Articles by Yonhap
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Blinken, senior Chinese official discuss N. Korea, Taiwan, Russia's war in Ukraine
US Secretary of State Antony Blinken and a visiting senior Chinese official held talks in Washington on Friday over a range of issues concerning North Korea, Taiwan, Russia's war in Ukraine and the Middle East, a State Department spokesperson said. The talks between Blinken and Liu Jianchao, minister of the International Liaison Department of the Chinese Communist Party's Central Committee, came just before Taiwan's presidential election on Saturday. "The secretary reiterated
Foreign Affairs Jan. 13, 2024
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Opposition leader unable to attend trial over health concerns after stabbing attack: lawyer
Opposition leader Lee Jae-myung will not be able to attend hearings in his corruption trial for the time being because he has yet to recover from a stabbing attack, his legal representative said Friday. "It seems it will be hard (for Lee) to attend the trials for now," Lee's lawyer said during a preparatory hearing held at the Seoul Central District Court. "On the face of it, he seemed to have trouble even speaking." Lee is standing trial on breach of trust and other cor
Politics Jan. 12, 2024
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Defense chief calls for maintaining capabilities to strike NK leadership
South Korea's defense chief on Friday called for maintaining operational capabilities to eliminate the North Korean leadership in a contingency in order to deter its nuclear threats, his ministry said. Defense Minister Shin Won-sik made the remark as he visited the Agency for Defense Development in Daejeon, 139 kilometers south of Seoul, days after North Korean leader Kim Jong-un said he has no intention of avoiding war with the South. "In order to deter North Korea's nuclear thre
Defense Jan. 12, 2024
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Seoul shares down for 8th day on faster than expected US inflation, weak earnings
South Korean shares extended their losing streak to eight consecutive sessions Friday, marking the longest losing streak in more than 18 months following stronger than expected inflation in the United States. The Korean won fell slightly against the US dollar. The benchmark Korea Composite Stock Price Index lost 15.22 points, or 0.60 percent, to close at 2,525.05. It marked the first time since May 2022 that the Kospi had dropped for eight consecutive sessions. Trade volume was moderate at 772.4
Market Jan. 12, 2024
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Posco CEO, board members booked for investigation over luxurious overseas board meeting
Police have booked the CEO of South Korean steel titan Posco and a dozen other board members for investigations on charges of having subsidiary firms shoulder their overseas board meeting expenses worth some 700 million won ($532,244). The 16 board members of Posco holdings, includ ng its CEO Choi Jeong-woo, held a weeklong board meeting in Canada last year, which cost some 680 million won in total. Police suspect the expenses were shared by the company's subsidiaries, with Posco-Canada pay
Economy Jan. 12, 2024
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JCS chief calls for 'seamless' surveillance at western coastal units
South Korea's top military officer has called for "seamless" surveillance as he visited units on the western coast, the Joint Chiefs of Staff said Friday, in the wake of North Korea's recent artillery firing. JCS Chairman Adm. Kim Myung-soo inspected a coastal guard unit and a radar base, both located in Taean County, 109 kilometers southwest of Seoul, on Thursday. The latest inspection visit came after the North fired hundreds of artillery shells near the western sea border
Defense Jan. 12, 2024
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S. Korean, US top diplomats agree to cooperate on N.K. threats, peace in Taiwan Strait, South China Sea
The top diplomats of South Korea and the United States agreed to work together to address North Korean threats and support peace in the Taiwan Strait and the South China Sea in their phone call Thursday, a State Department spokesperson said. US Secretary of State Antony Blinken held the first phone conversation with his new South Korean counterpart, Cho Tae-yul, since Cho assumed office this week to succeed Park Jin. "Secretary Blinken and Foreign Minister Cho also agreed to continue workin
Foreign Affairs Jan. 12, 2024
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Seoul shares open lower amid extended losing streak
South Korean stocks opened slightly lower Friday amid a prolonged losing streak ahead of the earnings season. The benchmark Korea Composite Stock Price Index shed 3.22 points, or 0.13 percent, to 2,537.05 in the first 15 minutes of trading. The Kospi has been on a seven-day losing streak. Large caps traded mixed. Market kingpin Samsung Electronics added 0.55 percent, with No. 2 chipmaker SK hynix gaining 0.29 percent and leading cosmetics firm Amore Pacific adding 0.79 percent. Top drugmaker Cel
Market Jan. 12, 2024
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US slaps sanctions on 3 Russian entities, 1 individual over arms transfers with N. Korea
The United States imposed sanctions on three Russian entities and one individual for their involvement in the transfer and testing of North Korean ballistic missiles for Russia's use against Ukraine, Secretary of State Antony Blinken said Thursday. The sanctions came after the White House said that the North has provided Russia with several dozen ballistic missiles, some of which were used to strike Ukrainian targets on Dec. 30, Jan. 2 and Saturday. "The entities and individual were co
Foreign Affairs Jan. 12, 2024
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Taeyoung receives 96% of support from creditors for debt restructuring
Troubled builder Taeyoung Engineering & Construction Co. has received 96.1 percent of support from creditors to move forward with a debt restructuring program, its main creditor said Friday. The level of support was higher than the 75 percent that Taeyoung was required to have for the debt rescheduling program, allowing the builder to postpone the repayment of its debts until April 11. Under the program, due diligence will be conducted to figure out the financial status of Taeyoung and its v
Economy Jan. 12, 2024
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US notes China's role in curbing N. Korea's 'provocative' activity
The United States on Thursday took note of China's role in curbing North Korea's "provocative" and "harmful" activities amid international criticism over Pyongyang's transfers of weapons to Russia and its evolving military threats. State Department Deputy Spokesperson Vedant Patel made the remarks in response to a reporter's question over whether China -- with close relations with the North and Russia -- is responsible for its apparent inaction regarding t
Foreign Affairs Jan. 12, 2024
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Creditors vote to allow troubled builder Taeyoung to move forward with debt restructuring
Creditors of debt-ridden Taeyoung Engineering & Construction Co. voted Thursday to allow the ailing builder to move forward with a debt restructuring program. Taeyoung, the 16th-largest builder in South Korea in terms of construction capacity, applied for a debt restructuring program late last month due to a liquidity shortage over real estate project financing (PF) loans. The state-run Korea Development Bank (KDB) and other creditors held a meeting earlier Thursday to vote on whether to all
Economy Jan. 11, 2024
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Seoul shares close nearly flat ahead of US inflation data
South Korean shares closed a tad lower Thursday, extending their losing streak to a seventh consecutive session as investors awaited important US inflation data. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index fell 1.71 points, or 0.07 percent, to close at 2,540.27. Trade volume was moderate at 740 million shares worth 10.7 trillion won ($8.15 billion), with losers outnumbering gainers 439 to 438. The Kospi had opened in positive terrain, slightly e
Market Jan. 11, 2024
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New trade minister vows to address supply chain risks for chips, batteries
South Korea's new trade minister said Thursday he will make efforts to address supply chain risks of the country's key export goods, including chips and batteries. "Major countries are competitively announcing trade policies with a focus on fostering and protecting their industries amid looming protectionism around the globe," Trade Minister Cheong In-kyo said. "Along with the lingering competition between the US and China, there are many factors that disrupt the supply
Market Jan. 11, 2024
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Creditors of troubled builder Taeyoung set to decide on debt restructuring
Creditors of debt-ridden Taeyoung Engineering & Construction Co. were set to make a decision Thursday on whether to allow the ailing builder to move forward with a debt restructuring program. Taeyoung, the 16th-largest builder in South Korea in terms of construction capacity, applied for a debt restructuring program late last month due to a liquidity shortage over real estate project financing loans. The state-run Korea Development Bank, the builder's main creditor, will receive documen
Industry Jan. 11, 2024
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