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Yonhap News Summary

Yonhap News Summary 17:30 January 07, 2019

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

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(LEAD) Seoul shares end higher on Fed comments, China monetary easing

SEOUL -- South Korean shares ended higher Monday on renewed appetite for risk assets following a dovish turn by the Federal Reserve and an easing of monetary policy in China. The won rose against the dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) gained 26.85 points, or 1.34 percent, to 2,037.10. Trading volume was moderate at 428.1 million shares, worth 5.13 trillion won (US$4.6 billion), with gainers exceeding decliners 649 to 208.

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Koreas to hold joint New Year's event at Mt. Kumgang this month

SEOUL -- A pro-unification organization in South Korea said Monday it will hold a New Year's meeting with its North Korean counterpart at the North's Mount Kumgang resort late this month.

The South Korean Committee for Implementation of the June 15 Joint Declaration said its North Korean counterpart suggested holding the joint event at the scenic mountain resort on Jan. 30 and 31.

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S. Korea to expand capital gains tax on all equity-linked derivatives

SEJONG -- South Korea said Monday that it will impose a 10 percent tax on profits from trading of all stock index-related derivatives in the latest move to revise the country's tax code.

The revision -- which is set to take effect in April -- covers Kosdaq 150 futures, Kosdaq 150 options and KRX 300 futures, Sector Index Futures and Dividend Index Futures, as well as V-KOSPI 200 Futures and Kosdaq 150 equity-linked warrants, according to the Ministry of Economy and Finance.

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Police chief vows to strengthen punishment for speeding

SEOUL -- South Korea's police chief on Monday called for toughening up penalties for speeders and banning all vehicles from speeding in excess of 220 kph on local roads.

National Police Commissioner Min Gap-ryong made the new policy proposals in response to a civil petition calling for a stronger crackdown on speeding.

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President reaffirms support for small, venture firms

SEOUL -- President Moon Jae-in reaffirmed his promise to support small and medium-sized businesses Monday, calling them the source of innovation and new jobs his country needs.

In a meeting held at his office Cheong Wa Dae with 200 small and medium-sized business leaders, the president said the government will spend a large portion of its 20 trillion won (US$17.9 billion) research and development fund on helping small and medium-sized enterprises (SMEs) and venture firms this year.

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Rival parties fail to reach agreement over hearing on claimed whistleblower

SEOUL -- The floor leaders of rival parties failed Monday to find a compromise over whether to hold a parliamentary hearing over a former government official who claims to be a public interest whistleblower.

During their first meeting in the new year, the bone of contention was whether to hold the hearing over Shin Jae-min, who claimed the presidential office Cheong Wa Dae allegedly abused its power over the country's tobacco maker and the finance ministry.
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