Articles by Yonhap
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Big companies increase R&D investment in 2023
Big companies in South Korea increased their investments in research and development activities last year despite decreased earnings, a corporate data tracker said Tuesday. Their combined R&D investments rose 9.4 percent to 73.42 trillion won ($54 billion) in 2023 from 67.14 trillion won a year earlier, according to a recent survey of 224 firms by the data tracker CEO Score. They suffered declines in sales and operating profit due to an economic slowdown but they executed their planned R&
Companies April 9, 2024
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Rival parties vie for final voter support in wider Seoul area on eve of elections
The ruling and opposition parties intensified their final appeals for support on the eve of the quadrennial parliamentary elections Tuesday, concentrating on the most fiercely contested battlegrounds in Seoul. Wednesday's general elections are to pick 300 members of the National Assembly, with 254 of them to be selected through direct elections and the remaining 46 proportional representation seats to be allocated to parties according to the number of votes they receive overall. The quadrennial
Politics April 9, 2024
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N. Korea does not appear ready to address 'outstanding' issues with Japan: Tokyo envoy
North Korea does not appear to be ready to deal with "outstanding" matters with Japan, including the issue of Japanese nationals abducted by Pyongyang decades ago, Tokyo's top envoy to the United States said Monday. Ambassador Shigeo Yamada made the remarks, referring to recent statements from senior North Korean officials that Pyongyang does not have intentions to talk with Tokyo over the abduction issue despite Japan's diplomatic outreach to secure a meeting between Japanes
Foreign Affairs April 9, 2024
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Seoul shares open higher ahead of parliamentary elections, US inflation data
South Korean stocks started higher Tuesday ahead of parliamentary elections and the release of key US inflation data later this week. The benchmark Korea Composite Stock Price Index gained 18.76 points, or 0.69 percent, to 2,736.41 in the first 15 minutes of trading. Overnight, major US indexes were almost flat as investors awaited the March consumer price index report, a key measure of inflation, to be released later this week. Investors' eyes are also on the results of South Korea's
Market April 9, 2024
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US, Britain, Australia mulling cooperation with Japan in AUKUS Pillar II projects
The United States, Britain and Australia are considering cooperation with Japan on advanced capability projects of their trilateral AUKUS security pact, their defense chiefs said in a joint statement Monday. US Defense Secretary Lloyd Austin and his British and Australian counterparts, Grant Shapps and Richard Marles, issued the statement, noting their consideration of cooperation with Japan in AUKUS Pillar II projects. Launched in September 2021 in an apparent move to counter China's regio
World News April 9, 2024
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Police book man in his 50s for creating fabricated video of Yoon
Police said Monday they have booked a man suspected of creating a fabricated video of President Yoon Suk Yeol apologizing for corruption and incompetence ahead of the April 10 general elections. Seoul Metropolitan Police Agency Commissioner Cho Ji-ho said during a regular meeting with the press that the man, who is in his 50s and residing in a provincial region, has admitted to making the fake video. Asked if he is affiliated with any political party, Cho said the man is "working for a poli
Social Affairs April 8, 2024
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US unveils some $11.6 b in grants, loans to TSMC
The US government announced a plan Monday to award Taiwan Semiconductor Manufacturing Co. some $11.6 billion in grants and loans to support the chipmaker's investment for three fabrication plants in Arizona, as it strives to boost domestic semiconductor production. The Department of Commerce has signed a preliminary agreement with TSMC Arizona Corporation, a TSMC subsidiary, to provide up to $6.6 billion in grants and about $5 billion in loans under the CHIPS Act to back TSMC's investment of mor
Industry April 8, 2024
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Seoul shares end tad higher on auto, battery stocks
South Korean stocks ended slightly higher Monday on the back of autos and batteries following stronger-than-expected US jobs data. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index gained 3.44 points, or 0.13 percent, to 2,717.65. Trade volume was moderate at 611.2 million shares worth 10.36 trillion won ($7.6 billion), with decliners outpacing gainers 590 to 277. Foreigners bought 207.6 billion won worth of local shares, while retail investors and instit
Market April 8, 2024
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S. Korean economy to grow 2.3% in 2024: AMRO
An economic surveillance organization in Asia has expected the South Korean economy to expand 2.3 percent this year on rising exports, Seoul's finance ministry said Monday. The ASEAN+3 Macroeconomic Research Office made the assessment in its regional report, noting that the recovery of the semiconductor sector will boost exports and lead the overall economic growth, according to the Ministry of Economy and Finance. Last year, the Korean economy expanded 1.4 percent amid a global economic sl
Economy April 8, 2024
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S. Korea, US to hold regular defense talks on deterrence against N. Korea
South Korea and the United States will hold regular defense talks this week to discuss ways to bolster security cooperation and deter North Korean nuclear and missile threats, Seoul's defense ministry said Monday. The Korea-US Integrated Defense Dialogue will take place in Washington on Thursday for discussions on a range of alliance issues ahead of the allies' Nuclear Consultative Group session in June. South Korean Deputy Defense Minister for Policy Cho Chang-rae, Ely Ratner, US assi
Defense April 8, 2024
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N. Korea's Kim sends message to Putin over flooding in Russia
North Korean leader Kim Jong-un has sent a message consoling Russian President Vladimir Putin over heavy floods that hit Russia's southern region, state media said Monday. Kim's message came in response to media reports that Russia declared a federal emergency after heavy floods in the country's Orenburg region forced thousands of people to evacuate. "Kim Jong-un, on behalf of the DPRK government and people and on his own behalf, extended deep consolation to the Russian presi
North Korea April 8, 2024
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Seoul shares open lower despite US gains
South Korean stocks opened lower Monday despite Wall Street gains backed by stronger-than-expected US jobs data. The benchmark Korea Composite Stock Price Index dropped 6.29 points, or 0.23 percent, to 2,707.92 in the first 15 minutes of trading. On Friday, data showed that the US posted the biggest job growth in almost a year in March, indicating a strong economy. Even though the strong labor market may mean interest rates may stay elevated for longer, Wall Street closed higher on the belief th
Market April 8, 2024
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S. Korea successfully launches 2nd spy satellite into orbit
South Korea successfully launched its second indigenous spy satellite on a SpaceX Falcon 9 rocket from Kennedy Space Center in the US state of Florida on Monday, according to the defense ministry. The Falcon 9 lifted off at 7:17 p.m. from the John F. Kennedy Space Center and sent the reconnaissance satellite into orbit approximately 45 minutes after the launch, the ministry said. It succeeded in communicating with an overseas ground station at 10:57 a.m., it noted. It is the second military sate
Defense April 8, 2024
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Senior doctors positively assess Yoon-junior doctors meeting, vow 'unified' response hike plan withdrawal
A major doctors' association on Sunday assessed positively the recent meeting between President Yoon Suk Yeol and the chief of a striking trainee doctors' group despite criticism by some junior doctors, vowing a unified response with trainee doctors and medical professors to the government's medical school quota hike plan. Last week, Yoon met with Park Dan, the head of an emergency committee at the Korea Intern Resident Association, to discuss the ongoing standoff over the plan to
Social Affairs April 7, 2024
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2 S. Korean banks compensate retailers for HK-tied ELS losses
Two South Korean banks have compensated retail investors for their losses involving troubled Hong Kong-tied equity-linked securities (ELS) after financial authorities' probe into possible illegal activities related to the sale of the high-risk notes, industry sources said Sunday. Shinhan Bank and Hana Bank provided the compensation to some of the individual retailers who invested in Chinese shares listed on the Hong Kong bourse through ELS products sold in their outlets, they said. Other ba
Industry April 7, 2024
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