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Yonhap News Summary

Yonhap News Summary 17:31 May 31, 2021

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

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Unification minister to meet biz leaders to discuss inter-Korean exchanges

SEOUL -- Unification Minister Lee In-young will hold meetings this week with the leaders of businesses that participated in the long-suspended tourism project at North Korea's Mount Kumgang to discuss cross-border cooperation and exchanges, his office said Monday.

Lee will meet Tuesday with Chairwoman Hyun Jeong-eun of Hyundai Group that used to run tours to the scenic mountain on the North's east coast while a meeting with Lee Joong-myung, chairman of Ananti, which used to run a golf course at the mountain resort, is scheduled for Friday, according to the ministry.

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Steelmakers, automakers agree to price hike of steel sheets

SEOUL -- South Korean steelmakers have raised prices of automotive steel for the first time in four years, people familiar with the matter said Monday, a move that could boost their bottom lines.

POSCO, the country's largest steelmaker, reached a deal with Hyundai Motor Co. and Kia Corp. to raise the price of a ton of automotive steel to 50,000 won (US$45), they said.

The move is meant to reflect the increased costs of iron ore, one of the main raw materials used in steel production.

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S. Korea to rev up space development after lifting of U.S. missile restrictions: minister

SEOUL -- South Korea's science minister said Monday the country will expand investment and focus on the development of its space program after the United States lifted all restrictions on the country's missiles.

During a bilateral summit on May 21, South Korea and the U.S. agreed to scrap the restrictions on South Korean missiles, which was first put in place in 1979 and had limited Seoul's development of even non-military space projectiles.

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Daewoo Shipbuilding wins 217 bln won order for LNG carrier

SEOUL -- Daewoo Shipbuilding & Marine Engineering Co. (DSME) said Monday that it has signed a 216.9 billion won (US$195 million) order to construct a liquefied natural gas (LNG) carrier.

DSME will deliver the 174,000-cubic meter LNG carrier to Hyundai LNG Shipping Co. by the fourth quarter of 2023, the shipbuilder said.

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Korean Air wins 2nd approval for Asiana takeover from Thailand

SEOUL -- Korean Air Lines Co., South Korea's biggest carrier, said Monday it has obtained its second overseas approval from Thailand for its planned acquisition of smaller local rival Asiana Airlines Inc.

Korean Air said it recently received approval from the Thai regulator, following the first from Turkey in February.

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S. Korea reports 1st COVID-19 vaccine-induced blood clotting case

SEOUL -- South Korea has confirmed its first case of unusual blood clotting in a recipient of the AstraZeneca COVID-19 vaccine, health authorities said Monday.

The Korea Disease Control and Prevention Agency (KDCA) said the man in his 30s working at a medical facility was confirmed to have the very rare but serious side effect called thrombocytopenia following inoculation on April 27.

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Several investors submit bids for budget carrier Eastar

SEOUL -- Financially troubled budget carrier Eastar Jet Co. has received bids from several investors for its stake up for sale and will select a final bidder next month.

Easter Jet, currently under a court-led rehabilitation scheme, has received letters of intent from several companies, including a consortium led by Kanglim, a local equipment maker under underwear company Ssang Bang Wool, and other private equity funds, according to industry sources.

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OECD ups 2021 growth outlook for S. Korean economy to 3.8 pct

SEOUL -- The Organization for Economic Cooperation and Development (OECD) on Monday raised its 2021 growth outlook for the South Korean economy, citing the country's strong exports and fiscal support.

The OECD forecast Asia's fourth-largest economy to grow 3.8 percent this year, faster than its March estimate of 3.3 percent.
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