Articles by Yonhap
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PM vows to closely communicate with Natl. Assembly to enact law for AI industry
Prime Minister Han Duck-soo said Wednesday the government will collaborate with the National Assembly to promptly enact a law supporting the artificial intelligence industry. Han underscored the importance of the proposed AI Act, which aims to establish a legal framework promoting the AI industry while ensuring the safe use of the technology. "(The government) will closely communicate with the National Assembly to promptly pass the AI Act," Han said during a conference in Seoul. "
Politics Oct. 23, 2024
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Fuel tax cut to be extended by 2 months with adjustments
The finance ministry said Wednesday it will extend the tax cut on fuel by another two months with some adjustments amid the ongoing Middle East crisis. Under the decision, South Korea will apply a 15 percent discount on gasoline consumption and a 23 percent cut on diesel and liquefied petroleum gas, according to the Ministry of Economy and Finance. South Korea has been applying a 20 percent discount on gasoline consumption and a 30 percent discount on diesel and liquefied petroleum gas, which we
Economy Oct. 23, 2024
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Seoul shares open higher on retail buying
Seoul shares opened higher Wednesday on retail buying, though investors remain cautious due to concerns over a slower pace of the Federal Reserve's rate cuts. The benchmark Korea Composite Stock Price Index (Kospi) rose 3.53 points, or 0.14 percent, to 2,574.23 in the first 15 minutes of trading. Overnight, US stocks closed mixed. The Dow Jones Industrial Average fell 0.02 percent to 42,924.89, while the tech-heavy Nasdaq Composite rose 0.18 percent to 18,573.13. In Seoul, large-cap stocks
Market Oct. 23, 2024
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N. Korean leader urges bolstering war deterrence, citing US nuclear threats
North Korean leader Kim Jong-un has once again called for enhancing the country's war deterrence, including the readiness of its nuclear capabilities, in response to what he described as growing nuclear threats from the United States, state media said Wednesday. Kim made the remarks during his inspection of "strategic missile bases," the Korean Central News Agency said in an English-language dispatch. The report did not specify the location or the date of the inspection. "As
North Korea Oct. 23, 2024
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Age can't stop Cho Yong-pil: K-pop legend's triumphant return with 20th LP
South Korean music legend Cho Yong-pil proves that age is not a barrier to pursuing a career in music. The 74-year-old singer made a monumental return Tuesday with the release of his 20th full-length album, aptly titled "20," marking his first studio album in 11 years. "Releasing new songs at over 70 is challenging, but I worked really, really hard," he said during a press conference in Seoul to promote the album. Although he suggested "20" might be his last, he add
K-pop Oct. 22, 2024
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NK leader's sister accuses S. Korea, Ukraine of provocation, likens them to 'bad dogs bred by the US'
The powerful sister of North Korean leader Kim Jong-un slammed South Korea and Ukraine on Tuesday for what she claimed was a military provocation against Pyongyang, likening the two countries to "bad dogs bred by the US." The statement by Kim Yo-jong, vice department director of the central committee of the ruling Workers' Party, came days after South Korea's spy agency said the North was sending troops to fight alongside Russia in the war in Ukraine. "A military provoca
North Korea Oct. 22, 2024
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Seoul shares end lower on Samsung woes; won slips for 7th day
Seoul shares closed lower Tuesday as Samsung and other market heavyweights came under heavy selling following overnight losses on Wall Street. The Korean won continued to slip against the US dollar. The benchmark Korea Composite Stock Price Index fell 34.22 points, or 1.3 percent, to close at 2,570.70. Institutions and foreigners sold a combined 602 billion won ($436 million) worth of stocks, exceeding individuals' stock purchases valued at 582 billion won. Trade volume was moderate at 337.
Market Oct. 22, 2024
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Russian, N. Korean flags displayed together on Ukraine battlefield
A pro-Russia Telegram account has posted a photo showing the Russian and North Korean flags side by side on a Ukrainian battlefield, indicating that North Korea has likely sent troops to support Russia in its prolonged war with Ukraine. The image, shared by a blogger named @rvvoenkor_bot on Monday, showed the two flags raised together over a mine in Pokrovsk, one of the strongholds on Ukraine's eastern front. The blogger said that the North Korean flag has recently been raised on a hill at
North Korea Oct. 22, 2024
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Seoul shares open lower after Wall Street dip
Seoul shares opened lower Tuesday as US stocks took a breather after reporting their longest weekly rally this year. The benchmark Korea Composite Stock Price Index fell 16.66 points, or 0.6 percent, to 2,588.26 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.8 percent to 42,931.60, while the tech-heavy Nasdaq Composite rose 0.3 percent to 18,540.01. In Seoul, large-cap stocks were mixed. Market bellwether Samsung Electronics Co. fell 1 percent, top carmake
Market Oct. 22, 2024
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Opening game of Korean Series suspended due to rain
The opening game of the South Korean baseball championship series was suspended by rain in the southern city of Gwangju on Monday, the first such occurrence in Korea Baseball Organization (KBO) postseason history. Game 1 of the Korean Series between the home team Kia Tigers and the Samsung Lions was put on hold at 9:24 p.m., with the Lions leading 1-0 in the top of the sixth inning at Gwangju-Kia Champions Field in Gwangju, 270 kilometers south of Seoul. The Lions had runners at first and second
Baseball Oct. 21, 2024
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Russia defends N. Korea ties, denies clarifying use of N. Korean soldiers in Ukraine
Russia said on Monday it will continue its cooperation with North Korea but declined to comment on allegations that it plans to use North Korean soldiers in military operations against Ukraine. "There is a lot of contradictory information," Kremlin spokesperson Dmitry Peskov told reporters when questioned about the alleged dispatch of North Korean troops and a possible plan to use them, according to the Russian news agency TASS. He added such questions should be directed to the defense
Foreign Affairs Oct. 21, 2024
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Yoon, British FM agree to cooperate against NK-Russia military cooperation
President Yoon Suk Yeol met with British Foreign Secretary David Lammy on Monday to discuss strengthening security and defense industry cooperation amid deepening military ties between North Korea and Russia, Yoon's office said. During the meeting, Yoon shared the latest information on North Korea's preparations for sending troops to Russia to support its war in Ukraine, and pledged to cooperate closely with Britain and the North Atlantic Treaty Organization to counter the threats, h
Foreign Affairs Oct. 21, 2024
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Seoul shares snap 3-day fall on bargains; won at over 2-month low
Seoul shares closed higher Monday to snap their three-day slide as investors scooped oversold stocks after US gains. The Korean won fell to the lowest in over two months against the US dollar. The benchmark Korea Composite Stock Price Index rose 11.1 points, or 0.43 percent, to close at 2,604.92. Trade volume was moderate at 235.86 million shares worth 7.6 trillion won ($5.5 billion), with gainers outpacing losers 434 to 427. Institutions and foreigners bought a combined 284 billion won, exceedi
Market Oct. 21, 2024
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Yoon, ruling party leader set to meet amid controversies surrounding first lady
President Yoon Suk Yeol and the ruling party chief were set to meet Monday to discuss a range of pressing issues, likely including controversies involving first lady Kim Keon Hee. Yoon and Han Dong-hoon, chair of the People Power Party, were scheduled to meet for tea at the presidential office at 4:30 p.m., with the presidential chief of staff, Chung Jin-suk, also attending, Yoon's office said. The meeting comes as Yoon and the ruling party seek to recover from declining approval ratings, w
Politics Oct. 21, 2024
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Seoul shares open higher on Wall Street gains
Seoul shares opened higher Monday, tracking gains on Wall Street last week. The benchmark Korea Composite Stock Price Index (Kospi) rose 5.19 points, or 0.2 percent, to 2,599.01 in the first 15 minutes of trading. On Friday, the Dow Jones Industrial Average gained 0.09 percent to 43,275.91, and the tech-heavy Nasdaq Composite was up 0.63 percent to 18,489.55. In Seoul, large-cap stocks were mixed. Market bellwether Samsung Electronics Co. fell 0.8 percent, leading auto parts maker Hyundai Mobis
Market Oct. 21, 2024
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