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Yonhap News Summary

Economy 13:30 July 07, 2020

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

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(LEAD) New virus infections below 50 for 2nd day, imported cases on higher plateau

SEOUL -- South Korea saw its daily new virus cases hover below 50 on Tuesday for the second consecutive day, but a steady rise in both locally transmitted infections and imported cases continued to put a strain on the country's efforts to contain further spread.

The country added 44 cases, including 20 local infections, raising the total caseload to 13,181, according to the Korea Centers for Disease Control and Prevention (KCDC).

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(2nd LD) Samsung Q2 earnings beat estimate on chip biz, one-time gains

SEOUL - Samsung Electronics Co. on Tuesday expected a stronger than expected second-quarter performance as solid demand for server chips appeared to offset a slump in smartphone sales amid the novel coronavirus pandemic, while one-time gains in the display business also helped push up its bottom line.

In its earnings guidance, the South Korean tech giant expected its operating profit at 8.1 trillion won (US$6.7 billion) for the April-June period, up 22.7 percent from 6.6 trillion won a year ago.

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(LEAD) U.S. nuke envoy due in Seoul after N.K. spurns possibility of talks

SEOUL -- U.S. Deputy Secretary of State Stephen Biegun was set to arrive in Seoul on Tuesday for talks about denuclearizing North Korea, as the communist nation again rejected the possibility of resuming negotiations with the United States.

The North made clear in a statement earlier Tuesday that it has "no intention to sit face to face" with the U.S., saying there are still people talking about such a possibility even after First Vice Foreign Minister Choe Son-hui issued a statement spurning the idea on Saturday.

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Moon urges full probe into triathlete abuse allegations, measures to stop similar cases

SEOUL -- President Moon Jae-in called Tuesday for a thorough investigation into the alleged bullying and abuse of a South Korean triathlete by her coaching staff.

Moon was speaking during a weekly Cabinet meeting about the tragic case involving Choi Suk-hyeon, 22, who apparently took her own life late last month after her repeated complaints to sporting authorities over years of abuse were ignored.

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(LEAD) ITC favors Medytox over Daewoong in botulinum toxin strain dispute

SEOUL -- The U.S. International Trade Commission (ITC) has sided with South Korean drugmaker Medytox Inc. in a dispute, saying its local rival Daewoong Pharmaceutical Co. stole trade secrets on a botulinum toxin strain, industry officials here said Tuesday.

In its preliminary verdict, the ITC also advised Monday (U.S. time) that imports of Daewoong Pharmaceutical's botulinum toxin products be banned in the United States over the next 10 years.

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(LEAD) (Yonhap Interview) Russian Amb. Kulik calls for economic engagement with N.K. toward peace, trust

SEOUL -- Russia's top envoy in Seoul has called for economic cooperation with North Korea, casting it as a "powerful driver for peace and mutual trust," amid Pyongyang's deepening hardships due to biting sanctions and the coronavirus pandemic.

Ambassador Andrey B. Kulik made the remarks in an interview with Yonhap News Agency, referring to stalled Inter-Korean projects and trilateral undertakings involving Russia, such as a logistics scheme using a railway linking the North's port city of Rajin and Russia's border town of Khasan.

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(2nd LD) S. Korea posts US$2.29 bln current account surplus in May

SEOUL -- South Korea posted a current account surplus in May, central bank data showed Tuesday, although its surplus more than halved from a year earlier on a sharp decline in exports caused by the new coronavirus pandemic.

The country's current account surplus came to US$2.29 billion in the month, according to preliminary data from the Bank of Korea (BOK).

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