Articles by Yonhap
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S. Korea cuts over 10,000 employees at state-run institutions in 2023
The government cut more than 10,000 workers from state-run companies in 2023 as part of efforts to reform and innovate the management of public firms, the finance ministry said Wednesday. Public companies let go of a combined 11,374 workers last year through organization restructuring, voluntary retirement and various other programs, which surpassed the government's target of shedding 11,072 employees that year, according to the Ministry of Economy and Finance. State-run firms also sold 409
Social Affairs Feb. 28, 2024
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S. Korea, UAE discuss railway, infrastructure cooperation
South Korea and the United Arab Emirates have recently held high-level meetings involving bilateral cooperation in the areas of railway construction, infrastructure and energy, officials said Wednesday. Park Sang-woo, South Korea's land, infrastructure and transport minister, met with Suhail Mohamed Al Mazrouei, minister of energy and infrastructure of the UAE, in the Middle Eastern country Monday, and agreed to expand the scope of cooperation to new business areas, such as hydrogen and cle
Social Affairs Feb. 28, 2024
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S. Korea, US to launch annual joint military drills next week
South Korea and the United States plan to kick off major combined military drills next week, South Korea's Joint Chiefs of Staff said Wednesday, as the allies seek to bolster joint readiness against evolving military threats from North Korea. The annual Freedom Shield exercise is set to take place from Monday to March 14 to carry out the computer simulation-based command post exercise, field training and other maneuvers, the JCS said. The exercise is aimed at strengthening the combined defe
Foreign Affairs Feb. 28, 2024
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New Galaxy S24 sales top 1 million in S. Korea
Samsung Electronics Co. said Wednesday sales of its latest Galaxy S series smartphones have exceeded 1 million units in South Korea within just 28 days of their launch. The Galaxy S24 series, which was unveiled on Jan. 16, reached the 1 million mark on the previous day, beating the previous record set by the Galaxy S8 series released in 2017 by nine days, according to Samsung Electronics. The achievement was three weeks ahead of its predecessor, the Galaxy S23 series, but just three days behind
Technology Feb. 28, 2024
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Financial regulator reaffirms efforts to address risks of short-term property loans
The head of the country's financial regulator vowed continued efforts Wednesday to quickly address risks related to real estate project financing loans. Lee Bok-hyun, governor of the Financial Supervisory Service, stressed that such efforts will help end the capital crunch caused by PF loans related risks. "We are witnessing signs of a capital crunch as excessive amounts of money invested in real estate PF remain tethered," he told a meeting with the heads of financial think tanks
Economy Feb. 28, 2024
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S. Korea, US defense chiefs vow to sternly deal with arms transfers between N. Korea, Russia
The defense chiefs of South Korea and the United States spoke by phone Wednesday and vowed to sternly deal with North Korea's arms transfers to Russia in coordination with the international community, Seoul's defense ministry said. Defense Minister Shin Won-sik and his US counterpart, Lloyd Austin, held the phone talks amid rising concerns over North Korea's supplying munitions and missiles to Russia to replenish its weapons stockpile for use in Ukraine. "They shared concerns
Defense Feb. 28, 2024
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S. Korea urges caution in Golden Triangle region amid increasing crimes
The foreign ministry on Wednesday urged caution against increasing cases of employment fraud in the "Golden Triangle" region straddling Thailand, Myanmar and Laos. The ministry urged South Koreans to take extra caution in the area as cases involving luring people with the promise of high profits, then kidnapping and forcing them to engage in illegal activities have recently increased there. A total of 55 such cases concerning 140 victims have been reported so far in the region since 20
Social Affairs Feb. 28, 2024
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Seoul shares open nearly flat ahead of key US data
South Korean stocks started nearly flat Wednesday as investors took a wait-and-see approach ahead of key economic indicators set to be released in the United States this week. The benchmark Korea Composite Stock Price Index edged up 0.78 points, or 0.03 percent, to 2,625.83 in the first 15 minutes of trading. Overnight, the US stock market closed mixed, with the Dow Jones Industrial Average falling 0.25 percent while the tech-heavy Nasdaq Composite added 0.37 percent. The US is set to announce t
Market Feb. 28, 2024
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White House official says S. Korean firms help form supply chain ecosystem, create decent jobs
A senior White House official on Tuesday portrayed South Korean enterprises operating in the United States as helping foster a robust supply chain ecosystem and create decent jobs, Seoul's foreign ministry said. Lael Brainard, the director of the National Economic Council, made the point during a meeting with South Korean Foreign Minister Cho Tae-yul at the White House. Cho is in Washington for a meeting with Secretary of State Antony Blinken set for Wednesday. "Director Brainard said
Foreign Affairs Feb. 28, 2024
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Health services disrupted as mass walkout by trainee doctors approaches deadline
Medical services at major hospitals have been disrupted as a mass walkout by trainee doctors is nearing a deadline set by the government to return to work, but a small number of junior doctors went back to work. About 9,000 trainee doctors walked off their jobs for the ninth day in a row Wednesday, as the government ordered them to go back to work by Thursday. Unless they return to work, they will face suspension of licenses and even indictment, but both the government and junior doctors showed
Social Affairs Feb. 28, 2024
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US takes step toward signing defense procurement pact with S. Korea
The US Defense Department has started a process to solicit industry feedback on its pursuit of a defense procurement agreement with South Korea to allow easier access to each other's market amid growing security uncertainties from North Korean threats and other challenges. Last week, the department posted a notice in the Federal Register to request public comments on the pursuit of a new Reciprocal Defense Procurement Agreement with South Korea through March 25. Seoul and Washington have be
Politics Feb. 28, 2024
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DAPA clears HD Hyundai Heavy to bid in gov't contracts
The state arms procurement agency on Tuesday cleared major shipbuilder HD Hyundai Heavy Industries Co. to bid in government contracts after deliberating on its possible restriction over the company's involvement in a military secret leak. Last November, employees at HD Hyundai Heavy Industries were found guilty of violating the Military Secret Protection Act by acquiring military secrets related to the Korea Destroyer Next Generation (KDDX) project and sharing them on their company server f
Industry Feb. 27, 2024
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Hwang Sun-hong chosen as caretaker boss of nat'l football team
U-23 Korean national team manager Hwang Sun-hong was chosen Tuesday to concurrently helm the senior national team as its interim manager. The Korea Football Association (KFA) made the announcement following a meeting of its National Team Committee, which is responsible for appointing coaches for national teams across different age brackets. "Hwang is a coach affiliated with the KFA and has recently demonstrated his achievements with his team's victory at the Hangzhou Asian Games,"
Soccer Feb. 27, 2024
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Seoul shares end lower ahead of US economic data
South Korean stocks ended more than 0.8 percent lower Tuesday as investors were in cautious mode ahead of the release of major US economic data later this week. The local currency gained ground against the US dollar. The benchmark Korea Composite Stock Price Index retreated 22.03 points, or 0.83 percent, to 2,625.05. Trade volume was slightly heavy at 567.4 million shares worth 12.4 trillion won ($9.3 billion), with decliners sharply beating gainers 745 to 149. Institutions led the decline by un
Market Feb. 27, 2024
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Retail sales rise 8.2% in Jan. on robust online performance
Retail sales in South Korea advanced 8.2 percent on-year in January following the robust performance of online platforms, the industry ministry said Tuesday. The combined sales of 25 major offline and online retailers came to 15.7 trillion won ($11.78 billion) last month, compared with 14.5 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Offline store sales edged down 0.3 percent last month, as the Lunar New Year holiday fell in February
Economy Feb. 27, 2024
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