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Seoul shares up for 3rd day on rate cut hopes
Seoul shares closed higher for the third straight session Tuesday amid hopes that the US Federal Reserve will start easing due to continued disinflation. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index added 29.32 points, or 1.12 percent, to close at 2,649.64. Trade volume was moderate at 550.46 million shares worth 12.93 trillion won ($9.7 billion), with gainers outnumbering losers 597 to 285. January's US consumer price index due later Tuesday is
Market Feb. 13, 2024
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S. Korea seeks to raise duty-free allowance limit for alcohol
The customs agency said Tuesday it will push to raise the limit of the duty-free allowance for alcohol to boost travelers' convenience. It is part of the Korea Customs Service's comprehensive plan for 2024, which also includes measures to strengthen the crackdown on drug smuggling and to better support exporters. Under the plan, the agency will review the possible adjustment of the cap on duty-free liquors, which is currently set at 2 liters valued at $400 or less. The government in 20
Social Affairs Feb. 13, 2024
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S. Korea, UAE stage combined anti-terrorism drills
South Korea's military contingent in the United Arab Emirates has conducted its first combined exercise of the year with its host nation's troops, officials said Tuesday, amid efforts to boost military ties. The Akh unit recently staged the exercise in the Middle Eastern country to boost joint capabilities in ground-based and maritime anti-terrorism operations, according to the officials. The two sides held various drills, including those on hostage rescue operations, sniper shooting a
Defense Feb. 13, 2024
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S. Korean football federation to discuss Klinsmann's fate this week
The South Korean football federation will hold a meeting this week to determine the fate of the beleaguered men's national team head coach Jurgen Klinsmann, days after the country's disappointing exit from the top continental tournament. The Korea Football Association announced Monday afternoon that its National Team Committee will hold a postmortem meeting "sometime this week," following South Korea's semifinal elimination at the Asian Football Confederation Asian Cup l
Soccer Feb. 13, 2024
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Appeals court upholds 1 1/2-year prison term for Uzbek for sending money to al-Qaeda-linked terrorist group
An appellate court upheld an 18-month prison sentence for an Uzbek national accused of sending money to a UN-designated terrorist group while residing in South Korea, judicial officials said Tuesday. The Seoul Central District Court confirmed the lower court's ruling on the migrant worker from Uzbekistan, saying the provision of aid to the terrorist group carries a high risk of harming global peace as well as the safety of the country and the public. The 35-year-old was indicted for providi
Social Affairs Feb. 13, 2024
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Exports fall 14.6% from Feb. 1-10; chip sales jump over 40%
South Korea's exports fell nearly 15 percent on-year in the first 10 days of February due mainly to fewer working days, but sales of semiconductors soared more than 40 percent, data showed Tuesday. Outbound shipments reached $15.01 billion in the Feb. 1-10 period, compared with $17.57 billion tallied a year earlier, according to the data from the Korea Customs Service. Per-day exports, however, increased 11.7 percent on-year to $2.31 billion. The number of working days came to 6.5 days duri
Economy Feb. 13, 2024
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Seoul shares open higher amid rate cut hopes
Seoul shares opened higher Tuesday as investors expect the US Federal Reserve to start easing this year due to continued disinflation. The benchmark Korea Composite Stock Price Index rose 33.23 points, or 1.27 percent, to 2,653.55 in the first 15 minutes of trading. Investors await January's US inflation data due later in the day. The US consumer price index is expected to support the view that decelerating inflation will allow the US central bank to start cutting rates this year. In Seoul,
Market Feb. 13, 2024
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State Dept. says NATO gives 'actual security' for US after Trump's controversial remarks
The North Atlantic Treaty Organization provides "actual security" for America, the State Department said Monday, amid a controversy over former President Donald Trump's recent suggestion that he would "encourage" Russia to attack NATO members if they fail to fulfill their spending obligations. Matthew Miller, the department's spokesperson, made the point as Trump's remarks raised concerns that the United States' security commitments to NATO and other allia
World News Feb. 13, 2024
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White House touts trilateral cooperation with S. Korea, Japan as key feat in Indo-Pacific Strategy
A White House official on Monday highlighted strengthened trilateral cooperation with South Korea and Japan among key achievements of the Joe Biden administration's Indo-Pacific Strategy unveiled two years ago. During a press briefing, John Kirby, the National Security Council coordinator for strategic communications, catalogued key examples of progress in the strategy that Washington rolled out to deepen engagement with the region, which it has cast as the "epicenter" of geopolitics i
World News Feb. 13, 2024
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Ex-industry minister named vice chair of presidential committee on aging society, population policy
President Yoon Suk Yeol appointed former Industry Minister Joo Hyung-hwan as vice chairman of the Presidential Committee on Aging Society and Population Policy, presidential chief of staff Lee Kwan-sup said Monday. Joo is a policy expert known for his drive to get things done and is expected to lead the committee in a way that produces visible results in a swift manner, Lee said. Yoon is the ex-officio chairman of the committee. "With the recognition that society's survival is at stake
Politics Feb. 12, 2024
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Highway traffic levels ease on last day of Lunar New Year holiday
Traffic levels on major highways eased Monday as people who visited their families during the Lunar New Year holiday returned home on the final day of the four-day holiday. A drive from Busan, 320 kilometers southeast of Seoul, to the capital was expected to take about five hours as of 5 p.m., while driving from Gwangju, 267 km south of the capital, to Seoul was expected to take three hours and 30 minutes, according to the state-run Korea Expressway Corp. The drive in the opposite direction from
Social Affairs Feb. 12, 2024
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Doctors, govt. on collision course over medical school quota increase
Doctors and the government are on a collision course over the decision to significantly increase medical school seats, with doctors vowing to go on a strike and the government pledging a stern response, including even revoking doctors' licenses. Last week, the government announced its plan to add 2,000 seats to the country's medical school enrollment quota next year, a sharp rise from the current 3,058 medical school seats that have been capped since 2006. The move came as the country
Social Affairs Feb. 12, 2024
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Yoon's approval rating inches up to 39.2 pct
President Yoon Suk Yeol's approval rating rose slightly to 39.2 percent from a week earlier, a survey showed Monday. According to the Realmeter survey, the positive assessment of Yoon's performance rose 1.9 percentage points from the week earlier, while the negative assessment fell 1.7 percentage points. The survey was conducted on 2,011 adults from Monday to Thursday last week and had a margin of error of plus or minus 2.2 percentage points, with a confidence rate of 95 percent. The r
Politics Feb. 12, 2024
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N. Korea says it newly developed shells for multiple rocket launcher
North Korea said Monday it has newly developed controllable shells for a multiple rocket launcher and its ballistic control system as part of its push to expand its weapons arsenal. The Academy of Defence Science conducted a test firing of 240 mm-caliber controllable multiple rocket launcher shells on Sunday in a bid to evaluate their accuracy and prove their advantages, according to the Korean Central News Agency. "The development of 240 mm-caliber controllable multiple rocket launcher she
North Korea Feb. 12, 2024
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Doctors vow massive rallies this week against med school quota hikes
Doctors will hold massive rallies across the nation this week in protest of the government's planned hike in the enrollment quota for medical schools amid a looming strike feared to affect the health service, officials said Sunday. The Korean Medical Association (KMA), a major lobby group for doctors, said it will hold protests nationwide Thursday as a first collective action after the entity went into emergency mode in response to the government's decision to boost the number of medic
Social Affairs Feb. 12, 2024
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