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Yonhap News Summary

All News 12:10 June 03, 2020

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

(LEAD) S. Korea proposes largest-ever extra budget to battle pandemic

SEJONG -- South Korea on Wednesday proposed another extra budget plan worth 35.3 trillion won (US$29 billion) that will help key industries cushion the economic blow from the coronavirus pandemic and protect jobs.

The biggest-ever budget, which is subject to approval from the National Assembly, will raise the total of the nation's stimulus packages to 270 trillion won as the government has stepped up fiscal and monetary responses to the pandemic, according to the Ministry of Economy and Finance.

(2nd LD) Church-tied virus cases stoke concerns over new wave of infections in greater Seoul

SEOUL -- South Korea's new virus cases spiked again Wednesday as cluster infections tied to religious gatherings in the greater Seoul area continued to swell, putting further strain on the country's virus fight.

The country added 49 more cases of the new coronavirus, including 46 local infections, raising the total caseload to 11,590, according to the Korea Centers for Disease Control and Prevention (KCDC).

Ex-USFK commander worries N. Korea will soon launch ballistic missile submarine

WASHINGTON -- A former commander of U.S. Forces Korea expressed worry Tuesday that North Korea will soon launch a new ballistic missile submarine.

Retired Gen. Walter Sharp's remark comes after North Korea's Central Military Commission discussed "new policies" to bolster the country's nuclear deterrence and develop its armed forces.

Korean companies' revenue, profitability down in 2019

SEOUL -- South Korean businesses suffered a heavy setback in their profits last year due to a sharp decline in sales partly caused by a prolonged trade dispute between the United States and China, central bank data showed Wednesday.

The combined sales of South Korean firms dipped 1 percent from a year earlier in 2019, marking a turnaround from a 4.2 percent on-year increase the year before, according to preliminary data from the Bank of Korea (BOK).

Online shopping jumps 12.5 pct in April on pandemic-led e-commerce shift

SEJONG -- Online shopping jumped 12.5 percent from a year earlier in April, data showed Wednesday, as the coronavirus pandemic prompted consumers to buy more goods via e-commerce platforms.

The value of online transactions came to 12.26 trillion won (US$9.98 billion) in the month, up 1.3 trillion won from the same month last year, according to the data from Statistics Korea.

S. Korea's FX reserves climb to 3-month high in May

SEOUL -- South Korea's foreign exchange (FX) reserves jumped to a three-month high in May, helped by the weakening of the U.S. dollar, central bank data showed Wednesday.

The country's FX reserves came to US$407.3 billion as of the end of last month, according to the data from the Bank of Korea (BOK).

Inter-affiliate trading plunges over 2 years on tough rules

SEOUL -- Transactions between affiliates of South Korea's family-controlled conglomerates have fallen more than 30 percent over the past two years on tough regulations, data showed Wednesday.

The value of unfair in-house transactions by 208 conglomerate subsidiaries came to 8.8 trillion won (US$7.2 billion) last year, down 32 percent from two years earlier, according to the data by corporate tracker CEO Score.

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