Articles by Yonhap
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Rep. Andy Kim wins Democratic Senate nomination in New Jersey primary
WASHINGTON -- A Korean American lawmaker won the Democratic Party's nomination for New Jersey's Senate seat in a primary Tuesday, reports said, as he has vowed to play a role as a "bridge" between South Korea and the United States and cement the bilateral alliance. Rep. Andy Kim, a third-term, 41-year-old congressman, bested two long-shot rivals to become his party's standard-bearer for the Nov. 5 election, according to The New York Times. If elected, Kim would become
World News June 5, 2024
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Seoul shares open higher on hopes for Fed rate cut
South Korean stocks opened slightly higher Wednesday backed by gains of chip and battery shares amid hopes for a rate cut by the Federal Reserve. The benchmark Korea Composite Stock Price Index rose 7.42 points, or 0.28 percent, to 2,669.52 in the first 15 minutes of trading. Overnight, the US stock market closed slightly higher on softer-than-expected labor market data that bolstered hopes for an interest rate cut by the Fed. In Seoul, market bellwether Samsung Electronics jumped 1.99 percent f
Market June 5, 2024
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Korea's economy grows 1.3% in Q1, matching earlier estimate: BOK
South Korea's economy grew at the fastest pace in over two years in the first quarter of the year as the recovery in exports continued and private spending remained firm, central bank data showed Wednesday. The country's real gross domestic product -- a key measure of economic growth -- increased 1.3 percent on-quarter in the January-March period, matching an earlier estimate, according to preliminary data from the Bank of Korea. The first-quarter expansion compares with the 0.5 percen
Economy June 5, 2024
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S. Korean toilet paper firm sold to Indonesian firm
Monalisa Co., a major South Korean toilet paper company, said Tuesday it has been sold to Indonesian paper-manufacturing company Arch Peninsula SDN.BHD. NHPEA Tissue Holdings AB, the largest shareholder of MSS Holdings Co. which has Monalisa as a major affiliate, signed an agreement Saturday to sell its entire stake in MSS to the Indonesian firm, Monalisa said in a regulatory filing. The share purchase agreement will be finalized when the seller and the buyer satisfy each other's precedin
Companies June 4, 2024
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Owner of US-based geoscience firm headed to S. Korea for discussions on oil exploration project
The owner of US-based geoscience research company Act-Geo said Tuesday he was traveling to South Korea to discuss Seoul's newly envisioned offshore oil and gas exploration project on the east coast. On Monday, President Yoon Suk Yeol said South Korea will push to embark on the project in the East Sea after a study suggested significant oil deposits may be buried in the deep sea off the coast of Yeongil Bay in Pohang, about 260 kilometers southeast of Seoul. The decision came after the gov
Industry June 4, 2024
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Daegu, North Gyeongsang to form unified provincial govt. in July 2026
Leaders of the southeastern metropolitan city of Daegu, 240 kilometers from Seoul, and the surrounding North Gyeongsang Province on Tuesday agreed on plans to launch an integrated provincial government in 2026 with support from the central government. The agreement was made at a meeting attended by Daegu Mayor Hong Joon-pyo, North Gyeongsang Gov. Lee Cheol-woo, Minister of the Interior and Safety Lee Sang-min and Woo Dong-gi, chairman of the Presidential Committee for Decentralization and Bala
Politics June 4, 2024
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China expresses 'firm opposition' against S. Korea for remarks on Taiwan issue
China's embassy in South Korea on Tuesday expressed "strong dissatisfaction and firm opposition" to South Korea for making "consecutive erroneous remarks" regarding the Taiwan issue in coordination with the United States and Japan. On Friday, senior South Korean, US and Japanese diplomats met in the US, and announced that they oppose any unilateral attempts to change the status quo in the waters of the Indo-Pacific and recognize the importance of opposing unlawful mari
Foreign Affairs June 4, 2024
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Seoul shares end lower on profit taking
South Korean stocks closed lower Tuesday after strong gains in the previous session and mixed overnight results on Wall Street. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index fell 20.42 points, or 0.76 percent, to close at 2,662.10. Trade volume was heavy at 759.2 million shares worth 12.5 trillion won ($9.07 billion), with losers far outpacing gainers 642 to 226. Foreigners and institutions dumped shares worth a net 516 billion won, while individu
Market June 4, 2024
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Military ready to turn on loudspeakers near border with N. Korea after suspension of 2018 inter-Korean pact
South Korea's military said Tuesday it remains ready to immediately operate mobile loudspeakers near the border with North Korea as Seoul took steps to fully suspend a 2018 inter-Korean military pact. Earlier in the day, the Cabinet endorsed the suspension of the Comprehensive Military Agreement in response to the North's trash-carrying balloon campaign and jamming of GPS signals in recent days. The motion will be sent to President Yoon Suk Yeol for signing, and the suspension will all
North Korea June 4, 2024
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PPP to push for law revision to compensate for damage caused by NK trash balloons
The ruling People Power Party said Tuesday it will push for a law revision allowing compensation for any citizen who suffers damage from North Korea's trash-carrying balloons. During a party meeting, PPP floor leader Choo Kyung-ho noted the lack of legal grounds to compensate South Korean citizens who had their cars partially destroyed and experienced other property damage from the balloons. "We will push for an amendment to the Framework Act on Civil Defense to establish the legal bas
Social Affairs June 4, 2024
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S. Korea to extend tax reduction for imported fruits, food materials
Finance Minister Choi Sang-mok said Tuesday the government will extend tariff reduction on fruit imports and introduce the lower-tariff scheme for food materials in an effort to curb inflation. The government has applied the tax reduction through the tariff-rate quota on imports of 28 kinds of fruits, including bananas, pineapples, mangoes and cherries, which was supposed to end by end-June. But it decided to extend the measure through the end of 2024, Choi said, presiding over a prices-related
Economy June 4, 2024
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Seoul shares open lower on profit taking, mixed US stock results
South Korean stocked opened weaker Tuesday as investors took profit from strong gains the previous session and on mixed overnight results on Wall Street. The benchmark Korea Composite Stock Price Index slid 6.06 points, or 0.23 percent, to 2,676.46 in the first 15 minutes of trading. Overnight, Wall Street shares finished mixed amid the latest economic indicators showing a slowing of the US economy. The Dow Jones Industrial Average fell 0.3 percent while the Nasdaq composite gained 0.6 percent a
Market June 4, 2024
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Yoon meets 10 African leaders ahead of Korea-Africa Summit
President Yoon Suk Yeol held a series of bilateral summit meetings with leaders of 10 African nations Monday to discuss ways to expand cooperation on the eve of the first-ever Korea-Africa Summit, the presidential office said. Yoon had back-to-back meetings with leaders from Lesotho, Ivory Coast, Mauritius, Zimbabwe, Togo, Rwanda, Mozambique, Sao Tome and Principe, Guinea-Bissau and Cape Verde at the presidential office in Seoul. The leaders were in South Korea to attend the inaugural Korea-Afri
Politics June 3, 2024
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Seoul shares jump over 1.7% on US inflation, strong data
South Korean stocks rallied by more than 1.7 percent Monday as investors' sentiment was boosted by favorable economic data that could lead to a rate cut in the United States. The local currency rose sharply against the US dollar. The benchmark Korea Composite Stock Price Index rose 46 points, or 1.74 percent, to close at 2,682.52, ending in positive territory for the second consecutive session. Trade volume was heavy at 768.6 million shares worth 13.8 trillion won ($10 billion), with gainer
Market June 3, 2024
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Govt. to extend tax incentives, tailored support for SMEs' scale-up
The government will extend greater tax benefits and tailored support to smaller companies to help them become second-tier midsized firms in an effort to create quality jobs and spur growth momentum, the finance ministry said Monday. A set of such supportive measures were presented during an economic ministers' meeting presided over by Finance Minister Choi Sang-mok, which also called for extending an additional 7 trillion won ($5.07 billion) of funding to exporters. "A smaller number o
Economy June 3, 2024
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