Articles by Yonhap
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Seoul shares sink 2.5% on dimmed hope for Fed's rate cuts, China risk; won sharply down
South Korean stocks plunged nearly 2.5 percent Wednesday on dampened hopes that the Federal Reserve will start cutting its rates soon and uncertainties over the Chinese economy. The local currency sharply fell against the US dollar. The benchmark Korea Composite Stock Price Index dropped 61.69 points, or 2.47 percent, to 2,435.90. Trading volume was heavy at 950.6 million shares worth 11.01 trillion won ($8.2 billion), with losers far outpacing winners 850 to 70. Foreigners and institutions dump
Market Jan. 17, 2024
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S. Korea, US, Japan stage joint naval drill involving aircraft carrier
South Korea, the United States and Japan have jointly conducted naval drills in waters south of the Korean Peninsula following North Korea's recent launch of a hypersonic missile, the Joint Chiefs of Staff said Wednesday. The joint exercise took place in southeastern waters off Jeju Island involving nine warships of the three nations, including the US nuclear-powered aircraft carrier USS Carl Vinson, from Monday to Wednesday. The South Korean Navy's Aegis combat system-equipped destroy
Defense Jan. 17, 2024
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Seoul shares open lower on dimmed prospects for Fed's early rate cuts
South Korean stocks got off to a weak start Wednesday, tracking overnight losses on Wall Street amid dampened hopes for the Federal Reserve's early rate cuts. After starting marginally higher, the benchmark Korea Composite Stock Price Index dropped 14.13 points, or 0.57 percent, to 2,483.46 in the first 15 minutes of trading. Overnight, all three major US indexes lost ground as Fed Gov. Christopher Waller's comments cooled bets on the Fed's early rate cuts. A slide in Apple and Bo
Market Jan. 17, 2024
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Teen luger hoping to use Youth Olympics as 'stepping stone' for 2026 Winter Games
Kim Bo-keun grew up playing baseball in the baseball-crazed city of Busan. While he was taking a break from the sport, Kim found himself at a national luge start competition in July 2020, after some nudging from his older brother, who had already taken up the sliding sport. Kim finished third in that event. Impressed with Kim's raw athleticism, a luge coach on the scene approached him. Once the coach found out Kim was 14 years old, he told the teenager that he would be eligible for the Wint
More Sports Jan. 17, 2024
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Sullivan voices worries on NK threat, but stresses closer alliance cooperation
US National Security Advisor Jake Sullivan on Tuesday expressed worries about North Korean threats and other challenges, but stressed US allies and partners would only close ranks in the face of the challenges. Sullivan made the remarks at the World Economic Forum in Davos, Switzerland, touching on a series of global challenges, including Russia's war in Ukraine, the war between Israel and the Hamas militant group and Houthi attacks in the Red Sea. "My job is to worry about the things
Foreign Affairs Jan. 17, 2024
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Defense chief says N. Korea appears to have made 'some progress' in hypersonic missile development
North Korea appears to have made "some progress" in its pursuit to develop a hypersonic missile, Seoul's defense chief said Tuesday, after Pyongyang claimed to have successfully tested a solid-fuel one earlier this week. Defense Minister Shin Won-sik made the remark in a radio interview with broadcaster KBS after the North launched an intermediate-range missile into the East Sea on Sunday in its first ballistic missile test this year. Shin said the latest launch involved a conical
Defense Jan. 16, 2024
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Putin to meet N. Korean foreign minister later Tuesday: Kremlin
Russian President Vladimir Putin will meet North Korean Foreign Minister Choe Son-hui on Tuesday evening, the Kremlin said, amid the two nation's deepening military cooperation. Choe is currently visiting Russia for a three-day visit at the invitation of Russian Foreign Minister Sergei Lavrov. Choe and Lavrov are to meet at noon Tuesday before briefing Putin on the results of their bilateral talks, Kremlin spokesman Dmitry Peskov said. They will also update Putin on the progress of the agre
World News Jan. 16, 2024
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Yoon presents letters of appointment to FM, spy chief
President Yoon Suk Yeol on Tuesday presented letters of appointment to Foreign Minister Cho Tae-yul and Cho Tae-yong, South Korea's new spy chief. Yoon also awarded certificates of appointment to Industry Minister Ahn Duk-geun and Ryu Chul-whan, the new chief of the Anti-Corruption and Civil Rights Commission, as well as Wang Yun-jong, who was designated as the third deputy national security adviser to oversee economic security issues. Cho Tae-yul, a former South Korean ambassador to the Un
Foreign Affairs Jan. 16, 2024
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BTS members RM, V complete basic military training
RM and V of K-pop supergroup BTS completed five weeks of boot camp training Tuesday, the Army said, after enlisting late last year to carry out their mandatory military service. The two members earned the rank of private after undergoing various training, including basic combat and chemical, biological and radiological defense drills, at the Korea Army Training Center in Nonsan, 152 kilometers south of Seoul. At the boot camp graduation ceremony, the two members received an award as elite trai
Performance Jan. 16, 2024
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Seoul shares sink over 1% on heightened geopolitical risks; won sharply down
South Korean stocks slid more than 1 percent Tuesday as escalating geopolitical tensions surrounding the Korean Peninsula weakened investors' appetite for risky assets. The local currency sharply fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 28.4 points, or 1.12 percent, to 2,497.59. Trading volume was slightly heavy at 641.9 million shares worth 8.5 trillion won ($6.4 billion), with losers outpacing winners 647 to 230. Institutions and foreigners led the
Market Jan. 16, 2024
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People Power Party leader vows to downsize National Assembly to 250 seats after election victory
The leader of the ruling People Power Party on Tuesday proposed reducing the number of lawmakers from 300 to 250 as part of political reforms, vowing to pass the proposal through the National Assembly after winning April's parliamentary elections. "The People Power Party will first initiate and pass the law revision ... after achieving victory in the upcoming general election," Han Dong-hoon, chairman of the People Power Party's emergency committee, said during the party'
Politics Jan. 16, 2024
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S. Korea to invest W3tr in robot industry by 2030
South Korea's industry ministry unveiled a plan Tuesday to invest 3 trillion won ($2.26 billion) in the robot sector with private businesses by 2030, with a goal of supplying 1 million robots to local industries. The plan for intelligence robots will focus on securing 80 percent of key robot parts locally by 2030, compared with the current estimate of 44 percent, according to the Ministry of Trade, Industry and Energy. The country will also promptly lift around 50 regulations to pave the wa
Economy Jan. 16, 2024
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ICT exports up 8.1% in Dec. on higher chip demand
South Korea's exports of information and communication technology products rose 8.1 percent in December from a year earlier mainly thanks to a recovery in global chip demand, government data showed Tuesday. Outbound shipments of ICT products came to $18.3 billion last month, compared with $16.9 billion a year earlier, according to the data compiled by the Ministry of Science and ICT. The December tally marked the highest monthly figure for 2023 and the second consecutive month of on-year ga
Economy Jan. 16, 2024
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Complaint filed against Coupang over alleged unfair practices
11Street Co., a South Korean e-commerce company, said Tuesday it has filed a complaint with the anti-trust regulator over its bigger rival Coupang, Inc.'s alleged unfair practices. New York-listed Coupang has recently released the comparison between the maximum commission rates it receives from its product suppliers and competitors' rates to show its rates are lower than theirs. The comparison comes after a local newspaper report that Coupang receives hefty commissions from its supplie
Economy Jan. 16, 2024
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Seoul shares open lower on slump in Europe
South Korean stocks opened lower Tuesday, tracking overnight losses on the European stock market. The benchmark Korea Composite Stock Price Index lost 4.37 points, or 0.17 percent, to 2,521.62 in the first 15 minutes of trading. While Wall Street was closed, European stocks declined on contraction in the German economy and hawkish comments by the European Central Bank officials. In Seoul, big-cap shares started mixed. Market bellwether Samsung Electronics fell 0.41 percent, and No. 2 chipmaker S
Market Jan. 16, 2024
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