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Seoul shares close lower ahead of US employment data
South Korean shares closed slightly lower Friday as investors took to the side ahead of US employment data. The local currency rebounded against the US dollar. The benchmark Korea Composite Stock Price Index shed 7.02 points, or 0.26 percent, to close at 2,676.63. Trading volume was slim at 329.8 million shares worth 7.7 trillion won ($5.65 billion), with losers outnumbering gainers 477 to 390. The index had opened higher, tracking overnight gains on Wall Street that followed dovish remarks from
Market May 3, 2024
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Loyalist to DP leader Lee elected as party's new floor leader
The main opposition Democratic Party on Friday elected a lawmaker closely aligned with Democratic Party leader Lee Jae-myung as its new floor leader. Rep. Park Chan-dae, a member of the DP's Supreme Council who was reelected for a third term in the general elections, was named floor leader at a general meeting of party lawmakers, becoming the party's first floor leader under the current 22nd National Assembly. Park was the sole candidate for the post. Announcing his run for the floor l
Politics May 3, 2024
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S. Korean-coached Indonesia fall short of direct Olympic football spot
Coached by South Korean native Shin Tae-yong, Indonesia have just missed out on the final direct Asian berth in this year's Olympic men's football tournament. Indonesia lost to Iraq 2-1 in extra time in the third-place match of the Asian Football Confederation U-23 Asian Cup at Abdullah bin Khalifa Stadium in Doha on Thursday. This AFC tournament also serves as the final Asian qualifying tournament for the Paris Olympics, and the top three countries each earned guaranteed spots in Fran
Soccer May 3, 2024
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N. Korean economic delegation returns from Iran amid suspected military ties
NK delegation-Iran N. Korean economic delegation returns from Iran amid suspected military ties SEOUL, May 3 (Yonhap) -- A North Korean economic delegation has returned home from Iran, Pyongyang's state media said Friday, ending a rare trip that raised suspicions of possible weapons cooperation between the two nations. The delegation, headed by External Economic Relations Minister Yun Jong-ho, arrived in Pyongyang on Thursday after visiting Iran, the Korean Central News Agency said in a one
North Korea May 3, 2024
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Naver Q1 net income soars 1,171.9% on growth of major businesses
South Korean tech giant Naver Corp. said Friday its first-quarter net profit soared 1,171.9 percent from a year earlier on the overall growth of its major businesses, including its search platform and e-commerce. Its net profit reached 555.8 billion won ($404 million) in the January-March period, compared with 43.7 billion won a year ago, the company said in a regulatory filing. The operating profit jumped 32.9 percent on-year to a quarterly high of 439.3 billion won, and sales rose 10.8 percent
Technology May 3, 2024
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Seoul shares open higher on Wall Street gains
South Korean shares opened higher Friday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index added 14.63 points, or 0.55 percent, to 2,698.28 in the first 15 minutes of trading. The Dow Jones Industrial Average closed 0.85 percent higher Thursday, while the Nasdaq rose 1.51 percent on dovish remarks from US Federal Reserve Chair Jerome Powell suggesting there will unlikely be a rate hike in the near future. In Seoul, most large caps were in positive terrain.
Market May 3, 2024
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
Russia delivered more than 165,000 barrels of refined petroleum to North Korea in March alone, a White House official said Thursday, noting its shipments thus far have already exceeded Pyongyang's annual import cap mandated by the UN Security Council. National Security Communications Advisor John Kirby made the remarks as Washington is working in tandem with South Korea, Japan and other partners to roll out new sanctions this month against those aiding in transfers of weapons and refined petrole
North Korea May 3, 2024
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Govt. to spend W95b to support reforms at 41 public hospitals in H1
The health ministry said Thursday it will spend 94.8 billion won (US$68.8 million) in the first half of the year to help normalize operations and support management reforms at 41 public hospitals across the nation. Under the support program, the government seeks to facilitate sustainable development of public hospitals by assessing their innovation plans, which focus on improving medical services and organizational efficiency, according to the ministry. Hospitals that demonstrate promising outco
Social Affairs May 2, 2024
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Seoul shares snap 3-day rise after FOMC decision
South Korean stocks fell slightly Thursday following the US Federal Reserve's decision to hold the key rate flat. The Korean won rebounded against the US dollar. The benchmark Korea Composite Stock Price Index lost 8.41 points, or 0.31 percent, to 2,683.65, ending the three-session winning streak that started last Friday. Trade volume was slim at 342.7 million shares worth 8.9 trillion won ($6.5 billion). Decliners outnumbered gainers 513 to 357. Individual and foreign investors bought a ne
Market May 2, 2024
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Another suspect grilled in probe of alleged interference in Marine's death inquiry
The anti-corruption investigation office questioned a former defense ministry official as a power abuse suspect Thursday over allegations of external pressure placed on the military investigation into last year's death of a young Marine. Park Gyeong-hun, the former acting chief of the ministry's National Investigation Headquarters, appeared at the Corruption Investigation Office for High-ranking Officials in Gwacheon, south of Seoul, Thursday morning, while remaining tight-lipped when
Social Affairs May 2, 2024
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Seoul shares open lower on Fed's rate freeze
South Korean stocks started lower Thursday following the US Federal Reserve's rate-freeze decision. The benchmark Korea Composite Stock Price Index lost 7.6 points, or 0.28 percent, to 2,684.46 in the first 15 minutes of trading. On Wall Street, US stocks closed mixed after the central bank held the key interest rate flat and signaled a future rate cut, citing volatile inflation. The Dow Jones Industrial Average rose 0.23 percent, and the Nasdaq Composite dropped 0.33 percent. In Seoul, chi
Market May 2, 2024
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Finance minister vows 'bold market stabilization measures' against excessive volatility
Finance Minister Choi Sang-mok vowed Thursday to stay vigilant on uncertainties regarding interest rate decisions by major economies and the Middle East crisis and to take bold market stabilization steps when necessary. Choi made the remarks during an emergency macroeconomic meeting meant to assess the Federal Reserve's rate-setting meeting Wednesday, where it kept the benchmark interest rate at between 5.25-5.5 percent for a sixth consecutive time. Fed Chair Jerome Powell said interest rat
Economy May 2, 2024
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Yoon vows to protect 'value of labor' on Labor Day
President Yoon Suk Yeol vowed to protect the "value of labor" as he marked Labor Day on Wednesday. Yoon also said in a Facebook post that South Korea's remarkable growth was thanks to the "sweat and efforts" of its 28.4 million workers. "The government and I will protect the precious value of labor without fail," he wrote. "We will make your workplaces safer and fairer, and thoroughly see to it that you can find the meaning of life through labor." Mea
Politics May 1, 2024
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Govt. to launch task force for supporting people's livelihoods
Finance Minister Choi Sang-mok said Wednesday the government will set up a task force in charge of monitoring and resolving issues regarding economic livelihoods of the people. Choi made the remarks during an emergency economic ministers' meeting in Seoul, stressing the government's priority of reviving the economy and boosting consumer sentiment amid weak domestic demand and high inflation. "We will not just be satisfied with decent economic data and will put policy priority on h
Economy May 1, 2024
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S. Korea lowers COVID-19 warning level, lifts last-remaining antivirus mandates
Wearing marks at hospitals in South Korea is not a must anymore as the government downgraded the infection level of COVID-19 and lifted most last-remaining antivirus regulations. Effective Wednesday, the country lowered the four-grade COVID-19 crisis level from the second-highest "alert" to the lowest "concern" in a move to fully return to pre-pandemic normalcy, according to the Central Disaster and Safety Countermeasures Headquarters. The decision came more than four years a
Social Affairs May 1, 2024
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Science Ministry expresses regret over Japan’s pressure on Naver
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