Articles by Yonhap
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Seoul shares close lower ahead of Fed chief's testimony
South Korean stocks closed lower Wednesday as investors awaited clues on the US Federal Reserve's future rate direction, with techs and chemicals leading the overall decline. The local currency closed flat against the US dollar. The benchmark Korea Composite Stock Price Index lost 7.91 points, or 0.3 percent, to 2,641.49. Trade volume was low at 364 million shares worth 9.8 trillion won ($7.38 billion), with losers outpacing gainers 606 to 282. Foreigners offloaded 374.4 billion won worth o
Market March 6, 2024
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Police question doctors' association leader over walkout
A leader of the country's biggest doctors' assocation appeared before police for questioning Wednesday in connection with the walkout by trainee doctors protesting the government's decision to hike the medical school quota. The questioning of Joo Soo-ho, the chief spokesperson of the Korea Medical Association, came as thousands of intern and resident doctors have stayed off the jobs at general hospitals nationwide for the 16th day in protest of the plan to raise the quota by 2,000
Social Affairs March 6, 2024
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Police push to tighten noise level at rallies, fly drones for evidence of illegal acts
Police have passed strengthened regulations to lower noise from rallies and demonstrations and allow the use of drones to collect evidence of any illegal acts during such assemblies, officials said Wednesday. The revision to the enforcement decree of the Assembly and Demonstration Act was approved Monday as part of follow-up measures after police laid out plans to minimize public inconvenience from excessive noise at rally sites in September. The revision lowered the decibel limit around residen
Social Affairs March 6, 2024
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Financial regulator vows swift implementation of W5tr support fund for local firms
The financial regulator said Wednesday it will work to quickly provide up to 5 trillion won ($3.75 billion) in financial support to local firms this year, while pushing to create an additional 3 trillion-won investment fund for businesses. The government earlier announced plans to provide more than 76 trillion won in financial support for local businesses, with 20 trillion won earmarked for large businesses and 15 trillion won for mid-sized firms. "As a follow-up to the 'business-tailo
Politics March 6, 2024
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Seoul shares open lower on Wall Street losses
South Korean stocks opened lower Wednesday after major blue chips finished bearish on Wall Street. The benchmark Korea Composite Stock Price Index fell 8.84 points, or 0.33 percent, to 2,640.56 in the first 15 minutes of trading. Overnight, the US stock market closed lower, with the Dow Jones Industrial Average falling 1.04 percent and the tech-heavy Nasdaq Composite losing 1.65 percent. US tech giant Apple sharply lost ground amid reports that its sales in China dipped sharply over the first si
Market March 6, 2024
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US nuclear envoy underlines need for 'interim steps' toward ultimate N. Korea denuclearization
The top US nuclear envoy pointed out the need Tuesday for "interim steps" to be taken on a path towards North Korea's ultimate denuclearization, which she stressed would not happen "overnight." US Senior Official for North Korea Jung Pak made the remarks while reiterating Washington's "clear" goal to pursue the denuclearization of the Korean Peninsula. On Monday, Mira Rapp-Hooper, the US National Security Council senior director for East Asia and Oceania,
North Korea March 6, 2024
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Seoul shares close lower on profit taking
South Korean stocks closed lower Tuesday as investors sought profit while awaiting China's economic policy. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 24.87 points, or 0.93 percent, to 2,649.4. Trade volume was moderate at 447 million shares worth 11.9 trillion won ($8.93 billion), with losers outpacing gainers 606 to 282. Foreigners scooped up 85.6 billion won, extending their buying streak to eight consecutive sessions. Institutions
Market March 5, 2024
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Giants' Lee Jung-hoo extends spring training hitting streak to 5 games
Lee Jung-hoo of the San Francisco Giants has stretched his spring training hitting streak to five games. The South Korean rookie center fielder batted 1-for-2 with an RBI and a walk against the Colorado Rockies at Salt River Fields at Talking Stick in Scottsdale, Arizona, on Monday (local time). Batting leadoff, Lee grounded out to second base in the top of the first and drew a walk in the top of the second. Lee came up with runners at the corners in the top of the fourth and cashed in a run wit
Baseball March 5, 2024
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US warship enters naval base in Jeju for replenishment purpose
A US Navy destroyer arrived at a naval base on the southern island of Jeju on Tuesday for a replenishment purpose, the South Korean Navy said. The USS Higgins Arleigh Burke-class destroyer entered the base to replenish supplies and for crewmembers' rest, a day after South Korea and the United States began their annual combined Freedom Shield exercise for an 11-day run. A South Korean Navy official said the warship's arrival is unrelated to the exercise and there are no plans for joint
Defense March 5, 2024
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Science ministry to invest W730.8b in software industry
The science ministry said Tuesday it will allocate 730.8 billion won ($548.7 million) this year to bolster the local software industry, with a particular focus on the software as a service sector, as part of its effort to enhance South Korea's digital innovation. Second Vice Science Minister Kang Do-hyun announced the investment plan during his first on-site meeting with software companies since his appointment last month. The ministry said the country should strengthen its competitiveness
Social Affairs March 5, 2024
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Ex-consul general in Sydney named chief negotiator for defense cost sharing with US
A senior South Korean diplomat who previously served as the consul general in Sydney has been named to lead the negotiations with the United States on the sharing of costs for the upkeep of US troops here, the foreign ministry said Tuesday. Lee Tae-woo will head the upcoming rounds of the talks on the 12th Special Measures Agreement, the ministry said, without specifying when the initial negotiations will be launched. The career diplomat has the experience and expertise in various fields of the
Politics March 5, 2024
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Seoul shares open lower on profit taking
South Korean stocks opened lower Tuesday as investors sought profit after a sharp rise the previous session, with tech and auto shares leading the losses. The benchmark Korea Composite Stock Price Index fell 8.26 points, or 0.31 percent, to 2,666.01 in the first 15 minutes of trading. Overnight, the US stock market closed lower, with the Dow Jones Industrial Average falling 0.25 percent and the tech-heavy Nasdaq Composite losing 0.41 percent. In Seoul, tech shares opened mostly bearish, with Sam
Market March 5, 2024
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USFK F-16 fighter jets join multinational drills in Thailand
A group of F-16 fighter jets operated by the US Forces Korea departed South Korea last month to join a multinational exercise in Thailand, the aircraft's unit has said. The unspecified number of F-16s assigned to the US 8th Fighter Wing at Kunsan Air Base in Gunsan, 178 kilometers south of Seoul, left the country on Feb. 22 to take part in the annual Cobra Gold exercise, the unit recently said. The exercise led by the United States and Thailand began last Tuesday and is set to end later thi
Defense March 5, 2024
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UN chief appoints new resident coordinator for N. Korea
UN Secretary General Antonio Guterres has appointed a new UN resident coordinator for North Korea in a personnel decision confirmed by the reclusive regime, his spokesperson said Monday. Joe Colombano of Italy assumed his role on Friday, Stephane Dujarric said, in a development that raised hopes for Pyongyang to allow the entry of other personnel from key UN agencies, such as the World Health Organization and the UN Development Program. There has been no presence of international UN staff in the
Foreign Affairs March 5, 2024
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S. Korean economy grows 1.4 % in 2023, unchanged from earlier estimate: BOK
South Korea's economy grew 1.4 percent last year, matching an earlier estimate, amid sluggish exports and tightening monetary policies around the globe, central bank data showed Tuesday. The country's real gross domestic product -- a key measure of economic growth -- increased 1.4 percent last year, in line with the central bank's earlier estimate in January, according to preliminary data from the Bank of Korea. But last year's economic expansion marked a slowdown from a 2.6
Economy March 5, 2024
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