News - 2026.03.04 PM5

From Seoul Korea, KBS World Radio News today starts right now.

On today's broadcast, the benchmark cost bee plunges more than 12 percent,

sparked by the U.S. war with Iran, making its sharpest single-day decline on record.

The government safely evacuates more than 100 nationals from Iran and Israel,

and has various agencies standing by to assist Koreans at risk in the region.

And the leaders of South Korea and the Philippines agree to extend cooperation

in nuclear power generation and critical mineral supply chains.

This is KBS World Radio News, I'm Eileen Kihill.

South Korean stocks fell by the widest margin ever on Wednesday amid the fallout from the war

between the United States and Iran. The benchmark cost bee and the tech heavy cause

deck plunged over 12 percent and 14 percent respectively, with circuit breakers activated during

the session. Yoon So Young has more. The benchmark Korea composite stock price index on Wednesday

opened 3.44 percent lower at 5,592.59. The cost bee widened its losses throughout the morning

prompting a circuit breaker shortly after the index fell more than 8 percent from the previous

close for over one minute. A similar circuit breaker was also activated on the tech heavy

cause deck market at 11.16 a.m. as shares tumbled over 8 percent. Earlier in the session,

the Korea Exchange also activated a side car, a five minute suspension of program cell orders

after cost bee 200 futures slid more than 6 percent. Foreign investors continued their selling

spray from the previous session, while major caps, Samsung electronics and SK hyanx slid more

than 11 percent and about 10 percent respectively. Heighten tensions in the Middle East fueled

demand for safe haven assets sharply weakening the South Korean one. The $1 rate briefly surpassed

$1,501 overnight and hit $1,506.1. Its highest level since the 2009 financial crisis.

The Bank of Korea held an emergency meeting to assess market volatility with central bank

governor Yichang-yong postponing an overseas trip to preside over the session. The central bank

decided to closely monitor excessive swings in the currency, interest rates and stock prices

as market fluctuations could intensify depending on the developments in the Middle East.

Yun-zu-hyeon KBS World Radio News. In view of the escalating tensions in the Middle East,

South Korea is actively tracking some 20,000 of its citizens in the region.

The central government has put the national police, the military and even the spy agency on

standby to assist South Koreans at risk, and more than 100 people have already left Iran and

Israel with help from Seoul's embassies. Rosin Park has more.

Seoul's foreign ministry says 137 people from South Korean communities in Iran and Israel

have been safely evacuated to nearby countries following US and Israeli strikes on Iran.

One group of 24 people staying in Tehran, which included South Koreans as well as embassy staff

and their families, border two buses rented by the embassy and cross the border into Turkmenistan

on Tuesday local time. Meanwhile, 66 South Koreans fled the Israeli cities of Tel Aviv and Jerusalem

on a rental bus and safely cross the border into Egypt, where they were joined by 47 short-term

visitors. It's estimated that around 21,000 South Korean citizens and ethnic Koreans, including

travelers, are currently staying in 13 Middle Eastern countries. Among them, some 4,000 are

believed to be on short-term stays in the United Arab Emirates. On Wednesday, Korea's

standard time, the government said it's monitoring the situation in the region through various channels

to ensure that nationals in need of help can return home or evacuate to see for areas.

The Korean National Police Agency is ready to send quick response teams to support stranded people

while the military is prepared to dispatch transport planes. The Joint Chiefs of Staff also

confirmed the Chung-enabled unit station in the Gulf of Aden, near Somalia, remains fully prepared

for instructions and response to changes in the situation. The National Intelligence Service,

which has formed a 24-hour situation team, says it's assessing risks to the national interests

and warns that terrorist groups may use the chaos in the Middle East as an opportunity to exploit

security vacuums, Rosin Park KBS World Radio News.

The government says the country's oil and gas reserves are sufficient, and it does not foresee any

short-term supply issues despite rising tensions in the Middle East.

Ruling Democratic Party representative Kim Yong-bae said Wednesday that he received a briefing

to that effect from Trade Minister Yeohan-gu during a seminar at the National Assembly.

Siting the Minister, Kim said that between the public and private sectors, South Korea's combined

reserves amount to 190 million barrels of oil and nine days worth of gas. Still, he said the

government is in the process of drawing up a contingency plan and is preparing to secure alternative

sources in case the situation in Iran drags on.

The leaders of South Korea and the Philippines have agreed to expand cooperation in nuclear

power generation and critical mineral supply chains during President E.J.

Yong's state visit to the country. In a joint press announcement after a summit with Philippine

President Ferdinand Marcos in Manila on Tuesday, Yeoh said the two sides agreed to bolster

practical cooperation on nuclear power plants. He said he expects to optimize the partnership

with the Philippines based on the outcome of a feasibility study on the resumption of the

country's baton nuclear power plant project and a memorandum of understanding on cooperation

to pursue the construction of new plants. He announced that both sides agreed to enhance

cooperation in critical mineral supply chains under their new memorandum, referring to South

Korea's cutting edge technology and the Philippines abundant mineral resources.

With both leaders agreeing to further increase trade and investment on the basis of the bilateral

free trade deal, Marcos promised support for South Korean firms seeking to expand business

in the Philippines. The rival parties have agreed to swiftly pass a special bill aimed at

creating a fund and mechanisms to deliver on Seoul's investment pledge to the United States.

Representative Chan Junho, deputy floor leader of the ruling Democratic Party,

told reporters on Wednesday that the main opposition People Power Party has agreed to

complete its review by Monday and pass the bill in line with prior agreements.

The agreement was reached Wednesday during a meeting of the National Assembly between

Chan and his opposition counterpart, Yu Sung-bong. Chan said that if things proceed as planned,

the bill will be submitted to a plenary session for approval no later than Thursday next week.

A Seoul Court has issued pre-trial detention warrants for Democratic Party-turned-independent

representative Kang Sun-woo and former Seoul Council member Kim Jong-un over accusations that

Kang accepted money from Kim and returned for candidacy in a local election.

The Seoul Central District Court issued the warrants Tuesday citing concerns over destruction of

evidence. Kang and Kim faced charges under the Political Funds Act and the Improper Solicitation

and Graphed Act, as well as breach of trust and bribery charges. Kang allegedly accepted 100

million won or around $68,000 US dollars from Kim at a hotel in Seoul's Yongsan District in January

2022, five months ahead of the local elections. The accusations emerged late last year with the

release of an audio file from April 2022, in which the two-term lawmaker allegedly discusses the

transaction with DP-turned-independent representative Kim Jong-un, who at the time oversaw the DP's nominations.

And that's the news from KBS World Radio's New Center in Seoul. This is the Nilean-Kahil.

You can also catch our news from our website at world.kbs.co.kr