Articles by Yonhap
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Seoul shares open higher on institutional buying
Seoul shares opened higher Wednesday on institutional buying, with investors staying watchful on whether the US Federal Reserve will slash key rates this year. The benchmark Korea Composite Stock Price Index rose 3.65 points, or 0.13 percent, to 2,738.01 in the first 15 minutes of trading. Overnight, US stocks ended nearly flat. The Dow Jones Industrial Average inched up 0.08 percent at 38,884.26, and the tech-heavy Nasdaq fell 0.1 percent to 16,332.56. Institutions and individuals bought a comb
Market May 8, 2024
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Top S. Korean envoy to Russia attends Putin's inauguration ceremony: Seoul official
South Korean Ambassador to Russia Lee Do-hoon attended the inauguration ceremony of its leader Vladimir Putin, who began his fifth term as president on Tuesday (local time), Seoul officials said. Lee's attendance at the event held at the Kremlin came in contrast to counterparts from South Korea's ally, the United States, and many Western countries that boycotted the event over its war in Ukraine. European Union nations were also divided over sending delegations to the inauguration, a
Foreign Affairs May 7, 2024
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Seoul shares soar over 2% on looming hopes for US rate cuts
South Korean shares shot up over 2 percent Tuesday as investors were buoyed by growing hopes that the U.S. Federal Reserve may carry out rate cuts this year. The local currency gained against the U.S. dollar. The benchmark Korea Composite Stock Price Index jumped 57.73 points, or 2.16 percent, to close at 2,734.36. Trading volume was moderate at 523 million shares worth 10.9 trillion won ($8 billion), with winners outpacing losers 582 to 285. Investor sentiment was boosted by growing hope that t
Market May 7, 2024
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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
The top prosecutor on Tuesday pledged to speedily and strictly conduct an investigation into allegations that first lady Kim Keon Hee illegally received a luxury bag as a gift in 2022. Prosecutor General Lee One-seok made the pledge after he ordered last week the creation of an investigation team dedicated to the allegations involving the first lady. "The prosecution will conduct the investigation speedily and strictly only in accordance with evidence and the legal principles and take appro
Social Affairs May 7, 2024
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Govt. to offer more funds for emergency care amid protracted walkouts by doctors
Health Minister Cho Kyoo-hong said Tuesday that the government will extend its financial support for emergency care services by another month, as massive walkouts by junior doctors have disrupted health services at major hospitals for nearly three months. The government has injected 190 billion won ($140 million) per month from the national health insurance system since February to support operations at emergency rooms and increase compensation for emergency doctors. Cho told a response meeting
Social Affairs May 7, 2024
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Korean American author wins 2024 Pulitzer Prize for biography
A nonfiction book by a renowned Korean American author won this year's Pulitzer Prize in the biography category Monday, according to Columbia University, which administers the prestigious annual award. "Master Slave Husband Wife: An Epic Journey from Slavery to Freedom" by Ilyon Woo was announced as the winner of the prize. The book is based on the story of a young enslaved couple that made their escape together from Georgia to the free states of the North in 1848. Woo holds a BA
Books May 7, 2024
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S. Korea notes industry concerns over US inquiry, proposed rules on connected vehicle supply chains
South Korea has raised its automotive industry's concerns with the United States over Washington's inquiry and envisioned rules to address potential security risks from "connected vehicles" that use technology from China and other countries of concern. On April 30, the South Korean government submitted its comments to the US Department of Commerce as the department has requested public feedback on its rule-making process designed to tackle those risks stemming from supply cha
Industry May 7, 2024
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Seoul shares open higher on US rate cut hopes
South Korean shares opened higher Tuesday, tracking overnight gains on Wall Street, as investors were buoyed by looming hopes that the US Federal Reserve may slash key rates this year. The benchmark Korea Composite Stock Price Index added 49.32 points, or 1.84 percent, to 2,725.95 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average closed 0.46 percent higher, and the tech heavy Nasdaq rose 1.19 percent. The S&P 500 gained 1.03 percent In Seoul, top tech giant Sams
Market May 7, 2024
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US soldier detained in Russia on charges of criminal misconduct: US Army
An American soldier was detained on charges of criminal misconduct in the Russian Far East city of Vladivostok last week while on leave after finishing his tour of duty in South Korea, officials said Monday. US Army spokesperson Cynthia Smith said that the soldier, whose name was withheld, was detained Thursday, and that the US Army notified his family of his detention. The soldier was on leave in Russia following the completion of his tour of service in South Korea, a US official told Yonhap Ne
World News May 7, 2024
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DP to propose cash handouts as 1st bill of new National Assembly
The main opposition Democratic Party (DP) plans to propose legislation providing cash handouts of 250,000 won ($184) to the entire population as its first bill of the new National Assembly set to open later this month, its new floor leader said Monday. Rep. Park Chan-dae unveiled the plan in a radio interview with local broadcaster MBC after DP leader Lee Jae-myung asked President Yoon Suk Yeol last Monday to accept his election pledge for the cash handouts as a way to help restore the people
Politics May 6, 2024
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S. Korea, China in final stage of talks on FM Cho's visit to Beijing
BEIJING -- South Korea and China are in the final stage of talks to set up a visit to Beijing by Foreign Minister Cho Tae-yul that will make him the first South Korean foreign minister to visit the Chinese capital in more than six years, an official said Monday. The senior official at South Korea's Embassy in Beijing made the remark to South Korean correspondents, noting that Chinese Foreign Minister Wang Yi invited Cho to visit China when they held phone talks in February. "The two co
Foreign Affairs May 6, 2024
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Govt. asks hospitals to mitigate impact of medical professors' absence
The health ministry has asked hospitals to devise measures to minimize damage to patients from medical professors taking a collective action in support of a walkout by junior doctors protesting the increase in medical school quotas, officials said Monday. The Korean Hospital Association said the government has asked hospital chiefs to take appropriate measures for patients undergoing treatment when medical professors, who are senior doctors, resign or take a leave of absence. Medical professors
Social Affairs May 6, 2024
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Veterans minister to visit France, Germany this week
Veterans Minister Kang Jung-ai will visit France and Germany this week to strengthen cooperation in veterans affairs with countries that participated in the 1950-53 Korean War, her office said Sunday. Kang departed for France earlier in the day for a seven-day trip that also includes a stop in Germany from Wednesday to Saturday, according to the Ministry of Patriots and Veterans Affairs. In France, she will meet Christian Cambon, a member of the French Senate, to discuss bilateral cooperation on
Defense May 5, 2024
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Vice finance minister attends OECD meeting in Paris
First Vice Finance Minister Kim Byoung-hwan attended a ministerial meeting of the Organization for Economic Cooperation and Development (OECD) last week, Seoul's finance ministry said Sunday. During the meeting in Paris on Thursday and Friday (local time), Kim discussed global supply chains, inclusive growth and other issues, the Ministry of Finance and Economy said in a statement. On the sidelines of the meeting, Kim held separate talks with his counterparts, including Charlotte Vere of Br
Economy May 5, 2024
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Yoon invites kids to Children's Day event
President Yoon Suk Yeol on Sunday invited hundreds of children and parents to Cheong Wa Dae, the former presidential office, to commemorate Children's Day, his office said. Yoon invited around 360 children and their families to the Children's Day event, including those from rural areas and in foster care, as well as children from multicultural families, the presidential office said. "It is always exciting to meet with children," Yoon was quoted as saying by the office. "
Politics May 5, 2024
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