Category: General

Seoul shares ended higher Friday after the latest jobs data supported the case for U.S. rate cuts this year. The Korean won rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.49 points, or 0.57 percent, to close at 2,727.63. The main index has risen 1.9 percent this week.

Trading volume was moderate at 568.36 million shares worth 11.07 trillion won (US$8.09 billion), with gainers outpacing losers 489 to 365.

The number of U.S. unemployment claims jumped last week to the highest level in more than eight months, renewing hopes for the Federal Reserve’s rate cuts this year.

Overnight, the Dow Jones Industrial Average increased 0.9 percent to 39,387.76 points, and the tech-heavy Nasdaq gained 0.3 percent to 16,346.26.

Institutions and foreigners bought a combined 502.48 billion won worth of stocks, offsetting individuals’ stock selling valued at 486.89 billion won.

In Seoul, auto and airline stocks led gains.

Top carmaker Hyundai Motor Co. rose 1.9 percent to 241
,500 won, leading auto parts maker Hyundai Mobis Co. climbed 0.4 percent to 227,000 won, national flag carrier Korean Air Co. gained 0.5 percent to 22,000 won, and leading steelmaker POSCO Holdings was up 0.8 percent to 401,000 won.

Among decliners, market bellwether Samsung Electronics Co. fell 0.6 percent to 79,200 won, the country’s leading mobile messenger operator Kakao Corp. shed 1.7 percent to 47,800 won, and battery maker Samsung SDI Co. was down 0.4 percent to 429,000 won.

The local currency closed at 1,368.10 won against the greenback, up 2 won from the previous session’s close.

Source: Yonhap News Agency

ADOR, a sublabel of K-pop powerhouse Hybe, said Friday it will hold an extraordinary shareholders’ meeting on May 31 to discuss the replacement of the label’s CEO Min Hee-jin amid a protracted dispute between her and Hybe.

The decision was made during a board meeting in Seoul of the music label, home to popular girl group NewJeans, on Friday, according to the company.

Agenda items for the shareholders’ meeting include the dismissal of CEO Min and other board members, and the appointment of new directors from Hybe’s side.

Hybe filed a complaint against Min on charges of breach of trust on April 25, claiming that she plotted with her aides to take over control of her company, separate from Hybe and take NewJeans with her.

Min has denied the allegations and claimed that the recent audit conducted against her followed her internal whistleblowing.

The current board consists of Min, the deputy CEO and another director, identified only by their family names Shin and Kim, respectively. This setup effectively gr
ants Min control over the board.

Industry insiders predict the upcoming meeting will likely pass all the agenda items as Hybe holds an 80 percent stake in the subsidiary.

But a court decision could be a variable. On Tuesday, Min filed for an injunction to bar Hybe from exercising its voting rights as the largest shareholder when the shareholders’ meeting is held. Min claimed Hybe’s move to dismiss her is a violation of the shareholders’ contract between the two sides.

The first hearing for the injunction request is slated for next Friday.

Source: Yonhap News Agency

CJ Logistics Corp. on Friday reported its first-quarter net profit of 55.4 billion won (US$40.5 million), up 14.5 percent from a year earlier.

The company said in a regulatory filing that it posted 109.4 billion won in operating profit for the quarter, compared with 99 billion won a year ago. Revenue rose 4 percent to 2.92 trillion won.

The earnings failed to meet market expectations. The average estimate of net profit by analysts stood at 61.6 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

Source: Yonhap News Agency

A U.S. congressional report has noted the need for Congress to look into the implementation of anti-North Korea sanctions, saying the North’s violation of the sanctions challenges Washington’s policy to persuade the recalcitrant regime to renounce its nuclear arms.

On Monday, the Congressional Research Service, a public policy research institute of the United States Congress, issued a report on relations between Pyongyang and Moscow, warning that their military cooperation could potentially boost Russia’s invasion of Ukraine and increase the North’s military capabilities.

“Congress may consider whether to review administration policies, examine implementation of unilateral and multilateral sanctions, and review the breadth and pace of North Korea-Russia cooperation as well as its impact on U.S. and allied forces,” the report read.

The report touched on the expanded partnership between the North and Russia, which was highlighted by Pyongyang’s transfers of weapons to Russia for use in Ukraine. South Korea,
the United States and others have decried the transfers as a violation of multiple U.N. Security Council (UNSC) resolutions.

“North Korea’s contravention of these sanctions, with Russia’s assistance, challenges long-held U.S. policy, shaped and supported by several acts of Congress, aimed at persuading North Korea to give up its nuclear weapons in exchange for a potential loosening of sanctions,” the report said.

“Strengthened North Korea-Russia bilateral ties potentially embolden North Korea to expand illicit activities and engage in provocations, and may improve DPRK military capabilities,” it added, referring to North Korea by its official name, the Democratic People’s Republic of Korea.

The report also dealt with Russia’s veto of a UNSC resolution to extend the mandate of a U.N. expert panel monitoring the enforcement of anti-Pyongyang sanctions. The panel’s mandate expired on April 30.

“Forcing the dissolution of the panel may be part of Russia’s move to more openly engage in banned trade and other a
ctivities with North Korea,” it said.

“This change in Russian policy toward North Korea may indicate a larger departure from Moscow’s historical alignment with the United States on nonproliferation policy, and may be helping North Korea achieve its military and foreign policy goals.”

Source: Yonhap News Agency

Nong Khai Take a look at the durian and rambutan orchards of farmers in Sangkhom District, Nong Khai Province, on an area of ??20 rai. This year the average yield is about 40-50 per tree. It is expected that by mid-June, the durian will begin to ripen and Can be sold

Mr. Wien Thamson, Nong Khai Provincial Agriculture Officer Lead officials from the Provincial Agricultural Office Visit fruit orchards in Sangkhom District, Nong Khai Province and provide knowledge to farmers who grow fruit trees. By taking you to see the garden of Mr. Amnat Chaiphra-in, Nangyo Subdistrict, Sangkhom District.

Mr. Wien said that Nong Khai Province has an area of ??approximately 2,000 rai of durian cultivation, only the Sangkhom District area is approximately 900 rai. There are farmers growing durian in 4 districts: Sangkhom District, Pho Tak District, Si Chiang Mai District, and Rattanawapi District, which the Sangkhom District area will Geographic advantage There are mountainous areas. This year Monthong durian will have appro
ximately 200 rai of produce released to the market, some of which will be traded across borders. and sell in the area Can also increase planting area in Nong Khai Province.

Mr. Amnat, the owner of the durian orchard, said that the area was previously used to grow rice, cassava and bananas, each of which produced poor yields. So turned to growing durian. Because it was seen that durian in the area where the previous growers had already received their yield. So I tried planting some. On an area of ??over 20 rai, there were 100 durian trees planted, alternating with 100 rambutan trees. The durians had been planted for 6 years. Last year I tasted them. This year the produce is expected to be sold. The average is about 40-50 per tree, expected in the middle of June. The durian will begin to ripen and be sold.

Source: Thai News Agency

Phuket, Sirinat Phuket National Park announced the temporary closure of “Leech Island” after finding large amounts of bleached coral.

Sirinath National Park, Thalang District, Phuket Province, has joined with the Marine National Park Operations Center 2, Phuket Province. Conduct a survey to monitor the coral bleaching situation in the area of ??responsibility in the sea in the Sirinat National Park area.

Most recently, it was found that around Koh Pling and the surrounding coral reefs which is shallow water coral There is a lot of bleaching. Due to being affected by extremely hot weather conditions and the rain stops As a result, seawater temperatures will rise. Therefore, in order to prevent damage to coral reefs. Including reducing the impact of various types of activities that may accelerate coral bleaching, Sirinath National Park would like to announce the closure of tourist attractions around Leech Island. and surrounding coral reefs temporarily From now on Until the coral bleaching situation is resol
ved. and from the reporters’ visits to the area This area is approximately 100 meters from Koh Pling and approximately 300 meters from the shore. This area is the lowest point of the sea. There will be villagers coming out to fish. In the said area When the sea is at its lowest. Make the coral pop out of the water Most are branch corals. And in the past, the weather in Phuket province was very hot. Causes coral to be burned by sunlight. Causes coral bleaching. It is a long way along the boundary between the sea down to the end.

The villagers who make a living from fishing admit that there is indeed bleaching of coral in the area. But from personal experience, it is a normal thing that is seen every year. a lot, some a little Due to the changing weather conditions In addition, in the latter period A large amount of wastewater is released into the sea, so when the two components are mixed together, it causes coral bleaching. This year will be found more than every previous year, but when the monsoon season com
es, there will be new corals emerging.

Source: Thai News Agency

The following are key developments regarding North Korea this week.

——–

May 6 — N.K. leader calls on public security officials to ‘firmly defend’ state unity

7 — N. Korean minister says Pyongyang ready to cooperate with Iranian carmaker Saipa

N. Korea’s premier calls for enhancing irrigation amid food shortages

8 — N. Korea’s ex-propaganda chief Kim Ki-nam dies at 94: KCNA

N. Korean leader congratulates Putin on inauguration

9 — N. Korean leader voices ‘firm support’ in his message to Putin over Victory Day

10 — N. Korea tears down S. Korean-built fire station at Mount Kumgang resort: Seoul

N. Korea holds funeral for ex-propaganda chief Kim Ki-nam

Source: Yonhap News Agency

Medical professors at major hospitals took a day off Friday, the third of its kind in two weeks, as they expressed fatigue from filling the void of trainee doctors who left their worksites in protest of the government’s medical reform.

While fatigued medical professors take a leave of absence, treatment of critically ill patients and inpatient services at their hospitals are provided, according to the hospitals.

Medical professors took a day off on April 30 and May 3, but no major disruptions of public health services were reported.

On Friday, some medical professors at four major hospitals in Seoul — Seoul National University Hospital, Asan Medical Center, Severance Hospital and Seoul St. Mary’s Hospital — took a voluntary leave of absence.

It was unclear how many professors took a day off, but their action is expected to affect some 50 hospitals nationwide.

The professors, who are senior doctors at general hospitals, started taking a weekly day off in solidarity with some 12,000 trainee doctors who
have left their worksites since Feb. 20 in protest of the plan to boost the number of medical students by 2,000.

The weekly day off came amid the prolonged standoff between the government and the medical community on the medical reform.

On the previous day, President Yoon Suk Yeol said in a press conference that the reform plan “is a task that can no longer be delayed,” indicating the government intends to accomplish the initiative despite the protest.

During a press briefing, Second Vice Health Minister Park Min-soo said the government does not have an immediate plan to allow foreign doctor license holders to practice in the country.

The remark came after the health ministry said earlier this week that those holding a medical license issued by foreign nations would be allowed to legally practice medicine in South Korea in the event that the government declares a top-level medical service warning.

“The revision is a preemptive and supplementary measure to prepare for a potential future emergency,” Park s
aid. “Currently, the government does not have immediate plans to deploy foreign doctors, as the existing emergency medical system is being maintained effectively, despite some challenges.”

Park added that even if foreign doctors are deployed, they will only be authorized to administer treatments under the supervision of local doctors.

The government will implement strict safety measures to ensure that only doctors whose skills have been verified are allowed to treat the people, he said.

The government, meanwhile, also plans to submit minutes and other documents to verify that the decision to increase the number of medical school students by 2,000 was based on scientific grounds to the Seoul High Court on Friday.

The move came as doctors raised suspicions that the minutes may not exist, although the government claimed that all required meetings were documented.

“We will faithfully submit all documents that are required,” Park said.

The government also held the second round of a presidential committee on
medical reform launched last month to resolve the issue on the day, although doctors have been boycotting the platform, calling for a complete abandonment of the plan.

Key agendas discussed during the meeting included enhancing the capabilities of general hospitals and improving compensation for medical services, Park added.

Source: Yonhap News Agency

The top nuclear envoys of South Korea and China discussed issues related to the Korean Peninsula on the margins of a multilateral security dialogue in Japan earlier this week, Seoul’s foreign ministry said Friday.

The talks between Lee Jun-il, director general for North Korean nuclear affairs, and Liu Xiaoming, China’s special representative on Korean Peninsula affairs, took place Thursday in Tokyo on the sidelines of the Northeast Asia Cooperation Dialogue (NEACD), an annual public-private security dialogue forum, the ministry said.

They “exchanged their assessments on the recent situation on the Korean Peninsula and opinions on ways to address” the peninsula issues, the ministry said in a press release, without providing further details.

North Korea’s evolving nuclear and weapons developments and its growing military cooperation with Russia were most likely high on the agenda at their talks. China is the North’s longtime ally and largest economic benefactor.

On Friday, Lee held talks with his U.S. coun
terpart, Jung Pak, who was also in Tokyo to attend the NEACD, and had a broad discussion on North Korea’s nuclear and other related issues, Seoul’s ministry said.

They “agreed to continue close coordination as they stand firmly by the shared goal toward the complete denuclearization of North Korea,” the ministry said.

They also agreed to keep a close watch on the North’s possible additional provocations, including the potential launch of another spy satellite, and prepare against any attempts by the North to change the status quo in the Yellow Sea, based on the staunch South Korea-U.S. combined defense posture.

The officials shared the understanding of the need for China to play “a constructive role” in the Korean Peninsula issues and agreed to continue communications with Beijing at all levels.

Aside from the two-way meetings with China and the U.S., Lee also held a trilateral gathering with Pak and their Japanese counterpart, Hiroyuki Namazu, director general for Asian and Oceanian affairs at Japan’s fo
reign ministry, to discuss North Korean threats.

Source: Yonhap News Agency

The combined loss by insurers from selling medical indemnity insurance products widened from a year earlier in 2023 despite an increase in sales, data showed Friday.

The combined loss of seven life insurers and 10 non-life insurers from their medical indemnity insurance, or reimbursement-backed private medical insurance, came to 1.97 trillion won (US$1.44 billion) last year, up 29 percent from a 1.53 trillion won loss the previous year, according to the data from the Financial Supervisory Service (FSS).

Their loss ratio rose 2.1 percentage points from 101.3 percent to 103.4 percent over the cited period.

The rise in the loss came despite a 9.5 percent on-year increase in sales of insurance products to 14.4 trillion won in 2023, due partly to a rise in payments for treatments uncovered by the health insurance, according to the financial regulator.

“(The FSS) will continue to improve the system so as to prevent any leaks of insurance money, so that medical indemnity insurance can continue to provide person
al safety nets to the people,” it said.

“It also plans to strengthen its oversight so that insurance payments for legitimate requests can be made swiftly,” it added.

Medical expense insurances are products unique to South Korea that often cover the entire cost of medical treatments paid by customers.

Source: Yonhap News Agency