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Yonhap News Summary

2018/11/01 13:30

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The following is the first summary of major stories moved by Yonhap News Agency on Thursday.

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(LEAD) Moon calls for parliamentary support for expansionary budget, peace process with N. Korea

SEOUL -- President Moon Jae-in called on the National Assembly on Thursday to approve the government's expansionary budget proposal for next year and cooperate to bring permanent peace with North Korea.

Moon made the appeal in a budget speech, outlining key points and intentions of the government's 470.5 trillion-won (US$422 billion) spending plan for next year, a super budget that marks a sharp 9.7 percent rise from this year's.

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(LEAD) Koreas halt all 'hostile' military acts near border

SEOUL-- The armed forces of South and North Korea are at the forefront of the peace process with the implementation of a bilateral confidence-building pact Thursday, the South's top military officer said.

The two sides ceased all "hostile acts" against each other along the border -- land, sea and air -- as of the start of the day in accordance with the comprehensive military agreement (CMA), Army Gen. Park Han-ki, chairman of the Joint Chiefs of Staff, told reporters, as he toured Yeonpyeong Island, just south of the Yellow Sea border between the two Koreas.

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(LEAD) Supreme Court rules religious belief valid reason for refusing mandatory military service

SEOUL -- The Supreme Court ruled Thursday that religious and conscientious beliefs are to be considered valid reasons for refusing the military service mandate, overturning its decision of 14 years ago.

The full-bench decision by 13 justices, including Chief Justice Kim Meong-su comes after the Constitutional Court's June 28 ruling that recognized for the first time the need for alternative service for conscientious objectors.

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(2nd LD) S. Korea's consumer price growth hits 13-month high in October

SEJONG -- South Korea's consumer price growth accelerated in October, hitting the highest in 13 months, on a sharp rise in prices for agricultural goods and oil-related products, government data showed Thursday.

The country's consumer price index climbed 2 percent last month from a year earlier, moving up from the previous month's 1.9 percent on-year gain, according to the data compiled by Statistics Korea.

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(2nd LD) S. Korea's exports up 22.7 pct in Oct.

SEOUL -- South Korea's exports rose in October compared with a year ago on upbeat sales of memory chips and petrochemical products, government data showed Thursday.

Outbound shipments reached US$54.97 billion last month, a 22.7 percent surge from a year ago and the second-highest monthly figure since September 2017, according to the data compiled by the Ministry of Trade, Industry and Energy.

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(LEAD) S. Korea seeks to loosen regulations to rev up capital market

SEOUL -- The government and the ruling Democratic Party (DP) on Thursday unveiled measures to revitalize the capital market, including helping startups raise funds more easily and easing regulations on private equity funds (PEFs).

Government and DP officials held a meeting to discuss ways to rev up the capital market as non-listed, venture firms are having difficulty in raising funds despite ample liquidity.

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(News Focus) October rout worst setback for S. Korean bourse in decade

SEOUL -- South Korea's stock market experienced the steepest monthly decline in a decade in October on exacerbated concerns over escalating trade disputes between the United States and China, and signs of China's economic slowdown, analysts said Thursday.

The benchmark KOSPI finished at 2,029.69 on Wednesday, wrapping up the month by tumbling 13.37 percent. The tech-laden KOSDAQ fared even worse by dropping 21.11 percent to finish at 648.67.

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