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Yonhap News Summary

Diplomacy 17:13 August 13, 2019

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

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(LEAD) Seoul to commemorate memorial day for 'comfort women'

SEOUL -- South Korea will hold the second-ever government-hosted national ceremony to commemorate International Memorial Day for Comfort Women on Wednesday.

About 300 people from all walks of life, including elderly women sexually enslaved by the imperial Japanese army, will take part in the ceremony at the Kim Koo Museum and Library in central Seoul, the Ministry of Gender Equality and Family said in a press release on Tuesday.

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S. Korea to sharply boost budget spending for parts, materials industries next year

SEOUL -- South Korea plans to sharply increase next year's budget spending for the parts and materials industries to help tide them over in the wake of Japan's export curbs, a top presidential official said Tuesday.

Kim Sang-jo, Cheong Wa Dae chief of staff for policy, asked for parliamentary cooperation to take the government's plan into account when the National Assembly reviews the 2020 government budget proposal, which will be drawn up soon.

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(LEAD) Seoul stocks snap 3-day winning streak, Korean won again hits multiyear low

SEOUL -- Seoul stocks closed lower Tuesday, ending a three-day winning streak, amid growing trade tension between the United States and China and geopolitical risks around the globe, including massive protests in Hong Kong.

The Korean won hit the lowest level to the U.S. dollar in over three years amid a growing appetite for safer assets and mounting concerns over an economic slowdown.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 16.46 points, or 0.85 percent, to 1,925.83. Trading volume was moderate at 646 million shares worth 4.22 trillion won (US$3.4 billion), with losers outnumbering gainers 512 to 329.

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S. Korea to actively deal with radioactive water discharge from Fukushima plant

SEOUL -- South Korea will actively seek ways to deal with Japan's planned discharge of water contaminated as a result of the 2011 Fukushima nuclear power plant meltdown, Seoul's foreign ministry said Tuesday, amid concern storage space will soon run out.

The treatment of radioactive water stored in tanks in Fukushima has drawn international concern in recent months following reports that the Japanese government is considering releasing the water into the Pacific Ocean.

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(LEAD) Moon sees Korean economic fundamentals as strong, urges vigilance against fake news

SEOUL -- President Moon Jae-in said Tuesday the fundamentals of the Korean economy remain strong despite heightened economic uncertainty and called for vigilance against potential negative impacts by fake news on financial markets.

The president ordered government officials to sternly tackle growing economic woes at home and abroad but also called attention to the possibility that groundless fake information could increase financial market instability.

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(2nd LD) New batch of S. Korean troops departs for Somali waters amid speculation over Hormuz Strait mission

SEOUL -- South Korea dispatched a fresh batch of troops to the Gulf of Aden for anti-piracy efforts Tuesday, the Navy said, amid speculation the contingent could also undertake missions in the Strait of Hormuz as part of a U.S.-led coalition.

The 30th batch of the Cheonghae Unit departed the southern port city of Busan to conduct anti-piracy missions off the coast of Somalia for six months, starting in September, according to the Navy.

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(Yonhap Interview) Lanxess Korea CEO owes long tenure to Korean chemical industry's growth

SEOUL-- In a business world where the lifespan of corporate leaders is compared to that of mayflies, Ko Je-woong, the chief executive of Lanxess Korea Ltd., is certainly a man who can tell you tips for survival -- Ko is one of the longest-serving CEOs in South Korea.

The 63-year-old has been managing Lanxess Korea, the Korean unit of German special chemicals company Lanxess AG, since 2006. According to industry data, the average tenure of a CEO in South Korea is about three years.
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