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Seoul shares close lower on profit-taking; won sharply up
South Korean stocks ended lower Monday to snap their two-day winning streak as investors locked in part of gains after a recent rally. The local currency rose sharply against the US dollar. The benchmark Korea Composite Stock Price Index fell 20.51 points, or 0.77 percent, to 2,659.84. Trade volume was moderate at 383 million shares worth 8.69 trillion won ($6.63 billion), with losers beating winners 517 to 353. Foreigners and institutions led the decline, dumping a net 107 billion won and 112.3
Market March 11, 2024
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License suspension notices sent to some 5,000 defiant trainee doctors
The health ministry said Monday it had sent prior notices of license suspension to some 5,000 trainee doctors who have defied an order to return to work, in protest of a plan to boost the number of medical students. Deputy Health Minister Jun Byung-wang told reporters that it completed sending the notices to 4,944 junior doctors last week. When receiving the notices, the doctors will be required to submit their opinions on punitive measures by March 25. With the government vowing to take legal a
Social Affairs March 11, 2024
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Exports fall 13.4% from March 1-10; chip sales jump over 20%
South Korea's exports fell more than 13 percent on-year in the first 10 days of March due mainly to fewer working days and weak demand for vehicles, but sales of semiconductors jumped more than 20 percent, data showed Monday. Outbound shipments reached $13.54 billion in the March 1-10 period, compared with $15.64 billion tallied a year earlier, according to the data from the Korea Customs Service. Per-day exports, however, gained 8.2 percent on-year to $2.26 billion. The number of working d
Economy March 11, 2024
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Health minister voices leniency for defiant trainee doctors
Health Minister Cho Kyoo-hong said Monday the government will take lenient measures if trainee doctors return to work before administrative procedures to suspend their licenses are completed, although they defied a deadline to avoid punitive steps. Cho made the remark as some 93 percent of the 13,000 junior doctors have been absent from their worksites for three weeks, in a prolonged labor action against the government's proposal to increase medical school enrollments by 2,000 next year. "A
Social Affairs March 11, 2024
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Yoon's approval rating falls slightly to 40.2%
President Yoon Suk Yeol's approval rating slid to 40.2 percent last week from a week earlier, a poll showed Monday, amid little sign of a breakthrough in the walkout by junior doctors over the government's plan to increase the medical school admissions quota. The positive assessment of Yoon's performance fell 0.9 percentage point from 41.1 percent, with the negative assessment rising 0.7 percentage point to 56.1 percent, according to a survey by Realmeter conducted Monday to Frida
Politics March 11, 2024
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Govt. to push for public high schools for military children
The government seeks to establish public high schools for children of military families in an effort to improve their living and education conditions, the defense ministry said Monday. The defense and education ministries were set to sign a memorandum of understanding later in the day to make joint efforts to designate existing high schools as those catering for military families and start admissions in 2026. The move seeks to ensure a stable education environment for such families, who are freq
Social Affairs March 11, 2024
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Seoul shares start lower on profit-taking
South Korean stocks opened lower Monday as investors hunted for profits following a recent rally. The benchmark Korea Composite Stock Price Index retreated 13.94 points, or 0.52 percent, to 2,666.41 in the first 15 minutes of trading. The main index gained for two straight sessions through Friday on the US central bank's dovish stance. Market heavyweights led the negative opening. Top-cap Samsung Electronics fell 0.55 percent, and No. 2 SK hynix sank 3.08 percent. Leading battery maker LG E
Market March 11, 2024
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Political parties ramp up campaign efforts amid shifting opinion polls
With only a month left before the April 10 parliamentary elections, political parties are unveiling various pork-barrel election pledges and intensifying efforts to secure key districts, as recent public opinion polls indicate a slight yet significant shift. The quadrennial vote holds significant importance for the ruling People Power Party as a failure to regain a majority in the 300-member National Assembly could potentially render President Yoon Suk Yeol a lame duck for the next three years o
Politics March 11, 2024
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Top general visits Air Force missile defense center amid N.K. threats
South Korea's top military officer on Sunday called for responding "overwhelmingly" against any enemy provocations as he visited an Air Force missile defense operations center, the Joint Chiefs of Staff (JCS) said. JCS Chairman Adm. Kim Myung-soo made the call amid concerns of North Korean saber-rattling during the annual Freedom Shield exercise between South Korea and the United States, which began Monday for an 11-day run. "If the enemy undertakes a provocation, don't
Defense March 10, 2024
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Health minister vows to speed up medical reform despite walkout by trainee doctors
Health Minister Cho Kyoo-hong said Sunday that the government would hasten its policy of increasing the number of medical students while issuing warnings against defiant trainee doctors who attacked their colleagues returning to the medical field. "It is completely unacceptable to attack people who are working day and night in the field and coerce them to participate in the collective action," Cho told a government response meeting. "We will thoroughly investigate it and take stri
Social Affairs March 10, 2024
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S. Korea to dismantle support foundation for Kaesong complex as early as next week
South Korea is expected to pass a proposal to shut down a support foundation for the now-shuttered inter-Korean industrial complex in the North's border city of Kaesong as early as next week, the unification ministry said Sunday. The revision to the decree on support for the Kaesong Industrial Complex will be presented at a Cabinet meeting Tuesday, which will entrust the foundation's tasks to the civilian sector, according to the ministry. The foundation -- set up in 2007 to support th
Defense March 10, 2024
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Portion of foreign buyers hits record high in S. Korean real estate market in 2023: data
The portion of foreigners who bought real estate in South Korea last year hit a record high, led by Chinese buyers, court data showed Sunday. A total of 15,600 foreign nationals completed property purchases in 2023, accounting for a record 0.9 percent of the total land acquisitions, according to the data from the online real estate registry service run by the Supreme Court. The percentage of foreign buyers in the South Korean real estate market has been on a steady increase since the South Korea
Economy March 10, 2024
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Occult thriller 'Exhuma' tops 7m in admissions
The supernatural flick "Exhuma" has extended its strong box-office performance, topping 7 million in admissions, its distributor said Saturday. Released Feb. 22, the film topped 1 million admissions on its third day of release and hit the new milestone Friday, according to Showbox. Starring Choi Min-sik and Kim Go-eun, the movie follows two shamans, a feng shui expert and a mortician, who team up to get to the bottom of a series of mysterious events plaguing a wealthy U.S.-based fa
Film March 9, 2024
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Govt. set to complete sending 1st suspension notice to striking doctors
The South Korean government is expected to wrap up sending out the first notice of its plan to suspend the medical licenses of striking trainee doctors next week as part of its disciplinary action against them, sources said Saturday. About 90 percent of 13,000 medical interns and residents have remained off their jobs through mass resignations for nearly three weeks in protest of the government's decision to increase medical school enrollment. The government earlier ordered the striking d
Social Affairs March 9, 2024
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Fishing boat capsizes, leaving 4 dead, 5 missing
Rescue operations were under way after a fishing boat with nine crew members on board capsized off the southern coastal city of Tongyeong, leaving four dead and five others missing, according to the Coast Guard on Sunday. Two South Koreans and seven Indonesians were aboard the 20-ton vessel when it overturned in waters 68 kilometers south of an island in Tongyeong, South Gyeongsang Province, on Saturday morning, according to officials. About 20 ships and four airplanes were mobilized for an unde
Social Affairs March 9, 2024
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