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Yonhap News Summary

National 17:04 May 19, 2022

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

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(LEAD) Seoul shares dip over 1 pct on inflation woes

SEOUL -- Seoul shares dropped by over 1 percent to snap their two-day winning streak, as investors' appetite for risky assets fell amid fears about high-flying inflation pressure that sparked a massive sell-off on Wall Street. The Korean won steeply fell against the U.S. dollar.

The Korea Composite Stock Price Index (KOSPI) retreated 33.64 points, or 1.28 percent, to close at 2,592.34 points.

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Top security officials of S. Korea, Japan discuss N. Korea, bilateral ties

SEOUL -- National Security Adviser Kim Sung-han held a virtual meeting with his Japanese counterpart Thursday, and discussed North Korea's provocations and the need to develop future-oriented bilateral ties, his office said.

Kim held video talks with Takeo Akiba, secretary general of Japan's National Security Secretariat, for the first time since taking office last week.

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Crypto investors in South Korea sue Terraform founders

SEOUL -- A group of South Koreans who invested in two main tokens of Terraform Labs have sued Do Kwon, the embattled cryptocurrency firm's co-founder and CEO, and co-founder Daniel Shin, a law firm representing the investors said Thursday.

LKB & Partners said the complaints have been filed with the Seoul Southern District Prosecutors Office against the two entrepreneurs for alleged fraud and violation of the law regulating fund-raising.

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S. Korea, U.S., Japan in talks over possible defense chief talks in Singapore next month: official

SEOUL -- South Korea, the United States and Japan are in talks over the idea of holding trilateral defense ministerial talks on the margins of an annual security forum in Singapore next month, a Seoul official said Thursday.

The talk of the three-way meeting emerged as Defense Minister Lee Jong-sup and his U.S. and Japanese counterparts, Lloyd Austin and Nobuo Kishi, are reportedly expected to join the Shangri-La Dialogue in the city state set for June 10-12.

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Hyundai Glovis sets up subsidiary in Thailand to expand foothold in Southeast Asia

SEOUL -- Hyundai Glovis Co., the logistics unit of Hyundai Motor Group, said Thursday it has set up a subsidiary in Thailand in a joint venture with Thai companies as part of efforts to expand its foothold in Southeast Asia.

The partnership with Charoen Pokphand Group, or CP Group, a major food-to-retail enterprise, and two other auto parts and logistics firms, will help the South Korean company make a foray into the logistics market and the automotive parts supply chain in Thailand, Hyundai Glovis said in a release.

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S. Korea to keep close tabs on Japan's Fukushima water discharge plan

SEOUL -- South Korea will step up communication with Japan and the U.N. nuclear watchdog over Tokyo's planned release of radioactive water from the crippled Fukushima nuclear power plant into the ocean to address health and security concerns, Seoul's foreign ministry said Thursday.

Japan's Nuclear Regulation Authority on Wednesday gave initial approval for Tokyo Electric Power's plan to discharge water from the plant starting around early 2023. Final approval is planned following a 30-day public comment period.

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Eight out of 10 workplace sexual harassment victims face retaliation: report

SEOUL -- More than eight out of 10 people who reported sexual harassment at the workplace said they suffered from some form of retaliation, a civic group reported Thursday.

Gapjil 119, which campaigns against workplace abuses, announced its analysis of the 205 reports it received from abuse victims between January 2021 and March 2022.

About 100 of the reports were from those who had filed complaints about sexual harassment to either their employer or other institutions.

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KBO commissioner proposes holding season openers in U.S. in meeting with MLB official

SEOUL -- Korea Baseball Organization (KBO) Commissioner proposed holding South Korean regular season games in the United States in his meeting with a senior Major League Baseball (MLB) official, the Seoul-based league said Thursday.

The KBO said Heo Koo-youn met with Jim Small, MLB's senior vice president for international affairs, in Heo's Seoul office Wednesday, and the two discussed ways in which the KBO and MLB can strengthen mutual cooperation in helping globalize baseball.

(END)

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