Articles by Yonhap
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Line app developer Shin to step down from board of Japan's LY
The developer of the messaging app Line, who is a key South Korean executive at Japan's LY Corp., owned by a joint venture between Naver and SoftBank, will step down from the board of the Japanese firm, according to executives at both Naver and LY on Thursday. The planned departure of Shin Jung-ho, known as the "father" of Line in South Korea, has fanned media speculation that Naver, South Korea's biggest internet company, may lose its influence on the messenger app, which is
Technology May 9, 2024
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Sneak peek of Art Busan shows strong emphasis on female trailblazers
With its focus on curating female artists and showcasing emerging galleries that highlight young and experimental artists, this year's Art Busan appears to deviate from its traditional role as solely an art market. To emphasize its focus, the country's largest art fair in the first half of the year introduced a new section, called Connect, and appointed Joo Yeon-hwa, an art professor at Hongik University in Seoul, as the inaugural art director for this special exhibition section. Asi
Arts & Design May 9, 2024
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Seoul shares dip over 1% amid US rate uncertainties
South Korean shares declined by more than 1 percent Thursday as investors remained concerned over the future course of the US key rates ahead of the release of inflation data next week. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 32.91 points, or 1.2 percent, to close at 2,712.14. Trading volume was moderate at 413 million shares worth 10.9 trillion won ($7.95 billion), with losers outpacing gainers 531 to 355. Foreign investors offloaded a
Market May 9, 2024
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Yoon apologizes for wife's 'unwise conduct'
President Yoon Suk Yeol apologized Thursday for what he called the "unwise conduct" of first lady Kim Keon Hee, referring to allegations she illegally accepted a luxury bag in 2022. "I apologize for causing concern to the people with the unwise conduct of my wife," he said during a press conference marking the second anniversary of his presidency. He said he would refrain from commenting further, however, given that a prosecution investigation is already under way into the al
Politics May 9, 2024
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Yoon says will create new ministry to tackle low birth rate
President Yoon Suk Yeol said Thursday he will create a new ministry to tackle the country's low birth rate. Yoon made the remark during an address to the nation marking the second anniversary of his presidency. "In order to overcome the low birth rate, which can be considered a national emergency, we will fully mobilize all of the state's capabilities," he said. The head of the new ministry, tentatively named the "low birth response planning ministry," will double a
Politics May 9, 2024
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S. Korea's fiscal deficit hits record high through March
South Korea's fiscal deficit reached an all-time high in the first three months of 2024 due to rising expenditures aimed at buttressing an economic recovery, the finance ministry said Thursday. The managed fiscal balance, a key gauge of fiscal health calculated on a stricter term, posted a deficit of 75.3 trillion won ($55.07 billion) in the January-March period, up from the previous year's 54 trillion won, the finance ministry said in its monthly public finance report. This year'
Politics May 9, 2024
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Seoul shares open flat ahead of US inflation data
South Korean shares opened nearly flat Thursday as investors sat on the sidelines ahead of the release of the U.S. consumer price index next week. The benchmark Korea Composite Stock Price Index edged down 1.9 points, or 0.07 percent, to 2,743.15 in the first 15 minutes of trading. Investors remained cautious ahead of the release of the U.S. inflation data amid a mixed forecast over the future course of the Federal Reserve's key rates. Federal Reserve Bank of Boston President Susan Collins
Market May 9, 2024
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N. Korean leader voices 'firm support' in his message to Putin over Victory Day
North Korean leader Kim Jong-un has sent a congratulatory message to Russian President Vladimir Putin over Victory Day, expressing his "firm support and solidarity" with Moscow, state media reported Thursday. Kim extended his "warm congratulations and comradely greetings" to Putin in the message celebrating the 79th anniversary of the Soviet Union's World War II victory over Nazi Germany, according to the Korean Central News Agency. Kim touted Putin as leading efforts to
North Korea May 9, 2024
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Yoon to hold press conference marking 2nd anniversary of presidency
President Yoon Suk Yeol is set to hold a press conference Thursday to mark the second anniversary of his presidency, the first such session in 21 months. The press conference will be held at the presidential office in two parts -- first, an address on his administration's past achievements and future plans, followed by a question and answer session with reporters. Yoon is expected to field a wide range of questions, including his thoughts on the opposition's push for a special counsel investigat
Politics May 9, 2024
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Arrest warrant issued for medical student for allegedly killing girlfriend after breakup
A Seoul court on Wednesday issued an arrest warrant for a medical school student on charges of killing his girlfriend in Seoul earlier this week for allegedly breaking up with him. The 25-year-old, only identified by his surname Choi, who goes to a prestigious medical school in Seoul, was arrested without warrant on Monday for allegedly stabbing his girlfriend to death on the rooftop of a building in southern Seoul around 5 p.m. on Monday. The Seoul Central District Court issued the warrant af
Social Affairs May 8, 2024
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Yoon calls opposition leader to express concern for health
President Yoon Suk Yeol called opposition leader Lee Jae-myung on Wednesday to wish him good health before Lee goes on a weeklong vacation for hospital treatment later this week, Lee's main opposition Democratic Party said. Yoon made the call at around 2:40 p.m. and expressed concern for his health, while Lee expressed his gratitude, the Democratic Party said. Lee will take a weeklong leave from Thursday to next Wednesday to get treatment, which he had postponed due to the recent general
Politics May 8, 2024
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Seoul shares up for 2nd day amid US rate cut concerns
Seoul shares ended higher Wednesday as investors remain watchful over whether the US Federal Reserve will slash key rates this year. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 10.69 points, or 0.39 percent, to close at 2,745.05. Trading volume was moderate at 424.75 million shares worth 10.09 trillion won ($7.4 billion), with winners outpacing losers 575 to 280. Institutions and foreigners bought a combined 434.7 billion won worth of stocks, o
Market May 8, 2024
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DP urges Yoon to accept proposal on cash handouts, special counsel probe over Marine's death
The main opposition Democratic Party demanded Wednesday that President Yoon Suk Yeol agree to its proposal to provide cash handouts to the entire population and a special counsel probe into suspicions over a Marine's death when he holds a press conference this week. Rep. Park Chan-dae made the calls during a meeting of the party's Supreme Council at the National Assembly, a day before Yoon holds the press conference Thursday to mark the second anniversary of his presidency. The press conference
Politics May 8, 2024
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Czech envoy visits S. Korea's latest nuclear plant ahead of bid result
A Czech envoy visited a South Korean nuclear power plant last week amid the ongoing process to select the winner for the European nation's construction project estimated at around 30 trillion won ($22 billion), industry sources said Wednesday. Ivan Jancarek, the Czech Republic's ambassador to South Korea, visited the Saeul Nuclear Power Plant in Ulsan, 299 kilometers south of Seoul, on Friday, and was briefed on the overall operations of the facility, according to the sources. The visi
Technology May 8, 2024
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Seoul shares open higher on institutional buying
Seoul shares opened higher Wednesday on institutional buying, with investors staying watchful on whether the US Federal Reserve will slash key rates this year. The benchmark Korea Composite Stock Price Index rose 3.65 points, or 0.13 percent, to 2,738.01 in the first 15 minutes of trading. Overnight, US stocks ended nearly flat. The Dow Jones Industrial Average inched up 0.08 percent at 38,884.26, and the tech-heavy Nasdaq fell 0.1 percent to 16,332.56. Institutions and individuals bought a comb
Market May 8, 2024
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