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Under the plan, South Korea would compensate former forced labourers through an existing public foundation funded by private-sector companies, South Korea's Foreign Minister Park Jin told a briefing. SOUTH KOREAN FUNDSRelations plunged to their lowest point in decades after South Korea's Supreme Court in 2018 ordered Japanese firms to pay reparations to former forced labourers. Overall there are fewer than 1,300 living victims of forced labour in South Korea, according to media estimates. The South Korean companies include KT&G (033780.KS), Korea Electric Power Corp (KEPCO) (015760.KS) and other companies that benefited from a 1965 treaty between South Korea and Japan. Asked whether Japanese companies would pitch in to compensate, Park said both Japanese and South Korean businesses were considering a plan to contribute.

☆ S.Korea court accepts injunction against Kakao purchase of SM shares
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

SEOUL, March 3 (Reuters) - A South Korean court accepted on Friday an injunction filed by SM Entertainment (041510.KQ) founder Lee Soo-man against the acquisition of SM shares by Kakao Corp (035720.KS), blocking its bid to own a 9.05% stake in the K-pop agency, Lee's lawyer said. HYBE has already secured a 15.8% stake in SM and is seeking to acquire more shares through a tender offer bid. SM's current management have called the takeover attempt hostile and has sought to team up with Kakao to pursue various businesses. SM and Kakao did not immediately reply to requests from Reuters for comment. Reporting by Hyunsu Yim; editing by John Stonestreet, Robert BirselOur Standards: The Thomson Reuters Trust Principles.

☆ North Korea's Kim orders 'fundamental transformation' of agriculture amid food shortages
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Feb 28 (Reuters) - North Korean leader Kim Jong Un called for a "fundamental transformation" in agricultural production, state media reported on Tuesday, amid fears that the country's food shortage is worsening. The report did not elaborate on what measures North Korea would take, but Kim said the changes need to happen in the next few years. His remark comes amid reports of growing food shortage woes in the country. Earlier this month, South Korea's Unification Ministry said the food situation in the North "seemed to have deteriorated." North Korea is under strict international sanctions over its nuclear weapons and ballistic missile programmes.

SEOUL, Feb 24 (Reuters) - North Korea has test-fired four strategic cruise missiles during a drill designed to demonstrate its ability to conduct a nuclear counterattack against hostile forces, its state media said on Friday. The missiles were not announced by South Korea or Japan, which often detect and publicly report North Korean launches. U.S. and South Korean officials took part in a tabletop, or simulated, exercise that focused on the possibility of North Korea using a nuclear weapon, the Pentagon said on Thursday. North Korea has forged ahead steadily in developing and mass producing new missiles, despite sanctions imposed by United Nations Security Council resolutions that ban the nuclear-armed country's missile activities. North Korea could test-fire ICBMs on a lower, longer trajectory and conduct its seventh nuclear test this year to perfect its weapons capabilities, South Korean lawmakers said on Wednesday, citing intelligence officials.

[1/2] A North Korean flag flutters at the propaganda village of Gijungdong in North Korea, in this picture taken near the truce village of Panmunjom inside the demilitarized zone (DMZ) separating the two Koreas, South Korea, July 19, 2022. REUTERS/Kim Hong-Ji/PoolSEOUL, Feb 18 (Reuters) - North Korea launched a long-range ballistic missile into the sea off its east coast on Saturday, after Pyongyang warned of a strong response to upcoming U.S.-South Korea military drills. Saturday's long-range missile was launched from the Sunan area near Pyongyang, South Korea's military said. Sunan is the site of the Pyongyang International Airport, where North Korea has conducted most of its recent ICBM tests. Some 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 full peace treaty, leaving the parties technically at war.

☆ North Korean leader Kim's daughter appears at sports event, state media reports
▼ + stars: | 2023-02-18 | by ( ) www.reuters.com time to read: +1 min

[1/2] North Korean leader Kim Jong Un reacts as he watches sport games in Pyongyang, North Korea, in this photo released on February 17, 2023 by North Korea's Korean Central News Agency (KCNA). KCNA via REUTERSSEOUL, Feb 18 (Reuters) - North Korean leader Kim Jong and his daughter watched a sports event attended by government officials on Friday, according to state media, the first time the girl has been seen at a non-military event. The daughter, often described by state media as Kim’s “beloved child" or "respected child" has been seen alongside her father Kim at military events including earlier this month. Little is known about the girl and she has not been named in state media. Kim Yo Jong, the powerful sister of the North Korean leader, was also seen at the event, seated in the back row in a photo released by KCNA.

☆ Kim Jong Un's daughter appears at sports event
▼ + stars: | 2023-02-18 | by ( ) www.reuters.com time to read: +1 min

[1/2] North Korean leader Kim Jong Un reacts as he watches sport games in Pyongyang, North Korea, in this photo released on February 17, 2023 by North Korea's Korean Central News Agency (KCNA). KCNA via REUTERSSEOUL, Feb 18 (Reuters) - North Korean leader Kim Jong Un and his daughter watched a sports event attended by government officials on Friday, according to state media, the first time the girl has been seen at a non-military event. The daughter, often described by state media as Kim’s “beloved child" or "respected child" has been seen alongside her father Kim at military events including earlier this month. Little is known about the girl and she has not been named in state media. Kim Yo Jong, the powerful sister of the North Korean leader, was also seen at the event, seated in the back row in a photo released by KCNA.

Align Partners' stake in SM, a pioneer in K-pop behind acts like Girls' Generation and Red Velvet, is just 1% - but still worth tens of millions of dollars. HYBE hasn't disclosed whether it intends to buy more of SM after the current tender offer. Taken together, the 40% stake would cost HYBE about 1.137 trillion won ($884 million) under current plans - though SM shares traded above HYBE's tender offer price on Thursday. Align's Lee said this would become a proxy fight, with SM's current executives wooing shareholders with plans to improve SM's sales and profitability. ($1 = 1,284.9500 won)Reporting by Hyunsu Yim and Joyce Lee; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ BTS agency HYBE seeks to take over K-pop rival SM Entertainment
▼ + stars: | 2023-02-10 | by ( Hyunsu Yim | ) www.reuters.com time to read: +2 min

REUTERS/Heo Ran/File PhotoSEOUL, Feb 10 (Reuters) - South Korean entertainment company HYBE (352820.KS) said on Friday it will buy shares worth 423 billion won ($335 million) in rival SM Entertainment (041510.KQ), seeking management rights to strengthen its position in the K-pop industry. HYBE is the agency that manages K-pop mega band BTS. HYBE has also tendered an offer on Friday for SM shares held by minority shareholders, seeking to buy up to 25% of the rival agency with the intention of acquiring management rights. HYBE and SM Entertainment shares were up 6% and 16%, respectively, as of 11:05 a.m. (0205 GMT). Earlier this week, South Korean tech firm Kakao Corp (035720.KS) said it would acquire a 9.05% stake in SM Entertainment to pursue joint projects including global K-pop auditions.

☆ S. Korea fines German automakers for colluding to curb emissions-cleaning technology
▼ + stars: | 2023-02-09 | by ( Hyunsu Yim | ) www.reuters.com time to read: +2 min

REUTERS/Gonzalo Fuentes/FilesSEOUL, Feb 9 (Reuters) - South Korea's anti-trust regulator said on Thursday it would impose a combined fine of 42.3 billion won ($33.48 million) on three German automakers for colluding to curb emissions-cleaning technology for their diesel cars. Mercedes-Benz was fined 20.7 billion won, BMW 15.7 billion won and Audi 6 billion won, the regulator said, adding that Volkswagen was not fined because it did not earn revenue relevant to the issue. BMW, Volkswagen and Audi were not immediately available for comment outside business hours. Last year, Mercedes-Benz and its Korean unit were fined 20.2 billion won for false advertising tied to gas emissions of diesel passenger vehicles. The European Commission in 2021 fined Volkswagen and BMW a total of 875 million euros for colluding to curb the use of emissions-cleaning technology they had developed.

☆ South Korea fines German automakers for rigging diesel car emissions
▼ + stars: | 2023-02-09 | by ( Hyunsu Yim | ) www.reuters.com time to read: +1 min

[1/4] A Mercedes-Benz badge on one of the German company's cars at the 43rd Bangkok International Motor Show, Thailand, March 22, 2022. REUTERS/Athit Perawongmetha/File PhotoSEOUL, Feb 9 (Reuters) - South Korea's anti-trust regulator said on Thursday it would impose a combined fine of 42.3 billion won ($33.48 million) on three German automakers for colluding to rig emissions of its diesel cars using software. Mercedes-Benz was fined 20.7 billion won, BMW 15.7 billion won and Audi 6 billion won, the regulator said, adding that Volkswagen was not fined because it did not earn revenue relevant to the issue. Mercedes, BMW, Volkswagen and Audi were not immediately available for comment. Last year, Mercedes-Benz and its Korean unit were fined 20.2 billion won for false advertising tied to gas emissions of diesel passenger vehicles.

☆ S.Korea's Posco Chemical says wins $32.6 billion order from Samsung SDI
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: 1 min

SEOUL, Jan 30 (Reuters) - Posco Chemical (003670.KS) said on Monday it has won a 40 trillion won ($32.60 billion) order from Samsung SDI (006400.KS) to supply cathode materials for electric vehicle batteries between 2023 and 2032. However, the deal value could change due to further negotiations and fluctuating prices of raw materials, the company added. ($1 = 1,226.8200 won)Reporting by Hyunsu Yim; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ POSCO posts 2022 profit despite steel production halt after flooding
▼ + stars: | 2023-01-27 | by ( Hyunsu Yim | ) www.reuters.com time to read: +1 min

SEOUL, Jan 27 (Reuters) - POSCO Holdings (005490.KS), parent of South Korea's biggest steelmaker POSCO, posted on Friday a 46.7% drop in last year's annual operating profit due to a four-month suspension of its major steel plant in the country following a typhoon and flooding in September. It reported an operating profit of 4.9 trillion won ($3.97 billion) for 2022, versus a 9.2 trillion won profit a year earlier. The company had estimated earlier the flooding would cost it 1.3 trillion won in 2022, with the majority of the charge reflected in the fourth quarter. The consolidated operating profit fell in line with a 4.9 trillion won profit estimate the company provided last week. ($1 = 1,233.0400 won)Reporting by Hyunsu Yim; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

The company offered a positive outlook in the North American market, where it sees a growing number of customers requesting made-in-USA batteries to be qualified for federal EV subsidies. The company had secured additional orders worth about 20 trillion won in the fourth quarter, Chief Financial Officer Lee Chang-sil added. LGES reported operating profit of 237 billion won ($193 million) for the October-December period, versus 76 billion won a year earlier. That compared with an average analyst forecast of 256 billion won compiled by Refinitiv SmartEstimate. Revenue for the quarter rose 92% to 8.5 trillion won, LG Energy said in a regulatory filing.

But retailers in popular Asian destinations are desperate to take advantage of the return of a first wave of Chinese tourists as the country reopens borders after three long years of COVID-19 curbs. And robust demand for destinations like Macau, Hong Kong, Taiwan and Thailand has boosted prospects for the battered travel industry, Ctrip booking data shows. Still, destinations elsewhere show that the return of Chinese tourists remains at a very early stage. Fresh COVID testing requirements for Chinese tourists in some locations may be acting as a barrier, while some countries also require visas that take time to process. Retailers in South Korea are also not seeing a huge influx in Chinese tourists yet, citing the suspension of short-term visas for travellers between both countries.

☆ 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.

The holiday, known before the pandemic as the world's largest annual migration of people, comes amid an escalating diplomatic spat over COVID curbs that saw Beijing introduce transit curbs for South Korean and Japanese nationals on Wednesday. The virus is spreading unchecked in China after Beijing abruptly began dismantling its previously tight curbs in early December following historic protests. Among them, South Korea and Japan have also limited flights and require tests on arrival, with passengers showing up as positive being sent to quarantine. COUNTING DEATHSSome of the governments that announced curbs on travellers from China cited concerns over Beijing's data transparency. Annual spending by Chinese tourists abroad reached $250 billion before the pandemic, with South Korea and Japan among the top shopping destinations.

"We had such a hard time, and I would rather have more Chinese people come than the government restricting their entry so I can do business." "Tour bus operators who have had their vehicles idly parked for over three years are now gearing up for (bus) inspections," said Thai Tour Bus Association President Wasuchet Sophonsatien. Thailand, Japan, the United States, South Korea, Australia, Macao, Singapore, Hong Kong and Taiwan were the most-searched destinations. Yue Hua Entertainment Korea, which manages Tempest, did not respond to a request for comment. "The pandemic outbreak on the mainland is still vigorous and needs time to recover, while domestic consumption remains weak on the mainland."

The dismal profit estimate by the world's largest memory chip, smartphone and TV maker - a bellwether for global consumer demand - sets a weak tone for other technology firms' quarterly results. Samsung's profits are expected to shrink again in the current quarter, analysts said, after the South Korean company announced its October-December operating profit likely fell 69% to 4.3 trillion won ($3.37 billion) from 13.87 trillion won a year earlier. It was Samsung's smallest quarterly profit since the third quarter of 2014 and fell short of a 5.9 trillion won Refinitiv SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate. Quarterly revenue likely fell 9% from the same period a year earlier to 70 trillion won, Samsung said in a short preliminary earnings statement. Shares of rival memory chip maker SK Hynix (000660.KS) rose 2.1%.

☆ South Korea fines Tesla $2.2 mln for exaggerating driving range of EVs
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: 1 min

SEOUL, Jan 3 (Reuters) - South Korea's antitrust regulator said on Tuesday it has decided to fine Tesla Inc (TSLA.O) 2.85 billion won ($2.23 million) for false advertising related to the driving range of its electric vehicles (EVs). The Korea Fair Trade Commission (KFTC) said the U.S. EV maker exaggerated the driving range of its cars on a single charge as well as the cost-effectiveness. ($1 = 1,276.1700 won)Reporting by Ju-min Park and Hyunsu Yim; Editing by Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Kim Hong-JiSEOUL, Jan 3 (Reuters) - South Korea's Hyundai Motor Co (005380.KS) and affiliate Kia Corp (000270.KS) forecast on Tuesday that their combined global sales will jump nearly 10% in 2023, even as last year's sales fell short of target due to supply chain disruptions. The companies sold 6.85 million vehicles in 2022, about 4% less than their combined target of 7.16 million vehicles, largely due to problems including chip and component shortages. They said they would target global sales of 7.52 million vehicles this year. Shares of Hyundai Motor and Kia closed up 1.3% and 1.5% respectively, versus a 0.3% fall in the benchmark market KOSPI (.KS11). In October, Hyundai Motor cut its 2022 global sales target by about 7% to 4.01 million vehicles from 4.32 million vehicles.

Airlines are drawing up plans to expand their services but ordinary Chinese and travel agencies suggest that a return to anything like normal will take some time. But an immediate surge in international travel is not widely expected. According to VariFlight data, international flights to and from China are at 8% of pre-pandemic levels. Weighing on many people's travel plans is the wave of COVID-19 infections now sweeping China, Liu said. One of the fastest bouncebacks is expected to be in international business travel.

☆ Samsung Elec to expand chip production at largest plant next year - media
▼ + stars: | 2022-12-26 | by ( ) www.reuters.com time to read: +2 min

SEOUL, Dec 26 (Reuters) - Samsung Electronics (005930.KS) plans to increase chip production capacity at its largest semiconductor plant next year, despite forecasts of an economic slowdown, a South Korean newspaper reported late on Sunday. Samsung plans to expand its P3 factory in Pyeongtaek, South Korea, by adding 12-inch wafers capacity for DRAM memory chips, the Seoul Economic Daily reported, citing unnamed industry sources. It will also expand the plant with additional 4-nanometre chip capacity, which will be made under foundry contracts - that is, according to clients' designs - the paper said. P3, which started production of cutting-edge NAND flash memory chips this year, is the company's largest chip manufacturing facility. In October it said it was not considering intentionally cutting chip production, defying the broader industry's tendency to scale back output to meet mid- to long-term demand.

The country spent big on quarantine and testing facilities over the past three years rather than bolstering hospitals and clinics and training medical staff, these people said. "There is no transition time for the medical system to prepare for this," said Zuofeng Zhang, professor of epidemiology at the University of California, Los Angeles. The failure to boost vaccination rates among the vulnerable could imperil China's health system, more than a dozen experts said. The death of a 23-year-old medical student in Chengdu on Dec. 14 fueled public ire at the strain on China's health system. Chen Jiming, a researcher at China's Foshan University, said there was every chance that China's medical system could cope now that the country has ended quarantine for asymptomatic and mild cases.

☆ LG Display to halt production of liquid crystal display TV panels in South Korea
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: 1 min

SEOUL, Dec 23 (Reuters) - South Korea's LG Display Co Ltd (034220.KS) said on Friday it plans to halt the production of its liquid-crystal display (LCD) TV panels in South Korea due to intensifying competition. The Apple Inc (AAPL.O) supplier expects the decision to halt production of LCD TV panels would not have impact on its normal business activities, LG Display said in a regulatory filing. Reporting by Hyunsu Yim and Heekyong Yang; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

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