Go to Contents Go to Navigation

Yonhap News Summary

All Headlines 12:00 April 12, 2018

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

----------------

S. Korean economy expected to grow 3 percent in 2018

SEOUL -- The central bank said Thursday that the South Korean economy is expected to grow 3 percent this year despite rising uncertainties at home and abroad.

The Bank of Korea (BOK) maintained its earlier growth forecast made in January, when it adjusted up the growth rate 0.1 percentage point from 2.9 percent.

----------------

BOK keeps policy rate unchanged at 1.5 pct for April

SEOUL -- South Korea's central bank on Thursday held its key rate steady for April as Asia's fourth-largest economy is experiencing low inflationary pressure and a weaker pace of economic recovery.

In a widely expected move, the monetary policy board of the Bank of Korea (BOK) voted to keep the policy rate unchanged at 1.5 percent, extending its wait-and-see stance to five months.

----------------

N.K. parliament meets in leader's absence ahead of summits

SEOUL -- North Korea has convened a key parliamentary meeting without its leader Kim Jong-un in attendance, state media said Thursday, ahead of his planned summits with South Korea and the United States.

The Supreme People's Assembly (SPA) held a session on Wednesday, according to the Korean Central News Agency (KCNA), with no special messages from Kim targeting Seoul and Washington ahead of the upcoming meetings

----------------

Clash erupts as military moves to resume construction at THAAD site

SEOUL/SEONGJU -- Police clashed Thursday with protesters and residents near the U.S. missile defense base in a southern rural town, as the military tried to carry in construction materials and equipment. Some protesters were hurt.

The Ministry of National Defense stressed it's necessary to improve the living conditions of South Korean and American troops at the THAAD base in Seongju, North Gyeongsang Province.

----------------

(Yonhap Interview) Deregulation key to beefing up fintech industry: agency chief

SEOUL -- South Korea must move quickly to strengthen fundamentals in its financial technology sector by extending systematic support and pushing forward deregulation, the head of a local fintech association said Thursday.

"The local financial sector has largely been closed for the sake of safety and security, and the focus has been on supporting big institutions, which I believe has deprived the industry of chances for innovation," said Kim Dae-youn, the chief of the Korea Fintech Industry Association (KORFIN), in an interview with Yonhap News Agency. He stressed that change must be undertaken as the sector faces stiff competition from abroad.

----------------

Financial regulator urges GM Korea, union to reach deal on turnaround plan

SEOUL -- South Korea's top financial regulator on Thursday called for General Motors Co.'s local unit and its labor union to reach an understanding on a turnaround plan, saying the government's efforts are meaningless unless there is a deal.

Financial Services Commission (FSC) Chairman Choi Jong-ku made the remarks at a meeting with the heads of banks to support subcontractors of GM Korea.

----------------

Seoul Mayor Park officially announces bid for 3rd term

SEOUL -- Seoul Mayor Park Won-soon on Thursday officially declared his bid for a third term, entering the ruling Democratic Party's primary race for the June local elections.

The party's in-house competition is set to pit the 62-year-old incumbent against two former floor leaders -- four-term lawmaker Park Young-sun and three-term lawmaker Woo Sang-ho.

----------------

S. Korea's top security adviser makes surprise visit to U.S.

WASHINGTON -- South Korea's top national security adviser visited Washington on Wednesday to meet with his U.S. counterpart, John Bolton, the White House said.

The surprise trip by Chung Eui-yong, head of the presidential National Security Office, came ahead of the South Korean and U.S. presidents' separate summits with North Korean leader Kim Jong-un.

----------------

Sewol wreckage to be erected next month

SEOUL -- The wreck of the Sewol ferry, currently lying on its side at the southwestern port of Mokpo, is expected to placed in the upright position next month so search teams can carry out a detailed inspection of the vessel for the remains of people who have not been found, the Ministry of Oceans and Fisheries said Thursday.

The 6,825-ton vessel capsized and sank in waters off the southwestern tip of South Korea on April 16, 2014. The nation's worst maritime disaster in decades claimed 304 lives, mostly high school students on a school trip, and led to a yearslong salvage operation.

----------------

(Yonhap Feature) 4 years on, Koreans still coming to terms with Sewol sinking

SEOUL -- Four years after the deadly sinking of the ferry Sewol, South Koreans are still coming to grips with the truth behind the incident muddled by bureaucratic irresponsibility, politicking, public distrust and unfounded speculation.

Over the past year, efforts to get to the bottom of the April 16, 2014, disaster have gathered steam. State investigators are probing government irregularities related to its botched response, and experts are examining the rusty body of the 6,825-ton vessel, which was salvaged nearly three years after its sinking.
(END)

HOME TOP
Send Feedback
How can we improve?
Thanks for your feedback!