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Yonhap News Summary

2017/11/10 17:00

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

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(LEAD) S. Korean president arrives in Vietnam for APEC summit

DA NANG, Vietnam -- South Korean President Moon Jae-in arrived in the Vietnamese city of Da Nang where he was scheduled to attend the Asia-Pacific Economic Cooperation (APEC) summit and a series of bilateral meetings with global leaders, including Chinese President Xi Jinping.

The annual APEC economic leaders' summit was set to kick start later in the day, involving the leaders of 20 other major economies in the Asia-Pacific region that include the United States and Japan.

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Moon, Xi to hold bilateral summit, normalize ties soured by THAAD

DANANG, Vietnam -- South Korean President Moon Jae-in and Chinese President Xi Jinping will hold their first bilateral summit in four months this week, South Korean officials said Friday, confirming the recent improvement in their ties long estranged by the deployment of a U.S. missile defense system in South Korea.

Their talks will be held Saturday, marking their second bilateral meeting since the new South Korean president took office in May. They first met in Berlin in July before they headed to Hamburg for the Group of 20 summit in the German city.

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(LEAD) Venture minister nominee grilled over past remarks, job credentials

SEOUL -- The venture minister nominee pledged Friday to remove onerous regulations, protect small firms from technology extortion and turn them into growth dynamos, but attacks on his past controversial remarks and wealth inheritance eclipsed his policy vision.

During a parliamentary confirmation hearing, Hong Jong-haak, a former economics professor and lawmaker, was grilled over his ethical and professional qualifications, which opposition lawmakers said are insufficient for leading the newly minted Ministry of SMEs and Startups.

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(News Focus) Trump's 'Indo-Pacific' vision poses dilemma for S. Korea

SEOUL -- U.S. President Donald Trump's pitch for a "Indo-Pacific" cooperation system has South Korea walking a tightrope as Seoul strives for a bigger say in America-led regional diplomacy while not risking alienating emerging superpower China.

Trump administration officials have increasingly used the term "Indo-Pacific" as a substitute for "Asia-Pacific," widely seen as a move to counter the growing influence of China by encircling it with a multiple alliance with Japan, Australia and India.

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(2nd LD) Amended KORUS FTA to barely affect S. Korea's real GDP: study

SEOUL -- Additional opening of the market following a possible amendment to the free trade agreement (FTA) with the United States is not likely to have a visible impact on the South Korean economy because the two countries have already scrapped tariffs in many sectors, a study showed Friday.

At a public hearing held in Seoul, the Ministry of Trade, Industry and Energy unveiled an economic feasibility study on the renegotiation of the five-year-old deal, known as the KORUS FTA, which was conducted by three state research institutes.

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(3rd LD) Gov't to offer 66 bln won in compensation for Kaesong firms

SEOUL -- South Korea said Friday it will expand compensation for hundreds of domestic companies with huge losses stemming from investments in inter-Korean projects suspended due to political tension.

The government plans to offer 66 billion won (US$59 million) to the 124 firms that operated factories at the Kaseong Industrial Complex, according to the Unification Ministry.

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