Articles by Yonhap
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S. Korea reelected to executive boards of WFP, UNICEF
South Korea has been reelected to the respective executive boards of the World Food Program and the United Nations Children's Fund for the 2025-27 period, the foreign ministry said Friday. South Korea retained its seats at the election held during a session of the U.N. Economic and Social Council. The executive boards, run by 36 member states, are the top governing body responsible for deciding policy directions and the supervision of overall activities. South Korea was among the six countr
Foreign Affairs April 12, 2024
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Uneven pace of economic recovery among sectors continues in S. Korea: finance ministry
The South Korean economy has largely been on a recovery track on the back of robust growth of exports and manufacturing production, but domestic demand remains weak and uncertainties have grown over global prices of raw materials, the finance ministry said Friday. "Our economy has seen an economic recovery centering on manufacturing output and exports while reporting a high level of employment," the Ministry of Economy and Finance said in the Green Book, its monthly economic assessment
Economy April 12, 2024
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US, Japan, Philippines stress Korean Peninsula denuclearization goal, decry NK threats
The United States, Japan and the Philippines affirmed their commitment to the "complete" denuclearization of the Korean Peninsula and denounced North Korea's growing military threats in their joint statement Thursday. Following their countries' first-ever trilateral summit in Washington, President Joe Biden, Japanese Prime Minister Fumio Kishida and Philippine President Ferdinand Marcos Jr. issued the "joint vision" statement, noting Pyongyang's provocative actions have "
World News April 12, 2024
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Seoul shares open lower despite US gains
South Korean stocks started lower Friday despite overnight US gains as investors await the Bank of Korea's rate decision later in the day. The benchmark Korea Composite Stock Price Index dropped 16.61 points, or 0.61 percent, to 2,690.35 in the first 15 minutes of trading. Overnight, the Nasdaq Composite jumped 1.7 percent and the S&P 500 rose 0.7 percent on a tech rally, while the Dow Jones Industrial Average was almost flat. Apple soared 4.3 percent, Nvidia surged 4.1 percent, and Amazon c
Market April 12, 2024
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S. Korea adds fewest number of jobs in 3 years in March; youth employment falls
South Korea added the fewest number of jobs in three years in March due mainly to a high base effect and weak employment in the agricultural sector amid unfavorable weather conditions, the statistics agency said Friday. The number of employed people came to 28.39 million last month, up 173,000 from a year earlier, according to the data compiled by Statistics Korea. It marked the fewest number of new jobs since February 2021, when the country lost 473,000 job posts on-year amid the COVID-19 pande
Social Affairs April 12, 2024
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US Navy secretary touts S. Korea's shipbuilding capabilities
US Secretary of the Navy Carlos Del Toro has noted South Korea's capabilities to build high-quality ships, including warships, in a cost-effective way while voicing concerns that America's shipbuilding capabilities have "atrophied" over the past decades. Toro made the remarks during an event organized by the Navy League in Maryland on Tuesday, stressing the need to reverse the United States' underinvestment in modernization and industrial capacity. "Our Korean and Japanese allies
World Business April 12, 2024
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S. Korea ordered to pay Mason Capital W43.8b in investor-state suit
An international tribunal ordered South Korea on Thursday to pay 43.8 billion won ($32 million) in compensation to US-based hedge fund Mason Capital in an investor-state suit the company filed over a controversial 2015 merger of two Samsung affiliates, the justice ministry said. The Permanent Court of Arbitration (PCA) in the Netherlands issued the decision nearly six years after the New York-based fund brought the investor-state dispute settlement process against the South Korean government, de
Industry April 11, 2024
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Court rejects doctor group leaders' request to halt license suspension
A Seoul court on Thursday dismissed requests by leaders of the biggest doctors' association to halt the government's suspension of their medical licenses in connection with a mass walkout by trainee doctors. The health ministry earlier imposed a three-month license suspension on two leaders of the Korea Medical Association (KMA), including the emergency committee head, Kim Taek-woo, accusing them of instigating a collective labor action by trainee doctors. The suspension becomes effective on Apr
Social Affairs April 11, 2024
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Man in his 40s nabbed for spray-painting slurs toward ex-President Moon
Police said Thursday they have nabbed a man in his 40s for scribbling slurs to former President Moon Jae-in on the outer walls of the prosecutors' office in southern Seoul. The man is accused of spray-painting swear words along with the names of the former president and former National Intelligence Service (NIS) Director Suh Hoon on the back gate of the Seoul High Prosecutors Office at 1:30 p.m. He also threw a rock at a glass window and fractured it, officials said. The man allegedly claim
Social Affairs April 11, 2024
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Police catch 1,681 over alleged election law violations
Police said Thursday they have caught 1,681 people and referred 46 of them to the prosecution for alleged irregularities related to the April 10 general elections. Of them, 1,468 people are undergoing investigations on charges of violating the election law, and 167 others were acquitted, according to the National Police Agency. It marks an increase of 24.5 percent, or 331 people, compared with the last general election, when 1,350 people were caught. By type of crime, those accused of spreading
Social Affairs April 11, 2024
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Seoul shares close almost flat despite higher US inflation; won sharply down
South Korean stocks ended almost flat Thursday thanks to gains in techs and autos despite higher-than-expected US inflation that dimmed hopes for the Federal Reserve's early rate cuts. The Korean won sharply fell to the lowest point in 17 months against the US dollar. After starting 1.45 percent lower, the benchmark Korea Composite Stock Price Index pared earlier losses by rising 1.8 points, or 0.07 percent, to close at 2,706.96. Trade volume was moderate at 522.4 million shares worth 12.5
Market April 11, 2024
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NK leader vows to deal 'death-blow' to enemy in event of confrontation
North Korean leader Kim Jong-un has vowed to mobilize all means to deal a "death-blow" to the country's enemy without hesitation should it opt for military confrontation with the North, state media said Thursday. Kim made the remark during his visit to the Kim Jong-il University of Military and Politics on Wednesday, the Korean Central News Agency said, calling the university named after Kim's late father a military training school for core commanding officers. "He said
North Korea April 11, 2024
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Seoul shares open sharply lower on higher US inflation
South Korean stocks started sharply lower Thursday as higher-than-expected US inflation data poured cold water on investors' hopes for early rate cuts. The benchmark Korea Composite Stock Price Index plunged 39.34 points, or 1.45 percent, to 2,665.82 in the first 15 minutes of trading. Overnight, major US indexes lost ground as the release of a key measure of inflation dashed investors' hopes that the Federal Reserve may start cutting its rates soon. The US' consumer price index f
Market April 11, 2024
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Exports rise 21.6% in first 10 days of April on solid chip sales
South Korea's exports rose 21.6 percent on-year in the first 10 days of April on robust global demand for semiconductors, data showed Thursday. Outbound shipments reached $16.44 billion in the April 1-10 period, compared with $13.52 billion tallied a year earlier, according to the data from the Korea Customs Service. Per-day exports advanced 13.5 percent on-year to $2.19 billion. Imports grew 5.8 percent on-year to $18.4 billion during the period, resulting in a trade deficit of $2 billion.
Economy April 11, 2024
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DP wins resounding majority in crushing defeat for PPP
The main opposition Democratic Party retained a majority in the National Assembly in Wednesday's general elections in another major setback for the ruling People Power Party and President Yoon Suk Yeol. With almost all votes counted, the DP won 161 out of 254 directly contested seats, while the PPP won only 90 seats. Including proportional seats, the DP and its satellite party were expected to win 176 seats and the PPP and its satellite party 109 seats in the 300-member National Assembly. T
Politics April 11, 2024
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