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Yonhap News Summary

2018/03/05 16:55

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

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(3rd LD) Moon's envoy says trip aimed at facilitating U.S.-N.K. denuclearization talks

SEOUL -- South Korea seeks to persuade North Korea to resume denuclearization dialogue with the United States and the international community, the chief of a South Korean delegation to the North said of his mission Monday, hours before the five-member team left for the reclusive state.

"Most of all, I will deliver President Moon Jae-in's sincere and firm resolve to maintain the dialogue and improvement in relations between the South and the North, which were fostered on the occasion of the PyeongChang Winter Olympics, to denuclearize the Korean Peninsula," Chung Eui-yong told a press briefing just hours before his departure.

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President urges efforts to ensure cut in working hours will lead to new jobs

SEOUL -- President Moon Jae-in on Monday called for government efforts to make sure the recent cut in the maximum working hours will lead to new jobs, and improve the living and working conditions of all laborers.

The unicameral parliament approved a revision to the Labor Standards Act last week, reducing the maximum statutory workings hours to 52 hours a week from the current 68 hours.

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Finance minister, BOK chief vow to cooperate to manage risk factors

SEOUL -- South Korea's top economic and monetary policymakers agreed on Monday to cooperate to reduce any fallout from a much expected rate hike in the United States and from growing trade protectionism, Seoul's finance ministry said.

In a meeting held earlier in the day, Finance Minister Kim Dong-yeon and Bank of Korea Gov. Lee Ju-yeol shared the view that current economic recovery trends can be maintained but that there are a slew of external risk factors as well.

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Minor party seeks to form parliamentary negotiating bloc with fringe party

SEOUL -- The minor opposition Party for Democracy and Peace (PDP) will seek to form a parliamentary negotiating bloc with a fringe party, its spokesman said Monday, in a move to bolster its legislative voice.

The nascent party plans to make an official proposal to the progressive Justice Party for the creation of the bloc, which requires at least 20 lawmakers in the 293-member National Assembly. The PDP has 14 legislators, while the Justice Party has six.

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(LEAD) Gov't to impose fine on Samsung chairman after inspection

SEOUL -- Financial authorities said Monday they will step up cooperation with the national tax agency to impose a fine on Samsung Group's ailing chairman Lee Kun-hee for allegedly evading taxes with borrowed-name accounts.

In a statement, the Financial Supervisory Service confirmed that Lee held 6.18 billion won (US$5.72 million) in 27 brokerage accounts under borrowed names on Aug. 12, 1993, a day before a law came into force requiring real name accounts.

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(LEAD) S. Korean stocks extend losses on fears of global trade war

SEOUL -- South Korean stocks tumbled on Monday as investor sentiment was knocked by fears of a global trade war. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 27.1 points, or 1.13 percent, to close at 2,375.06. Trade volume was moderate at 304 million shares worth 5.66 trillion won (US$5.23 billion).

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