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Yonhap News Summary

All News 17:00 October 13, 2020

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

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S. Korea capable of intercepting N.K.'s new multiple rocket launchers: defense ministry

SEOUL -- South Korea's military can "immediately respond to and incapacitate" North Korean artillery and missiles if they are used to attack the South, the defense ministry said Tuesday, after the North unveiled new weapons during a parade last week.

On Saturday, North Korea held a massive military parade in Pyongyang to mark the 75th founding anniversary of its ruling Workers' Party, unveiling a new intercontinental missile (ICBM) and submarine-launched ballistic missile (SLBM), along with recently developed multiple rocket launchers.

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(LEAD) BTS fans upset over China backlash on Korean War remark

SEOUL -- Fans of K-pop superstar BTS on Tuesday voiced frustration over the social media storm in China that has erupted over member RM's recent remarks honoring those sacrificed during the Korean War.

In an Oct. 7 ceremony hosted by the U.S.-based nonprofit organization The Korea Society, RM, who spoke on behalf of the group that received an award for its contributions to Seoul-Washington ties, referred to the 1950-53 war where the two countries fought together.

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S. Korea, U.S. to hold senior economic talks this week

SEOUL -- South Korea and the United States will hold vice-ministerial economic talks via video links this week that are expected to focus on various U.S. policy initiatives aimed at countering an assertive China.

Second Vice Foreign Minister Lee Tae-ho and Keith Krach, U.S. undersecretary of state for economic growth, energy and the environment, will lead the fifth annual Senior Economic Dialogue (SED) slated for Wednesday, the foreign ministry said.

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Investment fraud scandal emerging as hot button political issue

SEOUL -- A major financial fraud scandal involving two embattled private equity investment companies is emerging as a hot button political issue for the ongoing regular parliamentary audit and possibly beyond.

The scandal centers on two asset management companies, Lime and Optimus, whose sham private equity funds generated a total of more than 1.5 trillion own (US$1.3 billion) in losses for some 4,000 investors. After heavy investment losses, the companies declared that they are unable to return invested money to investors in October last year and June, respectively.

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Military forecast to experience troop shortage after 2032

SEOUL -- South Korea's military is expected to run short of troops from around 2032 due to a shrinking population amid low birthrates, the military recruitment agency chief said Tuesday.

The Military Manpower Administration chief, Mo Jong-hwa, made the remark during a parliamentary audit session, saying detailed discussions should begin to come up with measures to cope with the expected shortage.

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Entry ban on Korean American singer Steve Yoo should be in place: military manpower agency chief

SEOUL -- Steve Yoo, a once successful Korean American singer banned from entering South Korea for 18 years for dodging the draft, should not be allowed into the country because his entry could be dispiriting to others carrying out the duty, the military manpower agency chief said Tuesday.

In 2002, the singer, better known as Yoo Seung-jun, acquired U.S. citizenship to allegedly dodge military service, and the justice ministry imposed a ban on him entering South Korea.

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Over 40 pct of retired athletes in South Korea jobless as of 2019: lawmaker

SEOUL -- More than 40 percent of retired athletes in South Korea remained jobless as of last year, a lawmaker said Tuesday, calling for state help for them to build "a second life."

As of 2019, 41.9 percent of the 8,251 retired athletes surveyed by the Korean Sport & Olympic Committee remained unemployed, Rep. Kim Yea-ji of the main opposition People Power Party said, citing data by the committee.

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(LEAD) Seoul stocks snap 8-day winning streak on virus resurgence

SEOUL -- South Korean stocks ended their eight-session winning streak Tuesday, as investors went risk-averse over a resurgence of the new coronavirus. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 0.58 point, or 0.02 percent, to close at 2,403.15.

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