Articles by Yonhap
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Seoul shares up for 4th day on revived hopes for Fed's rate cut
South Korean shares closed up for the fourth consecutive session Friday amid hopes for a US rate cut that helped push US stock indexes to record highs. The local currency lost ground against the US dollar. The benchmark Korea Composite Stock Price Index gained 3.53 points, or 0.13 percent, to close at 2,758.42. Trade volume was heavy at 633.1 million shares worth 15.7 trillion won ($11.38 billion), with losers outnumbering gainers 481 to 399. Foreign investors remained net buyers for a third con
Market June 14, 2024
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Unionized hospital workers call for doctors to scrap planned strike next week
A union representing hospital workers on Friday urged doctors to abandon their plan for a one-day walkout scheduled for next week, as the medical sector has been experiencing a nearly four-month-long vacuum due to physicians protesting the increase in medical school quotas. The Korea Medical Association, a major lobby group for doctors, earlier announced the plan to stage a one-day walkout Tuesday, which could involve community doctors and medical professors nationwide. "There is no cause o
Social Affairs June 14, 2024
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Police grill reporter who bought gifts given to first lady
Police on Friday questioned an internet news reporter on defamation and other charges related to the purchase of a luxury handbag and other gifts delivered by a Korean American pastor to first lady Kim Keon Hee two years ago. Lee Myeong-soo, a reporter for the internet news outlet Voice of Seoul, was grilled at the Seoul Yeongdeungpo Police Station in the morning, as he is known to be the buyer of the Dior handbag and Chanel cosmetics, both given by pastor Choi Jae-young to Kim between June and
Social Affairs June 14, 2024
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PM asks medical professors to cancel planned walkout
Prime Minister Han Duck-soo appealed to medical professors Friday to cancel their planned walkout next week, saying doctors have a "legal constraint" to protect people's lives. Medical professors, who serve as senior doctors, at four hospitals affiliated with Seoul National University have vowed to stage a collective walkout next Monday in support of trainee doctors who have remained off the job since February in protest of a medical school enrollment hike plan. Professors at the
Social Affairs June 14, 2024
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Line Pay service to be terminated in Japan next year: LY
LY Corp., the operator of popular mobile messenger Line, has announced its plan to terminate its Line Pay service in Japan next year, amid criticism over Japan's apparent pressure to shed Naver Corp., South Korea's biggest internet portal operator, from LY. LY, a 50-50 joint venture between Japan's SoftBank and South Korea's Naver, said Thursday the mobile payment service will be terminated by April 30, 2025, in Japan, citing "optimal allocation of management resources.&
Companies June 14, 2024
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US reaffirms pursuit of 'mutually beneficial' defense cost-sharing deal with S. Korea
A State Department official on Thursday reiterated the United States' commitment to reaching a "mutually beneficial" defense cost-sharing agreement with South Korea, stressing the bilateral alliance is a "pivotal" relationship. The official made the remarks a day after the two countries wrapped up their third round of negotiations over Seoul's share of the cost for stationing the 28,500-strong US Forces Korea under a deal, called the Special Measures Agreement. The
Defense June 14, 2024
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NK submarine movements may foreshadow SLBM, SLCM test preparations: US monitor
A US monitor on Thursday reported recent North Korean ballistic missile submarine movements at a shipyard on the country's east coast, saying they may presage the start of submarine trials this summer or preparations for a submarine-launched ballistic missile test. Citing recent satellite imagery, Beyond Parallel, a project of the Center for Strategic and International Studies, released its monthslong analysis of the movements of the Hero Kim Kun Ok submarine, an experimental submarine, and
North Korea June 14, 2024
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Seoul shares open higher on Wall Street gains
South Korean shares opened slightly higher Friday tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index added 4.72 points, or 0.17 percent, to 2,759.61 in the first 15 minutes of trading. The Kospi has finished higher for three consecutive sessions, tracking US stock indexes that climbed to record highs amid a slowdown in inflation. The Nasdaq and S&P 500 again reached new highs Thursday, helped by renewed hopes for the start of US rate cuts within the year
Market June 14, 2024
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Samsung's Lee meets with CEOs of global tech giants in US
Samsung Electronics Co. Chairman Lee Jae-yong has met with the heads of Meta Platforms Inc., Amazon.com Inc. and Qualcomm Inc. in the United States this week to discuss future technologies and business collaborations, the company said Thursday. Lee, who has been on a two-week business trip in the U.S., was invited to Mark Zuckerberg's home in Palo Alto, California, on Tuesday (U.S. time) and had talks with Meta's founder and CEO, according to Samsung Electronics. It is their second mee
Industry June 13, 2024
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UNC investigating NK troops' land border incursion, S. Korean loudspeaker broadcasts
The US-led UN Command (UNC) said Thursday it is investigating a series of incidents at the inter-Korean border earlier this week, including a brief border incursion by North Korean troops and South Korea's resumption of anti-Pyongyang broadcasts. On Sunday, some 20 North Korean soldiers crossed the Military Demarcation Line inside the Demilitarized Zone (DMZ), separating the two Koreas, in the central section of the border before retreating northward after the South fired warning shots, acc
North Korea June 13, 2024
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Global fans flock to Seoul to celebrate BTS anniversary
Despite sweltering temperatures Thursday, the area around the Seoul Sports Complex in southern Seoul transformed into a vibrant sea of purple, as fans gathered to celebrate the 11th anniversary of K-pop megastar BTS. Hours before the 2024 Festa -- an annual event hosted by BTS' agency, BigHit Music -- throngs of fans crowded a subway exit leading to the complex, demonstrating the band's immense popularity. The diverse crowd included fans conversing in Korean, Japanese, English and Fren
K-pop June 13, 2024
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Yoon arrives in Uzbekistan for final leg of Central Asia trip
President Yoon Suk Yeol arrived in Tashkent on Thursday for talks with his Uzbek counterpart Shavkat Mirziyoyev on boosting bilateral economic ties. The summit talks scheduled for Friday will mark the culmination of his three-nation Central Asia tour, which also included visits to Turkmenistan and Kazakhstan. On the first day, Yoon plans to meet the young generation of Uzbekistan, visit the Independence Monument in the capital city of Tashkent and hold a dinner meeting with ethnic Koreans in the
Foreign Affairs June 13, 2024
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Seoul shares gain nearly 1% on tech gains
South Korean stocks finished nearly 1 percent higher Thursday, extending their winning streak to a third session on tech gains. The local currency slightly rose against the US greenback. The benchmark Korea Composite Stock Price Index surged 26.72 points, or 0.98 percent, to 2,754.89. Trade volume was heavy at 690 million shares worth 18.9 trillion won ($13.72 billion), with losers outnumbering gainers 461 to 398. The index had opened sharply higher, tracking overnight gains on Wall Street led b
Market June 13, 2024
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Finance minister calls for 'external safety net' against global interest rates uncertainty
Finance Minister Choi Sang-mok on Thursday called for beefing up an "external safety net" to better respond to uncertainties regarding interest rates in the United States and other nations. Choi made the remarks during an emergency macroeconomic meeting meant to assess the Federal Reserve's rate-setting meeting Wednesday, where it kept the benchmark interest rate at between 5.25-5.5 percent for a seventh straight time. The Fed also signaled fewer rate cuts than previously estimate
Economy June 13, 2024
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Seoul shares open higher on Wall Street gains
South Korean shares opened over 1 percent higher Thursday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index surged 37.26 points, or 1.37 percent, to 2,765.43 in the first 15 minutes of trading. The bullish start follows overnight gains on Wall Street where the advances of tech shares, led by Apple, pushed the Nasdaq to a new high for the third consecutive session. The Dow Jones Industrial Average slipped 0.09 percent to 37,712.21, but the Nasdaq jumped 1.5
Market June 13, 2024
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