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Yonhap News Summary

2017/10/13 13:30

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The following is the first summary of major stories moved by Yonhap News Agency on Friday.

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S. Korea, China extend currency swap deal

SEOUL -- South Korea and China have agreed to extend their currency swap deal, the head of South Korea's central bank said.

The two sides have reached the agreement to renew their swap arrangement worth 64 trillion won (US$55 billion), Bank of Korea Gov. Lee Ju-yeol, along with Finance Minister Kim Dong-yeon, told reporters in Washington on Thursday.

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(LEAD) S. Korea, Australia hold meeting of foreign, defense ministers

SEOUL -- The foreign and defense ministers of South Korea and Australia held a joint meeting Friday to discuss cooperation on North Korea and other security issues.

Foreign Minister Kang Kyung-wha and Defense Minister Song Young-moo met with their Australian counterparts, Julie Bishop and Marise Payne, in Seoul in the third biennial "two-plus-two" talks launched in 2013. The previous meeting was held in Sydney in 2015.

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(LEAD) Samsung Electronics CEO Kwon Oh-hyun to retire after March 2018

SEOUL -- Samsung Electronics Co. said Friday its Vice Chairman and chief executive officer Kwon Oh-hyun will not extend his current tenure in office, which expires in March 2018.

Kwon has been working as de facto head of the company following the imprisonment of the Samsung heir Lee Jae-yong. Samsung Electronics said Kwon will also retire from his board seat at Samsung Display Co.

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(LEAD) Suspected killer committed crime due to sexual urge: police

SEOUL -- Lee Young-hak, the suspect in the death of his daughter's friend, picked the victim to satisfy his sexual desire, police said Friday.

Lee, 35, was arrested on Sunday for killing a 14-year-old girl from his daughter's school in his home in eastern Seoul and abandoning the body on a hill in the northeastern province of Gangwon earlier this month. His daughter is also in police custody for helping him dispose of the body.

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Visa-free scheme spurs illegal immigrants

SEOUL -- The number of illegal immigrants who exploited the visa-free program soared in the last couple of years as the government is expanding the system to attract more tourists, data showed Friday.

According to the data provided by the Ministry of Justice to Rep. Kwak Sang-do for a parliamentary audit, the number of foreigners who entered South Korea without visas and stayed illegally came to 82,357 last year, up 121 percent from 37,225 recorded in 2013. The tally already surpassed last year's total, reaching 95,718 in the January-August period of the year.

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Only one-fifth of chaebol affiliates disclose governance: report

SEOUL -- About one-fifth of listed affiliates of the nation's top 10 family-run business conglomerates, or chaebol, have posted public disclosures of their corporate governance, a report showed Friday.

Of the 88 listed affiliates of the major business groups, only 17 affiliates made a public disclosure of their governance structure as of September, according to the report by the Daishin Economic Research Institute.

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Moon's approval rating reaches five-week high on eased tension over N. Korea: poll

SEOUL -- President Moon Jae-in's approval rating improved significantly this week amid a brief but continued hiatus of provocations by North Korea, a poll showed Friday.

Moon's approval rating came to 73 percent in a survey conducted by Gallup Korea on Tuesday through Thursday. The latest reading marked a 8 percentage-point jump from 65 percent tallied two weeks earlier. A weeklong break over the Chuseok holiday prevented the weekly survey last week. This week's reading also marked the highest in five weeks.

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(3rd LD) Samsung Electronics predicts record high operating profit for Q3

SEOUL -- South Korean tech giant Samsung Electronics Co. said Friday that its third-quarter operating profit is expected to have nearly tripled on-year, apparently on the sound returns from its computer chip business.

Operating profit was estimated at 14.5 trillion won (US$12.8 billion), compared with 5.2 trillion won tallied a year earlier, the company said in a regulatory filing.

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Director Park Hoon-jung of 'V.I.P.' wins prize at Fantastic Fest

SEOUL -- South Korean filmmaker Park Hoon-jung has picked up a directorial prize at Fantastic Fest 2017 for his latest crime noir "V.I.P.," the film's distributor said Friday.

Park won best director in the "Thriller Features" category at this year's Fantastic Fest, an Austin, Texas-based genre film festival, held from Sept. 21-28, according to Finecut.

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U.S. welcomes UAE breaking ties with N. Korea

WASHINGTON -- The United States on Thursday welcomed the United Arab Emirates' decision to break ties with North Korea over its nuclear weapons program.

The UAE announced it will terminate the missions of North Korea's non-resident ambassador and its own envoy to Pyongyang. The Arab nation will also stop issuing new visas and business licenses to North Koreans.

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