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Yoon pledges support for small business owners with debt burden
President Yoon Suk Yeol pledged on Thursday to implement various policy support measures aimed at assisting small business owners and vulnerable groups struggling with loan repayments due to the impact of the COVID-19 pandemic. Yoon made the remarks during a government-public debate, the 10th in a series of sessions addressing people's livelihood issues, with business owners in Seoul. "During the COVID-19 period, small business owners and self-employed individuals suffered from restric
Politics Feb. 8, 2024
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N. Korea renews call for combat readiness on military founding anniversary
North Korea on Thursday urged its armed forces to be equipped with full combat readiness as the country marked the 76th founding anniversary of the Korean People's Army. In an editorial, the North's main newspaper, Rodong Sinmun, claimed the KPA is well-equipped with "overwhelming" military capability to deter war schemes by imperialist powers and called on the military to further beef up its combat power against hostile forces. In a separate article, the newspaper said the K
North Korea Feb. 8, 2024
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FC Seoul sign ex-Man United midfielder Jesse Lingard
FC Seoul announced Thursday they have signed former Manchester United midfielder Jesse Lingard. The K League 1 club finalized their contract with the English international three days after the 31-year-old midfielder arrived in South Korea to undergo his medical. Financial terms were not disclosed. "Based on respect for Korean football, I am excited to represent the K League as soon as possible by playing good football and dedication to my new team, FC Seoul," Lingard said in a statemen
Soccer Feb. 8, 2024
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KT turns to loss in Q4 on higher operating costs
KT Corp., South Korea's major mobile carrier, said Thursday it shifted to a net loss in the fourth quarter from a profit a year earlier due to an increase in operating costs. The company said in a regulatory filing it logged a net loss of 41.7 billion won ($31.4 million) in the last three months of 2023 on a consolidated basis, swinging from a profit of 242.7 billion won a year earlier. Operating income for the October-December period rose 75.4 percent on-year to 265.6 billion won, and sale
Technology Feb. 8, 2024
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Seoul shares open higher on Wall Street gains
South Korean shares opened higher Thursday tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index added 14.08 points, or 0.54 percent, to 2,623.66 in the first 15 minutes of trading. The upbeat start follows overnight advances on Wall Street amid growing expectations of US rate cuts from the second quarter of the year. The Dow Jones Industrial Average added 0.40 percent while the S&P 500 gained 0.82 percent to close at 4,955.06. In Seoul, large caps traded m
Market Feb. 8, 2024
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US envoy urges N. Korea to begin 'reform' process to improve human rights
The US special envoy for North Korean human rights called on Pyongyang Wednesday to launch a "reform" process to enhance its rights situation, stressing promoting respect for human dignity in the reclusive state remains a "top" priority for Washington. Ambassador Julie Turner made the remarks as she marked the 10th anniversary of the release of a landmark UN Commission of Inquiry report that accused North Korean officials of "systematic, widespread and gross" human
North Korea Feb. 8, 2024
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S. Korea's nuclear envoy discusses NK threats with Swedish counterpart
South Korea's chief nuclear envoy vowed unwavering efforts to stop North Korea's missile provocations and make it return to dialogue during his talks with his Swedish counterpart Wednesday, the foreign ministry said. Kim Gunn, special representative for the Korean Peninsula peace and security affairs, made the point in the meeting with Peter Semneby, who was visiting South Korea this week, the ministry said in a release. Kim reaffirmed South Korea's commitment to creating conditio
Foreign Affairs Feb. 7, 2024
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Seoul shares snap 2-day losing streak on foreign buying
South Korean shares closed higher Wednesday, snapping a two-day losing streak amid an extended buying streak by foreign investors. The local currency fell slightly against the US dollar. The benchmark Korea Composite Stock Price Index gained 33.38 points, or 1.30 percent, to close at 2,609.58. Trade volume was heavy at 508.3 million shares worth 11.3 trillion won ($8.5 billion), with gainers outnumbering losers 642 to 239. Foreign investors extended their buying streak to a sixth consecutive ses
Market Feb. 7, 2024
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Pentagon stresses 'unprecedented' level of security cooperation among S. Korea, US, Japan amid NK threats
A Pentagon spokesperson on Tuesday cast the current level of trilateral security cooperation between South Korea, the United States and Japan as "unprecedented," as concerns have arisen over North Korea's continued missile launches and tough rhetoric. The spokesperson made the remarks after Japan's Yomiuri Shimbun reported recently that the three countries shared radar information for the first time when the North fired a ballistic missile on Jan. 14, and that despite three-w
Foreign Affairs Feb. 7, 2024
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Seoul shares open higher on Wall Street gains
South Korean shares opened higher Wednesday tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index added 17.75 points, or 0.69 percent, to 2,593.95 in the first 15 minutes of trading. On Wall Street, the Dow Jones Industrial Average closed up 0.37 percent overnight. In Seoul, most large caps were in positive terrain. Market bellwether Samsung Electronics gained 0.54 percent, with top pharmaceutical firm Celltrion advancing 0.66 percent. Top battery maker LG Ener
Market Feb. 7, 2024
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Yoon's approval rating inches down to 34 percent
President Yoon Suk Yeol's approval rating inched down to 34 percent from a month ago, according to a survey conducted jointly by Yonhap News Agency and Yonhap News TV on Wednesday. The survey also indicated that the ruling People Power Party and the main opposition Democratic Party would secure 33 percent and 35 percent of the vote, respectively, if the scheduled April 10 parliamentary elections were held tomorrow. Yonhap News Agency and Yonhap News TV jointly commissioned the survey to gau
Politics Feb. 7, 2024
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S. Korea logs current account surplus for 8th month in December
South Korea logged a current account surplus for the eighth straight month in December on the back of an increased trade surplus and increased dividends from overseas, central bank data showed Wednesday. The country's current account surplus reached $7.41 billion in December, following the surplus of $3.89 billion. December's surplus came as the country's trade balance has remained in the black. The country's goods account racked up an $8.04 billion surplus in December, follo
Economy Feb. 7, 2024
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FM Cho discusses visit to Beijing in 1st phone talks with Chinese counterpart
Foreign Minister Cho Tae-yul spoke by phone with his Chinese counterpart, Wang Yi, on Tuesday to discuss North Korea and other pending bilateral issues, his office said, the first such talks between the top diplomats since Cho's inauguration. Wang Yi also extended an invitation for Cho to visit Beijing, saying he hopes to cooperate closely with each other in the future to further advance their bilateral ties, the ministry said in a press release. Cho thanked Wang for the invitation and ag
Foreign Affairs Feb. 7, 2024
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Moody's ups ratings of Hyundai Motor, Kia, Hyundai Mobis to 'A3'
Moody's Investors Service has upgraded the credit ratings of Hyundai Motor, Kia and Hyundai Mobis to "A3" from "Baa1" on their improved competitiveness, their parent company said Tuesday. It marks the first time the three companies have received A ratings from the global credit appraiser, according to Hyundai Motor Group. Moody's also changed their outlooks from "stable" to "positive," heralding a possible ratings upgrade down the road. "A
Mobility Feb. 6, 2024
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LIG Nex1 bags $3.2bln missile interceptor deal with Saudi Arabia
South Korean defense firm LIG Nex1 has clinched a US$3.2 billion deal to export mid-range surface-air-to missiles (M-SAM II) to Saudi Arabia, Seoul's defense ministry said Tuesday. LIG Nex1 inked the contract with the Saudi defense ministry to sell Cheongung M-SAM II in November, the ministry said. It marks LIG Nex1's second overseas sales of Cheongung-II following a deal with the United Arab Emirates (UAE) in January 2022. The hit-to-kill missile system is capable of intercepting in
Industry Feb. 6, 2024
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