Articles by Yonhap
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LG chairman loses suit filed to recoup part of massive inheritance taxes
LG Group Chairman Koo Kwang-mo on Thursday lost a lawsuit he filed together with his family members to recoup part of the near 1 trillion won ($735.7 billion) in inheritance taxes imposed following the death of former Chairman Koo Bon-moon. After the former chairman's death in 2018, a combined 990 billion won in taxes were imposed on Koo Kwang-mo and other members of the owning family for their inheritance worth about 2 trillion won that included an 11.28 percent share in LG Corp., the hold
Companies April 4, 2024
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Early voting for parliamentary elections to kick off Friday
Early voting for next week's parliamentary elections will kick off Friday for a two-day run, the election watchdog said. Eligible voters will be able to cast ballots at 3,565 polling stations nationwide from 6 a.m. to 6 p.m. during the two-day period, according to the National Election Commission. The NEC said that thorough preparations will be made to ensure voters can cast their votes with confidence in the fairness of the process, particularly in light of the recent discovery of spy cameras a
Politics April 4, 2024
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S. Korea to spend W710.2b to expand AI in everyday life
South Korea will funnel 710.2 billion won ($526.9 million) into the government's projects to integrate artificial intelligence into everyday life, the science ministry said Thursday. The AI Strategy High-Level Consultative Council, a government-civilian panel for shaping AI policies, convened its inaugural meeting and approved the investment plan to proceed with 69 AI projects aimed at helping the people feel the benefits of AI across all sectors, according to the Ministry of Science and IC
Technology April 4, 2024
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Seoul shares open sharply higher on revived rate-cut hopes
Seoul shares opened higher Thursday as US Federal Reserve Chair Jerome Powell reaffirmed rate cuts this year. The benchmark Korea Composite Stock Price Index rose 31.45 points, or 1.16 percent, to 2,738.42 in the first 15 minutes of trading. The US central bank reiterated it will take a wait-and-see approach before cutting rates this year. But Powell's view that inflation figures did not materially change the Fed's overall picture gave a boost to risk assets. In Seoul, tech, auto and e
Market April 4, 2024
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Biden, Kishida to discuss N. Korean threats, trilateral cooperation with S. Korea: White House
President Joe Biden and Japanese Prime Minister Fumio Kishida will discuss an array of issues, including North Korean threats and the two countries' trilateral cooperation with South Korea, during their summit next week, a White House official said Wednesday. The two leaders are set to hold the summit on April 10 as Washington and Tokyo are stepping up defense cooperation amid growing security uncertainties stemming from North Korea's evolving military threats, China's growing assertiveness and
North Korea April 4, 2024
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Russia says S. Korea's sanctions on Russian ships, individuals 'unfriendly'
Russia's foreign ministry on Wednesday criticized South Korea's decision to impose sanctions on Russian ships and others, and vowed to take actions in response to the "unfriendly step." On Tuesday, South Korea imposed sanctions on two Russian individuals and their companies involved in the illegal sending of North Korean IT workers overseas as well as two Russian vessels involved in shipping containers of military supplies between Pyongyang and Moscow. "The introduction
Foreign Affairs April 3, 2024
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NATO invites S. Korea to Washington summit in July
The chief of the North Atlantic Treaty Organization said Wednesday leaders of South Korea and three other nations in the Indo-Pacific region were invited to the upcoming summit scheduled in July in Washington. NATO Secretary General Jens Stoltenberg said South Korea was invited to the NATO summit for the third year as one of the non-NATO partners in the Indo-Pacific region, which include Japan, Australia and New Zealand. "I welcome the fact that I have now invited for the third time the hea
Foreign Affairs April 3, 2024
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Constitutional Court to halt impeachment trial of senior prosecutor
The Constitutional Court on Wednesday decided to temporarily halt the impeachment trial of a senior prosecutor in a political meddling scandal. The court said the decision was made under a provision of the court's governing law, which allows for the suspension of trial proceedings if a related criminal case is ongoing. However, it did not provide a specific reason for the decision. Son Jun-sung, deputy chief prosecutor of the Daegu High Prosecutors Office, was accused of meddling in the las
Social Affairs April 3, 2024
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Seoul shares snap 3-day rise as early rate-cut optimism fades
Seoul shares ended lower Wednesday to snap their three-day winning streak, as robust economic data in the United States spurred speculation that the US Federal Reserve will keep interest rates higher for longer. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 46.19 points, or 1.68 percent, to close at 2,706.97. Trade volume was heavy at 628.41 million shares worth 12.74 trillion won ($9.4 billion), with decliners outpacing gainers 632 to 246. Insti
Market April 3, 2024
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Govt. open to change in medical school quota hike if better option is proposed: minister
The government is open to the possibility of changing its policy to increase the medical school admission quota if a better option is proposed, the interior minister said Wednesday, as the walkout by protesting trainee doctors continued for the seventh week. Interior Minister Lee Sang-min made the remark during a government response meeting amid no signs of a breakthrough in the prolonged standoff between the government and the medical community over the plan to add 2,000 more medical school sea
Social Affairs April 3, 2024
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Seoul shares open lower on faded hopes for early rate cut by Fed
Seoul shares opened lower Wednesday, tracking overnight losses on Wall Street, after robust US manufacturing activity spurred speculation that the Federal Reserve will keep interest rates higher for the time being. The benchmark Korea Composite Stock Price Index fell 32.21 points, or 1.17 percent, to 2,720.95 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 1 percent to 39,170.24 and the tech-heavy Nasdaq shed 0.95 percent to 16,240.45. In Seoul, large-cap sto
Market April 3, 2024
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N. Korea claims successful launch of new IRBM tipped with hypersonic warhead
North Korea said Wednesday it has successfully test-fired a new intermediate-range ballistic missile tipped with a hypersonic warhead, saying that all missiles the country has developed are now solid-fuel and nuclear capable with warhead control capability. North Korean leader Kim Jong-un guided the testing of the Hwasong-16 missile Tuesday, according to the Korean Central News Agency. The South Korean military said Tuesday it detected the firing of an IRBM from the Pyongyang region and the miss
North Korea April 3, 2024
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Biden stresses 'enduring' US commitment to Korean Peninsula denuclearization to Xi: White House
President Joe Biden underscored the United States' "enduring" commitment to the complete denuclearization of the Korean Peninsula during phone talks with Chinese President Xi Jinping on Tuesday, the White House said. The call came amid growing concerns over North Korea's continued saber-rattling, including its missile launch this week, and a potential erosion of the sanctions regime against the North due to Russia's veto last week of a resolution to extend the mandate of a UN panel mon
Foreign Affairs April 3, 2024
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S. Korea, Chile hold talks on improving bilateral FTA
South Korea's trade ministry said Tuesday it has launched another round of talks with Chile to update their bilateral free trade agreement (FTA) that went into effect in 2004, aiming to reflect the latest changes in the global supply chain and the digital economy. Director General for FTA Policy Ahn Chang-yong met his Chilean counterpart, Pablo Urria, in Santiago for the ninth round of negotiations on improving South Korea's first FTA, according to the Ministry of Trade, Industry and E
Foreign Affairs April 2, 2024
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Hyundai Motor Group becomes largest shareholder of KT Corp.
Hyundai Motor Group has become the largest shareholder of a leading mobile carrier, KT Corp., the communications service provider said Tuesday in a regulatory filing. Hyundai's status as the largest shareholder, however, requires approval from the science ministry. The change came as the National Pension Service, previously the largest shareholder of KT, sold some 2.88 million shares on the day, lowering its stake in the mobile service provider to 7.51 percent from 8.53 percent, according t
Industry April 2, 2024
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