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Yonhap News Summary

All News 13:00 January 02, 2020

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

Seoul shares extend losses late Thursday morning

SEOUL -- South Korean stocks extended their losses late Thursday morning as investors apparently went for profit-taking.

On the first day of trading of the new year, the benchmark Korea Composite Stock Price Index (KOSPI) fell 20.81 points, or 0.95 percent, to 2,176.86 as of 11:20 a.m.

Most large caps were in negative terrain.

Moon cites prosecution reform, fair society as top policy agenda in 2020

SEOUL -- President Moon Jae-in made a commitment Thursday to complete prosecution reform and other measures aimed at promoting social justice this year, addressing a meeting with business leaders and representatives from various fields.

He vowed "clear change" for South Korea on the basis of what he says is a number of achievements made during his presidency that began in May 2017.

(LEAD) Hyundai to invest 100 tln won in future vehicles by 2025

SEOUL -- South Korea's Hyundai Motor Group said Thursday it will invest more than 100 trillion won (US$87 billion) in the next five years to increase its presence in the future mobility markets.

"We are planning to launch 44 electrified vehicles, including 11 all-electric models, by 2025, as we aim to take the lead in electrified car markets based on the development of our own platforms and core electrified car components," Hyundai Motor Group Executive Vice Chairman Chung Euisun said in a New Year speech held at the group's headquarters in southern Seoul.

Samsung to strengthen compliance programs via in-house committee

SEOUL -- South Korea's top conglomerate Samsung Group said Thursday that it will strengthen its compliance programs by forming a groupwide committee dedicated to better complying with its own internal structure and related laws and regulations, as its key executives, including the group's de facto heir Lee Jae-yong, were embroiled in unlawful acts.

Samsung said it is preparing to establish a compliance program led by former Supreme Court Justice Kim Ji-hyung, who is known to be a progressive lawyer who previously headed a mediation committee to settle a long-standing dispute over work environment and employee illnesses issues at Samsung Electronics Co.

U.S. flies surveillance aircraft after N.K. warns of 'new strategic weapon'

SEOUL -- The United States again flew a surveillance aircraft over the Korean Peninsula, an aviation tracker said Thursday, amid simmering tensions over possible provocative acts by North Korea after it warned of a "new strategic weapon."

An RC-135W Rivet Joint of the U.S. Air Force carried out operations over South Korea at 31,000 feet, Aircraft Spots tweeted without specifying the exact time of the operation.

(2nd LD) Moon appoints Choo Mi-ae as justice minister

SEOUL -- President Moon Jae-in appointed Choo Mi-ae, a judge-turned-politician, as justice minister Thursday, Cheong Wa Dae announced.

The move came more than two months after Cho Kuk stepped down from the post amid prosecutors' probe into a scandal involving family investment and university admissions for his children. Cho was later indicted on multiple charges, including bribery.

N.K. leader visits mausoleum of grandfather, father to mark new year

SEOUL -- North Korean leader Kim Jong-un has visited the mausoleum of his late grandfather and father in his first reported public activity this year after he threatened to show off a "new strategic weapon."

Kim paid tribute at the Kumsusan Palace of the Sun, where the bodies of state founder and grandfather Kim Il-sung and his father Kim Jong-il are enshrined, on the occasion of the start of the new year, according to the Korean Central News Agency.

Bolton says U.S. should fully resume military exercises with S. Korea

WASHINGTON -- Former U.S. National Security Adviser John Bolton said Wednesday that the United States should fully reinstate military exercises with South Korea to respond to North Korea's latest threats.

Earlier on New Year's Day, North Korean leader Kim Jong-un said he saw no reason to continue his self-declared moratorium on nuclear and intercontinental ballistic missile tests, and threatened to show a "new strategic weapon" in the near future.

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