Articles by Yonhap
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Seoul shares down for 3rd day on foreign sell-off
South Korean stocks closed lower Friday as foreign investors unloaded big-cap tech and battery shares. The local currency fell against the US dollar. After opening slightly higher, the benchmark Korea Composite Stock Price Index (Kospi) lost 15.48 points, or 0.59 percent, to close at 2,593.82. Trade volume was slim at 259.1 million shares worth 8.1 trillion won (US$5.9 billion), with losers far outpacing winners 589 to 267. Overnight, the Dow Jones Industrial Average climbed 0.37 percent to clos
Market Oct. 18, 2024
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DP to take steps to impeach prosecutor general over nonindictment of first lady
The main opposition Democratic Party said Friday it will take steps to impeach Prosecutor General Shim Woo-jung over the prosecution's decision not to indict first lady Kim Keon Hee over her alleged involvement in a stock manipulation scheme. "The (DP) leadership discussed the issue of impeaching the prosecutor general and concluded to go ahead with it," Jo Seoung-lae, a senior DP spokesperson, told reporters after a Supreme Council meeting. "The steps and timing of the impea
Politics Oct. 18, 2024
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PPP voices objections to new first lady special counsel bill
The ruling People Power Party on Friday voiced objections to a new opposition-introduced bill calling for a special counsel probe into allegations involving first lady Kim Keon Hee, calling it an "unconstitutional wicked bill." The main opposition Democratic Party introduced the bill on Thursday, the third time it submitted such a proposal after two previous versions were scrapped following revotes triggered by President Yoon Suk Yeol's vetoes. The new bill expands the scope of th
Politics Oct. 18, 2024
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Domestic demand shows signs of recovery despite gaps among sectors: finance ministry
The South Korean economy has been on a path for recovery led by exports and domestic demand showed signs of improvement, the finance ministry said Friday. The ministry made the assessment in its monthly economic report, the Green Book, while noting that the pace of recovery differs among sectors. "The economy continues to show a recovery trend centering on exports and the manufacturing sector amid the stabilization of consumer prices. Domestic demand is also showing signs of a gradual recov
Economy Oct. 18, 2024
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Seoul shares open higher on Wall Street gains
South Korean shares opened slightly higher Friday, taking a cue from overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (Kospi) added 4.09 points, or 0.16 percent, to 2,613.39 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average climbed 0.37 percent to close at 43,239.05, marking a new high for a second consecutive session on reports of better-than-anticipated consumer spending. The U.S. Department of Commerce reported that the value of ret
Market Oct. 18, 2024
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Seoul envoy calls for stronger defense industry cooperation, cautions against protectionism
Seoul's top envoy to Washington cautioned Thursday against economic "protectionism" as he highlighted the need to address barriers that preclude full defense industrial cooperation between South Korea and the United States. Speaking at a think tank forum, Ambassador Cho Hyun-dong pointed to a US legal mandate requiring US naval ships to be built in America as a challenge limiting efforts to expand collaboration between the US and its foreign partners. "This issue is particula
Politics Oct. 18, 2024
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Zelenskyy says N. Korea is preparing 10,000 troops to help Russia
Ukrainian President Volodymyr Zelenskyy said Thursday that North Korea is preparing to send around 10,000 soldiers to Russia to support its war against Ukraine, calling the development "a big problem." Zelenskyy cited Ukrainian intelligence reports indicating that North Korean personnel have already been deployed in Russian-occupied Ukrainian territories, with additional troops being prepared to join the fight. "We know about 10,000 soldiers of North Korea that they are preparin
Diplomatic Circuit Oct. 17, 2024
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Twins shut out Lions to stave off elimination in KBO postseason
The LG Twins defeated the Samsung Lions 1-0 on Thursday to stave off elimination in the Korea Baseball Organization (KBO) postseason. Twins starter Im Chan-kyu threw 5 1/3 shutout innings at Jamsil Baseball Stadium in Seoul, and Elieser Hernandez added 3 2/3 scoreless frames to combine for the narrow win before a sellout crowd of 23,750. The Twins scored the only run of the game via a sacrifice fly by Hong Chang-ki in the bottom fifth. The Lions still lead this best-of-five series 2-1 and will
Baseball Oct. 17, 2024
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Foreign ministry strongly urges missionaries in Lebanon, Israel to leave
The foreign ministry on Thursday strongly urged Korean missionaries in Lebanon and Israel to leave the countries as soon as possible amid escalating military tension in the Middle East. Hong Seok-in, who is in charge of the protection of overseas nationals and consular affairs, conveyed the warning during a meeting with 10 missionary organizations. He strongly advised the missionaries in Lebanon and Israel to promptly leave the area via available flights, considering the escalating conflict betw
Diplomatic Circuit Oct. 17, 2024
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Central bank chiefs from S. Korea, China, Japan meet over economic, financial issues
Central bank chiefs from South Korea, China and Japan held a meeting in Beijing on Thursday to discuss a variety issues, including economic and financial trends. Bank of Korea (BOK) Gov. Rhee Chang-yong met with his Chinese counterpart, Pan Gongsheng, and Japanese counterpart, Kazuo Ueda, at the gathering, the 13th of its kind, chaired by Beijing's top central banker, according to the BOK. The BOK said the central bank chiefs exchanged their views on recent economic and financial issues.
Economy Oct. 17, 2024
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Seoul shares close tad lower on foreign selling
South Korean shares closed slightly lower Thursday as foreign investors extended their selling streak to a second session. The local currency lost ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index (Kospi) slipped 1.06 points, or 0.04 percent, to close at 2,609.30. Trading volume was moderate at 325 million shares worth 9.7 trillion won ($7.09 billion), with losers outnumbering gainers 511 to 358. Foreign investors net sold 405.8 billion won worth of local shares, on
Market Oct. 17, 2024
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Yoon's office vows to press ahead with reforms after ruling party's by-election wins
The office of President Yoon Suk Yeol vowed Thursday to push for major reform agenda items after the ruling People Power Party won crucial by-elections on its home turf. The PPP secured victories in its traditional stronghold constituencies -- Busan's Geumjeong District and Incheon's Ganghwa County -- in Wednesday's by-elections as the party seeks to recover from waning approval ratings for both Yoon and the party following its crushing defeat in the April 10 parliamentary electio
Politics Oct. 17, 2024
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N. Korean hackers steal $3b in cryptocurrency since 2017 to fund nuclear program: report
North Korean hackers have stolen an estimated US$3 billion worth of cryptocurrency since 2017, using the funds to support the regime's nuclear and missile programs, a Microsoft report showed Thursday. Of that amount, between $600 million and $1 billion was stolen just last year, based on Microsoft's Digital Defense Report for 2024. The report highlights that these stolen funds have financed over half of Pyongyang's nuclear development efforts. Since last year, Microsoft has identi
North Korea Oct. 17, 2024
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Ruling party chief again calls for first lady's withdrawal from public activities
Ruling party leader Han Dong-hoon on Thursday called again for first lady Kim Keon Hee to withdraw from public activities following the party's wins in crucial by-elections the previous day. Han of the People Power Party also reiterated his call for a presidential office reshuffle to remove those considered close to Kim and exercising undue influence on state affairs. "First lady Kim Keon Hee should refrain from public activities in keeping with her promise during the presidential elec
Politics Oct. 17, 2024
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Finance minister calls for thorough preparations for uncertainties over US politics
Finance Minister Choi Sang-mok on Thursday called for thorough preparations for uncertainties stemming from the upcoming presidential election in the United States. Choi made the remarks during a ministerial meeting on external economics, also pointing to escalating tensions in the Middle East as major external challenges, according to the Ministry of Economy and Finance. "The US presidential election is just about 20 days away, and there is a possibility of a wider conflict in the Middle E
Politics Oct. 17, 2024
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