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Yonhap News Summary

Yonhap News Summary 13:30 October 08, 2019

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

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S. Korea, U.S. to seek ways to maintain dialogue momentum with N.K.: envoy

WASHINGTON -- South Korea and the United States will seek ways to maintain dialogue with North Korea following the breakdown of last week's working-level denuclearization negotiations between Washington and Pyongyang, Seoul's chief nuclear negotiator said Monday.

Lee Do-hoon, special representative for Korean Peninsula peace and security affairs, made the remark as he arrived in the U.S. capital to hold talks with his American counterpart, Stephen Biegun.

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S. Korea, Russia pushing to set up military hotline: JCS

SEOUL -- South Korea and Russia have been pushing to set up a military hotline between their air forces as part of efforts to prevent any accidental entry into each other's air defense identification zones, Seoul's Joint Chiefs of Staff (JCS) said Tuesday.

The two countries are scheduled to hold a joint defense committee meeting later this month to discuss the signing of a memorandum of understanding on the establishment of the hotline to exchange their flight information, the JCS said in its report for a parliamentary audit held on the day.

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S. Korea in final disinfection stretch with no new confirmed ASF case for 5th day

SEOUL -- South Korea's quarantine authorities are doubling disinfection efforts to stem the nationwide spread of African swine fever as no new confirmed ASF case has been reported in the past five days.

The country's agriculture ministry said Tuesday it will complete the planned purchase of pigs north of Seoul, where most of the deadly animal disease cases were reported.

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Aging population most urgent issue for S. Korean economy: BOK

SEOUL -- The fast aging of the population and low birthrate that will inevitably lead to a drop in the number of workers are the most urgent problems facing the South Korean economy, the central bank said Tuesday, though it said the trade disputes between the United States and China, and its own with Japan may pose the most immediate threats.

In a report submitted to the National Assembly committee on finance for an annual audit, the Bank of Korea (BOK) said the projected change in the country's demographics was one of five major issues that are most urgently needed to be addressed.

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Foreigners remain net buyers of S. Korean bonds, stocks

SEOUL -- Foreign investors continued to scoop up local shares and bonds in the first seven months of the year, the central bank said Tuesday, possibly reflecting their confidence in the country's strong economic fundamentals despite a steady decline in exports and sluggish growth.

In the January-July period, foreigners purchased a net US$8.71 billion worth of local stocks while also purchasing a net $16.43 billion worth of local bonds, the Bank of Korea (BOK) said in a report submitted to the parliamentary finance committee.

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Nearly 300,000 households present 'high risk' of default: BOK

SEOUL -- Nearly three out of every 100 households in South Korea may be unable to repay their debt in case of a sudden change to their income or the value of their assets, central bank data showed Tuesday.

According to the Bank of Korea (BOK), the number of households with "high risks" of default came to 298,000, or 2.7 percent of the total, as of the end of March 2018.

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BOK chief says economic slump may last but depends on U.S.-China dispute

SEOUL -- The ongoing slump facing South Korea and the rest of the world is widely expected to continue for some time, but the duration and degree of its impact will largely depend on how the trade conflict between the world's two largest economies will end, the chief of South Korea's central bank said Tuesday.

"The growth of the global economy is slowing down," Bank of Korea (BOK) Gov. Lee Ju-yeol told the parliamentary finance committee at the start of its annual audit.

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(2nd LD) Samsung Electronics' Q3 earnings more than halve, beat market consensus

SEOUL -- Samsung Electronics Co. said Tuesday its operating earnings plunged 56 percent in the third quarter from a year earlier, mainly hit by continuing falls in global chip prices, but its performance was better than the market had expected.

The operating profit was estimated at 7.7 trillion won (US$6.4 billion) in the July-September period, according to its earnings guidance.

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S. Korean shares sharply up late Tuesday morning

SEOUL -- South Korean stocks traded sharply higher late Tuesday morning, jumping nearly 1 percent on gains by market heavyweights such as Samsung Electronics.

The benchmark Korea Composite Stock Price Index (KOSPI) added 18.65 points, or 0.92 percent, to reach 2,040.39 as of 11:20 a.m.
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