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Yonhap News Summary

2017/10/11 16:57

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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) OECD advises S. Korea to use more advanced digital tools

SEOUL -- South Korea needs to increase its use of more advanced digital tools to fully harness business opportunities going forward, according to a report released Wednesday by the Organization for Economic Cooperation and Development.

"Korea is above the OECD average for some types of usage, such as news reading and content creation, but could improve regarding more sophisticated online activities by individuals, such as cloud computing and job searches," the OECD said in the Digital Economy Outlook 2017 on South Korea.

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N.K. may have replaced head of party unit overseeing state coffers: expert

SEOUL -- North Korean leader Kim Jong-un may have replaced the head of the ruling Workers' Party of Korea's (WPK) special unit managing state coffers amid tough U.N. sanctions, a South Korean expert said Wednesday.

Shin Ryong-man, who was newly named a director of the WPK's central committee, may have become the head of Office 39, according to Lee Gee-dong, a senior research fellow at the state-run Institute for National Security Strategy.

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Commission to announce fate of two unfinished reactors next week

SEOUL -- A state commission formed to determine the fate of two unfinished nuclear reactors will announce the results next week of public surveys on whether the project should end or continue, an official said Wednesday.

The Oct. 20 announcement will follow a three-day debate camp set to begin Friday, where up to 478 people, selected as members of a jury to make a decision on the project, will hold intensive discussions on the proposal to scrap the construction of the Shingori-5 and Shingori-6 reactors in the southeastern city of Ulsan.

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(LEAD) Moon pledges to introduce 'regulatory sandbox' for new innovative industries

SEOUL -- President Moon Jae-in pledged Wednesday to introduce a "regulatory sandbox" for new industries so that companies can freely test innovative ideas, products and services without the fetters of regulations.

Moon made the remark during the first meeting of the presidential Commission on Fourth Industrial Revolution established to come up with measures to foster creative ideas and products in the era of the so-called fourth industrial revolution fueled by advances in artificial intelligence and information technology.

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(LEAD) Top Army general indicted on bribery charges

SEOUL -- A four-star South Korean Army officer, accused of bullying soldiers assigned to his official residence, will be court-martialed on bribery charges, the Ministry of National Defense said Wednesday.

Military prosecutors have indicted Gen. Park Chan-ju for receiving services worth 7.6 million won (US$6,700), including hotels and meals, from a local steel scrap businessman, in 2014 allegedly in return for favors related to military projects.

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S. Korea, U.S. set for naval mine warfare drill

SEOUL -- South Korea's Navy said Wednesday it will soon begin a joint naval mine warfare exercise with the United States off the peninsula's southeastern coast.

The two sides plan to kick off the weeklong training Saturday following a related symposium hosted by Rear Adm. Brad Cooper, who commands U.S. Naval Forces Korea, it added.

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(LEAD) KOSPI hits record high on foreign buying, Samsung Electronics

SEOUL -- South Korea's main stock index hit a record high Wednesday, buoyed by strong buying by foreign investors, while Samsung Electronics rallied ahead of its earnings release. The Korean won rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 24.35 points, or 1 percent, to close at 2,458.16. Trade volume was moderate, at 193 million shares worth 5.6 trillion won (US$3.07 billion).

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