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Yonhap News Summary

Yonhap News Summary 13:30 September 05, 2019

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

Seoul stocks up over 1 pct late Thursday morning on eased global concerns

SEOUL -- South Korean stocks were sharply up late Thursday morning, one day after the withdrawal of Hong Kong's extradition bill helped improve global investor sentiment, leading to significant gains on Wall Street overnight.

The benchmark Korea Composite Stock Price Index (KOSPI) leaped 22.05 points, or 1.11 percent, to 2,010.58 as of 11:20 a.m., breaching the psychologically significant 2,000-point mark for the first time since Aug. 2.

(2nd LD) Korea's current account surplus jumps to 9-month high in July

SEOUL -- South Korea's current account surplus grew for a third consecutive month to a nine-month high in July on an increased trade surplus and a narrowing deficit in the service sector, central bank data showed Thursday.

The country's current account surplus came to US$6.95 billion in the month, the highest since October 2018, when the country posted a $9.35 billion surplus, according to preliminary data from the Bank of Korea (BOK).

Seoul urges Beijing to reduce trade regulations

SEOUL -- South Korea's trade ministry said Thursday it requested its Chinese counterpart to consider lifting anti-dumping and safeguard measures against Asia's No. 4 economy and called for making a joint effort to establish a barrier-free trading environment.

China has taken the third-largest anti-dumping and safeguard measures against South Korea after the United States and India, according to the Ministry of Trade, Industry and Energy.

(LEAD) Defense chief vows strong military power to ensure peace

SEOUL -- Defense Minister Jeong Kyeong-doo pledged Thursday to build strong military capabilities to back the government's efforts to achieve peace and prosperity on the Korean Peninsula and beyond.

"Despite last year's achievements for peace on the Korean Peninsula, many challenges still lie ahead, such as military tensions heightened by North Korea's recent firings of short-range ballistic missiles," Jeong said during an opening address at the eighth Seoul Defense Dialogue (SDD).

Justice minister nominee faces fresh corruption allegations involving his wife

SEOUL -- Controversy over the suitability for office of Cho Kuk, the justice minister nominee, has flared up again over allegations that his wife fabricated a certificate to help their daughter enter a medical school.

Cho's wife, surnamed Chung, a professor at Dongyang University, faces allegations that she forged the dean's award certificate in 2012 to prove her daughter had done voluntary work at an English education-related center at the university in Yeongju, 230 kilometers southeast of Seoul. Chung was chief of the center at that time.

(LEAD) Samsung may suffer slump in foundry biz: report

SEOUL -- Samsung Electronics Co., the world's No.1 memory chipmaker, may encounter a slump in its foundry business as it faces hurdles in securing new clients, a report showed Thursday.

According to data compiled by TrendForce, Samsung's share in the global foundry market is estimated at 18.5 percent with US$3.3 billion in sales in the third quarter, slightly down from 19.1 percent in the first quarter.

Hyundai, Kia enjoy robust sales in U.S.

SEOUL -- Hyundai Motor Co. and its affiliate Kia Motors Corp. said Thursday that their sales in the United States continued to rise on robust sales of SUVs.

In August, Hyundai and Kia sold a combined 124,467 vehicles in the U.S., up 12.3 percent from 110,793 units a year earlier, according to their global sales data.

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