Articles by Yonhap
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Govt. mandates 'holdback period' for govt.-funded films
The culture ministry has recently mandated films receiving government funding must wait a certain period after their silver screen debut before becoming available on IPTVs and streaming platforms. The so-called holdback period was specified as a condition for new Korean films receiving government funding in a public notice posted on Jan. 31 for the funding program, ministry officials said Friday. Details of the holdback period have yet to be disclosed. However, officials said the ministry intend
Culture Feb. 9, 2024
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Seoul opens lounge promoting city's 'Seoul, My Soul' slogan in hanok village
The Seoul city government on Friday opened a welcome lounge promoting the city's new slogan, "Seoul, My Soul," in a popular tourist destination in central Seoul, known for its preservation of traditional Korean houses called hanok. The promotion set up in Bukchon Lounge, a sample hanok house the city government runs in the Bukchon Hanok Village, will receive visitors from 10 a.m. to 5 p.m. every day except Mondays and Lunar New Year, which falls on Saturday, city officials said. T
Social Affairs Feb. 9, 2024
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No plan to raise cigarette prices: govt.
The government is not considering increasing cigarette prices despite falling tax revenue, according to officials Friday. Some media reports have raised the possibility of the government increasing cigarette prices after the April election as it has experienced a shortfall in tax revenue amid an economic slowdown. Last year, South Korea's total revenue, including tax gains, fell 77 trillion won ($57.9 billion), as tax gains fell 51.9 trillion won from a year earlier due mainly to weak corpo
Economy Feb. 9, 2024
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S. Korea to provide $500,000 in humanitarian aid to Chile over massive wildfires
South Korea will provide $500,000 worth of humanitarian assistance to Chile to help people struggling with devastating wildfires, Seoul's foreign ministry said Thursday. More than 120 people have been killed and hundreds of others remained missing as the wildfires have razed thousands of homes in Chile's Valparaiso region since earlier this month, according to foreign media reports. The South Korean government voiced hope that the aid would help with the South American nation's re
Foreign Affairs Feb. 8, 2024
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S. Korea voices regret over Russian envoy's remarks blaming allies for possible NK nuclear test
South Korea expressed strong regret Thursday over the remarks by Russia's top envoy to North Korea that the likelihood of another nuclear test by Pyongyang will depend on how far Seoul and Washington will go in taking their deterrence measures against the North. Russian Ambassador to North Korea Alexander Matsegora said in an interview with the TASS news agency the previous day that North Korea may decide to conduct its seventh nuclear test if Washington continues to take "provocative
Foreign Affairs Feb. 8, 2024
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Prosecution appeals court acquittal of Samsung chief Lee
Prosecutors on Thursday appealed a recent court acquittal of Samsung Electronics Chairman Lee Jae-yong in a controversial Samsung affiliate merger case, sources said. On Monday, the Seoul Central District Court delivered a not-guilty sentence for Lee, who was charged over alleged engagement in market irregularities over the course of the controversial merger of two Samsung affiliates, Cheil Industries Inc. and Samsung C&T Corp., in 2015. In response, the Seoul Central District Prosecutors Of
Industry Feb. 8, 2024
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S. Korean shares close higher on hopes of US rate cuts
South Korean stocks closed higher for a second consecutive session Thursday amid growing hopes of US rate cuts. The local currency slightly lost ground against the US dollar. The benchmark Korea Composite Stock Price Index added 10.74 points, or 0.41 percent, to close at 2,620.32. Trade volume was heavy at 422.7 million shares worth 12.2 trillion won ($9.18 billion), with gainers slightly outnumbering losers 451 to 436. Foreign investors remained net buyers for a seventh consecutive session, net
Market Feb. 8, 2024
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Yoon pledges support for small business owners with debt burden
President Yoon Suk Yeol pledged on Thursday to implement various policy support measures aimed at assisting small business owners and vulnerable groups struggling with loan repayments due to the impact of the COVID-19 pandemic. Yoon made the remarks during a government-public debate, the 10th in a series of sessions addressing people's livelihood issues, with business owners in Seoul. "During the COVID-19 period, small business owners and self-employed individuals suffered from restric
Politics Feb. 8, 2024
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N. Korea renews call for combat readiness on military founding anniversary
North Korea on Thursday urged its armed forces to be equipped with full combat readiness as the country marked the 76th founding anniversary of the Korean People's Army. In an editorial, the North's main newspaper, Rodong Sinmun, claimed the KPA is well-equipped with "overwhelming" military capability to deter war schemes by imperialist powers and called on the military to further beef up its combat power against hostile forces. In a separate article, the newspaper said the K
North Korea Feb. 8, 2024
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FC Seoul sign ex-Man United midfielder Jesse Lingard
FC Seoul announced Thursday they have signed former Manchester United midfielder Jesse Lingard. The K League 1 club finalized their contract with the English international three days after the 31-year-old midfielder arrived in South Korea to undergo his medical. Financial terms were not disclosed. "Based on respect for Korean football, I am excited to represent the K League as soon as possible by playing good football and dedication to my new team, FC Seoul," Lingard said in a statemen
Soccer Feb. 8, 2024
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KT turns to loss in Q4 on higher operating costs
KT Corp., South Korea's major mobile carrier, said Thursday it shifted to a net loss in the fourth quarter from a profit a year earlier due to an increase in operating costs. The company said in a regulatory filing it logged a net loss of 41.7 billion won ($31.4 million) in the last three months of 2023 on a consolidated basis, swinging from a profit of 242.7 billion won a year earlier. Operating income for the October-December period rose 75.4 percent on-year to 265.6 billion won, and sale
Technology Feb. 8, 2024
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Seoul shares open higher on Wall Street gains
South Korean shares opened higher Thursday tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index added 14.08 points, or 0.54 percent, to 2,623.66 in the first 15 minutes of trading. The upbeat start follows overnight advances on Wall Street amid growing expectations of US rate cuts from the second quarter of the year. The Dow Jones Industrial Average added 0.40 percent while the S&P 500 gained 0.82 percent to close at 4,955.06. In Seoul, large caps traded m
Market Feb. 8, 2024
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US envoy urges N. Korea to begin 'reform' process to improve human rights
The US special envoy for North Korean human rights called on Pyongyang Wednesday to launch a "reform" process to enhance its rights situation, stressing promoting respect for human dignity in the reclusive state remains a "top" priority for Washington. Ambassador Julie Turner made the remarks as she marked the 10th anniversary of the release of a landmark UN Commission of Inquiry report that accused North Korean officials of "systematic, widespread and gross" human
North Korea Feb. 8, 2024
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S. Korea's nuclear envoy discusses NK threats with Swedish counterpart
South Korea's chief nuclear envoy vowed unwavering efforts to stop North Korea's missile provocations and make it return to dialogue during his talks with his Swedish counterpart Wednesday, the foreign ministry said. Kim Gunn, special representative for the Korean Peninsula peace and security affairs, made the point in the meeting with Peter Semneby, who was visiting South Korea this week, the ministry said in a release. Kim reaffirmed South Korea's commitment to creating conditio
Foreign Affairs Feb. 7, 2024
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Seoul shares snap 2-day losing streak on foreign buying
South Korean shares closed higher Wednesday, snapping a two-day losing streak amid an extended buying streak by foreign investors. The local currency fell slightly against the US dollar. The benchmark Korea Composite Stock Price Index gained 33.38 points, or 1.30 percent, to close at 2,609.58. Trade volume was heavy at 508.3 million shares worth 11.3 trillion won ($8.5 billion), with gainers outnumbering losers 642 to 239. Foreign investors extended their buying streak to a sixth consecutive ses
Market Feb. 7, 2024
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