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Yonhap News Summary

All News 16:56 August 10, 2018

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

(3rd LD) N. Korean coal, pig iron illegally shipped to S. Korea: customs office

SEOUL -- Three South Korean firms imported North Korean coal from Russia by forging customs documents in apparent violation of a U.N. sanctions resolution, authorities here announced Friday.

The findings present the South's government with a diplomatic burden amid the U.S.-led efforts to maintain international unity in enforcing sanctions on the communist nation until its full denuclearization.

The Korea Customs Office (KCS) said the three firms brought in 35,038 tons of North Korean coal and pig iron, worth a combined 6.6 billion won (US$5.86 million), on seven occasions between April and October last year.

China to conduct 'important' military drill in Yellow Sea

BEIJING -- The Chinese government said Friday that its military will hold an "important" drill in the sea between China and the Korean Peninsula until Monday.

China's Maritime Safety Administration said that an important military activity will be conducted in five locations in the sea east of Qingdao, a port on the east coast of Shandong Province, from 6 p.m. Friday to 6 p.m. Monday (local time).

(LEAD) Two Koreas attend tourism festival in China

BEIJING -- South and North Korea participated in a recent cultural tourism festival in China amid growing speculation about Beijing's moves to support the North through tourism sector cooperation, sources said Friday.

The 2018 Northeast Asia Cultural Tourism Gourmet Festival, which was held in Hunchun, northeast China, from Aug. 3-6 drew participants from China, South Korea, North Korea, Russia, Japan and Mongolia, featuring about 200 kinds of cuisine.

(LEAD) U.S. unlikely to slap tariffs on S. Korean cars: Ex-Moody's official

SEOUL -- The United States is unlikely to impose tariffs on South Korean cars, a former Moody's official said Friday, a possible exemption that could give a boost to the revised free trade agreement between the two allies.

South Korea has made concessions on automobiles in the revised free trade deal struck earlier this year, but U.S. President Donald Trump has threatened to slap the so-called Section 232 tariffs on automobiles on national security grounds.

Cheong Wa Dae says may consider legal revision to prohibit dog slaughter

SEOUL -- The government may consider revising the law on domestic animals to remove dogs from the list of livestock but prohibiting the consumption of dog meat altogether may require more time and discussions, a senior presidential secretary said Friday.

"The government will consider revising the related regulations so dogs may be removed from the list of livestock," said Choi Jae-kwan, a senior secretary to President Moon Jae-in for agricultural and fishery issues.

(LEAD) Moon urges all-out efforts to improve people's livelihood, develop democracy

SEOUL -- President Moon Jae-in on Friday called for all-out efforts to revitalize the economy and further develop the country's democracy, appealing for legislative and judiciary support for the causes.

"As you may know, the most important steps in our reform drive, especially those related to the people's livelihoods, require legislation by the parliament, and there are already many related legislations waiting to be processed at the National Assembly," he said while meeting with new National Assembly Speaker Moon Hee-sang and other national leaders.

Jin Air Q2 net down 88 pct on increased fuel costs

SEOUL -- Jin Air Co., the budget affiliate of Korean Air Lines Co., said Friday that its second-quarter net profit fell 88 percent from a year earlier on increased fuel costs and decline in travel demand.

Net profit for the three months that ended on June 30 came to 1 billion won (US$886,000), down from 8.1 billion won a year earlier, the company said in a regulatory filing.

(LEAD) Seoul stocks close lower on heavy foreign, institutional selling

SEOUL -- South Korean stocks closed lower on Friday as foreign and institutional buyers went on a heavy selling spree targeting large-cap tech shares amid a strong U.S. dollar, analysts here said. The South Korean won dropped against the greenback.

The benchmark Korea Composite Stock Price Index (KOSPI) surrendered 20.92 points, or 0.91 percent, to close at 2,282.79. Trading volume was moderate at 279.6 million shares worth 6.1 trillion won (US$5.5 billion), with losers outnumbering gainers 418 to 389.

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