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Yonhap News Summary

2017/11/27 17:33

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

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S. Korean economy expected to grow 3 pct in 2018: report

SEOUL -- The South Korean economy is expected to grow 3 percent for the second consecutive year in 2018, helped by upbeat exports and increased domestic consumption, a state think tank said Monday.

The Korea Institute for Industrial Economics & Trade (KIET) expected the real gross domestic product (GDP) for Asia's fourth-largest economy to expand 3 percent in 2018, which is 0.1 percentage point lower than the number forecast for this year.

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(LEAD) Finance minister says gov't to cope 'firmly' with Korean currency's rise

SEJONG -- South Korea's finance minister said Monday the government plans to cope "firmly" with the Korean currency's rise against the U.S. dollar, but any intervention will come only when market volatilities are too high.

Finance Minister Kim Dong-yeon told reporters that the won's rally is mainly fueled by the U.S. dollar's weakness.

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Domestic sponsorships for PyeongChang 2018 exceed 1 tln won

SEOUL -- Domestic sponsorships for the 2018 PyeongChang Winter Games have surpassed 1 trillion won (US$918 million), South Korean organizers said Monday.

The PyeongChang Organizing Committee for the 2018 Olympic & Paralympic Winter Games (POCOG) said sponsorship deals signed by private and public corporations in South Korea have reached 1.0092 trillion won, which is 7.6 percent more than its original target of 940 billion won.

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(3rd LD) Defense minister commends JSA troops for defector rescue

PANMUNJOM -- South Korean Defense Minister Song Young-moo on Monday visited the Joint Security Area (JSA) of the Panmunjom truce village, the stage of a dramatic defection by a North Korean soldier earlier this month.

Bullet traces from shots fired by North Korean guards as they tried to stop their follow soldier sprinting toward South Korea on Nov. 13 remain vividly apparent in the southern section of the JSA.

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Minister raises urgent need to restore inter-Korean communication line

SEOUL -- South Korea's unification minister on Monday called for the restoration of suspended inter-Korean communication channels to prevent accidental military conflicts along the tense border.

Cho Myoung-gyon raised the need to immediately recover two communication hotlines which were cut off by North Korea last year, citing a recent dramatic defection across the border by a North Korean soldier.

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Ex-big leaguer Hwang Jae-gyun vows to bring KT Wiz out of KBO cellar

SUWON, South Korea -- Former San Francisco Giants infielder Hwang Jae-gyun on Monday vowed to bring his new South Korean club out of the league cellar in the new season.

Hwang was formally introduced as a new member of the KT Wiz in the Korea Baseball Organization (KBO) at a press conference at KT Wiz Park in Suwon, 45 kilometers south of Seoul. He signed a four-year deal worth 8.8 billion won (US$8.1 million) with the Wiz on Nov. 13, following a season split between Major League Baseball (MLB) and the minors.

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(LEAD) S. Korean stocks end lower on foreign selling

SEOUL -- South Korean stocks ended lower Monday as foreigners remained net sellers for a third straight session. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) declined 36.52 points, or 1.44 percent, to 2,507.81.

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'Hanji' introduced at Louvre Museum seminar

MUNGYEONG, South Korea -- Traditional Korean paper known as "hanji" from the South Korean city of Mungyeong was introduced at an academic conference of some 60 European paper specialists at the Louvre Museum in Paris last week, a city official said Monday.

During the meeting on Wednesday, Korean hanji master Kim Choon-ho gave a rundown of the hanji-making process, including the steaming, stripping and beating of "dak (paper mulberry)," the official said. Dak's bark is a raw material for hanji.

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Three Chinese boats held over illegal fishing near Jeju

SEJONG -- The South Korean government said Monday it has captured three Chinese boats for fishing in its exclusive economic zone (EEZ) in waters off Jeju Island in violation of local regulations.

The Ministry of Fisheries and Oceans said the Chinese vessels were held while fishing in waters 64 kilometers southwest of Jeju Island with nets finer than the local standard, which requires net's mesh pore size to be over 50 millimeters.

(END)

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