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☆ North Korea launches suspected ICBM days ahead of US election
▼ + stars: | 2024-10-30 | by ( Helen Regan | Gawon Bae | ) edition.cnn.com time to read: +1 min

Tokyo and Seoul CNN —North Korea conducted a suspected intercontinental ballistic missile test on Thursday morning, according to Japan’s Defense Ministry, which said it was believed to be the longest flight time yet for a North Korean missile. The launch comes just days ahead of the United States presidential election, and follows warnings from the South Korean intelligence agency that Pyongyang was planning on launching an ICBM around the election to test its reentry technology. The missile is believed to be a long-range ballistic missile fired at “a lofted angle,” South Korea’s Joint Chiefs of Staff said. It is suspected to have fallen outside of Japan’s exclusive economic zone, according to public broadcaster NHK, citing the country’s Defense Ministry. The US National Security Council described the launch as an intercontinental ballistic missile test, calling it “a flagrant violation of multiple UN Security Council resolutions.”This is a developing story and will be updated.

Persons: Gen Nakatani, ” Nakatani Organizations: Seoul CNN —, Japan’s Defense Ministry, United, Korean, Korea’s, Chiefs, Staff, NHK, country’s Defense Ministry, Japanese, “, US National Security Council, UN Locations: Tokyo, Seoul, Korea, Korean, Pyongyang

☆ A North Korean defector who struggled in South Korea stole a bus and tried to drive across the border, police say
▼ + stars: | 2024-10-03 | by ( Yoonjung Seo | ) edition.cnn.com time to read: +2 min

Seoul CNN —A North Korean defector who escaped to the South more than a decade ago was detained after attempting to cross back into North Korea on a stolen bus, police said. Since moving to South Korea in 2011, the 35-year-old man had been working day-to-day jobs without a stable home. More than 34,000 North Korean defectors have arrived in South Korea since fighting ended in the Korean War in 1953, according to official data. Defectors and advocates say the fact that some North Korean defectors try to return home points to how difficult it can be for them to assimilate into South Korean society. The man had previously crossed the border into North Korea via China but was returned by North Korean authorities.

Persons: “ He’s, ” Organizations: Seoul CNN, Korean, Gyeonggi Bukbu Provincial Police, CNN, National Security, Joint, South Korean, North Locations: Seoul, North Korea, Gyeonggi, South Korea, South, Korean, North, China

☆ Seoul Halloween crowd crush: South Korea court sentences highest-ranking police officer yet to jail
▼ + stars: | 2024-09-30 | by ( Gawon Bae | Chris Lau | ) edition.cnn.com time to read: +3 min

Seoul CNN —The former head of a local police station in Seoul has been sentenced to three years in jail over a deadly 2022 Halloween crowd crush, making him the highest-ranking law enforcement official to be held criminally liable over the disaster. Seoul Western District Court said Monday it found Lee and two other former Yongsan police officers guilty of neglecting their duties, which resulted in deaths and injuries, despite signs that “the danger of large-scale casualties” was foreseeable. Itaewon, home to some of Seoul’s popular restaurants and bars, had hosted Halloween celebrations for years. Most who died that night were young South Koreans – largely in their teens and early 20s. Last year, the Seoul Metropolitan Government announced a slew of new measures “to ensure a safe Halloween” – including a new CCTV system to monitor crowd numbers.

Persons: Lee Im, Lee, Itaewon, Yoon Suk Yeol Organizations: Seoul CNN, Seoul, South Koreans, South, Seoul Metropolitan Government Locations: Seoul, Yongsan, Itaewon, Asia, Japan, Shibuya, Guangzhou, China

☆ She claimed she aborted her baby at nine months. In this country, there’s no law against that
▼ + stars: | 2024-09-20 | by ( Lex Harvey | Gawon Bae | ) edition.cnn.com time to read: +13 min

Protesters hold placards reading 'Abolish punishment for abortion' as they protest South Korean abortion laws in Gwanghwamun plaza in Seoul on July 7, 2018. efired/iStockphoto/Getty ImagesBy not passing abortion laws, the National Assembly is “not doing its job,” said Cho Hee-kyoung, a law professor at Hongik University in Seoul. Changing attitudes to abortionDespite the country previously having highly restrictive abortion laws, abortion has not historically been the lightning rod in South Korea that it has been in the United States. If overpopulation had once prompted the government to push abortions, South Korea was now dealing with the opposite problem. It is impossible to know the true number of abortions that take place each year in South Korea because the procedure is unregulated.

Persons: haven’t, It’s, Ed Jones, “, ”, Cho Hee, ” Cho, Nayoung, Cho, Jung Yeon, Susanné Seong, “ They’ve, Charlie Neibergall, ” Nayoung, SeongJoon Cho, Yoon Suk, she’d Organizations: Seoul CNN, vlogger, Seoul National Police, South Korean, YouTube, CNN, Getty, National Assembly, Hongik University, country’s Ministry, Justice, Health and Welfare Ministry, Health, Ministry, Welfare Ministry, World Bank, South Korea’s Institute for Health, Social Affairs, Human Rights Watch, Korea, Pharmaceutical Affairs, Supreme, Ministry of Food and Drug Safety, South, Bloomberg, Organization for Economic Cooperation, Development, HRW, Police Locations: Seoul, South Korea, Korean, Gwanghwamun, AFP, South, efired, “, United States, Jusarang, Ames , Iowa, Canadian, Korea

☆ North Korean balloons ‘presumed’ to be carrying waste seen in South Korea as tensions flare
▼ + stars: | 2024-06-24 | by ( Gawon Bae | Michael Mitsanas | ) edition.cnn.com time to read: +4 min

Seoul CNN —North Korean balloons “presumed” to be carrying waste were spotted in South Korea on Monday, reigniting a tit-for-tat exchange as tensions on the Korean Peninsula continue to heighten. On Thursday, a South Korean advocacy group flew 20 large balloons carrying thousands of anti-North Korean propaganda leaflets and USB sticks with South Korean entertainment toward North Korea. The balloons also carried damaged clothes from a South Korean brand, signaling “hostility towards South Korean goods,” as well as clothes with imitations of Disney characters, according to the ministry. In the meantime, a US Navy aircraft carrier arrived in South Korea over the weekend ahead of trilateral exercises with South Korea and Japan in the waters near the peninsula. US and South Korean officials signed a new memorandum of understanding on diplomatic intelligence sharing and analysis on Monday, according to South Korea’s foreign ministry.

Persons: Kim Jong Un, Kim Yo Jong, North, ”, Vladimir Putin, Kim Jong, Kristina Kormilitsyna, Kim Organizations: Seoul CNN —, Korea’s, Chiefs, Staff, South, North, US Navy, Korean, ROK, DPRK, United Nations, Northeast Locations: Seoul, South Korea, Gyeonggi Province, Seoul’s, Korean, North Korea, ”, Pyongyang, Japan, Russia, United States, DPRK, Northeast Asia, Europe

☆ South Korean Buldak ‘fire noodles’ are too spicy for Denmark
▼ + stars: | 2024-06-12 | by ( Juliana Liu | Gawon Bae | ) edition.cnn.com time to read: +2 min

Hong Kong/Seoul CNN —Three varieties of “fire chicken” instant ramen noodles popularized by a viral internet challenge have been recalled in Denmark after they were deemed to be too spicy. The level of capsaicin found in Buldak Hot Chicken Ramen 3x Spicy, Buldak Hot Chicken Ramen 2x Spicy and Hot Chicken Stew was so high that it could poison consumers, the Danish Veterinary and Food Administration said in a statement issued Tuesday. South Korean noodle giant Samyang, which developed the ramen, said on Wednesday that the products were not being recalled because of quality issues. Buldak, which means “fire chicken” in Korean, was developed by Samyang’s chief executive, Kim Jung-soo, a housewife who married into the family business and eventually took over. According to taste testers, the original buldak ramen scored around 4,000 on the Scoville scale, which is roughly equivalent to the heat of jalapeños.

Persons: Stew, ”, they’ve, Samyang, Kim Jung, Cardi Organizations: Seoul CNN, Danish Veterinary, Food Administration, CNN, NICE, Service, Wall Street, ” Locations: Hong Kong, Seoul, Denmark, Danish, Japan, Asia

☆ North Korea sends another wave of trash balloons into South Korea
▼ + stars: | 2024-06-09 | by ( Yoonjung Seo | Mike Valerio | ) edition.cnn.com time to read: +3 min

About 330 balloons carrying bags of trash had been sent by North Korea since Saturday night, of which about 80 have landed in South Korea, Seoul’s Joint Chiefs of Staff (JCS) said on Sunday. South Korea’s National Security Council held an emergency meeting Sunday to discuss responses to the latest wave of balloons. Trash from a balloon presumably sent by North Korea lies on scattered the ground in Seoul, South Korea on June 9, 2024. South Korea Joint Chiefs of Staff/APIn May, North Korea responded by sending its own giant balloons south – containing trash, soil, pieces of paper and plastic, and what South Korean authorities described as “filth.”Kim said the balloons were “strictly a responsive act” to South Korea’s years-long practice of sending balloons with anti-North Korea leaflets the other way. South Korea’s JCS said Saturday night that North Korea was “boosting its presumed trash balloons,” and warned that the wind direction may lead to balloons moving south.

Persons: Kim Kang Il, ” Kim, “, Kim Jong Un Organizations: Seoul CNN —, South, Seoul’s, Chiefs of Staff, CNN, South Korea’s National Security Council, North Korea’s, Fighters, South Korea Joint Chiefs, Staff, Thursday South Korean Locations: Seoul, Korea, North Korea, South Korea, South, Pyongyang

☆ Samsung Electronics’ workers in South Korea go on strike for the first time ever
▼ + stars: | 2024-06-07 | by ( Yoonjung Seo | Diksha Madhok | ) edition.cnn.com time to read: +2 min

Seoul CNN —A labor union at Samsung Electronics in South Korea said many workers went on strike Friday, marking the first such walkout in the smartphone and chipmaking giant’s 55-year history. The Nationwide Samsung Electronics Union (NSEU) said last week that its 28,000 members — just under a quarter of the company’s total workforce in the country — would stage a one-day strike on June 7, following failed negotiations over pay and bonus arrangements. A Samsung spokesperson told CNN that, “there is no impact on production and management activities” as a result of the one-day walkout. The vast majority of the world’s advanced microchips are made in just two places: Taiwan and South Korea. Taiwan’s industry is larger and more dominant, something South Korea is keen to challenge.

Persons: —, Son Woomok, Anthony Wallace, chipmaker Organizations: Seoul CNN, Samsung Electronics, Nationwide Samsung Electronics Union, CNN, Reuters, Samsung, SK Hynix, Micron Technology, Getty, Intel Locations: Seoul, South Korea, AFP, Taiwan

☆ A South Korean firm is offering to pay its workers $75,000 each time they have a baby
▼ + stars: | 2024-02-06 | by ( Gawon Bae | ) edition.cnn.com time to read: +2 min

Seoul CNN —A South Korean company is ready to pay millions of dollars to help fix the country’s abysmally low birth rate. Booyoung Group, a construction firm based in Seoul, plans to pay employees 100 million Korean won ($75,000) each time they have a baby, it said in a press release Monday. It will also pay a total of 7 billion Korean won ($5.25 million) in cash to employees who have had 70 babies since 2021, the company added. Countries like South Korea, Japan and China, however, have shied away from mass immigration to tackle the decline in their working age populations. The South Korean government and other private companies already offer financial perks to encourage people to have more children, but none on the scale of Booyoung Group’s benefits.

Persons: Group’s, Lee Joong, keun, ”, “, ” Lee, China’s Trip.com Organizations: Seoul CNN, CNN, Statistics Korea, Booyoung, South Locations: Seoul, Korean, South Korea, Korea, Japan, China

☆ Samsung chief Lee Jae-yong acquitted in 2015 merger case
▼ + stars: | 2024-02-05 | by ( Yoonjung Seo | ) edition.cnn.com time to read: +1 min

Seoul CNN —Samsung chief Lee Jae-yong was found not guilty by a Seoul court on Monday on charges of stock manipulation and accounting fraud connected to a controversial merger in 2015 of two Samsung affiliates. The acquittal comes as a major relief to the chairman of Samsung Electronics, who has been embroiled in legal problems for years. They alleged that the merger of the two firms allowed Lee to gain a tighter grip on Samsung Electronics, the group’s flagship company. “Even if Lee’s control has been strengthened, the merger in this case cannot be considered unfair, as long as there is a reasonable purpose for the merger,” Park said. He added the decision will “lead to lowering the confidence of foreign investors in the Korean legal system and the soundness of the Korean capital market.”

Persons: Lee Jae, Lee, Park Jeong, ” Organizations: Seoul CNN — Samsung, Samsung, Samsung Electronics, Cheil Industries, Seoul, District Court, Seoul National University, CNN Locations: Seoul

Hong Kong/Seoul CNN —SK Hynix, a South Korean chipmaker, is investigating how two of its memory chips mysteriously ended up inside the Mate 60 Pro, a controversial smartphone launched by Huawei last week. “The significance of the development is that there are restrictions on what SK Hynix can ship to China,” G Dan Hutcheson, vice chair of TechInsights, told CNN. The big question is whether any laws were violated.”A Hynix spokesperson told CNN Friday that it was aware of its chips being used in the Huawei phone and had started investigating the issue. “SK Hynix is strictly abiding by the US government’s export restrictions,” the company said. Industry insiders said it was possible that Huawei had purchased the memory chips from the secondary market and not directly from the manufacturer.

Persons: ” G Dan Hutcheson, It’s, TechInsights, Mike Gallagher, Michael McCaul Organizations: Seoul CNN — SK Hynix, Huawei, SK Hynix, CNN, “ SK Hynix, US, Industry, 5G Kirin, chipmaker Semiconductor Manufacturing International Corporation, White Locations: Hong Kong, Seoul, Korean, Hynix, Canada, China, United States, Shenzhen

Seoul CNN —At least 16 people have died from heat-related illnesses in South Korea as the country swelters under a prolonged heat wave with temperatures above 38 degrees Celsius (100 Fahrenheit) in some parts of the country. A total of 1,284 people reported suffering heat-related illnesses as of Tuesday, according to KDCA. South Korea has raised the heat wave warning to the highest “serious” level for the first time since 2019, the interior and safety ministry said Wednesday. Ahn Young-joon/APHeat wave warnings have expanded to most of the country since late July as temperatures rose over 33 degrees Celsius (around 91 Fahrenheit). To cope with the continuing heat wave, local authorities are regularly checking on vulnerable populations and setting up cooling facilities such as shade tents and sun umbrella rentals.

Persons: Ahn Young, ’ Organizations: Seoul CNN —, Korea Disease Control, Prevention Agency, “, Korean Confederation of Trade Unions Locations: Seoul, South Korea, Korea, KDCA, Gyeonggi, Yeoju, Anseong, Asia, China, Japan

An army official told CNN the private was set to be administratively separated from the US Army. Details about how exactly King ended up on the North Korean side of the border remain unclear. King’s mother, Claudine Gates, told ABC she was “shocked” after being told by the US Army that her son had crossed into North Korea. Travis King, the US soldier who ran across the military demarcation line into North Korea on Tuesday, July 18 Travis King/FacebookThe US has been actively reaching out to North Korea to resolve the situation, but it has not yet heard back, a defense official said Wednesday. South Korean police told CNN that King was transferred to US military police after an investigation into an assault last September.

Persons: hasn’t, Travis King, King, Claudine Gates, ”, Travis, ” Gates, he’d, John Aquilino, Aquilino, King “, we’ve, ” Aquilino, CNN King, Jeon Heon Organizations: Seoul CNN, CNN, US Army, ABC, Pacific Command, Aspen Security, Joint Security, North, Defense Department, Korean, Reuters, King . Locations: Seoul, North Korea, Fort Bliss, South Korea, Mapo, Korea

☆ Fukushima wastewater: South Korean shoppers hoard salt, seafood ahead of Japan's release of treated radioactive water
▼ + stars: | 2023-07-09 | by ( Jessie Yeung Yoonjung Seo Paula Hancocks | Jessie Yeung | Yoonjung Seo | ) edition.cnn.com time to read: +7 min

The government has said the wastewater release will begin this summer, though it has not specified a date. The shortages were so acute that the government was forced to release sea salt from its official reserves to stabilize salt prices, which have soared more than 40% since April, according to the country’s salt manufacturing association. After a thorough safety review, it concluded in a report last week that the wastewater release would have “negligible” impact on people or the environment. The South Korean government said last week it would respect the IAEA’s findings. Photos show protesters holding banners that lambasted the IAEA and the Japanese government and condemned the wastewater release.

Persons: There’s, Chung Sung, Jung Yeon, ”, Lee Gi, I’m, ” Lee, Rafael Grossi, “, Lee, I’ve, … I’ve Organizations: Seoul CNN —, United Nations, CNN, Shoppers, Ministry of, Fisheries, Reuters, National Federation of Fisheries Cooperatives, Gallup, Noryangjin Fisheries Wholesale, Getty, International Atomic Energy Agency, IAEA, South Locations: Seoul, South Korea, Fukushima, Japan, United States, China, Gallup Korea

But in South Korea, “no-kids zones” have become remarkably popular in recent years. In addition to the world’s lowest birthrate, South Korea has one of the world’s fastest aging populations. A widely circulated crowd-sourced Google Map shows the location of many of South Korea's no-kids zones, as identified by users. A man looks at strollers at a baby fair in Seoul, South Korea, in September 2022. See why South Korea has the world's lowest fertility rate 02:41 - Source: CNNNo kids to kids first?

Persons: it’s, Yong Hye, Bonnie Tilland, Tilland, ”, Lee Yi, “ It’s, Lee Ji, Kim Se, “, choong, ” Tilland, Yong, don’t, ” Yong, Barista Ahn Hee, yul, they’re Organizations: Seoul CNN —, South, Google, Income Party, National Assembly, Facebook, Human Rights, UN, Yonsei University, Leiden University, Hankook Research, CNN Locations: Seoul, South Korea, Jeju, Japan, United States, South, Korea, Netherlands, ‘

☆ BTS 10th anniversary: Superfans make pilgrimage to South Korea to celebrate the K-pop band that conquered the globe
▼ + stars: | 2023-06-13 | by ( Kathleen Magramo Yoonjung Seo Paula Hancocks | Kathleen Magramo | Yoonjung Seo | ) edition.cnn.com time to read: +10 min

Scroll through the gallery to see how the K-pop group went global. ilgan Sports/Multi-Bits/Getty Images BTS fans at the "Love Yourself" North American Tour at the Staples Center on September 9, 2018 in Los Angeles. Andrew Lipovsky/NBC/Getty Images BTS won all three awards they were nominated for at the 2021 American Music Awards held in Los Angeles. Theo Wargo/Getty Images BTS addressed Asian inclusion and representation at the White House in Washington, DC on May 31, 2022. “Being in America and not seeing that much of Asian representation, when I saw that seven Asian guys were trending … that totally like piqued my interest immediately.

Persons: Rowan Joss, Katie Myles ’, they’re, ’ ”, Joss, HYBE, Myles, Kim Tae, Jung Ho, Kim Nam, Kim Seok, Jeon Jung, kook, Min Yoon, Psy’s, ”, Chelsea Guglielmino, Jimmy Fallon, Andrew Lipovsky, Matt Winkelmeyer, Theo Wargo, Kent Nishimura, CedarBough Saeji, ” Saeji, Katie Myles, –, hasn’t, Anthony Wallace, ’, Lisa Trinh, Diana Phung, they’ve, Trinh, they’ll, Jimin, Hwang Young, Startrip, Yoonjung Seo, Jungkook, dad, Justin Bieber, Selena Gomez, Ariana Grande, Shawn Mendes, it’s, Michelle Cho, It’s, Phung Organizations: Seoul CNN —, BTS, Records, YouTube, ilgan, Staples Center, Chelsea, NBC, Getty, White, Los Angeles Times, East Asian Studies, Pusan National University, ARMY, Ministry of Culture, Tourism, Tower, CNN, The, Guinness, Spotify, University of Toronto Locations: Hong Kong, Seoul, South Korea, Scotland, Los Angeles, Washington , DC, Korean, AFP, Seoul’s, California, Gangwon province, Busan, Korea, Cafe, America

Hong Kong/Seoul CNN —South Korean prosecutors have indicted a former Samsung executive for allegedly working with competitors who tried to build a copycat semiconductor factory in China. In a Monday statement, the Suwon district prosecutor’s office said it had charged a 65-year old former employee of what it called “Company A” over data theft. Prosecutors said the executive then tried to use that information to build a “duplicate” plant in the Chinese city of Xi’an, about 1.5 kilometers (one mile) away from a Samsung semiconductor factory. News agency Yonhap identified the second company as SK Hynix, another South Korean chip giant. Reuters reported that the attempt to build the new plant using Samsung data between 2018 and 2019 ended in failure due to funding issues.

Persons: wasn’t, Prosecutors, Yonhap Organizations: Seoul CNN — South, Samsung, “, SK Hynix, Prosecutors, Industrial Technology Protection, Reuters Locations: Hong Kong, Seoul, China, Suwon, Xi’an, Taiwan, Singapore, South Korea’s, South Korea, United States, Netherlands, Japan, Washington, Beijing

Hong Kong/Seoul CNN —Sam Altman, the CEO of ChatGPT maker OpenAI, used a high-profile trip to South Korea on Friday to call for coordinated international regulation of generative artificial intelligence, the technology that underpins his famous chatbot. “As these systems get very, very powerful, that does require special concern, and it has global impact. So it also requires global cooperation,” Altman said at an event in Seoul, ahead of a meeting with South Korean President Yoon Suk Yeol. In China, authorities will also “be initiating AI regulation,” according to Elon Musk, who helped found OpenAI before breaking from the group. As many as 300 million full-time jobs around the world could eventually be automated in some way by generative AI, according to Goldman Sachs estimates.

Persons: Sam Altman, ” Altman, Yoon Suk, that’s, ”, Yoon, Antony Blinken, Elon Musk, Musk, OpenAI, Goldman Sachs, Altman, “ it’s, ” Sam Altman, SeongJoon Cho, Narendra Modi Organizations: Seoul CNN, South Korean, Reuters, World Economic, SoftBank, Bloomberg, Getty, United Arab Locations: Hong Kong, Seoul, South Korea, Sweden, China, India, Israel, United Arab Emirates

Hong Kong/Seoul CNN —“The Little Mermaid” has bombed with moviegoers in China and South Korea amid racist critiques in some quarters over the casting of Black actress Halle Bailey as main character Ariel. Disney’s live-action remake has made only $3.6 million in mainland China since opening there on May 26, according to Box Office Mojo. In South Korea, “The Little Mermaid” has grossed $4.4 million since May 24. Halle Bailey in 'The Little Mermaid.' Ariel and Prince Eric in a scene from 'The Little Mermaid.'

Persons: Halle Bailey, Ariel, Disney’s, Bailey, “, ”, Rob Marshall, ‘ Let’s, ’, Fans, Prince Eric, Maleficent ’, Paul Dergarabedian Organizations: Seoul CNN —, Office, Korean Film Council, Global Times, Disney, Hollywood, Halle, United, Comscore Locations: Hong Kong, Seoul, China, South Korea, United States, Comscore, ”, Japan, Philippines, Indonesia, Italy, Germany, United Kingdom, Australia, Brazil, Mexico, Singapore, Finland, United Arab Emirates

☆ North Korea claims it’s ready to launch first spy satellite: state media
▼ + stars: | 2023-04-18 | by ( Yoonjung Seo | ) edition.cnn.com time to read: +1 min

Seoul CNN —North Korea’s leader Kim Jong Un has ordered officials to prepare to launch the country’s first military reconnaissance satellite, North Korean state media KCNA reported on Wednesday. During his visit to the National Aerospace Development Administration on Tuesday, Kim Jong Un said the country’s military reconnaissance satellite production has been completed and ordered the dispatching of “several reconnaissance satellites,” KCNA reported. Last December, North Korea claimed it had conducted an “important final stage test” for the development of a spy satellite. The country’s space development agency announced that it would finish preparations for the first military reconnaissance satellite by April 2023. On Tuesday, Kim stressed the role of military satellites as to protect national safety and territorial stability in the midst of escalating military threats and challenges by the US and South Korea.

Hong Kong/Seoul CNN —South Korean internet company Kakao has become the largest shareholder of SM Entertainment, winning a battle for control of one of the country’s most iconic music agencies. Kakao and its entertainment unit have increased their stake in SM to 39.9%, they said in a Tuesday regulatory filing. In securing a controlling stake, Kakao has seen off rival HYBE, South Korea’s top music agency and home to boy band sensation BTS, after a bruising takeover battle. In a separate Tuesday filing, HYBE said it had sold some of its SM shares to Kakao, reducing its stake to 8.8%. Aespa is represented by SM Entertainment.

Hong Kong/Seoul CNN —South Korea says it will build an enormous facility to make computer chips in the greater Seoul area, with about $230 billion in investment from memory chip giant Samsung Electronics. “We will build the world’s largest new ‘high-tech system semiconductor cluster’ in the Seoul Metropolitan area based on large-scale private investment of almost 300 trillion Korean won,” he said. An aerial view of Samsung Electronics' chip production plant at Pyeongtaek, South Korea on September 7, 2022. The vast majority of the world’s advanced microchips are made in just two places, Taiwan and South Korea. Taiwan’s industry is larger and more dominant, something South Korea is keen to challenge.

Hong Kong/Seoul CNN —South Korea says it will build an enormous facility to make computer chips in greater Seoul, with about $230 billion in investment from private companies. “We will build the world’s largest new ‘high-tech system semiconductor cluster’ in the Seoul Metropolitan area based on large-scale private investment of almost 300 trillion Korean won,” President Yoon Suk Yeol said on Wednesday. “In addition, we will grow the ‘semiconductor mega cluster’ to the world’s largest in connection with the existing memory semiconductor manufacturing complexes.”The Seoul Metropolitan area includes the capital Seoul, neighboring city of Incheon and surrounding Gyeonggi province. This is a developing story. More to come.

Hong Kong/Seoul CNN —BTS agency HYBE says it has called off a takeover bid for SM Entertainment, ending weeks of corporate mudslinging that has dominated headlines in South Korea. Last week, tech giant Kakao and its entertainment unit said they had doubled down on their quest to take control of SM, the iconic K-pop music agency. Kakao offered SM shareholders 150,000 won ($115) per share, much more than HYBE’s previous offer of 120,000 won ($92) per share, which garnered only mild interest from investors. SM Entertainment said in a statement that it “welcomes” HYBE’s decision to suspend its takeover bid. Kakao and its entertainment unit will continue with their existing tender offer to SM shareholders, which will wrap up on March 26, they told CNN.

It plans to offer SM shareholders 150,000 won ($115) per share. The artists are represented by SM Entertainment, which is currently in the midst of several shareholder disputes. Kakao and its Kakao Entertainment unit already currently hold 4.9% of SM, the company told CNN in a statement Tuesday. Kakao’s gambleKakao is pressing forward nonetheless, inviting SM shareholders to accept its tender offer, which ends on March 26. Its shares closed 3% lower in Seoul on Tuesday, while SM’s shares soared 15%.

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