Articles by Yonhap
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Seoul shares end lower ahead of Fed minutes release
South Korean stocks ended lower Tuesday ahead of a release of the minutes of the US Federal Reserve's latest monetary policy meeting. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index shed 17.96 points, or 0.65 percent, to close at 2,724.18. Trade volume was moderate at 547.5 million shares worth 10.02 trillion won ($7.3 billion), with losers beating winners 585 to 290. Individual investors purchased a net 501.7 billion won worth of local shares,
Market May 21, 2024
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Marine Corps commander again grilled over alleged interference in soldier's death inquiry
The anti-corruption investigation office again questioned Marine Corps Commandant Lt. Gen. Kim Kye-hwan as a power abuse suspect Tuesday over allegations of external pressure placed on the military investigation into last year's death of a young Marine. Kim appeared at the Corruption Investigation Office for High-ranking Officials in Gwacheon, south of Seoul, at 9:20 a.m., while remaining tight-lipped when asked several questions by reporters. Kim, who was already grilled by the CIO for 15
Social Affairs May 21, 2024
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Cabinet passes motion requesting parliamentary reconsideration of special probe bill over Marine's death
The Cabinet on Tuesday approved a motion demanding the National Assembly reconsider a bill mandating a special counsel investigation into the military's response to a Marine's death last year. President Yoon Suk Yeol is expected to endorse the motion later in the day, sending the legislation back to the National Assembly in his 10th veto of a bill since taking office in May 2022. The bill, which was passed by the opposition-controlled parliament early this month, calls for the appointm
Politics May 21, 2024
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Govt. to monitor impact of US tariff hikes on some Chinese imports: finance minister
Finance Minister Choi Sang-mok said Tuesday the government will closely monitor the impact of Washington's recent decision to raise tariffs on some Chinese imports. The remark came as the United States announced last week its plans to raise tariffs on around $18 billion worth of imports from China, focusing on strategic sectors, such as solar cells, semiconductors and electric vehicles. "While South Korea has been posting an export growth for seven consecutive months, the uncertainties
Economy May 21, 2024
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Commission set for 1st session to determine 2025 minimum wage
The tripartite commission of labor, management and the public launched the process Tuesday to determine next year's minimum wage, with the nation focused on whether it will exceed 10,000 won ($7.35) per hour for the first time. The 27-member Minimum Wage Commission, with nine representatives from each of the three sides, convened its inaugural meeting this year in the central city of Sejong to review the 2025 hourly minimum wage. At Tuesday's session, the commission elected Lee In-je,
Social Affairs May 21, 2024
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Seoul shares open lower on declines in technology stocks
South Korean stocks started lower Tuesday as big-cap tech shares fell across the board. The benchmark Korea Composite Stock Price Index shed 10.94 points, or 0.4 percent, to 2,731.20 in the first 15 minutes of trading. Overnight, major US stock indexes closed mixed, with the tech-heavy Nasdaq Composite up 0.7 percent to hit a record high on chip rally ahead of Nvidia's earnings release Wednesday and S&P 500 up 0.1 percent. The Dow Jones Industrial Average ended 0.5 percent lower. In Seo
Market May 21, 2024
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US voices condolences over death of Iranian president in helicopter crash
The United States expressed condolences Monday over the death of Iranian President Ebrahim Raisi in a recent helicopter crash, which Defense Secretary Lloyd Austin portrayed as "very unfortunate." Matthew Miller, the spokesperson for the State Department, issued a condolence message after the helicopter carrying the president and Iran's top diplomat crashed into the country's mountainous northwestern region on Sunday. The crash came amid tensions between the US and Iran in the midst of
World News May 21, 2024
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S. Korea, US to hold 2nd round of talks on defense cost sharing
South Korea and the United States began a new round of negotiations Tuesday on sharing the costs for stationing American troops here. The three-day talks through Thursday are aimed at determining how much Seoul should shoulder for the upkeep of the 28,500-strong US Forces Korea, starting in 2026. The talks were led by Lee Tae-woo, South Korea's chief negotiator from the foreign ministry, and his US counterpart, Linda Specht from the State Department. The first round of the talks took place
Defense May 21, 2024
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South Korea bans viral North Korea propaganda video praising Kim
South Korea's media regulator said on Monday it was banning access to a North Korean propaganda music video that it said idolised and glorified leader Kim Jong Un as a "friendly father" and "great leader." South Korea's National Security Act blocks access to the North's government websites and media to restrict exposure to the efforts by Kim's autocratic regime to "praise, incite or propagate" its activities. The two Koreas are still technically
North Korea May 20, 2024
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Seoul shares close higher on tech, auto gains
South Korean stocks finished higher Monday led by strong gains in chip and auto heavyweights ahead of key events in the United States. The local currency fell slightly against the US dollar. The benchmark Korea Composite Stock Price Index climbed 17.52 points, or 0.64 percent, to 2,742.14, rebounding from a 1.03 percent drop the previous session. Trade volume was moderate at 572.2 million shares worth 12.1 trillion won ($8.92 billion), with losers slightly beating winners 474 to 402. Institution
Market May 20, 2024
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Yoon, British PM say AI Seoul Summit will discuss innovation, safety, inclusivity
A global summit on artificial intelligence to be co-hosted by South Korea and Britain this week will present global AI governance principles to foster innovation, safety and inclusivity, the two nations' leaders said Monday. In a joint opinion article, President Yoon Suk Yeol and British Prime Minister Rishi Sunak said the upcoming AI Seoul Summit aims to build on the conversation from the first AI Safety Summit held in England last November to address risks and triumphs of the fast-evolvin
Foreign Affairs May 20, 2024
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Govt. calls for junior doctors who left worksites to return to hospitals by Monday
Health Minister Cho Kyoo-hong called for junior doctors who left worksites for months to return to hospitals by Monday, while urging the medical community to resolve a protracted standoff over the government's medical reform through dialogue. The latest appeal by Cho came as a Seoul appellate court last week rejected an injunction filed by the medical community to block the government's plan to increase the medical school admission quota, paving the way for authorities to proceed with
Social Affairs May 20, 2024
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Yoon's office apologizes for flip-flop on overseas direct purchases ban
The presidential office apologized Monday for causing confusion among consumers by reversing its plan to ban direct overseas purchases of products that do not have a national certification mark. Sung Tae-yoon, director of national policy at the presidential office, made the remark after the government backtracked on its proposed ban on direct overseas purchases of 80 types of goods that have not received the Korea Certification (KC) safety mark. The policy confusion comes amid criticism that the
Consumer May 20, 2024
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N. Korea slams US subcritical nuclear test, vows measures to bolster nuclear deterrence
North Korea threatened Monday to take powerful deterrent action against what it claims is the US nuclear threat, denouncing Washington for its recent subcritical nuclear test. The US carried out a subcritical nuclear test in Nevada last week, the third of its kind under President Joe Biden. The US said it was designed to collect "essential data" about its nuclear warheads. An unnamed spokesman at the North's foreign ministry said North Korea cannot but reconsider the measures necessary
North Korea May 20, 2024
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Seoul shares open higher on continued rate-cut hopes
South Korean stocks started higher Monday on continued hopes for a possible US rate cut. The benchmark Korea Composite Stock Price Index gained 19.76 points, or 0.73 percent, to 2,744.38 in the first 15 minutes of trading. On Wall Street on Friday, US stocks rallied to hit a record high, with the Dow Jones Industrial rising 0.34 percent to top the 40,000 point line for the first time. In Seoul, market heavyweights opened bullish. Top cap Samsung Electronics jumped 1.16 percent, and its chipmakin
Market May 20, 2024
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