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Yonhap News Summary

Yonhap News Summary 17:08 May 10, 2022

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

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Moon heads for retirement home after attending Yoon's inauguration ceremony

SEOUL -- Former President Moon Jae-in and his wife Kim Jung-sook headed for their retirement home in the southeastern city of Yangsan Tuesday after attending the inauguration ceremony of President Yoon Suk-yeol.

Moon and Kim boarded a KTX high-speed train to head to their home in Yangsan, 420 kilometers south of Seoul, along with some of his former aides and lawmakers of the main opposition Democratic Party.

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Yoon administration to propose some 35 tln-won extra budget for pandemic-hit merchants

SEOUL -- The government of President Yoon Suk-yeol plans to propose an extra budget, estimated at around 35 trillion won (US$27.5 billion), this week as it seeks to compensate pandemic-hit merchants for their losses.

The finance ministry, led by new Finance Minister Choo Kyung-ho, plans to unveil details about this year's second extra budget Thursday, as Yoon took office earlier in the day.

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Samsung C&T solidifies partnership with NuScale Power for global SMR push

SEOUL -- Samsung C&T Corp., a South Korean construction firm, said Tuesday it has forged a comprehensive partnership with NuScale Power, a U.S. nuclear technology company, in a move to tap deeper into the small modular reactor (SMR) business.

The construction unit of Samsung Group has injected an additional US$50 million in NuScale Power following its $20 million investment last year to further strengthen collaboration for the global market expansion.

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S. Korea remains open to another summit with N. Korea: minister nominee

SEOUL -- South Korea's new administration remains open to inter-Korean dialogue with a plan to consider holding bilateral summit talks after sufficient discussion, the nominee to serve as Seoul's new point man on Pyongyang said Tuesday.

In a written report to lawmakers ahead of his confirmation hearing, Kwon Young-se stressed that another inter-Korean summit needs to be held "in a way that can contribute to achieving peace on the Korean Peninsula" and substantive progress in cross-border relations, including the denuclearization of the North.

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Mixed reactions to Yoon's new presidential office building

SEOUL -- Residents in the neighborhood around the new presidential office showed mixed reactions on the first day of the relocation Tuesday, with some, especially shop owners, expressing hope it would lead to increased sales and others voicing concern about traffic congestion and noise from rallies.

President Yoon Suk-yeol began work at what previously was the defense ministry building in Seoul's Yongsan district after carrying out his election promise to move the presidential office out of Cheong Wa Dae in an effort to connect better with people.

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Yoon formally appoints 7 ministers

SEOUL -- President Yoon Suk-yeol formally appointed seven ministers on Tuesday on his first day in office.

Yoon also signed a form requesting parliamentary confirmation of Prime Minister nominee Han Duck-soo, his office said.

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Seoul shares extend losing streak to 6th session on recession woes; Korean won hits over 2-yr low

SEOUL -- The South Korean stock market fell for the sixth consecutive day Tuesday to hit a 17-month low, as investors fretted about high inflation and a global economic slowdown amid the ongoing crisis in Ukraine and China's lockdown of major cities over COVID-19. The local currency hit its lowest point against the U.S. dollar in more than two years.

The Korea Composite Stock Price Index (KOSPI) lost 14.25 points, or 0.55 percent, to close at 2,596.56, extending losses to the sixth session in a row. It is the first time since November 30 that the index fell below 2,600.

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S. Korea requests U.N. Security Council meeting on N. Korea's missile testing

SEOUL -- South Korea has called for an emergency meeting of the United Nations Security Council (UNSC) this week, along with the United States and Japan, to discuss North Korea's recent ballistic missile tests, Seoul's foreign ministry said Tuesday.

South Korea plans to participate in the session to be held in New York on Wednesday (local time) as a country directly involved in the issue, a ministry official told reporters on the customary condition of anonymity. South Korea currently is not a member of the U.N. Security Council.

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S. Korea reports 1st suspected case of acute child hepatitis of unknown origin

SEOUL -- South Korea has identified its first suspected case of acute hepatitis of unknown origin in a child, health officials said Tuesday, following hundreds of similar cases reported in Europe and across the world.

The case of acute hepatitis, which causes inflammation of the liver, was reported on May 1, according to the Korea Disease Control and Prevention Agency (KDCA).

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