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US envoy urges N. Korea to begin 'reform' process to improve human rights
The US special envoy for North Korean human rights called on Pyongyang Wednesday to launch a "reform" process to enhance its rights situation, stressing promoting respect for human dignity in the reclusive state remains a "top" priority for Washington. Ambassador Julie Turner made the remarks as she marked the 10th anniversary of the release of a landmark UN Commission of Inquiry report that accused North Korean officials of "systematic, widespread and gross" human
North Korea Feb. 8, 2024
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S. Korea's nuclear envoy discusses NK threats with Swedish counterpart
South Korea's chief nuclear envoy vowed unwavering efforts to stop North Korea's missile provocations and make it return to dialogue during his talks with his Swedish counterpart Wednesday, the foreign ministry said. Kim Gunn, special representative for the Korean Peninsula peace and security affairs, made the point in the meeting with Peter Semneby, who was visiting South Korea this week, the ministry said in a release. Kim reaffirmed South Korea's commitment to creating conditio
Foreign Affairs Feb. 7, 2024
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Seoul shares snap 2-day losing streak on foreign buying
South Korean shares closed higher Wednesday, snapping a two-day losing streak amid an extended buying streak by foreign investors. The local currency fell slightly against the US dollar. The benchmark Korea Composite Stock Price Index gained 33.38 points, or 1.30 percent, to close at 2,609.58. Trade volume was heavy at 508.3 million shares worth 11.3 trillion won ($8.5 billion), with gainers outnumbering losers 642 to 239. Foreign investors extended their buying streak to a sixth consecutive ses
Market Feb. 7, 2024
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Pentagon stresses 'unprecedented' level of security cooperation among S. Korea, US, Japan amid NK threats
A Pentagon spokesperson on Tuesday cast the current level of trilateral security cooperation between South Korea, the United States and Japan as "unprecedented," as concerns have arisen over North Korea's continued missile launches and tough rhetoric. The spokesperson made the remarks after Japan's Yomiuri Shimbun reported recently that the three countries shared radar information for the first time when the North fired a ballistic missile on Jan. 14, and that despite three-w
Foreign Affairs Feb. 7, 2024
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Seoul shares open higher on Wall Street gains
South Korean shares opened higher Wednesday tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index added 17.75 points, or 0.69 percent, to 2,593.95 in the first 15 minutes of trading. On Wall Street, the Dow Jones Industrial Average closed up 0.37 percent overnight. In Seoul, most large caps were in positive terrain. Market bellwether Samsung Electronics gained 0.54 percent, with top pharmaceutical firm Celltrion advancing 0.66 percent. Top battery maker LG Ener
Market Feb. 7, 2024
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Yoon's approval rating inches down to 34 percent
President Yoon Suk Yeol's approval rating inched down to 34 percent from a month ago, according to a survey conducted jointly by Yonhap News Agency and Yonhap News TV on Wednesday. The survey also indicated that the ruling People Power Party and the main opposition Democratic Party would secure 33 percent and 35 percent of the vote, respectively, if the scheduled April 10 parliamentary elections were held tomorrow. Yonhap News Agency and Yonhap News TV jointly commissioned the survey to gau
Politics Feb. 7, 2024
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S. Korea logs current account surplus for 8th month in December
South Korea logged a current account surplus for the eighth straight month in December on the back of an increased trade surplus and increased dividends from overseas, central bank data showed Wednesday. The country's current account surplus reached $7.41 billion in December, following the surplus of $3.89 billion. December's surplus came as the country's trade balance has remained in the black. The country's goods account racked up an $8.04 billion surplus in December, follo
Economy Feb. 7, 2024
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FM Cho discusses visit to Beijing in 1st phone talks with Chinese counterpart
Foreign Minister Cho Tae-yul spoke by phone with his Chinese counterpart, Wang Yi, on Tuesday to discuss North Korea and other pending bilateral issues, his office said, the first such talks between the top diplomats since Cho's inauguration. Wang Yi also extended an invitation for Cho to visit Beijing, saying he hopes to cooperate closely with each other in the future to further advance their bilateral ties, the ministry said in a press release. Cho thanked Wang for the invitation and ag
Foreign Affairs Feb. 7, 2024
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Moody's ups ratings of Hyundai Motor, Kia, Hyundai Mobis to 'A3'
Moody's Investors Service has upgraded the credit ratings of Hyundai Motor, Kia and Hyundai Mobis to "A3" from "Baa1" on their improved competitiveness, their parent company said Tuesday. It marks the first time the three companies have received A ratings from the global credit appraiser, according to Hyundai Motor Group. Moody's also changed their outlooks from "stable" to "positive," heralding a possible ratings upgrade down the road. "A
Mobility Feb. 6, 2024
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LIG Nex1 bags $3.2bln missile interceptor deal with Saudi Arabia
South Korean defense firm LIG Nex1 has clinched a US$3.2 billion deal to export mid-range surface-air-to missiles (M-SAM II) to Saudi Arabia, Seoul's defense ministry said Tuesday. LIG Nex1 inked the contract with the Saudi defense ministry to sell Cheongung M-SAM II in November, the ministry said. It marks LIG Nex1's second overseas sales of Cheongung-II following a deal with the United Arab Emirates (UAE) in January 2022. The hit-to-kill missile system is capable of intercepting in
Industry Feb. 6, 2024
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Seoul shares down for 2nd day on Powell's comments on rate cuts
South Korean shares closed lower for a second consecutive day Tuesday amid US rate woes prompted by the Federal Reserve chair. The local currency slightly gained ground against the US dollar. The benchmark Korea Composite Stock Price Index lost 15.11 points, or 0.58 percent, to close at 2,576.20. Trade volume was heavy at 404.4 million shares worth 10.1 trillion won ($7.6 billion), with losers outnumbering gainers 613 to 265. Foreign investors scooped up a net 338.1 billion won worth of shares,
Market Feb. 6, 2024
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National security adviser met with Russian deputy FM during Seoul visit: sources
National Security Adviser Chang Ho-jin met with Russia Deputy Foreign Minister Andrey Rudenko when he visited Seoul last week, sources said Tuesday, amid heightened tensions between Seoul and Moscow over North Korea. The meeting took place on Saturday, the sources said, as tensions have flared anew since Russian Foreign Ministry spokesperson Maria Zakharova denounced President Yoon Suk Yeol's remarks on North Korea as "blatantly biased" on Thursday. In response, Seoul's forei
Foreign Affairs Feb. 6, 2024
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Doctors warn of nationwide strike against envisioned medical school quota hike
The doctors' association vowed Tuesday to launch a nationwide strike if the government "unilaterally" pushes for raising the medial school enrollment quota. The health ministry is widely expected to announce a plan later in the day to increase the number of medical students by up to around 2,000 starting 2025 as part effort to address the chronic shortages of doctors in rural areas and the essential health care field. It will be the first hike in nearly 20 years, as the current li
Social Affairs Feb. 6, 2024
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S. Korea to mass-produce 155 mm extended-range artillery shell
South Korea will mass-produce a 155-millimeter extended-range artillery shell this year after successfully completing its development in a yearslong project, the state arms procurement agency said Tuesday. The Defense Acquisition Program Administration held a meeting with ammunition maker Poongsan at the company's research center in Daejeon, 139 kilometers south of Seoul, to officially conclude the development project launched in 2014 after the shell was assessed as combat suitable last Aug
Defense Feb. 6, 2024
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Seoul shares open lower on Wall Street losses
Seoul shares opened lower Tuesday tracking overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index lost 7.74 points, or 0.30 percent, to 2,583.57 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average closed 0.71 percent lower after US Federal Reserve Chair Jerome Powell made remarks that suggested rate cuts may come later than anticipated. In Seoul, large caps traded mixed. Market bellwether Samsung Electronics advanced 0.13 percent, while the w
Market Feb. 6, 2024
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