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Yonhap News Summary

2017/07/13 16:50

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

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No evidence of money from Kaesong complex being used for N.K. nukes: Seoul official

SEOUL -- A ranking South Korea official said Thursday there is no evidence that money generated from a now suspended joint inter-Korean industrial complex bankrolled North Korea's nuclear and missile programs.

In February 2016, Seoul shut down the Kaesong Industrial Complex in response to the North's nuclear and missile tests, saying the move is aimed at preventing the money from being funneled into North Korea's nuclear weapons and missile development.

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FM orders overseas missions chiefs to strengthen discipline following rape allegations

SEOUL -- South Korea's foreign minister said Thursday that she has ordered the heads of overseas missions to strengthen discipline and work ethic in the wake of an alleged rape recently reported from the embassy in Ethiopia.

An internal investigation is under way into allegations that a high-ranking diplomat stationed there had sexually assaulted a contracted female worker at his home Saturday (local time). The diplomat has returned to Seoul to face questioning.

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Fintech firms obliged to tackle terror financing

SEOUL -- South Korea's financial regulator said Thursday it will require fintech firms to come up with measures to deal with terrorist financing, in line with an agreement reached at the recent Group of 20 summit.

About 40 fintech firms in South Korea are expected to launch international money transfer services for small funds on Aug. 15.

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Petroleum exports soar 36 pct in H1

SEJONG -- South Korea's exports of petroleum products and refined oils rose sharply in the first six months of the year on rising crude prices, customs data showed Thursday.

A total of US$16.69 billion worth of petroleum products were shipped overseas during the January-June period, up 36.1 percent from a year earlier, according to the data by the Korea Customs Service.

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Kumho Tire employees hold rally to oppose sale to Qingdao Doublestar

SEOUL -- Hundreds of employees of Kumho Tire Co. on Thursday held a rally against plans by creditors to sell the company to China's Qingdao Doublestar.

About 750 workers held separate rallies at the company headquarters in Seoul and an R&D center in Yongin, Gyeonggi Province, demanding creditors led by the state-run Korea Development Bank stop the sales process.

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S. Korean policy bank to invest US$130 mln in Chinese airport project

SEOUL -- South Korea's state-run Korea Development Bank (KDB) said Thursday it plans to invest US$130 million into a Chinese project for the expansion of the Haikou Meilan International Airport.

KDB will set up a private equity fund to make the investment, the bank said.

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Cheong Wa Dae says meeting on US FTA may not be held in 30 days

SEOUL -- The U.S.-proposed meeting for possible amendments to the bilateral free trade agreement between South Korea and the United States may be delayed due to the vacancy in Seoul's top trade post, an official from Seoul's presidential office, Cheong Wa Dae, said Thursday.

The new Moon Jae-in administration is seeking to create a new trade negotiations office to be headed by a trade minister.

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Electricity demand to grow at slower pace: experts

SEOUL -- South Korea's electricity demand is expected to increase at a slower pace than in the past, local experts said Thursday.

The electricity usage for the 2017-2031 period is forecast to be smaller than the previous forecast that covers 2015 through 2029, the experts said.

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Minor opposition party stops parliamentary boycott, joins budget review

SEOUL -- The minor opposition People's Party decided Thursday to lift its parliamentary boycott and join long-delayed deliberations on an extra budget bill, offering a shot in the arm for President Moon Jae-in, who is struggling to finance his job creation drive.

The decision came hours after Presidential Chief of Staff Im Jong-seok voiced regrets over ruling Democratic Party leader Choo Mi-ae's recent disparaging remarks related to a fake tip-off scandal, which caused the embattled party to boycott all parliamentary proceedings.

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