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Yonhap News Summary

All News 13:30 October 26, 2021

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

(2nd LD) S. Korea to cut fuel taxes by record 20 pct amid soaring oil prices

SEOUL -- South Korea plans to temporarily cut fuel taxes by a record 20 percent in a bid to ease upward pressure on inflation amid surging oil prices, the chief policy maker of the ruling party said Tuesday.

The government will lower taxes on gasoline, diesel and liquefied petroleum gas (LPG) starting Nov. 12 for six months, Rep. Park Wan-joo said after the ruling Democratic Party (DP)'s consultation with the government on inflation.

(LEAD) S. Korea to speed up enforcement of stricter income-based lending rules to rein in household debt

SEOUL -- South Korea said Tuesday it will enforce stricter lending rules based on borrowers' repayment capability at an earlier date than initially scheduled to curb soaring household debt that has emerged as one of the most serious potential risks on the economy.

Loans for home rentals, however, will not be subject to the government's tightened lending rules until the end of this year as part of efforts to supply credit for those in actual need of borrowing.

(LEAD) S. Korea's economy grows estimated 0.3 pct on-quarter in Q3

SEOUL -- South Korea's economy is estimated to have grown at a slower pace in the third quarter amid slumping private consumption and investment, central bank data showed Tuesday, raising worries it will not be able to achieve an earlier projected growth outlook of 4 percent for this year.

Gross domestic product expanded 0.3 percent in the July-September period, down from a 0.8 percent gain tallied in the second quarter. From a year earlier, the economy grew 4 percent, according to data by the Bank of Korea.

Moon meets ruling party's presidential nominee

SEOUL -- President Moon Jae-in held a meeting with presidential nominee Lee Jae-myung of the ruling Democratic Party (DP) on Tuesday in a move that could help solidify Lee's standing within the party after a bitter primary.

The tea meeting at Cheong Wa Dae came 16 days after Lee was nominated as the DP's presidential candidate on Oct. 10. It also came a day after Lee announced his resignation as Gyeonggi Province governor to focus on the presidential election scheduled for March 9.

Samsung heir Lee sentenced to 70 mln won fine for illegal use of propofol

SEOUL -- Samsung Group heir Lee Jae-yong was sentenced to a 70 million won (US$60,055) fine Tuesday for illegally using propofol, an anesthetic medication, dozens of times over a period of years.

The Seoul Central District Court also ordered an additional forfeiture of 17 million won as it convicted Lee of violations of the Narcotics Control Act.

(2nd LD) SK hynix delivers solid Q3 performance on strong chip demand, rising prices

SEOUL -- SK hynix Inc., South Korea's No. 2 chipmaker, reported strong third-quarter earnings Tuesday on the back of solid memory chip demand for severs and smartphones, and rising prices.

Net profit for the three months that ended Sept. 30 leaped by 205.7 percent from a year earlier to 3.31 trillion won (US$2.8 billion).

(LEAD) S. Korea, Philippines strike free trade deal

SEOUL -- South Korea has concluded a free trade agreement with the Philippines in a move expected to bolster ties with the Southeast Asian nation and help diversify South Korea's trade portfolio, Seoul's trade ministry said Tuesday.

Trade Minister Yeo Han-koo and his Filipino counterpart, Ramon Lopez, declared the conclusion of the bilateral Free Trade Agreement (FTA) and signed their joint statement during a virtual meeting held earlier in the day, according to the Ministry of Trade, Industry and Energy.

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