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☆ 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.

☆ 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.

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

SEOUL, April 1 (Reuters) - North Korea's Kim Yo Jong, the powerful sister of leader Kim Jong Un, accused Ukraine of calling for nuclear weapons, state media KCNA reported on Saturday, basing her assertion on an online petition in that country that has drawn under 1,000 signatures so far. 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. Reporting by Hyunsu Yim in Seoul and Max Hunder in Kyiv Editing by Frances KerryOur Standards: The Thomson Reuters Trust Principles.

☆ Blackpink's Jisoo makes solo debut with 'ME'
▼ + stars: | 2023-03-31 | by ( Hyunsu Yim | ) www.reuters.com time to read: +1 min

SEOUL, March 31 (Reuters) - K-pop group Blackpink's Jisoo became the last member to make a solo debut with her EP "ME" released on Friday. Many meetings and a lot of thought went into her first record, she said, before adding that she was not nervous about her solo debut. Rose and Lisa also made their solo debut in 2021. Earlier this month, the K-pop superstars also became the most-streamed female band on streaming app Spotify, according to Guinness World Records. Their songs had a whopping 8,880,030,049 individual streams, overtaking British pop group Little Mix, Guinness World Records said at that time.

☆ SK Hynix to seek further exemption from US chip curbs against China -CEO
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +2 min

SEOUL, March 29 (Reuters) - South Korea's SK Hynix Inc (000660.KS) will ask the United States for a year's further exemption from chip curbs against China, the chief executive of the world's No. In October last year, SK Hynix said it had received authorisation from the U.S. commerce department for a year to supply equipment needed for chip production in facilities in China, without seeking additional licensing requirements. The United States announced curbs on exports of chip-making equipment to China, requiring licenses for U.S. companies to export advanced chips and chip-making equipment in a bid to slow China's technological advance. On Wednesday, the company it would pursue previously announced plans to build an advanced chip packaging plant in the United States as the review process ends. Reporting by Hyunsu Yim; Additional Reporting by Heekyong Yang; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ Kakao's stake in K-pop agency SM climbs to 40%, HYBE retains 8.8%
▼ + stars: | 2023-03-28 | by ( Hyunsu Yim | ) www.reuters.com time to read: +2 min

SEOUL, March 28 (Reuters) - South Korean social media giant Kakao's stake in K-pop agency SM Entertainment (041510.KQ) has reached 40%, the target said on Tuesday, in a deal that has left former bidder HYBE (352820.KS) stuck with more than half of its stake in SM. But Kakao's tender offer for a 35% stake at 150,000 won per share attracted acceptances for more than double the targeted stake, forcing it to scale back allotments in proportion. HYBE said it was left with an 8.81% stake in SM. Kim Hyun-yong, an analyst at Hyundai Motor Securities, said maintaining the remaining stake in SM could help HYBE contain Kakao in the long run. HYBE plans a substantial number of acquisitions and investments this year as the K-pop giant looks to boost its U.S. presence, its chairman Bang Si-hyuk said this month.

☆ South Korea's LGES revives Arizona battery factory plan with $5.6 bln investment
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +2 min

SEOUL, March 24 (Reuters) - South Korea's LG Energy Solution Ltd (LGES) (373220.KS) said on Friday it would invest 7.2 trillion won ($5.58 billion) to build a battery factory in Arizona, reviving a project paused last year due to adverse economic conditions. Friday's announcement comes after LGES in January said it had been in "active discussion" with Tesla and electric vehicle startups to supply batteries from the proposed factory. Automakers and EV battery producers are racing to set up manufacturing in the United States to take advantage of federal subsidies that could generate up to $45 per kilowatt hour (kWh) to offset the costs of production. LGES, which supplies Tesla, General Motors Co (GM.N) and others, also has production sites in South Korea, China, Poland, Canada and Indonesia. Shares of LGES were trading down 1.6% versus a 0.4% fall in the benchmark KOSPI (.KS11) as of 0620 GMT.

☆ Montenegro police arrest suspected former CEO of Terraform labs - interior minister
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +2 min

PODGORICA/SEOUL, March 23 (Reuters) - Police in Montenegro have detained a person thought to be Do Kwon, an international fugitive accused of defrauding investors in a multibillion-dollar cryptocurrency scheme, the country's interior minister said on Thursday. "The person is suspected of being one of the most wanted fugitives, South Korean national Do Kwon, a co-founder and CEO of the Singapore-based Terraform Labs," Filip Adzic, the Montenegrin interior minister wrote on Twitter. loadingSouth Korean police said a suspect thought to be Do Kwon and another person thought to be an individual named Han Chang-joon had been arrested in Montenegro. In February, the U.S. Securities and Exchange Commission filed a civil lawsuit against Kwon and Terraform Labs in Manhattan federal court, accusing them of defrauding investors in what the regulator deemed a multibillion-dollar scheme. Last week, the Wall Street Journal reported that the U.S. Justice Department was investigating the 2022 collapse of the TerraUSD stablecoin and had questioned former team members of Terraform Labs, which was behind the stablecoin.

☆ North Korea fires short-range ballistic missile, South Korea says
▼ + stars: | 2023-03-19 | by ( Hyunsu Yim | ) www.reuters.com time to read: +2 min

SEOUL, March 19 (Reuters) - North Korea fired a short-range ballistic missile towards the sea off the east coast of the Korean Peninsula on Sunday, according to South Korea and Japan, the latest in a barrage of weapons tests from the nuclear-armed state. Seoul has condemned the recent ballistic missile launches by the North as a "clear violation" of a U.N. Security Council resolution. "North Korea's behaviour threatens international peace and security, and is unacceptable," Japan's state minister of defense, Toshiro Ino, told a news conference, adding Japan had protested strongly via North Korea's embassy in Beijing. But the recent missile launches highlight the destabilising impact of Pyongyang's unlawful weapons of mass destruction and ballistic missile programs, it said in a statement. South Korean and American forces kicked off the 11-day drills, dubbed "Freedom Shield 23", a week ago on a scale not seen since 2017.

☆ North Korea fired ballistic missile towards sea off east coast - Yonhap
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: 1 min

SEOUL, March 19 (Reuters) - North Korea fired a ballistic missile towards the sea off the east coast of the Korean Peninsula on Sunday, news agency Yonhap reported, citing South Korea's Joint Chiefs of Staff (JCS). The Japan Coast Guard also said what was fired by North Korea could be a ballistic missile. The North on Thursday fired a suspected intercontinental ballistic missile into the sea between the Korean peninsula and Japan, hours before South Korea's president flew to Tokyo for a summit that discussed ways to counter the nuclear-armed North. South Korean and American forces are conducting 11-day joint military drills, dubbed "Freedom Shield 23." Reporting by Hyunsu Yim; Editing by Jacqueline Wong and William MallardOur Standards: The Thomson Reuters Trust Principles.

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.

☆ BTS agency HYBE seeks U.S. deals after withdrawing bid for SM Entertainment
▼ + stars: | 2023-03-15 | by ( Hyunsu Yim | ) www.reuters.com time to read: +2 min

[1/2] Members of K-pop boy band BTS pose for photographs during a news conference promoting their new album "BE(Deluxe Edition)" in Seoul, South Korea, November 20, 2020. The company's efforts to expand its portfolio of music labels and fan community platforms come after HYBE on Sunday withdrew its plan to take over rival label SM Entertainment (041510.KQ) after a weeks-long battle with social media giant Kakao (035720.KS). HYBE owns multiple subsidiary labels and management companies including Ithaca Holdings, boasting a range of artists including BTS, Ariana Grande and Justin Bieber. The slowdown was largely, but not exclusively, due to the absence of BTS, who are currently on a break as a group, he said. Bang declined to comment on details of a new partnership deal with Kakao Entertainment on fan platform businesses, but added he was "personally satisfied" with the arrangement despite losing the bid to acquire SM Entertainment.

☆ North Korea launches missile ahead of South Korea-Japan summit
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +1 min

[1/4] People watch a TV broadcasting a news report on North Korea firing a ballistic missile into the sea off its east coast, at a railway station in Seoul, South Korea, March 16, 2023. North Korea has conducted multiple missile launches this week amid ongoing joint South Korea-U.S. military drills that Pyongyang condemns as hostile actions. In a statement on Thursday, the South's Joint Chiefs of Staff said the North had launched at least one unknown type of ballistic missile off its east coast. Japan's government also confirmed the launch, and Japan's coast guard estimated it would land roughly an hour after it was fired, suggesting it was a long-range weapon such as an intercontinental ballistic missile (ICBM). As part of the efforts, the two U.S. allies have agreed to share real-time tracking of North Korean missile launches, and have vowed to further deepen military cooperation.

☆ Are they for real? South Korean girl band offers glimpse into metaverse
▼ + stars: | 2023-03-14 | by ( Hyunsu Yim | ) www.reuters.com time to read: +5 min

[1/3] Footages of virtual girl group MAVE is played at the control room of MBC in Seoul, South Korea, February 28, 2023. Apart from backing MAVE:, Kakao launched a 1.25 trillion won ($960 million) tender offer last week to buy South Korean K-pop pioneer SM Entertainment (041510.KQ). SM is home to popular K-pop groups such as Girls' Generation, H.O.T., EXO, Red Velvet, Super Junior, SHINee, NCT Dream and Aespa. MAVE: is an "ongoing" project to explore new business opportunities and find ways to work around technological challenges, said Chu Ji-yeon, who heads Metaverse Entertainment. But South Korean technology has made much progress since then in creating virtual characters.

☆ North Korea says missile launches helped train for missions at any time
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +2 min

[1/3] View shows a missile fired by the North Korean military at an undisclosed location in this picture released by North Korea's Central News Agency (KCNA) on March 15, 2023. KCNA via REUTERSSEOUL, March 15 (Reuters) - North Korea's latest missile launches were a military drill designed to train crews to carry out their mission at any time and "annihilate the enemy" if necessary, the country's state media KCNA said on Wednesday. North Korea fired the two short-range ballistic missiles into the sea off its east coast on Tuesday, South Korea's military said at the time, the latest of several weapons tests as the South and the United States conduct their largest joint military drills in years. South Korea's military "strongly condemned" North Korea, calling the repeated missile launches a grave provocation threatening the region's peace and security, and a U.S. State Department spokesperson criticised the launches as violation of multiple United Nations Security Council Resolutions. Reporting by Hyunsu Yim and Josh Smith; Editing by Leslie Adler and Stephen CosatesOur Standards: The Thomson Reuters Trust Principles.

☆ Explainer: How Kakao won a takeover battle against HYBE for K-pop pioneer SM Entertainment
▼ + stars: | 2023-03-12 | by ( Hyunsu Yim | ) www.reuters.com time to read: +4 min

For more than two decades, the K-pop industry was dominated by the trio until BTS rose to global fame in recent years, making its agency HYBE the largest music label in the country. It is the second-largest entertainment group in South Korea by market value at $2.8 billion, trailing HYBE, which is worth $5.5 billion. Lee filed an injunction request to block the deal that was approved by a court, and sold a 15% stake in SM to rival agency HYBE, setting up a takeover battle. Kakao, the most popular social media platform in South Korea, is expanding aggressively into the entertainment industry where it already owns a smaller K-pop agency, Starship Entertainment. In January, Kakao Entertainment announced a 1.2 trillion won ($966.27 million) investment from Singapore's GIC and Saudi Arabia's Public Investment Fund, giving it more firepower for the SM bid.

[1/4] A general view as North Korea fired two missiles from a submarine striking an underwater target, according to state media, at an undisclosed location in North Korea March 12, 2023 in this photo released by North Korea's Korean Central News Agency (KCNA). KCNA via REUTERSSEOUL, March 13 (Reuters) - Nuclear-armed North Korea test-fired two strategic cruise missiles from a submarine on Sunday, state news agency KCNA said on Monday just as U.S.-South Korea military drills were due to begin. DPRK stands for North Korea, officially the Democratic People's Republic of Korea. North Korea has a large submarine fleet but the 8.24 Yongung (August 24th Hero) is its only known experimental ballistic missile submarine. North Korea has said it is building an operational ballistic missile submarine.

☆ 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.

[1/2] A Hwasong-15 intercontinental ballistic missile (ICBM) is launched at Pyongyang International Airport, in Pyongyang, North Korea February 18, 2023 in this photo released by North Korea's Korean Central News Agency (KCNA). She also hinted that the North could fire more missiles into the Pacific Ocean. The United States and its allies have never shot down North Korean ballistic missiles, which are banned by the United Nations Security Council, but the question drew new scrutiny since the North suggested it will fire more missiles over Japan. The United states deployed the B-52 bomber for a joint drill with South Korean fighter jets, in what South Korea's defence ministry said was a show of force against North Korea's nuclear and missile threats. Around 28,500 U.S. troops are stationed in South Korea as a legacy of the 1950-1953 Korean War, which ended in an armistice, rather than a peace treaty, leaving the countries technically at war.

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