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Yonhap News Summary

All News 17:12 August 02, 2018

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

Pension fund forecast to be depleted earlier than predicted: sources

SEOUL -- South Korea's national pension could run out of money by 2056 or 2057 if current financial conditions continue, three to four years earlier than previously projected by the government, official sources said Thursday.

The government conducts reviews on the financial soundness of the National Pension Service (NPS) every five years, with the latest one -- the fourth of its kind -- currently under way with the results to be announced by the Ministry of Health and Welfare on Aug. 17.

iKON aims to repeat viral success with new album

SEOUL -- Rising K-pop boy band iKON hopes to revive the viral success that their January album "Return" has achieved with their new record "New Kids: Continue," fronted by the main track "Killing Me."

"Love Scenario," a mellow love ballad that fronted iKON's previous record, took local music charts by storm and went viral among kids for its simple and easy-to-follow melodies and lyrics.

Task force makes sweeping proposals for reform of defense intelligence unit

SEOUL -- The defense ministry's task force, charged with drafting plans for overhauling an embattled military security unit, called Thursday for the abolition of "all of its institutional underpinnings" to carry out a wholesale reform.

Chang Young-dal, the chief of the team, announced a series of proposals for sweeping changes of the Defense Security Command (DSC) "close to the level of the command's disbandment," after monthslong deliberations.

(LEAD) Hankook Tire Q2 net up 0.4 pct

SEOUL -- Hankook Tire Manufacturing Co., South Korea's biggest tiremaker, said Thursday its second-quarter net profit edged up 0.4 percent from the previous year following increased shipments to major markets.

Net profit came to 180.6 billion won, compared to 179 billion won tallied for the same three month period last year, the company said through its regulatory filing.

(3rd LD) State firms to spend over 30 tln won to nurture innovative growth

SEOUL -- State-led companies plan to spend over 30 trillion won (US$27 billion) in key leading sectors, such as autonomous driving, by 2022, thus creating an environment for private companies to seek innovative growth, the country's chief economic policymaker said Thursday.

"To boost innovative growth, state-run companies will play a vital role, and they will spearhead investment," Finance Minister Kim Dong-yeon said in an economy-related ministers meeting.

Taekwondo star hoping winning streak doesn't end at Asian Games

JINCHEON, South Korea -- South Korean taekwondo star Lee Dae-hoon has been winning everything in sight in the lead-up to the Asian Games, and he is hoping the streak doesn't end at the continental event.

Lee is a two-time defending Asian Games champion in the men's 63-kilogram division. He topped the national team trials in the 68kg division, and also won the 68kg title at the first Grand Prix stop of the season in Rome in June. Lee will be a gold medal favorite once again when the Asian Games start in Jakarta and Palembang, Indonesia, on Aug. 18.

World Bank names Beijing office's program leader as new chief of Korean office

SEJONG -- The World Bank Group (WBG) said Thursday it has named the program leader of economic policies at Beijing's office as the new head of its Korean office.

Soh Hoon-sahib will replace Joyce Msuya as the chief of the World Bank's office in Songdo, west of Seoul, next week.

N. Korea's media demands Seoul's substantive action to improve ties

SEOUL -- North Korea's media on Thursday renewed its demand for South Korea to take substantive action to improve relations, blaming the current procrastination on the Seoul government sticking to the global sanctions regime.

The Rodong Sinmun, the official newspaper of the Workers' Party of Korea, called for stepped-up efforts to faithfully implement what was agreed during their leader's summit in April and resolve any issues without depending on outside forces.

Psy, BTS, Girls' Generation ranked on Billboard list of greatest music videos

SEOUL -- The music video of sensational K-pop rapper and singer Psy's "Gangnam Style" has ranked 12th on Billboard's list of the 100 greatest music videos of the 21st century.

The critics-selected list, carried by Billboard on July 24, also put the music videos of K-pop septet BTS' 2016 song "Blood Sweat & Tears" and Girls' Generation's 2009 release "Gee" at 67th and 92nd place, respectively.

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