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Yonhap News Summary

Yonhap News Summary 17:24 December 06, 2018

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

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U.S. wants brighter future for N.K. after its denuclearization: official

WASHINGTON -- The United States is ready to offer a brighter future to North Korea, but only after it completely abandons its nuclear weapons program, a senior U.S. official said Wednesday.

The two sides have been trying to negotiate the terms of North Korea's denuclearization since the historic June summit between U.S. President Donald Trump and North Korean leader Kim Jong-un.

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(2nd LD) Koreas agree to verify withdrawal of border guard posts on Dec. 12

SEOUL -- The two Koreas have agreed to verify their recent work to withdraw 11 border guard posts through onsite visits next week, Seoul's defense ministry said Thursday.

They will each form a seven-member verification team for each guard post, subject to their pullout agreement, for the verification task on Wednesday.

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S. Korea adopts global regulator's enhanced tools for cross-border enforcement cooperation

SEOUL -- South Korea's two financial regulators adopted enhanced tools for cross-border enforcement of securities and derivatives laws by a global financial regulator, officials said Thursday.

The two financial regulators -- The Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) -- jointly became the 10th member of the Enhanced Multilateral Memorandum of Understanding (EMMoU) at the International Organization of Securities Commissions (IOSCO), the FSC said in a statement.

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(2nd LD) Samsung promotes device solution head to vice chairman

SEOUL -- Samsung Electronics Co. said Thursday it has decided to promote Kim Ki-nam, who currently serves as the president and CEO of the crucial device solution division, to vice chairman, as the chip business continued to post record-breaking performances throughout 2018.

The South Korean tech giant said the decision was based on Kim's leadership and the major contributions he made to the company's chip business. Kim will continue to lead the Samsung Advanced Institute of Technology as well.

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Court rules dismissal of ex-Seoul prosecution chief unlawful

SEOUL -- An administrative court ruled Thursday that the justice ministry's dismissal of a former Seoul prosecution chief over graft allegations was not lawful.

The Seoul Administrative Court made the decision on Lee Young-ryeol, 61, who was the chief of the Seoul Central District Prosecutors' Office from 2015-17.

The Ministry of Justice fired Lee in June last year after he was implicated in a scandal involving a suspicious provision of money to his subordinates.

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(LEAD) Rising housing prices have weaker wealth effect in S. Korea: report

SEOUL -- Rising housing prices have rarely encouraged home owners in South Korea to expand their spending due mainly to worries over how they will cope with old age, a report said Thursday.

According to the report by the Bank of Korea (BOK), a 1 percentage point rise in housing prices leads to a 0.02 percentage point gain in consumption growth by people who own property. The statistics were based on data between 2013-2016 when South Korea experienced a real estate market boom.

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BTS doc 'Burn the Stage' draws 1.96 million viewers worldwide

SEOUL -- The latest BTS documentary, "Burn the Stage," drew an accumulated 1.96 million moviegoers around the world, the K-pop boy band's management agency said Thursday.

The documentary, featuring intimate behind-the-scenes footage of the K-pop band's 2017 concert tour of 19 cities across the globe, was released on Nov. 14 in some 40 countries.

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(LEAD) Rival parties in talks for breakthrough over gov't 2019 budget bill

SEOUL -- Rival parties held a last-minute negotiation Thursday to make a breakthrough over the government's 2019 budget bill, with electoral reform emerging as a sticking point in moving their talks forward.

The floor leaders of the ruling Democratic Party (DP) and two opposition parties sparred over details about the government's proposed 470.5 trillion-won (US$426.6 billion) fiscal spending, four days after the legal deadline for its passage expired.

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