2 min

SEOUL, May 29 (Reuters) - South Korean President Yoon Suk Yeol begins the country's first summit with leaders of Pacific islands on Monday, as Seoul seeks to increase its influence in a region that has become the focus of intense geopolitical rivalry. The South Korean president held bilateral talks with some of the visiting Pacific leaders over the weekend including Kiribati President Taneti Maamau and Papua New Guinean Prime Minister James Marape. Australian Defence Minister Richard Marles will also attend the Korea-Pacific Islands Summit, his office said on Saturday, adding it would show cooperation between the 18 members of the Pacific Island Forum and South Korea for a secure region. Indian Prime Minister Narendra Modi pledged more trade and development assistance in a summit with a dozen Pacific island leaders in Papua New Guinea (PNG) last week. The United States Secretary of State Antony Blinken also signed a defence agreement with PNG after a Pacific summit.

☆ North Korea to hold key ruling party meeting in early June
▼ + stars: | 2023-05-28 | by ( ) www.reuters.com time to read: +1 min

SEOUL, May 29 (Reuters) - North Korea's ruling party will hold a key meeting in early June to review the country's economic plans, state media KCNA reported on Monday. It will mark the 8th Plenary Meeting of the 8th Central Committee of the Workers' Party of Korea (WPK), the country's ruling party. The last plenary meeting was held in February to discuss improving the economy and agricultural sector amid fears of food shortages. North Korea also criticized recent joint military drills between the U.S. and South Korea as "dangerous war gambles" in a separate commentary carried by KCNA also on Monday. "It is no exaggeration to say that the war scenario for aggression on the DPRK has already entered its implementation stage through training stage," the commentary read.

SEOUL/TOKYO, May 29 (Reuters) - North Korea has notified Japan of a plan to launch a satellite between May 31 and June 11, a Japanese coast guard official said on Monday. North Korea informed the Japanese coast guard of the planned launch, the coast guard official told Reuters, confirming earlier reports by public broadcaster NHK and other Japanese media. The Japanese prime minister's office urged North Korea to refrain from the launch and said it would work closely with allies. "We strongly urge North Korea to refrain from launching," the prime minister's office said on Twitter, adding it would cooperate "with relevant countries such as the U.S. and South Korea". North Korean leader Kim Jong Un in May inspected a military satellite facility, North Korean state media KCNA reported.

SEOUL, May 26 (Reuters) - South Korea's Hyundai Motor Group and LG Energy Solution Ltd (LGES) (373220.KS) on Friday said they will build a $4.3 billion electric vehicle (EV) battery plant in the United States amid a push to take advantage of tax credits. Vehicles from Hyundai Motor Co (005380.KS) and sister automaker Kia Corp (000270.KS) are currently not eligible. [1/2] The logo of Hyundai Motor Company is pictured at the New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. LGES and Hyundai Motor Group, which houses Hyundai Motor, Kia and autoparts maker Hyundai Mobis Co Ltd (012330.KS), will each own 50% of the joint venture. In April, Hyundai Motor finalised a $5 billion EV battery joint venture in the United States with SK On, a battery unit of SK Innovation Co Ltd (096770.KS), boosting electrification efforts in its largest market.

☆ South Korea's Yoon thanks Japan's Kishida for his efforts to mend ties
▼ + stars: | 2023-05-20 | by ( ) www.reuters.com time to read: +1 min

[1/2] South Korean President Yoon Suk Yeol shakes hands with Japanese Prime Minister Fumio Kishida during a joint press conference after their meeting at the presidential office in Seoul on May 7, 2023. ... Read moreSEOUL, May 21 (Reuters) - South Korean President Yoon Suk Yeol said on Sunday that Japanese Prime Minister Fumio Kishida's words resonated with many South Koreans when earlier this month he said that "his heart hurts" for those who suffered as wartime labourers under Japan's colonial rule. Yoon made the remark at a meeting with Kishida on the sidelines of the Group of Seven (G7) Summit in Hiroshima in Japan. Ahead of their meeting on Sunday, Yoon and Kishida visited the Hiroshima Memorial Peace Park to pay their respects at a memorial for Korean victims who had perished in the atomic bombings in 1945. "I feel that our visit was important for both Japan and South Korea relations, as well as for us to pray for world peace," Kishida said to Yoon ahead of the meeting.

☆ North Korea’s Kim Jong Un inspects military satellite station -KCNA
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

SEOUL, May 17 (Reuters) - North Korean leader Kim Jong Un inspected a military satellite station on Tuesday, state media KCNA reported. The report also said Kim has approved the next steps of the plan by the non-permanent satellite-launching preparatory committee, a group dedicated to launching North Korea's first military intelligence satellite. Kim said successfully launching the military reconnaissance satellite is an "urgent requirement of the prevailing security environment of the country," according to the report. Activity at the launch pad area at North Korea’s Sohae Satellite Launching Station has resumed after nearly a half-year hiatus, 38 North, a U.S.-based North Korea monitoring project, reported this week, citing recent satellite imagery. The 38 North report, however, added much remains to be done for a satellite launch to be undertaken.

☆ North Korea's Kim says Russia 'will prevail' over hostile forces
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

SEOUL, May 9 (Reuters) - North Korean leader Kim Jong Un said Russia "will prevail" in its fight against what he described as "imperialists," state news agency KCNA said on Tuesday, in remarks seen to be aimed at Ukraine and its Western supporters, such as the United States. North Korea has forged closer ties with the Kremlin and backed Moscow after it invaded Ukraine last year, including its proclamation later of having annexed parts of Ukraine that most U.N. members condemned as illegal. "We send warm wishes to you, the Russian army and the people of Russia for their holy fight to preserve world peace," the agency quoted Kim as telling Russian President Vladimir Putin in a letter. Kim also congratulated Putin on Tuesday's Victory Day anniversary that celebrates the 1945 defeat of Nazi Germany, saying Russia would continue to protect its "autonomy" and the "stability of the region". Reporting by Hyunsu Yim; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ Japan PM Kishida meets lawmakers, business leaders to finish South Korea visit
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +1 min

[1/2] Japanese Prime Minister Fumio Kishida talks to South Korean business leaders during their meeting in Seoul, South Korea, May 8, 2023. Yonhap via REUTERSSEOUL, May 8 (Reuters) - Japanese Prime Minister Fumio Kishida met with South Korean lawmakers and business leaders in Seoul on Monday to discuss potential bilateral cooperation as he wrapped up the first visit by a Japanese leader in 12 years. "I would like to strengthen the relationship I have with (South Korean) President Yoon and join forces with him to forge a new era," Kishida told reporters in Seoul after meeting with South Korean lawmakers at his hotel. Kishida told South Koreans on Sunday his "heart hurts" when he thinks of suffering during Japanese colonial rule of South Korea. He arrived in South Korea on Sunday following South Korean President Yoon Suk Yeol's trip to Tokyo in March where they sought to close a chapter on the historical disputes that have dominated Japan-South Korea relations for decades.

☆ Singapore firms scramble to soften blow of soaring rent costs
▼ + stars: | 2023-05-08 | by ( Chen Lin | ) www.reuters.com time to read: +5 min

But with private housing rents in Singapore maintaining the scorching pace of gains in 2023, those steps are likely falling short, forcing expatriate workers to even consider leaving the city for good. An exodus of foreign talent due to unaffordable housing costs would be a setback to Singapore in fulfilling its ambitions of becoming a technological and innovations hub. EXPAT WOESRecruitment companies said most expats in Singapore do not get housing allowances as companies are controlling their costs amid an uncertain global economy. That is cold comfort for Briton Natalie, who has been living in Singapore for 15 years and is facing a S$3,200 increment in monthly rent. ($1 = 1.3274 Singapore dollars)Reporting by Chen Lin in Singapore; Editing by Xinghui Kok and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

☆ Seoul's LGBT festival blocked by Christian concert outside city hall, organisers say
▼ + stars: | 2023-05-04 | by ( Hyunsu Yim | ) www.reuters.com time to read: +2 min

SEOUL, May 4 (Reuters) - Seoul's city government has effectively blocked South Korea’s largest annual LGBT festival from taking place outside city hall this year after granting a permit for a Christian youth concert instead, the LGBT event’s organisers said this week. Yang Sun-woo, chief organiser of the Seoul Queer Culture Festival, said the city's move is an act of discrimination. A concert for young people will take place outside the city hall on that day instead. A representative for the CTS Cultural Foundation said that the timing was not aimed at blocking the LGBT festival. The Seoul city government did not immediately reply to a request for comment.

☆ LG Energy Solution Q1 profit more than doubles, in line with forecast
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

SEOUL, April 26 (Reuters) - South Korea's LG Energy Solution (373220.KS) on Wednesday posted a 145% jump in quarterly profit, as the battery maker factored in subsidies from the U.S. Inflation Reduction Act and solid sales of electric vehicles (EVs) in U.S. and European markets. The company, which supplies Tesla Inc (TSLA.O), General Motors Co (GM.N) and others, reported an operating profit of 633 billion won ($472.6 million) for the January-March period, versus 259 billion won a year earlier. That compared with an average analyst forecast of 633 billion won compiled by Refinitiv SmartEstimate. Revenue for the quarter rose 101% to 8.7 trillion won, LG Energy said in a regulatory filing. Shares of LG Energy Solution was trading up 0.7%, versus benchmark KOSPI's (.KS11) 0.1% rise as of 0044 GMT.

[1/2] Electric power transmission pylon miniatures and LG Energy Solution logo are seen in this illustration taken, December 9, 2022. LG Energy Solution (LGES) reported an operating profit of 633 billion won ($472.6 million) for the January-March period, up 145% from 259 billion won a year earlier. When asked about rival Chinese battery makers' efforts to enter the U.S. market, LGES Chief Financial Officer Lee Chang-sil said the company would maintain its competitive position in the U.S. LG Energy Solution's revenue for the quarter doubled to 8.7 trillion won, LG Energy said in a regulatory filing. Shares of LG Energy Solution (LGES), carved out of LG Chem Ltd (051910.KS) last year, rose as much as 2.4% in morning trade, outpacing a flat broader KOSPI market (.KS11).

☆ South Koreans tap cash-giving apps to help offset rising living costs
▼ + stars: | 2023-04-24 | by ( Hyunsu Yim | ) www.reuters.com time to read: +2 min

As many as three in four adults earn cash through such applications, showed a recent survey by job portal Incruit. Retiree Han Sun-jae, 77, said he had made some 50,000 won ($37.91) so far through the Toss app. The trend shows people are going the extra mile to help overcome an increasingly dire economic situation, experts said. "While the effort to make pocket money is commendable, it could also leave people vulnerable to personal data use," said Lee Eun-hee, a consumer studies professor at Inha University. ($1 = 1,318.79 won)Reporting by Hyunsu Yim; Additional reporting by Ju-min Park; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ K-pop singer Moonbin, member of boy band Astro, dies aged 25
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

SEOUL, April 20 (Reuters) - South Korean singer Moonbin, a member of K-pop boy band Astro, has died at the age of 25, his music label Fantagio said on Thursday. Mooonbin was a child actor before making his debut as a member of Astro in 2016. Local media reported that the singer was found dead at his home in the Gangnam district of Seoul and that suicide was suspected. Following the news about the death of Moonbin, "all idols" trended on Twitter in South Korea. In 2017, Kim Jong-hyun, the lead singer of top South Korean boy band SHINee died in an apparent suicide aged 27.

☆ China funds flock to Hong Kong to sate mainland investors
▼ + stars: | 2023-04-20 | by ( Summer Zhen | ) www.reuters.com time to read: +3 min

HONG KONG, April 20 (Reuters) - Large China-based fund managers are setting up shop in Hong Kong for the first time, seeking to fill Chinese investors' appetite for U.S. dollar-based products and international exposure after the country reopened its borders. As mainland-based funds are yuan denominated, fund managers need to set up in Hong Kong to be able to offer foreign currency products. "We are optimistic about Hong Kong as the global asset management hub. "Foreign managers are getting licenses and issuing funds in China - it's natural for us to go overseas," said Jason Yim, managing director of QX Asset Management in Hong Kong. Wealth management firms such as Noah Holdings (NOAH.N), China's largest independent wealth manager, are also aggressively expanding teams in Hong Kong.

☆ K-pop star and BTS member J-Hope starts mandatory military service
▼ + stars: | 2023-04-18 | by ( ) www.reuters.com time to read: +1 min

SEOUL, April 18 (Reuters) - J-Hope, a member of Grammy-nominated K-pop boy band BTS, began his mandatory military service in South Korea on Tuesday, the second member of the group to do so. REUTERS/Jeenah MoonJ-Hope, 29, is the second member of the popular septet to enlist following Jin, the oldest, who joined the military in December. All able-bodied men in South Korea between the ages of 18 and 28 must serve in the military for 18 to 21 months. The military enlistment of BTS members has drawn attention from not just fans but also politicians in South Korea. Some lawmakers floated the idea of granting the hit group an exemption from mandatory military service to allow them to continue to perform instead.

☆ North Korea celebrates building 10,000 modern homes in Pyongyang
▼ + stars: | 2023-04-16 | by ( ) www.reuters.com time to read: +1 min

SEOUL, April 17 (Reuters) - North Korea held a ceremony on Sunday to celebrate the completion of 10,000 new modern homes in the newly built Hwasong District in Pyongyang, state media KCNA reported. The milestone comes two months after Kim broke ground in February on another housing project that has been described as "another luxurious street of socialism full of the people's happiness" by KCNA. In 2021, North Korea announced plans to build 50,000 new apartments in the capital over the course of five years. Since then, North Korea said it has moved forward with a series of construction projects, some of which are still ongoing amid foreign suspicion of food shortages. Reporting by Hyunsu Yim; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

☆ S.Korea's top court tells Google to disclose user information sharing -report
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

SEOUL, April 13 (Reuters) - South Korea's top court on Thursday said Alphabet Inc's (GOOGL.O) Google should disclose whether the technology giant had shared local user information with third parties, news agency Yonhap reported, sending the case back to a lower court. The group alleged that the tech company had shared private user information through PRISM, a U.S. National Security Agency surveillance programme. "We will review the Supreme Court's full written decision carefully," a Google spokesperson said. The Supreme Court's decisions on both cases are in line with South Korea's recent tendency to take a tough stance on regulatory matters concerning foreign technology giants. On Wednesday, South Korea's anti-trust regulator fined Google 42.1 billion won ($31.88 million) for blocking the release of mobile video games on a competitor's platform.

☆ North Korea fires missile into sea off east coast, South Korea says
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: 1 min

SEOUL, April 13 (Reuters) - North Korea has fired a missile into the sea off the east coast of the Korean Peninsula, South Korea's Joint Chiefs of Staff said on Thursday. Japan's coast guard also said North Korea had fired what could be a ballistic missile. The launch comes two days after North Korean state media KCNA reported that leader Kim Jong Un called for strengthening the country's war deterrence in a "more practical and offensive" manner to counter what it called moves of aggression by the United States. North Korea has criticized the recent series of joint military exercises between the U.S. and South Korea as escalating tension. Reporting by Hyunsu Yim Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ Hyundai Motor Group to invest $18 bln in South Korean EV industry by 2030
▼ + stars: | 2023-04-11 | by ( Heekyong Yang | ) www.reuters.com time to read: +2 min

SEOUL, April 11 (Reuters) - Hyundai Motor Group said on Tuesday it planned to invest 24 trillion won ($18.14 billion) in South Korea's electric vehicle (EV) industry through 2030, bolstering its presence in a segment that is set to dominate long-term global automotive demand. The investment plan by the group, which includes Hyundai Motor Co (005380.KS), Kia Corp (000270.KS) and Hyundai Mobis Co Ltd (012330.KS), came as President Yoon Suk Yeol attended a groundbreaking ceremony for Kia's first designated electric vehicle plant. It added that the government would expand tax benefits for domestic EV facility investment for a five-fold boost in production capacity by 2030. The South Korean auto group said last year it would invest more than $10 billion in the United States by 2025 to enhance collaboration with U.S. firms in advanced technology. Shares of Kia and Hyundai Motor closed up 4.9% and 3.3%, respectively, on Tuesday versus a rise of 1.4% in the benchmark KOSPI (.KS11) index.

☆ South Korea fines Google $32 million for blocking release of games on competitor’s platform
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +1 min

SEOUL, April 11 (Reuters) - South Korea's antitrust regulator has fined Alphabet Inc's (GOOGL.O) Google 42.1 billion won ($31.88 million) for blocking the release of mobile video games on a competitor's platform. The KFTC said the move against the U.S. technology giant is part of efforts by the government to ensure fair markets. Game makers affected by Google's action include Netmarble (251270.KS), Nexon (225570.KQ) and NCSOFT (036570.KS), as well as other smaller companies, the antitrust regulator added. In 2021, Google was fined more than 200 billion won by the KFTC for blocking customised versions of its Android operating system. ($1 = 1,320.4200 won)Reporting by Hyunsu Yim; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea fines Google $32 mln for blocking release of games on competitor’s platform
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +1 min

☆ S.Korea's Yoon calls strategy meeting to boost chip, battery sectors
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +1 min

SEOUL, April 10 (Reuters) - South Korean President Yoon Suk Yeol ordered on Monday a national strategy meeting to boost the competitiveness of the country's rechargeable battery and semiconductor sectors, a presidential spokesperson said. South Korea's economy, heavily dependent on trade and chip exports, has been decelerating in the face of a weakening global economy and still-sluggish demand from neighbouring China. Local consumers are also holding back on spending after interest rate rises. South Korean battery and chip shares rallied in early trade on Monday. Reporting by Choonsik Yoo and Hyunsu Yim; Editing by Tom Hogue and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ Chinese officials step up foreign travel in race to find investors
▼ + stars: | 2023-04-06 | by ( Clare Jim | ) www.reuters.com time to read: +5 min

Their urgency highlights the pressure local governments face in boosting growth while burdened with cumulative debt of $9 trillion, said the sources who met Chinese officials in Hong Kong. The other executive and Yim said they had often attended as many as eight to 10 events a day with Chinese officials. Fengze, a district in the nearby city of Quanzhou, signed up procurement deals of up to 30 billion yuan from Hong Kong, the city's social media accounts showed. Shenzhen’s Boao district alone aims to attract 100 billion yuan in foreign investment this year, with 26 business managers and 10 officials responsible for key streets committing themselves to the task in a letter, Chinese media said. ($1=6.8810 Chinese yuan renminbi)Reporting by Clare Jim; Editing by Marius Zaharia and Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ North Korea accuses Ukraine of having nuclear ambitions
▼ + stars: | 2023-04-01 | by ( ) www.reuters.com time to read: +1 min

Kim said this kind of petition could be a political plot by President Volodymyr Zelenskiy's office, but did not provide any evidence for the assertion. Following Russian President Vladimir Putin's announcement last week that Moscow plans to station tactical nuclear weapons in Belarus, a public petition was filed to the Ukrainian presidential office's website on Thursday, calling for Ukraine to host nuclear weapons on Ukrainian territory, or for it to be armed with its own nuclear weapons. By Saturday afternoon, the petition had gained only 611 signatures, far short of the 25,000 needed for a response from Zelenskiy. North Korea is forging closer ties with Kremlin amid shared isolation by the West and it supported Moscow's position after Russia invaded Ukraine last year, including its later proclaimed annexation of parts of Ukraine that most U.N. members condemned as illegal. Reporting by Hyunsu Yim in Seoul and Max Hunder in Kyiv Editing by Frances KerryOur Standards: The Thomson Reuters Trust Principles.

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