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Yonhap News Summary

All News 12:27 July 04, 2017

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

(3rd LD) N. Korea fires ballistic missile into East Sea

SEOUL -- North Korea launched another ballistic missile Tuesday, just a few days after the leaders of South Korea and the United States agreed to leave the door open for dialogue with the communist nation.

"North Korea fired an unidentified ballistic missile into the East Sea from the vicinity of Banghyon, North Pyongan Province, at around 9:40 a.m.," the Joint Chiefs of Staff (JCS) said. "It flew more than 930 kilometers."

(4th LD) Moon to chair NSC meeting over N. Korean missile launch

SEOUL -- South Korean President Moon Jae-in was set to chair an emergency meeting of the National Security Council (NSC) later Tuesday, the presidential office said, to personally check the country's readiness against an additional provocation from North Korea.

The meeting will be held at noon. The president earlier convened a meeting of the NSC standing committee, which is chaired by his top security adviser and head of the presidential National Security Office, shortly after the North launched what appeared to be a ballistic missile.

S. Korea's new gov't to unveil its economic plan within the month

SEOUL -- South Korea's new government will unveil a comprehensive macroeconomic road map, including plans on taxation and public finances, later this month, the country's top economic policymaker said Tuesday.

"Some day in mid-July, the president and other officials will hold a meeting to discuss the government's fiscal policies and strategies for the next five years," Finance Minister Kim Dong-yeon said at a policy meeting with ministers in Seoul.

(LEAD) Pyongyang urges Seoul to end 'subservience' to U.S.

SEOUL -- North Korea on Tuesday urged Seoul to end its "subservience" to the United States, as it questioned South Korea's will to improve inter-Korean ties in its reaction to the latest Seoul-Washington summit.

The Central Committee of the Democratic Front for the Reunification of Korea (DFRK) released a statement saying that the new liberal South Korean administration shows no difference in sticking to its policy of dependence on foreign forces.

Samsung starts production at Pyeongtaek chip line

SEOUL -- Samsung Electronics Co. said Tuesday it has started full-fledged chip production at its Pyeongtaek plant and announced it will continue making more investments to expand its output capacity.

The announcement came two years after the South Korean tech giant started the construction project in May 2015. The new Pyeongtaek facility, 70 kilometers south of Seoul, is the biggest of its kind in the country, Samsung added.

BOK to take action to cope with foreign monetary policy changes

SEOUL -- The chief of South Korea's central bank vowed Tuesday to take "appropriate" steps amid signs that major economies could change their monetary policies going forward.

Last month, the U.S. Federal Reserve raised key interest rates by 0.25 percentage point, marking up the target range for the federal funds rate to 1-1.25 percent.

(LEAD) S. Korea's consumer prices up 1.9 pct in June

SEJONG -- South Korea's consumer prices continued to gain ground last month, rising nearly 2 percent due mainly to a sharp increase in fruit and vegetable prices stemming from adverse weather conditions, government data showed Tuesday.

The country's consumer price index climbed 1.9 percent in June from a year earlier, slightly down from the previous month's 2 percent rise, according to the data compiled by Statistics Korea.

Trump discusses N. Korea with China's Xi and Japan's Abe

WASHINGTON -- U.S. President Donald Trump spoke by phone separately with Chinese President Xi Jinping and Japanese Prime Minister Shinzo Abe on Monday and discussed growing threats from North Korea, the White House said.

"President Trump raised the growing threat posed by North Korea's nuclear and ballistic missile programs. Both leaders reaffirmed their commitment to a denuclearized Korean Peninsula," the White House said in a statement about the call with Xi.

Foreign banks upgrade S. Korea's economic outlook

SEOUL -- Some foreign investment banks have raised their growth forecasts for South Korea's economy this year, thanks to better-than-expected exports and facility investment, a financial research institute said Tuesday.

The Bank of Korea has upgraded its growth forecast for the country to 2.6 percent from 2.5 percent, citing improving exports, the Korea Center for International Finance (KCIF) said.

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