Articles by Yonhap
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Seoul shares fall sharply ahead of key economic events in US
South Korean stocks fell sharply Tuesday ahead of key economic events in the United States later this week. The local currency traded weaker against the US dollar. The benchmark Korea Composite Stock Price Index fell 23.45 points, or 0.84 percent, to 2,780.86, ending a two-session winning streak. Trade volume was moderate at 532.3 million shares worth 11.5 trillion won ($8.28 billion), with decliners sharply outnumbering gainers 691 to 195. Foreigners and institutions sold a net 30 billion won a
Market July 2, 2024
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S. Korea resumes border artillery drills on land for 1st time in 6 years
South Korea resumed live-fire exercises at artillery ranges near the border with North Korea on Tuesday for the first time in six years, following the suspension of an inter-Korean tension-reduction pact that restricted such drills. Troops fired some 140 rounds using the K9 and K105A1 self-propelled howitzers during the drills at front-line ranges in the provinces of Gyeonggi and Gangwon, located within 5 kilometers of the Military Demarcation Line within the Demilitarized Zone (DMZ) separating
Defense July 2, 2024
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Ruling party to launch filibuster to block special probe bill on Marine's death
The ruling People Power Party threatened to launch a filibuster Tuesday if the opposition seeks to pass a contentious bill mandating a special counsel investigation into the military's response to a Marine's death last year. The move comes as the main opposition Democratic Party is pushing to pass the bill and three broadcasting law revisions during this week's parliamentary plenary session despite objections from the PPP. The special probe bill calls for a special counsel to look
Politics July 2, 2024
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Yoon approves resignation of broadcasting watchdog chief ahead of impeachment vote
President Yoon Suk Yeol accepted the resignation of Korea Communications Commission Chairman Kim Hong-il on Tuesday, his office said, before a National Assembly vote on his impeachment. Kim offered to voluntarily step down earlier in the day, a move designed to have a successor continue the duties because impeachment would suspend the job. The position holds the key to decisions on broadcasting stations, including the appointment of a new president at MBC TV. The resignation came just hours befo
Politics July 2, 2024
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Head of broadcasting regulator voluntarily resigns as opposition parties seek impeachment
The head of the broadcasting regulator voluntarily stepped down Tuesday, as opposition parties are set to vote on an impeachment motion against him. Kim Hong-il, chair of the Korea Communications Commission, offered his resignation and skipped a Cabinet meeting earlier in the day. His voluntary stepping down came hours before the main opposition Democratic Party is set to report an impeachment motion against him to a plenary session of the National Assembly, citing "abuse of power." Th
Politics July 2, 2024
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Seoul shares start lower despite US gains
South Korean stocks opened slightly lower Tuesday despite overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index lost 7.76 points, or 0.28 percent, to 2,796.55 in the first 15 minutes of trading. Overnight, Wall Street closed slightly higher, while investors awaited US labor market data and the Federal Reserve minutes due later this week to seek clues about the interest rate outlook. The Dow Jones Industrial Average rose 0.13 percent, and the tech-heavy Nasdaq went up 0.
Market July 2, 2024
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Inflation slows to 11-month low of 2.4% in June
South Korea's consumer prices slowed to an 11-month low in June, though prices of fresh food items and petroleum products remained high, data showed Tuesday. Consumer prices, a key gauge of inflation, rose 2.4 percent on-year last month, compared with a 2.7 percent on-year rise a month earlier, according to the data from Statistics Korea. It was the third consecutive month that the price decelerated and stayed below 3 percent, and June's figure marked the lowest level since July 2023,
Economy July 2, 2024
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N. Korea says it test-fired new tactical ballistic missile capable of carrying super-large warhead
North Korea has test-fired a new tactical ballistic missile capable of carrying a super-large warhead, state media reported Tuesday, a day after South Korea said the North fired two missiles and one of them could have failed. North Korea successfully launched the Hwasong-11Da-4.5 missile capable of carrying a 4.5 ton-class super-large warhead on Monday, according to the Korean Central News Agency. "The test-fire was conducted with a missile tipped with a simulated heavy warhead to verify fl
North Korea July 2, 2024
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Rival parties lock horns over Marine's death at committee meeting
Rival parties clashed Monday over a bill mandating a special counsel investigation into the military's response to a Marine's death last year. The parliamentary House Steering Committee held a plenary meeting and questioned Chung Jin-suk, the presidential chief of staff, Principal Deputy National Security Adviser Kim Tae-hyo and other officials about the Marine's death. Lawmakers of the main opposition Democratic Party reiterated their calls for a special probe bill surrounding
Politics July 1, 2024
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Seoul shares up for 2nd day ahead of key events
South Korean stocks finished a tad higher Monday as investors took a breather ahead of the release of the Fed minutes and the second-quarter earnings guidance of Samsung Electronics. The local currency fell against the US dollar on the first day of won-dollar transactions being extended until 2 a.m. The benchmark Korea Composite Stock Price Index added 6.49 points, or 0.23 percent, to 2,804.31. Trade volume was slim at 452.5 million shares worth 9.8 trillion won ($7.1 billion), with losers beati
Market July 1, 2024
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Hanwha Aerospace aims to achieve W2.9tr in sales of aviation engine parts by 2032
Hanwha Aerospace Co. said Sunday it aims to generate 2.9 trillion won ($2.08 billion) in sales from the global aviation engine components business by 2032, with a target to secure capabilities for developing its own engine technologies for fighter jets. "Hanwha Aerospace has been actively promoting its global engine parts business, with Hanwha Aerospace USA (HAU) playing a key role," said Park Myong-hwan, chief financial officer at HAU. "We aim to achieve 2.9 trillion won in sales
Industry July 1, 2024
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Hanwha Ocean wins over W2tr orders for eight vessels
Major South Korean shipbuilder Hanwha Ocean Co. said Monday it has won orders totaling 2.15 trillion won ($1.55 billion) for eight carriers from two Middle Eastern shippers. Hanwha Ocean will build four liquefied natural gas (LNG) ships for one undisclosed Middle Eastern shipper at a cost of 1.43 trillion won and four very large crude carriers (VLCCs) for another at 719.6 billion won, the company revealed in a regulatory filing. So far this year, Hanwha Ocean has bagged $5.3 billion worth of ord
Industry July 1, 2024
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Presidential office to create position of political affairs minister
The office of President Yoon Suk Yeol will create the position of political affairs minister at the top office in an effort to strengthen communication with the National Assembly, Yoon's chief of staff said Monday. Presidential Chief of Staff Chung Jin-suk made the remark during a parliamentary steering committee meeting amid calls for Yoon's office to make greater efforts to reach out to the opposition-controlled parliament to better take care of state affairs and move its agenda forw
Politics July 1, 2024
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S. Korea, Vietnam host business forum to promote bilateral economic ties
South Korea's industry ministry said Monday it has hosted a business forum with Vietnam to seek new opportunities for partnerships in chips, artificial intelligence and other areas. Around 500 government and business officials from both countries attended the event, which took place during Vietnamese Prime Minister Pham Minh Chinh's visit to Seoul, according to the Ministry of Trade, Industry and Energy. The Vietnamese prime minister started his four-day trip to South Korea the previou
Foreign Affairs July 1, 2024
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Seoul shares start higher amid eased inflation woes, political uncertainties
South Korean stocks opened a tad higher Monday amid eased woes over US inflation and rising political uncertainties. The benchmark Korea Composite Stock Price Index added 0.95 point, or 0.03 percent, to 2,798.77 in the first 15 minutes of trading. Last week, US key inflation data of the personal consumption expenditures price index rose 0.1 percent on-month for May, meeting the market expectations. However, escalating uncertainties over the upcoming US presidential election weighed heavily on th
Market July 1, 2024
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