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Yonhap News Summary

Yonhap News Summary 17:03 August 28, 2019

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

(LEAD) Cheong Wa Dae voices 'strong regret' over Japan's export curbs

SEOUL -- The office of President Moon Jae-in expressed "strong regret" Wednesday over Japan's export restrictions against South Korea and also urged Tokyo to "hold hands" extended by Seoul to resolve a related problem diplomatically.

In a statement issued after Japan finally demoted South Korea's trade status, Cheong Wa Dae also reaffirmed that Seoul can reconsider its decision to terminate a bilateral pact on sharing military intelligence if Tokyo changes tack.

(3rd LD) S. Korea expresses 'deep regret' over removal from Japan's whitelist

SEOUL -- South Korea on Wednesday expressed "deep regret" over Japan's official removal of it from a list of favored trade partners and called for an immediate retraction of the latest export restriction.

First Vice Foreign Minister Cho Sei-young called in Japanese Ambassador to South Korea Yasumasa Nagamine to protest the removal, which Seoul believes is another act of political retaliation for last year's South Korean Supreme Court rulings against Japanese firms over wartime forced labor.

(LEAD) Seoul stocks up for 2nd day on institutional buying

SEOUL -- South Korean stocks rose Wednesday for a second consecutive session as institutional investors were net buyers of local stocks, but sentiment remained cautious about deeper worries over the global economy. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 16.49 points, or 0.86 percent, to close at 1,941.09. Trade volume was moderate at 280 million shares worth 3.23 trillion won (US$2.66 billion), with gainers outnumbering losers 609 to 216.

(2nd LD) Overseas travel ban imposed on minister nominee's family over corruption scandals

SEOUL -- The prosecution has imposed an overseas travel ban on certain family members of the embattled Justice Minister nominee Cho Kuk as it investigates corruption allegations involving Cho's family, sources said Wednesday.

State prosecutors have applied an exit ban on Cho's relatives and persons implicated in corruption scandals linked to his family's dubious investment in a private equity fund (PEF) and the operation of a private school foundation that his mother runs.

(LEAD) Police summon K-pop star Seungri over gambling charges

SEOUL -- Seungri, a former member of the K-pop boy band BIGBANG, appeared Wednesday for a police probe over illegal overseas gambling allegations.

Dressed in formal attire, the disgraced K-pop star said he will sincerely take part in the probe and apologized for "causing deep worries". He did not reply to journalists' questions about gambling charges.

BMW to invest 43 bln won to expand S. Korean facilities

SEOUL -- BMW Group Korea said Wednesday it will invest 43 billion won (US$35 million) to expand its logistics and driving centers in South Korea in a move to regain consumer confidence following massive recalls.

BMW plans to make an additional investment of 30 billion won in the Regional Distribution Center in Anseong, 80 kilometers south of Seoul, and inject an additional 13 billion won in the Driving Center in Incheon, just west of the capital city, to better serve local consumers, the company said in a statement.

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