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Yonhap News Summary

Yonhap News Summary 17:01 November 19, 2021

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

S. Korea calls for swift negotiations to revise Trump-era steel tariffs

SEOUL -- South Korea's top trade official called on the United States on Friday to launch negotiations swiftly to revise the Section 232 tariff rules on Seoul's steel exports.

South Korean Trade Minister Yeo Han-koo made the request to U.S. Trade Representative Katherine Tai during in a joint committee meeting of the bilateral free trade agreement.

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S. Korea expands economic security TF to counter supply chain disruptions

SEOUL -- South Korea has expanded a newly minted task force on economic security to better cope with supply chain disruptions and detect emerging risks at an early stage, the foreign ministry said Friday.

Lee Seong-ho, deputy minister on economic diplomacy, will lead the task force composed of three subdivisions -- supply chain, digital and new technologies, and environmental, social and governance (ESG) -- the ministry said.

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Assembly panel passes unification ministry budget amid opposition boycott

SEOUL-- A National Assembly committee passed the unification ministry's 2022 budget proposal on Friday despite a boycott by the main opposition party.

The ministry had requested 1.27 trillion won (US$1.07 billion) for the Inter-Korean Cooperation Fund to finance various humanitarian, economic and social projects between the South and the North.

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CJ ENM acquires Hollywood studio Endeavor Content for 920 bln won

SEOUL-- South Korea's media and entertainment giant CJ ENM said Friday it has acquired a managerial stake in Hollywood studio Endeavor Content in a record 920 billion won (US$775 million) deal to strengthen its overseas business.

CJ ENM purchased an 80 percent stake in the content production-distribution unit of U.S. sports and entertainment group Endeavor Group Holdings.

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Ex-President Lee loses legal fight against forced sale of personal home

SEOUL -- Former President Lee Myung-bak on Friday lost a lawsuit aimed at reversing the prosecution's sell-off of his home in southern Seoul as part of fines handed down to him for corruption charges, officials said.

Lee, who served as president from 2008 to 2013, is currently serving a 17-year jail sentence over embezzlement and bribery convictions. He was also handed a fine of 13 billion won (US$11 million) and an additional forfeiture of 5.7 billion won.

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Seoul stocks rebound on bargain hunting

SEOUL -- South Korean stocks snapped their three-day losing streak Friday, as investors sought to buy oversold stocks after the recent fall in the local stocks. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 23.64 points, or 0.8 percent, to close at 2,971.02 points.

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1st shipment of urea to arrive in S. Korea from China next week amid supply crunch

SEOUL -- A first shipment of urea will arrive in South Korea from China next week, a move expected to help address a supply crunch of urea solution, a key fluid needed in diesel cars to cut emissions, Seoul officials said Friday.

A ship carrying 300 tons of urea will leave from the Chinese eastern city of Tianjin on Saturday and arrive in the southeastern city of Ulsan on Tuesday, according to the government.

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Cafes, restaurants to be banned from using disposable items under revised law

SEOUL -- Cafes and restaurants will be banned from using disposable products at stores starting next year to reduce plastic waste spiking amid the pandemic, the environment ministry said Friday.

The ministry has recently put up an administrative notice that a revised law prohibiting the use of disposable items, such as paper cups and plastic straws, inside cafes, fast food chains and other restaurants will go into effect in January, or next month at the earliest.
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