Articles by Yonhap
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US unveils some $20 billion in grants, loans to Intel
The White House announced a plan Wednesday to award Intel Corp. nearly $20 billion in grants and loans, marking the Joe Biden administration's largest funding scheme under its initiative to strengthen domestic semiconductor production. The Department of Commerce has reached a preliminary agreement with Intel to provide up to $8.5 billion in grants and $11 billion in loans under the CHIPS and Science Act, it said, as South Korea's Samsung Electronics Co. and Taiwan Semiconductor Manufac
World Business March 21, 2024
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US Fed keeps key rate unchanged for 5th straight time, signals 3 rate cuts this year
The US Federal Reserve on Wednesday held its benchmark lending rate steady for a fifth consecutive time and signaled that it could lower the rate three times this year in line with policymakers' previous projections. After the two-day Federal Open Market Committee meeting, the central bank announced its decision to maintain the rate in the 5.25 to 5.50 percent range. FOMC members' latest median economic projections showed that the federal funds rate would be cut to 4.6 percent at the e
World Business March 21, 2024
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US must continue to invest in 28,500 American troops in S. Korea: USFK commander
The commander of US Forces Korea emphasized the need Wednesday to continue to invest in 28,500 American service members in South Korea through various training programs to defend South Korea against evolving North Korean threats. Gen. Paul LaCamera made the remarks amid lingering concerns that should former President Donald Trump return to the White House, he could consider reducing the USFK troop level, though the current level is stated in the US National Defense Authorization Act. Those conce
Foreign Affairs March 21, 2024
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Yoon vows to improve conditions for family business succession
President Yoon Suk Yeol vowed Wednesday to improve the conditions for family business successions as he lamented local conglomerates' reluctance to grow their value out of fear of having to pay a larger inheritance tax. Yoon made the promise during a special lecture marking the 51st Commerce & Industry Day in front of some 1,000 people, including the chief executives of large family-run conglomerates, such as Samsung Electronics, Hyundai Motor Group and LG Group. "Many companies
Economy March 20, 2024
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Seoul shares soar over 1% on Samsung
South Korean shares closed more than 1 percent higher Wednesday on a rally in top cap Samsung Electronics and before the results of the Federal Reserve's rate-setting meeting. The local currency stayed unchanged against the US dollar. The benchmark Korea Composite Stock Price Index surged 33.97 points, or 1.28 percent, to close at 2,690.14. Trade volume was heavy at 710 million shares worth 12.6 trillion won ($9.3 billion), with gainers outnumbering losers 481 to 380. Foreign investors turn
Market March 20, 2024
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2 missing after S. Korean chemical tanker capsizes off western Japan
A South Korean chemical tanker capsized off Japan's west coast Wednesday, leaving two crew members missing, Japan's coast guard officials said. The Keoyoung Sun vessel, carrying 11 crew members, made the distress call to the Japanese Coast Guard at around 7 a.m., reporting that it was tilting in waters near an island of the Shimonoseki city in the Yamaguchi Prefecture. Of the 11 crew members on board -- two South Koreans, eight Indonesians and one Chinese -- nine have been rescued and
Social Affairs March 20, 2024
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Leaders of doctors' group questioned again over trainee doctors' walkout
Leaders of the Korean Medical Association, the country's biggest doctors' group, appeared before police on Wednesday for another round of questioning over suspicions of instigating a mass walkout by trainee doctors. Joo Soo-ho, the chief KMA spokesperson, and Park Myung-ha, the group's organization consolidation chief, arrived at the Seoul Metropolitan Police Agency's public crime investigation office in Seoul to undergo questioning. Joo and Park are among the five former and current KMA leaders
Social Affairs March 20, 2024
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S. Korea, US conduct river-crossing drills near border with N. Korea
South Korea and the United States have been conducting river-crossing drills near the border with North Korea to enhance the interoperability of their troops, Seoul's Army said Wednesday. The exercise has been under way on the Imjin River in the border city of Paju, located 37 kilometers north of Seoul, since March 11, according to the Army. Approximately 470 troops from the South Korean Army's 5th Armored Brigade and an engineering battalion under the US 2nd Infantry Division/ROK-US C
Defense March 20, 2024
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Seoul shares open higher on Wall Street gains
South Korean stocks opened sharply higher Wednesday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index gained 23.92 points, or 0.90 percent, to 2,680.10 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average closed 0.83 percent higher. In Seoul, large caps traded mixed. Market bellwether Samsung Electronics added 1.10 percent, while No. 2 chipmaker SK hynix remained flat. Top battery maker LG Energy Solution climbed 0.50 percent, wi
Market March 20, 2024
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N. Korea conducts ground engine test for new hypersonic missile
North Korea said Wednesday it has successfully conducted a ground jet test of a solid-fuel engine for a new type of intermediate hypersonic missile amid heightened tensions on the Korean Peninsula. Hypersonic missiles are on the list of sophisticated weapons North Korean leader Kim Jong-un vowed to develop during a key party congress in 2021, along with nuclear-powered submarines, spy satellites and solid-fuel intercontinental ballistic missiles. Hypersonic missiles travel at a speed of at least
North Korea March 20, 2024
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Seoul shares dip over 1% ahead of Fed rate decision
South Korean stocks slipped more than 1 percent Tuesday as investors remained cautious ahead of the US Federal Open Market Committee's meeting this week. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 29.67 points, or 1.1 percent, to 2,656.17. Trade volume was moderate at 683.5 million shares worth 10.5 trillion won ($7.88 billion), with losers outpacing gainers 603 to 276. Foreigners sold a net 238 billion won worth of stocks, while indi
Market March 19, 2024
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Health ministry chides medical professors for moving to resign in support of junior doctors' walkout
The health ministry on Tuesday criticized medical professors of Seoul National University for deciding to resign en masse in support of a monthlong walkout by trainee doctors, saying such a move is unacceptable. Second Vice Health Minister Park Min-soo also stepped up an appeal for medical professors to persuade junior doctors to return to work, as their labor action has disrupted public health services. Park made the remarks a day after the university's medical professors decided to submit
Social Affairs March 19, 2024
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Yoon says medical licenses should not be used as tool against people
President Yoon Suk Yeol lamented the ongoing walkout by junior doctors on Tuesday, saying their medical licenses should not be used as a tool against the people. Yoon made the remark during a Cabinet meeting as thousands of trainee doctors remained off their jobs for a month to protest the government's plan to increase admissions to medical schools by 2,000 starting next year. The government has stood by the plan, citing the need to supply more physicians especially to rural areas and essen
Social Affairs March 19, 2024
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Russian cultural delegation visits N. Korea amid deepening ties
A Russian delegation led by Moscow's vice culture minister has arrived in Pyongyang, state media said Tuesday, as the two nations have been strengthening their ties following a rare summit of their leaders in September. The delegation led by Russia's Vice Culture Minister Andrei Maluishev arrived in the North the previous day on the occasion of the 75th anniversary of a bilateral agreement on economic and cultural cooperation, the North's Korean Central News Agency said. The deleg
North Korea March 19, 2024
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S. Korea to provide W420tr in policy loans for carbon emission reduction by 2030
South Korea's financial regulator unveiled an ambitious plan Tuesday to provide 420 trillion won ($315 billion) in policy loans by 2030 to help reduce greenhouse gas emissions. Seoul has pledged to reduce its greenhouse gas emissions by 37 percent from business-as-usual levels. "There exist concerns that the global competitiveness of our exporters may dwindle should we fail to take appropriate steps to meet the increasing emissions-related regulations in other countries," the Fina
Economy March 19, 2024
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