Yonhap News Summary

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

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(3rd LD) Moon promulgates prosecution reform legislation

SEOUL -- President Moon Jae-in on Tuesday promulgated two controversial bills on prosecution reform at the final Cabinet meeting before his term ends next week, paving the way for eventually stripping the prosecution of its power to investigate.

Moon's promulgation of the two bills came hours after the ruling Democratic Party (DP) railroaded the last remaining bill on prosecution reform through the National Assembly amid opposition protest, completing its push to reduce and ultimately remove the prosecution's investigative powers.

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(LEAD) Transition team unveils 110 key tasks to pursue under Yoon

SEOUL -- The transition team on Tuesday unveiled 110 key policy tasks to pursue under the government of incoming President Yoon Suk-yeol, including a "revolutionary" reinforcement of capabilities to respond to North Korea's nuclear and missile threats and scrapping the nuclear phaseout policy.

The tasks are aimed at realizing six broader goals that the incoming government plans to seek under the administrative vision of "A Republic of Korea that leaps anew, a people's nation of co-prosperity," the transition team said.

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(3rd LD) New COVID-19 cases rise to over 50,000 amid concerns over new omicron variant

SEOUL -- South Korea's new COVID-19 cases rose to over 50,000 on Tuesday from a nearly three-month low the previous day, and health authorities remained vigilant after confirming the first case of a more infectious omicron subvariant.

The country reported 51,131 new COVID-19 infections, including 45 from overseas, bringing the total caseload to 17,346,753, the Korea Disease Control and Prevention Agency (KDCA) said.

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Court rules against Hanjin Group owner family in gift tax case

SEOUL -- A court has ruled against the owner family of logistics-to-airline conglomerate Hanjin Group in a lawsuit they filed to reverse a government order to pay about 14 billion won (US$11 million) in gift and income taxes, officials said Tuesday.

In 2018, the Seoul Regional Office of the National Tax Service issued the order against Cho Won-tae, Chairman of Hanjin Group and Korean Air, his two sisters and his mother, saying the late Hanjin chairman Cho Yang-ho unlawfully shared his private firm's profits with his family members by listing them as co-owners.

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Biden seeks to meet business leaders during Seoul trip

SEOUL -- U.S. President Joe Biden is seeking to hold a meeting with South Korean business leaders during his trip to Seoul later this month, Seoul officials said Tuesday.

Biden is scheduled to visit Seoul from May 20-22 for a summit with incoming President Yoon Suk-yeol, who will take office May 10.

"President Biden hopes to meet businesspeople who invested in the United States, possibly via the American Chamber of Commerce in Korea," an official close to Yoon said.

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(2nd LD) S. Korea, China agree on close cooperation for stability in regional security

SEOUL -- South Korea and China agreed Tuesday to cooperate closely for the "stabilization" of the Korean Peninsula security situation during consultations between their top nuclear envoys, according to Seoul's foreign ministry.

The meeting between Noh Kyu-duk, Seoul's special representative for Korean Peninsula peace and security affairs, and his Chinese counterpart, Liu Xiaoming, came amid heightened tensions over Pyongyang's recent spate of missile launches and reported signs of preparations for a nuclear test.

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Seoul shares end slightly down amid market uncertainty ahead of Fed meeting

SEOUL -- South Korean stocks finished slightly lower Tuesday amid inflation woes and uncertainty over this week's U.S. Federal Reserve meeting. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) retreated 6.99 points, or 0.26 percent, to close at 2,680.46.

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