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Yonhap News Summary

2017/07/12 13:30

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

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(LEAD) U.S. continues to look at secondary boycott of N. Korea: State Department

WASHINGTON -- The United States continues to look into a so-called secondary boycott of North Korea to starve the communist nation of resources to develop its nuclear and missile programs, the State Department said Tuesday.

North Korea is under a wide range of sanctions for its missile and nuclear tests, and is expected to face stronger punishment for its intercontinental ballistic missile launch last week.

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U.S. defense bill calls for further bolstering alliance with S. Korea, including through THAAD deployment

WASHINGTON -- The Senate-proposed U.S. defense budget bill for next year calls for further strengthening the alliance with South Korea, including through the deployment of the THAAD missile defense system, congressional records showed Tuesday.

The National Defense Authorization Act for Fiscal Year 2018, which was introduced by Sen. John McCain (R-AZ), chairman of the Senate Armed Services Committee, on Monday, has a section devoted to the "importance of alliance" between the U.S. and the South.

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Currency market volatility eases in June

SEOUL -- Volatility in South Korea's currency markets eased in June from a month earlier as global financial markets were relatively stabilized, the central bank said Wednesday.

The session-over-session changes in the dollar-won exchange rates averaged 0.28 percent in June, compared with 0.41 percent a month earlier, the Bank of Korea (BOK) said in a statement.

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S. Korea's money supply up 6.1 pct in May: BOK

SEOUL -- The money supply in South Korea jumped 6.1 percent in May from a year earlier, the central bank said Wednesday.

The nation's M2 totaled 2,454.3 trillion won (US$2.13 trillion) in May, compared with 2,312.8 trillion won a year earlier, the Bank of Korea (BOK) said in a statement.

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Household debt growth slows in June

SEOUL -- South Korea's household debt growth slowed slightly in June, data showed Wednesday, as the government moved to control fresh loans.

Household debt rose by 7.8 trillion won (US$6.8 billion) last month, down from 11.6 trillion won tallied for the same month last year, according to the data by the Financial Services Commission.

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Seoul city gov't draws up 2.31 tln-won extra budget to create jobs

SEOUL -- The Seoul city government on Wednesday unveiled a plan for an extra budget worth 2.31 trillion won (US$2.01 billion) mainly aimed at creating jobs, in step with President Moon Jae-in's push for easing the protracted unemployment.

The Seoul Metropolitan Government said it submitted a bill for the supplementary budget to the city parliament, which is the largest amount in eight years and accounts for about 6 percent of the city's total budget for this year.

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Unification minister meets with bizmen investing in Kaesong complex

SEOUL -- South Korea's unification minister on Wednesday met with a group of company officials who ran factories at a now-shuttered industrial complex in North Korea as they called for more compensation for their losses over the closure.

Cho Myoung-gyon held a meeting with 14 officials from local firms that invested in the Kaesong Industrial Complex in North Korea's border city of the same name, according to Seoul's unification ministry.

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(2nd LD) Opposition party member arrested over fake tip-off scandal

SEOUL -- A former senior member of the minor opposition People's Party was arrested Wednesday over his suspected role in fabricating evidence for a negative campaign against President Moon Jae-in during the May presidential election.

The Seoul Central District Court approved the prosecution's request for a warrant to detain Lee Jun-seo, upholding its claim that he may destroy evidence and is a flight risk. His arrest is expected to spur the investigation into whether any other party leaders were involved.

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(LEAD) CJ Cheiljedang to sell stake in Samsung affiliate via block deal

SEOUL -- CJ Cheiljedang Corp., South Korea's leading maker of processed foods, said Wednesday it will sell all of its stake in Samsung's life insurer through block trading, as the company pushes to jack up investment.

The company will unload 2.98 million shares worth 357 billion won (US$311 million), or a 1.49 percent stake, in Samsung Life Insurance Co. on Friday, it said in a regulatory filing. The selling price is a 3 percent discount from Tuesday's closing price.

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S. Korean stocks trade nearly flat late Wednesday morning

SEOUL -- South Korean stocks traded nearly flat Wednesday morning as investors continued to take a breather from the previous session's record-breaking gain.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 0.77 points, or 0.03 percent, to 2,395.23 as of 11:20 a.m.

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