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Yonhap News Summary

2017/08/02 17:37

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

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(LEAD) S. Korea, U.S. in close, daily consultation on N. Korean missile: official

SEOUL -- South Korea and the United States are in close consultations over ways to deal with North Korea following its latest missile provocation, an official from the South Korean presidential office Cheong Wa Dae said Wednesday, dismissing criticism that President Moon Jae-in may be neglecting his job while on leave.

"I stress that there are almost daily discussions between South Korea and the United States," the official told reporters, while speaking on condition of anonymity.

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(LEAD) S. Korea to increase tax rates for rich people, big firms

SEJONG -- South Korea will raise tax rates for the "super-rich" and big money-making companies, the finance ministry said Wednesday, in what many see as a move to finance the incumbent Moon Jae-in government's pledges on job creation and expand social welfare.

Under its biannual tax revision plan, which requires approval from the National Assembly, the Ministry of Strategy and Finance said it will increase the income tax rate from the current 40 percent to 42 percent on people whose taxable income exceeds 500 million won (US$445,700) per annum.

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USFK chief: THAAD to bolster capability against N. Korean missiles

SEOUL -- The top American military commander in South Korea on Wednesday assured people here that the THAAD missile defense system will enhance the allies' defense against North Korean threats.

He cited another successful interception by a THAAD rocket of a medium-range ballistic missile in a test conducted in Alaska last weekend.

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Banks urged to tighten mortgage screening to curb property speculation

SEOUL -- South Korea's top financial regulator on Wednesday urged banks and other financial institutions to tighten screenings of applications for home mortgages in a move to block speculative demand for homes before the government's stricter lending rules go into force.

Financial Services Commission (FSC) Chairman Choi Jong-ku made the remarks at a meeting earlier in the day with top executives from retail banks, insurance firms and savings banks.

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S. Korean firms face 190 import tariffs in 28 countries

SEOUL -- South Korean companies face some 190 import tariff restrictions in 28 countries, with emerging markets accounting for over 70 percent of the barriers, a local trade promotion agency said Wednesday.

As of June, Korean firms were involved in 154 antidumping and countervailing duty actions and 36 safeguard tariffs imposed by countries such as the U.S., Canada, India, China and Thailand, the Korea Trade

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Prosecution widens probe into KAI over suspected accounting fraud

SEOUL -- Prosecutors said Wednesday they have launched an investigation into suspicions of accounting fraud at South Korea's sole aircraft manufacturer, Korea Aerospace Industries Co. (KAI), with its top executives already under probe for cost manipulation and slush funds.

The Seoul Central District Prosecutors' Office began its probe into KAI last month over allegations that some of its top officials manipulated expenses for development projects, including the making of a utility helicopter known as the Surion, to gain illicit profits.

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'The Battleship Island' tops 5 million in admissions on 8th day

SEOUL -- "The Battleship Island," a big-budget South Korean movie, surpassed 5 million in attendance in its home country Wednesday, the eighth day of its run, the film's local distributor said.

The historical action written and directed by Ryoo Seung-wan hit the milestone at 9:30 a.m. in the fastest pace among all films that opened this year, according to CJ Entertainment.

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Football legend Park Ji-sung to be named honorary ambassador for PyeongChang 2018

SEOUL -- South Korean football legend Park Ji-sung will be named an honorary ambassador for the 2018 PyeongChang Winter Games, the event's organizers said Wednesday.

PyeongChang's organizing committee said Park's appointment ceremony will take place in Seoul on Friday.

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