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Yonhap News Summary

K-pop 17:21 September 22, 2020

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

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Virus fallout to cause private consumption recovery to be slower than expected: BOK

SEOUL -- South Korea's private consumption is expected to recover at a slower-than-expected clip as the new coronavirus outbreak has dealt a blow to demand for offline services and foreign travel, the central bank said Tuesday.

The Bank of Korea (BOK) said the recovery of face-to-face services and overseas consumption is expected to take a considerable period of time amid lingering concerns about a flare-up in virus cases.

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Rival parties agree to pass 4th COVID-19 response extra budget through National Assembly

SEOUL -- The National Assembly is expected to approve South Korea's fourth extra budget during a full-floor session Tuesday to cushion the economic fallout from the COVID-19 pandemic.

The floor leaders of the ruling Democratic Party and the main opposition People Power Party reached a last-minute agreement on the configuration of the 7.8 trillion-won (US$6.7 billion) extra spending bill earlier in the day.

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(2nd LD) New virus cases smallest in over 1-month, virus fight at critical juncture ahead of Chuseok

SEOUL -- South Korea's daily new coronavirus cases stayed below 100 for the third consecutive day Tuesday as the country's virus fight is at a critical juncture ahead of the Chuseok holiday, the Korean version of Thanksgiving. Millions are set to travel across the nation next week to celebrate the five-day holiday.

The country added 61 more COVID-19 cases, including 51 local infections, raising the total caseload to 23,106, according to the Korea Disease Control and Prevention Agency (KDCA).

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(LEAD) PM Chung Sye-kyun receives COVID-19 test after close aide tests positive

SEOUL -- South Korean Prime Minister Chung Sye-kyun was tested for the new coronavirus Tuesday and entered into self-quarantine after one of his close aides tested positive.

Chung received the testing at a community health center in central Seoul in the morning after one of his close aides, a director general in his office, tested posted for COVID-19 earlier in the day, the office said.

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(LEAD) Seoul stocks plunge more than 2 pct on virus fears

SEOUL -- South Korean stocks dipped more than 2 percent on Tuesday, as investor sentiment worsened over dimming hopes for recovery from the coronavirus pandemic in major economies. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 56.8 points, or 2.38 percent, to close at 2,332.59.

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K-pop buzz on Twitter grows substantially despite COVID-19: company

SEOUL -- Despite COVID-19 having bogged down the global entertainment industry at large, the conversation and buzz surrounding K-pop on the social media platform Twitter has increased substantially in volume in the past year, according to data from the company Tuesday.

The number of K-pop-related tweets from July 2019 to June 2020 on the global social media platform reached 6.1 billion, up 15 percent from the 5.3 billion tally from a year ago, according to data compiled by Twitter Korea together with music startup Space Oddity's fandom analytics dashboard "K-pop Radar."

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Doosan Heavy to spur its rescue plan with 2.2 tln won from asset sale

SEOUL -- Doosan Heavy Industries & Construction Co. said Tuesday it will expedite its plan to combat its credit crunch with proceeds worth 2.2 trillion won (US$1.9 billion) from the brisk asset sale by Doosan Group.

"Doosan Heavy will speed up its self-rescue plan by pushing for the sale of Doosan Engineering & Construction Co. and its stake in Doosan Infracore Co., along with the plan to sell its new shares worth 1.3 trillion won," a company official said on condition of anonymity.

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