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Yonhap News Summary

Yonhap News Summary 17:00 June 14, 2021

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

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China not discussed at G-7 meetings South Korea took part in: vice FM

SEOUL -- The issue of China did not come up during South Korea's discussions with the Group of Seven (G-7) countries last week, a senior foreign ministry official said Monday.

Second Vice Foreign Minister Choi Jong-moon made the remark during a radio interview, dismissing speculation that attending the gathering in Britain put Seoul in an awkward position as it might appear that South Korea has chimed in with the G-7 countries on their unified front against an assertive China.

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Excess tax income may be used to repay part of national debt: minister

SEOUL -- Finance Minister Hong Nam-ki said Monday the government will consider repaying part of the country's national debt with excess tax revenue when it draws up another extra budget.

The government is reviewing this year's second extra budget with larger-than-expected tax revenue to help support vulnerable groups hit hard by the pandemic.

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Forced labor victims appeal court rejection of damages suit against Japanese firms

SEOUL -- South Korean victims of wartime forced labor and their families on Monday appealed a recent decision by a Seoul court to reject their damages suit against Japanese companies.

On June 7, the Seoul Central District Court dismissed the lawsuit by 85 plaintiffs, saying they do not have legal rights to claim individual damages. They sought compensation from 16 Japanese companies, including Nippon Steel & Sumitomo Metal Corp. and Mitsubishi Heavy Industries Ltd.

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New PPP leader says unconventionality should become new standard of Korean politics

SEOUL -- Lee Jun-seok, the main opposition People Power Party's new young chairman, on Monday committed to pursue a change of culture within politics, saying that the challenge of conventional norms should become the new standard of South Korean politics.

"(The PPP) should be a container where various different thoughts can co-exist, and expectations for things new, rather than fears of changes, should be our new language," Lee said during a meeting of the party's supreme council, which he presided over for the first time since taking office last week.

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(LEAD) 2-way race begins to take over budget carrier Eastar

SEOUL -- A consortium led by underwear maker Ssang Bang Wool has submitted a bid to acquire financially troubled budget carrier Eastar Jet Co. to compete with a local construction company that was previously selected as a preferred bidder, industry sources said Monday.

Kanglim, a local equipment maker under Ssang Bang Wool, attended the formal auction to become a sole bidder for the open auction that closed 3 p.m., people familiar with the matter told Yonhap News Agency.

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Debt-laden SsangYong Motor's workers to take unpaid leave for two years

SEOUL -- Half of SsangYong Motor Co.'s workers will go on unpaid leave for two years beginning next month as part of self-help measures as the debt-ridden automaker is striving to speed up its sales process, the company said Monday.

SsangYong said its management and labor union inked a deal on the corporate restructuring plan and will carry out the measures in July after ironing out the details.

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Hyundai Heavy CEO, 17 others indicted over deadly workplace disasters

SEOUL -- The chief executive officer of Hyundai Heavy Industries Co. and 17 others have been indicted in connection with five deadly workplace disasters at the company, prosecutors said Monday.

The suspects, including the CEO and former and current senior managers at the shipbuilder, were charged with violating industrial safety laws or professional negligence resulting in death, according to the Ulsan District Prosecutors Office.

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(LEAD) Seoul stocks hit all-time high amid expectation of dovish stance from US Fed

SEOUL -- South Korean stocks closed at an all-time high Monday as investors expect the U.S. Federal Reserve to reiterate its support for accommodative policies in this week's monetary policy meeting. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 2.81 points, or 0.09 percent, to close at 3,252.13 points, marking the highest closing ever.

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