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Seoul shares end higher on strong chip stocks
South Korean stocks snapped a two-day losing streak Thursday on strong performance by chip heavyweights after Nvidia's better-than-expected fourth-quarter earnings. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index gained 10.96 points, or 0.41 percent, to close at 2,664.27. Trade volume was moderate at 445.3 million shares worth 10.1 trillion won ($7.6 billion), with decliners beating gainers 509 to 348. Foreigners and institutions scooped up loc
Market Feb. 22, 2024
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BOK extends key rate freeze to 1 year, maintains growth outlook at 2.1%
South Korea's central bank froze its key rate for the ninth straight session Thursday amid woes over slower-than-expected inflation moderation and high household debts and maintained its growth outlook for the year at 2.1 percent. In a widely expected decision, the monetary policy board of the Bank of Korea (BOK) kept its policy rate unchanged at 3.5 percent. The BOK has stood pat following rate freezes last February, April, May, July, August, October, November and January. The rate freezes
Economy Feb. 22, 2024
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Subway operations delayed in Seoul due to heavy snowfall
Subway operations in Seoul suffered delays Thursday due to heavy snowfall. The overnight snowfall caused ice to form on railway tracks at a train depot at the eastern end of the Seoul Subway Line No. 5 in Godeok-dong, preventing trains from leaving the depot on time, officials at Seoul Metro said. That led to delays of about 25 minutes in operations on the No. 5 line, officials said. Delays were also reported on the No. 2 and No. 7 lines due to signal problems. According to the Korea Meteorologi
Social Affairs Feb. 22, 2024
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Seoul shares open higher on strong Nvidia results
South Korean stocks started a tad higher Thursday as chipmakers traded in positive territory on a strong earnings report from Nvidia overnight. The benchmark Korea Composite Stock Price Index gained 8.21 points, or 0.31 percent, to 2,661.52 in the first 15 minutes of trading. Wall Street stocks were mixed last night as the US central bank's minutes hinted at slower interest rate cuts. The Dow Jones Industrial Average finished 0.1 percent higher, but the tech-rich Nasdaq Composite Index fell
Market Feb. 22, 2024
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Russia apparently violating UNSC resolutions by giving NK leader luxury car: State Dept.
Russia appears to have violated UN Security Council resolutions if it had given North Korean leader Kim Jong-un a luxury car, a State Department spokesperson said Wednesday, noting the supply of transportation vehicles to the North is prohibited under the resolutions. The North's Korean Central News Agency reported Tuesday that Kim received a Russian-made luxury car from Russian President Vladimir Putin as a gift demonstrating the special bonds between them. Later, the Kremlin confirmed that the
Foreign Affairs Feb. 22, 2024
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Football federation leaning toward hiring full-time men's coach despite tight schedule
South Korea's national football federation will likely appoint a full-time head coach to fill the vacancy at the men's national team instead of a temporary one as rumored, a senior executive in charge of the process said Wednesday. Chung Hae-sung, named the new head of the National Teams Committee at the Korea Football Association (KFA) on Tuesday, met with new members of his committee Wednesday to discuss the hiring of the new men's national team bench boss. The KFA fired the pre
Soccer Feb. 21, 2024
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Seoul shares close lower ahead of FOMC minutes release
South Korean stocks finished lower Wednesday with investors waiting for the release of the minutes of the US Federal Open Market Committee's January meeting. The local currency rose against the US dollar. After starting marginally higher, the benchmark Korea Composite Stock Price Index lost 4.48 points, or 0.17 percent, to close at 2,653.31. Trade volume was moderate at 551.7 million shares worth 8.9 trillion won ($6.7 billion), with losers outnumbering winners 553 to 313. Foreigners and re
Market Feb. 21, 2024
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Exports fall 7.8% from Feb. 1-20; chip sales jump nearly 40%
South Korea's exports fell 7.8 percent on-year in the first 20 days of this month due mainly to weak demand from China and fewer working days, but sales of semiconductors soared nearly 40 percent, data showed Wednesday. Outbound shipments reached $30.72 billion in the Feb. 1-20 period, compared with $33.33 billion tallied a year earlier, according to the data from the Korea Customs Service. Per-day exports, however, advanced 9.9 percent on-year to $2.36 billion. The number of working days c
Economy Feb. 21, 2024
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Concerns over public health heighten as trainee doctors walk off job for 2nd day
Surgeries have been canceled and some patients were forced to be transferred to other hospitals as trainee doctors stopped working for the second day in a row Wednesday in protest of the government's plan to boost the number of medical students. More than 6,400 trainee doctors nationwide, about 55 percent of the junior doctors, have submitted their resignations en masse so far, with about 1,600 of them walking off the job, according to the health ministry. Medical services at the five bigge
Social Affairs Feb. 21, 2024
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Seoul shares open higher despite US losses
South Korean stocks started higher Wednesday on foreign and institutional buying despite overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index climbed 11.49 points, or 0.43 percent, to 2,669.28 in the first 15 minutes of trading. Overnight, the U.S. stock market lost ground on investors' profit-taking ahead of the earnings release of artificial intelligence chip leader Nvidia. Nvidia is expected to release strong fourth-quarter results later Wednesday thanks to co
Market Feb. 21, 2024
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US asked China about trilateral troop remain recovery with S. Korea: DPAA chief
The United States has sounded China out about the possibility of a trilateral project to excavate and recover the remains of troops killed during the 1950-53 Korean War, a senior US official said Tuesday, raising the prospects for three-way humanitarian cooperation despite hardening Sino-US rivalry. Speaking in a virtual press meeting, Kelly McKeague, the director of the Defense POW/MIA Accounting Agency, said that he asked a visiting senior Chinese official about the matter last month, as Washi
World News Feb. 21, 2024
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US restates its goal of 'full' Korean Peninsula denuclearization
The State Department on Tuesday reiterated the United States' goal to achieve the "full" denuclearization of the Korean Peninsula, after North Korea signaled openness to improving ties with Japan as long as Tokyo does not take issue with its "right to self-defense." Last week, Kim Yo-jong, the sister of North Korean leader Kim Jong-un, said that Japanese Prime Minister Fumio Kishida might be able to visit Pyongyang if Tokyo "drops its bad habit" of taking issue
North Korea Feb. 21, 2024
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N. Korean missile used against Ukraine contained US, European parts: CNN
A North Korean ballistic missile that Russia fired against Ukraine last month contained many parts traced to companies in the United States and Europe, CNN reported Tuesday, citing a research report. The Britain-based organization, Conflict Armament Research, produced the report that examined 290 components from remnants of a North Korean missile retrieved from Kharkiv in Ukraine, and discovered that 75 percent of the components were designed and sold by companies incorporated in the US, accordi
North Korea Feb. 21, 2024
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Yoon accepts resignation of gender equality minister
President Yoon Suk Yeol on Tuesday accepted the resignation of Gender Equality Minister Kim Hyun-sook, officials said, six months after she offered to step down over the failed Scout jamboree. Kim offered to resign in September to take responsibility for the mismanagement of the 25th World Scout Jamboree the previous month but was retained pending a replacement. Yoon had tapped Kim Haeng, a former member of the ruling People Power Party's interim leadership panel, as the new gender minister
Politics Feb. 20, 2024
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KBO's Eagles likely to finalize deal with Ryu Hyun-jin by Wednesday
The South Korean baseball club Hanwha Eagles will likely finalize their deal with free agent pitcher Ryu Hyun-jin by Wednesday and make him the highest-paid player in the Korea Baseball Organization (KBO), sources said Tuesday. The Eagles have reportedly offered Ryu a four-year deal worth 17 billion won (US$12.7 million), the largest deal ever in the KBO both by average annual value and total amount. The Eagles have taken necessary administrative steps to finalize their deal with the 36-year
Baseball Feb. 20, 2024
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