Yonhap News Summary

Yonhap News Summary

The following is the second summary of major stories moved by Yonhap News Agency on Thursday.

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(LEAD) Moon says S. Korea will join sanctions against Russia

SEOUL -- President Moon Jae-in said Thursday that South Korea will join international sanctions against Russia as he expressed regret over Russia's attack on Ukraine, saying any use of armed force causing human casualties cannot be justified.

Moon also instructed the government to do everything possible to ensure the safety of South Korean nationals in Ukraine after he was briefed on the crisis in the wake of Russia's attack, said Park Soo-hyun, senior presidential secretary for public communication.

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Foreign minister to hold virtual meeting with senior envoys abroad to discuss Ukraine crisis

SEOUL -- South Korea's top diplomat will convene a virtual meeting with the heads of the country's diplomatic missions abroad later this week to come up with ways to protect its citizens overseas amid the Ukraine crisis, his ministry said Thursday.

Foreign Minister Chung Eui-yong will hold the meeting on Friday evening with the chiefs of the country's diplomatic missions, ministry spokesperson Choi Young-sam told a regular press briefing.

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(5th LD) BOK freezes policy rate amid pandemic, Ukraine crisis

SEOUL -- South Korea's central bank held its key interest rate steady Thursday amid worries that the upsurge in COVID-19 infections and heightening geopolitical risks stemming from Eastern Europe could undercut economic recovery momentum.

The Bank of Korea (BOK), however, sharply revised upward its inflation outlook for this year, raising the possibility that it could hike the interest rate in the months to come.

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(LEAD) S. Korea's new COVID-19 cases over 170,000 for 2nd day amid omicron wave

SEOUL -- South Korea's daily COVID-19 cases stayed above 170,000 for the second consecutive day Thursday amid the fast spread of the highly contagious omicron variant across the country.

The country reported 170,016 new COVID-19 infections, including 169,846 local cases, raising the total caseload to 2,499,188, according to the Korea Disease Control and Prevention Agency (KDCA).

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Ukraine tensions feared to disrupt chip production

SEOUL -- A military confrontation between Russia and Ukraine could disrupt supply of raw materials, potentially exacerbating the ongoing global chip shortage, analysts said Thursday.

Russia and Ukraine produce raw materials, such as neon, used in chipmaking processes, raising concerns that the escalating tension could disrupt the supply of key materials.

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(LEAD) Seoul stocks plunge over 2 pct on escalating Ukraine crisis

SEOUL -- South Korean stocks plunged more than 2 percent Thursday, as investor sentiment worsened over Russia's launch of military operations in eastern Ukraine. The Korean won steeply fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 70.73 points, or 2.6 percent, to close at 2,648.80 points.

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(LEAD) Kakao's chief nominee vows to restore stock price

SEOUL -- The nominee for new CEO of Kakao Corp., the operator of South Korea's top mobile messenger KakaoTalk, vowed on Thursday to boost the company's stock price back to over 150,000 won (US$125) within his term following a sharp plunge amid a series of mishaps.

Namkoong Whon was named to head the tech giant in January after a former CEO nominee resigned over controversial sell-off of stock options. Namkoong will be officially named CEO during a board of directors' meeting slated for March.

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