Articles by Yonhap
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Seoul shares open lower on Fed's rate freeze
South Korean stocks started lower Thursday following the US Federal Reserve's rate-freeze decision. The benchmark Korea Composite Stock Price Index lost 7.6 points, or 0.28 percent, to 2,684.46 in the first 15 minutes of trading. On Wall Street, US stocks closed mixed after the central bank held the key interest rate flat and signaled a future rate cut, citing volatile inflation. The Dow Jones Industrial Average rose 0.23 percent, and the Nasdaq Composite dropped 0.33 percent. In Seoul, chi
Market May 2, 2024
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Finance minister vows 'bold market stabilization measures' against excessive volatility
Finance Minister Choi Sang-mok vowed Thursday to stay vigilant on uncertainties regarding interest rate decisions by major economies and the Middle East crisis and to take bold market stabilization steps when necessary. Choi made the remarks during an emergency macroeconomic meeting meant to assess the Federal Reserve's rate-setting meeting Wednesday, where it kept the benchmark interest rate at between 5.25-5.5 percent for a sixth consecutive time. Fed Chair Jerome Powell said interest rat
Economy May 2, 2024
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Yoon vows to protect 'value of labor' on Labor Day
President Yoon Suk Yeol vowed to protect the "value of labor" as he marked Labor Day on Wednesday. Yoon also said in a Facebook post that South Korea's remarkable growth was thanks to the "sweat and efforts" of its 28.4 million workers. "The government and I will protect the precious value of labor without fail," he wrote. "We will make your workplaces safer and fairer, and thoroughly see to it that you can find the meaning of life through labor." Mea
Politics May 1, 2024
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Govt. to launch task force for supporting people's livelihoods
Finance Minister Choi Sang-mok said Wednesday the government will set up a task force in charge of monitoring and resolving issues regarding economic livelihoods of the people. Choi made the remarks during an emergency economic ministers' meeting in Seoul, stressing the government's priority of reviving the economy and boosting consumer sentiment amid weak domestic demand and high inflation. "We will not just be satisfied with decent economic data and will put policy priority on h
Economy May 1, 2024
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S. Korea lowers COVID-19 warning level, lifts last-remaining antivirus mandates
Wearing marks at hospitals in South Korea is not a must anymore as the government downgraded the infection level of COVID-19 and lifted most last-remaining antivirus regulations. Effective Wednesday, the country lowered the four-grade COVID-19 crisis level from the second-highest "alert" to the lowest "concern" in a move to fully return to pre-pandemic normalcy, according to the Central Disaster and Safety Countermeasures Headquarters. The decision came more than four years a
Social Affairs May 1, 2024
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Jeonju film fest to kick off, featuring over 230 films
The Jeonju International Film Festival, South Korea's premier platform for indie and art house cinema, is scheduled to commence later in the day, showcasing 232 films from 43 countries, the organizer said Wednesday. The 25th edition of the festival will kick off with a 10-day run, with an opening ceremony at 7:30 p.m. at the Sori Arts Center in Jeonju, located about 190 kilometers south of Seoul. The Japanese film "All the Long Nights," directed and written by Miyake Sho, will ope
Film May 1, 2024
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
South Korea's potential participation in part of the AUKUS security partnership was among the agenda items it discussed with Australia during a "two plus two" meeting among their foreign and defense chiefs Wednesday, the Korean defense minister said. Defense Minister Shin Won-sik made the remark during a joint press conference, noting that his country's possible participation in the minilateral security partnership, comprising Australia, Britain and the United States, will co
Foreign Affairs May 1, 2024
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Creditors of Taeyoung E&C approve capital reduction plan
Creditors of Taeyoung Engineering & Construction on Tuesday approved a massive capital reduction plan designed to support the builder currently undergoing a debt restructuring program. More than 75 percent of the builder's creditors agreed to the plan to reduce major shareholders' stakes at a 100-to-1 ratio without compensation. The plan, proposed by Taeyoung's main creditor, Korea Development Bank, earlier this month, also seeks to raise some 700 billion won ($507 million) th
Industry April 30, 2024
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S. Korean, Australian defense chiefs agree to bolster defense industry ties
The defense chiefs of South Korea and Australia held talks in Melbourne on Tuesday and discussed ways to step up cooperation for regional security and defense industry. Defense Minister Shin Won-sik met Australian Deputy Prime Minister and Minister for Defense Richard Marles during his visit to Australia for "two plus two" talks among the countries' foreign and defense ministers, slated for Wednesday. In their first meeting since their gathering in Seoul last October, the minister
Defense April 30, 2024
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S&P keeps 'AA' rating on S. Korea with stable outlook
Global credit appraiser S&P Global Ratings said Tuesday it has maintained its credit rating on South Korea at "AA," with a stable outlook. S&P has kept South Korea's long-term sovereign credit rating at the third-highest level on the company's table since August 2016, when it upgraded the rating by one notch from "AA-." "The stable rating outlook reflects our expectation that (South) Korea will maintain average growth rates that are higher than most oth
Economy April 30, 2024
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Seoul shares up for 3rd day on Samsung, batteries
South Korean stocks finished up for a third consecutive session Tuesday backed by a strong earnings performance by top cap Samsung Electronics and overnight US stock gains. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 4.62 points, or 0.17 percent, to 2,692.06. Trade volume was moderate at 450 million shares worth 11.1 trillion won ($8.03 billion). Winners outpaced losers 439 to 408. Institutions and foreign investors combined bought a net 52
Market April 30, 2024
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S. Korea's tax revenue falls W2.2tr on-year through March
South Korea's tax revenue fell 2.5 percent on-year during the first three months of 2024 due mainly to weak corporate performances, the finance ministry said Tuesday. The government collected 84.9 trillion won ($61.68 billion) in taxes this year through March, down 2.2 trillion won from a year earlier, according to the Ministry of Economy and Finance. The decline was due mainly to the fall in corporate taxes collected and income taxes. The collection of corporate taxes sank 22.8 percent, or
Economy April 30, 2024
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Seoul shares open higher on Samsung
South Korean stocks opened slightly higher Tuesday backed by strong earnings performance by top cap Samsung Electronics and overnight US stock gains. The benchmark Korea Composite Stock Price Index gained 7.81 points, or 0.29 percent, to 2,665.25 in the first 15 minutes of trading. Samsung Electronics, the world's largest memory chip manufacturer, announced earlier in the day its first quarter operating profit shot up more than tenfold from a year ago in the first quarter, with its chip bus
Market April 30, 2024
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S. Korea to issue travel ban on Haiti amid intensifying gang violence
South Korea will impose a travel ban on Haiti next month due to increasing safety concerns as gang violence is escalating in the Caribbean nation, the foreign ministry has said. The Level 4 travel advisory, the highest of the four-scale system, will go into effect Wednesday, and it will be applied to all areas of the island nation, the ministry said. The ministry cited the security situation in Haiti that has recently worsened due to the deadly attacks led by a gang coalition and the leadership
Foreign Affairs April 30, 2024
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Industrial output falls by most in 4 years in March
South Korea's industrial output logged the sharpest fall in about four years after four months of monthly gains in March on falling manufacturing production, data showed Tuesday. Retail sales, however, rebounded on rising demand for food and vehicles, among other items, amid concerns about weak domestic demand, according to the data compiled by Statistics Korea. Industrial output declined 2.1 percent in March from a month earlier, the first fall since October, It also marked the sharpest fa
Economy April 30, 2024
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