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Yonhap News Summary

Politics 13:30 October 14, 2021

The following is the first summary of major stories moved by Yonhap News Agency on Thursday.

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President Moon urges financial authorities to ensure smooth supply of 'jeonse' loans

SEOUL -- President Moon Jae-in on Thursday called on financial authorities to closely monitor banks to ensure a smooth supply of loans for "jeonse" home rentals.

Moon made the remarks after financial authorities decided to ease some restrictions on loans taken out for home rentals as part of efforts to protect people in actual need of borrowing money, according to presidential spokesperson Park Kyung-mee.

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S. Korea to ease controls on loans for home rental: financial regulator

SEOUL -- South Korea will ease tightened controls on loans taken out for home rental as part of efforts to protect people in actual need of borrowing when the government unveils additional measures to reign in household debt this month, the head of the country's financial regulator said Thursday.

Koh Seung-beom, the chief of the Financial Services Commission (FSC), made the remarks in a brief meeting with reporters after a forum in Seoul, adding controls on such loans for home renting through the "jeonse" arrangement will be managed in a "flexible" manner.

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Former Prime Minister Lee Wan-koo dies at 71

SEOUL -- Former South Korean Prime Minister Lee Wan-koo died Thursday at the age of 71, officials here said.

Lee served as prime minister shortly between February and April in 2015 under then President Park Geun-hye before stepping down over bribery allegations.

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(2nd LD) Suspect in land development scandal denies alleged ties with DP presidential nominee

SEOUL -- A key suspect at the center of a snowballing regional development corruption scandal on Thursday disavowed having any "special relationship" with the ruling Democratic Party's presidential nominee as he appeared for a court hearing to determine his arrest.

Prosecutors sought the warrant to arrest Kim Man-bae on Tuesday on charges in connection with how his previously little-known firm, Hwacheon Daeyu Asset Management, reaped massive profits from a 2015 development project in the city of Seongnam, south of Seoul

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Jeju Air to raise 127 bln won via stock sale for post-pandemic biz

SEOUL -- Jeju Air Co., South Korea's biggest budget carrier, said Thursday it will raise 127 billion won (US$107 million) by selling stocks in preparation for the post-coronavirus era.

Jeju Air plans to issue 11.26 million shares at 18,350 won per share to employees and existing shareholders from Oct. 18-19 and list the stocks on the main Korea Exchange (KRX) on Nov. 19, the company said in a regulatory filing.

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S. Korea's finance chief calls for follow-ups for new global tax deal

WASHINGTON -- South Korea's finance minister on Wednesday called for follow-up measures to a new landmark global tax deal and for each country's situations to be taken into consideration for the high-profile taxation.

Finance Minister Hong Nam-ki made the remarks during the G-20 finance ministers and central bank governors meeting held in Washington D.C. where participants endorsed the deal to overhaul a global corporate tax scheme.

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S. Korea, UAE agree to push for free trade deal

SEOUL -- South Korea and the United Arab Emirates (UAE) announced Thursday that they will launch official talks toward a bilateral free trade agreement, Seoul's trade ministry said.

Trade Minister Yeon Han-koo met his UAE counterpart, Thani Ahmed Al Zeyoudi, in Dubai, and issued a joint statement that calls for pushing to forge a Comprehensive Economic Partnership Agreement (CEPA), according to the Ministry of Trade, Industry and Energy.

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Supreme Court upholds 42-year prison term for mastermind of sex abuse ring

SEOUL -- The Supreme Court on Thursday approved a 42-year prison sentence for Cho Ju-bin, the mastermind of a notorious online sex blackmail ring.

The top court also confirmed lower courts' order that Cho has to wear an electronic bracelet for 30 years, pay a forfeiture of 100 million won (US$90,000), be banned from working at children-related facilities for 10 years after his release and his personal details be made public for 10 years.

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S. Korea, Japan arranging phone talks between Moon, Kishida: Cheong Wa Dae

SEOUL -- South Korea and Japan are arranging phone talks between President Moon Jae-in and Prime Minister Fumio Kishida, but no final agreement has been reached, a senior presidential official said Thursday.

The official at the presidential office Cheong Wa Dae made the remarks after Japan's Kyodo News reported that, citing government sources, arrangements are under way for the two leaders to hold phone talks as early as Thursday.

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Seoul will take steps if necessary to stabilize FX market: finance minister

WASHINGTON -- The South Korean government will take market-stabilization steps should there be increased volatility in the foreign exchange market caused by abnormal factors, such as speculation, Finance Minister Hong Nam-ki said Wednesday.

Hong, however, noted the recent fluctuations in the local FX market were largely due to external economic risks.
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