Articles by Yonhap
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FSS chief calls for change in culture of banks to prevent financial incidents
The chief of the financial regulator on Wednesday stressed the need to change the very mindset of bank officials to prevent financial incidents such as incomplete sales. Lee Bok-hyun, head of the Financial Supervisory Service, made the remark in a meeting with the heads of 20 banks in South Korea. "To prevent financial accidents, including incomplete sales, a change in the mind and conduct of bank officials is most important," Lee told the meeting. "I ask the bank management to ac
Economy June 19, 2024
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Doctors to discuss next steps against govt. following one-day strike
Major groups of doctors and medical professors will gather Wednesday to discuss what to do next against the government's medical reform plan after threatening to launch an indefinite strike next week, officials said. On Tuesday, some community doctors and medical professors affiliated with the Korea Medical Association held a one-day walkout, and they have threatened to launch an indefinite strike June 27 unless the government accepts their demands. The KMA will hold a meeting with groups f
Social Affairs June 19, 2024
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Seoul shares open higher on tech gains
Seoul shares opened higher Wednesday as investors scooped up tech stocks following a surge in US chipmakers. The benchmark Korea Composite Stock Price Index rose 28.31 points, or 1.02 percent, to 2,792.23 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.2 percent to 38,834.86, and the tech-heavy Nasdaq Composite gained 0.03 percent to 17,862.23. Nvidia Corp. surpassed Microsoft Corp. to become the world's most-valuable company for the first time. In Seo
Market June 19, 2024
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Putin, N. Korea's Kim start summit talks amid concerns over deepening military cooperation
Russian President Vladimir Putin and North Korean leader Kim Jong-un began summit talks in Pyongyang on Wednesday, Russian news media reported, amid concerns about deepening military cooperation. Putin arrived in North Korea early Wednesday morning in his first trip to the reclusive country in 24 years, as Russia, under international sanctions over its war with Ukraine, has been bolstering military and other cooperation with North Korea. Putin and Kim started their summit talks at the Kumsusan P
North Korea June 19, 2024
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Putin arrives in Pyongyang for summit with Kim
Russian President Vladimir Putin arrived in Pyongyang on Wednesday in his first trip to North Korea in 24 years as he is set to hold a summit with leader Kim Jong-un in a show of their deepening relations. Putin began his state visit to Pyongyang early Wednesday morning (Korea time), amid growing concerns that burgeoning bilateral defense cooperation would help prop up Russia's war operations in Ukraine and enhance North Korea's weapons programs to the detriment of regional and global
North Korea June 19, 2024
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Police request arrest warrant for company commanders over recruit's death
CHUNCHEON -- Police on Tuesday requested arrest warrants for two Army company commanders over the death of a trainee soldier following a session of demanding disciplinary training last month, officials said. The suspects are accused of ordering a disciplinary session for six recruits at a unit in Inje County, 126 kilometers northeast of Seoul, on May 23, in violation of relevant training rules, resulting in the death of one conscript. The soldier was taken to a civilian hospital after collapsi
Social Affairs June 18, 2024
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Defense minister discusses arms cooperation with Romanian presidential official
South Korean Defense Minister Shin Won-sik on Tuesday met with a Romanian presidential official in Romania and discussed expanding bilateral defense and arms cooperation, Shin's office said. Shin held talks with Ion Oprisor, Romania's presidential adviser on national security, during his visit to the East European country to bolster strategic partnership in the defense area, the defense ministry said. Oprisor expressed hope for deepening ties in defense and the arms industry, noting Ro
Defense June 18, 2024
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Seoul shares hit over 2-yr high on strong foreign buying
South Korean stocks closed higher to end at an over two-year high Tuesday as foreign investors scooped up blue chips after a tech-led rally on Wall Street. The local currency advanced slightly against the US dollar. The benchmark Korea Composite Stock Price Index increased 19.82 points, or 0.72 percent, to close at 2,763.92, rebounding from a 0.52 percent drop the previous day. The closing index marks the highest since Feb. 20, 2022, when the comparable reading was 2,771.93. Trade volume was mod
Market June 18, 2024
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N. Korean soldiers briefly cross border for 2nd time in less than 2 weeks
North Korean soldiers working in the Demilitarized Zone separating the two Koreas briefly crossed into the South again Tuesday before returning to their side after the South fired warning shots, the Joint Chiefs of Staff (JCS) said. It marked the North's second border violation in less than two weeks after a similar incident on June 9. Around 20 to 30 North Korean soldiers carrying work tools crossed the Military Demarcation Line (MDL) within the DMZ in the central section of the border at
North Korea June 18, 2024
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S. Korea, US, Japan to hold industry ministerial meeting next week
South Korea, the United States, and Japan plan to hold a trilateral industry ministerial meeting in Washington next week, a government official said Tuesday, with possible agenda items including ways to maintain a stable supply chain and address China's trade policies. The meeting, scheduled to be held on Wednesday, comes as the three countries' leaders agreed to hold industrial ministerial meetings regularly during a summit at Camp David in Maryland in August. "A meeting among In
Foreign Affairs June 18, 2024
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Govt. orders some striking community doctors to return to work
Health Minister Cho Kyoo-hong said Tuesday the government ordered community doctors who joined a one-day walkout to return to work, warning that they would face legal punishment unless they comply with the order. The order came as about 4 percent of the nation's 36,371 community hospitals, excluding dental and Oriental medicine clinics, have been expected to take a day off in protest of the government's medical reform. The one-day walkout took place a day after about 55 percent of medi
Social Affairs June 18, 2024
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Seoul shares open higher on US gains
South Korean stocks opened sharply higher Tuesday following overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index rose 25.01 points, or 0.91 percent, to 2,769.11 in the first 15 minutes of trading. In the United States, Wall Street's main indices finished bullish, led by tech shares. The Dow Jones Industrial Average gained 0.49 percent, and the tech-heavy Nasdaq Composite advanced 0.95 percent. In Seoul, large caps led the strong opening. Samsung Electronics added
Market June 18, 2024
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Putin to visit N. Korea on June 18-19: KCNA
Russian President Vladimir Putin will visit North Korea this week, Pyongyang's state media reported Monday, amid deepening military cooperation with North Korea following his summit with the North's leader Kim Jong-un in September. Putin will "pay a state visit" to North Korea for a two-day trip starting Tuesday at the invitation of the North's leader Kim, the Korean Central News Agency said in a one-sentence dispatch. The Kremlin also confirmed Putin's North Korean
World News June 17, 2024
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Civic group files complaint against anti-corruption chief for dropping inquiry into luxury bag scandal
A civic group filed a complaint Monday against the chief of the state anti-corruption watchdog on charges of dereliction of duty after the agency dropped an inquiry into a luxury bag scandal involving first lady Kim Keon Hee. Last week, the Anti-Corruption and Civil Rights Commission closed its inquiry into the allegations that Kim accepted a luxury handbag as a gift in 2022, citing the absence of rules on punishing a public official's spouse under the Improper Solicitation and Graft Act. T
Social Affairs June 17, 2024
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Seoul shares snap 4-day rise amid rate-cut delay prospects
Seoul shares ended lower Monday to snap a four-session winning streak, amid speculations over a possible delay in long-awaited interest rate cuts by the US Federal Reserve. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 14.32 points, or 0.52 percent, to close at 2,744.10. Trade volume was moderate at 545 million shares worth 12.2 trillion won ($8.8 billion), with losers outnumbering gainers 522 to 359. Individuals bought a net 313 billion won wort
Market June 17, 2024
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