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Yonhap News Summary

Economy 13:32 August 26, 2019

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

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(2nd LD) Seoul to max out fiscal easing next year: minister

SEJONG -- South Korea's finance minister said Monday the country will implement a "greater and aggressive" fiscal policy next year to deal with a series of economic headwinds, such as an escalating trade row between the United States and China, and another trade tussle with Japan.

Hong Nam-ki, the minister of economy and finance, said the government has drafted an expansionary budget next year, although a temporary fiscal deficit is likely.

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State Department spokeswoman voices disappointment again over GSOMIA termination

SEOUL -- The spokeswoman of the U.S. State Department has expressed disappointment again over South Korea's decision last week to terminate its military information-sharing agreement with Japan.

Amid a rancorous row with Tokyo over wartime history and trade, Seoul announced its decision last week to end the General Security of Military Information Agreement (GSOMIA), seen as a rare symbol of security collaboration between the two countries and a platform to promote their trilateral defense cooperation with their mutual ally, the United States.

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(LEAD) World No. 1 Ko Jin-young picks up 4th LPGA win of '19 in Canada

SEOUL -- By now, there should be no doubt in anyone's mind that Ko Jin-young is the best female golfer in the world today.

Ko, world No. 1 since July 29, dominated the field to capture the CP Women's Open in Aurora, Canada, on Sunday (local time), for her fourth LPGA victory of the year. With a bogey-free round of eight-under 64, Ko finished at 26-under 262, beating Nicole Broch Larsen of Denmark by five strokes at Magna Golf Club.

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Renault Samsung says lower output, slump may lead to job cuts

SEOUL -- Renault Samsung Motors Corp. said Monday job reductions may be one of the options to tackle with declining production volumes at its sole local plant and a prolonged slump.

In a meeting with the union last week, the company said it will be difficult to maintain the current workforce as the output volume of Nissan Motor Co.'s Rogue SUV is expected to fall sharply next year from this year's 60,000 units, a company spokesman said by phone.

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Trump calls allied exercise 'unnecessary,' 'total waste of money'

SEOUL -- U.S. President Donald Trump has called the recently concluded South Korea-U.S. combined military exercise "unnecessary" and a "total waste of money" despite heightened tensions caused by Pyongyang's recent launches of short-range projectiles.

During the Group of Seven summit in France on Sunday, Trump also told reporters that Pyongyang's projectile launches do not represent a breach of his agreement with North Korean leader Kim Jong-un that involves nuclear and longer-range ballistic missile tests.

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Samsung's smartphone share in Japan hits 6-year high in Q2

SEOUL -- Samsung Electronics Co.'s presence in the Japanese smartphone market rose to the highest level in six years in the second quarter thanks to robust sales of new models, industry data showed Monday.

The Korean tech giant shipped about 600,000 smartphones in Japan in the April-June period to take up 9.8 percent of the country's smartphone market, according to the data compiled by Strategy Analytics.

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S. Korea stages 2nd day of expanded military drills for Dokdo

SEOUL -- South Korea staged an expanded military exercise on and around its easternmost islets of Dokdo in the East Sea for the second and final day Monday, the Navy said, amid escalating tensions with Japan over historical and trade feuds.

The two-day regular exercise kicked off on the largest scale ever Sunday, involving all three armed services, as well as the Marine Corp and the Coast Guard, in a sign that Seoul is taking a hard-line stance on the deepening row with Japan.

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(LEAD) S. Korea's tax-GDP ratio nears 27 pct in 2018

SEOUL -- South Korea's tax-to-gross domestic product (GDP) ratio reached nearly 27 percent in 2018, but it was lower than that for other major economies, a report showed Monday.

The country's tax-to-GDP ratio came to 26.8 percent last year, up 1.4 percentage points from the prior year, according to the report from the National Assembly Budget Office.
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