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Yonhap News Summary

2018/07/02 17:40

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

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Money laundering watchdog maintains strongest measures against N. Korea

SEOUL -- An international anti-money laundering body has decided to maintain top-level countermeasures against North Korea over its illicit financial activities, Seoul's financial regulator said Monday.

The decision is the outcome of the regular meeting of the Financial Action Task Force (FATF) held in Paris last week involving 37 members, including South Korea, the United States, China and Japan.

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S. Korea to lower barriers to entering financial sector

SEOUL -- South Korea will lower barriers to entering the local financial industry and approve new licensed companies in a bid to promote competition and innovation in the long-sluggish sector, the financial regulator said Monday.

Earlier, the Financial Services Commission (FSC) set up a review panel that examines obstacles that prevent new competitors from entering the banking, insurance and brokerage sectors in South Korea.

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(2nd LD) Arrest warrant sought for Korean Air chief on embezzlement, tax irregularities

SEOUL -- Prosecutors sought an arrest warrant for Korean Air Lines Co. Chairman Cho Yang-ho on Monday on charges that include embezzlement and failure to report overseas assets.

Cho, 69, has been under investigation over suspicion that he dodged over 50 billion won (US$45 million) worth of inheritance tax and embezzled some 20 billion won from company funds by unfairly awarding business contracts to companies controlled by his family.

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Moon says cut in working hours will enhance livelihood, productivity

SEOUL -- President Moon Jae-in called for efforts to successfully implement the mandatory reduction in working hours Monday, one day after the revised law went into effect, limiting the maximum working hours to 52 hours a week.

"The reduction in working hours went into effect as of yesterday. It will be an important opportunity to move away from a society of overwork and move toward a society of spending time with families," the president said in a weekly meeting with his top aides held at his office Cheong Wa Dae.

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S. Korea, China to hold second round of FTA talks in July

SEJONG -- South Korea and China will hold the second round of talks to expand the scope of their bilateral free trade agreement (FTA) later this month to better cover the service and investment sectors, Seoul's trade ministry said Monday.

The two nations launched the first round of FTA follow-up negotiations in March and recently agreed to discuss details of the agreement in Beijing within July, the Ministry of Trade, Industry and Energy said, without elaborating on the specific date.

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(2nd LD) N. Korea's vice economy minister visits China

BEIJING -- A top North Korean official handling economic policy began a trip to China on Monday amid indications that the neighboring countries are seeking to expand bilateral economic cooperation.

Ku Bon-tae, vice minister of external economic affairs, arrived here on an Air Koryo plane and was soon whisked away in a Chinese vehicle. A North Korean embassy car followed it.

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KOGAS, Australia's Woodside sign MOU on hydrogen projects

SEOUL -- The state-run Korea Gas Corp. (KOGAS) said Monday it has signed a memorandum of understanding with Australia's Woodside Petroleum on collaboration in the research and development of hydrogen fuel.

KOGAS, the world's second-largest importer of liquefied natural gas (LNG), signed the agreement with the Australian company on the sidelines of the World Gas Conference held in Washington D.C. from June 25 to 29.

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(LEAD) S. Korea vows to boost global ties for KOSDAQ market growth

SEOUL -- South Korea's bourse operator said Monday it will strengthen cooperation with global entities to attract more foreign investment into the country's secondary stock market so as to turn it into the world's top trading venue for tech shares.

The tech-laden KOSDAQ market marked the 22th anniversary of its establishment on Sunday, as it was created in 1996 and modeled after the NASDAQ market of the United States.

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S. Korean stocks end lower on institutional selling

SEOUL -- South Korean stocks ended lower Monday on institutional selling as trade friction increased between the United States, China and the EU spooked investors. The won fell against the dollar.

The benchmark Korea Composite Stock Price Index lost 54.59 points, or 2.35 percent, to 2,271.54.

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