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Yonhap News Summary

Finance 13:30 November 23, 2021

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

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(2nd LD) Former President Chun Doo-hwan dies at 90

SEOUL -- Former President Chun Doo-hwan, a general-turned strongman widely criticized for seizing power through a 1979 military coup and ruthlessly quelling a pro-democracy civil uprising in the southwestern city of Gwangju the following year, died Tuesday at the age of 90.

Chun died at his home in western Seoul around 8:40 a.m. after battling chronic ailments, aides said.

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(News Focus) Disgraced late Chun: Coup leader known for bloody crackdown on democracy uprising

SEOUL -- Disgraced former President Chun Doo-hwan, an ex-Army general who seized power in a military coup in 1979, left a deep scar in South Korea's modern history that has still not healed: the bloody crackdown on a pro-democracy civil uprising.

Chun, who died Tuesday at the age of 90, never issued an apology or showed remorse for those killed in the 1980 uprising in the southwestern city of Gwangju. He drew a firestorm of criticism from the victims' families by calling the uprising a "riot."

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(2nd LD) Daily infections stay below 3,000, but critical cases hit all-time high

SEOUL -- South Korea's new coronavirus cases stayed below 3,000 for the second straight day Tuesday, but the number of critically ill patients hit an all-time high, raising concerns over a shortage of hospital beds for treatment.

The country reported 2,699 new COVID-19 cases, including 2,685 local infections, raising the total caseload to 420,950, according to the Korea Disease Control and Prevention Agency (KDCA).

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Household credit growth slows in Q3 amid tightened lending rules

SEOUL -- South Korea's household credit grew at a slower pace in the third quarter from three months earlier amid tightened lending rules, central bank data showed Tuesday.

Household credit had come to 1,844.9 trillion won (US$1.58 trillion) as of end-September, up 36.7 trillion won from three months earlier, according to the data from the Bank of Korea (BOK).

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(LEAD) S. Korea draws up additional 12.7 tln-won scheme for merchants, vulnerable people

SEOUL -- South Korea said Tuesday it plans to chart out around 12.7 trillion won (US$10.7 billion) worth of support measures for pandemic-hit small merchants and vulnerable people with excess tax revenue and the state budget.

The government unveiled a package of measures to support small merchants, including low interest rate loans and cuts in electricity bills. The steps also included ways to stabilize inflation and back quarantine efforts.

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After big night at AMAs, will BTS earn Grammy nomination for 2nd year?

SEOUL -- After BTS won the artist of the year, considered the top honor, at the American Music Awards (AMAs), beating out big names like Ariana Grande, Drake, Olivia Rodrigo, Taylor Swift and The Weeknd, all eyes are now on the South Korean group's next challenge -- the Grammy Awards.

Will a gramophone-shaped trophy be an added jewel for the K-pop megastar who has bagged two of the three largest music awards in the United States this year?

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EU resumes antitrust probe into Hyundai-Daewoo combination

SEOUL -- The European Union antitrust regulator said Tuesday it has resumed its investigation into the proposed combination of two major South Korean shipbuilders 16 months after it suspended the probe.

The European Commission plans to finalize the probe by Jan. 20, it said on its website.

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LPGA Player of the Year Ko Jin-young stays at No. 2 in world rankings

SEOUL -- The 2021 LPGA Player of the Year Ko Jin-young is still No. 2 in the women's world golf rankings, though she has closed the gap on her top-ranked rival.

Based on the latest rankings released Monday (U.S. time), Ko remained behind Nelly Korda of the United States for the third straight week. The American holds a 0.13-point lead over the South Korean, 10.07 to 9.94 in average points.

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Temperatures dive below zero, snow falls in many parts of S. Korea: KMA

SEOUL -- Temperatures fell by over 10 degrees to below zero in many parts of the country Tuesday morning, with snow falling in many regions as well, the state weather agency said.

The mercury had dropped to minus 3.7 C in Seoul as of 7:30 a.m., the lowest this fall, and below minus 5 C in the northern part of Gyeonggi Province, which surrounds the capital and mountainous areas of the northeastern Gangwon Province, according to the Korea Meteorological Administration (KMA).

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