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Yonhap News Summary

2017/09/12 17:00

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The following is the second summary of major stories moved by Yonhap News Agency on Tuesday.

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(2nd LD) UN sanctions-NK impact

(2nd LD) Fresh U.N. sanctions to help resolve N.K.'s nukes: Seoul

(ATTN: ADDS background in paras 6-7)

SEOUL -- South Korea's unification ministry said Tuesday that the latest U.N. sanctions on North Korea are expected to have a positive impact on the resolution of North Korea's nuclear issue.

The government said that the international community's approval of the toughest sanctions ever reflects its united front in dealing with Pyongyang's nuclear and missile programs.

"(We think) the move is expected to positively affect North Korea's nuclear issue," a ministry official said.

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(LEAD) stocks-summary

(LEAD) Seoul stocks end higher on institutional buying

(ATTN: ADDS bond yields at the bottom)

SEOUL -- South Korean stocks closed higher Tuesday as institutional buyers scooped up shares, taking a cue from overnight Wall Street gains, analysts said. The Korean won rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) advanced 6.39 points, or 0.27 percent, to close at 2,365.47. Trade volume was moderate at 328 million shares worth 4.9 trillion won (US$4.3 billion), with gainers outnumbering losers 455 to 334.

The local stock market opened higher as market sentiment was boosted by overnight U.S. gains, but the increase was limited as foreigners offloaded shares in a move to cash in recent gains, according to market watchers.

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(LEAD) court nominee-confirmation hearing

(LEAD) Chief justice nominee grilled over political orientation, credentials

(ATTN: ADDS more info in paras 17-18)

SEOUL -- Supreme Court Chief nominee Kim Meong-su came under intense parliamentary scrutiny over his political orientation and job credentials Tuesday, with the ruling party scrambling to shield him from scathing opposition attacks.

During his confirmation hearing, conservative parties cast Kim as another "liberal-leaning" addition to the top court, raising doubts over his political neutrality, while the Democratic Party (DP) pitched him as a figure well suited to spearhead judicial reform.

The hearing came just a day after the National Assembly voted down a confirmation motion for Constitutional Court Chief designate Kim Yi-su. The rejection dealt a stinging blow to the DP and emboldened its rivals intent on keeping it in check.

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(2nd LD) Galaxy Note 8-sales

(2nd LD) Samsung mobile chief confident of Galaxy Note 8 success

(ATTN: ADDS more details in paras 10-13)

SEOUL -- Preorders for Samsung Electronics Co.'s latest high-end smartphone, the Galaxy Note 8, reached the highest-ever among its Note line, its chief of mobile communications said Tuesday, expressing confidence that the premium device will be very successful.

Koh Dong-jin, president of Samsung Electronics, said the combined preorders for its Galaxy Note 8 in South Korea topped 650,000 units in just five days, far outpacing its predecessor.

The figure dwarfed numbers for the ill-fated Galaxy Note 7, which managed to draw 380,000 preorders over a 13-day preorder period.

The phablet will be officially released this week in South Korea and other nations.

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(LEAD) S. Korea's industry minister to meet with his U.S. counterpart soon

(ATTN: ADDS more info in last 4 paras)

SEJONG -- South Korea's industry minister said he will meet with his U.S. counterpart later this year to discuss pending trade and other economy-related issues between the two countries.

"We are in talks with the U.S. side to set the schedule and agenda before meeting with U.S. Secretary of Commerce Wilbur Ross later this year," Minister of Trade, Industry and Energy Paik Un-gyu said in a press session held Monday. "The detailed agenda will be decided later."

   Seoul and Washington have been on a tightrope over revising the free trade agreement between the two countries.

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S. Korea's money supply up 5.1 pct in July: BOK

SEOUL -- The money supply in South Korea jumped 5.1 percent in July from a year earlier, the central bank said Tuesday.

The nation's M2 totaled 2,472.1 trillion won (US$2.18 trillion) in July, compared with 2,352.2 trillion won a year earlier, the Bank of Korea (BOK) said in a statement.

The money supply fell 0.2 percent on-month, the statement said.

The growth rate of the money supply has been on the decline since October 2015 as companies decreased domestic credit.

M2 is a measure of the money supply counting the currency in circulation, including bank debentures and deposits with a maturity of less than two years, along with stock investments. It's a key economic indicator closely monitored by the authorities.

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