DIRS.INFO The most relevant business & tech news

☆ South Korea's parliament votes to impeach minister over Halloween crush
▼ + stars: | 2023-02-08 | by ( Hyonhee Shin | ) www.reuters.com time to read: +3 min

SEOUL, Feb 8 (Reuters) - South Korean lawmakers voted on Wednesday to impeach the interior minister over his responses to a deadly Halloween crush, setting the stage for him to become the first cabinet member ousted by the legislature. The Democrats and other opposition parties had pushed for expulsion of the interior minister, Lee Sang-min, urging him to take responsibility for botched responses to the crush. A presidential official said there was no evidence that the minister had severely violated the constitution or any law. In 2017, President Park Geun-hye became South Korea's first elected leader to be expelled from office when the Constitutional Court upheld her impeachment. The court dismissed an impeachment motion in 2004 for President Roh Moo-hyun.

A star law professor, Cho was a key aide to former President Moon Jae-in and briefly served as a justice minister before resigning and being indicted on a dozen charges, including bribery and document fraud in late 2019. It eventually gave rise to incumbent President Yoon Suk-yeol, who then as prosecutor-general investigated Cho and other graft scandals. Chung has already received a four-year sentence for the charges and irregularities over family investment, while her daughter's medical school and university cancelled her admission. The court also imposed fines of 6 million won ($4,900), which it said Cho had taken from his daughter's medical school as bribes in the form of a scholarship. ($1 = 1,228.7300 won)Reporting by Hyonhee Shin; Editing by Gerry Doyle and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ As South Korean government proposes flexible overtime rules, some fear workers may suffer
▼ + stars: | 2023-01-19 | by ( Hyunsu Yim | ) www.reuters.com time to read: +5 min

It would supersede a 2018 law that limited the work week to 52 hours - 40 hours of regular work plus 12 hours of overtime. For counting periods of a month or longer, up to 29 hours a week of overtime would be allowed, for a total of 69 work hours in one week. In a statement, the Korean Women's Associations United said "only regulations like the 52-hour workweek and pressure from labour unions can protect workers from long working hours". Extending working hours, even temporarily, affects women more than men, said Lee Min-Ah, Professor of Sociology at Chung-Ang University. Other workers say the new plan ignores a lot of the cultural and social nuances of work in South Korea.

☆ South Korea envoy in Iran summoned over Yoon's 'enemy' remarks -media
▼ + stars: | 2023-01-19 | by ( Hyonhee Shin | ) www.reuters.com time to read: +2 min

Yoon, speaking with South Korean troops stationed in Abu Dhabi early this week, said South Korea and the UAE are under "very similar" circumstances, each facing North Korea and Iran as "the enemy, biggest threat." His remarks prompted a rare spat between Seoul and Tehran, at a time when relations have already been testy over frozen Iranian funds in South Korea and suspected arms dealings between Iran and North Korea. Iran's deputy foreign minister on legal affairs, Reza Najafi, summoned Yun Kang-hyeon, the South Korean ambassador on Wednesday to protest against Yoon's "interventionist remarks," the official IRNA news agency said. Najafi also accused South Korea of pursuing an "unfriendly approach" toward Iran, singling out its frozen funds. Iran has repeatedly demanded the release of some $7 billion of its funds frozen in South Korean banks under U.S. sanctions.

☆ South Korea, Iran summon each other's envoys as spat over Yoon remarks deepens
▼ + stars: | 2023-01-19 | by ( Hyonhee Shin | ) www.reuters.com time to read: +3 min

SEOUL, Jan 19 (Reuters) - Iran and South Korea summoned each other's envoys in a deepening spat over comments by South Korean President Yoon Suk-yeol that described the Islamic republic as the enemy of the United Arab Emirates. Yoon, speaking to South Korean troops stationed in Abu Dhabi earlier this week, said South Korea and the UAE are under "very similar" circumstances, each facing North Korea and Iran as "the enemy, biggest threat." Relations between Seoul and Tehran had already been testy over frozen Iranian funds in South Korea and suspected arms dealings between Iran and North Korea. Iran has repeatedly demanded the release of some $7 billion of its funds frozen in South Korean banks under U.S. sanctions. South Korea was once one of Iran's biggest crude buyers in Asia, but ceased imports after Washington imposed sanctions on Tehran in 2018.

☆ UAE pledges to invest $30 billion in South Korea, president's office says
▼ + stars: | 2023-01-15 | by ( ) www.reuters.com time to read: +1 min

[1/5] Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, receives Yoon Suk Yeol, President of South Korea and Kim Keon-hee, First Lady of South Korea, upon their arrival for a state visit reception, at Qasr Al Watan, Abu Dhabi, United Arab Emirates, January 15, 2023. Mohamed Al Hammadi/UAE Presidential Court/Handout via REUTERSSEOUL, Jan 15 (Reuters) - The United Arab Emirates (UAE) has decided to invest $30 billion in South Korea's industries, South Korea's presidential office said on Sunday, as the two countries seek to expand economic cooperation. The investment decision was announced as South Korea's President Yoon Suk-yeol met his UAE counterpart, Sheikh Mohammed bin Zayed al-Nahyan, in Abu Dhabi during a four-day state visit, Yoon's office said. "We have decided a $30 billion investment based on the trust on South Korea which keeps promises under any circumstances," Yoon's office quoted the UAE president as saying. Seoul's finance ministry said the $30 billion investment would be led by sovereign wealth funds, including Mubadala Investment Company.

SEOUL, Jan 5 (Reuters) - A North Korean drone briefly entered a no-fly zone surrounding South Korea's presidential office when it intruded into the South's airspace last week, Seoul's military said on Thursday, fuelling criticism over its air defences. The drone was among five North Korean drones that crossed into the South on Dec. 26, prompting South Korea's military to scramble fighter jets and helicopters. The border crossing has sparked criticism over South Korea's air defences at a time of the North's growing nuclear and missile threats. Reclusive North Korea has pursued missile and nuclear weapons programmes in violation of UN Security Council resolutions. North and South Korea are technically still at war because their 1950-53 conflict ended in a truce, not a peace treaty.

SEOUL/WASHINGTON, Jan 3 (Reuters) - South Korea and the United States are discussing joint planning and implementation of U.S. nuclear operations to counter North Korea, Seoul's presidential office said on Tuesday, although U.S. President Joe Biden said there would be no joint nuclear exercises. The statement came shortly after Biden said the United States was not discussing joint nuclear exercises with South Korea, seeming to contradict earlier remarks by South Korean President Yoon Suk-yeol in an interview with a local newspaper. Yoon's press secretary, Kim Eun-hye, said Biden "had no choice but to say 'No'" because he was simply asked if the two countries were "discussing nuclear war games," whereas joint nuclear exercises can only be held between nuclear weapons states. "In order to respond to the North Korean nuclear weapons, the two countries are discussing ways to share information on the operation of U.S.-owned nuclear assets, and joint planning and joint execution of them accordingly," Kim said in a statement. Neither side has finalised the timing of the planned tabletop exercises, but they would take place "in the not-too-distant future" and cover scenarios beyond nuclear situations, the official said.

☆ South Korea says it is in talks over joint planning and implementation of U.S. nuclear asset operations
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Jan 3 (Reuters) - South Korea and the United States are discussing joint planning and implementation of operations involving U.S. nuclear assets to counter North Korea's threats, Seoul's presidential office said on Tuesday. The statement came shortly after U.S. President Joe Biden said the United States was not discussing joint nuclear exercises with South Korea, contradicting earlier remarks by South Korean President Yoon Suk-yeol in an interview with a local newspaper. "In order to respond to the North Korean nuclear weapons, the two countries are discussing joint ways to share information on the operation of .U.S-owned nuclear assets, and joint planning and joint execution of them accordingly," Yoon's press secretary, Kim Eun-hye, said in a statement. Kim said President Biden "had no choice but to say 'No'" because he was simply asked if the two countries were "discussing nuclear war games," whereas joint nuclear exercises can only be held between nuclear weapons states. Reporting by Soo-hyang Choi; Editing by Jacqueline Wong and Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea, U.S. eye exercises using nuclear assets, Yoon says
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Jan 2 (Reuters) - South Korea and the United States are discussing possible joint planning and exercises using U.S. nuclear assets in the face of North Korea's growing nuclear and missile threats, South Korean President Yoon Suk-yeol said in a newspaper interview. The Chosun Ilbo newspaper quoted Yoon as saying the joint planning and exercises would be aimed at a more effective implementation of the U.S. "extended deterrence." The term means the ability of the U.S. military, particularly its nuclear forces, to deter attacks on U.S. allies. "The nuclear weapons belong to the United States, but planning, information sharing, exercises and training should be jointed conducted by South Korea and the United States," Yoon said, adding Washington is also "quite positive" about the idea. Amid talk of South Korea's own nuclear armaments, Yoon said maintaining the Treaty on the Non-Proliferation of Nuclear Weapons remained important.

☆ South Korea must respond to N.Korea despite its nuclear arms - Yoon
▼ + stars: | 2022-12-28 | by ( Hyonhee Shin | ) www.reuters.com time to read: +3 min

"We must not fear or hesitate because North Korea has nuclear weapons," he said. Monday's intrusion triggered criticism in South Korea of its air defences. Yoon chided the military, in particular its failure to bring down the drones while they flew over South Korea for hours. South Korea responded on Monday by sending drones over North Korea for three hours. South Korea will also expand its drone capabilities to three squadrons.

☆ After embarrassing incursion by North Korean drones, South Korea vows to speed up work on its own stealth drones
▼ + stars: | 2022-12-27 | by ( Hyung-Jin Kim | Associated Press | ) www.businessinsider.com time to read: +7 min

North Korean drones flew into South Korean for the first time in five years on Monday. A local county office sent emergency text messages notifying residents of a new batch of North Korean drones. South Korean TV footage of a North Korean drone on December 26. It was the first time North Korean drones entered South Korean airspace since 2017. South Korean Defence Ministry/Getty ImagesOn Monday, South Korea sent its own surveillance assets, apparently unmanned drones, across the border as corresponding steps against the North Korean drone flights.

☆ South Korea, U.S. consider live-fire drills amid North Korea threats
▼ + stars: | 2022-12-22 | by ( Hyonhee Shin | ) www.reuters.com time to read: +2 min

SEOUL, Dec 22 (Reuters) - South Korea and the United States are considering staging their first large-scale joint live-fire demonstration in six years in 2023 amid North Korea's growing military threats, Seoul's defence ministry said on Thursday. The drills have been floated as South Korea and the United States discuss preparations for the 70th anniversary of their alliance next year, ministry spokesperson Jeon Ha-gyu said. "Marking that occasion, we are exploring various ways to showcase our military's presence and the alliance's overwhelming deterrence capabilities against North Korea," Jeon told a regular briefing. On Tuesday, the United States flew its F-22 Raptor stealth fighters for joint drills with South Korea for the first time since 2018, hours after North Korea criticised both countries and vowed more missile tests. North Korea has tested an unprecedented number of missiles this year, including intercontinental ballistic missiles (ICBMs) designed to strike the U.S. mainland.

☆ Ex-South Korean official arrested over case of man slain by North Korea
▼ + stars: | 2022-12-03 | by ( Hyonhee Shin | ) www.reuters.com time to read: +3 min

SEOUL, Dec 3 (Reuters) - A former South Korean national security advisor was arrested on Saturday over his suspected manipulation of a 2020 case where a fisheries official was killed at sea by North Korean troops. The incumbent President Yoon Suk-yeol's government has reversed that interpretation, saying there was no evidence of a defection attempt. Prosecutors also launched an investigation into Lee's death and a 2019 case in which two North Korean fishermen were deported to the isolated country against their will. Yoon's ruling People Power party said Moon and his aides "not only let Lee die but killed his honour by claiming his defection while treading on eggshells around (North Korean leader) Kim Jong Un's regime." He criticised Moon for demanding evidence to show why his brother did not defect, without presenting any proof to back his own claim.

☆ Exclusive: South Korea's Yoon: should pay attention to any 'financial instability'
▼ + stars: | 2022-11-29 | by ( Soyoung Kim | ) www.reuters.com time to read: +1 min

SEOUL, Nov 29 (Reuters) - South Korea's government and the central bank should pay greater attention to addressing any financial instability as the economy is headed for slower inflation, President Yoon Suk-yeol told Reuters. "There are increasing opinions that inflation has passed its peak and it's time to slow down the speed and reduce the breadth of the rate hikes. However we must still continue to closely monitor any possible financial instability," Yoon said during a broader interview in his office on Monday, when asked if it is time for the Bank of Korea to slow monetary tightening. Yoon's comments come as the BOK last week signalled that it could be nearing the end of an unprecedented streak of policy tightening in Asia’s fourth-largest economy to curb inflation. Writing by Cynthia Kim; Editing by Himani Sarkar & Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: South Korea's Yoon urges attention to any 'financial instability' as money market jolted
▼ + stars: | 2022-11-29 | by ( Soyoung Kim | ) www.reuters.com time to read: +3 min

SEOUL, Nov 29 (Reuters) - South Korea's government and the central bank should pay greater attention to addressing any financial instability, President Yoon Suk-yeol told Reuters, as the money market grapples with a steep selloff amid rising interest rates and a property slump. Yoon's comments come as the BOK last week signalled that it could be nearing the end of an unprecedented streak of policy tightening in Asia’s fourth-largest economy to curb inflation. South Korea's money market, especially at the short-end of the bill curve, has experienced one of the worst routs in Asia as investors sold-off in the wake of rising interest rates and a broader property market downturn. South Korea's household debt-to-GDP ratio stood at 102.2% in the second quarter, the highest level among 35 major economies tracked by the Institute of International Finance. The BOK's monetary policy committee unanimously agreed to hike interest rates by a quarter-percentage point to 3.25% at its Nov. 24 review - taking the benchmark rate to its highest since 2012.

SEOUL, Nov 29 (Reuters) - South Korea will offer "tailored" incentives to encourage Tesla to set up an electric vehicle gigafactory in the country and will minimise any risks posed by militant unions, President Yoon Suk-yeol told Reuters. Yoon held a video call with Tesla Chief Executive Elon Musk last week and Yoon's office cited Musk as saying South Korea is among the top candidate locations for a new Tesla factory. Yoon said South Korea offers highly skilled workers and his government would ensure regulations align with international standards so that foreign firms do not face unexpected financial or regulatory hurdles. Yoon credited his government's tough response to labour union strikes this year for starting the process of establishing a rule of law in industrial relations for both management and labour. About 9,600 truckers have joined the strike organised by the truckers' union, demanding a permanent guarantee of a minimum freight rate to protect against rising and unpredictable fuel costs and overwork.

It was in China's interest to make its "best efforts" to induce North Korea to denuclearise, he said. North Korea's tests overshadowed multiple gatherings this month of international leaders, including the Group of 20 conference in Bali, where Yoon pressed Chinese President Xi Jinping to do more to rein in North Korea's nuclear and missile provocations. China is South Korea's largest trading partner, as well as a close partner of North Korea. South Korea, Japan, and the United States have agreed to share real time information for tracking North Korean ballistic missile tests. Now Japan faced more and more threats from North Korea’s missile programme, including tests that overfly Japanese islands, Yoon said.

Musk had made the remark in a video call with President Yoon Suk-yeol, adding that the company planned to step up cooperation with South Korea on supply chains, Yoon's office said. As Yoon was aware of Tesla's plans to build a factory in Asia in the future, his office said, Yoon asked Musk to build the factory in South Korea. In response, Musk said he considered South Korea to be one of the top candidates and would make the decision after reviewing investment conditions in other countries, including labour quality, technology level and production infrastructure. "We expect to buy components worth more than $10 billion from South Korean firms in 2023 as we significantly expand supply chain cooperation with South Korean companies," Yoon's office quoted Musk as saying. Yoon said in the discussion he would reform unreasonable regulations that hindered investment by global tech companies, according to Yoon's office.

☆ China resumes streaming South Korean content after six-year suspension
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

[1/2] Printed Chinese and South Korean flags are seen in this illustration, July 21, 2022. REUTERS/Dado Ruvic/IllustrationSEOUL, Nov 22 (Reuters) - A Chinese streaming platform has resumed distributing South Korean content after suspending it for nearly six years, South Korean officials said on Tuesday, in what Seoul called a sign of Beijing's readiness to improve ties. A South Korean presidential official linked the timing of the gesture to a recent summit between South Korean President Yoon Suk-yeol and Chinese President Xi Jinping. Relations between South Korea and China have been frayed in recent years following the installation in South Korea of the THAAD system in 2017 to better counter North Korea's evolving missile threats. China had argued that THAAD's powerful radar could peer into its airspace, and reactd by sharply cutting trade and cultural imports with South Korea, in a major blow to bilateral ties.

☆ South Korea's Yoon suspends media briefing amid row over banning broadcaster
▼ + stars: | 2022-11-21 | by ( Soo-Hyang Choi | ) www.reuters.com time to read: +2 min

SEOUL, Nov 21 (Reuters) - South Korean President Yoon Suk-yeol on Monday suspended his near-daily media briefings amid a spat over banning a major TV broadcaster's reporters from boarding the presidential plane for what he called "malicious" and "fake" news. Yoon's office barred a crew from MBC from riding in the plane with him during a Southeast Asia visit earlier this month, alleging biased coverage of recent controversies. The end of the free-wheeling briefings came three days after an MBC reporter shouted a question to Yoon asking what was "malicious" about their reporting, to which Yoon walked off without an answer. In its statement on Monday, Yoon's office said it decided the informal briefing could not continue without measures to prevent similar incidents from recurring. Media initially reported Yoon's crude comments were targeting the U.S. Congress but Yoon's office said he was referring to South Korea's parliament.

SEOUL, Nov 17 (Reuters) - South Korean and Saudi Arabian leaders pledged stronger ties on Thursday in the fields of energy, defence industry and building projects, as the oil-rich kingdom signed investment agreements worth $30 billion with South Korean companies. "In particular, he said he would like to drastically strengthen cooperation with South Korea in the areas of defence industry, infrastructure and construction," Yoon's office said. Saudi-based Asharq TV quoted the kingdom's investment minister as saying deals signed on Thursday were worth $30 billion. "The (South Korean) government will actively support the successful implementation of cooperative projects which apply Korea's state-of-the-art architecture ... in NEOM," said South Korea's trade minister, Lee Chang-yang. Shares in Lotte Fine Chemical (004000.KS), which signed an agreement for chemical industry cooperation with the Saudi Ministry of Investment, rose 2.1%.

☆ South Korea's Yoon says North Korea's provocations becoming more aggressive
▼ + stars: | 2022-11-13 | by ( Soo-Hyang Choi | ) www.reuters.com time to read: +2 min

SEOUL, Nov 13 (Reuters) - South Korean President Yoon Suk-yeol said on Sunday that North Korea is conducting more "aggressive" provocations based on confidence over its nuclear and missile programmes, calling for strong cooperation with the United States and Japan. "North Korea is conducting more hostile and aggressive provocations based on confidence over its nuclear and missile capabilities," Yoon said in remarks broadcast on South Korean television. In a separate bilateral meeting with Biden, Yoon stressed the need to strengthen extended deterrence against North Korea's growing threats, and said they should show Pyongyang that it would gain nothing with its nuclear and missile programmes, according to Yoon's office. Biden said South Korean companies' large contribution to the U.S. economy should be considered when implementing the new rules, according to Yoon's office. Reporting by Soo-hyang Choi; Editing by William Mallard and Raissa KasolowskyOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea's Yoon to attend ASEAN, G20 summit meetings this month
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Nov 9 (Reuters) - South Korean President Yoon Suk-yeol will attend meetings of ASEAN and the Group of 20 industrialised nations this month, a senior administration official said on Wednesday. South Korea is arranging a possible bilateral summit between Yoon and U.S. President Joe Biden as well as a trilateral summit involving the United States and Japan on the sidelines of the events, according to South Korea's Yonhap news agency. "We are arranging summits with key countries on the occasion of attending the ASEAN and G20 meetings," Yoon's national security adviser, Kim Sung-han, told a briefing. Nothing has been decided regarding a possible one-on-one meeting between Yoon and Japanese Prime Minister Fumio Kishida, Yonhap said. Yoon, who took office in May, has been keen to improve relations with Tokyo at a time when both countries face North Korea's evolving nuclear and missile threats.

☆ Ex-South Korean leader plans to give up dogs from North Korea's Kim
▼ + stars: | 2022-11-07 | by ( Hyonhee Shin | ) www.reuters.com time to read: +2 min

[1/2] South Korean President Moon Jae-in and first lady Kim Jung-sook hold puppies born from a hunting dog gifted from North Korea, in Seoul, South Korea November 25, 2018 in this image obtained November 27, 2018 from South Korean Presidential Office/Handout/via REUTERSSEOUL, Nov 7 (Reuters) - South Korea's former President Moon Jae-in said on Monday he plans to give up a pair of dogs sent by North Korean leader Kim Jong Un as a gift following their 2018 summit, citing a lack of support from his successor. The dogs are legally categorised as state property belonging to the presidential archives, but Moon's office said he was entrusted as their caretaker under consultations with the archives and the interior ministry, an unprecedented decision. But that effort fell apart due to "unexplained opposition" from the administration of incumbent President Yoon Suk-yeol, Moon's office said. "The presidential office seems to be negative toward entrusting the management of the Pungsan dogs to former President Moon," Moon's office said on Facebook. The interior ministry, which oversees the presidential archives, did not immediately respond to requests for comment.

Search resuls for: "Yoon's"

25 mentions found