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Yonhap News Summary

Yonhap News Summary 18:12 May 28, 2021

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

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(2nd LD) Young underdog wins overwhelming primary victory in main opposition leadership race

SEOUL -- Lee Jun-seok, a 36-year-old politician with no experience as a lawmaker, swept to victory Friday in the primary for the upcoming election to pick the new chairman of the main opposition party.

Lee was among the final five candidates selected through opinion polls to compete in the People Power Party's (PPP) chairman election on June 11, according to the party's election management committee.

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(LEAD) S. Korea to levy 20 pct tax on cryptocurrency transactions starting next year as planned: gov't

SEOUL -- South Korea plans to impose a 20 percent income tax on capital gains from cryptocurrency transactions starting next year as planned, the government announced Friday, despite growing investor calls for delaying the taxation plan.

The government announced the plan after discussing the matter during a vice-ministerial interagency meeting chaired by Koo Yoon-cheol, head of the government policy coordination under the Prime Minister's Office.

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Moon-Biden summit further deepens alliance: foreign ministry

SEOUL -- The summit talks between President Moon Jae-in and U.S. President Joe Biden last week helped the two countries further deepen their alliance in a "comprehensive, constructive and mutually beneficial" manner, the foreign ministry said Friday.

The ministry made the assessment in a report to the parliament, saying that the May 21 summit "brought achievements encompassing political, economic cooperation and global issues, while expanding and deepening the realms of cooperation."

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Ranking prosecutor offers to resign ahead of reshuffle

SEOUL -- The chief of the Seoul High Prosecutors Office offered to resign Friday, becoming the first ranking prosecutor to do so ahead of a reshuffle next month.

Cho Sang-chul tendered his resignation to the Ministry of Justice and said in a statement that he is "expressing (his) intent to resign because it is time to leave."

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Ex-minister calls on S. Korea, U.S. to suspend joint military drills to resume talks with N.K.

SEOUL -- A former unification minister on Friday called on South Korea and the United States to suspend their planned joint military drills to bring North Korea back to the negotiating table.

Jeong Se-hyun, who currently serves as executive vice chairperson of the presidential National Unification Advisory Council, made the remarks at a conference, saying the North is unlikely to return to talks unless Seoul and Washington openly express their intent to suspend the exercises.

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S. Korea to decide on another extra budget after gauging tax revenue, public financing need

SEOUL -- South Korea plans to take into account tax revenue situations and demand for increasing public finances before it decides on whether to draw up another extra budget in the latter half of 2021, a senior government official said Friday.

First Vice Finance Minister Lee Eog-weon also said the government will focus its economic policy on underpinning an accelerating economic recovery in the second half.

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(LEAD) Seoul stocks increase on economic rebound hopes

SEOUL -- South Korean stocks increased Friday on hopes for a quick economic rebound, taking a cue from improved U.S. economic data. The Korean won rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 23.22 points, or 0.73 percent, to close at 3,188.73 points.
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