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☆ Netflix co-CEO Ted Sarandos to visit S.Korea this month - Yonhap
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +1 min

June 7 (Reuters) - Netflix Inc's (NFLX.O) co-Chief Executive Officer Ted Sarandos is planning a two-day visit to South Korea from June 20 to meet Prime Minister Han Duck-soo and other key officials, Yonhap News Agency reported on Wednesday. Sarandos' decision to visit comes about two months after the U.S. streaming service announced its plans to invest $2.5 billion in South Korea over the next four years to produce Korean TV series, movies and unscripted shows. Sarandos met South Korean President Yoon Suk Yeol in Washington in April, catering to international success enjoyed by South Korea's entertainment industry in recent years. Known as the "Korean Wave" or Hallyu, the country's entertainment industry has enjoyed a global boom in recent years. Reporting by Rahat Sandhu in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Persons: Ted Sarandos, Han Duck, Sarandos, Yoon Suk, Rahat Sandhu, Sherry Jacob, Phillips Organizations: Netflix, Yonhap News Agency, Reuters, South, Thomson Locations: South Korea, U.S, Washington, Bengaluru

[1/6] People watch a TV broadcasting a news report on North Korea firing what it called a space satellite toward the south, in Seoul, South Korea, May 31, 2023. The launch prompted emergency alerts and brief evacuation warnings in parts of South Korea and Japan, which were then withdrawn with no danger or damage reported. South Korea's military said it was still analysing whether the launch was successful, while media in South Korea and Japan said governments there were examining the possibility that it failed. North Korea had said it would launch its first military reconnaissance satellite between May 31 and June 11 to boost monitoring of U.S. military activities. North Korea has previously attempted five satellite launches, with two satellites placed in orbit, including during its last such launch in 2016.

Persons: Kim Hong, Leif, Eric Easley, Chol, Brian Weeden, Hyonhee Shin, Josh Smith, Chang, Ran Kim, David Brunnstrom, Chris Reese, Sonali Paul Organizations: REUTERS, Ji, Ewha University, Ocean, Central Military Commission, Workers ' Party, U.S, U.S . State Department, Korean, United Nations, State Department, Secure, Foundation, Thomson Locations: North Korea, Seoul, South Korea, Ji SEOUL, TOKYO, Japan, Korean, China, Pyongyang, Tokyo, Okinawa, Korea's, U.S, Washington

☆ S.Korea's Yoon, India's Modi agree to step up cooperation on defence, bio-health sectors
▼ + stars: | 2023-05-20 | by ( ) www.reuters.com time to read: 1 min

[1/2] FILE PHOTO-Indian Prime Minister Narendra Modi speaks during the G20 leaders summit in Nusa Dua, Bali, Indonesia, Tuesday, Nov. 15, 2022. Dita Alangkara/Pool via REUTERSSEOUL, May 20 (Reuters) - South Korean President Yoon Suk Yeol held talks with Indian Prime Minister Narendra Modi on Saturday and agreed to enhance cooperation on defence and bio-health sectors, Yoon's office said. The meeting was held on the sidelines of the G7 summit in Hiroshima, Japan as South Korea and India were invited to the summit as guest countries. Reporting by Soo-hyang Choi; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

☆ S.Korea tells China ambassador it hopes for continued economic cooperation
▼ + stars: | 2023-05-19 | by ( Choonsik Yoo | ) www.reuters.com time to read: +1 min

SEOUL, May 19 (Reuters) - South Korea's finance minister on Friday met the Chinese ambassador and discussed economic cooperation, as diplomatic tensions with Beijing put an additional dent on the already sluggish economy. The ministry said in a short message after the 30-minute meeting that Minister Choo Kyung-ho expressed his hopes for continued economic cooperation between the two countries on the basis of reciprocity and mutual respect. Choo, South Korea's highest economic and financial policymaker, also asked for support for preparations ahead of a bilateral economic ministers' meeting this year in Seoul, the statement added. The ministry did not disclose remarks by Ambassador Xing Haiming during the meeting, which was held after South Korea's ambassador to Washington said early this month Seoul would soon pursue senior-level engagements with Beijing. Share prices of South Korean companies with exposure to China business rose on Friday, with media content producer CJ ENM (035760.KQ) jumping 2.5% and online game developer Netmarble (251270.KS) rising 1.5%.

☆ China says S.Korean soccer player detained for suspected bribery
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: 1 min

BEIJING, May 16 (Reuters) - China's foreign ministry said on Tuesday a South Korean soccer player is suspected of taking bribes from non-state workers and has been detained by the public security department of Liaoning province. China is a country that follows the rule of law and handles relevant cases in accordance with the law, ministry spokesperson Wang Wenbin told a news briefing. South Korean soccer player Son Jun-ho is being held in police custody in northeast China in connection with a bribery case, a Korean diplomatic source said on Monday. read moreReporting by Beijing Newsroom; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

The resumption of bilateral financial discussions comes ahead of Japanese Prime Minister Fumio Kishida's planned visit to South Korea on Sunday and Monday for talks with President Yoon Suk Yeol. It also came as Asian policymakers, gathering for the annual Asian Development Bank (ADB) meeting this week in the South Korean city of Incheon, discussed regional economic challenges and ways to beef up buffers against various shocks. In a joint statement issued after their meeting on Tuesday, Asian finance leaders warned of risks to the region's economy and called for countries to stay vigilant to potential spillovers from the recent U.S. and European banking sector turmoil. Japan and South Korea will resume regular finance dialogue, likely to be held annually, at "an appropriate timing," Suzuki told reporters after the bilateral meeting. Choo is expected to visit Japan this year for another meeting with Suzuki, South Korea's finance ministry said.

The resumption of bilateral financial discussions comes ahead of Japanese Prime Minister Fumio Kishida's planned visit to South Korea on Sunday and Monday for talks with President Yoon Suk Yeol. Japan and South Korea will resume regular finance dialogue, likely to be held annually, at "an appropriate timing," Suzuki told reporters after the bilateral meeting. Washington has pressed both countries to resolve these disputes to better counter rising threats from China and North Korea and other regional challenges. Under Yoon, South Korea has resumed trilateral military drills and agreed to more intelligence sharing on issues like tracking ballistic missile launches from North Korea. China's finance minister and central bank head were not present at a trilateral meeting, with their deputies attending instead.

SummarySummary Companies Japan, S.Korea must address geopolitical challenges - SuzukiS.Korea's Choo urges Japan to restore 'white list' statusResumption of dialogue underscores mending relationsINCHEON, South Korea May 2 (Reuters) - Japan and South Korea held their first bilateral finance leaders' meeting in seven years on Tuesday, a sign relations between the two are thawing amid shared challenges from geopolitical tensions and slowing economic growth. The resumption of bilateral financial talks comes ahead of Japanese Prime Minister Fumio Kishida's planned visit to South Korea next week for talks with President Yoon Suk Yeol. "As for geo-political challenges, we're experiencing incidents like North Korea's nuclear missile development and Russia's invasion of Ukraine. Regular annual dialogue between the two countries' finance ministers has been suspended since 2016 due to disputes over wartime history. Suzuki said he hoped Japan and South Korea can continue with bilateral financial dialogue and that doing so would contribute to improving relations between the two countries.

☆ S.Korea factory activity shrinks in April, marks longest downturn in 6 years - PMI
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +2 min

However, it remained below the 50-mark that separates expansion from contraction for the 10th straight month in a row, the longest such streak since May 2017. "April PMI data provided further evidence that South Korean manufacturing firms continued to struggle in the face of the current global economic weakness," said economist Usamah Bhatti at S&P Global Market Intelligence. Sub-indexes showed output shrank for a 12th month, but at the joint-softest pace in the streak. New orders fell for a 10th month, with the pace also easing from the previous month. New export orders fell for a 14th month, at a pace only slightly milder than the month before.

☆ S.Korea finmin: S.Korea, Japan, China cooperation more important as world economy at inflection point
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: 1 min

INCHEON, South Korea, May 2 (Reuters) - South Korea's finance minister said on Tuesday that the trilateral cooperation between South Korea, Japan and China has became more important as the global economy stands at an inflection point. Minister Choo Kyung-ho said such cooperation would not only help the three countries, which account for more than 20% of the world economy, but also the Asian region and the world, during his opening remarks at a trilateral meeting of finance ministers and central bank governors. The countries' economic leaders met on the sidelines of the Asian Development Bank's annual meeting of the board of governors held in Incheon, South Korea. Reporting by Jihoon Lee; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ S.Korea's Yoon to meet Biden as doubts grow over nuclear umbrella
▼ + stars: | 2023-04-24 | by ( Hyonhee Shin | ) www.reuters.com time to read: +4 min

More than 64% supported South Korea developing its own nuclear weapons, with about 33% opposed. Yoon has been pushing to boost South Korea's say in operating the U.S. extended deterrence but exactly what that might entail has not been spelt out. A senior U.S. official said on Friday that Biden, during the summit with Yoon, would pledge "substantial" steps to underscore U.S. commitments to deter a North Korean nuclear attack. South Korea, a major producer of artillery shells, says it has not provided lethal weapons to Ukraine, citing its relations with Russia. South Korea tries to avoid antagonising Russia, due chiefly to business interests and Russian influence over North Korea.

☆ S.Korea summons Chinese ambassador over reaction to Yoon's Taiwan remarks
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +2 min

The move came after China and South Korea exchanged harsh words over Yoon's comments in a recent interview with Reuters. "The Taiwan issue is not simply an issue between China and Taiwan but, like the issue of North Korea, it is a global issue." Asked about Yoon's comments, the Chinese foreign ministry denounced Yoon and called on South Korea to "prudently handle matters" related to Taiwan. Hours later, South Korea's foreign ministry hit back and said comments by the Chinese foreign ministry were "unspeakable". A vice foreign minister called in Chinese Ambassador to South Korea Xing Haiming and strongly protested what South Korea called "diplomatic discourtesy", the South Korean foreign ministry said in a statement.

KUALA LUMPUR/SINGAPORE, April 16 (Reuters) - Malaysia plans to introduce a second 5G network from next year, four sources told Reuters, in the latest policy shake-up aimed at dismantling monopolies and promoting competition by Prime Minister Anwar Ibrahim's six-month-old administration. A recommendation by major carriers for a second 5G provider was rejected by the previous government in March last year. Fahmi also said last week 5G network coverage had reached 55% in populated areas. It was not clear how the proposal for a second 5G network would affect DNB's existing agreements with its development partner Swedish telecoms giant Ericsson (ERICb.ST), and other mobile operators. U Mobile later joined other telco firms in signing up to access DNB's 5G network.

☆ 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.

☆ 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.

☆ South Korea exports fall for sixth consecutive month in March
▼ + stars: | 2023-04-01 | by ( Jihoon Lee | ) www.reuters.com time to read: +2 min

It was the longest losing streak in exports in annual terms since August 2020. South Korea is the first major exporting economy to release trade data each month, with a diversified portfolio from chips to cars and ships, providing an early glimpse into the state of global demand. By destination, exports to China dropped 33.4% in March, extending losses to a 10th straight month and marking the worst since January 2009. Semiconductor exports slumped 34.5%, in the eighth month of falls, but with the pace easing from a month before. Imports in March fell 6.4% to $59.75 billion, versus a 3.5% rise in the previous month and a 6.6% fall expected by economists.

☆ Top security aide for S.Korea's Yoon offers to resign
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

SEOUL, March 29 (Reuters) - A top security adviser for South Korean President Yoon Suk Yeol said on Wednesday he had offered to step down. His resignation comes ahead of Yoon's summit with U.S. President Joe Biden next month. Media reports said earlier National Security Adviser Kim Sung-han could be replaced over planning issues related to Yoon's visit to Washington. He added that Yoon's upcoming trip to the United States was being well prepared so his successor could take over smoothly. Yoon nominated Cho Tae-yong, ambassador to the United States, as Kim's successor, Yonhap news agency reported following the announcement.

☆ S.Korea, US seeking extradition of crypto entrepreneur Do Kwon -Montenegro
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +2 min

PODGORICA, March 29 (Reuters) - South Korea and the U.S. are seeking the extradition of Do Kwon, an international fugitive accused of a multibillion-dollar fraud, and another suspect arrested in Montenegro last week, the Montenegrin Justice Minister Marko Kovac said on Wednesday. Do Kwon, a South Korean national, is a cryptocurrency entrepreneur and former CEO of South Korea-based Terraform Labs, the company behind the stablecoin TerraUSD that collapsed in May 2022 and roiled cryptocurrency markets. A U.S. indictment announced last week charged Do Kwon, who co-founded Terraform Labs and developed the TerraUSD and Luna currencies, with two counts each of securities fraud, wire fraud, commodities fraud and conspiracy. South Korean authorities issued an arrest warrant for him last September. Kovac said the South Korean and U.S. extradition requests also called for the handover of the computers.

☆ Chip plants in China won't be forced to shut if firms receive US funding, says S.Korea
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +2 min

The U.S. Commerce Department on Tuesday proposed limits for recipients of U.S. chip manufacturing and research funding, including limits on investing in expansion in countries such as China and Russia. The world's largest and second-largest memory-chip makers, Samsung Electronics (005930.KS) and SK Hynix (000660.KS), have chip production facilities in China. Samsung is building a chip plant in Texas that could cost more than $25 billion, while SK Hynix parent SK Group announced last year plans to invest $15 billion in the U.S. chip industry. The proposed rules for funding recipients limit chip production capacity growth in China to 5% over 10 years as measured by wafers, and 10% for older legacy chips, the trade ministry said. Samsung and SK Hynix said they would review the details of the announcement.

☆ Japan says closely coordinating with BOJ, overseas authorities on banking issues
▼ + stars: | 2023-03-17 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +1 min

Japanese policymakers have so far stuck to the view that the possibility of another financial crisis is low. On Friday, Suzuki said he was closely watching financial markets in and outside of Japan and for any impact from problems in the banking sector in the West on the Japanese economy. Japan has multilateral currency swap arrangements with Southeast Asian economies to prepare for crises like the 1997/98 Asian currency crisis. However, a bilateral currency swap arrangement with South Korea expired several years ago. "Nothing has been decided on financial track issues such as bilateral currency swap," Suzuki added.

☆ Japan and S.Korea's historic rivalry is softening
▼ + stars: | 2023-03-16 | by ( Reuters Editorial | ) www.reuters.com time to read: 1 min

PoliticsJapan and S.Korea's historic rivalry is softeningPostedSouth Korean President Yoon Suk Yeol's visit to Japan is the first for a Seoul leader in 12 years. The urgency of the regional security situation - and the threat posed by North Korea - were underscored just hours earlier when the North fired another ballistic missile that landed in the sea between the three countries. Matthew Larotonda reports.

SEOUL, March 17 (Reuters) - North Korea said that Thursday's launch was its largest Hwasong-17 intercontinental ballistic missile (ICBM), fired during a drill to demonstrate a "tough response posture" to ongoing U.S.-South Korea military drills, state media reported. North Korea fired the ICBM into the sea between the Korean peninsula and Japan on Thursday, hours before South Korea's president flew to Tokyo for a summit that discussed ways to counter the nuclear-armed North. Kim accused the United States and South Korea of increasing tensions with the military drills. China, which has a defense pact with North Korea, also blamed the United States for the current tensions, saying they are caused by Washington's efforts to increase pressure on Pyongyang. The Hwasong-17 is North Korea's biggest missile yet, and is the largest road-mobile, liquid-fuelled ICBM in the world.

The summit is the same week as major South Korea-U.S. military drills that routinely anger Pyongyang, and North Korea has already staged multiple missile launches - a backdrop for the message that Japan, South Korea and the United States need to close ranks. In November South Korea and Japan agreed to exchange real-time intelligence on North Korea's missile launches, which experts say will help both countries better track potential threats. "South Korea is already taking a side and entering the Cold War," said Kim Joon-hyung, a former chancellor of the Korean National Diplomatic Academy. Yoon said high-tech cooperation on supply chains between Japan and South Korea would contribute significantly to economic security. 'SHARED INTERESTS'Washington had pressed for reconciliation, but a State Department spokesperson said the recent arrangements were the result of bilateral discussions between Japan and South Korea.

☆ S.Korean labour minister defends longer work week as helpful for mothers
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +2 min

“We’ll introduce bold measures to help cut working hours during pregnancy or while raising children,” the minister, Lee Jung-sik, told a media briefing when asked whether the labour reform proposal will help tackle South Korea's fertility crisis. Critics of the measure, however, have said that the measures will hurt, not help, working mothers and other women. It would supersede a 2018 law that limited the work week to 52 hours - 40 hours of regular work plus 12 hours of overtime. "It will make it legal to work from 9 a.m. to midnight for five days in a row. There is no regard for workers' health and rest," the Korean Confederation of Trade Unions said in a statement.

☆ S.Korea's Yoon to visit Japan for summit, first such trip in 12 years
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +2 min

SEOUL, March 9 (Reuters) - South Korean President Yoon Suk Yeol and his wife will visit Japan from March 16-17 at Tokyo's invitation, his office said on Thursday, the first such visit in 12 years after Seoul announced a plan to end a protracted dispute over wartime forced labour. Yoon will hold a summit meeting with Japanese Prime Minister Fumio Kishida. "The visit... will be an important milestone in the improvement and development of relations between South Korea and Japan," Yoon's office said in a statement. “South Korea is an important neighbour with which we should cooperate in addressing various issues in the international community,” Japan Chief Cabinet Secretary Hirokazu Matsuno said at a briefing. South Korea's defence ministry said on Tuesday it would work with Japan to enhance security cooperation, including trilateral relations with the United States.

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