Yonhap News Summary

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

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Moon says gov't to seek 'bold, sufficient' fiscal steps against coronavirus crisis

SEOUL -- President Moon Jae-in said Monday his administration will push for "bold and sufficient" ways to tackle the economic fallout of the COVID-19 pandemic.

"The government will do its best to come up with sufficient measures in a bold manner, without losing an opportunity, to overcome the crisis within a range that finance can afford," he said at the start of a weekly meeting with senior Cheong Wa Dae aides.

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Finance minister calls for efforts to activate new housing supply plan

SEOUL -- South Korea's finance minister instructed his officials Monday to spare no effort to thoroughly implement the government's latest massive housing supply plan in a bid to stabilize rising home prices.

The government said last week it will ease construction regulations and support redevelopment projects in urban areas to increase the number of new homes by up to 836,000 nationwide in the next four years.

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Employment insurance growth hits 17-year low in Jan. amid pandemic

SEOUL -- Subscriptions to state employment insurance increased by the smallest number in 17 years in January amid the third wave of the coronavirus pandemic, the labor ministry said Monday.

The number of subscribers reached 13.84 million in January, up 151,000, or 1.1 percent, from the same month last year, according to the ministry's monthly report on the labor market.

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LG Display to invest additional $750 million for its Vietnamese plant: reports

SEOUL -- LG Display Co., a major display panel maker in South Korea, will make an additional US$750 million investment in its plant in Vietnam, news reports showed Monday, as the company eyes expanding OLED panel productions.

The city of Hai Phong approved LG Display's latest investment plan for its plant in northern Vietnam, according to the Vietnam News Agency. The expenditure will bring LG Display's total investment for its project in the Vietnamese port city to $3.25 billion, it added.

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Parliamentary committee passes confirmation report on FM nominee Chung Eui-yong

SEOUL -- A parliamentary committee on Monday passed a confirmation report on Foreign Minister nominee Chung Eui-yong.

The Foreign Affairs and Unification Committee, where the ruling Democratic Party (DP) holds a majority, adopted the report on Chung's recent parliamentary confirmation hearing, during its plenary session.

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Ruling party to seek parliamentary resolution condemning military coup in Myanmar

SEOUL -- The ruling Democratic Party (DP) will seek the passage of a parliamentary resolution condemning the recent military coup in Myanmar, the party's floor leader said Monday.

DP floor leader Rep. Kim Tae-nyeon also expressed deep regret and concerns over the coup d'etat that took place a week earlier, while disclosing the plan for the parliamentary resolution during a top party council meeting.

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Spotify to offer tailored music service in S. Korea

SEOUL -- Global streaming giant Spotify Technology SA said Monday that South Koreans will be able to enjoy personalized music recommendations and discover new music through its service.

The service landed in the country last week, giving South Koreans access to over 60 million tracks and over 4 billion playlists from around the world, Spotify said.

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(LEAD) KOSPI dips below 3,100 on Hyundai, Kia losses

SEOUL -- South Korea's benchmark stock index slumped below the 3,100-point mark Monday despite spreading optimism for an economic rebound, largely on losses by Hyundai Motor and its affiliate Kia Corp. as the two automakers said they are not in talks with Apple Inc. over an electric vehicle project. The Korean won rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 29.39 points, or 0.94 percent, to close at 3,091.24 points.
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