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Japanese candy tests positive for radioactive material before being imported to S. Korea
A small amount of cesium, a type of radioactive material, was detected in a Japanese confectionery product slated for import to South Korea, prompting the importer to cancel its plans, the food safety agency here said Friday. During radiation inspections for imported products, 1 bequerel (Bq) per kilogram of cesium was detected in a candy manufactured in Shizuoka prefecture in Japan, according to the Ministry of Food and Drug Safety. The company intending to import 122 kg of the affected product
Social Affairs March 8, 2024
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S. Korea, Japan discuss economic cooperation during vice-ministerial talks
South Korea and Japan held a vice-ministerial meeting Friday to discuss ways of cooperating on a wide range of economic and financial issues, Seoul's finance ministry said. South Korea's Deputy Finance Minister Choi Ji-young met with Japanese Vice Finance Minister Masato Kanda in Tokyo earlier in the day for the vice-ministerial finance dialogue, the second of its kind, according to the Ministry of Economy and Finance. During the meeting, the two sides discussed issues of mutual concer
Economy March 8, 2024
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S. Korea names new envoy for Indo-Pacific affairs
The Foreign Ministry said Friday it appointed a senior diplomat as the country's special envoy for Indo-Pacific affairs, a new position created under a shakeup plan to broaden diplomacy into regional and other challenges besides North Korea. Chung Kee-yong, previously the ambassador to Morocco, will be in charge of promoting South Korea's Indo-Pacific strategy, and working with key partner countries in and outside of the region to strengthen cooperation in related issues, the ministry
Foreign Affairs March 8, 2024
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Seoul shares close over 1% higher after Fed chief's dovish comments
South Korean stocks closed more than 1 percent higher Friday as investors cheered US Federal Reserve Chair Jerome Powell's testimony hinting at a rate cut this year. The local currency gained against the US dollar. The benchmark Korea Composite Stock Price Index added 32.73 points, or 1.24 percent, to 2,680.35. Trade volume was moderate at 444.9 million shares worth 11.1 trillion won ($8.45 billion), with gainers outpacing losers 520 to 350. Foreigners bought a net 178 billion won worth of
Market March 8, 2024
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Shinsegae heir apparent promoted to chairman
Chung Yong-jin, heir apparent of South Korea's Shinsegae Group, has been promoted to chairman to help the retail giant ride out unfavorable business environments and meet rapidly changing customer demands, the group said Friday. Shinsegae Group, which operates the country's biggest discount store chain and second-biggest department store chain, suffered a decline in sales for the first time last year since 1997, when it began to release the figures. "The appointment is aimed at ma
Industry March 8, 2024
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Seoul shares open higher amid hopes for Fed's early rate cut
South Korean stocks opened higher Friday as US Federal Reserve Chair Jerome Powell hinted the confidence needed for the rate cut is approaching. The benchmark Korea Composite Stock Price Index added 34.79 points, or 1.31 percent, to 2,682.41 in the first 15 minutes of trading. Overnight, the US stock market closed higher with the Dow Jones Industrial Average rising 0.34 percent and the tech-heavy Nasdaq Composite advancing 1.51 percent. The S&P 500 closed at an all-time high by moving up 1.0
Market March 8, 2024
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Biden rebukes Trump over NATO remarks, other issues in State of the Union address
US President Joe Biden launched a diatribe against former President Donald Trump over his stance on the North Atlantic Treaty Organization, abortion rights, immigrants and other hot-button issues during the State of the Union address Thursday. Referring to Trump as "my predecessor," not by name, Biden used the bully pulpit to criticize Trump and highlight his economic and other achievements, as he is gearing up for an all-but-certain rematch with Trump, now the only key Republican pres
World News March 8, 2024
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NK leader guides artillery firing drills involving border units capable of striking 'enemy's capital'
North Korean leader Kim Jong-un has guided artillery firing drills involving front-line units capable of striking the "enemy's capital," state media reported Friday, in an apparent response to an ongoing joint military exercise between South Korea and the United States. The drills were conducted Thursday with the aim of enhancing the combat readiness posture and actual war capability of artillery troops, according to the Korean Central News Agency. "The drill started with the
North Korea March 8, 2024
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Former President Kim Young-sam's widow dies
Son Myung-soon, the widow of former President Kim Young-sam, died Thursday at the age of 96, medical sources said. The ex-first lady died of a chronic ailment late in the afternoon while under treatment at Seoul National University Hospital, according to the sources. Son was a widow to Kim, who served as South Korea's 14th president from 1993-1998. Kim died at the age of 88 in 2015. Son was married to Kim in 1951 and was known to have assisted her husband as the supportive wife of the long-
Politics March 7, 2024
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Seoul shares end tad higher amid Fed chief's testimony
South Korean stocks closed slightly higher Thursday after US Fed Chairman Jerome Powell hinted at a possible rate cut this year, while acknowledging economic uncertainties still remain. The local currency gained against the US dollar. The benchmark Korea Composite Stock Price Index added 6.13 points, or 0.23 percent, to 2,647.62. Trade volume was moderate at 447 million shares worth 10.2 trillion won ($7.72 billion), with losers outpacing gainers 591 to 297. Foreigners offloaded 308 billion won
Market March 7, 2024
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S. Korean adults' financial literacy higher than OECD average: survey
South Korean adults' financial literacy is higher than the Organization for Economic Cooperation and Development average, a report showed Thursday. According to the survey by the Bank of Korea and the Financial Supervisory Service, the financial literacy of South Koreans aged between 18 and 79 came to 67 points out of 100 in 2022, higher than the OECD's average of 63. South Korea's financial literacy level in 2022 was also higher than the 65 points earned in 2020 and ranked fifth
Social Affairs March 7, 2024
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Seoul shares open higher as Fed chair hints at possible rate cut this year
South Korean stocks opened higher Thursday as US Federal Reserve Chair Jerome Powell hinted that the rate cut is likely "at some point this year." The benchmark Korea Composite Stock Price Index added 9.77 points, or 0.37 percent, to 2,651.26 in the first 15 minutes of trading. Overnight, the US stock market closed higher with the Dow Jones Industrial Average rising 0.2 percent and the tech-heavy Nasdaq Composite advancing 0.58 percent. During the testimony delivered before the House o
Market March 7, 2024
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Govt. begins to form committee to allocate additional med school seats to universities
The government has begun forming a committee responsible for allocating 2,000 additional medical school admission seats to universities, officials said Thursday, amid continuing protests from doctors against the plan. The move came as the government is forging ahead with the medical quota hike to address a chronic shortage of doctors in rural areas and essential but unpopular medical fields, despite a weekslong walkout by trainee doctors nationwide. Earlier this week, the government announced th
Social Affairs March 7, 2024
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NK leader calls for intensifying war drills
North Korean leader Kim Jong-un called for intensifying "practical actual war drills" during a visit to a military training base, state media said Thursday, as a joint military exercise between South Korea and the United States was under way. During the visit to the base in the country's western region Wednesday, Kim inspected training facilities and guided the actual maneuvers of military units, the official Korean Central News Agency said. The visit came two days after South Kor
North Korea March 7, 2024
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US focus on 'interim' steps with N. Korea raises questions about policy direction
US officials' recent focus on the idea of "interim steps" for a path towards North Korea's ultimate denuclearization is raising a flurry of questions about their intentions and the direction of America's policy on the recalcitrant regime. The idea has come into the spotlight in South Korea as some observers see it as a potential sign of Washington's greater desire for dialogue with Pyongyang amid little progress in its diplomacy to the North and security concerns he
Foreign Affairs March 7, 2024
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