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☆ 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.

☆ South Korea's Heungkuk exercises call option after delay
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: 1 min

SEOUL, Nov 8 (Reuters) - South Korea's Heungkuk Life Insurance has decided to exercise a call option on its perpetual notes due on Wednesday, reversing its earlier move to delay the redemption, it said in a notice on its website on Tuesday. The medium-sized life insurer's decision last month not to pay back the $500 million bond on its first call option date of Nov. 9 had raised concerns among investors toward debt securities issued by South Korean companies. The company said its latest decision was to "clear a confusion in markets caused by the recent announcement of a delay in redemption", adding its parent, Taekwang Group, has also agreed to help it pay back the debt by providing help. Reporting by Choonsik Yoo Editing by Chris Reese and Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

Nov 3 (Reuters) - U.S. Supreme Court Justice Sonia Sotomayor on Thursday rejected a bid by a businessman to block his extradition to South Korea to face embezzlement charges that stemmed from a 2014 ferry sinking that killed 304 people. He also is known as Keith Yoo. Sotomayor is the justice assigned to review emergency appeals from a group of states that include New York, where Yoo's extradition case had been pending. "We are disappointed the Supreme Court denied our motion to stay Keith Yoo's extradition pending resolution of his appeal," his lawyer Shawn Naunton said in a statement. Yoo's lawyers had argued that the U.S. State Department - not judges - should decide whether South Korea waited too long to seek Yoo's extradition under its 1998 treaty with the United States.

SEOUL, Nov 2 (Reuters) - A North Korean ballistic missile landed less than 60 kilometres off South Korea's coast on Wednesday, the first time an apparent test had landed near the South's waters, leading to air raid warnings, officials said. The missile was one of three short-range ballistic missiles fired from the North Korean coastal area of Wonsan into the sea, South Korea's Joint Chiefs of Staff (JCS) said. The JCS said at least one of the missiles landed 26 kilometres south of the Northern Limit Line (NLL), a disputed inter-Korean maritime border. The missile landed 57 kilometres from the South Korean city of Sokcho, on the east coast, and 167 kilometres from Ulleung, where air raid warnings were issued. It was the first time a North Korean ballistic missile had landed near South Korean waters, JCS said.

[1/2] People watch a TV broadcasting a news report on North Korea firing three ballistic missiles into the sea, in Seoul, South Korea, November 2, 2022. South Korean warplanes fired three air-to-ground missiles into the sea north across the NLL in response, the South's military said. The South's launches came after Yoon's office vowed a "swift and firm response" so North Korea "pays the price for provocation". The North Korean weapon was one of three short-range ballistic missiles fired from the North Korean coastal area of Wonsan into the sea, South Korea's Joint Chiefs of Staff (JCS) said. It was the first time a North Korean ballistic missile had landed near South Korean waters, JCS said.

☆ South Korea FX reserves fall again in Oct as won weakens
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Nov 3 (Reuters) - South Korea's foreign exchange reserves shrank for a third consecutive month in October, although by a relatively small amount, partly due to efforts of taming the won's fall against the U.S. dollar, the central bank said on Thursday. The country's foreign exchange reserves fell by $2.76 billion last month to $414.01 billion, data released by the Bank of Korea showed. It had dropped by $19.67 billion in September, which was the second-biggest monthly drop on record. The central bank cited efforts to contain the weakening won as a factor for the decline, which it said more than offset gains of reserves in dollar value coming from the U.S. unit's drop in value against major currencies. October marked the 10th out of the past 12 months that South Korea's foreign exchange reserves shrank, as the won lost 18% of its value against the dollar over the 12-month period.

☆ S.Korea inflation ticks up in Oct, tops expectations
▼ + stars: | 2022-11-01 | by ( Choonsik Yoo | ) www.reuters.com time to read: +1 min

SEOUL, Nov 2 (Reuters) - South Korea's annual consumer inflation in October ticked up from September against market expectations for no change, led by lagging effects of earlier global raw materials prices, government data showed on Wednesday. The consumer price index (CPI) rose 5.7% in October from a year earlier, according to the Statistics Korea data. The median forecast in a Reuters survey of economists was for the annual CPI growth to be 5.6% in October, although five of the 11 economists polled predicted higher rates. The CPI rose 0.3% in October on a monthly basis, the same rate as in September and higher than a 0.2% gain seen in the survey. Core inflation, which strips volatile foods and energy prices, ticked up to 4.2% in October on an annual basis from 4.1% in September to mark the fastest since December 2008.

☆ South Korea's Oct exports post worst fall in 26 months
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Nov 1 (Reuters) - South Korea's exports in October suffered their fastest decline in more than two years and missed expectations as shipments to neighbouring China tumbled, government data showed on Tuesday. Exports by Asia's fourth-largest economy fell 5.7% from a year earlier to $52.48 billion in October, posting their biggest percentage fall since August 2020 and missing a median 3.0% loss tipped in a Reuters survey. South Korea also marked its first annual decline in exports since October 2020. Imports, though, jumped 9.9% to $59.18 billion, against a 6.9% gain expected in the Reuters poll. Reporting by Choonsik Yoo and Jihoon Lee; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

SEOUL, Nov 1 (Reuters) - South Korea's exports in October fell the most in 26 months while a trade deficit persisted for a seventh month, underscoring that Asia's fourth-largest economy is slowing and its currency is hovering near 13-year lows. The outlook remains dark as the global economy is losing momentum on a global wave of policy tightening to contain inflation. A survey by S&P Global of purchasing managers at South Korean manufacturing companies also showed new export orders in October fell for an eighth consecutive month as the global economy is slowing. As a result, the country posted a trade deficit of $6.70 billion, bigger than a shortfall of $3.78 billion in September and the seventh consecutive month of imports outweighing exports. Reporting by Choonsik Yoo and Jihoon Lee; Editing by Rashmi Aich and Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

SEOUL, Oct 31 (Reuters) - Across South Korea, events such as autumn foliage festivals and K-Pop concerts are canceled, and grief-stricken communities are putting off gatherings after a Seoul crowd crush killed at least 154 people, threatening to crimp growth further. Universities have canceled weekend retreats known as MTs, and the opening event of the two-week Korea Sale Festa, the Korean version of the Black Friday, was called off. South Korea's southern resort island of Jeju called off the Jeju Olle Walking Festival, scheduled from Nov 3 to 5. The Korea Baseball Organization and Korea Volleyball Federation both said there won't be cheerleaders during its championship series. South Korea's economic growth already decelerated last quarter in response to slowing exports and a weakening currency.

☆ South Korea vows thorough investigation into deadly Halloween crush
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Oct 31 (Reuters) - South Korean Prime Minister Han Duck-soo on Monday promised a thorough investigation into the Halloween crush over the weekend that killed more than 150 mostly young people in the capital, plunging the country into mourning. Officials said 154 had been killed and 149 injured, with 33 people in serious condition. Tens of thousands of partiers had crowded into narrow streets and alleyways of Seoul's popular Itaewon district on Saturday for the first virtually unrestricted Halloween festivities in three years. But chaos erupted when people poured into one particularly narrow and sloping alley, even after it was already packed, witnesses said. "We will do our best to provide necessary support by reflecting the opinions of the bereaved families as much as possible."

[1/4] South Korean President Yoon Suk-yeol walks at the scene where many people died and were injured in a stampede during a Halloween festival in Seoul, South Korea, October 30, 2022. REUTERS/ Heo RanSEOUL, Oct 30 (Reuters) - South Korea's President Yoon Suk-yeol declared a period of national mourning on Sunday after a Halloween crush killed some 151 people in a packed nightlife area in Seoul. It was the first Halloween event in Seoul in three years after the country lifted COVID-19 restrictions and social distancing. Choi, the Yongsan district fire chief, said all the deaths were likely from the crush in the single narrow alley. Reporting by Soo-hyang Choi, Choonsik Yoo Daewoung Kim, Hong-ji Kim, Writing by Jack Kim; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ Two dead, 22 others suffer cardiac arrest in stampede in South Korea
▼ + stars: | 2022-10-29 | by ( Soo-Hyang Choi | ) www.reuters.com time to read: +1 min

SEOUL, Oct 30 (Reuters) - At least two people died from cardiac arrest and dozens of others were injured after a huge crowd poured into a central district of the South Korean capital for Halloween festivities late on Saturday, a fire official said. As of early Sunday, two were reported dead among 24 who had been transferred to nearby hospitals after suffering cardiac arrest in the incident in the Itaewon district strict, Moon Hyun-joo, an official at the National Fire Agency said. Yonhap news agency said at least 100 were estimated to have been injured due to the stampede. Authorities were investigating the exact cause of the incident, the agency said. Reporting by Soo-hyang Choi and Choonsik Yoo, Editing by Angus MacSwan and Clelia OzielOur Standards: The Thomson Reuters Trust Principles.

Economists have pointed to growing challenges for Korea's economy as sustained high inflation, rapidly rising interest rates worldwide and continuing global supply-chain disruptions sap demand both at home and abroad. "Today's figure, although appearing okay, is already about the past while the future is getting more difficult both in terms of domestic and global demand," said Park Sang-hyun, chief economist at HI Investment & Securities. Despite managing positive growth, a breakdown of the figures showed Asia's fourth-largest economy was losing momentum quickly in the face of cooling global demand, a wave of policy tightening and high inflation. On an annual basis, the economy expanded by 3.1% in the third quarter after a 2.9% gain in the second quarter. Reporting by Jihoon Lee and Choonsik Yoo; Editing by Shri Navaratnam and Richard PullinOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea Q3 GDP growth slows to 1-year low, slightly ahead of expectations
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Oct 27 (Reuters) - South Korea's economy grew at its slowest pace in a year in the third quarter, just ahead of expectations, on pent-up spending by consumers and companies, the central bank's advance estimates showed on Thursday. The country's gross domestic product (GDP) grew by a seasonally-adjusted 0.3% in real terms in the third quarter from the previous quarter, the Bank of Korea estimated, marking the slowest pace since the third quarter of 2021. Economists in a Reuters poll had expected the economy to grow 0.1% quarter-on-quarter in the July-September period, slowing from a 0.7% gain in April-June. On an annual basis, gross domestic product (GDP) increased 3.1% in the third quarter after a 2.9% gain in the second quarter and versus expectations for 2.8% growth in the poll. Reporting by Jihoon Lee and Choonsik Yoo Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ Yuanta Securities discusses South Korea's interest rates and currency
▼ + stars: | 2022-10-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe should focus on South Korea's interest rates, not just its currency: Financial services firmDaniel Yoo of Yuanta Securities says "in terms of the overall market," the country's interest rates and currency need to be stabilized.

In the history of South Korean entertainment, military service has been a complicated issue for male celebrities. It is worth noting that military service in the two countries is not comparable. And, for the sake of full transparency, I will say the military service I did in Taiwan is what is known as alternative or substitute military service. Nonetheless, had BTS been exempted from military service, there would have been detractors criticizing the group for receiving special treatment. After all, the South Korean public, especially young people, is quite divided on whether BTS members should carry out their military duties.

☆ Chess grandmaster Hans Niemann files defamation lawsuit seeking $100M in damages over cheating allegations
▼ + stars: | 2022-10-21 | by ( Chantal Da Silva | Chantal Da Silva Is A Breaking News Editor For Nbc News Digital Based In London. | ) www.nbcnews.com time to read: +2 min

American chess grandmaster Hans Niemann filed a defamation lawsuit Thursday against world champion Magnus Carlsen and others seeking $100 million in damages over cheating allegations that have rocked the chess world in recent weeks. “My lawsuit speaks for itself,” Niemann, 19, tweeted Thursday, sharing a copy of the lawsuit. Niemann, Carlsen, Nakamura and Chess.com did not immediately respond to requests for comment from NBC News. The lawsuit comes weeks after Carlsen, 31, first accused Niemann of cheating after the two chess players competed at the Sinquefield Cup in St. Louis on Sept. 4. And you know, ‘Chess speaks for itself.’ That’s all I can say.”

Kakao shares plunged as much as 9.5% on Monday to their lowest since May 2020, wiping out 2 trillion won ($1.39 billion) in market capitalisation at one point, while shares in affiliates KakaoPay (377300.KS) and KakaoBank (323410.KS) lost more than 8% before paring losses. South Korea's technology ministry is probing whether the outage violated any laws while the communications regulator is reviewing the matter, including questions of user compensation, officials said on Sunday. An initial probe on Sunday found electrical issues around battery racks in third basement floor of the data centre, which is operated by SK C&C (034730.KS), may have caused the fire. REPUTATIONAL HITThe Kakao messaging application and the Kakao T taxi booking application are seen on a mobile phone in this illustration photo March 13, 2018. It said on Monday it would discuss compensation with data centre operator SK C&C for losses it and its key units have sustained.

☆ Kakao shares slump as outage sparks calls for regulatory scrutiny
▼ + stars: | 2022-10-17 | by ( Joyce Lee | ) www.reuters.com time to read: +5 min

Kakao shares plunged more than 9% on Monday to their lowest since May 2020, while shares in Kakao affiliates KakaoPay (377300.KS) and KakaoBank (323410.KS) also plunged more than 8% in morning trade. Police and the National Forensic Service are conducting a second investigation on Monday at the data centre, which is operated by SK C&C (034730.KS). After an initial probe on Sunday, police said electrical issues around battery racks in third basement floor of the data centre may have caused the fire. It said in a regulatory filing on Monday that after it normalises services, it will discuss compensation with data centre operator SK C&C for losses sustained by Kakao and its key units. A Kakao spokesperson declined to provide the total number of servers it uses, citing security concerns.

☆ S.Korea president pledges to build strong readiness against N.Korea threats
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: 1 min

SEOUL, Oct 14 (Reuters) - South Korean President Yoon Suk-yeol on Friday said his government has been working on building a watertight readiness posture against North Korea's provocations since he took office, following North Korea's missile test and deployment of military aircraft that flew near the border dividing the two countries. Register now for FREE unlimited access to Reuters.com RegisterReporting by Choonsik Yoo, Joori Roh; Editing by Christian SchmolingerOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea's Sept unemployment rate rises from record low
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Oct 14 (Reuters) - South Korea's unemployment rate rose in September from a record low set in August while employment fell slightly, data showed on Friday, a sign that a year-long policy tightening campaign and slowing exports have begun to cool the economy. The country's seasonally adjusted unemployment rate rebounded to 2.8% in September from 2.5% in August, which was the lowest since the data series began in June 1999. However, it was still far below an average of 3.6% set in all of 2021. The employment rate edged down 0.1 percentage point to 62.2% in September from August after adjusting for seasonal factors, the Statistics Korea data showed. Bank of Korea Governor Rhee Chang-yong said after the rate decision on Wednesday that Asia's fourth-largest economy has begun softening, although economists expect it to raise the rate further in the coming months.

Joo and Shin voted for a smaller hike in the rate, Rhee said in news conference, but did not elaborate on their views. Twenty-three of 26 analysts expected the bank to go for a half-point hike in a Reuters poll, while the remaining three expected a quarter-point hike. The median forecast in the poll showed the BOK's base rate going to 3.25% by year-end and then peaking at 3.50% in the first quarter of 2023. Almost half of respondents in the Reuters poll expected the base rate to reaching 3.75% in the first quarter of next year. After Wednesday's rate hike, the Korea Federation of Small- to Medium-sized Enterprises expressed "serious concern" about higher rates.

The Bank of Korea (BOK) raised its benchmark policy rate (KROCRT=ECI) by 50 basis points to 3.00% on Wednesday, bringing total rates hike since August last year to 250 basis points. Twenty-three of 26 analysts expected the bank to go for a half-point hike in a Reuters poll, while the remaining three expected a quarter-point hike. "The 50 bp hike today was the BOK's response to the sinking won, it seems." South Korea's three-year treasury bond futures fell after the BOK's statement on the decision. The median forecast in the poll showed the BOK's base rate going to 3.25% by year-end and then peaking at 3.50% in the first quarter of 2023.

☆ S.Korean inflation expectations fall for a second month in Sept
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Sept 27 (Reuters) - South Korean consumers' inflation expectations fell in September for a second month after six months of rises, although the decline was small, a central bank survey showed on TuesdayThe Bank of Korea said in a statement respondents to the survey gave a median answer of 4.2% when asked about their expectations for consumer inflation for the coming 12-month period, down from 4.3% in August, when the rate fell from 4.7% in July. The finding comes as South Korean policymakers have said inflation in Asia's fourth-largest economy would probably reach its peak by October, although the rate of expected inflation was still more than twice the central bank's target of 2%. The same survey found consumer confidence improved for a second month in September as the Consumer Sentiment Index (CSI) rose to 91.4 from 88.0 in August and 86.0 in July, which was the lowest since September 2020. However, the survey was conducted between Sept. 13-20, before the outcome of the U.S. Federal Reserve's Sept. 20-21 policy meeting rattled the global markets and would not include any change in outlook since then. Register now for FREE unlimited access to Reuters.com RegisterReporting by Choonsik Yoo; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

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