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Yonhap News Summary

Yonhap News Summary 16:42 September 03, 2019

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

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S. Korea calls on Japan to reconsider allowing use of imperial flag during Tokyo Olympics

SEOUL -- South Korea on Tuesday called on Japan to retract its stance to effectively allow the use of its old imperial flag, seen as a symbol of its past militarism, during the 2020 Tokyo Olympics.

A local media outlet reported that the Tokyo Organizing Committee of the Olympic and Paralympic Games said it would not prevent spectators from wearing uniforms imprinted with the Rising Sun Flag, or from bringing such flags when cheering at events, citing that it is already a widely used item in the country.

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Moon asks for parliamentary confirmation hearing report on justice minister nominee

SEOUL -- President Moon Jae-in on Tuesday asked the National Assembly to send a confirmation hearing report on a justice minister nominee facing corruption allegations involving his family, moving a step closer to appointing him.

While on overseas trips, the president requested parliament to send the hearing report on the nominee, Cho Kuk, to the presidential office Cheong Wa Dae by Friday, according to Yoon Do-han, senior presidential secretary for public communication.

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Main opposition rebuts claims by justice minister nominee over corruption scandals

SEOUL -- The main opposition Liberty Korea Party (LKP) held a press briefing Tuesday to counter claims that an embattled justice minister nominee has made to address corruption allegations involving his family.

The conservative party condemned Cho Kuk for holding a press conference at the National Assembly a day earlier to defend his stance with "lies and dodging tactics."

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Samsung expands memory chip market share in Q2 despite slump: Fitch

SEOUL -- Samsung Electronics Co. solidified its top position in the global memory chip market in the second quarter despite weak demand and softening prices of major products, Fitch Ratings said Tuesday.

The Korean tech giant's share in the DRAM and NAND markets reached 46 percent and 35 percent, respectively, in the second quarter, rising from 43 percent and 29 percent from three months ago, according to the global ratings agency.

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(LEAD) Seoul stocks retreat on trade jitters, growth woes

SEOUL -- South Korean stocks snapped a two-day winning streak to close lower Tuesday on weaker than expected economic growth and uncertainties over trade talks between the United States and China. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) decreased 3.5 points, or 0.18 percent, to close at 1,965.69. Trade volume was moderate at 331.1 million shares worth 3.8 trillion won (US$3.1 billion), with gainers outnumbering losers 439 to 364.

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(LEAD) (News Focus) Hyundai Motor on way to better performance after no-strike wage deal

SEOUL -- Hyundai Motor Co. may get a further profit boost in the second half of the year, as South Korea's largest automaker averted its chronic labor strike over wages for the year amid increased uncertainty stemming from a slowdown in the global economy and a slump in emerging markets, analysts here said Tuesday.

Earlier in the day, 56 percent of the automaker's some 43,000-member union approved a wage and collective bargaining agreement, paving the way for the automaker to stay focused on delivering popular models on time without production disruption.

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(Yonhap Interview) Social cohesion key to tackling hate speech: human rights chief

SEOUL -- Hate speech is a growing issue in South Korea where politicians lash out with insensitive comments toward women and the LGBT community, and online commenters harass social minorities with hurtful words.

The Korean suffix "choong," which technically means insect but more often is associated with a derogatory connotation, is widely used to discriminate the socially vulnerable, such as mothers, the elderly and LGBT population.
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