Articles by Yonhap
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
Russia delivered more than 165,000 barrels of refined petroleum to North Korea in March alone, a White House official said Thursday, noting its shipments thus far have already exceeded Pyongyang's annual import cap mandated by the UN Security Council. National Security Communications Advisor John Kirby made the remarks as Washington is working in tandem with South Korea, Japan and other partners to roll out new sanctions this month against those aiding in transfers of weapons and refined petrole
North Korea May 3, 2024
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Govt. to spend W95b to support reforms at 41 public hospitals in H1
The health ministry said Thursday it will spend 94.8 billion won (US$68.8 million) in the first half of the year to help normalize operations and support management reforms at 41 public hospitals across the nation. Under the support program, the government seeks to facilitate sustainable development of public hospitals by assessing their innovation plans, which focus on improving medical services and organizational efficiency, according to the ministry. Hospitals that demonstrate promising outco
Social Affairs May 2, 2024
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Seoul shares snap 3-day rise after FOMC decision
South Korean stocks fell slightly Thursday following the US Federal Reserve's decision to hold the key rate flat. The Korean won rebounded against the US dollar. The benchmark Korea Composite Stock Price Index lost 8.41 points, or 0.31 percent, to 2,683.65, ending the three-session winning streak that started last Friday. Trade volume was slim at 342.7 million shares worth 8.9 trillion won ($6.5 billion). Decliners outnumbered gainers 513 to 357. Individual and foreign investors bought a ne
Market May 2, 2024
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Another suspect grilled in probe of alleged interference in Marine's death inquiry
The anti-corruption investigation office questioned a former defense ministry official as a power abuse suspect Thursday over allegations of external pressure placed on the military investigation into last year's death of a young Marine. Park Gyeong-hun, the former acting chief of the ministry's National Investigation Headquarters, appeared at the Corruption Investigation Office for High-ranking Officials in Gwacheon, south of Seoul, Thursday morning, while remaining tight-lipped when
Social Affairs May 2, 2024
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Seoul shares open lower on Fed's rate freeze
South Korean stocks started lower Thursday following the US Federal Reserve's rate-freeze decision. The benchmark Korea Composite Stock Price Index lost 7.6 points, or 0.28 percent, to 2,684.46 in the first 15 minutes of trading. On Wall Street, US stocks closed mixed after the central bank held the key interest rate flat and signaled a future rate cut, citing volatile inflation. The Dow Jones Industrial Average rose 0.23 percent, and the Nasdaq Composite dropped 0.33 percent. In Seoul, chi
Market May 2, 2024
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Finance minister vows 'bold market stabilization measures' against excessive volatility
Finance Minister Choi Sang-mok vowed Thursday to stay vigilant on uncertainties regarding interest rate decisions by major economies and the Middle East crisis and to take bold market stabilization steps when necessary. Choi made the remarks during an emergency macroeconomic meeting meant to assess the Federal Reserve's rate-setting meeting Wednesday, where it kept the benchmark interest rate at between 5.25-5.5 percent for a sixth consecutive time. Fed Chair Jerome Powell said interest rat
Economy May 2, 2024
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Yoon vows to protect 'value of labor' on Labor Day
President Yoon Suk Yeol vowed to protect the "value of labor" as he marked Labor Day on Wednesday. Yoon also said in a Facebook post that South Korea's remarkable growth was thanks to the "sweat and efforts" of its 28.4 million workers. "The government and I will protect the precious value of labor without fail," he wrote. "We will make your workplaces safer and fairer, and thoroughly see to it that you can find the meaning of life through labor." Mea
Politics May 1, 2024
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Govt. to launch task force for supporting people's livelihoods
Finance Minister Choi Sang-mok said Wednesday the government will set up a task force in charge of monitoring and resolving issues regarding economic livelihoods of the people. Choi made the remarks during an emergency economic ministers' meeting in Seoul, stressing the government's priority of reviving the economy and boosting consumer sentiment amid weak domestic demand and high inflation. "We will not just be satisfied with decent economic data and will put policy priority on h
Economy May 1, 2024
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S. Korea lowers COVID-19 warning level, lifts last-remaining antivirus mandates
Wearing marks at hospitals in South Korea is not a must anymore as the government downgraded the infection level of COVID-19 and lifted most last-remaining antivirus regulations. Effective Wednesday, the country lowered the four-grade COVID-19 crisis level from the second-highest "alert" to the lowest "concern" in a move to fully return to pre-pandemic normalcy, according to the Central Disaster and Safety Countermeasures Headquarters. The decision came more than four years a
Social Affairs May 1, 2024
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Jeonju film fest to kick off, featuring over 230 films
The Jeonju International Film Festival, South Korea's premier platform for indie and art house cinema, is scheduled to commence later in the day, showcasing 232 films from 43 countries, the organizer said Wednesday. The 25th edition of the festival will kick off with a 10-day run, with an opening ceremony at 7:30 p.m. at the Sori Arts Center in Jeonju, located about 190 kilometers south of Seoul. The Japanese film "All the Long Nights," directed and written by Miyake Sho, will ope
Film May 1, 2024
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
South Korea's potential participation in part of the AUKUS security partnership was among the agenda items it discussed with Australia during a "two plus two" meeting among their foreign and defense chiefs Wednesday, the Korean defense minister said. Defense Minister Shin Won-sik made the remark during a joint press conference, noting that his country's possible participation in the minilateral security partnership, comprising Australia, Britain and the United States, will co
Foreign Affairs May 1, 2024
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Creditors of Taeyoung E&C approve capital reduction plan
Creditors of Taeyoung Engineering & Construction on Tuesday approved a massive capital reduction plan designed to support the builder currently undergoing a debt restructuring program. More than 75 percent of the builder's creditors agreed to the plan to reduce major shareholders' stakes at a 100-to-1 ratio without compensation. The plan, proposed by Taeyoung's main creditor, Korea Development Bank, earlier this month, also seeks to raise some 700 billion won ($507 million) th
Industry April 30, 2024
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S. Korean, Australian defense chiefs agree to bolster defense industry ties
The defense chiefs of South Korea and Australia held talks in Melbourne on Tuesday and discussed ways to step up cooperation for regional security and defense industry. Defense Minister Shin Won-sik met Australian Deputy Prime Minister and Minister for Defense Richard Marles during his visit to Australia for "two plus two" talks among the countries' foreign and defense ministers, slated for Wednesday. In their first meeting since their gathering in Seoul last October, the minister
Defense April 30, 2024
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S&P keeps 'AA' rating on S. Korea with stable outlook
Global credit appraiser S&P Global Ratings said Tuesday it has maintained its credit rating on South Korea at "AA," with a stable outlook. S&P has kept South Korea's long-term sovereign credit rating at the third-highest level on the company's table since August 2016, when it upgraded the rating by one notch from "AA-." "The stable rating outlook reflects our expectation that (South) Korea will maintain average growth rates that are higher than most oth
Economy April 30, 2024
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Seoul shares up for 3rd day on Samsung, batteries
South Korean stocks finished up for a third consecutive session Tuesday backed by a strong earnings performance by top cap Samsung Electronics and overnight US stock gains. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 4.62 points, or 0.17 percent, to 2,692.06. Trade volume was moderate at 450 million shares worth 11.1 trillion won ($8.03 billion). Winners outpaced losers 439 to 408. Institutions and foreign investors combined bought a net 52
Market April 30, 2024
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