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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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US diplomat voices hope for S. Korea to offer more defense material support to Ukraine
A US diplomat expressed hopes Monday for South Korea to provide more defense material support to Ukraine, stressing the importance of air defense assistance for Ukrainian forces striving to fend off Russian attacks. Speaking at a forum, Yuri Kim, principal deputy assistant secretary of state for Europe and Eurasian affairs, underscored the need for continued aid to Ukraine, as US military support to the war-ravaged country has stalled with a funding bill held up in the House due to Republican op
Foreign Affairs Feb. 27, 2024
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Vice FM urges N. Korea to cease provocations at UN disarmament conference
Second Vice Foreign Minister Kang In-sun urged North Korea to return to denuclearization talks and to cease its nuclear and missile programs, the foreign ministry said Tuesday. Kang made the remark during her speech at the high-level segment of the UN Conference on Disarmament in Geneva on Monday, saying the North's illegal nuclear and missile programs are the "most urgent tasks" to address for international peace and security. "North Korea's nuclear and missile obsessio
Foreign Affairs Feb. 27, 2024
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Seoul shares open lower ahead of key US economic data
South Korean stocks started lower Tuesday as investors took a cautious mode ahead of major US economic data releases later this week, including the Federal Reserve's preferred measure of inflation. The benchmark Korea Composite Stock Price Index dropped 4.77 points, or 0.18 percent, to 2,642.31 in the first 15 minutes of trading. Overnight, the US stock market closed lower on profit-taking following a rally last week. Investors were also taking a wait-and-see mode ahead of the release of th
Market Feb. 27, 2024
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US Commerce secretary highlights 'tough' talks under way with chipmakers over grants
US Commerce Secretary Gina Raimondo reiterated Monday that "tough" talks have been under way with advanced semiconductor companies over grants to be awarded under a program to reinvigorate chip manufacturing in the United States. Speaking at a forum, Raimondo said that the US government has thus far received over 600 statements of interest from relevant companies, and that "leading-edge" companies alone have requested more than $70 billion in grants for their manufacturing pr
World Business Feb. 27, 2024
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Seoul shares down on disappointing 'value-up' program
South Korean stocks closed lower Monday as investors dumped local shares on the government's weaker-than-expected plans to boost corporate value. The Korean won edged down against the US dollar. The benchmark Korea Composite Stock Price Index fell 20.62 points, or 0.77 percent, to close at 2,647.08, ending a two-day winning streak. Trade volume was heavy at 519.6 million shares worth 10.8 trillion won ($8.1 billion), with decliners sharply beating gainers 657 to 231. Institutions and individuals
Market Feb. 26, 2024
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