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Yonhap News Summary

Yonhap News Summary 13:36 November 19, 2021

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

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U.S., Japan reaffirm importance of trilateral cooperation with S. Korea: State Dept.

WASHINGTON -- Senior diplomats of the United States and Japan reaffirmed the importance of cooperation with South Korea on Thursday, one day after Japanese Vice Foreign Minister Takeo Mori boycotted a joint press conference over what his U.S. counterpart called an unrelated bilateral issue.

Mori and U.S. Deputy Secretary of State Wendy Sherman also reaffirmed their commitment to the complete denuclearization of the Korean Peninsula, state department spokesman Ned Price said.

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Producer prices up for 12th month in October amid high energy prices

SEOUL -- South Korea's producer prices grew for the 12th straight month in October as a rise in oil and energy prices drove up the costs of factory products, central bank data showed Friday.

The producer price index, a major barometer of consumer inflation, stood at 112.21 in October, up 0.8 percent from a month earlier, according to the preliminary data from the Bank of Korea (BOK).

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(2nd LD) N. Korean leader calls for boosting self-reliance at conference

SEOUL -- North Korean leader Kim Jong-un has called for strengthening the country's self-reliance despite "immediate challenges," including economic difficulties, during a conference on a mass movement aimed at developing its ideology, technology and culture, Pyongyang's state media reported Friday.

Kim delivered the message in a letter to the participants at the 5th Conference of the Frontrunners of the Three Revolutions that kicked off in Pyongyang on Thursday, according to the Korean Central News Agency (KCNA).

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Surging costs feared to erode exporters' profitability: poll

SEOUL -- Soaring costs of international raw materials are expected to eat into South Korean exporters' profitability and lead to rising product prices down the road, a poll showed Friday.

The survey of 100 major exporters, taken by the Korea Economic Research Institute (KERI), showed 83 percent of the respondents saying surging raw materials costs are having a negative impact on them.

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FSC chief voices concerns over global debt, calls for cooperation to stem crisis

SEOUL -- The head of South Korea's financial regulator has called for more vigilance on growing global debt, warning excessive accumulation of debt could spark a global financial crisis, his office said Friday.

Koh Seung-beom, chief of the Financial Services Commission (FSC), made the remark on Thursday as he joined a virtual plenary meeting of the Financial Stability Board (FSB), an organization made up of regulators from the Group of 20 countries to discuss cooperation.

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Labor minister, USTR discuss enhancing int'l labor standards

SEOUL -- Labor minister An Kyung-duk met with U.S. Trade Representative (USTR) Katherine Tai on Friday and discussed cooperation in enhancing rights of workers and international labor standards, An's office said.

Tai was on a four-day trip to South Korea for talks on pending trade issues, such as supply chains for key components and steel tariffs.

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Hyundai, Kia promote eco-friendly models in China motor show

SEOUL -- Hyundai Motor Co. and affiliate Kia Corp. said Friday they will promote their environment-friendly vehicles in a Chinese motor show to revive lackluster local sales.

Hyundai introduced the localized Tucson SUV and the Tuscon N Line model in the 19th China Guangzhou International Automobile Exhibition, with a plan to sell the models in China later this year, the company said in a statement.

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Netflix raises subscription fees in S. Korea amid controversies over network usage

SEOUL -- U.S. streaming giant Netflix has raised its monthly subscription fees in South Korea as increased data traffic over its hit "Squid Game" rekindled controversies with internet service providers over network usage.

Netflix's premium plan jumped to 17,000 Korean won (US$14), up 17.2 percent from 14,500 won, in the latest subscription plans posted on its website Thursday.
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